The Northern Miner April 11 2016 Issue by The Northern Miner Group

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NATHALIE NORMANDEAU FORMER CABMIN ARRESTED / 4

EASTMAIN RESOURCES PROXY BATTLE / 3

TIMMINS GOLD

CEO INTERVIEW / 13

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IDM advances Red Mountain in BC GOLDEN TRIANGLE

| ‘Richest area in Western Canada for gold’

BY SALMA TARIKH

starikh@northernminer.com

DM Mining’s (TSX: IDM) Red Mountain gold project in northwestern B.C. is “one of the few near-term development stories in Canada,” Robert McLeod, president and CEO, said in a March corporate presentation in Toronto. McLeod is a third-generation miner, born and raised in Stewart, 18 km west of Red Mountain. His grandfather, father Ian and uncle Don were all miners. Ian also spent 16 years as Stewart’s mayor, and Don built and operated mines. The first initial of their names make up IDM. The junior is completing economic studies and permitting at the highgrade, underground Red Mountain gold deposit, with a production decision expected in early 2017. “This is a story that means a lot to me,” McLeod, a geoscientist, told investors. “It’s been my dream to come back to this part of the world, with a meaningful project that can have a meaningful impact on the economy of my home region.” The 171 sq. km project is located in the Golden Triangle in Nisga’a See IDM / 2

IDM Mining’s Red Mountain gold project, east of Stewart, British Columbia.

IDM MINING

Denison and Friedland's GoviEx to combine African uranium assets TRANSITION

By Trish Saywell tsaywell@northernminer.com

enison Mines (TSX: DML; NYSE-MKT: DNN) has taken the final step that will help it focus on its uranium assets in Canada’s Athabasca basin and in particular its flagship Wheeler River project. In a deal with GoviEx Uranium (CSE: GXU), the two companies will combine their African uranium assets and create an Africa-focused uranium-development company. GoviEx will get all of Denison’s African uranium assets — Mutanga in Zambia, Falea in Mali and Dome in Namibia — in exchange for 56.1 million shares, and another 22.4

PM40069240

| Denison remains a Canadian-focused uranium junior

million in share purchase warrants. Upon closing, Denison will hold 25% of GoviEx’s outstanding shares or 28% of GoviEx’s shares on a fully diluted basis. Denison can also appoint one director to GoviEx’s board, as long as it has more than a 5% stake in the company. “It was an obvious transaction for both parties,” Daniel Major, GoviEx’s CEO, said in a telephone interview from London. “They wanted to focus on what they’re doing in Canada and we wanted to focus on Africa. We also wanted to see a diversification of our assets in Africa with quality assets.” When the transaction closes, GoviEx will control one of the largest uranium resource bases among publicly listed developers, with combined measured and in-

“IT WAS AN OBVIOUS TRANSACTION FOR BOTH PARTIES.” DANIEL MAJOR CEO, GOVIEX URANIUM

dicated resources of 124.3 million lb. U3O8 , plus another 73.1 million lb. U3O8 of inferred. In addition, Denison’s 100% owned Mutanga project in Zambia is permitted, while Denison’s wholly owned Falea uranium-silver-copper project is at an advanced exploration stage. Denison also holds a 90% stake in the Dome project in

Namibia. Rob Chang, a mining analyst who follows the uranium industry at Cantor Fitzgerald, describes the agreement as “a great move.” He said in an email to The Northern Miner that “Denison was getting zero value for those assets in the portfolio. Now both Wheeler and Africa can be advanced, with Denison benefitting from both.” David Sadowski, a mining analyst in the Vancouver oﬃce of Raymond James — GoviEx’s financial advisor — said in a research note that the disposition of Denison’s African assets “has been telegraphed by Denison for years,” and “should come as no surprise to investors.” See DENISON / 2

KINROSS GOLD: A FRESH LOOK AT TASIAST IN MAURITANIA / 16

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2016-04-05 9:06 PM

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APRIL 11-17, 2016 / THE NORTHERN MINER

IDM advances Red Mountain in BC IDM From 1

traditional territory, where he says the junior has a “great relationship” with the First Nation. The Golden Triangle hosts several past-producing mines, including Premier, Eskay Creek and Snip, and several large deposits, such as Seabridge Gold’s (TSX: SEA; NYSE: SA) KSM project and Pretium Resources’ (TSX: PVG; NYSE: PVG) Valley of the Kings deposit. “The Golden Triangle area is the richest area in Western Canada for gold, period,” McLeod said. Bond Gold discovered Red Mountain in 1989, with Lac Minerals and Royal Oak conducting most of the exploration work up until 1996. Seabridge picked up the property in 2002, and optioned 100% of it to IDM in April 2014. Before IDM, Seabridge, North American Metals and Banks Island Gold carried out engineering studies and environmental baseline work on the property. Red Mountain has been tested by 466 drill holes and has a productionsized, 2 km underground ramp, with McLeod pointing out that $45 million to date has been spent on the property. Red Mountain is a porphyry gold deposit with three main mineralized zones: Marc, AV and JW. “The best thing about the orebody is that it is wide,” McLeod said. It averages 15 metres, and hits a 40-metre width in some places. The mineralization is amenable to longhole stoping and drift–fill mining. IDM completed a preliminary economic assessment (PEA) in July 2014, based on a resource estimate released that May. The study envisions a 1,000-tonne-per-day underground mine at Red Mountain producing 55,500 oz. gold and 170,000 oz. silver annually over five years. Start-up costs would be $76 million, with cash costs of US$455 per oz. gold, net of silver credits. “The biggest knock on the project is its short mine life — five years. But we see enough explo-

ration potential that we should be able to add to this quite easy,” McLeod said. On April 4, IDM released an updated resource estimate showing contained gold ounces at Red Mountain increasing 16%, or 60,600 oz. in measured and indicated, and 31%, or 25,200 oz. in inferred. Red Mountain now hosts 441,500 oz. gold and 1.38 million oz. silver in measured and indicated (from 1.6 million tonnes at 8.36 grams gold and 26 grams silver per tonne). It has 107,500 oz. gold and 153,700 oz. silver in inferred (from 548,100 tonnes at 6.10 grams gold and 9 grams silver). The estimate uses a 3-gram-gold cut-off grade. The newest number includes additional drilling completed in 2014 and a revised geologic interpretation, as well as resources in two new zones: 141 and 132. IDM will use the revised resource to update its PEA in the second quarter, followed by a feasibility study by year-end. The upcoming economic studies will incorporate IDM’s decision to move the mill and tailing facilities to a lower elevation to reduce the risk of avalanches, so that it can operate the mill year-round. It said its preferred location at Bromley Humps on March 17. Under this scenario, IDM would mine at 1,500 tonnes per day for eight months annually to feed a yearround, 1,000-tonne-per-day mill. In the previous scenario, the operation would run seasonally for nine months at 1,000 tonnes per day, shutting down during the worst winter months. As part of the feasibility work, IDM is refining its metallurgical technique. It intends to conduct a small infill drill program to upgrade the inferred resource. McLeod notes the company is halfway through its permitting, and will submit its environmental assessment application in the third quarter. “We expect by January next year to have our EA certificate,” he said. “And then the project is further de-risked.” TNM

IDM Mining’s Red Mountain gold project near Stewart, British Columbia. IDM MINING

IDM Mining’s president and CEO Robert McLeod at the Red Mountain project in British Columbia. IDM MINING

Denison and GoviEx to combine African uranium assets DENISON From 1

It’s a “symbolic move that completes the company’s transition to a solely Canadian-focused uranium junior after last year’s Mongolian asset divestment.” The deal will give Denison shareholders ownership in GoviEx’s 100% owned and fully permitted Madaouela project in central Niger, not far from Areva’s Somair and Cominak mines in the Agadez region. Madaouela hosts 99.1 million lb. grading 0.1% U3O 8 in the measured and indicated category and 18.3 million lb. grading 0.1% U3O8 of inferred. As part of the transaction, Denison will make sure that DML Africa is capitalized with minimum working capital of $700,000, which can be

used for GoviEx’s 2016 exploration budget. It has also agreed to subscribe for 25% of GoviEx’s upcoming $2-million non-brokered private placement. GoviEx’s Major noted that Denison has been supportive. “They’ve said whatever we need from them, they can help. So we see it as much a partnership going forward as anything else.” Major pointed out that the Mutanga and Falea projects have seen a lot of technical work. “We’re not acquiring exploration properties … Mutanga is already mine permitted and since then, they’ve increased the size of their resource substantially.” Edward Sterck of BMO Capital Markets in London said the trans-

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action “appears to be a sensible one from Denison’s perspective: retaining an interest in its African assets and gaining an interest in GoviEx’s Madaouela project, while reducing the outgoings and management oversight requirements associated with the African operations.”

David Cates, Denison’s president and CEO, says that while GoviEx has a low profile — in part because it trades on the Canadian Security Exchange — it nevertheless “has a really solid group of big shareholders,” and “there is a lot of value in their assets.”

“GOVIEX HAS A REALLY SOLID GROUP OF BIG SHAREHOLDERS, AND THERE IS A LOT OF VALUE IN THEIR ASSETS.” DAVID CATES PRESIDENT AND CEO, DENISON MINES

At Haywood Securities, which acts as Denison’s financial advisor, Colin Healey commented in a research note that the deal bolsters GoviEx’s already strong investor base. “Adding Denison [and executive chairman Lukas Lundin] to the list of key shareholders should improve exposure, and place GoviEx on the radar of a wider range of investors,” he wrote. Healey added that as of Nov. 30 2015, shareholders of GoviEx included Govind Friedland, 18.6%; Toshiba Corp., 16.9%; Robert Friedland of Ivanhoe Mines (TSX: IVN), 9.7%; and, according to a Haywood estimate, Cameco (TSX: CCO; NYSE: CCJ), 7.4%.

He says in a phone interview that “I don’t think people can look at the share price of GoviEx and think that it reflects the true value of the company … there’s a lot of value in their assets, and now with the combination of our assets and a larger resource base, GoviEx will have an even more attractive story. We see them as a story that has been underappreciated by the market, but as the uranium space heats up, people will realize they are probably the most compelling uranium story in Africa.” Cates said the transaction makes Denison an Athabasca basin uranium producer. Denison owns 60% of the Wheeler River project in the Athabasca,

with Cameco owning 30% and JCU 10%. The partners expect to complete a preliminary economic assessment on Wheeler in the first half of 2016. The project is made up of the Gryphon and Phoenix uranium deposits, which sit within 3 km of each other. The company plans 47,000 metres of drilling there this year, and has already found mineralization 100 metres north of Gryphon. Gryphon has an inferred resource of 834,000 tonnes grading 2.3% U3O8 for 43 million lb. U3O8 . Indicated resources at Phoenix stand at 166,000 tonnes grading 19.1% U3O8 for 70.2 million lb. U3O8, and inferred resources add 9,000 tonnes grading 5.8% U3O 8 for 1.1 million lb. U3O8 . At Gryphon there is potential for a conventional and low-cost underground mining operation of high-grade, basement-hosted mineralization, while Phoenix offers high-grade, unconformity-hosted mineralization. Over the last year, Denison’s shares have traded in a range of 47.5¢ to $1.20 per share, and at press time traded at 71¢ apiece. BMO’s Sterck has a 70¢ target price on Denison’s shares, while Sadowski of Raymond James has a $1.50 target, and Chang of Cantor Fitzgerald, $2.05 per share. TNM

2016-04-05 9:06 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 11-17, 2016

Proxy battle engulfs Eastmain QUEBEC GOLD

By Lesley Stokes

lstokes@northernminer.com VANCOUVER

astmain Resources (TSX: ER) is in the midst of a proxy fight, as dissident shareholder and junior explorer Columbus Gold (TSX: CGT; US-OTC: CBGDF) aims to unseat the board at the Eastmain's next annual general meeting in April and open up the company to a takeover or another transaction. Robert Giustra, CEO and chairman of Columbus, tells The Northern Miner during a phone interview that the management team at Eastmain has lost sight of how to unlock value at its Clearwater property, 200 km east of James Bay, Que., which includes the Eau Claire gold deposit. “Between 2002 and 2013 they drilled over 200,000 metres in core, and it’s remarkable that despite all this work they haven’t pursued any economics on the asset … they have no vision,” Giustra argues, noting that Donald J. Robinson has served as president and CEO of Eastmain for the past 21 years alongside his wife, exploration

| Columbus Gold eyes Eastmain's Clearwater project in James Bay Lowlands manager Catherine Butella. Giustra, a cousin of mining financier Frank Giustra, says that Eastmain popped up his radar when Columbus was scouting for assets to boost its portfolio, but he was warned not to engage with the company because “they turn so many people away.” He says that Columbus "identified Eau Claire as a quality project, so we pulled up a list of their shareholders as a starting point to get a sense of why they’re shareholders, but the response we received was overwhelmingly negative. They weren’t willing to put any more cash into the company, or discuss possible transactions, as long as the current management was in place.” During these discussions, Giustra says, Columbus picked up 2.7 million shares — or 2% — of Eastmain, and issued the notice for a proxy battle. “We’re not being coy about it. We’re going to replace the board and open up a process where any company that has been turned away in the past can have another look at the project and propose transactions that will unlock value for the

“WE’RE NOT BEING COY ABOUT IT. WE’RE GOING TO REPLACE THE BOARD … AND UNLOCK VALUE FOR THE SHAREHOLDERS.” ROBERT GIUSTRA CEO AND CHAIRMAN, COLUMBUS GOLD

shareholders,” he says. Meanwhile, Robinson counters that the new interloper is being “opportunistic and self-serving,” and is trying to “orchestrate a zeropremium, cashless and hostile takeover of Eastmain.” Robinson says in an interview that “we’ve been in a downward market, so it’s easy to kick the hornet’s nest, get everyone angry and say that a fresh face would make everything wonderful. Columbus has essentially launched a hostile takeover disguised as a concerned shareholder … they

Pershing Gold’s Relief Canyon nears production NEVADA DEVELOPMENT

By Salma Tarikh starikh@northernminer.com

ershing Gold (NASDAQ: PGLC) is closer to turning the past-producing Relief Canyon heap-leach gold mine in Nevada into one of the newest producers in the Silver state. “This is not an early-stage exploration project. This is an emerging gold producer that we are on the cusp of bringing back into production,” Jack Perkins, the company’s vice-president of investor relations, said in a webcast from the Sidoti 2016 Emerging Growth Convention in New York. Relief Canyon is 150 km northeast of Reno, Nev. It sits 20 minutes from a highway, with paved roads and available water and electricity on-site. “This is not a project out in the bush somewhere,” Perkins said. Relief Canyon is in the southern part of the Pershing gold and silver trend, along the Humboldt Range. The trend hosts several gold and silver deposits, including Coeur Mining’s (NYSE: CDE) Rochester mine, and has historically yielded more than 5.7 million equivalent oz. gold. Pershing aims to add to this shortly. Since acquiring Relief Canyon — comprising three pits and a fully built heap-leach processing facility — for US$20 million in 2011, Pershing has been eliminating production hurdles. It expects to make a production decision by mid-year on the back of a resource update and preliminary economic assessment (PEA), both due in the second quarter. Under the direction of CEO Stephen Alfers, who joined in early 2012, the junior consolidated Relief Canyon’s land claims. Its land position grew from 1.1 sq. km to 250 sq. km. This allowed for unrestricted access to the pits and processing facility, as well as potential expan-

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| Decision expected this year

sion and exploration opportunities. Over the past four years, Pershing has increased the project’s resource more than 500%. According to a July 2015 resource estimate, Relief Canyon boasts 739,000 oz. gold (from 37.3 million tonnes at 0.69 gram gold per tonne) in measured and indicated, which is up 34% from the 2014 estimate. It also has 70,000 oz. gold (from 6.9 million tonnes at 0.34 gram gold) in inferred.

“USUALLY WHEN YOU HEAR ‘PEA,’ YOU THINK, ‘JESUS, THIS COMPANY IS FOUR TO FIVE YEARS OUT TO PRODUCTION.’ NOT WITH US.” JACK PERKINS VICE-PRESIDENT OF INVESTOR RELATIONS, PERSHING GOLD

Perkins notes that over 99% of the current resource is oxidized and readily amenable to heap leaching. “This is an oxide deposit and it leaches beautifully,” he says. Along with updating the resource, Pershing strengthened its operating team. It received permits to start the 14,000-ton-per-day (12,700-tonne-per-day) processing facility and mine material from the existing disturbance at Relief Canyon. It also completed metallurgical, engineering and geotechnical test work. Th is culminated in the junior publishing a preliminary internal economic study for Relief Canyon in late 2015. Based on the current resource and a US$1,100 per oz. gold price, it would cost US$11 million to bring the mine back online. “It is incredibly low,” Perkins remarked.

The initial capital would include costs to relocate the crusher, install a refinery and expand the leach pad. Relief Canyon has an initial sixyear mine life and projected cash costs of US$695 to US$745 per oz., with all-in sustaining costs of US$725 to US$775 per oz. Perkins reckons costs could decline by incorporating the higher current gold price of US$1,230 per oz., and the upcoming resource estimate. The 2016 resource update will incorporate results from Pershing’s aggressive 2015 drill program, including 29,000 metres of development core drilling. They will go into the upcoming PEA. The PEA is unique, as the processing facility is already on-site. “Usually when you hear ‘PEA,’ you think, ‘Jesus, this company is four to five years out to production.’ Not with us,” Perkins said. Pershing intends to do metallurgical and technical work alongside the PEA and begin production shortly after. Given the mine’s low initial costs, it will skip the feasibility study, Perkins reveals. On the permitting front, the junior anticipates receiving a permit modification in the second quarter, which would expand the mineable area to the orebody above the water table. Once received, it will submit another modification to expand mining on the orebody below the water table. “Th is seamless process allows us to start mining much earlier than would be possible if we were to go for the full permit, all at one point in time,” Perkins noted. “It is a common and successful strategy in Nevada.” The debt-free junior exited 2015 with US$3.2 million in cash. It raised US$13.4 million in financings in the fi rst quarter of 2016, including a US$6-million private placement on March 29. TNM

The Clearwater base camp in Quebec’s James Bay Lowlands, as seen in 2010. EASTMAIN RESOURCES

identified a high-grade, quality project, and want to get their hands on it for free.” He says that Eastmain has put in a lot of “hard technical work” to advance the project in recent years, and that “you need a lot of drilling to uncrack the geological code of these kinds of deposits. “We’ve seen a number of other projects have major issues because of geological uncertainty,” he says, citing as examples Rubicon Minerals’ Phoenix gold deposit in Ontario and production shortfalls at Goldcorp’s Éléonore mine, 50 km north of Clearwater. “There are multiple orientations for mineralization at Eau Claire … so it requires a substantial amount of drilling to demonstrate you have interpreted the deposit correctly and have something that could be minable.” Eastmain — alongside junior explorer Westmin Resources — got involved in the project in 1984, and a few years later uncovered the high-grade and structurally controlled vein systems at Eau Claire. Aft er inactivity at the site between 1990 and 1995, Quebec government-owned explorer Soquem stepped in with an exploration program, and in 2002 delivered a 259,000 oz. gold maiden resource within 972,900 indicated tonnes grading 8.27 grams gold per tonne, and 60,000 oz. gold within 509,000 inferred tonnes at 3.68 grams gold. Eastmain gained full control of the project in 2002 and accumulated 178,000 metres of drilling, with the last drill campaign ending in 2013. Total drill metres for the project stands at 204,000 metres. Robinson says during the last phase of drilling, the company updated the resource and discovered an mineralization type that “changed the complexion of the project.” He says that “we can see a high chrome member within the basalts that host stratabound gold mineralization, and we only saw it using multi-element data in 3-D, where it jumps off the page.” He notes that the company recently earned the Quebec Mineral Exploration Association’s 2015 Discovery of the Year Award. Eastmain commissioned SRK consultants to investigate the geology and update the project’s resource to include Eastmain’s entire drill database. The consulting fi rm found a series of tension-gash veins at Eau Claire that form a crescent-shaped, open-ended orebody trending for at least 1.8 km along strike, more than 100 metres wide and 900 metres deep. Open-pittable, measured and indicated resources at Eau Claire stand at 7 million tonnes at 4.05 grams gold for 885,000 contained

oz. gold, whereas underground resources measure 428,000 tonnes of 4.78 grams gold for 66,000 tonnes gold, using a 2.5-gram-gold cut-off. Inferred resources weigh in at 5.1 million tonnes at 3.88 grams gold for 633,000 oz. gold. “The deposit is still small, but where it stacks up is the grade … with definition drilling, we can make it bigger,” Robinson says. In the company’s technical report, SRK said the exploration potential outside the deposit is “excellent,” as gold zones focus along contacts of felsic dykes that swarm across Eastmain’s 201 sq. km, “relatively” underexplored property. “You can take the entire Val-d’Or or the entire Timmins gold districts and plunk them into one-half of our property,” Robinson says. “And from our exploration work we have demonstrated a gold footprint that’s at least 7.5 km long.” Robinson points out that since the latest resource estimate, the company has launched a preliminary economic study at Eau Claire, which is expected to be completed by mid-2016. “To add shareholder value you need these projects to move the bottom line, and that’s what we’re doing,” he says. “But it’s not something where you can snap your fi ngers and it happens overnight.” Robinson says Eastmain has updated its board twice in the past six months to help transition the project from exploration to development. The company appointed Laurence Curtis — who has a history of corporate finance and mine development — and developer Michael Hoff man. Although Giustra says adding Curtis was a “step in the right direction,” it was “too little, too late.” “They can put in as many mine builders as they want, but they have exceptionally weak experience in capital markets,” Giustra says, proposing that the new board at Eastmain should include himself, Shawn Wallace, Geoff Stanley, Michel Jebrak and Columbus Gold director Peter Gianulis. “We’re a group of individuals that are well-connected in the industry, and we can make things happen from a capital-market experience.” Colu mbus Gold has traded within a 52-week range of 31¢ to 47¢ per share, and closed at 40¢ at press time. The company has 141.7 million shares outstanding for a $53.8-million market capitalization. Eastmain Resources has traded within a 52-week range of 37¢ to 40¢ per share, and closed at 40¢ at press time. The company has 133.9 million shares outstanding for a $53.9-million market capitalization. TNM

2016-04-05 9:06 PM

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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E D I T O R IA L

O P- E D

Former Quebec cabmin Normandeau facing corruption charges

Gold in a world of negative interest rates

QUEBEC

| Engineering firms forced to pay-to-play?

ormer high-ranking Quebec politician Nathalie Normandeau was arrested by the province’s anti-corruption squad in mid-March — the first former natural resources minister in Canada to face arrest in recent memory. Normandeau, 47, was once a rising star BY JOHN CUMMING in provincial politics, having served most jcumming@northernminer.com recently as deputy premier and minister of natural resources and wildlife in Jean Charest’s Liberal government. In the earliest years of Charest’s government, which first defeated the Parti Québécois in 2003, Normandeau served in several posts, including minister for regional development and tourism, minister responsible for the Gaspésie–Îlesde-la-Madeleine region and minister of municipal affairs. The mining community across Canada will chiefly remember her role in unveiling Quebec’s ambitious multi-decade and multibilliondollar Plan Nord to build massive infrastructure in Quebec’s far north to open it up for more resource development. From humble small-town roots, she served as a member of the National Assembly (Quebec’s provincial parliament) for the riding of Bonaventure in the Gaspésie region from December 1998 right up until her surprise, sudden exit from politics in September 2011 at the height of her powers, even as she was being touted as the next Liberal party leader and premier. At times her love life became front-page news in Quebec: in 2009 she admitted to dating François Bonnardel, a caucus member of the opposition Action démocratique du Québec party, and when she was romantically tied to former Montreal police chief Yvan Delorme, who unexpectedly resigned in 2010 from the force, which was later probed by the RCMP, leading to oﬃcer suspensions. But she may be best remembered in the province for accepting 40 long-stemmed roses on her fortieth birthday plus Céline Dion and Madonna tickets from now-disgraced construction boss Lino Zambito. In 2014, Normandeau appeared before Quebec’s Charbonneau Commission (oﬃcially named the “Commission of Inquiry on the Awarding and Management of Public Contracts in the Construction Industry”) to answer questions about alleged illegal campaign fundraising by engineering and construction companies to which she awarded large contracts as municipal affairs minister from 2005 to 2009. The commission was formed to address the corruption allegations that swirled around the Charest government in its latter years and ultimately led to its defeat by the Parti Québécois in September 2012. The commission released its final report last November, detailing how Quebec’s political class co-opted the province’s engineering firms to become de-facto fundraisers for the province’s main political parties. Normandeau’s name appeared 175 times in the report, according to Macleans. As the commission made plain, corporate political donations to provincial parties are illegal in Quebec, but to get around the rule, businesses in the province would often lean on their employees to make private “straw man donations” in their place. At the same time, cabinet ministers in the Charest government had an unwritten rule that each one had to raise $100,000 a year, with Normandeau raising $747,000 between 2005 and 2009, with her chief of staff Bruno Lortie actively soliciting funds from engineering firms, thereby raising conflict of interest concerns. Zambito himself testified that everything given to Normandeau, including the roses, was “business development” for his firm Infrabec. In mid-March 2016, Normandeau was one of seven people arrested in a scheme that allegedly saw political financing and gifts exchanged for large government contracts. She faces charges of fraud against the government, bribery of a public servant, conspiracy, corruption and breach of trust, and is due to appear in court in Quebec City on April 20. Others being charged include her chief of staff Lortie, two former execs of engineering firm Roche, and another former provincial Liberal cabinet minister. TNM

DEPARTMENTS Careers . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices . . . . . . . . . . . . . . . . . . . . . . . . 7

Mining Jobs . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory . . . . . . . . . . . 12,13 Stock Tables . . . . . . . . . . . . . . . . . . . . . 8-10

COMPANY INDEX Americas Silver . . . . . . . . . . 6 Avalon Advanced Materials .6 Azimut Exploration . . . . . . . 6 Banks Island Gold . . . . . . . . 2 Banyan Gold . . . . . . . . . . . . 11 Barrick Gold . . . . . . . . . . . . 14 Coeur Mining Columbus Gold . . . . . . . . . . 3 Copper Fox Metals . . . . . . 14

Denison Mines . . . . . . . . . . . 1 Eastmain Resources. . . . . . . 3 Excellon Resources . . . . . . . 6 Goldcorp . . . . . . . . . . . . . . . 13 IDM Mining . . . . . . . . . . . . . 1 Imperial Metals . . . . . . . . . 14 Kinross Gold. . . . . . . . . . . 6,16 NexGen Energy . . . . . . . . . . 6 Nikos Explorations . . . . . . . 6

Pershing Gold . . . . . . . . . . . . 3 Pretium Resources . . . . . . 2,14 Radisson Mining Resources . . . . . . . . . . . . . . 11 Red Cloud Klondike Strike Seabridge Gold . . . . . . . . . 2,14 Silver Wheaton . . . . . . . . . . . 6 Skeena Resources . . . . . . . . 14 Teck Resources . . . . . . . . . . 14 Timmins Gold . . . . . . . . . . 13

COMMENTARY

| Gold shines with fewer options

he following is an edited excerpt from the World Gold Council’s latest update “Gold in a world of negative interest rates.” For the full text, please visit www.gold.org.

