The Northern Miner April 4 2016 Issue

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Lower taxes in Argentina help NGEx Resources COPPER-GOLD

| Elimination of export tax lifts NPV, IRR SMSJ_Sept 2012_Pro_TH_PC

Rubicon’s Winship discusses Phoenix error

Mobile Equipment for Safety and ProductivityINTERVIEW | ‘Everyone is Re-Located to a 50,000 sq.ft. smarter PLant! with the benefit of hindsight’

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NGEx Resources’ flagship Constellation copper-gold-silver project in Argentina.

BY TRISH SAYWELL AND ELENA MAYER

BUENOS AIRES, ARGENTINA

A

rgentina’s recent elimination of an export retention tax on copper concentrate exports improves the economics of NGEx Resources’ (TSX: NGQ; US-OTC: NGQRF) Constellation copper-gold-silver project, the company says.

The junior explorer, part of the Lundin Group of Companies, says that under the new tax regime, Constellation’s after-tax net present value rises to US$2.6 billion from US$2.1 billion, and its after-tax internal rate of return increases from 14.5% to 16.6%.

The project — which consists of two deposits, one in Chile and one in Argentina’s San Juan province — would have a central processing facility that would produce 150,000 tonnes copper, 180,000 oz. gold and 1.18 million oz. silver a year over a 48-year mine life.

The company says that if the project becomes a mine, it would start as an open-pit at the Josemaria copper-gold porphyry in Argentina and later move underground as a

See WINSHIP / 2

NGEX RESOURCES

block-caving operation at the Los Helados copper-gold porphyry deposit in Chile. The two deposits are 10 km apart.

According to a preliminary economic assessment released in January and revised in February, after eliminating the export retention tax, Josemaria would have a 15-year mine life and the block cave at Los Helados would operate for 41 years.

Initial development would target the highest-grade portion of the Josemaria deposit, which is a nearsurface zone of supergene enriched mineralization. As the high-grade material at Josemaria depletes, production would transition to the high-grade core of Los Helados.

“We have two good projects and we can combine both, and the numbers are very good,” Alfredo Vitaller, NGEx’s general manager for South America, says in an interview at his office in Buenos Aires. “We think we can have the best of both countries — the best of Argentina and the best of Chile — and it will be a very good project.”

NGEx owns 60% of both deposits. Pan Pacific Copper owns the remaining 40% of Los Helados, and Japan Oil, Gas and Metals National

Corp. holds the remaining 40% of Josemaria.

The PEA estimated initial capital expenses of US$3.1 billion, with lifeof-mine sustaining capital expenses of US$4.4 billion. Life-of-mine C1 cash costs, net of by-product credits, would come to US$1.05 per lb. payable copper. Metallurgical work has demonstrated a clean, 29% copper concentrate with high precious metal content.

NGEx expects that development costs for the Los Helados block cave would be paid for through operating cash flow from Josemarie’s open pit.

The company describes both deposits as relatively “easy” discoveries. At Josemaria, the first drill hole returned 280 metres of 0.6% copper and 0.51 gram gold per tonne, while at Los Helados, the first hole cut 290 metres of 0.2% copper and 0.23 gram gold per tonne.

In addition to the Constellation project, NGEx has discovered the Filo del Sol deposit, a wholly owned high-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry copper-gold system that straddles both Argentina and Chile. The

ELDORADO GOLD: HOPEFUL IN GREECE / 3

April 4 Pgs 1 2 3 4 5 7 8 9 14 16.indd 1

ichael Winship, a mining engineer, joined the board of Rubicon Minerals (TSX: RMX; US-OTC: RBYCF) in 2011 and was appointed the company’s interim-president and CEO in October 2015. Rubicon started trial mining its F2 deposit at the Phoenix property in Ontario’s Red Lake district last year, but the geology was more complex than they thought, and underground operations were halted in November. Management announced that there is “significant doubt as to the ability of Rubicon to continue as a going concern.”

property is accessible by road from Copiapo in Chile, or from San Juan province in Argentina.

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Rubicon’s Phoenix unlikely to rise again | Company continues discussions with CPPIB

COVENANT BREACH

R

BY TRISH SAYWELL AND LESLEY STOKES

ubicon Minerals (TSX: RMX; US-OTC: RBYCF) says there is “significant doubt” that it can continue as a going concern.

The junior has breached a technical covenant on a US$50-million secured loan facility from the Canada Pension Plan Investment Board (CPPIB).

Under the May 2015 financing agreement with CPPIB, Rubicon’s Phoenix gold mine was to have reached 60 consecutive days of commercial production by Feb. 12, 2016, — a deadline that came and went.

Rubicon built the Phoenix mine in Ontario's Red Lake district without a feasibility study. Trial mining at the F2 deposit was called off late last year when the company realized that the geology was more complex than it had thought.

In January, Rubicon told the market that contained indicated gold ounces at F2 were 91% less than a 2013 National-Instrument 43-101 compliant resource estimate by SRK Consulting, while contained gold ounces in the inferred category had fallen 86%, compared with the earlier estimate.

In its latest press release Rubicon said it was in discussions with CPPIB, but noted there “can be no assurance that CPPIB will not exercise any rights or remedies in relation to the event of default, as outlined in the loan facility agreement.”

Dan Madge, CPPIB’s senior manager of media relations, said in an email to The Northern Miner that the board had no comment and could not provide a spokesperson.

The junior also released financial results for the year ended Dec. 31, 2015, noting that its cash and equivalents of $22.3 million were dwarfed by negative working capital of $179.9 million. (Working capital can be negative if current assets are less than current liabilities.)

Rubicon also posted a 2015 impairment loss of $203.5 million related to property, plant, equipment and inventories.

On top of that, the company said it has reclassified its loan facility, gold-stream facility and finance lease obligations, with balances of $69.9 million, $103.6 million and $11.5 million from non-current liabilities to current liabilities effective Dec. 31, 2015.