We have entered an unprecedented phase in monetary policy. Central banks in Europe and Japan have now implemented negative interest rate policies (NIRP). The long-term effects of these policies are unknown, but we see discouraging side effects: unstable asset price inflation, swelling balance sheets and currency wars, to name a few. Amid higher market uncertainty, the gold price is up 16% year-to-date — in part due to NIRP. History shows that in

tion, deflation and/or spur growth. The link between gold and interest rates happens through investment demand. Low interest rates reduce the opportunity cost of holding gold. Negative rates magnify this. Negative sovereign debt yields in Switzerland and Japan extend to 10 years, while those in France and Germany are negative to five years. Even interest rates in the U.S. and U.K. are low across the curve, with up to two-year debt yielding less than 1%. In real terms, the picture is even bleaker. Only yields in the U.K. are positive for maturities higher than three years, and just a few long-term bonds yield more than 1%. NIRP lowers the likely asset pool that investors can hold. In the cur-

PORTFOLIO ANALYSIS SUGGESTS GOLD ALLOCATIONS IN A LOW-RATE ENVIRONMENT SHOULD BE MORE THAN TWICE THEIR LONG-TERM AVERAGE. periods of low rates, gold returns are typically more than double their long-term average. Government bonds are likely to have limited upside, due to their low-to-negative yields and … would be less effective than gold in mitigating risk, ensuring portfolio diversification and helping investors achieve their long-term investment objectives. Portfolio analysis suggests that gold allocations in a low-rate environment should be more than twice their long-term average. NIRP may result in structurally higher demand for gold from central banks and investors alike. In the aftermath of the 2008–09 financial crisis, central banks resorted to unconventional tools like zero interest rate policies and quantitative easing — first pioneered by Japan in the early 2000s — to try to stabilize prices and/or maximize employment, with traditional measures exhausted. Between mid-2014 and early 2016, central banks in Denmark, the euro area, Japan, Sweden and Switzerland have all implemented NIRP — which breaks the “zero lower bound.” This means that commercial banks have to pay to deposit balances with central banks. NIRP was largely devised to counteract deflationary pressures and currency appreciation. However, negative nominal interest rates have short- and long-term consequences. Their effect will likely be felt by both big and small investors, and other central banks. Investors — including central bank reserve managers — now need to assess the risks and rewards of investing in assets with negative return expectations. But the implications may be more far-reaching. Such policies may fundamentally alter what it means to manage portfolio risk and could extend the time needed to meet investment objectives. As a result, we expect a structural increase for gold as a portfolio asset. There are four reasons for this, as NIRP reduces the opportunity cost of holding gold; limits the pool of assets investors and managers would invest in; erodes confidence in fiat currencies, due to the threat of currency wars and monetary interventions; and increases uncertainty and market volatility, as central banks run out of policy options to combat infla-

rent negative nominal interest-rate environment, 30% of high-quality sovereign debt (more than US$8 trillion) trades with a negative yield, and almost another 40% with yields below 1%. When yields are adjusted for inflation, the figures are even starker: 51% of sovereign debt (US$15 trillion) trades with negative real yields, and only 16% yields more than 1% in real terms. Unless investors accept a lossmaking investment strategy, they may need to consider increasing their gold holdings. This should resonate especially well with pension funds and foreign reserve managers whose investment guidelines are stricter, and who hold a large portion of bonds in their portfolios. It is also relevant for investors with limited tolerance for risk, as well as those who have increased their stock holdings due to the low-rate environment. Negative interest rate policies were designed and implemented to fight against deflation and currency appreciation pressures, especially vis-à-vis the U.S. dollar. Nonetheless, currencies from all advanced countries and regions that implemented negative rates have appreciated against the U.S. dollar, year-to-date, ranging from 2% to 7%. The longer this situation lasts, the greater the likelihood central banks may pursue intervention measures. But while gold is a de-facto currency in the monetary system, it is the only one that is not targeted by — and doesn’t respond negatively to — expansionary monetary policies. Investors are concerned about the effectiveness of NIRP. Investors are still digesting the unexpected decision by the Bank of Japan to enter the negative interest rate fray in January 2016, and there is a “growing perception in financial markets that central banks might run out of effective policy options,” according to the Bank for International Settlements’ (BIS) quarterly review, released on March 6, 2016. Claudio Borio, head of the Monetary and Economic Department at BIS, noted the next day that confidence in central banks was “faltering.” The increased turbulence in financial markets highlights the need for portfolio diversification and risk management — tasks at which gold has traditionally excelled. TNM

2016-04-05 9:06 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 11-17, 2016

PDAC awards top mining talent 2016 WINNERS

| Reservoir-Freeport team take Thayer Lindsley Award

From left: Ed Thompson, chair of the PDAC Awards Committee, with Bill Dennis Award recipients Stephen Roman, Robert Cudney and John Whitton. ENVISIONDIGITALPHOTO.COM BY DAVID PERRI

dperri@northernminer.com

he Prospectors & Developers Association of Canada (PDAC) honoured its 2016 award winners at a gala evening ceremony during its annual convention in Toronto in last month. The association gave the Bill Dennis Award for a significant mineral discovery to the team that found gold at the Bruce Channel in Ontario’s Red Lake mining camp. The team is comprised of Robert Cudney, Stephen Roman and John Whitton. The PDAC’s Distinguished Service Award went to Patricia Sheahan for her exemplary contribution and dedication to Canada’s minerals industry throughout her dynamic career. In 1972 Sheahan founded a worldwide technical information service for explorers, which became “indispensible” for those searching for diamonds. She also started a consulting firm, served on several boards and volunteered with the PDAC for 14 years. The 2016 Environmental & Social Responsibility Award went to Lucara Diamond for its stakeholder initiatives, community engagement and focus on sustainability related to the firm’s Karowe diamond mine in Botswana. The Skookum Jim Award honours a standout Aboriginal-run businesses in the Canadian mineral industry. This year the PDAC awarded Darrell Beaulieu “for his innovation, hard work and dedication.” Beaulieu has served three terms as the Chief of the Yellowknives Dene First Nation and was the first president of the nation’s business arm

Det’on Cho Corp., which helped grow the diamond-mining industry in the Northwest Territories. He also served as a director for the NWT Mine Training Society and the NWT & Nunavut Chamber of Mines, among several other industry roles. The Bjorkman family took home the Special Achievement Award “for their multigenerational dedication to geology, prospecting and diversity.” Ontario-based Bjorkmam Prospecting has worked in Canada and beyond. “Encouraged by his father, Karl Bjorkman started prospecting in the 1990s and saw his business grow to include claim staking, exploration project management and technical support,” the PDAC said. “His five daughters, Jessica, Katarina, Ruth, Veronique and Karla, along with one son named Bjorn, inherited his passion for finding gold, making it the third generation to work in the industry. Wife and mother Nikki keeps the books.” The Thayer Lindsley Award recognizes a significant mineral discovery anywhere in the world. This year Reservoir Minerals and Freeport-McMoRan were chosen for their Cukaru Peki copper-gold discovery in Serbia. The high-grade deposits “may prompt explorers to look for a new class of mineral deposit.” Silver Wheaton took home the Viola R. MacMillan Award for its development of innovative business strategies, specifically its success as a metal-streaming firm. Streaming has become one of the preferred methods of financing junior mining companies. TNM

PDAC second vice-president Glenn Mullan (left) presenting the Environmental & Social Responsibility Award to Lucara Diamond, accepted on Lucara’s behalf by president and CEO William Lamb. ENVISIONDIGITALPHOTO.COM

James Siddorn, chair of the PDAC Convention Planning Committee (left) presenting the Skookum Jim Award to Darrell Beaulieu. ENVISIONDIGITALPHOTO.COM

The Bjorkman family, recipients of the Special Achievement Award. ENVISIONDIGITALPHOTO.COM

The Cukaru Peki discovery team, recipients of the Thayler Lindsley Award. ENVISIONDIGITALPHOTO.COM

1 2 3 4 5 11 13 14 16_April11_Main .indd 5

PDAC president Rod Thomas with Distinguished Service Award recipient Patricia Sheahan. ENVISIONDIGITALPHOTO.COM

PDAC first vice-president Bob Schafer (left) presenting the Viola R. MacMillan Award to Silver Wheaton, accepted on the company’s behalf by president and CEO Randy Smallwood. ENVISIONDIGITALPHOTO.COM

2016-04-05 9:06 PM

WWW.NORTHERNMINER.COM

APRIL 11-17, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MARCH 28–APRIL 1 The S&P/TSX Composite Index ended in positive territory, adding 0.6% to close at 13,440.44. The S&P/TSX Capped Diversified Metals & Mining Index, however, slipped 0.2% to 437.39, while the S&P/TSX Global Gold Index advanced 1.9% to 184.01. The spot gold price added 0.5%, or US$5.70 per oz., to US$1,221.90. The S&P/TSX Global Mining Index stayed relatively flat at 50.25. The May contract for crude oil tumbled 6.7% to fi nish at US$36.79 per barrel, while the June contract for Brent oil fell 4.4% to US$38.67 per barrel. Avalon Advanced Materials, previously Avalon Rare Metals, rose on the back of a financing. On March 29, the junior completed a $775,000, non-brokered private placement consisting of 2 million units priced at 12.5¢ apiece and 3 million flow-through units at 17.5¢ apiece. Each unit comprises one share and a half warrant. The recent proceeds, combined with the $1.4-million raised in early March, gives the company enough funds to complete its current work programs on the Separation Rapids lithium project in Ontario, and continue work on the East Kemptville and Miramichi tin-indium projects in Nova Scotia and New Brunswick. Avalon shares advanced 23% to 16¢. Mexico-focused silver producer Excellon Resources got a boost after announcing a

$3-million financing by investor Eric Sprott, who is currently the chair of Sprott Inc. Under the non-brokered private placement, Excellon will issue 6.67 million units — consisting of one share and a half warrant — for 45¢ apiece. Each full warrant allows the holder to buy one Excellon share at 65¢ for two years from closing, expected in early April. The junior will use the proceeds to work on the previously announced optimization plan at its high-grade Platosa silver mine in Durango, Mexico, and for general corporate purposes. The optimization plan’s second phase should start shortly. Excellon shares gained 22% to close at 61¢. Americas Silver shares rose after the company published highlights of a prefeasibility study on its San Rafael project, along with TSX MOST ACTIVE ISSUES

OceanaGold First Quantum Kinross Gold B2Gold Teck Res Yamana Gold Barrick Gold Lake Shore Gld Orbite Tech Suncor Energy

OGC FM K BTO TCK.B YRI ABX LSG ORT SU

VOLUME (000s) HIGH

WEEK LOW CLOSE CHANGE

64018 3.90 57269 8.87 48308 4.28 47863 2.22 43614 11.99 38615 4.29 35986 20.17 30686 2.17 22799 0.30 22348 36.72

3.37 3.71 - 0.10 7.04 8.39 + 1.02 3.73 4.09 + 0.17 1.71 2.14 + 0.39 9.19 11.12 + 1.31 3.76 4.06 - 0.08 18.13 19.12 + 0.67 1.84 2.14 + 0.22 0.20 0.20 - 0.10 33.96 36.00 + 1.38

a reserve and resource update, and its 2015 fi nancials. In 2015, the company produced 2.7 million silver oz. and 4.9 million equivalent oz. silver, at all-in sustaining costs of US$17.16 per oz., all within guidance, for US$53.5 million in revenue. The net loss was US$19.4 million, or US6¢ per share, compared to a net loss of US$78.7 million, or 39¢ per share in 2014. Reserves at the end of 2015 increased 40% from 22 million

oz. silver to 31 million oz., mainly due to a maiden reserve estimate for San Rafael, which is part of the Cosala operation in Mexico. According to the prefeasibility study, San Rafael should produce 5.5 million oz. silver, 250 million lb. zinc and 100 million lb. lead over an initial 5.5-year mine life at negative all-in sustaining costs for silver. Americas Silver added 21.6% to fi nish at 23¢ per share. TNM

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Karnalyte Res Harte Gold MDN Inc AZ Mining Fortune Mnrls Vena Res Coro Mining Verde Potash Yorbeau Res Gran Colombia Mawson West Orbite Tech Thompson Creek Bannerman Res Northcliff Res Yellowhead Mng Silver Bull Re Minco Gold Wellgreen Plat Namibia Rare E

KRN HRT MDN AZ FT VEM COP NPK YRB.A GCM MWE ORT TCM BAN NCF YMI SVB MMM WG NRE

5175 19669 2222 1307 4879 230 506 219 669 1386 35 22799 8261 121 368 30 288 96 584 146

4.15 0.27 0.06 0.70 0.07 0.04 0.04 0.23 0.09 0.12 0.01 0.30 0.40 0.04 0.12 0.05 0.08 0.38 0.29 0.10

TSX GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.95 0.10 0.03 0.48 0.04 0.03 0.04 0.16 0.07 0.10 0.01 0.20 0.26 0.03 0.08 0.05 0.07 0.29 0.25 0.00

3.03 0.26 0.05 0.69 0.06 0.04 0.04 0.20 0.09 0.12 0.01 0.20 0.28 0.03 0.09 0.05 0.07 0.31 0.25 0.06

+ 244.3 + 142.9 + 50.0 + 38.0 + 33.3 + 33.3 + 33.3 + 29.0 + 28.6 + 26.3 - 50.0 - 32.2 - 30.9 - 28.6 - 26.1 - 25.0 - 22.2 - 18.4 - 15.5 - 15.4

VOLUME (000s)

Franco-Nevada Agnico Eagle Agrium Karnalyte Res Altius Mnrls Cameco Corp Royal Gold Suncor Energy Teck Res Tahoe Res Seabridge Gld Centerra Gold Osisko Gold Richmont Mines Dominion Diam Detour Gold Imperial Metal North Am Pall TMAC Resources Fortuna Silvr

FNV AEM AGU KRN ALS CCO RGL SU TCK.B THO SEA CG OR RIC DDC DGC III PDL TMR FVI

6802 5739 3503 5175 443 7743 76 22348 43614 7607 841 13783 5608 1403 1935 9385 966 20 16 4115

WEEK CLOSE CHANGE

85.51 49.51 120.14 3.03 12.04 17.40 67.32 36.00 11.12 14.53 14.11 6.44 13.38 6.41 15.60 20.12 4.75 5.37 8.80 5.11

+ + + + + + + + + + -

4.34 2.25 2.17 2.15 2.08 1.53 1.53 1.38 1.31 1.21 1.42 0.89 0.89 0.68 0.56 0.49 0.42 0.38 0.20 0.19

TSX VENTURE EXCHANGE / MARCH 28–APRIL 1 The S&P/TSX Venture Composite Index edged up 0.2%, or 1.39 points, to a 581.41 close, as commodities retreat on renewed worries of an economic slowdown in China. Spot gold rose US$5.50, or 0.5%, to a US$1,222.60 per oz. gold close, whereas three-month London Metal Exchange copper contracts dropped US$56 per tonne, or 1.1%, to US$4,855 per tonne. Uranium explorer NexGen Energy led the value-added category, gaining 51¢ to a $1.93-per-share close on drill results from its Arrow deposit in Saskatchewan’s Athabasca basin. The company reported that step-out drilling has extended the mineralized footprint another 25 metres to 865 metres along strike, and laterally by 40 metres to 275 metres. Drilling also intersected a mineralized zone 180 metres southwest along strike from the A4 shear, returning 109 metres of total composite mineralization, including 2.3 metres off off-scale radioactivity. The results build on Arrow’s maiden resource in early March, which estimated the orebody contained 3.5 million tonnes of 2.6% U3O8 . Nikos Explorations was a front runner in the greatest percentage change, gaining 11¢, or 267%, to a 19¢ close on news that the

company identified visible gold in till samples at its Borden Lake Extension property near Chapleau, Ont. The greenfield property covers a 36 sq. km area 5 km southeast of Goldcorp’s Borden Lake deposit, which hosts indicated resources of 1.6 million oz. gold grading 5.39 grams gold per tonne and inferred resources of 400,000 oz. gold grading 4.37 grams gold, using a 2.5-gram-gold cut-off grade. The highest-grade till samples lie down-ice of geophysical anomalies that strike northwest across the property. The company is looking for the source of the gold grains, but has not detailed a follow-up exploration program. Integra Gold was one of the most traded stocks, closing up 7¢ to a 51¢ close on 10.6 million shares. TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

Orefinders Res Graphite One Arctic Star True Gold Mng Metanor Res African Queen Nemaska Lith Noront Res Nrthn Abitibi Equitorial Ex

ORX GPH ADD TGM MTO AQ NMX NOT NAI EXX

15295 14202 13833 13476 12692 9930 9164 6753 6514 6213

0.08 0.15 0.08 0.50 0.11 0.03 0.70 0.36 0.02 0.07

WEEK LOW CLOSE CHANGE

0.03 0.11 0.02 0.44 0.07 0.02 0.58 0.33 0.00 0.05

0.06 + 0.12 + 0.04 + 0.48 + 0.11 + 0.03unch 0.67 + 0.35 + 0.01 + 0.06 +

0.03 0.01 0.02 0.02 0.04 0.00 0.01 0.02 0.01 0.02

The Quebec-focused junior released assay results from its Triangle deposit on the Lamaque South Gold project in Val-d’Or, Que. Drilling intercepted 93 grams gold over 3.7 metres and 47.10 grams gold over 2.8 metres near surface. Results are pending for another 52,000 metres of drill core, including deeper holes that tested mineralization between 1,000 and

1,500 metres deep. Shares of Azimut Exploration rose 13¢ to a 33¢ close on news it has defined a 14 km 2 gold-arsenic anomaly alongside a prospective contact at its Éléonore South property in Quebec’s James Bay region. The property is under a three-way joint venture between Azimut, Les Mines Opinaca and Eastmain Resources. TNM

TSX-V GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

New Nadina Sunvest Mnrls Regency Gold Red Hut Fjordland Exp Rupert Res Thunderstruck Orefinders Res New Era Mnrls Cornerstone Mt Eurotin Vela Minerals Cerro Mng Reliant Gold Kings Bay Gold Noram Vent Sokoman Iron Golden Band Frontline Gold Musgrove Mnls

NNA SSS RAU.H ROB FEX RUP AWE ORX NEM CCC TIN VLA CRX REC KBG NRM SIC GBN FGC MGS

20 107 23 577 2642 629 1714 15295 18 1127 5 12 7 407 1665 1704 471 28 284 60

0.15 0.09 0.03 0.04 0.04 0.25 0.03 0.08 0.10 0.02 0.01 0.08 0.02 0.03 0.01 0.02 0.01 0.01 0.01 0.23

TSX-V GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.01 0.01 0.00 0.01 0.01 0.09 0.02 0.03 0.05 0.01 0.01 0.03 0.00 0.02 0.01 0.01 0.01 0.00 0.01 0.12

0.12 0.09 0.03 0.04 0.04 0.23 0.03 0.06 0.10 0.01 0.01 0.04 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.12

+2200.0 +1600.0 + 500.0 + 250.0 + 250.0 + 170.6 + 150.0 + 120.0 + 111.1 + 100.0 - 90.0 - 53.3 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 42.5

VOLUME (000s)

Kennady Diam CanAlaska Uran Reservoir Mnls Mirasol Res Rupert Res Menika Mining New Nadina Delrand Res Brazil Res BonTerra Res Till Capital Gold Reserve ScoZinc Mg Chesapeake Gld Mason Graphite Stakeholdr Gld Zenyatta Vent Eurotin Musgrove Mnls Marlin Gold

KDI CVV RMC MRZ RUP MML NNA DRN.H BRI BTR TIL GRZ SZM CKG LLG SRC ZEN TIN MGS MLN

352 971 550 182 629 1037 20 6 1848 2608 6 125 81 85 489 17 212 5 60 57

WEEK CLOSE CHANGE

3.38 0.49 6.45 1.30 0.23 0.40 0.12 0.35 0.74 0.46 3.89 5.66 0.55 2.12 0.48 0.32 0.87 0.01 0.12 0.48

+ + + + + + + + + + -

0.43 0.24 0.21 0.16 0.15 0.12 0.11 0.09 0.08 0.08 0.36 0.29 0.20 0.13 0.11 0.09 0.09 0.09 0.09 0.07

U.S. MARKETS / MARCH 28–APRIL 1 U.S. Federal Reserve Chair Janet Yellen’s remarks that the central bank should take a “cautious” approach to raising interest rates buoyed markets. The Dow Jones Industrial Average rose 1.6% to 17,792.75, while the S&P 500 Index climbed 1.8% to 2,072.78. Gold advanced US$5.70 per oz. to finish at US$1,221.90 per oz., which drove up the Philadelphia Gold & Silver Index 3.3% to 69.72. The oil price slipped, af ter Saudi Arabia said it would only freeze its oil output if Iran and other major producers do the same. The price of Brent crude, the global benchmark, fell 6%, finishing at US$38.67 a barrel on ICE Futures Europe. Kinross Gold announced an upcoming first-phase expansion at its Tasiast mine in Mauritania. Phase one would increase mill throughput capacity from 8,000 tonnes per day to 12,000 tonnes per day, while trimming Tasiast’s operating costs and increasing production. The first phase could reach full production by March 2018, with estimated capital expenses of US$300 mil lion. K inross also released details of a prefeasibility

6_April11_MarketNews.indd 6

study for phase two, which contemplates installing another 18,000 tonnes per day of mill throughput for a total capacity of 30,000 tonnes per day. Kinross shares climbed 15.2% to US$3.48. Si lver W he aton sl ipp e d US 82¢ to US$16.41. The company announced a bought-deal financing in which a syndicate of underwriters — led by RBC — buys 30.1 million common shares at US$16.60 per share for US$500 million in proceeds. The underwriters can acquire another 4.5 million shares at the same price for 30 days after the deal closes. If the option U.S. MOST ACTIVE ISSUES VOLUME (000s) HIGH

Freeport McMo* FCX 257902 Vale* VALE 191348 Alcoa* AA 160574 Barrick Gold* ABX 131250 Vale* VALE.P122910 United States S* X 119534 Yamana Gold* AUY 99594 Harmony Gold* HMY 80399 Kinross Gold* KGC 77758 Gold Fields* GFI 58651

11.45 4.40 10.22 15.52 3.09 16.26 3.30 4.19 3.29 4.30

WEEK LOW CLOSE CHANGE

9.03 3.45 9.10 13.63 2.47 13.77 2.81 3.35 2.79 3.64

10.76 4.17 10.03 14.74 3.01 15.76 3.09 3.78 3.14 3.76

+ + + + + + + + -

1.21 0.34 0.51 0.79 0.24 1.23 0.02 0.39 0.19 0.32

is exercised, proceeds will rise to US$575 million. The funds would repay debt that was drawn on the company’s US$2-billion revolving credit facility in November 2015 for the US$900-million purchase of a silver stream on the Antamina mine in Peru.

Lower potash prices (around US$290 per tonne) have hur t fer tilizer giants Agrium and Mosaic. Agrium shares fell US$1.09 to US$88.46, and Mosaic shares were down US42¢ to US$26.84, on no corporate news. TNM

U.S. GREATEST PERCENTAGE CHANGE First Majestic* Teck Res* Freeport McMo* Harmony Gold* Stillwater Mg* Cameco Corp* Coeur Mng* Tahoe Res* Vale* Vale* Peabody Enrgy* Natural Res Pt* Seabridge Gld* Gold Fields* Mechel* IAMGOLD* Fortuna Silvr* Dominion Diam* McEwen Mng* Yamana Gold*

AG TCK FCX HMY SWC CCJ CDE TAHO VALE VALE.P BTU NRP SA GFI MTL IAG FSM DDC MUX AUY

VOLUME (000s) HIGH

43104 47846 257902 80399 11225 15954 29289 13458 191348 122910 39367 267 7418 58651 788 35858 7497 2227 16852 99594

U.S. GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

6.97 5.46 9.25 6.87 11.45 9.03 4.19 3.35 10.98 9.13 13.59 11.73 5.89 4.67 11.53 9.45 4.40 3.45 3.09 2.47 6.25 2.00 10.99 8.95 11.92 9.64 4.30 3.64 1.90 1.70 2.37 1.95 4.30 3.50 12.29 11.37 2.06 1.72 3.30 2.81

6.73 8.47 10.76 3.78 10.87 13.34 5.59 11.11 4.17 3.01 2.50 9.26 10.83 3.76 1.80 2.14 3.93 11.97 1.90 3.09

+ + + + + + + + + + -

17.2 13.7 12.7 11.5 11.4 11.3 11.1 10.2 8.9 8.7 61.8 13.9 7.9 7.8 3.2 2.7 2.0 2.0 1.0 0.6

VOLUME (000s)

Franco-Nevada* NACCO Ind* Chevron* Agrium* Agnico Eagle* Southern Copp* Suncor Energy* Cameco Corp* United States S* Freeport McMo* Peabody Enrgy* Natural Res Pt* Seabridge Gld* Gold Fields* Dominion Diam* Fortuna Silvr* IAMGOLD* Mechel* McEwen Mng* Yamana Gold*

FNV NC CVX AGU AEM SCCO SU CCJ X FCX BTU NRP SA GFI DDC FSM IAG MTL MUX AUY

8460 206 48990 5049 17528 7110 21045 15954 119534 257902 39367 267 7418 58651 2227 7497 35858 788 16852 99594

WEEK CLOSE CHANGE

65.64 56.24 97.69 92.02 37.99 28.34 27.64 13.34 15.76 10.76 2.50 9.26 10.83 3.76 11.97 3.93 2.14 1.80 1.90 3.09

+ + + + + + + + + + -

4.26 3.76 3.11 2.83 2.27 1.49 1.48 1.35 1.23 1.21 4.05 1.49 0.93 0.32 0.24 0.08 0.06 0.06 0.02 0.02

2016-04-05 8:59 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / APRIL 11-17, 2016

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, March 29, 2016 Precious Metals Price (US$/oz.) Gold $1216.45 Silver $15.06 Platinum $952.00 Palladium $577.00

Change -35.35 -0.83 -31.00 -8.00

Base Metals Nickel Copper Lead Zinc

Change -200.00 -54.50 -23.50 -13.00

Price (US$/tonne) $8560.00 $4911.50 $1745.50 $1791.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, March 14, 2016 (change from March 7, 2016 in brackets): Aluminium Alloy 16200 (+100) Aluminium 2877525 (+72825) Copper 174175 (-11050) Lead 166425 (-39050) Nickel 422712 (-7872) Tin 3950 (+205) Zinc 459275 (-11425)

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.47 per short ton Coal:†Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.25 Coal:†Powder†River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.45 Coal: CME Group Futures May 2016: US$43.60; June 2016: US$43.65 Cobalt: US$10.21/lb. Copper: US$2.18/lb. Copper: CME Group Futures May. 2016: US$2.140/lb.; Jun. 2016: US$2.143/lb Ferro-Chrome: US$1.79/kg Ferro Titanium: US$3.75/kg FerroTungsten: US$23.42/kg Ferrovanadium: US$14.41/kg Iridium: NY Dealer†Mid-mkt†US$520/tr oz.† Iron†Ore†62% Fe†CFR†China-S: US$54.00/tonne Iron Ore Fines: US$41.89/tonne Iron Ore Pellets: US$57.69/tonne Lead: US$0.78/lb. Magnesium: US$1.91/kg Manganese: US$1.63/kg Molybdenum Oxide: US$5.53/lb. Phosphate Rock: US$118.00/tonne Potash: US$290.00/tonne Rhodium:†Mid-mkt†US$740.00/tr. oz. Ruthenium:†Mid-mkt†US$42.00/tr. oz. Silver: Handy & Harman Base: US$15.05 per oz.; Handy & Harman Fabricated: US$18.81 per oz. Tantalite†Ore: : US$123.61/kg Tin: US$7.58/lb.† Uranium: U3O8, Trade Tech spot price: US$29.40; The UX Consulting Company spot price: US$29.15/lb. Zinc: US$0.84/lb. Prices current Apr. 5, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Mar 18, 2016 (with changes from Feb 16, 2016) Largest short positions First Quantum FM 37014005 4348216 Potash Corp SK POT 34172047 424087 Lundin Mng LUN 30835622 -765838 New Gold NGD 25584748 1566099 B2Gold BTO 24726666 -1629561 Kinross Gold K 22166180 4945296 Barrick Gold ABX 20539499 3779973 Teck Res TCK.B 15133787 4851477 Suncor Energy SU 14917325 -2747898 Yamana Gold YRI 12206866 -3489433 Lake Shore Gld LSG 11627798 2734928 IAMGOLD IMG 10739058 463554 Goldcorp G 9675277 -715977 Thompson Creek TCM 8796253 100591 Eldorado Gold ELD 8778640 581385 Largest increase in short position Kinross Gold K 22166180 4945296 Teck Res TCK.B 15133787 4851477 First Quantum FM 37014005 4348216 Barrick Gold ABX 20539499 3779973 OceanaGold OGC 6844973 3569024 Largest decrease in short position Orbite Tech ORT 119000 -9502990 Yamana Gold YRI 12206866 -3489433 Suncor Energy SU 14917325 -2747898 Franco-Nevada FNV 3360478 -2736018 Agnico Eagle AEM 2481892 -2429922

Short positions outstanding as of Mar 18, 2016 (with changes from Feb 16, 2016) Largest short positions Roxgold ROG 1836781 1124300 First Mg Fin FF 1394578 907594 Nexgen Energy NXE 1299922 739973 Gold Reserve GRZ 1141500 425000 Zenyatta Vent ZEN 144266 -1242 Brazil Res BRI 64500 32400 Minaurum Gold MGG 59300 50500 GoldQuest Mng GQC 51100 5300 IMPACT Silver IPT 41300 38600 Kaminak Gold KAM 29800 29800 Garibaldi Res GGI 14400 -35800 Oceanus Res OCN 12000 -1400 Graphite One GPH 9500 6800 Santacruz Silv SCZ 7000 -6800 Bacanora Mnls BCN 5900 5500 Largest increase in short position Roxgold ROG 1836781 1124300 First Mg Fin FF 1394578 907594 Nexgen Energy NXE 1299922 739973 Gold Reserve GRZ 1141500 425000 Minaurum Gold MGG 59300 50500 Largest decrease in short position Reliance Res RCG 3000 -92000 ATAC Res ATC 2700 -78500 Kootenay Silvr KTN 500 -51700 Pele Mtn Res GEM 0 -44000 Garibaldi Res GGI 14400 -35800

DAILY METAL PRICES Date Mar 14 Mar 11 Mar 10 Mar 9 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1545/1570 1570/1590 1555/1580 1565/1590 Aluminum 1532/1546.50 1548/1559 1564/1573 1563/1563 Copper 4993.50/4973 4940/4930 4920/4910 4935/4920.50 Lead 1840.50/1852 1839/1835 1851/1840 1857/1850 Nickel 8700/8750 8765/8805 8730/8770 8780/8820 Tin 17150/16950 17070/16900 16950/16750 16845/16625 Zinc 1809.50/1812 1791/1792.50 1797.50/1796 1797.50/1800

Mar 8 1575/1600 1589/1588 4980/4972 1876/1860 9035/9085 17080/16950 1804.50/1811

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1256.55 1262.25 1247.25 Gold PM 1242.75 1264.75 1266.50 Silver 15.60 15.50 15.27 Platinum 963.00 974.00 979.00 Palladium 567.00 576.00 571.00

1274.10 1267.00 15.66 1005.00 575.00

1258.25 1246.40 15.27 980.00 564.00

Apr 01 1.3012 0.7685

Mar 31 1.3004 0.7689

Exchange rates (Quote Media, April 01, 2016) C$ to AUS C$ to EURO 1.0004 0.6744 C$ to UK Pound C$ to China Yuan 0.5401 4.9778 US to AUS US to EURO 1.3020 0.8776 US to UK Pound US to China Yuan 0.7027 6.4786

Mar 30 1.2966 0.7714

C$ to YEN 85.8250 C$ to India Rupee 51.0280 US to YEN 111.6830 US to India Rupee 66.2300

Mar 29 1.3075 0.7647

C$ to Mex Peso 13.3239 C$ to Swiss Franc 0.7362 US to Mex Peso 17.3397 US to Swiss Franc 0.9584

Mar 28 1.3188 0.7583

C$ to SA Rand 11.2875 C$ to S. Korea Won 882.3421 US to SA Rand

LEGEND

7_April11_MMMM.indd 7

STAFF INVESTMENT POLICY The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling.

CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

IndexName Apr 01 S&P/TSX Composite 13440.44 S&P/TSXV Composite 581.41 S&P/TSX 60 787.45 S&P/TSX Global Gold 184.01 S&P/TSX Metals & Mining 437.39

Mar 31 13494.36 581.08 790.93 182.23 431.63

Mar 30 13503.98 576.89 792.46 183.88 436.33

Mar 29 13426.23 577.21 787.72 187.81 436.38

Mar 28 13390.19 575.80 786.78 179.52 434.43

High 15527.30 1050.26 896.74 218.90 954.68

Low 12400.15 883.52 709.99 149.29 691.69

NEW 52-WEEK HIGHS AND LOWS MONTH ?–?, 20?? 130 New Highs

Forum Uranium*

Altair Gold

Freeport Res

Alto Vent

Frontline Gold

American Pot*

Gainey Capital

Americas Silvr

Galena Intl Rs

Americas Silvr*

Genesis Mtls

Anconia Res

Gldn Predator*

Arctic Star

Gold Bulln Dev

Argus Metals*

Gold Bulln Dev*

Asiamet Res

Golden Eagle*

Athabasca Nclr

Golden Secret

Aurgent Gold

Goldrea Res

AZ Mining

Greywacke Expl

Azimut Expl

Hansa Res

B2Gold

Highway 50 Gld

Battle Mtn Gld

Iconic Mnls

Battle Mtn Gld*

IEMR Res

Bayhorse Silvr*

Integra Gold

Benton Cap

Integra Gold*

Big Wind Cap

Inter-Rock Mnl

Black Hills*

INV Metals

Black Mam Mtls

Kilo Goldmines

BonTerra Res

Kilo Goldmines*

BonTerra Res*

Kinross Gold*

Brionor Res

Lago Dourado

Caledonia Mng

Lancaster Cap

Caledonia Mng*

Latin Am Mnls*

Catalyst Coppr

Lucara Diam

Catalyst Coppr*

MAG Silver

Copper Ck Gold*

MAG Silver*

Critical Elem

Mega Uranium

Dios Expl

Mega Uranium*

Eagle Plains

Menika Mining

East Africa

Metalo Manuf

Ecuador Gd & C

Minco Silver

Elysee Dev

Minco Silver*

Fort St J Nick

Morien Res*

Forum Uranium

Nevada Zinc

Nexgen Energy Nexgen Energy* Nikos Expl Nikos Expl* Northair Silvr Norvista Cap Olivut Res Olivut Res* Oroco Res* Otis Gold* Pac North West Pac North West* Pac Ridge Expl Para Resources Phoenix Metals Phoenix Metals* Platinum Gp Mt Platinum Gp Mt* Potash Ridge Potash Ridge* Probe Metals Probe Metals* Red Eagle Mng* Red Hut Regency Gold Reliant Gold Reservoir Mnls Reservoir Mnls* Richmont Mines Richmont Mines* Rochester Res Rock Tech Lith Rome Res Rosita Mg Corp* Rupert Res Sego Res Sienna Res Signature Res Silvercorp Met

Silvercorp Met* Sirios Res Sirios Res* Sky Ridge Southern Silvr* Stratton Res Sunridge Gold* TMAC Resources Toachi Mg Inc Torex Gold Torex Gold* Tres-Or Res ValGold Res* Vatic Vent West Af Res Western Troy C

22 New Lows Advanced Expl* Argex Titanium Atlantic Ind Cassidy Vents* DuSolo Fertil* Fort St J Nick* Geomega Res* Golden Dawn Ml Moneta Porcpn Nautilus Mnrls* Nevada Egy Mtl Pine Cliff En Rimrock Gold* Sama Res* Sarissa Res* Strikepoint Gd* United Res Hdg* Valterra Res* West Red Lake* Western Uran* WestMountain* XLI Tech Inc*

FundName Mar 18 ($) AGF Prec Mtls Fd MF 19.91 BMO Prec Mtls Fd A 15.84 BMO ZGD 9.11 BMO ZJG 6.84 CIBC Prec Metal Fd A 10.90 Dyn Prec Metls Fd A 5.71 Horizons HEP 25.79 IGMacGloPrecMetCl A 7.60 iShares XGD 11.81 Mac Prec Met Cl A 42.25 NB Prec Met Fd Inv 11.39 RBC GblPreMetFd A 26.68 Sentry PreMetFd A 34.40 Sprott Gold&PrMinFdA 31.49 Sprott SilverEquCl A 4.58 TD PreciousMetals-I 34.19

Mar 11 ($)Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 19.43 0.48 2.47 22.42 2.80 148.40 15.56 0.28 1.80 24.41 2.40 55.57 8.99 0.12 1.34 36.15 0.63 6.69 0.15 2.24 33.63 0.62 10.65 0.25 2.34 26.58 2.62 52.62 5.67 0.04 0.71 32.92 2.66 298.84 25.19 0.60 2.38 32.82 0.80 7.52 0.08 1.08 37.35 2.75 69.63 11.56 0.26 2.23 40.67 0.61 576.34 41.79 0.46 1.10 37.95 2.51 105.43 11.10 0.29 2.61 33.79 2.46 33.64 26.05 0.63 2.43 29.11 2.13 326.63 33.62 0.78 2.31 31.97 2.92 215.59 30.93 0.55 1.79 28.43 3.15 187.81 4.35 0.22 5.17 19.70 3.21 32.88 33.19 1.00 3.01 32.37 2.26 129.74

US to S. Korea Won 1147.8200

A – Australian Stock Exchange C – CNSX Canadian National Stock Exchange J – Johannesburg Stock Exchange L – London Stock Exchange M – Mexico Stock Exchange N – New York Stock Exchange O – U.S. over-the-counter Q – NASDAQ or U.S. OTC T – Toronto Stock Exchange V – TSX Venture Exchange X – NYSE Alternext U.S. * – Denotes price in U.S.$

Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

CANADIAN GOLD MUTUAL FUNDS

EXCHANGE RATES Date S$ in C$ C$ in S$

TSX VENTURE WARRANTS

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

GLOBAL MINING NEWS · SINCE 1915

Reprints Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a PDF format for $350.

Contact: moliveira@northernminer.com or 416-510-6768

2016-04-05 8:58 PM

WWW.NORTHERNMINER.COM

APRIL 11-17, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: MARCH 28â&#x20AC;&#x201C;APRIL 1, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 500 0.05 0.04 0.05 + 0.01 0.06 0.03 Abacus Mng &Ex V 933 0.05 0.05 0.05 - 0.01 0.09 0.04 Abcourt Mines V 215 0.09 0.09 0.09 - 0.01 0.10 0.03 Aben Res* O 27 0.05 0.00 0.05 - 0.00 100.52 0.03 Aberdeen Intl* O 289 0.10 0.09 0.10 - 0.00 0.12 0.07 ABT Holdings* O 8 0.73 0.00 0.71 - 0.01 1.38 0.05 Active Growth V 144 0.04 0.00 0.03 - 0.01 0.10 0.02 Adex Mining V 31 0.01 0.01 0.01 + 0.01 0.02 0.01 Advanced Expl* O 9 0.00 0.00 0.00 - 0.00 0.03 0.00 Adventure Gold V 93 0.19 0.18 0.19 + 0.01 0.22 0.06 Africo Res T 42 0.48 0.00 0.48 - 0.01 0.55 0.30 Agnico Eagle* N 11379 37.65 35.00 36.53 + 0.41 39.49 21.00 Agnico Eagle T 3566 49.19 45.97 47.55 - 0.27 51.49 27.63 Agrium T 1434 118.66 113.55 115.23 - 3.34 139.99 110.89 Agrium* N 3428 90.68 86.65 88.46 - 1.09 110.21 79.94 Aim Explor* O 8546 0.00 0.00 0.00 - 0.00 1.19 0.00 Alabama Graph* O 106 0.09 0.09 0.09 + 0.01 0.25 0.08 Alabama Graph V 438 0.13 0.11 0.12 + 0.01 0.31 0.11 Alacer Gold T 5318 2.49 2.30 2.48 + 0.05 3.23 2.08 Alamos Gold T 4046 7.29 6.41 7.25 + 0.54 9.00 3.27 Alamos Gold* N 6416 5.61 4.86 5.61 + 0.53 7.54 2.27 Alaska Pac Egy* O 82 0.18 0.00 0.08 - 0.10 0.20 0.00 Alberta Star* O 20 0.18 0.00 0.18 + 0.01 0.19 0.12 Alchemist Mng 206 0.07 0.04 0.04 - 0.04 0.08 0.01 Alcoa* N 97070 9.87 9.35 9.63 + 0.06 14.29 6.14 Alderon Iron* O 65 0.12 0.00 0.11 - 0.01 0.28 0.05 Aldershot Res V 74 0.02 0.01 0.02 + 0.01 0.05 0.01 Aldever Res V 472 0.14 0.00 0.12 - 0.04 0.34 0.09 Aldrin Res V 46 0.11 0.10 0.10 + 0.02 0.21 0.08 Alexander Nubi V 150 0.08 0.08 0.08 + 0.01 0.20 0.04 Alexandria Min* O 87 0.04 0.03 0.04 + 0.01 0.05 0.01 Alexco Res T 394 1.46 1.19 1.26 - 0.09 1.52 0.35 Alexco Res* X 1721 1.11 0.91 0.96 - 0.05 1.17 0.22 Algold Res V 1492 0.17 0.10 0.12 - 0.05 0.35 0.07 Alianza Min V 54 0.14 0.13 0.13 - 0.02 0.35 0.10 Alix Res V 1470 0.06 0.05 0.06 + 0.01 0.09 0.04 Alliance Mng V 61 0.01 0.00 0.01 - 0.01 0.05 0.01 Alliance Res* D 1051 12.25 11.07 11.19 - 0.56 34.70 9.95 Alloycorp Mng V 443 0.02 0.01 0.01 - 0.01 0.06 0.01 Almaden Mnls* X 323 0.72 0.65 0.71 + 0.05 0.95 0.48 Almaden Mnls T 77 0.93 0.87 0.92 + 0.05 1.16 0.65 Almadex Min V 108 0.24 0.21 0.22 - 0.01 0.28 0.13 Almo Capital V 697 0.10 0.09 0.09 - 0.04 0.14 0.05 Alpha Nat Res* O 2552 0.02 0.02 0.02 + 0.00 1.09 0.01 ALQ Gold V 29 0.07 0.00 0.05 - 0.02 0.07 0.03 Alta Vista Vnt 296 0.05 0.04 0.05 + 0.01 0.25 0.01 Altai Res V 81 0.07 0.06 0.06 - 0.01 0.08 0.05 Altair Gold V 24 0.30 0.20 0.29 + 0.10 0.60 0.06 Altan Rio Mnls V 199 0.02 0.01 0.02 + 0.01 0.03 0.01 Alternative ER V 124 0.06 0.00 0.06 + 0.02 0.08 0.03 Alternative ER* O 73 0.03 0.00 0.03 + 0.00 0.06 0.02 Altius Mnrls T 169 11.99 10.90 11.94 + 0.83 15.47 7.39 Alto Vent V 780 0.08 0.04 0.07 + 0.02 0.08 0.02 Alumina Inc* O 57 4.04 3.80 3.96 + 0.10 5.61 2.70 ALX Uranium V 1219 0.11 0.07 0.11 + 0.03 0.17 0.06 Am Creek Res V 770 0.06 0.05 0.06 + 0.02 0.08 0.03 AM Gold V 71 0.13 0.10 0.11 - 0.02 0.30 0.07 AM Gold* O 0 0.10 0.00 0.10 + 0.00 0.16 0.10 Amara Mng* O 1457 0.22 0.20 0.21 - 0.01 0.24 0.10 Amarc Res* O 25 0.06 0.05 0.05 + 0.00 0.14 0.02 Amarc Res V 57 0.08 0.06 0.07 + 0.01 0.17 0.04 Amarillo Gold V 29 0.16 0.15 0.16 - 0.01 0.20 0.04 American Pot* O 22 0.04 0.04 0.04 + 0.00 0.47 0.03 Americas Petro V 1339 0.23 0.20 0.20 - 0.04 0.33 0.15 Americas Silvr T 4855 0.25 0.18 0.23 + 0.04 0.25 0.09 Americas Silvr* O 303 0.19 0.13 0.18 + 0.03 0.23 0.04 Amerigo Res T 856 0.15 0.12 0.13 - 0.01 0.45 0.10 Amerigo Res* O 251 0.10 0.09 0.09 - 0.02 0.37 0.07 Amex Expl V 843 0.04 0.00 0.04 + 0.01 0.06 0.02 AMI Res V 46 0.04 0.03 0.04 + 0.01 0.06 0.01 Anconia Res V 1041 0.05 0.03 0.05 + 0.02 0.05 0.01 Andes Gold* O 705 0.02 0.01 0.01 - 0.00 1.00 0.00 Anfield Nickel V 14 0.74 0.00 0.71 - 0.03 0.88 0.52 Anfield Res V 116 0.13 0.08 0.08 - 0.05 0.21 0.05 Angel Gold V 92 0.08 0.07 0.08 + 0.01 0.10 0.01 Angel Gold* O 96 0.06 0.05 0.06 + 0.01 0.09 0.01 Angkor Gold V 92 0.49 0.45 0.48 + 0.05 0.64 0.38 Anglo American* O 11 7.89 6.87 7.60 + 0.41 18.00 3.13 Anglo American* O 350 3.95 3.32 3.80 + 0.30 4.45 1.57 Anglo-Bomarc V 113 0.17 0.14 0.15 - 0.02 0.30 0.07 AngloGold Ash* O 1 12.91 0.00 12.91 - 0.60 13.84 6.45 AngloGold Ash* N 20592 14.00 12.83 13.74 + 0.69 14.31 5.64 Anthem United V 48 0.22 0.14 0.20 + 0.02 0.47 0.14 Antioquia Gold* O 5 0.06 0.06 0.06 + 0.00 0.08 0.01 Antioquia Gold V 90 0.10 0.09 0.10 - 0.01 0.11 0.02 Antofagasta* O 1 6.82 6.47 6.47 - 0.09 12.30 5.24 Apogee Silver V 426 0.25 0.20 0.21 - 0.03 0.65 0.11 Applied Mrnls* O 906 0.23 0.11 0.17 - 0.06 0.75 0.11 Aquila Res* O 255 0.11 0.09 0.11 + 0.00 0.19 0.09 Arch Coal* O 672 0.36 0.28 0.30 - 0.01 11.50 0.11 Archon Mineral V 14 2.05 0.00 2.00 + 0.30 2.10 1.07 Arctic Star V 19081 0.10 0.04 0.09 + 0.05 0.09 0.01 Arcus Dev Grp V 121 0.03 0.02 0.03 + 0.01 0.04 0.01 Arena Mnls V 684 0.27 0.22 0.25 + 0.01 0.30 0.15 Argentex Mng* O 61 0.05 0.04 0.05 - 0.01 0.06 0.01 Argentex Mng V 38 0.08 0.06 0.07 - 0.01 0.08 0.02 Argex Titanium T 676 0.04 0.00 0.03 - 0.01 0.54 0.02 Argonaut Gold T 3892 1.98 1.77 1.94 + 0.06 2.15 0.78 Argonaut Gold* O 131 1.52 1.35 1.50 + 0.07 1.77 0.53 Argus Metals* O 18 0.05 0.04 0.05 + 0.02 0.05 0.01 Argus Metals V 21 0.07 0.06 0.07 + 0.01 0.07 0.02 Arian Res V 620 0.01 0.01 0.01 + 0.01 0.05 0.01 Arian Silver* O 142 0.07 0.02 0.05 - 0.02 0.51 0.00 Arianne Phosph V 187 0.87 0.81 0.86 + 0.01 1.00 0.68 Arianne Phosph* O 51 0.67 0.00 0.64 - 0.02 0.80 0.52 Armor Mnrls V 3 0.15 0.00 0.15 + 0.03 0.15 0.10 Artha Res* O 54 0.06 0.04 0.04 - 0.02 0.08 0.02 Asanko Gold* X 1225 2.29 2.01 2.27 + 0.16 2.52 1.27 Asanko Gold T 3283 2.97 2.66 2.95 + 0.14 3.26 1.67 Ascot Res V 98 1.10 1.00 1.00 - 0.04 2.00 0.80 Ashburton Vent V 757 0.02 0.02 0.02 - 0.01 0.03 0.01 Ashburton Vent* O 85 0.02 0.02 0.02 + 0.00 0.02 0.00 AsiaBaseMetals V 107 0.07 0.06 0.06 - 0.01 0.24 0.04 Asiamet Res V 585 0.08 0.06 0.08 + 0.02 0.07 0.01 Asian Minl Res V 8 0.02 0.00 0.02 - 0.01 0.08 0.02 Aston Bay V 29 0.26 0.24 0.24 - 0.02 0.32 0.08 Astur Gold V 74 0.03 0.02 0.03 + 0.01 0.04 0.01 ATAC Res V 432 0.55 0.48 0.55 + 0.06 0.60 0.26 Athabasca Mnls* O 5 0.15 0.15 0.15 + 0.00 0.68 0.12 Athabasca Mnls V 105 0.22 0.20 0.22 + 0.03 0.86 0.15 Athabasca Nclr V 615 0.06 0.04 0.06 + 0.02 0.06 0.02 Athena Silver* O 2 0.12 0.10 0.10 - 0.02 0.12 0.02 Atico Mng* O 34 0.24 0.21 0.23 + 0.00 0.51 0.12 Atlanta Gold V 63 0.08 0.07 0.08 + 0.01 0.11 0.05 Atlantic Gold V 601 0.59 0.56 0.57 - 0.02 0.64 0.17 Atlatsa Res T 72 0.05 0.00 0.05 + 0.01 0.22 0.03 Atna Res Ltd* O 118 0.01 0.00 0.01 + 0.00 0.10 0.00 Atom Energy V 18 0.05 0.05 0.05 + 0.01 0.15 0.03 Augustine Vent 121 0.07 0.06 0.06 - 0.01 0.09 0.03 Augyva Mng V 9 0.10 0.09 0.10 - 0.01 0.15 0.09 Aura Mnls T 599 0.24 0.21 0.24 + 0.02 0.24 0.06 Auramex Res V 41 0.01 0.00 0.01 - 0.01 0.02 0.01 Aurcana Corp* O 70 0.14 0.00 0.14 + 0.02 0.24 0.07 AurCrest Gold V 751 0.04 0.03 0.04 + 0.02 0.05 0.01 Aureus Mng* O 163 0.11 0.00 0.10 - 0.00 0.68 0.05 Aurgent Gold V 81 0.05 0.00 0.04 - 0.01 0.05 0.02 AuRico Metals T 621 0.76 0.67 0.73 + 0.03 0.90 0.47 Auryn Res V 250 1.60 1.48 1.54 + 0.01 1.68 0.94 Auryn Res* O 70 1.21 1.11 1.20 + 0.03 1.29 0.70 Avala Res V 77 0.09 0.08 0.08 - 0.01 0.15 0.03 Avalon Rare Mt T 1488 0.16 0.13 0.16 + 0.03 0.48 0.10 Avarone Metals 2599 0.09 0.07 0.09 + 0.01 0.14 0.02 Avino Silver* X 848 1.05 0.94 1.01 + 0.06 1.52 0.71 Avino Silver V 98 1.35 1.21 1.31 + 0.10 1.82 1.03 Avnel Gold T 1118 0.29 0.26 0.28 + 0.01 0.34 0.18 Avrupa Mnls V 103 0.09 0.08 0.09 + 0.02 0.17 0.07 AXE Expl V 302 0.02 0.00 0.02 + 0.01 0.03 0.01 Axmin Inc V 81 0.02 0.00 0.02 + 0.01 0.03 0.01 AZ Mining T 941 0.87 0.65 0.81 + 0.12 0.87 0.22 Azarga Uranium T 26 0.31 0.00 0.29 - 0.01 0.43 0.24 Azarga Uranium* O 11 0.26 0.23 0.24 - 0.02 0.31 0.18 Azimut Expl V 279 0.37 0.17 0.33 + 0.13 0.36 0.10 Azincourt Uran V 60 0.05 0.00 0.04 - 0.01 0.14 0.04 Azincourt Uran* O 19 0.04 0.03 0.03 - 0.01 0.05 0.02 Azteca Gold* O 846 0.00 0.00 0.00 + 0.00 0.00 0.00

B B2Gold* X 12055 B2Gold T 26903 Bacanora Mnls V 66 Baja Mng* O 268 Balmoral Res* O 133 Bama Gold* O 1 Bama Gold 1261 Bannerman Res T 310 Banro T 1870 Banro* X 6065 Banyan Gold V 46 Barkerville Go* O 409

8-9_April11_StockTables.indd 8

1.77 1.55 1.70 + 0.11 1.79 0.60 2.28 2.05 2.18 + 0.07 2.28 0.86 1.35 1.17 1.17 - 0.13 2.05 1.16 0.01 0.00 0.01 + 0.01 0.03 0.00 0.41 0.38 0.39 - 0.01 0.88 0.23 0.07 0.00 0.07 - 0.01 0.07 0.03 0.14 0.00 0.10 - 0.02 0.20 0.07 0.03 0.03 0.03 + 0.01 0.06 0.03 0.38 0.32 0.33 - 0.05 0.47 0.21 0.30 0.24 0.26 - 0.02 0.40 0.15 0.09 0.07 0.08 - 0.01 0.09 0.02 0.41 0.37 0.41 + 0.01 0.46 0.15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barkerville Go V 736 Barrick Gold T 23324 Barrick Gold* N 69983 Batero Gold V 84 Battle Mtn Gld V 185 Battle Mtn Gld* O 7 Bayhorse Silvr* O 51 Bayhorse Silvr V 257 Bayswater Uran V 158 Bayswater Uran* O 5 BC Moly V 6 BCM Res V 117 Bear Creek Mng V 478 Beaufield Res* O 49 Beeston Ent* O 612 Bell Copper V 4 Bellhaven Cp&G V 14 Belmont Res V 101 Belo Sun Mng T 1361 Belvedere Res V 900 Benton Res V 1687 Benz Cap V 65 Bison Gold Res V 12 Bitterroot Res V 21 Black Hills* N 2531 Black Isle Res V 9 Black Mam Mtls V 421 Black Widow Rs V 350 Blackheath Res V 42 BLOX Inc* O 470 Blue Sky Uran V 32 BonTerra Res* O 99 BonTerra Res V 2883 Borneo Res Inv* O 26974 Bowmore Expl V 124 Bravada Gold V 291 Bravada Gold* O 72 Braveheart Res V 107 Bravura Vent 18 Brazil Res V 1121 BrightRock Gld* O 72 Brilliant Sand* O 28 Britannia Mng* O 1645 Brixton Mtls V 120 Brixton Mtls* O 14 Brookmount Exp* O 1170 Brunswick Res V 88 Buenaventura* N 11691 Bullfrog Gold* O 225 Burnstone Vent V 113

0.54 0.49 0.54 + 0.02 0.63 0.20 18.51 17.09 17.78 - 0.18 20.17 7.89 14.15 13.04 13.65 + 0.09 15.52 5.91 0.10 0.09 0.09 - 0.01 0.12 0.05 0.30 0.21 0.27 + 0.07 0.26 0.09 0.26 0.15 0.26 + 0.10 0.20 0.06 0.08 0.07 0.07 + 0.00 0.08 0.03 0.10 0.09 0.10 - 0.01 0.11 0.05 0.03 0.02 0.03 + 0.01 0.05 0.01 0.03 0.01 0.02 + 0.01 0.03 0.00 0.04 0.00 0.04 + 0.01 0.23 0.03 0.24 0.23 0.24 - 0.01 0.24 0.02 1.36 1.18 1.30 + 0.03 1.36 0.50 0.06 0.06 0.06 + 0.00 0.07 0.02 0.00 0.00 0.00 - 0.00 0.03 0.00 0.02 0.00 0.02 + 0.01 0.05 0.01 0.14 0.11 0.14 + 0.03 0.45 0.03 0.07 0.05 0.06 - 0.01 0.08 0.02 0.63 0.55 0.59 - 0.01 0.68 0.15 0.03 0.01 0.02 - 0.02 0.08 0.01 0.06 0.05 0.05 - 0.01 0.06 0.03 0.02 0.01 0.01 - 0.01 0.26 0.01 0.13 0.00 0.12 - 0.10 0.88 0.12 0.04 0.04 0.04 - 0.01 0.10 0.03 61.13 58.01 60.82 + 1.80 61.13 36.81 0.04 0.00 0.04 - 0.01 0.06 0.03 0.07 0.07 0.07 + 0.01 0.08 0.02 0.02 0.02 0.02 - 0.01 0.08 0.01 0.18 0.14 0.16 + 0.03 0.30 0.08 0.02 0.01 0.02 + 0.01 0.25 0.01 0.06 0.00 0.06 + 0.01 0.26 0.04 0.37 0.30 0.37 + 0.07 0.37 0.08 0.51 0.40 0.46 + 0.06 0.51 0.09 0.00 0.00 0.00 + 0.00 0.10 0.00 0.10 0.06 0.10 + 0.02 0.10 0.03 0.15 0.08 0.09 + 0.01 0.15 0.02 0.07 0.06 0.07 - 0.00 0.08 0.01 0.05 0.04 0.05 + 0.01 0.07 0.02 0.03 0.03 0.03 + 0.01 0.08 0.02 0.78 0.69 0.73 - 0.04 0.83 0.38 0.00 0.00 0.00 + 0.00 0.00 0.00 0.10 0.09 0.09 - 0.01 0.21 0.02 0.01 0.00 0.00 - 0.00 0.01 0.00 0.14 0.11 0.14 + 0.01 0.18 0.05 0.10 0.08 0.08 - 0.02 0.14 0.03 0.00 0.00 0.00 - 0.00 0.02 0.00 0.02 0.02 0.02 + 0.01 0.03 0.01 7.58 6.17 7.58 + 1.11 12.51 3.30 0.02 0.02 0.02 - 0.00 0.03 0.01 0.02 0.02 0.02 + 0.01 0.03 0.01

Cadan Res V 48 Caledonia Mng T 444 Caledonia Mng* Q 184 Calico Res* O 34 Calico Res V 467 California Gld* O 350 Callinex Mines* O 111 Callinex Mines V 141 Cameco Corp* N 7911 Cameco Corp T 3843 Cameo Res* O 220 Cameo Res V 132 Camino Mnls V 36 Can-Cal Res* O 70 Canada Coal V 90 CanAlaska Uran V 454 CanAlaska Uran* O 246 Canamex Res* O 194 Canarc Res T 538 Canarc Res* Q 677 Cancana Res V 96 Candente Gold* O 28 Candente Gold V 26 Canex Energy V 1585 CaNickel Mng V 6 Canterra Mnls V 466 Canuc Res V 549 Canyon Gold* O 31 Cap-Ex Iron V 641 Capstone Mng T 4818 Cardero Res* O 12 Cardero Res T 87 Carmax Mng V 695 Carpathian Gld* O 752 Cartier Res V 62 Carube Copper V 7 Casablanca Mng* O 531 Cascadero Copp V 563 Castle Mtn Mng* O 14 Castle Mtn Mng V 2407 Castle Res 86 Catalyst Coppr V 297 Catalyst Coppr* O 3 Cava Res V 48 Caza Gold* O 6 CB Gold V 71 Cda Carbon* O 35 Cda Carbon V 513 Cda Rare Earth V 137 Cda Strtgc Met V 201 Cda Zinc Mtls V 173 Cdn Intl Mnrls V 695 Cdn Metals 323 Cdn Zinc T 1550 Cdn Zinc* Q 528 Centamin T 76 Centaurus Diam* O 118 Centerra Gold T 3333 Centurion Mnls V 91 Champion Bear V 52 Champion Iron T 227 Chesapeake Gld* O 65 Chesapeake Gld V 143 Chevron* N 31321 Chieftain Mtls V 77 Chilean Metals V 11 Chilean Metals* O 15 Chimata Gold V 267 China Mnls Mng V 140 China Mnls Mng* O 5 Claim Post Res V 392 Claude Res T 2797 Claude Res* O 739 Clifton Mng* O 315 Clifton Star* O 128 Clifton Star V 224 Cloud Peak En* N 5116 CMC Metals V 70 Coeur Mng* N 13489 Colibri Res V 69 Colonial Coal V 369 Colorado Res V 206 Colorado Res* O 28 Colt Res* O 75 Columbus Gold* O 105 Columbus Gold T 295 Commerce Res* O 152 Commerce Res V 1109 Comstock Mng* X 5940 Comstock Mtls V 747 Comstock Mtls* O 137 Condor Res V 774 Confedertn Mls* O 20 CONSOL Energy* N 32453 Contintl Gold* O 58 Contintl Gold T 1508 Contintl Prec T 10 Copper Ck Gold V 83 Copper Ck Gold* O 48 Copper Fox Mtl* O 173 Copper Fox Mtl V 3753 Copper Mtn Mng T 1229 Copper Mtn Mng* O 8 Copper North M V 451 Copper Reef Mg 182 Copperbank Res* O 32 Coral Gold V 193 Corazon Gold V 8 Cornerstone Ca* O 499 Coronet Mtls V 14 Corsa Coal V 103 Corvus Gold T 150 Corvus Gold* O 34 Critical Elem V 2458 Critical Elem* O 12 Crystal Pk Min V 102 Crystal Pk Min* O 100 Cypress Dev V 677 Cypress Dev* O 246 Cyprium Mng V 616

0.05 0.04 0.05 - 0.01 0.09 0.03 1.28 0.92 1.10 + 0.17 1.28 0.66 0.90 0.70 0.86 + 0.16 0.90 0.48 0.09 0.09 0.09 + 0.00 0.11 0.05 0.12 0.10 0.10 - 0.02 0.14 0.06 0.04 0.03 0.03 - 0.00 0.10 0.02 0.28 0.25 0.26 - 0.01 0.31 0.17 0.36 0.33 0.35 - 0.01 0.39 0.23 13.24 12.39 12.69 - 0.04 17.77 10.31 17.07 16.28 16.52 - 0.32 21.44 14.56 0.04 0.02 0.04 + 0.02 0.08 0.02 0.06 0.04 0.06 + 0.01 0.10 0.02 0.15 0.12 0.12 + 0.01 0.25 0.07 0.04 0.04 0.04 + 0.01 0.07 0.03 0.02 0.02 0.02 - 0.01 0.03 0.01 0.52 0.44 0.48 + 0.04 0.52 0.09 0.40 0.34 0.34 + 0.01 0.40 0.06 0.04 0.03 0.04 + 0.00 0.09 0.02 0.12 0.11 0.12 + 0.01 0.15 0.03 0.09 0.08 0.09 + 0.01 0.10 0.02 0.19 0.16 0.19 - 0.03 0.32 0.13 0.02 0.00 0.02 - 0.00 0.03 0.00 0.03 0.00 0.03 + 0.01 0.05 0.01 0.04 0.02 0.03 + 0.01 0.16 0.02 0.05 0.00 0.05 - 0.01 0.16 0.03 0.04 0.00 0.04 + 0.01 0.09 0.03 0.11 0.08 0.08 - 0.03 0.30 0.05 0.35 0.25 0.28 - 0.00 0.54 0.02 0.02 0.02 0.02 - 0.01 0.03 0.01 0.55 0.50 0.50 - 0.03 1.71 0.27 0.07 0.00 0.05 - 0.00 0.15 0.05 0.09 0.00 0.09 + 0.01 0.30 0.08 0.04 0.03 0.03 - 0.01 0.06 0.02 0.02 0.01 0.01 - 0.00 0.03 0.00 0.08 0.00 0.08 - 0.03 0.13 0.04 0.12 0.10 0.10 - 0.02 0.21 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.04 0.04 - 0.01 0.08 0.02 0.32 0.30 0.30 - 0.04 0.45 0.14 0.47 0.40 0.40 + 0.01 0.53 0.18 0.03 0.00 0.03 + 0.02 0.15 0.01 0.41 0.33 0.40 + 0.02 0.41 0.10 0.30 0.00 0.30 + 0.05 0.25 0.07 0.07 0.06 0.06 - 0.01 0.25 0.04 0.03 0.03 0.03 + 0.00 0.04 0.01 0.06 0.05 0.05 - 0.01 0.08 0.03 0.24 0.22 0.24 + 0.02 0.28 0.17 0.31 0.29 0.31 + 0.03 0.42 0.20 0.03 0.02 0.02 - 0.01 0.04 0.02 0.05 0.04 0.04 - 0.01 0.10 0.03 0.12 0.00 0.11 - 0.01 0.33 0.10 0.04 0.03 0.04 + 0.01 0.06 0.01 0.17 0.13 0.17 + 0.02 0.20 0.06 0.21 0.15 0.16 - 0.03 0.21 0.06 0.16 0.11 0.12 - 0.03 0.17 0.04 1.68 1.60 1.66 + 0.03 1.85 1.07 0.33 0.26 0.28 - 0.02 0.34 0.01 6.25 5.64 6.16 + 0.31 8.67 5.51 0.14 0.10 0.10 - 0.03 0.28 0.04 0.05 0.05 0.05 - 0.01 0.15 0.05 0.22 0.18 0.21 + 0.02 0.23 0.07 1.71 1.53 1.70 + 0.15 2.17 1.05 2.25 2.00 2.22 + 0.19 2.90 1.39 96.69 92.94 94.26 - 0.59 112.20 69.58 0.07 0.06 0.07 + 0.01 0.15 0.03 0.08 0.08 0.08 + 0.01 0.11 0.02 0.06 0.06 0.06 - 0.04 0.09 0.00 0.03 0.03 0.03 + 0.01 0.19 0.01 0.01 0.01 0.01 - 0.01 0.01 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.03 0.02 0.02 - 0.01 0.03 0.01 1.37 1.26 1.32 + 0.03 1.57 0.51 1.06 0.95 1.00 + 0.03 1.17 0.39 0.14 0.08 0.12 - 0.00 0.22 0.05 0.30 0.28 0.29 - 0.00 0.30 0.09 0.39 0.37 0.39 + 0.01 0.40 0.11 2.08 1.80 1.91 - 0.11 7.39 1.08 0.11 0.10 0.10 - 0.01 0.53 0.05 5.86 5.21 5.64 + 0.36 6.35 1.62 0.09 0.05 0.09 + 0.03 0.09 0.02 0.08 0.07 0.08 + 0.01 0.15 0.02 0.11 0.09 0.09 - 0.01 0.12 0.05 0.07 0.07 0.07 + 0.00 0.10 0.02 0.07 0.06 0.07 + 0.01 0.25 0.05 0.35 0.29 0.30 + 0.00 0.38 0.23 0.40 0.37 0.40 - 0.01 0.48 0.31 0.06 0.05 0.06 - 0.00 0.12 0.04 0.08 0.00 0.07 - 0.01 0.15 0.06 0.47 0.35 0.38 - 0.08 0.83 0.35 0.03 0.03 0.03 - 0.01 0.04 0.01 0.03 0.03 0.03 - 0.00 0.03 0.01 0.06 0.05 0.06 + 0.02 0.07 0.02 0.03 0.03 0.03 - 0.01 0.06 0.01 11.75 10.38 10.79 - 0.15 34.14 4.54 1.34 1.26 1.32 + 0.09 2.65 0.88 1.79 1.67 1.79 + 0.15 3.28 1.28 0.31 0.00 0.31 + 0.03 0.50 0.25 0.10 0.07 0.10 + 0.01 0.10 0.05 0.05 0.05 0.05 + 0.00 0.05 0.04 0.13 0.09 0.09 - 0.01 0.19 0.08 0.17 0.11 0.12 - 0.05 0.25 0.11 0.58 0.50 0.53 - 0.04 1.73 0.33 0.43 0.39 0.39 - 0.03 1.42 0.23 0.03 0.00 0.02 - 0.01 0.09 0.02 0.03 0.02 0.02 - 0.01 0.04 0.01 0.03 0.02 0.02 - 0.00 0.06 0.02 0.15 0.08 0.12 + 0.02 0.15 0.05 0.22 0.00 0.22 - 0.01 0.33 0.18 0.06 0.03 0.03 - 0.03 0.06 0.01 0.07 0.06 0.07 + 0.01 0.15 0.04 0.08 0.07 0.08 - 0.01 0.15 0.02 0.72 0.64 0.71 + 0.01 0.84 0.33 0.55 0.49 0.55 + 0.02 0.67 0.25 0.32 0.24 0.30 + 0.05 0.30 0.14 0.23 0.18 0.23 + 0.05 0.23 0.10 0.28 0.22 0.27 + 0.05 0.37 0.13 0.22 0.14 0.18 + 0.04 0.33 0.11 0.08 0.06 0.08 + 0.02 0.14 0.02 0.06 0.04 0.06 + 0.02 0.08 0.01 0.07 0.06 0.07 + 0.01 0.20 0.06

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

D-F Dajin Res V 813 Dajin Res* O 1968 Dakota Ter Res* O 24 Daleco Res* O 36 Dalradian Res* O 308 Dalradian Res T 695 Damara Gold V 21 Danakali* O 224 Defiance Silvr* O 605 Delrand Res V 10 Denison Mines T 1834 Denison Mines* X 1695 Desert Gold V 50 Detour Gold T 6357 DGS Mnls 7 Diamante Min* O 16 Diamcor Mng V 60 Diamond Disc* O 3111 Dios Expl V 880 Discovery Vent V 631 Discovery-Corp V 125 Ditem Explor* O 218 DNI Metals 2084 DNI Metals* O 6 Dolly Vard Sil* O 9 Dolly Vard Sil V 45 Dominion Diam* N 1313 Dominion Diam T 686 Double Crn Res* O 741 Doubleview Cap V 150 DRDGOLD* N 1913 Dundee Prec Mt T 1215 Dunnedin Vent V 381 Durango Res V 522 Dynacor Gld Mn T 214 Dynasty Met&Mn* O 265 Dynasty Met&Mn T 5692 Eagle Plains V 323 East Africa V 125 Eastern Platin T 182 Eastern Platin* O 34 Eastmain Res T 5153 Eco Oro Mnls T 35 Ecuador Gd & C V 105 El Capitan Prc* O 3239 El Nino Vent V 247 Elcora Res V 298 Eldorado Gold T 13498 Eldorado Gold* N 26284 Electra Stone* O 2 Eloro Mnrls V 46 Ely Gold & Mnl* O 161 Elysee Dev V 61 Emerita Res V 337 Encanto Potash* O 7 Endeavour Mng* O 40 Endeavour Mng T 703 Endeavr Silver* N 6283 Endeavr Silver T 775 Energizer Res T 592 Energizer Res* O 379 Energy Fuels* X 1611 Energy Fuels T 503 Entree Gold T 106 Entree Gold* X 148 Equitas Res V 9459 Equitas Res* O 236 Equitorial Ex V 2579 Era Res Inc T 5 Erdene Res Dev* O 10 Erdene Res Dev T 523 Erin Ventures V 34 Eros Res Corp V 74 Eros Res Corp V 74 Eskay Mng V 127 Ethos Gold* O 75 Ethos Gold V 94 Eurasian Mnls V 149 Eurasian Mnls* X 93 Eureka Res V 544 EurOmax Res V 59 European Metal* O 3359 Europn Uran Rs* O 27 Everton Res V 437 Evolving Gold* O 21 Evolving Gold 19 Evrim Res V 26 Excellon Res T 3163 Excellon Res* O 174 Excelsior Mng* O 22 Excelsior Mng V 332 Exeter Res T 141 Exeter Res* X 487 Explor Res* O 61 Explor Res V 989 Falco Res V 992 Falcon Gold V 740 Fancamp Expl V 155 Firma Holdings* O 119 First Majestic T 5721 First Majestic* N 17846 First Mexican V 610 First Mg Fin V 2773 First Point T 115 First Quantum T 24481 Fission 3.0 V 980 Fission Uran T 4209 Fission Uran* O 1339 Fjordland Exp V 616 Flinders Res* O 224 Flinders Res V 251 Focus Graphite* O 254 Focus Graphite V 964 Focus Vent V 898 Forsys Metals T 551 Fort St J Nick V 140 Fortescue Mtls* O 3 Fortuna Silvr* N 2483 Fortuna Silvr T 1551 Fortune Mnrls T 1307 Forum Uranium V 1478 Forum Uranium* O 705 Four River V 197 Fox River Res 131 Franco-Nevada* N 5140 Franco-Nevada T 3848 Franklin Mng* O 3 Freegold Vent T 275 Freeport McMo* N 200720 Freeport Res V 397 Fresnillo plc* O 8 Fura Emeralds V 104

0.15 0.13 0.14 - 0.01 0.19 0.06 0.12 0.10 0.11 + 0.00 0.14 0.04 0.07 0.00 0.06 - 0.00 0.17 0.05 0.03 0.00 0.03 + 0.01 0.10 0.01 0.71 0.66 0.70 + 0.00 0.85 0.45 0.93 0.86 0.89 - 0.04 1.16 0.62 0.05 0.00 0.05 - 0.01 0.13 0.04 0.21 0.18 0.19 - 0.02 0.40 0.17 0.09 0.08 0.08 + 0.01 0.13 0.04 0.51 0.50 0.50 - 0.01 0.51 0.10 0.74 0.67 0.73 + 0.04 1.20 0.48 0.57 0.51 0.56 + 0.05 0.99 0.35 0.11 0.00 0.11 - 0.04 0.50 0.08 20.99 18.71 20.82 + 1.62 22.82 10.62 0.04 0.04 0.04 - 0.01 0.06 0.02 0.30 0.22 0.28 - 0.02 2.29 0.20 0.91 0.82 0.90 + 0.05 1.45 0.65 0.00 0.00 0.00 + 0.00 0.00 0.00 0.19 0.09 0.19 + 0.11 0.12 0.04 0.15 0.13 0.14 + 0.01 0.25 0.10 0.04 0.04 0.04 - 0.01 0.14 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.06 0.00 0.05 + 0.01 0.10 0.04 0.04 0.03 0.03 + 0.00 0.18 0.03 0.12 0.12 0.12 - 0.00 0.25 0.08 0.17 0.15 0.15 - 0.02 0.45 0.11 11.74 10.77 11.17 - 0.35 20.30 7.27 15.29 14.12 14.56 - 0.69 24.60 9.96 0.01 0.01 0.01 - 0.00 0.02 0.01 0.09 0.07 0.07 - 0.01 0.19 0.06 4.10 3.55 3.99 + 0.22 4.15 1.10 2.15 1.86 2.15 + 0.10 3.19 0.84 0.10 0.07 0.08 - 0.02 0.17 0.04 0.04 0.04 0.04 + 0.01 0.08 0.03 2.32 2.03 2.18 - 0.10 2.32 1.30 0.24 0.10 0.10 - 0.14 0.63 0.10 0.31 0.11 0.13 - 0.19 0.79 0.12 0.09 0.07 0.09 + 0.01 0.08 0.05 0.12 0.00 0.10 + 0.02 0.12 0.03 0.83 0.73 0.74 - 0.09 2.26 0.61 0.64 0.00 0.61 - 0.03 1.84 0.47 0.42 0.35 0.41 + 0.04 0.54 0.28 0.37 0.00 0.37 + 0.04 0.90 0.25 0.30 0.00 0.30 + 0.05 0.45 0.10 0.06 0.04 0.04 - 0.01 0.16 0.03 0.03 0.02 0.02 + 0.01 0.03 0.01 0.58 0.48 0.56 + 0.07 0.75 0.08 4.18 3.93 4.08 + 0.04 6.40 2.67 3.22 2.98 3.13 + 0.08 5.36 1.87 0.05 0.04 0.05 + 0.00 0.11 0.04 0.21 0.20 0.21 + 0.01 0.24 0.09 0.07 0.06 0.06 - 0.01 0.10 0.02 0.23 0.22 0.23 + 0.01 0.23 0.17 0.03 0.02 0.03 + 0.01 0.07 0.02 0.06 0.06 0.06 + 0.00 0.13 0.03 8.81 7.95 8.72 + 0.41 9.61 4.40 11.44 10.46 11.40 + 0.45 13.02 4.35 2.65 2.30 2.48 + 0.05 2.91 1.00 3.42 3.04 3.21 - 0.01 3.78 1.46 0.09 0.08 0.08 - 0.01 0.14 0.03 0.07 0.06 0.06 - 0.00 0.11 0.03 2.33 2.18 2.29 + 0.04 5.60 1.81 3.04 2.87 2.93 - 0.05 6.73 2.47 0.39 0.34 0.39 + 0.02 0.66 0.21 0.30 0.26 0.29 + 0.01 0.51 0.17 0.07 0.05 0.06 + 0.01 0.22 0.05 0.06 0.00 0.06 + 0.02 0.17 0.02 0.06 0.05 0.06 + 0.01 0.19 0.02 0.13 0.12 0.12 - 0.01 1.00 0.09 0.16 0.16 0.16 - 0.00 0.18 0.08 0.21 0.19 0.20 + 0.01 0.24 0.11 0.05 0.04 0.04 - 0.01 0.11 0.04 0.15 0.12 0.12 - 0.01 0.17 0.09 0.15 0.12 0.12 - 0.01 0.17 0.09 0.14 0.12 0.13 - 0.01 0.17 0.01 0.15 0.13 0.14 + 0.01 0.15 0.09 0.19 0.18 0.19 + 0.01 0.23 0.11 0.85 0.69 0.80 + 0.13 0.92 0.48 0.65 0.54 0.62 + 0.12 0.74 0.35 0.08 0.05 0.07 - 0.01 0.13 0.03 0.50 0.47 0.47 - 0.11 0.58 0.21 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 - 0.01 0.02 0.00 0.04 0.03 0.03 + 0.01 0.05 0.01 0.05 0.04 0.04 - 0.01 0.08 0.01 0.06 0.00 0.06 + 0.01 0.10 0.02 0.23 0.18 0.19 - 0.03 0.26 0.10 0.61 0.47 0.61 + 0.11 0.92 0.20 0.47 0.35 0.47 + 0.09 0.74 0.14 0.22 0.21 0.21 - 0.00 0.31 0.12 0.29 0.26 0.28 + 0.01 0.39 0.19 0.78 0.71 0.72 - 0.03 0.87 0.39 0.60 0.54 0.56 - 0.01 0.67 0.29 0.13 0.11 0.11 - 0.02 0.18 0.03 0.17 0.14 0.16 - 0.01 0.24 0.04 0.45 0.42 0.44 + 0.02 0.50 0.21 0.02 0.02 0.02 - 0.01 0.09 0.01 0.03 0.02 0.03 + 0.01 0.04 0.02 0.05 0.05 0.05 - 0.00 0.25 0.02 9.08 7.92 8.45 - 0.34 9.22 3.50 6.96 6.04 6.51 - 0.14 7.05 2.40 0.04 0.03 0.03 - 0.01 0.07 0.02 0.41 0.39 0.40 - 0.01 0.60 0.25 0.06 0.06 0.06 + 0.01 0.10 0.04 7.23 6.32 6.81 - 0.18 19.83 2.15 0.10 0.09 0.09 + 0.01 0.14 0.06 0.68 0.64 0.67 - 0.02 1.26 0.53 0.52 0.49 0.51 - 0.01 1.03 0.39 0.04 0.03 0.03 - 0.01 0.04 0.01 0.22 0.19 0.20 - 0.00 0.50 0.09 0.28 0.25 0.26 - 0.01 0.39 0.12 0.14 0.12 0.14 - 0.00 0.30 0.04 0.20 0.16 0.20 + 0.01 0.37 0.07 0.07 0.06 0.06 - 0.01 0.26 0.05 0.10 0.08 0.09 - 0.01 0.29 0.08 0.03 0.00 0.03 + 0.02 0.03 0.01 1.98 0.00 1.98 + 0.03 2.40 1.00 4.07 3.67 3.93 + 0.15 4.30 2.00 5.25 4.84 5.07 + 0.08 5.69 2.65 0.06 0.05 0.05 - 0.01 0.12 0.02 0.16 0.12 0.13 + 0.02 0.16 0.04 0.12 0.09 0.12 + 0.03 0.12 0.03 0.20 0.11 0.19 + 0.08 0.20 0.05 0.05 0.00 0.05 + 0.01 0.05 0.03 64.27 59.31 61.06 - 0.31 68.40 38.20 83.76 77.63 79.36 - 1.81 88.89 49.96 0.00 0.00 0.00 + 0.00 0.03 0.00 0.13 0.11 0.13 + 0.02 0.24 0.05 10.59 9.41 9.89 - 0.22 23.97 3.52 0.02 0.01 0.02 + 0.01 0.02 0.01 13.45 0.00 13.41 + 0.23 14.60 8.70 0.24 0.21 0.24 + 0.02 0.25 0.08

G&S Minerals* O 1367 Gabriel Res T 2056 Gainey Capital V 907 Galane Gold V 1881 Galantas Gold V 509 Galena Intl Rs V 45 Galway Mtls V 826 Galway Mtls* O 178 Garibaldi Res V 213 General Moly* X 312 General Moly T 3 Genesis Mtls V 402 Gensource Pot V 639 Gentor Res V 112 Geologix Expl* O 47 Geologix Expl V 66 Geomega Res V 683 Gespeg Cop Res V 98 Getty Copper V 290 Gldn Predator* O 121 Gldn Predator V 170 Glen Eagle Res V 378 Glencore Plc* O 1433 Globex Mng* O 5 GMCI Corp* O 0 GobiMin V 9 GoGold Res T 427 Gold & Slvr Mg* O 52 Gold Bulln Dev* O 507 Gold Bulln Dev V 4931 Gold Fields* N 29538 Gold Hills Mng* O 2 Gold Lakes* O 7 Gold Mng USA* O 359 Gold Reach Res V 59 Gold Reserve* O 203

0.00 0.00 0.00 - 0.00 0.00 0.00 0.23 0.18 0.20 - 0.04 0.52 0.12 0.30 0.11 0.15 + 0.03 0.30 0.10 0.08 0.06 0.08 + 0.02 0.15 0.03 0.10 0.08 0.08 - 0.02 0.18 0.07 0.05 0.03 0.05 + 0.01 0.05 0.01 0.13 0.11 0.13 + 0.02 0.16 0.09 0.08 0.07 0.08 + 0.01 0.13 0.06 0.09 0.08 0.09 - 0.01 0.18 0.05 0.34 0.31 0.32 + 0.01 1.00 0.15 0.43 0.43 0.43 - 0.01 1.20 0.22 0.17 0.14 0.17 + 0.02 0.33 0.05 0.05 0.04 0.05 + 0.01 0.07 0.04 0.02 0.01 0.01 - 0.01 0.07 0.01 0.03 0.02 0.03 + 0.00 0.04 0.01 0.04 0.03 0.03 - 0.01 0.06 0.02 0.21 0.15 0.18 + 0.03 0.29 0.06 0.03 0.02 0.02 - 0.01 0.05 0.02 0.03 0.02 0.03 + 0.01 0.05 0.02 0.16 0.00 0.15 + 0.02 0.16 0.06 0.20 0.17 0.19 + 0.02 0.20 0.07 0.09 0.08 0.08 - 0.01 0.11 0.03 4.50 4.01 4.25 - 0.03 9.68 1.95 0.24 0.22 0.24 + 0.02 0.25 0.13 1.70 0.00 1.70 - 0.10 1.80 0.05 0.39 0.33 0.39 + 0.06 0.47 0.27 1.11 1.05 1.07 - 0.02 1.67 0.94 0.03 0.01 0.03 + 0.00 7540.00 0.01 0.09 0.01 0.08 + 0.02 0.09 0.01 0.11 0.06 0.10 + 0.03 0.11 0.02 4.02 3.52 3.98 + 0.34 4.68 2.04 0.45 0.00 0.45 - 0.05 1.00 0.04 0.81 0.80 0.80 + 0.00 1.25 0.03 0.07 0.03 0.04 - 0.03 0.44 0.04 0.16 0.13 0.15 + 0.02 0.35 0.08 4.56 4.24 4.33 - 0.16 5.90 2.19

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gold Reserve V 84 X 1966 Gold Resource* Gold Std Vents* X 1095 Gold Std Vents V 1303 Goldcorp* N 34507 T 13435 Goldcorp Golden Arrow V 133 Golden Band* O 3670 V 170 Golden Cariboo Golden Eagle* O 725 O 126 Golden Goliath* Golden Hope* O 7 Golden Mnls T 100 Golden Mnls* X 672 55 Golden Peak Mn V O 639 Golden Queen* Golden Queen T 147 Golden Reign V 364 32 Golden Sh Mng V Golden Star T 304 Golden Star* X 8739 Golden Valley V 488 Goldex Res V 9 O 2008 GoldLand Hldgs* Goldrea Res 87 V 608 Goldrock Mines O 97 Goldsource Min* V 488 Goldsource Min Goldstar Mnls V 31 V 191 Goldstrike Res GoviEx Uranium 939 GPM Metals V 388 T 2272 Gran Colombia O 213 Gran Colombia* O 1548 Graphite Corp* Graphite One V 3435 Graphite One* O 559 321 Gray Rock Res V Great Atlantic V 70 Great Lakes Gr V 1170 79 Great Lakes Gr* O X 4949 Great Panther* Great Panther T 1002 186 Great Quest Fe V 188 Great Rock Dev* O Great Thunder V 27 O 30 Greenland M&En* Grenville Gold V 10 Grizzly Discvr V 310 O 57 Grizzly Discvr* Grizzly Gold* O 50 143 Group Ten Mtls V 82 GTA Res & Mng V V 747 Guerrero Vents Gungnir Res V 64 Gungnir Res* O 37 Gunpoint Expl V 9 T 1967 Guyana Gldflds GWR Res V 48 Hansa Res V 229 338 Happy Ck Mnrls V 33045 N Harmony Gold* Harte Gold T 5389 V 112 Heatherdale Rs 27863 Hecla Mining* N O 8 Hemcare Health* Heron Res T 130 Highbank Res V 313 9 Highway 50 Gld V Hinterland Mtl V 62 O 0 Homestake Res* V 209 Homestake Res 84 Honey Badger E V Houston Lake V 220 HudBay Mnls T 6462 772 HudBay Mnls* N Hudson Res V 164 Hudson Res* O 105 Hunt Mng V 126