In February 2014, Royal Gold (TSX: RGL; NASDAQ: RGLD) en-

RUBICON BUILT THE PHOENIX MINE IN ONTARIO'S RED LAKE DISTRICT WITHOUT A FEASIBILITY STUDY. tered into a $75-million gold stream with Rubicon. Karli Anderson, Royal Gold’s vice-president of investor relations, did not return an email requesting comment before press time.

In a press release earlier this month announcing its fiscal secondquarter results, Royal Gold said it “anticipates that it will conclude its technical evaluation of the revised geologic model and mineralized material statement prior to the release of financial results for the period ended March 31, 2016.

“Upon completion of our evaluation and upon consideration of any strategic developments with Rubicon or the Phoenix gold project, the company could determine that an impairment of its carrying value of the Phoenix gold project comprised 2.5% of the company’s total royalty and stream interests.”

Rubicon has said that “more exploration is required at depth and along strike to potentially develop an economic mining operation at Phoenix,” but that “other than conducting desktop studies and preparing future exploration plans, Rubicon does not have any intentions to proceed with an exploration program in the immediate future.

An exploration program would require the company to secure additional funding.”

Tim Oliver, an environmental engineer and independent consultant in Tucson, Ariz., says it’s unusual for a company to build a mine without a feasibility study.

“I’m not a geologist and I never looked at their resources, reserves or any drilling,” he says. “But someone asked me what I thought about the project, and when I took a quick glance and saw that they had only completed a preliminary economic assessment and built a mine anyway, I said, ‘Wow, are you kidding? That’s dangerous, you can’t do that.’”

At press time, Rubicon’s shares had dropped 41% to 6.5¢ on 10.7-million shares traded.

At its 2010 peak, Rubicon’s shares changed hands at $6 apiece. TNM

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Interview: Winship on Phoenix WINSHIP From 1

Winship spoke to The Northern Miner about the project and Rubicon’s future.

TNM: Starting with the elephant in the room, why did the company decide to build the mine on just a preliminary economic assessment (PEA)?

Michael Winship: At that time it was a measured evaluation and measured risk where we had the benefit of high metal prices, we had financing available and we saw that we would have to invest nearly the same amount in underground development, and the optionality was really the incremental cost to build the mill facility.

TNM: Would you do it again?

MW: Everyone is smarter with the benefit of hindsight, and certainly we’ve seen in history a lot of people doing complete underground exploration and feasibility studies, and with the benefit of that knowledge now, we would have proceeded along a different path, no doubt.

TNM: But shouldn’t Rubicon have figured out at the time that it is important to do a feasibility study before building a mine? How does hindsight play a role?

MW: People are challenging it again with the benefit of hindsight, but where we sat at the time, and based on the drilling, the zone looked continuous, we had high-grade intersections and knowledge of the other Red Lake mines like the Campbell and Dickinson mines, so there were feelings that the potential was strong at the Phoenix.

There’s another major gold miner down the road that has made quite large investments and has run into some challenges as well, and that’s the nature of exploration and development. It’s a risky business and you try to make the best judgment with the information you have.

TNM: In January the Association of Professional Engineers and Geoscientists fined Peter Thomas George for his role as Qualified Person in Rubicon’s first two resource estimates in 2011.

MW: I wasn’t on the board when the Peter George estimate was made, so I can’t really make a knowledgeable comment.

TNM: AMC Consulting did another resource and a PEA the same year.

Does AMC Consulting not share any of the responsibility? Or SRK Consulting, for that matter, which did the June 2013 resource estimate, and the second PEA? Should they be investigated for their role in any of this?

MW: They’re professional companies, they have professional geologists and they’re both coming under their share of criticism. But again, as you advance exploration projects, you make estimates with the best information you have at the time, and certainly it’s a recent discovery — the influence of these crosscutting or D2 structures — that wasn’t really understood until the last few months, when there was development on the mineralized zones.

TNM: How much time did SRK spend on-site before the 2013 resource estimate?

MW: I couldn’t give you a knowledgeable answer over the phone. It was as part of the 43-101 process.

They had to spend time and anecdotally, I’ve heard that they spent extensive time, but I can’t give a qualified answer on that.

TNM: Did SRK have any interaction with Rubicon geologists who worked the core and managed the drill programs?

MW: In both instances, if you went back and checked the 43-101 reports and PEA, you’ll see that it’s well documented what those interactions were, and who was involved.

“I WOULD CAUTION THAT AT ANY TIME THE CPPIB COULD EXERCISE THEIR RIGHTS UNDER CONTRACT TO PUT US INTO DEFAULT AND RESTRUCTURING.” MICHAEL WINSHIP INTERIM-PRESIDENT AND CEO, RUBICON GOLD

TNM: But should they, like George, be evaluated in their roles in completing subsequent resource estimates and PEA-level studies?

MW: People can draw their own conclusions, but my point of view is that the documents were published at the time with the information that was had, and there’ s a recent discovery of information with regards to the structural geology, and a more conservative estimate.

TNM: What do you mean by the recent discovery of information?

MW: The recent discovery of new information was that we were developing and drilling along the mineralized zone, and raising, and sub-drifting, and that’s where we saw the lack of continuity in the lithological structures, and came to learn the influence of these crosscutting faults.

TNM: By some estimates Rubicon raised more than $700 million from investors over the years for Phoenix.

Is that number correct?

MW: I’d invite you to look at our financial statements and you can confirm or deny that. I’d have to consult with our financial people to know that exact number, I don’t have it at my fingertips.

TNM: What is the company worth today?

MW: The current market capitalization is $25 million.

TNM: Could you sell the mill?

MW: That’s a possibility. I’d hate to speculate. It really depends if there’s another company that wanted to use it in the Red Lake area or if they were looking at a similar-sized capacity mill in northern Ontario, then it could be worth a lot more. If you just sold some of the individual assets, like the semi-autogenous grinding or ball mill, it would definitely be worth a lot less.

TNM: Was Rubicon’s former president and CEO Michael Lalonde fired or did he resign? The company announced he left the company on Oct. 5.

MW: I’m not going to comment on that, you can go and look at the wording of the press release and the management discussion and analysis.

TNM: When did it become clear that there were serious problems? Which month? Was that September 2015?

MW: Not really going to comment on an exact time frame, as I say there were discoveries along the way of the geological complexities, so it wasn’t at one specific point in time that we saw the challenges.

TNM: Yes, but at the Denver Gold Forum from Sept. 21–23 in 2015, Lalonde gave a presentation and did not seem to suggest there were any major problems. The slides he used described Phoenix as “low risk.”

Some people are critical of Rubicon’s disclosure. Can you comment on that?

MW: No, I won’t comment on that aspect, or get into it. I replaced Mike at the beginning of October, so I can’t comment on what he said at the Denver Gold show. There were concerns at the board level in the ramp-up of the mine.

TNM: Are there any constructive lessons that the industry can learn from what happened at Rubicon and its Phoenix project?

MW: Last night I spoke in Sudbury at the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and inevitably in any project there are lessons learned and there are things that you take away that you could have done better. The major aspect with the benefit of hindsight would have been to go to a more traditional way — of full underground exploration and delineation of both resources and reserves.

TNM: Do you mean doing a feasibility study?

MW: With the benefit of hindsight, going with that more traditional approach — as has been done in the past with many projects of going with a feasibility study — could have uncovered some of the challenges that later came out.

TNM: Looking ahead, are you optimistic that Rubicon can work something out with the Canada Pension Plan Investment Board?

MW: We’re continuing constructive discussions with CCPIB. I would caution that at any time they could exercise their rights under contract to put us into default and into a restructuring situation, and that hasn’t occurred to date.

TNM: What would be the best-case scenario?

MW: We’re looking at a number of options. We call it a strategic review or divestiture that could bring value to some of the stakeholders, and another path could be to go through a restructuring that would allow the Phoenix property to move ahead and some of the stakeholders get some value — let the project proceed and presumably go back to an exploration … that would require further recapitalization and financing to advance the exploration. We’ve been doing studies in parallel to look at where we’d focus exploration attempts.

TNM: What are your plans over the next year or so?

MW: I’m president-elect of CIM. In May I’ll take over … and I’m looking forward to that role to [give] back to the mining industry.

TNM: Any other comments you’d like to make about the project?

MW: I would just say personally, having worked in Red Lake as general manager of the Campbell mine, I still believe in that district. It’s a world-class district and I remain cautiously optimistic that the Phoenix project can be advanced and ideally made into a mine.

As project manager at Musselwhite, it did not go ahead immediately. We sunk a shaft and did an underground exploration program, and it was put on hold for about seven years. Later it was advanced, and it’s been one of Canada’s best gold mines. Goldcorp owns it.

TNM: So Phoenix could still become a mine?

MW: I’m cautiously optimistic.

There’s good potential. There are quite a few high-grade intercepts there and that would be a logical place to explore, and we saw the Dickinson mine, now the Red Lake mine, it came into its own at depth, so that would be my hope for Phoenix.

[Dickinson] operated for a number of decades on a fairly marginal basis. They discovered highergrade material at depth, and that became the preeminent mine in the camp. TNM

2016-03-29 8:37 PM

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Eldorado CEO sees more ‘constructive relationship’ in Greece GOLD MINING

| Globe-trotting producer takes US$1.5B writedown on Greek assets

“WE NEED TO SEE A WAY FORWARD AT BOTH SKOURIES AND OLYMPIAS. THAT REQUIRES NOT ONLY RECEIVING OUR PERMITS, BUT ALSO HAVING AN OVERALL BETTER RELATIONSHIP WITH THE GOVERNMENT.”

BY MATTHEW KEEVIL

E

mkeevil@northernminer.com VANCOUVER

ldorado Gold (TSX: ELD; NYSE: EGO) has been at loggerheads with the Greek government over permits, and the firm's sociopolitical troubles in the country were a major contributor to a US$1.5-billion impairment it booked in 2015.

In January, Eldorado indicated it would curtail its investment in Greece until it received various “routine permits” and licence approvals. The courts have tended to rule in favour of the company, but the Ministry of Energy has reportedly frustrated the permit process — especially in regards to Eldorado developing its Skouries gold-copper porphyry deposit on the Halkidiki Peninsula.

The company has had problems with the ministry since around 2012, and has described the Greek regulators as having failed to “entirely fulfill their permitting and licensing obligations” due to the “lobbying efforts of anti-development interest groups.”

There is some positive news, however, as Eldorado recently received an installation permit for mill refurbishment and underground development at its Olympias goldsilver-lead-zinc mine. The company estimates it will spend US$155 million on the expansion this year, assuming everything goes according to plan.

“We need to see a way forward

PAUL WRIGHT PRESIDENT AND CEO, ELDORADO GOLD

A construction worker at Eldorado Gold’s Skouries gold project in Greece.

at both Skouries and Olympias.

That requires not only receiving our permits, but also having an overall better relationship with the government,” president and CEO Paul Wright said during a conference call.

“We are seeing a more constructive relationship being manifested through the recent project approvals, and our expectation is that this will continue across both projects,” he added.

Eldorado’s political troubles and

ELDORADO GOLD

related impairments overshadowed a relatively strong 2015 on the production front. The company exceeded its guidance estimate by over 20,000 oz. gold by cranking out 723,532 oz. at all-in sustaining costs of US$842 per oz.

Setting aside the impairments, Eldorado reported an adjusted loss of US$19.3 million, or 2¢ per share.

The production boost followed better-than-expected performances at the company’s mines in Turkey.

The standout Kisladag heap-leach

operation produced 280,000 oz. gold in 2015.

“K isladag a nd Efemcu kur u performed well, beating budget on both gold production and operating costs,” chief operating officer Paul Skayman said.

“Kisladag was well ahead of our earlier predictions largely due to increased solution addition and drawdowns on the inventory at the leach pad.”

Meanwhile, Eldorado is rethinking what to do with its gold mines

Lower taxes in Argentina help NGEx

NGEx Resources’ Constellation copper-gold-silver project in Argentina.