3.06 5.65 - 0.35 8.00 6.15 5.54 1.14 2.40 + 0.10 3.65 2.50 2.22 1.14 0.92 1.10 + 0.14 1.17 0.26 1.49 1.21 1.43 + 0.15 1.55 0.40 16.08 + 0.30 20.30 9.46 16.71 15.36 13.55 20.93 + 0.02 24.87 21.71 20.26 0.17 0.26 - 0.03 0.50 0.29 0.26 0.00 0.00 - 0.00 0.01 0.00 0.00 0.03 0.05 - 0.01 0.07 0.06 0.05 0.00 0.01 + 0.01 0.02 0.02 0.00 0.00 0.01 + 0.00 0.02 0.02 0.00 0.10 0.14 - 0.00 0.50 0.14 0.00 0.19 0.57 + 0.02 0.93 0.62 0.52 0.13 0.44 + 0.02 0.68 0.48 0.39 0.06 0.06 0.06 - 0.01 0.09 0.04 0.48 1.34 - 0.05 1.56 1.48 1.34 0.65 1.79 - 0.03 2.00 1.93 1.72 0.07 0.15 + 0.01 0.20 0.15 0.13 0.10 0.09 0.09 - 0.01 0.11 0.03 0.21 0.58 + 0.01 0.78 0.60 0.52 0.14 0.46 + 0.01 0.56 0.47 0.40 0.07 0.14 + 0.01 0.19 0.15 0.13 0.10 0.19 - 0.04 0.60 0.24 0.00 0.02 0.08 + 0.01 0.12 0.08 0.06 0.02 0.11 + 0.07 0.11 0.11 0.05 0.15 0.39 + 0.03 0.41 0.40 0.35 0.11 0.23 + 0.00 0.28 0.24 0.21 0.13 0.30 - 0.01 0.40 0.30 0.27 0.01 0.01 - 0.01 0.04 0.02 0.01 0.07 0.16 + 0.01 0.21 0.16 0.15 0.04 0.08 + 0.01 0.19 0.09 0.07 0.08 0.18 - 0.02 0.33 0.19 0.17 0.06 0.10 - 0.01 0.51 0.11 0.09 0.04 0.08 - 0.01 0.43 0.08 0.07 0.00 0.01 + 0.00 0.02 0.01 0.00 0.07 0.12 + 0.01 0.15 0.12 0.11 0.05 0.08 - 0.00 0.11 0.09 0.08 0.02 0.02 0.02 + 0.01 0.04 0.02 0.03 0.03 - 0.01 0.14 0.04 0.03 0.10 0.08 0.08 - 0.02 0.15 0.06 0.08 0.06 0.07 - 0.00 0.12 0.04 0.30 0.98 + 0.01 1.08 1.03 0.86 0.40 1.23 - 0.05 1.40 1.34 1.13 0.11 0.63 0.01 + 0.19 0.18 0.20 0.01 0.00 0.01 + 0.00 0.02 0.00 0.01 0.01 - 0.01 0.03 0.02 0.01 0.01 0.02 - 0.01 0.17 0.02 0.02 0.04 0.12 + 0.04 0.15 0.12 0.12 0.01 0.05 + 0.01 0.10 0.05 0.04 0.02 0.04 + 0.01 0.07 0.04 0.03 0.01 0.01 + 0.00 0.04 0.01 0.01 0.04 0.03 0.03 - 0.01 0.06 0.01 0.05 0.04 0.05 + 0.01 0.08 0.02 0.01 0.03 + 0.01 0.06 0.03 0.02 0.01 0.02 - 0.01 0.03 0.02 0.02 0.00 0.01 - 0.00 0.02 0.02 0.00 0.13 0.19 - 0.04 0.22 0.22 0.00 2.48 4.75 + 0.07 5.23 4.80 4.35 0.02 0.04 - 0.01 0.08 0.04 0.03 0.01 0.04 + 0.03 0.03 0.04 0.01 0.12 0.10 0.11 + 0.01 0.17 0.08 0.53 3.72 - 0.02 4.19 4.06 3.35 0.05 0.19 - 0.01 0.35 0.20 0.16 0.01 0.04 + 0.01 0.05 0.04 0.03 1.45 2.84 + 0.15 3.37 2.91 2.64 0.01 0.17 + 0.12 0.80 0.17 0.05 0.07 0.09 - 0.01 0.14 0.10 0.08 0.05 0.06 - 0.01 0.21 0.07 0.00 0.24 0.20 0.24 + 0.03 0.24 0.05 0.01 0.01 - 0.01 0.02 0.02 0.01 0.01 0.02 + 0.00 0.03 0.02 0.00 0.01 0.03 - 0.01 0.04 0.03 0.00 0.03 0.03 0.03 + 0.01 0.04 0.01 0.12 0.28 - 0.02 0.31 0.31 0.28 5.05 4.50 4.68 - 0.28 12.61 2.26 3.89 3.46 3.62 - 0.12 10.37 1.56 0.34 0.40 - 0.03 0.55 0.44 0.40 0.26 0.32 + 0.01 0.43 0.34 0.31 0.02 0.07 + 0.02 0.20 0.07 0.05

I-Minerals* O 14 I-Minerals V 157 IAMGOLD T 8679 22416 IAMGOLD* N Iberian Mnrls V 556 IC Potash* O 59 Iconic Mnls V 228 IDM Mining* O 17 IDM Mining V 676 IEMR Res V 85 iMetal Res V 11 IMPACT Silver V 762 O 49 Impala Platnm* 351 Imperial Metal T 19 Imperial Metal* O 223 Inca One Gold V 9 Inca One Gold* O Q 100 Inception Mng* V 214 Independence G Inspiration Mg 881 Integra Gold V 10559 Integra Gold* O 966 V 185 Inter-Rock Mnl Intigold Mines V 171 103 Intl Bethl Mng V Intl Lithium V 482 Intl Montoro V 308 236 Intl Tower Hil* X 60 Intl Tower Hil T Intrepid Pots* N 5362 937 INV Metals T InZinc Mining V 78 O 60 Ireland* Ironside Res V 365 Irving Res 83 O 481 Ivanhoe Mines* Ivanhoe Mines T 4358 Jaguar Mng* O 131 Jaguar Mng V 27057 Jayden Res V 26 O 15 Kaizen Discvry* V 478 Kaizen Discvry O 628 Kaminak Gold* Kaminak Gold V 1839 V 801 Kapuskasing Gd Karnalyte Res T 454 16883 KAT Expl* O Katanga Mng T 698 V 43 Kennady Diam Kerr Mines* O 24 Kesselrun Res V 205 V 414 Kilo Goldmines O 6 Kilo Goldmines* V 202 Kincora Copper Kingsmen Res V 20 O 14 Kingsmen Res* 82135 Kinross Gold* N Kinross Gold T 33227 133 Kirkland Lk Gd* O Kirkland Lk Gd T 3101 Kiska Metals* O 86 Klondex Mns T 1058 O 10 Klondike Gold* Klondike Silv* O 58 Klondike Silv V 545 Knick Expl V 118 V 159 Kombat Copper V 72 Komet Resource Kootenay Silvr V 569

0.11 0.17 + 0.00 0.28 0.17 0.16 0.14 0.23 + 0.01 0.37 0.23 0.22 1.50 2.94 + 0.18 3.70 2.97 2.66 1.15 2.26 + 0.19 2.77 2.30 2.02 0.05 0.05 - 0.01 0.11 0.06 0.05 0.03 0.04 - 0.00 0.25 0.05 0.03 0.03 0.16 + 0.02 0.18 0.18 0.11 0.04 0.08 - 0.00 0.11 0.08 0.08 0.07 0.11 - 0.01 0.14 0.12 0.10 0.01 0.01 + 0.01 0.01 0.01 0.01 0.03 0.05 - 0.02 0.10 0.05 0.00 0.11 0.34 - 0.05 0.45 0.43 0.34 1.45 3.13 + 0.22 5.96 3.15 2.74 4.70 3.92 4.19 - 0.38 13.33 3.92 3.39 3.07 3.21 - 0.24 10.96 2.81 0.08 0.08 0.08 - 0.01 0.27 0.07 0.07 0.06 0.06 - 0.00 0.22 0.06 0.05 0.13 + 0.03 0.35 0.15 0.10 0.06 0.09 - 0.01 0.13 0.10 0.09 0.02 0.02 - 0.01 0.05 0.03 0.00 0.23 0.51 + 0.07 0.51 0.55 0.44 0.18 0.40 + 0.06 0.39 0.42 0.33 0.01 0.12 + 0.07 0.12 0.12 0.07 0.07 0.15 - 0.02 0.32 0.15 0.11 0.06 0.04 0.04 - 0.02 0.10 0.02 0.02 0.10 + 0.01 0.13 0.11 0.09 0.03 0.04 + 0.01 0.10 0.04 0.04 0.34 0.29 0.33 + 0.03 0.42 0.18 0.43 0.37 0.42 + 0.02 0.57 0.26 1.23 1.06 1.15 - 0.02 13.24 0.65 0.08 0.23 - 0.01 0.27 0.27 0.23 0.04 0.07 - 0.01 0.14 0.07 0.07 0.15 0.34 + 0.01 0.51 0.34 0.26 0.02 0.03 + 0.01 0.33 0.04 0.03 0.11 0.12 - 0.01 0.20 0.14 0.00 0.36 0.63 - 0.01 1.08 0.70 0.59 0.53 0.84 + 0.01 1.36 0.90 0.78 0.07 0.24 + 0.02 0.26 0.26 0.21 0.12 0.33 + 0.05 0.34 0.34 0.27 0.03 0.03 - 0.01 0.15 0.04 0.03 0.06 0.07 - 0.01 0.22 0.07 0.07 0.08 0.09 - 0.01 0.30 0.11 0.09 0.47 1.07 + 0.00 1.25 1.16 1.00 0.61 1.40 + 0.01 1.63 1.50 1.31 0.02 0.04 + 0.01 0.09 0.04 0.03 0.52 2.51 - 0.54 4.15 3.13 2.40 0.00 0.00 + 0.00 0.01 0.00 0.00 0.13 0.16 - 0.01 0.30 0.19 0.16 2.35 3.30 + 0.10 5.95 3.50 3.30 0.01 0.06 - 0.00 0.13 0.06 0.05 0.02 0.07 + 0.01 0.09 0.07 0.05 0.04 0.15 + 0.06 0.14 0.15 0.10 0.03 0.10 + 0.04 0.07 0.10 0.09 0.02 0.02 - 0.01 0.04 0.02 0.02 0.03 0.07 - 0.01 0.18 0.07 0.07 0.02 0.04 - 0.02 0.07 0.06 0.04 1.31 3.48 + 0.46 3.58 3.58 2.93 1.79 4.53 + 0.52 4.63 4.60 3.87 6.71 6.22 6.47 + 0.06 7.33 3.12 8.81 8.12 8.41 - 0.07 9.53 4.49 0.01 0.02 - 0.01 0.04 0.02 0.02 2.56 3.47 - 0.10 4.04 3.65 3.40 0.06 0.11 - 0.00 0.17 0.11 0.11 0.01 0.02 + 0.00 0.03 0.02 0.02 0.01 0.02 - 0.01 0.05 0.03 0.02 0.01 0.02 - 0.01 0.03 0.03 0.02 0.02 0.08 + 0.01 0.11 0.08 0.07 0.26 0.31 - 0.02 0.51 0.34 0.31 0.17 0.30 + 0.04 0.56 0.30 0.27

961 Labdr Iron Mns* O Labrador Iron T 972 Lago Dourado V 265 Lake Shore Gld T 52176 Lake Shore Gld* X 4989 V 46 Lancaster Cap Lara Expl V 119 Largo Res* O 121 Largo Res V 92 511 Latin Am Mnls V 105 Latin Am Mnls* O LeadFX Inc T 3 Legend Gold* O 35 Legend Gold V 374 505 Lepanto Con Mg* O 343 Levon Res Ltd T 43 Levon Res Ltd * O 200 Lexam VG Gold* O 345 Lexam VG Gold T

0.01 0.01 0.01 - 0.00 0.02 0.00 12.10 + 0.06 17.45 6.85 12.21 11.21 0.05 0.10 + 0.01 0.15 0.15 0.10 2.10 1.85 1.90 - 0.16 2.19 0.93 1.61 1.42 1.47 - 0.08 1.68 0.70 0.04 0.24 + 0.09 0.20 0.24 0.15 0.20 0.36 - 0.03 0.42 0.42 0.35 0.08 0.24 - 0.01 0.75 0.25 0.23 0.11 0.30 - 0.01 0.98 0.33 0.28 0.17 0.12 0.12 - 0.01 0.75 0.05 0.11 0.09 0.10 - 0.01 0.11 0.06 0.12 0.17 - 0.01 2.25 0.18 0.00 0.01 0.03 - 0.01 0.07 0.04 0.03 0.02 0.04 - 0.01 0.09 0.04 0.03 0.01 0.00 0.01 + 0.00 0.02 0.00 0.16 0.15 0.15 - 0.01 0.32 0.09 0.12 0.11 0.11 - 0.01 0.15 0.07 0.15 0.12 0.13 - 0.01 0.17 0.04 0.19 0.16 0.17 - 0.01 0.23 0.05

I-J-K

2016-04-05 9:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 11-17, 2016

S T O C K TA B L E S (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Li3 Energy* O 430 Liberty Star* Q 12089 Lincoln Mng V 75 Lion One Mtls* O 36 Lion One Mtls V 68 Lithium Corp* O 162 Lithium Expl* O 2185 Lithium X Egy V 5320 LKA Gold* O 23 Lode-Star Mg* O 65 Logan Res V 1523 Lomiko Mtls* O 77 Loncor Res* O 81 Loncor Res T 157 Lone Star Gold* O 294 Lonmin plc* O 9 Lorraine Coppr V 95 Lowell Copper V 84 Lucara Diam T 1147 Luna Gold* O 419 Lund Enterpr V 7 Lundin Gold T 42 Lundin Mng T 6660 Lupaka Gold V 124 Lydian Intl* O 50 Lydian Intl T 1705 Lynas Corp* O 202

0.03 0.02 0.03 + 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.05 0.05 - 0.01 0.08 0.02 0.29 0.28 0.29 - 0.01 0.45 0.18 0.40 0.36 0.40 - 0.01 0.60 0.23 0.04 0.03 0.03 + 0.00 0.06 0.02 0.08 0.03 0.04 - 0.07 4.00 0.02 1.38 1.05 1.30 + 0.10 1.40 0.05 0.35 0.26 0.33 - 0.02 0.51 0.10 0.05 0.04 0.05 + 0.01 0.05 0.01 0.08 0.07 0.07 - 0.01 0.08 0.04 0.03 0.03 0.03 - 0.00 0.05 0.02 0.05 0.04 0.04 - 0.01 0.13 0.01 0.08 0.06 0.06 - 0.01 0.13 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 2.10 0.00 2.05 + 0.10 233.10 0.55 0.07 0.00 0.07 + 0.02 0.13 0.04 0.28 0.27 0.28 + 0.03 0.45 0.12 2.85 2.65 2.80 + 0.08 2.78 1.42 0.11 0.09 0.09 + 0.00 0.16 0.02 0.06 0.00 0.04 - 0.02 0.07 0.02 4.75 4.28 4.75 + 0.31 4.77 3.46 4.26 3.94 4.09 + 0.05 6.46 2.98 0.16 0.15 0.15 - 0.02 0.19 0.04 0.21 0.18 0.18 - 0.02 0.48 0.13 0.27 0.24 0.24 - 0.02 0.58 0.19 0.06 0.05 0.05 + 0.00 0.10 0.02

M Macarthur Mnl V 648 0.03 0.02 0.03 + 0.01 0.08 0.02 Maccabi Vent 114 0.09 0.08 0.08 - 0.02 0.14 0.08 MacMillan Mnls* O 14 0.15 0.00 0.13 - 0.02 0.15 0.01 MacMillan Mnls V 18 0.27 0.19 0.19 - 0.03 0.30 0.05 MAG Silver* X 461 9.95 8.94 9.51 + 0.22 9.95 5.57 MAG Silver T 1003 12.95 11.79 12.33 - 0.03 12.95 6.90 Magellan Gold* O 9 0.06 0.05 0.05 + 0.01 0.09 0.03 Magellan Mnrls* O 74 0.05 0.04 0.05 - 0.00 0.06 0.02 MagIndustries* O 8 0.02 0.01 0.02 + 0.01 0.20 0.01 Majescor Res V 125 0.05 0.04 0.04 - 0.01 0.06 0.02 Majescor Res* O 18 0.03 0.03 0.03 - 0.00 0.04 0.01 Majestic Gold V 182 0.08 0.08 0.08 - 0.01 0.12 0.04 Makena Res* O 620 0.02 0.01 0.02 + 0.00 0.03 0.01 Makena Res V 706 0.02 0.01 0.02 + 0.01 0.05 0.01 Malbex Res V 35 0.30 0.29 0.29 - 0.01 0.55 0.10 Mandalay Res T 587 0.90 0.87 0.89 + 0.01 0.99 0.59 Manitou Gold V 170 0.04 0.04 0.04 - 0.01 0.04 0.02 Manson Creek V 219 0.02 0.00 0.02 + 0.01 0.03 0.01 Marathon Gold T 914 0.25 0.20 0.20 + 0.03 0.35 0.11 Margaux Res V 178 0.17 0.12 0.17 - 0.02 0.30 0.11 Maritime Res V 461 0.14 0.13 0.14 + 0.01 0.20 0.08 Marlin Gold V 18 0.48 0.40 0.44 - 0.04 0.80 0.15 MartinMarietta* N 3705 163.42 152.04 162.05 + 8.38 178.67 108.31 Mason Graphite* O 56 0.41 0.37 0.39 - 0.01 0.48 0.21 Matachewan Con V 2 0.33 0.00 0.33 + 0.03 0.49 0.17 Matamec Expl V 958 0.04 0.03 0.04 + 0.01 0.05 0.02 Matamec Expl* O 52 0.02 0.02 0.02 + 0.00 0.04 0.01 Matica Ent* O 23 0.02 0.01 0.01 - 0.00 0.09 0.01 Mawson Res* O 39 0.23 0.16 0.17 - 0.02 0.27 0.12 Mawson Res T 158 0.30 0.20 0.23 - 0.02 0.30 0.16 Mawson West T 6407 0.01 0.01 0.01 + 0.01 0.08 0.01 Maya Gold &Sil V 234 0.16 0.13 0.14 + 0.01 0.30 0.10 Mazarin V 31 0.02 0.00 0.02 + 0.01 0.04 0.01 MBAC Fertilizr T 1721 0.04 0.03 0.03 - 0.01 0.17 0.02 McEwen Mng* N 6083 1.97 1.80 1.94 + 0.07 2.13 0.65 McEwen Mng T 754 2.57 2.36 2.50 + 0.02 2.84 0.84 MDN Inc T 762 0.05 0.04 0.05 - 0.01 0.07 0.01 Meadow Bay Gd T 895 0.07 0.06 0.07 + 0.01 0.31 0.06 Meadow Bay Gd* O 93 0.05 0.05 0.05 - 0.01 0.23 0.04 Mechel* N 606 1.83 1.71 1.81 + 0.04 3.00 1.23 Medgold Res V 280 0.08 0.07 0.08 - 0.01 0.15 0.05 Medinah Mnrls* O 13472 0.01 0.01 0.01 - 0.00 0.04 0.01 Mega Uranium T 6122 0.15 0.11 0.15 + 0.04 0.14 0.05 Mega Uranium* O 618 0.11 0.08 0.11 + 0.03 0.11 0.04 Menika Mining V 822 0.52 0.39 0.47 + 0.04 0.52 0.05 Mercator Mnls* O 108 0.00 0.00 0.00 + 0.00 0.03 0.00 Merrex Gold* O 49 0.17 0.15 0.16 - 0.00 0.20 0.10 Mesa Expl V 37 0.03 0.00 0.03 + 0.01 0.03 0.01 Metalex Vent V 154 0.07 0.06 0.07 + 0.01 0.12 0.04 Metallis Res V 91 0.08 0.06 0.06 - 0.02 0.10 0.01 Metalo Manuf 17 0.55 0.51 0.55 + 0.04 0.51 0.30 Metalore Res T 2 1.90 1.70 1.75 - 0.15 3.72 1.26 Metals Creek V 139 0.14 0.12 0.12 - 0.02 0.19 0.05 Metanor Res V 7750 0.10 0.09 0.10 + 0.01 0.13 0.03 Mexus Gold* O 3713 0.03 0.02 0.03 + 0.00 0.03 0.00 MGX Minerals 388 0.12 0.10 0.11 - 0.02 0.70 0.10 Micrex Dev V 179 0.02 0.02 0.02 - 0.01 0.04 0.01 Midas Gold* O 456 0.31 0.28 0.30 + 0.00 0.39 0.16 Midas Gold T 1034 0.41 0.37 0.39 + 0.02 0.47 0.25 Midasco Cap V 26 0.10 0.00 0.08 - 0.02 0.13 0.05 Midland Expl V 51 0.78 0.00 0.76 + 0.06 0.80 0.45 Midway Gold* O 1370 0.00 0.00 0.00 - 0.00 0.50 0.00 Millrock Res* O 28 0.20 0.16 0.17 + 0.01 0.26 0.11 Millrock Res V 77 0.25 0.22 0.23 - 0.02 0.32 0.15 Minaurum Gold V 447 0.12 0.10 0.10 - 0.02 0.12 0.04 Minco Gold* X 351 0.29 0.24 0.28 + 0.03 0.40 0.10 Minco Gold T 70 0.37 0.00 0.37 + 0.05 0.49 0.12 Minco Silver* O 75 0.63 0.54 0.62 + 0.03 0.63 0.26 Mines Manage* X 144 0.55 0.46 0.51 + 0.02 0.74 0.11 Mines Manage T 7 0.71 0.00 0.65 + 0.04 0.94 0.17 Minnova Corp V 569 0.40 0.37 0.38 - 0.01 0.48 0.18 Mirasol Res V 230 1.24 1.07 1.19 + 0.06 1.33 0.72 Mitchell Res V 188 0.04 0.00 0.03 - 0.01 0.05 0.01 Molycorp* O 4775 0.04 0.03 0.03 + 0.00 1.15 0.02 Monarques Res V 40 0.11 0.00 0.10 - 0.01 0.13 0.06 Moneta Porcpn* O 112 0.13 0.11 0.12 - 0.00 0.15 0.04 Moneta Porcpn T 266 0.16 0.00 0.15 - 0.01 0.20 0.05 Monster Mng V 402 0.02 0.01 0.01 - 0.01 0.02 0.01 Montan Mg V 183 0.03 0.02 0.02 - 0.01 0.26 0.02 Montero Mg&Ex V 46 0.03 0.03 0.03 - 0.01 0.06 0.01 Morien Res* O 64 0.21 0.20 0.20 + 0.01 0.21 0.13 Mosaic* N 26302 28.41 25.79 26.84 - 0.42 47.68 22.02 Mountain Prov T 199 4.95 4.81 4.90 + 0.01 5.46 3.38 Mountain Prov* D 68 3.83 3.69 3.76 + 0.08 4.40 2.47 MPH Vent* O 106 0.07 0.06 0.07 + 0.01 0.08 0.03 Mundoro Cap* O 8 0.05 0.05 0.05 - 0.00 0.10 0.03 Musgrove Mnls V 13 0.12 0.11 0.11 - 0.01 0.33 0.04 Myson Group* O 88 0.03 0.01 0.02 - 0.00 0.18 0.01

N-O NACCO Ind* N 158 Namibia Rare E* O 40 Napier Vent V 27 Natural Res Pt* N 514 Nautilus Mnrls T 1539 Nautilus Mnrls* O 1148 Navy Res V 49 Nemaska Lith V 2957 Nemaska Lith* O 55 Network Expl V 8 Nevada Copper T 114 Nevada Egy Mtl V 576 Nevada Expl * O 190 Nevada Expl V 175 Nevada Sunrise* O 82 Nevada Sunrise V 471 Nevada Zinc V 188 Nevsun Res T 1114 Nevsun Res* X 941 New Carolin Gd V 3010 New Carolin Gd* O 50 New Colombia* O 250 New Dimen Res V 41 New Gold T 7010 New Gold* X 14939 New Gold* O 85 New Jersey Mng* O 63 New Oroperu V 122 New World Res V 22 Newmac Res V 142 Newmarket Gold* O 393 Newmarket Gold T 5680 Newmont Mng* N 33158 Newstrike Res V 167 Nexgen Energy V 13974 Nexgen Energy* O 515 Next Gen Mtls* O 18 Next Gen Mtls 297 NGEx Res T 556 Nickel North V 31 Nickel One Res V 509 Nicola Mg Inc* O 70 Nighthawk Gold V 1304 Nikos Expl* O 65 Nikos Expl V 6142 Niocorp Dev T 301 Niocorp Dev* O 305 Noka Res V 366 Noranda Alum* O 271 Nord Res* O 356 Noront Res V 1520 North Am Nickl V 40

8-9_April11_StockTables.indd 9

58.25 56.01 57.55 + 1.41 62.96 40.04 0.05 0.04 0.04 - 0.00 0.18 0.03 0.33 0.24 0.26 + 0.02 0.35 0.15 8.88 6.89 7.80 - 1.09 74.50 5.00 0.19 0.15 0.16 - 0.03 0.51 0.15 0.15 0.12 0.12 - 0.01 0.41 0.12 0.20 0.18 0.20 + 0.03 0.24 0.06 0.68 0.64 0.66 - 0.02 0.70 0.15 0.52 0.50 0.51 - 0.01 0.54 0.13 0.15 0.00 0.15 - 0.03 0.17 0.02 1.02 0.94 0.96 + 0.01 2.03 0.45 0.19 0.16 0.17 - 0.02 0.21 0.01 0.26 0.21 0.25 + 0.02 0.61 0.08 0.34 0.27 0.32 + 0.02 0.94 0.05 0.14 0.12 0.14 + 0.01 0.31 0.09 0.19 0.16 0.18 + 0.01 0.38 0.13 0.40 0.35 0.40 + 0.02 0.38 0.19 4.45 4.13 4.38 - 0.05 5.35 3.27 3.37 3.15 3.35 + 0.02 4.36 2.27 0.09 0.08 0.09 + 0.01 0.10 0.02 0.06 0.06 0.06 - 0.00 0.08 0.03 0.01 0.01 0.01 + 0.00 0.02 0.00 0.08 0.08 0.08 - 0.01 0.10 0.04 5.10 4.54 4.92 + 0.23 5.38 2.52 3.96 3.43 3.77 + 0.22 4.08 1.76 0.06 0.04 0.06 + 0.00 0.42 0.03 0.10 0.08 0.10 + 0.01 0.12 0.02 0.37 0.30 0.30 - 0.05 0.40 0.07 0.05 0.05 0.05 - 0.01 0.12 0.01 0.07 0.05 0.06 + 0.01 0.20 0.05 1.87 1.53 1.67 - 0.19 2.45 0.61 2.48 2.00 2.18 - 0.30 2.49 0.80 27.10 25.33 26.62 + 1.22 28.39 15.39 0.03 0.00 0.03 - 0.01 0.08 0.02 2.00 1.39 1.93 + 0.51 1.79 0.48 1.53 1.06 1.45 + 0.37 1.39 0.39 0.10 0.00 0.10 + 0.00 0.14 0.08 0.17 0.00 0.16 + 0.03 0.18 0.01 0.72 0.68 0.69 - 0.01 1.05 0.44 0.02 0.01 0.02 + 0.01 0.02 0.01 0.14 0.10 0.10 - 0.04 0.18 0.10 0.07 0.05 0.06 + 0.01 0.08 0.03 0.11 0.09 0.09 - 0.01 0.26 0.04 0.13 0.06 0.10 + 0.04 0.13 0.01 0.19 0.03 0.11 + 0.08 0.19 0.02 0.96 0.92 0.96 + 0.01 1.55 0.51 0.74 0.70 0.72 + 0.00 1.23 0.37 0.08 0.07 0.07 - 0.01 0.26 0.03 0.07 0.05 0.06 - 0.01 24.71 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.34 0.30 0.31 - 0.03 0.57 0.28 0.10 0.08 0.09 - 0.01 0.26 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

North Am Pall T 14 North Am Pall* O 7 North Arrow Mn* O 43 North Arrow Mn V 960 North Springs* O 14 Northair Silvr V 2903 Northcliff Res T 18 Northn Empire V 118 Norvista Cap V 604 Nouveau Monde V 214 NovaCopper* X 258 NovaCopper T 9 NovaGold Res T 1833 NovaGold Res* X 7555 Novo Res V 129 Novo Res* O 56 NRG Metals V 765 Nrthn Freegold V 141 Nrthn Freegold* O 30 Nrthn Graphite* O 315 Nrthn Graphite V 353 Nrthn Lion V 43 Nrthn Mnrls &E* O 39 Nrthn Sun V 135 Nrthn Vertex V 897 Nthn Dynasty T 1061 Nthn Dynasty* X 513 Nthrn Sphere 1502 NuLegacy Gold V 537 NuLegacy Gold* O 320 NV Gold V 308 OceanaGold T 10105 OceanaGold* O 7 Oceanic Iron O V 443 Odin Mng & Exp V 739 Olivut Res* O 12 Olivut Res V 34 Omineca Mg &Ml V 13 Orbite Tech T 2817 Orbite Tech* O 46 Orca Gold V 276 Orefinders Res V 1660 Oremex Silver* O 970 Orestone Mng V 191 Orex Expl V 1650 Orezone Gold V 373 Orezone Gold* O 57 Orla Mng Ltd V 69 Oro East Mg* Q 426 Oroco Res V 28 Oroco Res* O 32 Orocobre T 86 Orsu Metals T 170 Orvana Mnrls T 256 Orvana Mnrls* O 137 Osisko Gold * O 49 Osisko Gold T 2659 Otis Gold* O 312 Otis Gold V 244 OZ Minerals* O 3