NGEX From 1

grading 0.4% copper; 0.33 gram gold per tonne; 12.2 grams silver per tonne, for contained metal of 3.3 billion lb. copper; 4 million oz. gold; and 149.8 million oz. silver.

The resource calculation is based on 30,900 metres of drilling in 114 drill holes.

Like Barrick Gold’s (TSX: ABX; NYSE: ABX) Pascua Lama gold project, it is included within the “Vicuna Additional Protocol” under the Mining Integration and Complementation Treaty between Argentina and Chile.

Vitaller, who has worked as an exploration geologist with the Lundin Group for the last 25 years, describes Argentina’s geological

April 4 Pgs 1 2 3 4 5 7 8 9 14 16.indd 3

NGEX RESOURCES

potential as “huge,” and the country as under-explored.

While it shares the same mountain range as Chile, Argentina’s mining sector got off to a slow start.

“One hundred years ago Chile decided to be a mining country and Argentina decided to be an agricultural country,” he says. “We went to cows and wheat, we didn’t have that mining culture. In Chile, everyone is involved in mining. You talk to a taxi driver — anybody — and they all know mining.

“Our main job right now is to try to convince people that mining can coexist with agriculture,” he continues. “Some environmentalists say that it is agriculture or mining.

We need to change that belief to agriculture and mining.”

“WE THINK WE CAN HAVE THE BEST OF BOTH COUNTRIES — THE BEST OF ARGENTINA AND THE BEST OF CHILE — AND IT WILL BE A VERY GOOD PROJECT.” ALFREDO VITALLER GENERAL MANAGER FOR SOUTH AMERICA, NGEX RESOURCES

In fact, modern mining only took off in Argentina in the 1990s.

But it was short-lived. A change

in government brought more than a decade of populist rule, along with new taxes on metal exports and a range of capital controls and import restrictions that made it difficult for foreign mining companies to operate in the country.

At mining’s peak in the 1990s, Vitaller says there were 120 companies carrying out exploration in the country. Today this number has shrivelled to 12 or 15, he says.

This puts NGEx in a good strategic position, as it has been exploring in the region for a quarter of a century.

Vitaller says that “our group understands Argentina and we strongly believe that in one or two years, it will be in a very good position to develop its mining sector.” TNM

in in China. The company’s Tanjianshan, Jinfeng and White Mountain operations are expected to crank out 255,000 oz. this year at cash costs ranging from US$625 to US$750 per oz.

E ldor ado h ad c ontempl ated listing the China assets on the Hong Kong Stock Exchange, but it has subsequently been approached by “a number of Chinabased mining companies with an interest in acquiring some, or all” of the company’s in-country portfolio. Canaccord Genuity analyst Tony Lesiak pegs the package’s net asset value at US$725 million.

“We are clearly open to interesting ideas moving forward. In the event we did divest the Chinese assets, we would look for a way to replace that production both internally and externally,” Wright said. “I’d suggest we’re probably a little bit more interested in external opportunities now than we were, say, a year or two ago. But I’d point out there aren’t a lot of gems just waiting on the curb to be picked up.”

Canaccord has a “hold” rating on Eldorado with a $4.75-per-share price target, and Lesiak noted on March 24 that “a divesture of the [China] assets would provide a sizable war chest to diversify the geographic risk profile. [Eldorado] has already shown an interest in Canada with an investment in Integra Gold (TSXV: ICG; US-OTC: ICGQF), and owns 15.3% of the company.”

Eldorado finished 2015 with US$293 million in cash and equivalents and US$475 million in undrawn lines of credit. Shares have traded in a 52-week range of $2.67 to $6.68 per share, and closed at $4.04 at press time.

Eldorado has 717 million shares outstanding for a $2.8-billion market capitalization. TNM

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E D I T O R IA L Canada suddenly knee-deep in deficits | Mining industry hails federal commitment to aboriginal development

FEDERAL BUDGET 2016

W

ell, it wasn’t quite what was billed in the Canadian federal election last October: the first budget tabled by Justin Trudeau’s new government goes easy on the promised infrastructure spending and instead puts the government’s finances deeply in the red, with middleclass tax cuts and wealth redistribution to

BY JOHN CUMMING jcumming@northernminer.com the poorest Canadians, with no real plan to return to a balanced budget.

Instead of going up to $10 billion into deficit in 2016 as promised in the election campaign, the new Liberal has charted a path to create a $29.4-billion deficit this year and another $29-billion deficit next year.

Perhaps the most sweeping change in the budget is the overhaul to family tax credits to help low-income Canadians with children.

You can play around with the numbers at www.budget.gc.ca/2016/ tool-outil/ccb-ace-en.html, but as an example at the most generous end, a household bringing in a full-time minimum wage of $18,000 annually with two children under six years old will now receive $12,800 in annual tax-free child benefits starting July 1.

The Trudeau government pretty much left corporate taxes alone, and focused much of its tax changes on personal rates. Of note to investors and people involved in start-up companies, the Liberals didn’t implement a campaign promise to hike the inclusion rate for capital gains beyond the current 50% to perhaps 67% or 75%, or to pursue a plan to cap stock-option grants at $100,000.

An expected drop in tax rates to 9% from 10.5% for small businesses earning less than $500,000 also didn’t materialize — in effect maintaining this tax rate only slightly under the 11% general corporate tax rate. Dan Kelly, president of the Canadian Federation of Independent Business, called it a “big, fat broken promise.”

Earlier this year, the Trudeau government had already reduced the income tax rate for the middle-income bracket to 20.5% from 22%, and boosted the tax rate on people earning more than $200,000 annually to 33%, from 29%.

For the unemployed, employment insurance (EI) benefits will be extended in the 12 hardest-hit regions of Canada, and employees will see their EI premiums cut beginning next January.

The Mining Association of Canada (MAC) said it welcomes the new Liberal government’s “appropriate” investment in areas that “facilitate the responsible growth of mining in Canada,” such as fostering a clean growth economy and reconciliation with Indigenous Peoples.

MAC gives a nod of approval to several budget moves: improved funding of the Canadian Environmental Assessment Agency and Fisheries and Oceans Canada, which will help it carry out efficient regulatory reviews and support meaningful consultations with Indigenous groups; new investment in Natural Resources Canada’s science laboratories; support for the Canadian Northern Economic Development Agency; renewal of the popular 15% Mineral Exploration Tax Credit (i.e., federal “f low-though shares) for another year; and removal of double taxation of greenhouse gas emission allowances.

Across the Canadian mining community, MAC and others are lauding the new government’s interest in seeking reconciliation with Indigenous Peoples, including new money for education, skills training, and social and economic infrastructure in aboriginal communities. Some $8.4 billion in new money will be earmarked for aboriginal communities over the next five years, including $2.6 billion for primary and secondary education on reserves, and $2 billion for water and wastewater infrastructure.

MAC says that “these investments are important building blocks for accelerating the participation of Indigenous Canadians in the mining industry,” which remains the largest private sector employer of Indigenous Canadians.

Canada’s mineral explorers and mine developers also approve of the federal government’s commitment to broaden the definition of Canadian Exploration Expenses (CEE), which now includes certain mineral exploration costs associated with undertaking environmental studies and community consultations. TNM

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Mining Jobs. . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory . . . . . . . . . .13,14 Stock Tables . . . . . . . . . . . . . . . . . . .10,11

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by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

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O P- E D

AngloGold Ashanti . . . . 14 Barrick Gold . . . . . . . 3,6,14 Cameco . . . . . . . . . . . . . . 16 CanAlaska Uranium . . . 16 Catalyst Copper . . . . . . . . 6 Denison Mines . . . . . . . . 16 Eldorado Gold . . . . . . . . . 3 Fission Uranium . . . . . . 16 Freeport-McMoRan . . . . 6 Goldcorp . . . . . . . . . . . . . 14 Gold Reserve . . . . . . . . . . 6

Hudbay Minerals . . . . . . 14 Iamgold . . . . . . . . . . . . . . . 6 Integra Gold . . . . . . . . . . . 3 KGHM Polska Miedz Kinross Gold. . . . . . . . . . . 5 Metanor Resources . . . .6,7 Minas Buenaventura . . . . 6 Newmont Mining . . . . . 14 Nexgen Energy . . . . . . . . 16 NuLegacy Gold . . . . . . . . 7 NGEx Resources . . . . . . . 1

Peabody Energy . . . . . . . . 6 Potash Ridge . . . . . . . . . . . 6 Richmont Mines . . . . . . . 6 Rosita Mining . . . . . . . . . . 6 Royal Gold . . . . . . . . . . . . 2 Rubicon Minerals . . . . .1,2 Sumitomo Metal Mining 5 TMAC Resources. . . . . . . 6 Vale . . . . . . . . . . . . . . . . . . . 6

Mike’s strange discovery in Arizona ODDS ‘N’ SODS

| A tale of cuprite and chrysocolla

BY M.A. “MO” KAUFMAN Special to The Northern Miner

M

ike Fitzgerald was in no way the smooth-operator type found in the universe of large corporations. His mannerisms appeared more like those of a boxer, and for good reason — in his younger days he was an accomplished middleweight fighter.

Mike never was one to toot his own horn, but his rough mien concealed a deep scientific curiosity, which served him well as a geologist. Perhaps his greatest success, shared with partner Harry Ranspot, was during the early 1970s, when they first recognized the potential of what is now Barrick’s Goldstrike complex in Nevada’s Carlin Trend. They staked critical ground there and

the time Phelps Dodge’s two lead exploration geologists were out of the office, so Roper dealt with an executive manager. The manager, fully aware of the New York office decree, agreed to option Roper’s property, sight unseen, with a substantial work commitment, which could only be satisfied by drilling.

The exploration leaders returned to the office horrified by this acquisition. They had previously examined this property, and considered it a worthless dog. As the property is much closer to Morenci than Douglas, they asked the Morenci management if they could handle the required exploration, which they agreed to do.

The Morenci manager had one geologist on his staff, whom he disliked, and assigned him to carry out the Safford exploration

THE MORENCI MANAGER HAD ONE GEOLOGIST ON HIS STAFF, WHOM HE DISLIKED, AND ASSIGNED HIM TO CARRY OUT THE SAFFORD EXPLORATION ALONG WITH MIKE, WHO WAS ONLY ONE MONTH ON THE JOB. were its first vendors.

But our story begins in 1957, just after Mike graduated as a geological engineer from the University of Minnesota, and was hired by Phelps Dodge as a mine geologist at its giant Morenci copper mine in eastern Arizona.

Shortly before Mike was hired, Phelps Dodge’s New York office management got wind of a large drilling project in the Safford District being conducted by Kennecott Copper’s exploration subsidiary.

Phelps Dodge considered Safford — close to Morenci — as their domain, and an encroaching competitor was an embarrassment.

New York quickly issued a directive to its Douglas, Ariz., exploration office: Get us a property in the Safford area.

By coincidence a short time later, W. D. Roper, a claim owner in the Safford district, walked into Phelps Dodge’s Douglas office and talked up his property, which was in a low relief area south and downslope from Kennecott’s property. At

along with Mike, who was only one month on the job. Their instructions were to pick out a few drill sites and let her rip. As Mike told me, “the decision was made for us — the property was going to be drilled.”

Now let me interject: During the 1950s, the conventional thought in Arizona exploration circles was that any porphyry copper deposit would be marked at surface by an extensive, limonitic leached capping. And certain features classified as a “friendly brown” colour and appropriate limonitic boxworks could diagnose underlying supergene enriched copper.

There were leached cappings in other parts of the Safford District, but Roper’s property was mainly underlain by massive black andesite with weak chrysocolla showings cut by infrequent, weakly mineralized monzonite porphyry dikes.