5.45 5.11 5.45 + 0.34 112.00 3.85 4.19 3.86 4.19 + 0.22 91.88 2.71 0.24 0.19 0.22 + 0.06 1.08 0.12 0.32 0.25 0.32 + 0.08 1.34 0.15 1.99 0.00 1.20 - 0.80 40.00 0.15 0.12 0.09 0.12 + 0.03 0.11 0.04 0.10 0.09 0.09 - 0.01 0.18 0.06 0.11 0.00 0.11 + 0.02 0.15 0.06 0.24 0.16 0.17 + 0.02 0.20 0.08 0.19 0.16 0.19 + 0.01 0.24 0.10 0.40 0.36 0.37 - 0.02 0.66 0.15 0.51 0.00 0.49 - 0.03 0.81 0.20 6.85 6.38 6.72 + 0.17 7.36 3.42 5.25 4.83 5.16 + 0.22 5.57 2.65 0.80 0.72 0.74 - 0.03 0.99 0.40 0.61 0.55 0.58 - 0.01 0.75 0.29 0.06 0.04 0.06 + 0.01 0.12 0.02 0.10 0.08 0.09 + 0.01 0.10 0.04 0.06 0.06 0.06 + 0.01 0.08 0.02 0.43 0.31 0.42 + 0.12 0.68 0.12 0.57 0.42 0.53 + 0.14 0.81 0.16 0.12 0.11 0.12 + 0.02 0.16 0.03 0.02 0.02 0.02 - 0.01 0.14 0.02 0.07 0.00 0.07 + 0.02 0.30 0.04 0.31 0.27 0.31 - 0.01 0.40 0.10 0.45 0.41 0.44 - 0.01 0.67 0.28 0.35 0.31 0.34 - 0.00 0.53 0.20 0.29 0.22 0.22 - 0.07 0.60 0.10 0.14 0.12 0.13 + 0.01 0.17 0.08 0.11 0.08 0.10 + 0.01 0.14 0.06 0.01 0.01 0.01 - 0.01 0.06 0.01 3.78 3.44 3.54 - 0.02 4.18 1.79 2.79 2.67 2.78 + 0.10 3.00 1.43 0.11 0.00 0.09 - 0.04 0.22 0.08 0.41 0.40 0.40 - 0.01 0.49 0.21 0.14 0.07 0.12 + 0.05 0.14 0.05 0.20 0.16 0.20 + 0.05 0.19 0.08 0.07 0.00 0.07 + 0.01 0.11 0.01 0.26 0.23 0.24 + 0.01 0.53 0.20 0.20 0.18 0.20 + 0.02 0.40 0.15 0.24 0.19 0.24 + 0.02 0.40 0.12 0.05 0.04 0.05 + 0.01 0.08 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.02 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.02 + 0.01 0.03 0.01 0.50 0.45 0.48 + 0.01 0.57 0.22 0.38 0.34 0.37 + 0.01 0.42 0.16 0.17 0.00 0.15 - 0.02 0.32 0.06 0.02 0.01 0.02 + 0.01 0.06 0.01 0.04 0.00 0.04 + 0.01 0.05 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 3.05 2.79 3.02 + 0.18 3.22 1.33 0.02 0.00 0.02 - 0.01 0.06 0.01 0.21 0.19 0.21 + 0.01 0.40 0.11 0.17 0.15 0.15 - 0.01 0.31 0.07 10.80 9.58 10.58 + 0.86 15.13 8.88 14.00 12.58 13.80 + 0.90 18.64 12.39 0.15 0.10 0.12 - 0.01 0.15 0.01 0.19 0.14 0.16 - 0.02 0.19 0.02 3.77 3.75 3.75 - 0.02 4.19 2.29

Pac Bay Mnrls V 77 Pac Booker Min* X 15 Pac Booker Min V 2 Pac North West V 920 Pac North West* O 47 Pac Ridge Expl V 387 Paladin Energy T 1287 Palisades Vent V 470 Pan Am Silver* D 9314 Pan Am Silver T 2312 Pancontinental* O 13 Panex Res* O 414 Pangolin Dia V 3375 Panoro Mnrls V 259 Para Resources V 1090 Paramount Gold* X 108 Paringa Res* O 218 Passprt Potash* O 617 Patriot Gold* O 55 Peabody Enrgy* N 11233 Peat Res V 49 Pelangio Expl V 1780 Pelangio Expl* O 311 Peregrine Diam T 2975 Perseus Mng T 880 Pershimco Res V 1241 Pershing Gold* D 666 Pershing Res* O 130 Peruvian Prc M V 98 Petaquilla Mnl* O 55 Philippine Mtl V 9 Phoenix Metals* O 10 Phoenix Metals V 20 Pilot Gold T 691 Pilot Gold* O 289 Pine Cliff En T 3545 Pinecrest Res V 235 Pitchblack Res V 24 Planet Mng V 54 Plata Latina V 8 Plateau Uran* O 6 Plateau Uran V 187 Platinum Gp Mt* X 1956 Platinum Gp Mt T 433 Playfair Mng V 619 PolyMet Mng T 22 PolyMet Mng* X 827 Portage Res* O 3184 Potash Corp SK T 11300 Potash Corp SK* N 31391 Potash Ridge T 10429 Potash Ridge* O 275 Precipitate Gl V 373 Premier Gold M T 1809 Pretium Res* N 5656 Pretium Res T 2263 Prima Diamond V 493 Primero Mng T 4663 Primero Mng* N 4747 ProAm Expl V 25 Probe Metals* O 162 Probe Metals V 512 Prophecy Coal* O 1474 Prophecy Coal T 4865 Prospect Glob* O 17 Prosper Gold V 87 Puma Expl V 228 Pure Energy V 1381 Pure Energy* O 702 Pure Gold Mg* O 357 Pure Gold Mg V 941 Pure Nickel V 340 Purepoint Uran V 2695 QMC Quantum Ml V 145 QMX Gold V 60 Quaterra Res* O 130 Quaterra Res V 433 Quest Rare Mnl* O 16 Quest Rare Mnl T 375 Quinto Real V 89

0.07 0.06 0.06 - 0.02 0.10 0.03 0.93 0.83 0.83 - 0.04 4.71 0.79 1.20 0.00 1.20 + 0.01 6.00 0.90 0.05 0.03 0.04 + 0.02 0.05 0.01 0.04 0.02 0.03 + 0.01 0.04 0.00 0.07 0.03 0.04 - 0.01 0.07 0.02 0.25 0.23 0.23 - 0.02 0.37 0.15 0.07 0.06 0.07 + 0.01 0.10 0.03 11.28 10.32 10.95 + 0.30 11.30 5.38 14.69 13.60 14.25 + 0.15 14.77 7.77 0.00 0.00 0.00 + 0.00 0.01 0.00 0.01 0.00 0.00 - 0.00 0.01 0.00 0.06 0.04 0.04 + 0.01 0.06 0.03 0.14 0.12 0.13 - 0.01 0.25 0.09 0.27 0.17 0.26 + 0.07 0.25 0.06 1.45 1.31 1.40 + 0.04 1.85 0.93 0.16 0.14 0.14 - 0.05 0.25 0.14 0.01 0.00 0.00 + 0.00 0.27 0.00 0.10 0.09 0.09 - 0.02 0.15 0.02 2.65 2.20 2.41 - 0.15 84.00 2.00 0.06 0.05 0.05 - 0.01 0.06 0.01 0.03 0.03 0.03 - 0.01 0.05 0.01 0.03 0.03 0.03 - 0.00 0.04 0.01 0.20 0.16 0.18 + 0.02 0.39 0.09 0.42 0.38 0.40 + 0.02 0.48 0.26 0.17 0.16 0.17 + 0.01 0.26 0.09 4.25 3.79 3.90 - 0.02 7.02 3.04 0.02 0.00 0.02 - 0.00 0.15 0.02 0.05 0.05 0.05 - 0.01 0.14 0.03 0.01 0.00 0.00 - 0.00 0.03 0.00 0.03 0.03 0.03 - 0.01 0.06 0.01 0.03 0.00 0.03 + 0.02 0.01 0.01 0.04 0.00 0.04 + 0.02 0.10 0.02 0.54 0.47 0.54 + 0.05 0.82 0.22 0.42 0.36 0.41 + 0.03 0.68 0.16 0.74 0.67 0.68 - 0.05 1.65 0.70 0.12 0.00 0.10 - 0.01 0.26 0.03 0.12 0.00 0.06 - 0.07 0.20 0.05 0.04 0.02 0.02 - 0.02 0.05 0.02 0.03 0.03 0.03 - 0.01 0.05 0.01 0.28 0.00 0.28 + 0.00 0.57 0.18 0.37 0.30 0.30 - 0.07 0.69 0.24 4.04 3.45 3.87 + 0.25 5.99 0.96 5.25 4.59 5.00 + 0.20 7.40 1.35 0.07 0.05 0.06 + 0.01 0.08 0.01 1.13 1.02 1.13 + 0.05 1.71 0.76 0.90 0.78 0.90 + 0.10 1.33 0.55 0.01 0.01 0.01 - 0.00 0.01 0.00 23.25 21.68 22.18 - 0.45 41.82 20.65 17.99 16.54 17.03 - 0.05 33.80 14.64 0.23 0.11 0.18 + 0.06 0.23 0.03 0.18 0.08 0.15 + 0.06 0.18 0.02 0.13 0.10 0.11 - 0.03 0.16 0.06 3.25 3.00 3.11 + 0.06 3.52 1.65 5.67 4.95 5.49 + 0.37 6.95 4.00 7.30 6.55 7.13 + 0.34 9.00 5.57 0.06 0.05 0.05 - 0.01 0.07 0.01 2.47 2.18 2.40 + 0.08 5.51 1.94 1.92 1.65 1.86 + 0.11 4.49 1.41 0.01 0.00 0.01 - 0.01 0.02 0.01 0.60 0.45 0.54 + 0.10 0.60 0.24 0.77 0.59 0.71 + 0.12 0.77 0.33 0.02 0.02 0.02 + 0.00 0.06 0.01 0.02 0.02 0.02 - 0.01 0.08 0.01 0.10 0.07 0.07 - 0.02 0.19 0.02 0.22 0.18 0.22 + 0.06 0.25 0.06 0.08 0.07 0.08 + 0.01 0.14 0.03 0.72 0.66 0.70 + 0.01 1.03 0.18 0.56 0.51 0.53 + 0.02 0.77 0.17 0.20 0.19 0.19 - 0.01 0.23 0.01 0.26 0.24 0.24 - 0.02 0.30 0.07 0.02 0.01 0.02 + 0.01 0.02 0.01 0.09 0.07 0.08 - 0.01 0.11 0.02 0.02 0.02 0.02 - 0.01 0.03 0.01 0.05 0.04 0.04 - 0.01 0.05 0.01 0.04 0.04 0.04 + 0.00 0.11 0.03 0.06 0.05 0.06 + 0.01 0.15 0.04 0.09 0.00 0.09 + 0.01 0.18 0.03 0.12 0.11 0.11 - 0.01 0.23 0.06 0.05 0.04 0.05 + 0.01 0.05 0.01

Rackla Mtls V 22 Radisson Mng V 1594 Rainforest Res* O 7 Rainy Mtn Royl V 136 Rambler Ml &Mg V 182 Randgold Res* O 1 Randgold Res* D 3277 Rapier Gold V 366 Raptor Res* O 30 Rare Element* O 602 Rathdowney Res V 25 RB Energy* O 166 Red Eagle Mng V 974 Red Eagle Mng* O 102 Red Hut V 1983 Red Moon Potsh V 29 Red Pine Expl V 1566 Red Rock Enrgy V 2 Redstar Gold V 349 Regency Gold V 46 Regulus Res V 326 Reliance Res V 35 Reliant Gold V 442 Renaissance Gd* O 27 Renforth Res 490 Reservoir Mnls* O 52 Reservoir Mnls V 355 Resolve Vent V 54

0.06 0.00 0.06 - 0.01 0.13 0.05 0.14 0.12 0.14 + 0.01 0.16 0.09 1.01 0.00 0.40 - 0.15 3.05 0.30 0.08 0.04 0.08 + 0.05 0.09 0.02 0.09 0.07 0.08 - 0.01 0.25 0.05 92.90 0.00 90.90 - 4.35 95.43 57.00 93.62 88.00 90.54 + 0.44 96.50 54.88 0.07 0.06 0.07 + 0.01 0.08 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.13 0.08 0.09 - 0.02 0.89 0.06 0.18 0.00 0.17 - 0.01 0.30 0.11 0.00 0.00 0.00 + 0.00 0.03 0.00 0.45 0.39 0.41 + 0.02 0.45 0.25 0.35 0.29 0.31 + 0.01 0.35 0.18 0.15 0.07 0.09 + 0.02 0.12 0.01 0.05 0.00 0.03 - 0.02 0.06 0.02 0.08 0.07 0.08 + 0.01 0.13 0.03 0.01 0.00 0.01 - 0.01 0.06 0.01 0.06 0.05 0.05 - 0.01 0.07 0.03 0.05 0.00 0.05 + 0.02 0.05 0.01 0.35 0.32 0.32 - 0.03 0.54 0.19 0.04 0.00 0.04 + 0.01 0.08 0.02 0.04 0.02 0.04 + 0.02 0.04 0.01 0.17 0.14 0.15 - 0.02 0.21 0.08 0.04 0.03 0.03 - 0.01 0.05 0.01 5.44 4.99 5.37 + 0.37 5.44 2.25 7.08 6.52 7.05 + 0.41 7.08 3.26 0.19 0.13 0.17 + 0.04 0.20 0.04

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Revelo Res V 19 Richmond Mnls V 529 Richmond Mnls* O 399 Richmont Mines* X 1828 Richmont Mines T 1145 Rio Novo Gold T 1040 Rio Tinto* N 19222 Rio Tinto* O 2 Rio Tinto* O 4 Rise Res Inc* O 167 Riverside Res* O 16 Robex Res V 256 Rochester Res V 67 Rock Tech Lith* O 16 Rock Tech Lith V 34 Rockex Mng 127 Rockhaven Res V 96 Rockridge Cap V 24 Rockshield Cap 388 Rockwell Diam T 245 Rockwell Diam* O 581 Rogue Res* O 40 Rogue Res V 1021 Rojo Res V 52 Rome Res V 60 Romios Gold Rs* O 308 Romios Gold Rs V 312 Rosita Mg Corp V 9441 Rosita Mg Corp* O 61 Roughrider Exp V 121 Roxgold V 1541 Royal Gold* D 3313 Royal Gold T 73 Royal Nickel T 2279 Royal Nickel* O 37 Royal Rd Mnrls V 661 Royal Std Mnrl* O 131 RT Minerals V 302 Running Fox Rs* O 134 Rupert Res V 639 Rusoro Mng* O 185 Rusoro Mng V 136 Rye Patch Gold* O 119

0.08 0.00 0.07 - 0.01 0.14 0.04 0.06 0.04 0.06 + 0.02 0.14 0.03 0.05 0.03 0.05 + 0.02 0.11 0.03 5.86 4.97 5.78 + 0.60 5.81 2.27 7.62 6.56 7.50 + 0.63 7.50 3.14 0.14 0.13 0.13 - 0.01 0.16 0.07 28.98 26.38 28.17 + 0.46 47.37 21.89 28.28 26.51 27.30 + 0.45 47.23 21.90 33.16 32.89 33.16 + 0.03 47.28 25.47 0.15 0.09 0.15 + 0.03 0.56 0.08 0.19 0.16 0.18 + 0.01 0.22 0.08 0.12 0.10 0.12 + 0.01 0.12 0.05 0.08 0.00 0.05 - 0.01 0.08 0.03 0.09 0.08 0.08 - 0.01 0.09 0.02 0.19 0.00 0.19 + 0.08 0.12 0.03 0.15 0.12 0.13 + 0.01 0.18 0.01 0.18 0.16 0.16 - 0.01 0.24 0.10 0.06 0.00 0.05 - 0.01 0.08 0.04 0.08 0.07 0.08 + 0.01 0.14 0.06 0.09 0.00 0.08 - 0.01 0.25 0.07 0.08 0.05 0.05 - 0.03 0.20 0.05 0.07 0.07 0.07 - 0.00 0.10 0.03 0.10 0.09 0.09 - 0.01 0.16 0.03 0.05 0.04 0.05 + 0.02 0.13 0.04 0.05 0.03 0.05 + 0.02 0.07 0.01 0.05 0.05 0.05 - 0.00 0.06 0.01 0.07 0.05 0.07 + 0.01 0.08 0.02 0.08 0.04 0.04 - 0.04 0.10 0.01 0.06 0.04 0.04 - 0.02 0.06 0.01 0.06 0.05 0.05 - 0.01 0.17 0.05 0.90 0.86 0.86 - 0.04 0.96 0.54 52.97 48.70 51.57 + 1.38 67.99 24.68 68.36 64.37 67.00 + 0.60 83.58 35.46 0.20 0.18 0.20 - 0.01 0.59 0.12 0.16 0.14 0.15 - 0.00 0.39 0.10 0.06 0.05 0.05 - 0.01 0.35 0.04 0.00 0.00 0.00 + 0.00 0.00 0.00 0.01 0.01 0.01 - 0.01 0.03 0.01 0.02 0.01 0.02 + 0.00 0.02 0.00 0.37 0.24 0.37 + 0.09 0.36 0.02 0.09 0.06 0.08 - 0.00 0.10 0.02 0.13 0.09 0.10 + 0.01 0.15 0.03 0.14 0.12 0.13 + 0.01 0.16 0.08

Sabina Gd&Slvr* O 108 Sabina Gd&Slvr T 1444 Sage Gold V 1644 Saint Jean V 96 Saint Jean* O 12 Sama Res* O 17 Sama Res V 109 Samco Gold V 50 Sanatana Diam V 2732 Sandspring Res* O 46 Sandspring Res V 584 Sandstorm Gold* X 4186 Sandstorm Gold T 1189 Santa Fe Gold* O 583 Santa Fe Mtls V 628 Santacruz Silv V 683 Sarissa Res* O 2436 Saturn Mnrls V 1839 Savary Gold V 2161 Scandium Int M* O 118 Scorpio Gold V 942 ScoZinc Mg V 56 Seabridge Gld T 551 Seabridge Gld* N 3504 Search Mnls V 79 Searchlight* O 177 Sego Res V 420 Select Sands V 294 Semafo T 7609 Senator Mnrls V 9 Sennen Potash V 70 Serabi Gold T 150 Sherritt Intl T 1553 Shore Gold T 719 Sibanye Gold* N 6705 Sidney Resrces* O 105 Sienna Res V 365 Sierra Iron Or V 45 Sierra Iron Or* O 8 Sierra Metals* O 15 Sierra Metals T 71 Signature Res V 193 Silver Bear Rs T 431 Silver Bull Re* O 687 Silver Dragon* O 307 Silver Falcon* O 3993 Silver Predatr V 205 Silver Range V 270 Silver Scott* O 60 Silver Shield 74 Silver Spruce* O 63 Silver Std Res* D 5987 Silver Std Res T 1745 Silver Wheaton T 10744 Silver Wheaton* N 40329 Silvercorp Met T 2283 Silvercorp Met* O 1421 SinoCoking Cl* D 168 Sirios Res* O 522 Sirios Res V 3857 Skeena Res V 605 Sky Ridge V 201 Skyharbour Res V 1603 SnipGold V 262 Solitario Ex&R T 9 Solitario Ex&R* X 117 Sonoro Mtls V 56 Sonoro Mtls* O 5 Source Gold* O 45960 Southern Arc* O 23 Southern Copp* N 4907 Southern Silvr* O 1609 Southern Silvr V 1397 SouthGobi Res T 24 Spanish Mtn Gd V 901 Spanish Mtn Gd* O 42 Sparton Res V 436 Spearmint Res V 747 Spruce Ridge R V 190 Squire Mg Ltd 35 St Augustine T 1086 Stakeholdr Gld* O 16 Stakeholdr Gld V 29 Standard Graph V 234 Standard Metal* O 193 Stans Energy V 1114 Stans Energy* O 305 Star Gold* O 9 Star Minerals 9 Starcore Intl T 156 Stelmine Can V 235 Sterling Grp* O 142 Stillwater Mg* N 7019 Stina Res* O 25 Stonegate Agri* O 18 Stornoway Diam T 3195 Strateco Res* O 240 Strategic Metl V 117 Stratton Res V 44 Stria Lithium V 306 Strongbow Expl V 91 Sulliden Mng T 397 Sultan Mnrls V 271 Suncor Energy T 12557 Suncor Energy* N 14033 Sunridge Gold* O 156 Sunridge Gold V 1980 Sunvest Mnrls V 453 Sutter Gold* O 78 Sutter Gold V 11 Syrah Res* O 4

0.73 0.66 0.70 + 0.01 0.80 0.24 0.94 0.84 0.92 - 0.01 1.06 0.30 0.07 0.05 0.07 + 0.01 0.11 0.03 0.05 0.05 0.05 - 0.01 0.06 0.01 0.04 0.03 0.04 + 0.01 0.04 0.01 0.07 0.07 0.07 - 0.00 0.13 0.07 0.10 0.08 0.10 + 0.01 0.24 0.08 0.03 0.02 0.02 - 0.01 0.45 0.02 0.02 0.01 0.02 + 0.01 0.06 0.01 0.25 0.21 0.23 + 0.02 0.27 0.08 0.32 0.28 0.31 + 0.03 0.44 0.11 3.39 3.01 3.34 + 0.20 3.78 1.94 4.39 3.98 4.33 + 0.18 4.69 2.82 0.00 0.00 0.00 - 0.00 0.17 0.00 0.02 0.01 0.02 + 0.01 0.03 0.01 0.23 0.21 0.22 - 0.02 0.28 0.09 0.00 0.00 0.00 - 0.00 0.02 0.00 0.16 0.14 0.15 - 0.01 0.24 0.09 0.07 0.05 0.06 + 0.01 0.11 0.02 0.15 0.13 0.14 + 0.00 0.17 0.06 0.09 0.08 0.09 - 0.01 0.14 0.05 0.52 0.48 0.49 - 0.01 1.25 0.40 15.07 13.32 14.97 + 0.84 17.08 4.34 11.59 10.09 11.59 + 0.94 12.77 3.31 0.10 0.09 0.09 - 0.01 0.13 0.03 0.11 0.07 0.08 + 0.00 0.42 0.06 0.04 0.03 0.04 + 0.01 0.03 0.01 0.23 0.21 0.22 - 0.02 0.50 0.21 4.85 4.30 4.80 + 0.40 5.20 2.46 0.15 0.00 0.15 + 0.03 0.17 0.03 0.16 0.12 0.16 + 0.03 0.50 0.10 0.08 0.07 0.08 + 0.01 0.10 0.04 0.84 0.78 0.81 - 0.01 3.24 0.53 0.21 0.20 0.20 + 0.01 0.30 0.13 15.72 14.11 15.16 + 0.54 16.00 4.07 0.01 0.01 0.01 - 0.00 0.02 0.00 0.08 0.06 0.07 + 0.01 0.07 0.01 0.35 0.30 0.34 - 0.01 0.62 0.22 0.26 0.26 0.26 - 0.01 0.42 0.15 1.13 0.97 1.09 - 0.04 1.29 0.69 1.46 1.24 1.42 - 0.04 1.60 0.84 0.08 0.06 0.06 - 0.01 0.07 0.01 0.08 0.07 0.08 - 0.01 0.10 0.02 0.06 0.05 0.05 - 0.01 0.14 0.02 0.02 0.02 0.02 + 0.00 0.05 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.02 0.02 - 0.01 0.03 0.01 0.10 0.08 0.10 + 0.01 0.10 0.02 0.01 0.01 0.01 - 0.01 0.02 0.00 0.04 0.03 0.03 - 0.01 0.08 0.01 0.05 0.04 0.05 + 0.00 0.07 0.02 5.79 5.26 5.64 + 0.18 8.02 3.66 7.55 6.92 7.31 + 0.08 10.56 5.28 23.38 20.80 21.40 - 1.42 25.20 14.51 17.97 15.85 16.41 - 0.82 21.12 10.04 1.96 1.64 1.86 + 0.16 1.96 0.60 1.51 1.25 1.42 + 0.16 1.51 0.41 0.40 0.33 0.37 - 0.01 2.79 0.26 0.20 0.00 0.19 + 0.04 0.20 0.07 0.29 0.20 0.24 + 0.04 0.29 0.07 0.09 0.08 0.08 - 0.01 0.13 0.06 0.23 0.19 0.21 + 0.02 0.23 0.03 0.05 0.04 0.05 + 0.01 0.07 0.02 0.10 0.00 0.08 - 0.02 0.11 0.04 0.65 0.00 0.64 - 0.01 0.96 0.57 0.50 0.46 0.48 + 0.01 0.85 0.40 0.10 0.08 0.10 + 0.02 0.16 0.04 0.08 0.08 0.08 + 0.01 0.12 0.03 0.00 0.00 0.00 - 0.00 2.00 0.00 0.21 0.21 0.21 + 0.01 0.29 0.17 28.97 26.81 27.56 - 0.41 33.31 21.55 0.10 0.04 0.07 + 0.02 0.10 0.02 0.13 0.06 0.08 + 0.01 0.13 0.03 0.28 0.00 0.28 + 0.03 1.25 0.21 0.07 0.05 0.06 - 0.01 0.08 0.02 0.05 0.04 0.04 - 0.01 0.05 0.01 0.03 0.03 0.03 - 0.01 0.05 0.01 0.03 0.03 0.03 + 0.01 0.05 0.01 0.03 0.02 0.02 - 0.01 0.06 0.01 0.11 0.10 0.11 + 0.01 0.11 0.10 0.11 0.00 0.10 - 0.01 0.15 0.07 0.30 0.00 0.30 + 0.10 0.36 0.05 0.39 0.29 0.39 + 0.08 1.85 0.04 0.04 0.04 0.04 - 0.01 0.05 0.01 0.13 0.10 0.11 + 0.01 1.15 0.01 0.03 0.02 0.03 + 0.01 0.10 0.01 0.03 0.02 0.02 + 0.01 0.08 0.01 0.06 0.06 0.06 + 0.00 0.15 0.01 0.03 0.00 0.03 - 0.01 0.03 0.01 0.47 0.00 0.41 - 0.07 0.62 0.25 0.01 0.01 0.01 - 0.01 0.04 0.01 0.02 0.01 0.01 - 0.00 0.03 0.01 11.04 9.64 10.86 + 0.40 15.07 4.99 0.12 0.12 0.12 - 0.00 0.20 0.06 0.03 0.01 0.02 + 0.01 0.03 0.00 1.06 1.01 1.05 + 0.02 1.08 0.62 0.02 0.01 0.01 - 0.00 0.30 0.00 0.40 0.35 0.38 - 0.01 0.43 0.24 0.18 0.11 0.18 + 0.07 0.17 0.06 0.07 0.05 0.07 + 0.01 0.08 0.02 0.20 0.15 0.15 - 0.05 0.23 0.05 0.35 0.00 0.30 - 0.05 0.35 0.19 0.02 0.01 0.02 + 0.01 0.02 0.01 36.23 34.99 36.03 + 0.17 40.93 27.32 27.93 26.57 27.68 + 0.61 33.49 18.71 0.24 0.22 0.24 + 0.00 0.24 0.11 0.31 0.30 0.31 + 0.01 0.32 0.13 0.09 0.05 0.07 + 0.01 0.80 0.01 0.05 0.03 0.04 - 0.01 0.09 0.02 0.06 0.05 0.05 - 0.01 0.10 0.04 3.23 3.14 3.23 + 0.09 3.45 1.81

Tahoe Res* N 10528 Tahoe Res T 9082 Tajiri Res V 321 Takara Res V 128 Talon Metals T 82 Tanager Energy V 195 Tantalex Res 41 Tanzania Rlty T 159 Tanzania Rlty* X 643 Taranis Res V 15 Tartisan Res 446 Taseko Mines T 462 Taseko Mines* X 937

10.99 9.70 10.03 - 0.62 15.14 6.48 14.36 12.71 13.01 - 1.08 18.65 9.45 0.02 0.00 0.02 - 0.01 0.02 0.01 0.04 0.03 0.04 + 0.01 0.06 0.02 0.09 0.00 0.09 + 0.01 0.20 0.08 0.04 0.03 0.03 - 0.01 0.07 0.01 0.05 0.03 0.03 - 0.02 0.07 0.01 0.33 0.27 0.32 + 0.02 0.61 0.24 0.25 0.21 0.25 + 0.02 0.47 0.17 0.08 0.08 0.08 + 0.01 0.15 0.03 0.03 0.02 0.03 + 0.01 0.06 0.01 0.76 0.69 0.69 + 0.01 1.13 0.35 0.59 0.53 0.54 - 0.00 0.93 0.23