The two geologists began by See ODDS 'N' SODS / 5

2016-03-29 8:37 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 4–10, 2016

Kinross fights shutdown order at Maricunga mine

Mike’s strange discovery ODDS 'N' SODS From 4

mapping the hungry-looking rock, accompanied by limited rock sampling. They would find no sizable area averaging any better than 0.2% copper. They selected two drill sites, one in the area of the strongest copper showings, and the other in a distant area of weak limonite capping.

The hole testing the best copper showing at 20 feet deep entered oxidized copper grading 0.4% copper or more, and remained in this grade to 1,500 feet deep, after which it intersected a 300-foot-thick zone of chalcopyrite-bornite ore averaging 1% to 1.5% copper, followed by ore grade to 3,000 feet, where the hole stopped. The second hole cut weak copper-bearing pyritic rock until 2,500 feet deep, where ore grade intersected the hole bottom.

These findings, of course, led to a major drilling project, which indicated a huge orebody of leachable copper with an average 0.7% copper grade.

Before he passed away in 2009, Mike witnessed Phelps Dodge putting the property into production 50 years after its discovery at a rate of at least 200 million lb. copper annually.

Shortly thereafter Phelps Dodge was acquired by Freeport-McMoRan, which currently operates the mine.

Turning to geology and following Mike’s account: The reason the surface showings in the black andesite were so weak is that the sulphides oxidized into a combination of chrysocolla and earthy cuprite, and the soft cuprite “whipped out” from the near surface, leaving only chrysocolla.

As we know from mineralogy, cuprite contains a high copper ratio compared to chrysocolla, which is a hodgepodge of compounds.

Several years after the discovery, geologists determined that the massive black andesite was in fact an intensely altered rock, with its black colour enhanced by secondary biotite. It would be technically classified as potassic alteration.

After this success right out of school, Mike had two thoughts: Can the exploration business really be this easy? And more important, discoveries are more likely to be made if you don’t follow the herd.

This latter thought influenced his thinking throughout his career.

From my own experience, I have heard countless times from negatively inclined geologists’ property evaluations: “Why should it get better at depth?”

This one got better within 20 feet of surface.

— The author is a geologist living in Washington State’s Spokane Valley.

Published by:

5

ENVIRONMENT

| Chilean regulators cite ‘irreparable damage’ to water resources

Kinross Gold’s Maricunga gold mine in Chile, which authorities have ordered shut down over environmental concerns.

BY MATTHEW KEEVIL

K

mkeevil@northernminer.com VANCOUVER

inross Gold (TSX: K; NYSE; KGC) is preparing to contest a shutdown order issued by Chilean regulators at its Maricunga heap-leach operation, 120 km east of the city of Copiapo. On March 18, the Superintendance for the Environment (SMA) moved to permanently close extraction water wells at the mine after citing “irreparable environmental damage.”

Maricunga sits in Chile’s Atacama, one of the driest regions in the world, which Kinross stated “has suffered from a protracted drought for many years, resulting in a drop in groundwater levels across the region that is unrelated to [operations].” Meanwhile, the SMA indicated that the mine has drained “at least 70 hectares of wetlands located in the Black Lagoon Francisco and Santa Rosa Laguna lake complex.”

The company said that Maricunga is operating normally, though it relies solely on water from the Pantanillo wells, and that it will file an appeal in Santiago via the Environmental Tribunal.

Kinross noted that regulators in Santiago must uphold the order before any closures at the site. The Northern Miner reached out to Louie Diaz, Kinross’ senior manager of corporate communications, who deferred to a press release issued by the company on March 21.

The SMA reported it had reviewed field samples and satellite images from the Maricunga area for the period between 1985 and 2015 in making its decision.

“Given the seriousness of the facts, we have been forced to apply one of the most severe penalties established in the Organic Law of the SMA,” Superintendent of Environment Cristian Franz said in the release. “The company cannot continue drawing water from wells located in the area of Pantanillo, as it has been confirmed that the operation caused irreparable environmental damage to the complex.”

Maricunga could have produced between 220,000 and 240,000 oz. in 2016, or 8% of Kinross’ pre-shutdown annual production guidance.

The mine was one of the company’s highest-cost assets last year, with all-in sustaining costs of US$1,010 per oz. ironically the operation suffered

KINROSS GOLD

“THE COMPANY CANNOT CONTINUE DRAWING WATER FROM WELLS LOCATED IN THE AREA OF PANTANILLO, AS IT HAS BEEN CONFIRMED THAT THE OPERATION CAUSED IRREPARABLE ENVIRONMENTAL DAMAGE TO THE COMPLEX.” CRISTIAN FRANZ SUPERINTENDENT OF ENVIRONMENT, CHILE

a nine-week suspension in March 2015 due to heavy rains in the Atacama region.

BMO Capital Markets analyst Andrew Kaip notes that “the impact of a potential suspension of operations at Maricunga is not expected to be material,” and says that the mine represents 1% of BMO Research’s portfolio net present value for Kinross at current metal price assumptions.

Canaccord Genuity analyst Tony Lesiak agrees that Maricunga was “not a meaningful contributor to the company’s [earnings],” and added that the mine was “slated for potential closure at lower gold prices, with another large pre-strip looming.”

Kinross shares has traded in a

52-week range of $1.79 to $4.63 per share, and closed at $4.13 at press time. The company has 1.2 billion shares outstanding for a $5.1-billion market capitalization.

The shutdown order is the second recent punitive move by the SMA against foreign miners. In early March the agency announced charges against Poland’s KGHM Polska Miedz and Japan’s Sumitomo Metal Mining for environmental infractions at the large Sierra Gorda copper operation.

The Chilean regulator indicated the companies could face fines of up to US$29 million and have operating licences revoked due to emission-control violations, operating an unauthorized tailings dam and impacting wildlife habitat. TNM

MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • Hi gh-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Inv esting in Mining • Gl ossary of Mining Terms

Now Available in Spanish

April 4 Pgs 1 2 3 4 5 7 8 9 14 16.indd 5

Order Your Copy Today!