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tasman Metals* O 53 Tasman Metals V 111 Teck Res T 27145 Teck Res T 3 Teck Res* N 34029 TECO Enrgy* N 12376 Telson Res V 16 Tembo Gold V 247 Tembo Gold* O 51 Teranga Gold T 5288 Teras Res V 314 Terrax Mnrls V 207 Terrax Mnrls* O 22 Terreno Res V 21 Teslin Rvr Res V 236 Tesoro Mnrls V 205 Theia Res V 321 Themac Res V 69 Thompson Creek* O 652 Thompson Creek T 949 Thunder Mtn Gd* O 29 Till Capital V 3 Till Capital* D 91 Timberline Res* O 84 Timberline Res V 55 Timmins Gold* X 1228 Timmins Gold T 3445 Tinka Res* O 460 Tinka Res V 571 Tintina Res* O 28 Tirex Res* O 343 Tirex Res V 126 Titanium Corp V 326 TMAC Resources T 62 Toachi Mg Inc V 280 Tonogold Res* O 98 Torex Gold* O 704 Torex Gold T 16341 Treasury Metal T 310 Trecora Res* N 109 Tres-Or Res V 47 Trevali Mng* O 283 Tri Origin Exp V 733 Trident Gold V 170 TriMetals Mng T 240 TriMetals Mng* O 184 TriMetals Mng* O 85 Trinity Valley V 683 Trio Resources* O 760 TriStar Gold V 228 TriStar Gold* O 169 Troy Res* O 1 True Gold Mng* O 766 True Gold Mng V 5059 True North Gem V 419 Tsodilo Res V 17 Tungsten Corp* O 3484 Turquoise HIl T 3590 TVI Pacific T 627 TVI Pacific* O 210 Tyhee Gold* O 3424 Typhoon Expl V 13

0.11 0.09 0.09 - 0.01 0.73 0.06 0.15 0.12 0.12 - 0.02 0.86 0.09 10.39 9.05 10.10 + 0.35 19.47 3.65 13.19 0.00 12.84 + 0.64 20.50 5.69 8.05 6.86 7.78 + 0.42 16.20 2.56 27.56 27.45 27.56 + 0.05 27.57 17.60 0.15 0.08 0.09 - 0.02 0.15 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.01 0.01 0.01 + 0.00 0.04 0.01 0.74 0.63 0.74 + 0.10 0.82 0.38 0.10 0.07 0.09 + 0.01 0.12 0.03 0.33 0.30 0.30 - 0.02 0.43 0.23 0.26 0.25 0.26 - 0.00 0.34 0.17 0.03 0.03 0.03 - 0.01 0.08 0.02 0.30 0.25 0.30 + 0.03 0.34 0.20 0.02 0.02 0.02 + 0.01 0.04 0.01 0.08 0.06 0.07 - 0.01 0.20 0.05 0.05 0.03 0.05 + 0.02 0.05 0.01 0.25 0.21 0.23 + 0.01 1.49 0.07 0.33 0.28 0.30 - 0.02 1.84 0.16 0.07 0.05 0.06 + 0.01 0.15 0.02 3.95 0.00 3.95 + 0.45 8.00 3.28 3.22 2.80 3.22 + 0.42 6.23 2.76 0.16 0.14 0.14 + 0.00 0.78 0.08 0.20 0.00 0.19 + 0.01 0.91 0.16 0.26 0.21 0.23 + 0.01 0.74 0.07 0.33 0.28 0.30 + 0.01 0.92 0.11 0.12 0.09 0.12 + 0.03 0.24 0.07 0.16 0.11 0.15 + 0.02 0.29 0.09 0.08 0.08 0.08 - 0.00 0.09 0.03 0.09 0.07 0.09 + 0.02 0.20 0.05 0.11 0.09 0.11 + 0.01 0.25 0.07 0.44 0.40 0.41 - 0.03 1.55 0.38 9.01 8.90 8.90 - 0.10 9.01 4.85 0.26 0.25 0.25 + 0.01 0.26 0.03 0.02 0.01 0.02 + 0.01 0.08 0.01 1.44 1.21 1.35 + 0.11 1.44 0.67 1.85 1.60 1.74 + 0.10 1.85 0.85 0.53 0.49 0.49 - 0.01 0.62 0.28 9.86 9.29 9.45 + 0.09 16.50 8.75 0.04 0.03 0.03 - 0.01 0.04 0.01 0.29 0.27 0.29 - 0.00 1.03 0.18 0.04 0.04 0.04 + 0.01 0.04 0.01 0.01 0.01 0.01 + 0.01 0.02 0.01 0.14 0.12 0.13 + 0.01 0.15 0.04 0.11 0.09 0.09 - 0.01 0.11 0.03 0.10 0.08 0.08 - 0.02 0.15 0.06 0.04 0.03 0.03 - 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.37 0.28 0.36 + 0.01 0.38 0.10 0.27 0.22 0.26 + 0.01 0.28 0.09 0.36 0.36 0.36 - 0.03 0.39 0.13 0.38 0.34 0.38 + 0.02 0.38 0.11 0.50 0.46 0.50 + 0.03 0.52 0.15 0.16 0.15 0.15 - 0.01 0.20 0.07 0.58 0.54 0.54 - 0.04 1.15 0.57 0.00 0.00 0.00 - 0.00 0.00 0.00 3.51 3.23 3.43 - 0.03 5.80 2.30 0.02 0.01 0.01 - 0.01 0.03 0.01 0.01 0.00 0.01 + 0.00 0.02 0.00 0.01 0.00 0.00 - 0.01 0.04 0.00 0.05 0.00 0.05 + 0.01 0.07 0.03

U3O8 Corp* O 172 Ucore Rare Mtl* O 260 Ucore Rare Mtl V 293 UEX Corp T 827 Ultra Lithium V 183 Unigold* O 22 Unigold V 67 United Res Hdg* O 862 United Silver* O 50 United States A* X 1350 United States S* N 78806 Unity Energy V 574 Ur-Energy* X 735 Uracan Res* O 120 Uragold Bay Rs V 1679 Uranium Energy* X 4399 Uranium Res* D 591 Uranium Valley V 19 Uravan Mnrls V 81 US Energy* D 153 US Precious M* O 4125 US Tungsten* O 130 Vale* N 56991 Vale* N 136619 Valencia Vent V 1650 ValGold Res V 89 ValGold Res* O 130 Vanadiumcorp V 797 Vanadiumcorp* O 66 Vangold Res V 1377 Vantex Res V 187 Vatic Vent V 156 Vedanta* N 878 Vela Minerals V 67 Vendetta Mng V 75 Venerable Vent V 161 Verde Potash T 38 Verde Res* O 23 Victoria Gold V 1940 Victory Nickel 96 Victory Vent V 268 Virginia Enrgy* O 57 Virginia Enrgy V 28 Viscount Mng V 302 Visible Gold M V 1321 Vista Gold T 71 Vista Gold* X 1051 Volcanic Mtls V 155 Vulcan Mnrls V 88

0.02 0.02 0.02 - 0.00 0.06 0.01 0.27 0.25 0.26 - 0.01 0.35 0.15 0.36 0.32 0.34 - 0.02 0.44 0.20 0.24 0.21 0.22 - 0.02 0.32 0.11 0.15 0.13 0.13 - 0.03 0.30 0.05 0.19 0.15 0.19 + 0.04 0.22 0.06 0.24 0.21 0.24 + 0.02 0.30 0.08 0.02 0.00 0.01 + 0.00 0.11 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.26 0.17 0.24 + 0.04 1.65 0.16 17.04 14.94 16.55 + 0.77 27.68 6.15 0.25 0.21 0.25 + 0.02 0.28 0.05 0.53 0.49 0.51 + 0.01 1.07 0.44 0.02 0.02 0.02 + 0.00 0.03 0.00 0.16 0.12 0.16 + 0.04 0.20 0.02 0.81 0.72 0.77 + 0.04 3.00 0.65 2.85 2.34 2.46 - 0.00 19.20 2.10 0.07 0.05 0.05 - 0.03 0.10 0.04 0.11 0.08 0.10 - 0.01 0.17 0.05 0.40 0.33 0.36 - 0.02 1.40 0.11 0.02 0.01 0.01 - 0.01 0.20 0.00 0.00 0.00 0.00 + 0.00 0.02 0.00 3.33 2.93 3.29 + 0.24 6.82 1.55 4.49 3.89 4.32 + 0.28 9.14 2.13 0.15 0.00 0.15 + 0.02 0.40 0.13 0.05 0.03 0.04 + 0.01 0.07 0.01 0.03 0.02 0.03 + 0.01 0.03 0.00 0.04 0.03 0.03 - 0.01 0.05 0.02 0.03 0.02 0.02 - 0.01 0.04 0.01 0.01 0.00 0.01 - 0.01 0.02 0.01 0.02 0.00 0.02 + 0.01 0.02 0.01 0.08 0.00 0.08 + 0.01 0.24 0.04 5.64 5.11 5.43 - 0.23 14.43 3.52 0.04 0.00 0.03 - 0.01 0.08 0.02 0.09 0.07 0.09 + 0.02 0.17 0.05 0.02 0.01 0.02 + 0.01 0.02 0.01 0.24 0.22 0.22 - 0.02 0.46 0.13 0.06 0.05 0.05 - 0.01 0.20 0.02 0.23 0.21 0.23 + 0.03 0.25 0.11 0.05 0.04 0.05 + 0.01 0.05 0.02 0.03 0.02 0.02 - 0.01 0.04 0.01 0.05 0.03 0.05 + 0.01 0.08 0.02 0.06 0.00 0.06 + 0.01 0.10 0.03 0.59 0.48 0.55 + 0.05 0.63 0.16 0.04 0.03 0.04 + 0.01 0.15 0.02 0.65 0.57 0.57 - 0.05 0.80 0.31 0.50 0.43 0.46 - 0.00 0.60 0.24 0.06 0.05 0.06 + 0.01 0.12 0.04 0.03 0.02 0.02 - 0.01 0.04 0.02

Wabi Expl 282 WAI Cap Invest V 192 Wallbridge Mng T 184 Walter Energy* O 558 Waseco Res V 178 WCB Res V 144 Wealth Mnrls* O 51 Wealth Mnrls V 127 Wellgreen Plat T 148 Wellgreen Plat* O 99 Wescan Gldflds V 19 West Af Res V 1337 West High Yld V 67 West Melville V 6 West Red Lake* O 751 West Red Lake 1386 Western Copper* X 190 Western Copper T 421 Western Graphi* O 16986 Western Lith* O 5009 Western Lith T 10988 Western Pac Rs V 225 Western Pac Rs* O 242 Western Troy C V 903 Western Uran 117 Western Uran* O 97 Westhaven Vent V 231 Westkam Gold V 4340 Westminster Rs V 103 Westmoreland* D 1257 Westridge Res V 372 Weststar Res 96 White Mtn Engy* O 34 Wildcat Expl V 76 Williams Creek V 2937 Wolfden Res V 507 WPC Res V 780 X-Terra Res V 153 Xander Res V 105 Xiana Mng* O 2 Xiana Mng V 75 Ximen Mng V 590 XLI Tech Inc* O 22588 Xtra-Gold Res T 57 Xtra-Gold Res* O 25 Yamana Gold T 22951 Yamana Gold* N 53602 Yanzhou Coal* N 242 Yellowhead Mng T 105 Yorbeau Res T 453 Zadar Vent V 568 Zazu Metals T 89 Zazu Metals* O 25 Zenyatta Vent* O 41 Zenyatta Vent V 308 Zinco Mng V 85 Zonte Mtls V 74

0.06 0.04 0.04 - 0.02 0.06 0.02 0.05 0.00 0.04 - 0.01 0.08 0.02 0.05 0.04 0.04 - 0.01 0.06 0.02 0.04 0.03 0.03 - 0.00 0.75 0.01 0.04 0.02 0.03 + 0.01 0.06 0.02 0.05 0.00 0.05 - 0.01 0.19 0.02 0.22 0.20 0.22 + 0.02 0.33 0.10 0.29 0.23 0.29 + 0.02 0.42 0.14 0.26 0.24 0.24 - 0.01 0.50 0.16 0.20 0.18 0.19 + 0.00 0.40 0.12 0.03 0.00 0.03 + 0.01 0.06 0.01 0.17 0.09 0.14 + 0.05 0.17 0.05 0.28 0.22 0.22 - 0.03 0.43 0.17 0.08 0.00 0.08 - 0.10 0.60 0.08 0.11 0.00 0.11 - 0.01 0.13 0.02 0.14 0.10 0.14 - 0.01 0.21 0.01 0.56 0.48 0.51 + 0.02 0.66 0.20 0.73 0.62 0.65 + 0.01 0.87 0.29 0.00 0.00 0.00 + 0.00 0.01 0.00 0.42 0.34 0.36 + 0.01 0.81 0.18 0.55 0.44 0.52 + 0.03 0.96 0.26 0.01 0.01 0.01 - 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.04 0.00 0.03 0.01 0.03 + 0.02 0.03 0.01 2.00 1.40 2.00 + 0.60 5.00 1.20 1.80 1.52 1.52 - 0.28 1.80 1.52 0.11 0.09 0.11 + 0.01 0.11 0.04 0.04 0.03 0.04 + 0.01 0.05 0.02 0.06 0.05 0.05 - 0.01 0.08 0.01 7.50 6.75 7.10 - 0.03 30.92 3.44 0.02 0.01 0.01 - 0.01 0.03 0.01 0.03 0.02 0.02 - 0.01 0.06 0.01 0.15 0.11 0.11 + 0.01 0.46 0.07 0.07 0.06 0.07 + 0.01 0.09 0.02 0.03 0.02 0.02 - 0.01 0.05 0.01 0.13 0.11 0.12 - 0.02 0.18 0.05 0.06 0.05 0.05 - 0.01 0.08 0.03 0.12 0.10 0.11 + 0.01 0.30 0.06 0.41 0.00 0.41 + 0.04 0.41 0.18 0.02 0.02 0.02 + 0.00 0.06 0.02 0.04 0.04 0.04 - 0.02 0.10 0.03 0.05 0.04 0.04 - 0.01 0.15 0.02 0.20 0.08 0.12 - 0.03 1.50 0.08 0.45 0.38 0.41 - 0.04 0.46 0.18 0.33 0.30 0.30 - 0.04 0.35 0.12 4.11 3.73 4.04 + 0.14 5.05 1.89 3.16 2.83 3.10 + 0.18 4.12 1.38 5.34 4.98 5.33 + 0.26 12.24 3.66 0.05 0.04 0.05 - 0.01 0.18 0.03 0.09 0.08 0.09 + 0.01 0.17 0.04 0.08 0.07 0.08 + 0.02 0.13 0.01 0.24 0.20 0.22 + 0.03 0.28 0.09 0.17 0.16 0.17 + 0.00 0.21 0.08 0.75 0.68 0.70 - 0.02 2.20 0.47 1.03 0.87 0.95 + 0.03 2.61 0.63 0.05 0.04 0.05 + 0.02 0.08 0.01 0.08 0.08 0.08 - 0.01 0.15 0.02

U-V

W-Z

2016-04-05 9:01 PM

WWW.NORTHERNMINER.COM

APRIL 11-17, 2016 / THE NORTHERN MINER

BID-ASK — MAR 28 - APR 01, 2016 12-MONTH STOCK

EXC

BID-ASK - Cassius Vents 0.01 37 Capital One C ABE Res V Aben Res V Acme Res Corp V Acme Res Inc V Afrasia Mnls V Aftermath Slvr V Agave Silver V Aida Minerals C Alberta Star V Alderon Iron* X Allante Potash V Alpha Nat Res* N Altiplano Mnls V Altitude Res V Alturas Mnrls V Amanta Res V Amer Vanadium V Anglo-Can Mng V Antipodes Gold V Appalaches Res V Apple Cap Inc V Arch Coal* N Arrowhead Gold C Artha Res V Asante Gold C Asher Res V Asia Now Res V Atacama Pac Gd V Ateba Res C Atlatsa Res* X Aurania Res V Austin Res V Balto Res V Banks Island V Barksdale Cap V Baroyeca Go&Si V BCGold V BE Res V Bearclaw Cap V Bearing Res V Berkwood Res V Big Bar Res V Bird River Res C Black Bull Res V Bluenose Gold V Bold Vent V Boss Power V Cairo Res V Canyon Copper V Carlin Gold V Carrie Arran V Cascade Res V Cassidy Gold V Cdn Arrow V Cdn Silvr Hunt V Celeste Mng V Celtic Minrls C Chalice Gold M T Chantrell Vent V Chinapintza Mg V Cicada Vents V Cliffs Nat Res* N CMX Gold & Sil C Compliance Egy V Conquest Res V Cons Westview V Copper Lake Rs V Cougar Mnls V Crestwell Res C Cricket Res V Dawson Gold V Declan Res C Desert Star V Deveron Res V Discovery Harb V Dorex Mnrls V Duncan Park H V DV Res V E-Energy Vent V EastCoal Inc V Eastfield Res V Emerge Res V Empire Rock V Enfield Expl C Entourage Mtls V European Ferro C European Metal C Eurotin V Fairmont Res V Far Res C Finlay Minrls V Fire River Gol V First Idaho V Foran Mng V GAR Limited C GFK Res V GFM Res V Giyani Gold V Global Cobalt V God’s Lake Res C

12-MONTH

BID

ASK

LAST

HIGH

LOW

STOCK

EXC

BID

0.01

0.03

0.02

0.12 0.03 0.07 0.01 0.03 0.01 ... 0.03 0.10 0.20 ... 0.01 0.23 0.03 0.06 0.01 0.01 0.09 0.01 0.01 0.01 0.02 ... 0.01 0.13 0.05 0.01 0.01 0.28 ... ... 0.33 ... 0.01 0.01 ... ... 0.05 ... 0.03 0.01 0.01 0.08 0.05 ... 0.01 0.03 0.17 0.18 0.01 0.01 0.05 0.02 0.01 ... 0.01 ... ... 0.12 0.06 0.01 ... 1.45 0.10 0.03 ... 0.25 0.03 0.01 0.04 0.01 0.01 ... 0.03 0.20 0.01 0.01 0.01 0.04 ... 0.01 0.03 0.05 0.08 ... 0.06 ... ... 0.01 0.05 0.02 0.03 0.03 0.06 0.10 0.04 0.07 0.03 0.04 0.02 0.02

0.40 0.04 0.08 0.03 0.05 0.09 0.01 0.04 0.16 0.22 0.40 0.10 0.24 0.04 0.13 0.01 0.02 0.09 0.01 0.02 0.01 0.06 ... ... 0.15 0.07 0.02 0.02 0.45 0.01 ... ... 0.01 0.02 0.01 0.01 0.01 0.06 0.34 0.04 0.05 0.01 0.50 0.09 0.01 0.02 0.03 0.20 0.40 0.02 0.02 ... 0.04 0.02 0.01 0.02 0.01 ... 0.13 0.09 0.02 0.01 3.20 0.10 0.03 0.01 0.45 0.04 0.01 0.10 0.04 0.01 0.01 0.04 0.22 0.02 0.02 0.01 0.05 0.01 0.01 0.03 0.07 0.12 ... 0.07 ... 0.01 0.13 0.05 0.05 0.04 0.07 0.20 0.11 ... 0.11 0.10 0.04 0.02 0.08

0.20 0.04 0.07 0.02 0.04 0.02 0.01 0.03 0.10 0.20 0.14 0.01 0.24 0.03 0.15 0.01 0.01 0.09 0.01 0.01 0.01 0.09 0.58 0.03 0.12 0.08 0.02 0.02 0.35 0.01 0.06 0.50 0.01 0.01 0.01 0.01 0.01 0.05 0.35 0.03 0.03 0.01 0.10 0.06 0.01 0.01 0.03 0.17 0.18 0.02 0.02 0.05 0.02 0.02 0.01 0.01 0.01 0.01 0.13 0.06 0.01 0.01 1.43 0.10 0.03 0.01 0.23 0.04 0.05 0.13 0.01 0.12 0.01 0.03 0.24 0.01 0.01 0.01 0.05 0.01 0.01 0.03 0.05 0.08 0.01 0.06 0.15 0.01 0.10 0.05 0.02 0.03 0.09 0.06 0.11 0.05 0.07 0.03 0.09 0.02 0.05

0.21 0.08 0.27 0.04 0.05 0.02 0.03 0.04 0.23 0.23 0.52 0.07 4.16 0.06 0.21 0.01

0.14 0.02 0.06 0.01 0.02 0.01 0.01 0.01 0.08 0.16 0.12 0.01 0.20 0.02 0.02 0.01

0.10 0.02 0.03

0.06 0.01 0.01

0.12 15.00 0.07 0.20 0.15 0.05 0.03 0.49 0.01 0.45 0.60 0.01 0.01 0.17 0.02 0.02 0.13

0.09 0.58 0.03 0.01 0.05 0.02 0.01 0.14 0.01 0.06 0.30 0.01 0.01 0.01 0.01 0.01 0.03

0.04 0.04 0.03 0.10 0.07

0.02 0.02 0.01 0.07 0.02

0.01 0.06 0.19 0.23 0.12 0.03 0.07 0.05 0.04 0.01 0.06 0.01

0.01 0.02 0.15 0.08 0.01 0.01 0.05 0.02 0.01 0.01 0.01 0.01

0.15 0.15 0.02 0.02 7.17 0.11 0.25 0.01 0.64 0.09 0.15 0.15 0.04 0.15 0.01 0.21 0.32 0.09 0.04 0.03 0.06 0.01 0.01 0.05 0.06 0.15 0.10 0.22 0.20 0.01 1.00 0.19 0.05 0.05 0.75 0.15 0.48 0.10 0.12 0.03 0.11 0.08 0.10

0.09 0.06 0.01 0.01 0.98 0.09 0.03 0.01 0.22 0.03 0.03 0.08 0.01 0.03 0.01 0.03 0.14 0.01 0.01 0.01 0.03 0.01 0.01 0.02 0.04 0.04 0.01 0.03 0.10 0.01 0.05 0.02 0.02 0.02 0.03 0.06 0.05 0.01 0.03 0.02 0.05 0.01 0.01

Gold Mtn Mng Gold Ridge Exp Goldbank Mng Golden Brg Dev Golden Harp Goldstream Mnl GoldTrain Res Grande Portage Graniz Mondal Gravis Energy Greatbanks Res Green Arrow Green Swan Cap Greenshield Ex Handa Copper Harvest Gold HFX Holding Highbury Proj Highvista Gold HiHo Silver Homeland Egy Horizonte Mnls IGC Res Indico Res Inform Res Interconnect Intl Samuel Ex Jasper Mng Jazz Res JDF Explor Inc Jet Gold Jet Metal Jiulian Res Jubilee Gold Kairos Cap Kazax Mnls Kenna Res Kermode Res Kestrel Gold Kitrinor Mtls La Imperial Lakeside Mnrls Lateral Gold Leeta Gold Leo Res Libero Mg Corp Lions Bay Cap Lovitt Res Lucky Mnls Mainstream Mnl Mammoth Res Manado Gold Masuparia Gold MAX Res MaxTech Vent McChip Res McLaren Res Melior Res MetalCorp Metallum Res Mezzotin Mnrls MillenMin Vent Mindoro Res Minfocus Expl Minsud Res Moag Copper Monster Uran Morumbi Res Mountain Lake Mountainstar MPH Vent Nebu Res New Era Mnrls New Klondike Newlox Gold Niocan Inc Nitinat Mnls North Am Ptash NovX21 NQ Expl Nrthn Iron NSGold NSS Res Inc NSX Silver Nubian Res Odyssey Res Opawica Expl Open Gold Oracle Mng Organic Potash Orofino Mnrls Oronova Res Oroplata Res* Orosur Mng Otterburn Res Oxford Res Pac Arc Res Pac Cascade Pac Imperial Pac Iron Ore Pac Potash Pac Topaz Paget Mrnls

V V V V V V C V V C V V V V V V V V V C V T V V V V V V V C V V V V V V V V V V C V V V C V V V V V V V V V C V C V V V V V V V V C V V C C V V V V C V V V V V V V C V V V V V V C V V O T V V V V V V V V V

0.05 0.01 0.05 0.03 0.05 ... 0.01 0.05 0.02 ... 0.01 0.04 0.02 0.05 0.04 0.04 0.04 0.12 ... ... ... 0.03 ... 0.06 ... 0.09 0.02 0.03 0.12 ... 0.04 0.10 0.01 0.24 0.02 0.01 0.10 ... 0.02 0.01 0.01 0.01 0.07 0.03 ... 0.09 0.01 0.03 0.05 ... ... 0.01 0.05 0.06 0.12 0.56 ... 0.02 0.02 0.03 0.01 0.01 0.01 0.01 0.09 ... 0.02 0.03 ... ... 0.08 0.01 0.05 0.01 0.03 0.12 0.05 0.01 0.02 0.01 0.01 0.06 ... 0.06 0.01 0.01 0.01 0.01 0.01 0.01 0.17 0.04 ... 0.13 ... 0.02 0.01 0.01 0.01 0.18 0.04 0.11 0.05

Published by:

12-MONTH

ASK

LAST

HIGH

LOW

STOCK

EXC

BID

0.08 0.04 0.08 0.08 0.08 0.01 0.01 0.10 0.03 0.02 0.02 0.05 0.03 0.10 0.06 0.12 0.07 0.19 0.16 0.02 0.01 0.04 0.01 0.08 0.01 0.14 0.14 0.04 0.20 0.02 0.08 0.10 0.04 0.98 0.03 0.02 0.15 0.01 0.02 0.01 0.05 0.01 0.11 0.10 0.04 0.12 0.03 0.05 0.06 0.01 0.01 0.01 0.07 0.07 0.15 0.75 0.01 0.03 0.02 0.06 0.01 0.01 0.01 0.01 0.12 ... 0.04 0.04 0.01 ... 0.08 0.02 0.10 0.01 0.04 0.17 0.05 0.01 0.02 0.01 0.02 0.08 ... 0.09 0.02 0.04 0.02 0.01 0.01 0.06 0.29 0.06 ... 0.15 ... 0.03 0.01 0.02 0.02 0.29 0.05 0.12 0.06

0.07 0.01 0.06 0.08 0.05 0.01 0.01 0.06 0.02 0.01 0.01 0.04 0.02 0.05 0.04 0.04 0.04 0.16 0.17 0.01 0.01 0.04 0.01 0.07 0.03 0.09 0.10 0.04 0.15 0.02 0.06 0.09 0.01 0.30 0.02 0.02 0.12 0.01 0.02 0.01 0.01 0.01 0.07 0.03 0.01 0.09 0.01 0.05 0.06 0.01 0.01 0.03 0.05 0.06 0.12 0.56 0.01 0.02 0.02 0.12 0.01 0.01 0.01 0.01 0.09 0.08 0.02 0.03 0.01 0.10 0.07 0.01 0.05 0.01 0.03 0.14 0.05 0.01 0.02 0.01 0.02 0.07 0.20 0.06 0.01 0.02 0.02 0.01 0.01 0.07 0.16 0.04 0.50 0.15 0.20 0.03 0.01 0.01 0.01 0.18 0.05 0.10 0.05

0.12 0.01 0.09 0.17 0.08 0.01 0.01 0.15 0.04

0.02 0.01 0.03 0.06 0.03 0.01 0.01 0.04 0.01

0.14 0.10 0.05 0.05 0.12 0.05 0.15 0.16 0.20 0.02 0.01 0.06 0.02 0.16 0.03 0.11 0.30 0.07 0.23 0.02 0.11 0.16 0.04 0.50 0.03 0.06 0.17 0.02 0.07 0.01 0.01 0.03 0.36 0.07 0.05 0.12 0.02 0.05 0.14

0.01 0.03 0.01 0.01 0.03 0.01 0.01 0.10 0.16 0.01 0.01 0.02 0.01 0.02 0.01 0.05 0.05 0.02 0.04 0.02 0.03 0.04 0.01 0.30 0.01 0.01 0.08 0.01 0.01 0.01 0.01 0.01 0.07 0.03 0.01 0.02 0.01 0.02 0.05

0.02 0.08 0.09 0.11 0.22 1.05 0.01 0.10 0.03 0.13 0.01 0.02 0.03 0.04 0.09 0.14 0.12 0.07 0.01 0.30 0.11 0.03 0.29 0.02 0.08 0.18 0.07 0.01 0.09 0.02 0.05 0.07 0.20 0.07 0.02 0.04 0.10