Call 1-888-502-3456 or email info@northernminer.com

2016-03-29 8:37 PM

6

WWW.NORTHERNMINER.COM

APRIL 4–10, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / MARCH 21–24 A terrorist attack at the airport and a subway station in Brussels that left 35 people dead just before the Easter holiday chilled global markets. The S&P/TSX Composite Index closed the abbreviated trading week at 13,358.11, down 1%, while the S&P/TSX Capped Diversified Metals & Mining Index plunged 11.1% to 438.23 and the S&P/TSX Global Mining Index lost 4.1% to close at 50.28. Spot gold declined US$38.80 per oz., or 3.1%, to finish at US$1,216.20 per oz., and the S&P/TSX Global Gold Index dropped 4.3% to 180.67. West Texas Intermediate crude ended the week at US$39.53 per barrel.

Shares of Richmont Mines rose 46¢ to $6.87. After markets closed for the long weekend on March 24, the company reported results from exploration drilling at its cornerstone Island Gold mine. (The company is producing gold from the mine and developing an estimated 1 million oz. high-grade global resource at depth.) Deep drilling intersected 20.38 grams gold per tonne over 2.3 metres while lateral drilling cut 31.19 grams gold over 3.4 metres and 23.11 grams gold over 3.5 metres. The company believes the results could extend the mine life outlined in a recent preliminary economic assessment beyond the current seven years, and expand the operation from 800 tonnes per day to 1,150 tonnes per day.

TMAC Resources advanced 20¢ to $9 per share. The company completed a private placement of 827,000 flow-through shares at $10.88 per share for $9 million. The proceeds will be used for expenses for diamond drilling at its Naartok/Madrid North deposit, 8 km south of the Doris mine at its Hope Bay project in Nunavut, as well as for completing airborne geophysical surveys that started in 2015. Last year, when it had its initial public offering, TMAC secured equity and debt financing for gross proceeds of more than $365 million.

Shares of Potash Ridge soared 92% to finish at 12¢ on no news. The company’s Blawn Mountain project in Utah is made up of four areas of surface mineable alunite mineralization. Alunite is a sulphate TSX MOST ACTIVE ISSUES

First Quantum Kinross Gold Harte Gold Teck Res Yamana Gold B2Gold Barrick Gold Rubicon Mnrls Potash Ridge Lake Shore Gld

FM K HRT TCK.B YRI BTO ABX RMX PRK LSG

VOLUME (000s) HIGH

WEEK LOW CLOSE CHANGE

36665 8.53 34916 4.25 31994 0.35 31299 11.45 29537 4.27 27959 2.21 22390 19.72 20685 0.12 19726 0.13 16891 2.19

6.41 6.99 - 1.40 3.81 4.01 - 0.08 0.14 0.19 - 0.07 8.70 9.75 - 1.37 3.79 3.90 - 0.16 2.01 2.11 - 0.03 17.48 17.96 - 1.16 0.06 0.07 - 0.04 0.06 0.12 + 0.06 1.99 2.06 - 0.08

mineral rich in sulphate of potash (SOP) and alumina. Alunite can be processed to produce three marketable substances — SOP, sulphuric acid and alumina — but SOP is the goal.

Barrick Gold announced that its executive chairman John Thornton is forfeiting all of the incentive compensation he earned for 2015, and will receive $3.1 million in total compensation for the year, comprised of his

base salary, plus pension and other benefits.

The compensation represents a 76% decrease in his total compensation compared to 2014.

(The company’s compensation committee had awarded him incentive compensation of $3.4 million in 2015 — a reduction of 64% from 2014 — making his total compensation for the year $6.5 million, down 50% from the previous year.) Barrick’s shares fell $1.16 to $17.96. TNM

TSX GREATEST PERCENTAGE CHANGE VOLUME (000s) HIGH

Potash Ridge TVI Pacific Cdn Zinc Formation Mtls Alexco Res Northcliff Res Excellon Res Orbite Tech Verde Potash Sulliden Mng Rubicon Mnrls Harte Gold Stonegate Agri Marathon Gold Atlatsa Res Kerr Mines Rockwell Diam Contintl Prec First Quantum SouthGobi Res

PRK TVI CZN FCO AXR NCF EXN ORT NPK SMC RMX HRT ST MOZ ATL KER RDI CZQ FM SGQ

19726 1560 2091 500 1464 39 1247 8444 122 477 20685 31994 397 496 45 659 156 30 36665 29

0.13 0.02 0.19 0.19 1.52 0.10 0.55 0.27 0.25 0.35 0.12 0.35 0.02 0.22 0.05 0.08 0.11 0.34 8.53 0.30

TSX GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.06 0.01 0.15 0.16 1.09 0.09 0.44 0.21 0.20 0.29 0.06 0.14 0.01 0.17 0.00 0.07 0.09 0.00 6.41 0.00

0.12 0.02 0.19 0.19 1.35 0.10 0.50 0.24 0.24 0.35 0.07 0.19 0.02 0.17 0.04 0.07 0.09 0.28 6.99 0.26

+ + + + + + + + + + -

91.7 50.0 27.6 22.6 20.5 17.6 17.6 17.5 17.5 16.7 38.1 25.5 25.0 22.7 20.0 18.8 18.2 17.6 16.7 15.0

VOLUME (000s)

Platinum Gp Mt Richmont Mines Alexco Res TMAC Resources Newmarket Gold Metalore Res Lucara Diam Sierra Metals Minco Silver Excellon Res Franco-Nevada Potash Corp SK Teck Res Agnico Eagle Agrium First Quantum Teck Res Barrick Gold Goldcorp Altius Mnrls

PTM RIC AXR TMR NMI MET LUC SMT MSV EXN FNV POT TCK.A AEM AGU FM TCK.B ABX G ALS

635 1393 1464 20 5125 3 2104 56 362 1247 3941 11949 11 3734 1473 36665 31299 22390 14466 247

WEEK CLOSE CHANGE

4.80 6.87 1.35 9.00 2.48 1.90 2.72 1.46 0.80 0.50 81.17 22.63 12.20 47.82 118.57 6.99 9.75 17.96 20.91 11.11

+ + + + + + + + + + -

0.64 0.46 0.23 0.20 0.17 0.15 0.12 0.09 0.08 0.08 4.34 2.03 1.90 1.69 1.57 1.40 1.37 1.16 1.04 0.93

TSX VENTURE EXCHANGE / MARCH 21–24 The S&P/TSX Venture Composite Index peaked at 585.59 points over the holidayshortened trading period before falling to a 580.02-point close, or a 0.8-point loss, as commodities retreat on speculation of U.S. interest rate hikes in April. Spot gold fell $38.35, or 3.1% to a US$1,217.05 per oz. close, whereas three-month London Metal Exchange copper contracts dropped US$159 per tonne, or 3.1%, to US$4,911 per tonne.