0.01 0.01 0.03 0.04 0.05 0.56 0.01 0.01 0.01 0.09 0.01 0.01 0.01 0.01 0.05 0.07 0.02 0.02 0.01 0.09 0.04 0.01 0.04 0.01 0.02 0.04 0.03 0.01 0.02 0.01 0.01 0.03 0.20 0.02 0.01 0.02 0.02

0.07 0.09 0.23 0.04 0.50 0.19

0.01 0.01 0.05 0.03 0.35 0.10

0.03 0.01 0.02 0.01 0.39 0.45 0.13 0.15

0.02 0.01 0.01 0.01 0.10 0.03 0.06 0.01

Pan Global Res Pantheon Vent Parallel Mng Parlane Res Pasinex Res Phoenix Gold PNG Gold Polar Res Portex Mnrls Prism Res Prize Mng Q-Gold Res Quartz Mtn Res Rainmaker Res Rare Element* Ravencrest Res Razore Rock Res Red Oak Mg Redzone Res Regal Res Remington Res Reva Res Rheingold Expl Rhyolite Res Rift Valley Rio Silver River Wild Exp Rockland Mnls Rodinia Lithm Romulus Res Ross River Rotation Mnls Royal Sapphire Rubicon Mnrls* Running Fox Rs Salazar Res Sarama Res Savant Expl Saville Res Savoy Vent Scavo Res SG Spirit Gold Shamrock Ent Shoshoni Gold Signal Expl Silver Fields Silver Phoenix Silvermet Sniper Res SolidusGold Sona Res Sonora Gld & S Source Expl Standard Toll Starr Peak Exp Stellar Africa Stroud Res Sunrise Res Sunset Cove Mg TAD Mineral Talmora Diamd Tanzania Mnls Tarku Res Tasca Res Tearlach Res Telferscot Res Teryl Res Corp Thor Expl Thunder Mtn Gd Tiller Res Tolima Gold Transatlan Mng Trigen Res Trio Gold Corp True Grit Res True Zone Res Trueclaim Expl Turbo Cap Inc UC Res United Coal Universal Vent Viking Gold Whistler Gold Whitemud Res Wolfeye Res Wolverine Mnls Worldwide Res Xmet Inc Zena Mng Zephyr Mnls

V V V V C V V V C V V V V V X C C V V C V V C V C V C V V V V V V X V V V V V V C V C V V V C V V V V V V V V V V V V V C V V V V C V V V V V V V V V C V V V C V V V V V V V V V V

0.01 0.11 0.03 0.10 0.05 ... 0.02 0.03 0.10 0.06 0.01 0.04 0.02 0.11 0.11 0.01 0.01 0.01 0.08 ... 0.04 0.05 0.01 0.09 0.01 0.02 0.01 0.02 0.02 0.08 ... 0.03 0.03 ... 0.02 0.07 0.07 0.01 0.01 ... 0.36 0.11 0.01 ... 0.02 ... 0.01 0.04 0.01 0.10 0.01 0.01 0.02 ... 0.09 0.01 ... 0.01 0.01 ... ... ... 0.02 0.01 0.08 0.01 0.01 0.04 0.05 0.03 ... ... 0.03 ... 0.01 ... 0.02 ... 0.01 ... 0.40 0.01 0.02 0.01 0.25 0.02 0.01 0.01 0.06 0.15

ASK

0.01 0.11 0.03 0.12 0.07 0.01 0.02 0.08 0.15 0.11 0.02 0.05 0.03 0.13 0.16 ... 0.07 0.02 0.12 ... 0.08 0.09 0.05 0.17 0.06 0.04 0.10 0.02 0.02 0.28 0.01 0.25 0.05 ... 0.03 0.11 0.09 0.01 0.02 ... 0.57 ... 0.02 0.01 0.04 0.01 0.24 0.05 0.01 0.13 0.02 0.02 0.03 0.01 0.14 0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.02 0.15 0.01 0.02 0.06 ... 0.10 0.01 0.35 0.04 0.01 0.06 ... 0.02 0.01 0.02 0.01 ... 0.01 0.29 0.02 ... 0.02 0.02 0.01 0.09 0.17

LAST

HIGH

LOW

0.01 0.10 0.04 0.15 0.06 0.01 0.01 0.03 0.01 0.07 0.02 0.04 0.02 0.13 0.15 0.01 0.08 0.02 0.09 0.07 0.04 0.05 0.05 0.11 0.01 0.04 0.01 0.02 0.01 0.09 0.01 0.04 0.03 0.03 0.02 0.07 0.07 0.01 0.01 0.16 0.36 0.09 0.02 0.01 0.01 0.01 0.10 0.04 0.01 0.10 0.02 0.01 0.02 0.01 0.09 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.08 0.01 0.02 0.04 0.09 0.04 0.01 0.13 0.03 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.45 0.01 0.02 0.01 0.25 0.02 0.01 0.01 0.05 0.17

0.02 0.13 0.07 0.21 0.11 0.03

0.01 0.09 0.03 0.01 0.03 0.01

0.08 0.01 0.10 0.05 0.05 0.03 0.34 0.89 0.01 0.08 0.06 0.50 0.11 0.05 0.10 0.05 0.18 0.04 0.04 0.01 0.05 0.05 0.20 0.01 0.15 0.08 1.35 0.03 0.14 0.11 0.03 0.09

0.03 0.01 0.04 0.01 0.01 0.01 0.11 0.06 0.01 0.01 0.01 0.06 0.03 0.01 0.02 0.03 0.10 0.01 0.01 0.01 0.01 0.01 0.07 0.01 0.02 0.02 0.03 0.01 0.03 0.05 0.01 0.01

0.54 0.20 0.04 0.02 0.04 0.03 0.10 0.10 0.07 0.17 0.05 0.03 0.09 0.25 0.14 0.10 0.01 0.06 0.05

0.26 0.05 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.04 0.01 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.01

0.04 0.03 0.18 0.05 0.16 0.05 0.02 0.06 0.12 0.13 0.01

0.01 0.01 0.02 0.01 0.02 0.01 0.01 0.02 0.05 0.02 0.01

0.11 0.02 0.04 0.03 0.05 0.02 0.03

0.03 0.01 0.01 0.01 0.02 0.01 0.01

0.45 0.01 0.02 0.03 0.35 0.08 0.08 0.06 0.10 0.20

0.32 0.01 0.01 0.01 0.03 0.02 0.01 0.01 0.05 0.08

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GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 11-17, 2016

Red Cloud revitalizes mining investment FINANCING BY SALMA TARIKH

starikh@northernminer.com

n early March, Red Cloud Klondike Strike unveiled a regulated investment platform for mining companies to raise financings by accessing a larger pool of investors. So far, the Red Cloud Klondike Strike platform has two issuers, Banyan Gold (TSXV: BYN) and Radisson Mining Resources (TSXV: RDS), with Red Cloud’s CEO Chad Williams noting there are 30 mining companies in the pipeline waiting for approval. “It is a one-stop platform whereby investors can get information about issuers and also invest on the same platform. That has never been done before,” Williams told The Northern Miner during Red Cloud’s crossCanada marketing road tour. Red Cloud, which provides capital market advisory services to mining companies, has followed the crowdfunding concept since meeting in December 2014 with Oscar Jofre — a global thought leader on equity crowdfunding. After this meeting, Williams and his team introduced the concept to the mining industry, where traditional financing methods have become harder to access during the market downturn, making companies seek alternatives. The Klondike Strike platform allows investors to participate in security offerings previously available to a small circle of investors — particularly accredited investors — or institutions. It connects companies with investors that they could not have reached otherwise, such as tech-savvy millennials that are accustomed to using the Internet. “Through our platform investors will be exposed to the same issuers and issues as everybody else. We

| New crowdfunding platform promises more opportunities

call it the democratization of the financing process,” Williams says. Before a company can list on the platform, Red Cloud’s internal team performs background checks on management and technical reviews of the projects. “We are an exempt market dealer. We are a regulated entity, regulated by the Ontario Securities Commission (OSC) and other regulators across Canada. As a broker, we are responsible for something called “know your product,” and that entails due diligence,” Williams says. “So investors can gain comfort that there is a team of capital market professionals behind every deal.” Meanwhile, investors would have to be over 18 years of age and meet the investment criteria of the province or jurisdiction they reside in. An advantage of the Klondike Strike platform is that the process is simple and automated, Williams says. After filling out a questionnaire, or “suitability test,” potential investors fall into different groups, based on factors such as their risk profile and financial resources. “It takes a lot of the headache out of investing,” Williams says. The platform is free for investors, and mining companies would have to pay a standard broker deal fee. A typical financing will be open from 30 to 60 days for public firms, and a bit longer for private companies. No money will be withdrawn from an investor until the financing reaches its minimum threshold to close, Williams says, adding that all funds are handled by a third party. The platform targets issuers and investors in Canada, with plans to expand globally. Red Cloud says 26 million investors could qualify to use the platform in Canada alone. Red Cloud notes that 17 coun-

“THERE IS NO DOUBT THAT THIS IS THE WAY MINING COMPANIES — IN FACT, ALL COMPANIES IN EVERY INDUSTRY — WILL RAISE MONEY IN THE FUTURE.” CHAD WILLIAMS CEO, RED CLOUD KLONDIKE STRIKE

tries have crowdfunding platforms across all sectors, and raised a combined US$660 million in the first quarter of 2015. “There is no doubt that this is the way mining companies — in fact, all companies in every industry — will raise money in the future,” Williams says. Similar to how the Internet has revolutionized businesses — from selling event tickets to travel — Williams says the Klondike Strike platform represents a new frontier in mining finance. It is “the world’s first regulated equity platform solely focused on mining,” he says.

Williams estimates mining companies will embrace the Klondike Strike platform as an alternative financing method in the next three to five years. He credits Banyan and Radisson as early adopters, adding that Red Cloud will soon bring in another two private companies. Banyan is using the platform to raise $750,000 in a brokered private placement, wherein it will issue up to 8.3 million shares at 9¢ apiece. The net proceeds will partly go towards exploring its Hyland gold project in the Yukon. Radisson intends to raise up to $1 million by offering 6.7 million

units priced at 15¢. Each unit consists of a share and a half warrant. The net proceeds will largely fund the completion of a 6,200-metre drill program on its 100% owned O’Brien project and a baseline environmental study. The financing should close in April. Radisson’s president Mario Bouchard, who joined Red Cloud’s cross-country tour, says the “innovative” platform can “bring more eyes on Radisson’s story and help finance its development.” “We are proud to be one of the first who participated. With current market conditions for junior mining companies, you have to think outside the box for financing. That is what Chad did … I’m sure he and his team will succeed and Radisson will be part of that success,” Bouchard said in an email. “There is no doubt that many people are watching us. They are curious. They are waiting to see how successful we are going to be. But over time as the deals close and the success rate increases, we will see a lot more appetite to list on our platform,” Williams says. There are 30 mining companies with different commodities waiting for approval to use the platform, he adds. At any given time, Red Cloud expects to have a maximum of five to six companies, looking to complete a variety of financings — such as equity, flow-through, streaming and debt — on the platform. “We feel strongly that this is revolutionary. It is the democratizing of mining investment. It for the first time presents opportunities to millions of investors in Canada who would never have had the opportunity to invest in some of these mining deals,” Williams says. TNM

Geologist James Thom (left) and soil sampler Gordon Kirk at Banyan Gold’s Hyland gold project in the Yukon. Banyan is using the Red Cloud Klondike Strike platform to raise $750,000. BANYAN GOLD

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2016-04-05 8:52 PM

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GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 11-17, 2016

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Timmins Gold CEO works to right the financial ship mexican gold

| Low gold prices, rising operating costs dampen development plans

By Matthew Keevil mkeevil@northernminer.com VANCOUVER

ark Backens may not have anticipated finding himself in the driver’s seat at Timmins Gold (TSX: TMM; NYSEMKT: TGD) when he joined the board of directors 10 months ago, but he’s now leading a charge to improve the company’s fortunes as its interim CEO. The challenge is headlined by balance-sheet problems and operational complexities at Timmins’ sole producing asset: the San Francisco heap-leach gold mine, 150 km north of Hermosillo, Mexico. Backens joined Timmins’ board after the friendly takeover of Newstrike Capital and its Ana Paula gold deposit in Guerrero State in May 2015. He had previously served as director of investment banking in Scotia Capital’s mining division, and has 30 years of industry experience that includes time at Placer Dome and Goldcorp. Timmins and Newstrike hoped to create a Mexico-focused intermediate gold producer on the back of San Francisco and Ana Paula, plus Timmins’ Caballo Blanco asset, 65 km northwest of the city of Veracruz on Mexico’s east coast. The strategy suffered, however, as gold prices fell and costs rose at San Francisco, due to heavy stripping requirements. The setbacks culminated with a US$227-million impairment in late 2015, soon after Backens took charge of the company in October. Timmins followed up by saying it would suspend mining at San Francisco later this year, which remains the plan despite the recent uptick in gold prices. “Timmins is really asset rich and cash poor,” Backens said during an interview. “To get into a position to settle our debt we have three options: the equity markets, which haven’t been supportive; the sale of the company, which is quite a dramatic move; or monetize some

1 2 3 4 5 11 13 14 16_April11_Main .indd 13

A view of the San Francisco open-pit gold mine in Mexico in 2011. Timmins Gold

of the asset value we have in our growth portfolio. We’ll pursue all three avenues because we need to take care of the finances, especially if we do not extend operations at San Francisco and become the ‘unfunded developer,’ which can lead to death by a thousand cuts.”

“We’re taking a hard look at San Francisco because every dollar we can squeeze out of the mine is a dollar we won’t have to raise with our shares.” Mark Backens Interim CEO, Timmins Gold

Timmins expects its “mine out” plan at San Francisco to generate material cash flow this year, which should cover its accounts payable and contribute to the treasury. It will not generate enough capital, however, to address the debt. The company finished 2015 with

US$9.2 million in cash, but was also on the hook for US$5.7 million of value-added tax receivables, and a $10.2-million loan it restructured in January. The agreement with Sprott Resource Lending Corp. and Goldcorp extends the maturity date by five months to June 30, and boosts the interest rate to 12% per annum. Timmins expects to produce between 75,000 and 85,000 oz. gold this year at cash costs from US$750 to US$850 per oz. The company said it may rethink San Francisco’s closure if the gold price gains more ground, which could extend the mine’s life through 2022, based on current reserves. “We’re taking a hard look at San Francisco because every dollar we can squeeze out of the mine is a dollar we won’t have to raise with our shares. If we go forward with Ana Paula, you don’t want to lever the debt capacity up too high,” Backens said. “It’s a question of limiting the dollars raised in an equity issuance, and that’s why we’ll explore all our options to extend our operations. We’re pretty early in the gold price rally and we want to see some sustainability there, though obviously we love the return to these levels. I need to see that this market has legs,” he added.

If Timmins can reverse its fortune, Ana Paula will likely play a role. In September the company picked up the process plant and other “auxiliary equipment” from Goldcorp’s El Sauzal mine in Chihuahua state for $8 million. The acquisition cut Ana Paula’s estimated capital costs by US$40 million. In late March, Timmins released an updated preliminary economic assessment on the project that incorporates the El Sauzal infrastructure into the mine plan. Ana Paula will now cost US$122 million in initial capital, and features a US$248-million after-tax net present value at a 5% discount rate, along with a 43% internal rate of return. The economic base case assumes a US$1,200 per oz. gold price. The mine would generate 116,000 oz. gold and 239,000 oz. silver per annum over an 8.2-year mine life. Measured and indicated resources at the project total 41 million tonnes of 1.47 grams gold equivalent per tonne for nearly 1.9 million contained oz. gold and 7.1 million contained oz. silver. “In terms of unlocking value … Ana Paula clearly has superior economics to anything else in the current portfolio … we’re really

focused on that asset. If you only have so much money you need to deploy it where you can do the most good,” Backens said. “We’re being pretty careful with a timeline because we need to make sure we don’t fall on our sword financially. My outlook and approach is probably more conservative then my predecessor. I don’t necessarily want to say ‘under-promise and over-deliver,’ but let’s be sure we can accomplish our goals and avoid any surprises,” he continued. Timmins shares has traded within a 52-week range of 10¢ to 92¢ per share, and have gained 55% to start the year en route to a 29.5¢-per-share close at press time. The company has 315 million shares outstanding for a $95-million market capitalization. Its equity is 60% institutionally owned. “Our major shareholders have been supportive, for the most part. Sentry Investments and Goldcorp remain supportive and stepped in to help us with our debt position,” Backens said. “Lukas Lundin and his family funds came onto the registry as part of the Newstrike acquisition, and I speak with him quite regularly. We’re working really hard to reward our shareholders, because there’s a lot of value in our asset base.” TNM

Pouring a doré bar at the San Francisco gold mine in Mexico in 2011. Timmins Gold

16-04-07 3:49 PM

WWW.NORTHERNMINER.COM

APRIL 11-17, 2016 / THE NORTHERN MINER

Netolitzky returns to first big score BC GOLD

| For $2M in exploration and 3.25 million shares, Skeena can earn 100% of Snip from Barrick BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

Ron Netolitzky in 1988 at the Snip gold project in northwestern British Columbia. SKEENA RESOURCES

hen Delaware Resources’ Ron Netolitzky cracked open a rock high in the Skeena Mountains of northwestern B.C. in 1986, the sound of his hammer echoed through the valley. What he had cracked into was the Snip gold deposit — a shearhosted vein system incising the mountainside and loaded with enough high-grade gold to spark a frenzy on Howe Street and beyond. The deposit — first noted by Cominco geologist Ted Muraro in 1964 — began production in 1991 under Homestake Canada, producing 1 million oz. gold at grades of 25 grams gold per tonne and a 12-gram-gold reserve cutoff, before low gold prices forced the operator to shut down the operation in 1999. Thirty years later, Netolitzky — now chairman of Skeena Resources (TSXV: SKE; US-OTC: SKREF) and a recent inductee

into the Canadian Mining Hall of Fame — has struck a deal that will blow the dust off one of B.C.’s more intriguing pieces of historical mining real estate. “I’ve been chasing Snip for a lot of years,” Netolitzky tells The Northern Miner during a phone interview. “Any time you have a structure where people have mined a million ounces from a million tonnes, that’s a quality structure, and it’s certainly worth taking another look.” For $2 million in exploration expenses over 30 months and 3.25 million shares issued, Skeena can earn 100% in the Snip property from Barrick Gold (TSX: ABX; NYSE: ABX), which inherited the asset by acquiring Homestake Mining in 2001. Barrick would retain a 1% net smelter return royalty on the property. “Barrick was never part of the operation at Snip, a nd to my knowledge it didn’t meet anybody’s radar criteria in the company, so the project has just sat there since the mine closed,” Netolitzky says,

noting the mine site was reclaimed before the major stepped in. Under the deal, Barrick can claw back 51% of the property for three times the cost of Skeena’s exploration expenses if the junior finds in excess of 2 million oz. gold. Walter Coles, Skeena’s president and CEO, comments during a phone interview that dealing with Barrick has been a “gratifying” experience, and he is pleased the major is now a shareholder. “From Barrick ’s perspective there’s exploration happening on a project that wouldn’t happen otherwise,” Coles says. “They give us a chance to go in and put cash into the ground, and if we win, then we both win together.” Gold mineralization at Snip first quaked its way into the crust sometime between 175 million and 220 million years ago, bubbling up from large reservoirs of metal-rich porphyry systems below. And Snip doesn’t sit in isolation. Other standout deposits in the region that formed during the same period include Seabridge

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Gold’s (TSX: SEA) KSM project, Barrick’s Eskay Creek mine, Teck Resources (TSX: TCK.B; NYSE: TCK) and Copper Fox Metals’ (TSXV: CUU) Shaft Creek project and Imperial Metals’ (TSX: III; US-OTC: IPMLF) producing Red Chris mine — to name a few — and discoveries are picking up speed as infrastructure in the region improves. Pretium Resources’ (TSX: PVG; NYSE: PVG) Brucejack gold deposit was found by Silver Standard Resources in 2009 with a 1.5-metre discovery hole grading 16,948.5 grams gold per tonne. Proven and probable reserves for the project — which is scheduled for production in 2017 — now stand at 13.6 million tonnes of 15.7 grams gold for 6.9 million oz. gold. Outside of Snip, Brucejack is the most significant porphyryrelated vein system outlined in a region that is otherwise dominated by world-class gold-copper porphyries. “One advantage of Snip is its reproducibility in grades. There’s no nugget effect,” Netolitzky says. “There’s visible gold but it’s quite finely disseminated, so you get a nice distribution.” Over half of the mineralization at Snip was mined from the Twin zone — a high-grade blowout along an east- to southeast-striking shear zone, divided into two by a barren intrusive — whereas sub-parallel-trending structures below the main deposit accounted for the rest. Netolitzky says the deposit runs oblique over 1 km from surface, but in true length it measures 300 to 400 metres along strike, extends 500 metres true-length to depth and is open east and down-plunge of the historical workings. “If we can find another highgrade ore shoot like the Twin z one t hen, i n t h is ma rket , it would be wonderful,” he says. “This is really brownfields exploration … and from what I can see there’s likely a significant amount of material left behind. Operating guys don’t explore the same way as us explorationists. They might’ve thought they were being successful, but they don’t look too far outside their mining window for opportunities.” Coles points out that the project’s previous operators had a high hurdle for what was considered economic. “If we go back in history and look at what happened, the miners had no electricity or roads — it was a f ly-in, f ly-out, high-cost operation” he says, noting that concentrate was shipped from the site via hovercraft down the Iskut River. “Now gold prices are four times higher than what they were, and there’s a two-year old hydroelectric plant with road access within 17 km from the property. So it wouldn’t take much to connect them.” Coles says Skeena will spend the next two months pouring over old data and fine-tuning an exploration strategy to get the most out of the project’s initial $500,000 exploration budget for the year. “We want to be thoughtful about this, and have a strong understanding of where the best opportunities are on the property,” he says. “We’re definitely eager to get in there.” Skeena shares have traded within a 52-week range of 5¢ to 12¢, and closed at 8¢ at press time. The company has 325.4 million shares outstanding, for a $29.4-million market capitalization. TNM

2016-04-05 8:53 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 11-17, 2016

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Financial Accountant Ontario, Canada

Procurement Specialist Saskatoon, SK

The Financial Accountant is a key member of the Finance group.

In this role you will source a range of materials, equipment and services,

This position will be responsible for cash management as well as playing

conduct RFQ’s/RFP’s and interact closely with internal and external stake-

an important role in the monthly reporting requirements of J.S. Redpath

holders. In your work, you will be contributing to value creation from pro-

Limited and its affiliates. The Financial Accountant analyzes key account

curement activities, acting as a service provider to our partners in Saskatch-

balances, cost allocations and ensures timely submission of monthly tax

ewan operations, as well as participating in continuous improvement of

remittances.

processes and procedures.

Do you have surface and underground mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your underground experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Mining with the Ministry of Labour.

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2016-04-05 7:37 PM

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APRIL 11-17, 2016 / THE NORTHERN MINER

Kinross aims to take Tasiast from liability to ‘world-class’ BREAKTHROUGH

| Capital expenses and existing infrastructure make for easy renovation

Pit operations at the Tasiast gold mine in Mauritania, which Kinross Gold bought for $7.1 billion in 2010. KINROSS GOLD BY MATTHEW KEEVIL

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mkeevil@northernminer.com VANCOUVER

t’s not particularly hyperbolic to label Kinross Gold’s (TSX: K; NYSE: KGC) experience with the Tasiast gold operation in northwestern Mauritania, West Africa, a total disaster. The company has spent the past five years trying to engineer a viable expansion plan at the mine, and it has written off a large amount of the $7.1-billion it spent to acquire the asset from Lukas Lundin’s Red Back Mining in 2010. When Kinross moved Tye Burt out of the corner office in mid-2012 and promoted investment banker J. Paul Rollinson to president and CEO, it was widely believed the high-priced Tasiast acquisition had a lot to do with the change. But now the company says it has finally found a way to unlock Tasiast's potential. At an event in Toronto in late March, management unveiled a US$1.5-billion, two-phase plan for Tasiast that features a feasibility study on an initial 12,000-tonneper-day expansion, and a prefeasibility study on a second phase that would propel the mining rate to 30,000 tonnes per day. “Tasiast was originally a small mill designed to chase small open pits. What it will be going forward is completely different, because we now have a massive amount of gold in a large open pit,” Rollinson said, emphasizing the company will indeed proceed with the first expansion phase. “It’s higher grade, but it’s harder material. The challenge over the past few years has involved finding the right size of mill capacity to deal with the new geometry, volume and hardness … we’re talking brownfield here. The pit looks great and I don’t think you would recognize the mill compared to one year ago,” he added. K inross has operated an 8,000-tonne-per-day mill and dump leach at Tasiast that cranked out 219,045 oz. gold in 2015 at cost of sales of US$1,021 per oz. The initial expansion will boost the mine’s annual production to 409,000 oz. at all-in sustaining costs of US$760 per oz. Kinross’s plans are based on proven and probable reserves of 132 million tonnes grading 1.9 grams gold per tonne for 8.32 million contained oz. Outside the current mine plan are measured and indicated resources of 75 million tonnes of 1.3 grams gold

for another 3.2 million contained oz. The initial expansion would cost US$728 million, which includes US$300 million in capital expenses and US$428 million in capital stripping over the next three years. Kinross reports that construction to install incremental crushing and grinding capacity to the carbon-inleach circuit — which includes an oversized semi-autogenous grinding mill and gyratory crusher — will begin immediately.

“WE SENT OUR TEAM BACK TO THE DRAWING BOARD, AND WE’VE COME UP WITH AN EXCELLENT APPROACH.” J. PAUL ROLLINSON PRESIDENT AND CEO, KINROSS GOLD

“This is a situation where the quote ‘necessity is the mother of all invention’ really applies. Through our past two studies at Tasiast the gold price just got lower, and we were forced to hit the ‘pause’ button for balance-sheet reasons,” Rollinson said. “We sent our team back to the drawing board, and we’ve come up with an excellent approach … the two-phase strategy balances the current gold-price environment and market challenges. For the phase-one capital we’ll double our production and decrease operating costs, and if you look at that profile, we will have a good mine here,” he continues. Assuming a US$1,200 per oz. gold price, the phase-one project carries a 20% internal rate of return (IRR) and a US$635-million net present value (NPV) at a 5% discount rate. A decision on the second expansion will likely not come until the end of 2017. Rollinson says the company will evaluate the strength of its balance sheet, operating performance and state of gold markets before green-lighting a second major capital investment at Tasiast. The plan involves boosting throughput by 18,000 tonnes per day via replacing two ball mills, increasing incremental power generation to the power plant, more leaching and thickening capacity, and mine fleet expansion. The price tag for the second stage is an estimated US$739 million, which includes

US$620 million in capital expenses and US$119 million in stripping. Assuming Kinross proceeds with the 30,000-tonne-per-day plan, Tasiast would crank out 777,000 oz. gold annually at all-in sustaining costs of US$665 per oz. The combined investment features a US$885-million NPV and 17% IRR. “We’ll proceed under a similar model in phase two, where we’ll double production and drop operating costs. Only this time the product would have a world-class profile based on mine life and annual production,” Rollinson says. “Of course the breakthrough was in terms of capital expenses. The smaller scale was definitely a contributor, but we also use existing infrastructure. I’ve said before that we were going to build a new house, but now we’re renovating. Finally, the market conditions today are much better for building a mine than they were four years ago.” Kinross’ previous plan was released in late 2014, and it involved a US$1.6-billion investment to boost Tasiast to 38,000 tonnes per day. The capital number may look relatively similar, but the previous estimates excluded pre-stripping costs. The company has a pro-forma US$700-million cash balance and US$1.5 billion available on its revolving credit facility. Kinross will have no debt maturities until mid-2019, after the scheduled US$250-million repayment in senior notes later this year. BMO Capital Markets analyst Andrew Kaip said that Kinross “delivered on the Tasiast rethink,” and noted that phase one could “meaningfully impact the mine’s cost structure and lower its cost positioning in the context of the company’s overall portfolio.” BMO Research has an “outperform” rating on Kinross along with a $3.75-per-share price target. Kaip added that “we think the decision to approve [phase two] is also supported by the view that future resource conversion and growth will extend mine life beyond the current study.” The company's shares have traded within a 52-week range of $1.79 to $4.63 per share, and jumped 13% after the Tasiast news, en route to a $4.50-per-share close at press time. Kinross has 1.2 billion shares outstanding for a $5.7-billion market capitalization. It expects to produce between 2.7 million and 2.9 million equivalent oz. gold in 2016 at all-in sustaining costs from US$890 to US$990 per oz. TNM

2016-04-05 8:53 PM