Toronto-based gold junior Rosita Mining was a front runner in the greatest percentage change, gaining 6¢, or 300%, to an 8¢ close after a metallurgical and engineering update at its Santa Rita stockpile and tailings project in Nicaragua, 120 km west of the port town of Puerto Cabezas. The stockpiles were generated over a 17-year mine life from 1959 to 1975, where 5.4 million tonnes averaging 2.1% copper, 0.93 gram gold and 15.08 grams silver was processed with a 60–80% mill recovery.

The company expects a preliminary economic assessment and environmental permitting within nine months.

Metanor Resources saw 19.6 million shares traded before closing down 2¢ at 9¢ per share. The junior producer has started a 60,000-metre drill program at its Moroy prospect — a high-grade, shear-vein system

— 1 km southeast of its producing Bachelor Lake mine in Val-d’Or, Que. Investor Eric Sprott also topped up his stake in the company on March 11 to 7.1%, with the acquisition of 7 million shares.

Gold Reserve led the value-added category, gaining 34¢ to a $6-per-share close. The company announced a private placement worth US$38 million on March 9, which will be used for general working capital purposes.

In September 2014, Gold Reserve reached a settlement worth US$740 million with the Venezuelan government for losses it incurred after a nationalization campaign rescinded all permits and licences regarding the company’s Brisas project in southeastern Venezuela.

TSX-V MOST ACTIVE ISSUES VOLUME (000s) HIGH

Metanor Res Integra Gold Tango Mining Red Hut Rosita Mg Corp Claim Post Res Eagle Graphite True Gold Mng Fieldex Expl Alexandria Min

MTO ICG TGV ROB RST CPS EGA TGM FLX AZX

19639 16755 10864 9141 8830 7590 7226 6198 5678 5652

0.13 0.45 0.02 0.12 0.08 0.03 0.03 0.50 0.05 0.05

WEEK LOW CLOSE CHANGE

0.08 0.42 0.01 0.04 0.02 0.01 0.00 0.47 0.03 0.04

0.09 0.45 0.02 0.07 0.08 0.03 0.03 0.47 0.04 0.04

- 0.02 0.00 + 0.01 + 0.04 + 0.06 + 0.02 + 0.01 - 0.01 0.00 - 0.01

Negotiations to collect the settlement led to the signing of a Memorandum of Understanding in February, which contemplates payment, transfer of mining data and joint development of the Brisa project.

Mexico-focused copper miner Catalyst Copper gained 14¢ to a 39¢ close during the trading period, earning its way into the value-added category after announcing plans

to merge with NewCastle Gold.

NewCastle will acquire all of the outstanding shares of Catalyst with an implied 3% fully diluted premium to shareholders.

The company will focus on NewCastle's permitted Castle Mountain gold project in California, strengthened by a management team led by Richard Warke, Jim Gowans and Frank Giustra. TNM

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

Belvedere Res Claim Post Res Rosita Mg Corp Monster Mng Lund Enterpr Mitchell Res Tiller Res Strongbow Expl Red Hut Venerable Vent RJK Explor Adex Mining Dorex Mnrls NQ Expl Sable Res Berkwood Res Natan Res RosCan Mrnls Maudore Mnrls Amador Gold

BEL CPS RST MAN LEN MI TIR.H SBW ROB VLV RJX.A ADE DOX NQE SAE.H BKR NRL ROS.H MAO AGX

3337 7590 8830 859 137 251 82 135 9141 221 3670 90 99 10 308 105 1769 264 105 31

0.03 0.03 0.08 0.02 0.07 0.04 0.04 0.23 0.12 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

0.01 0.01 0.02 0.01 0.00 0.00 0.02 0.10 0.04 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.01 0.01

0.03 0.03 0.08 0.02 0.06 0.04 0.04 0.20 0.07 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

+ 500.0 + 400.0 + 300.0 + 200.0 + 200.0 + 166.7 + 166.7 + 116.7 + 100.0 + 100.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

VOLUME (000s)

Gold Reserve Reservoir Mnls Delrand Res Catalyst Coppr EurOmax Res Castle Mtn Mng Strongbow Expl Cordoba Mnls TriStar Gold Margaux Res Comet Inds Till Capital Avino Silver Kennady Diam Mirasol Res Pac Booker Min Valencia Vent Kaminak Gold Abitibi Royalt Chesapeake Gld

GRZ RMC DRN.H CCY EOX NCA SBW CDB TSG MRL CMU TIL ASM KDI MRZ BKM VVI.H KAM RZZ CKG

122 458 7 613 74 2844 135 1251 736 12 2 2 118 58 249 22 2 3470 20 56

WEEK CLOSE CHANGE

6.00 6.64 0.51 0.39 0.58 0.39 0.20 0.49 0.35 0.19 1.25 3.50 1.21 3.20 1.13 1.19 0.13 1.39 3.65 2.03

+ + + + + + + + + + -

0.34 0.19 0.16 0.14 0.13 0.11 0.11 0.09 0.07 0.07 0.50 0.39 0.19 0.18 0.17 0.16 0.12 0.11 0.11 0.09

U.S. MARKETS / MARCH 21–24 U.S. indexes snapped five weeks of gains after terrorist attacks in Brussels, which left 35 dead and hundreds injured, shook global markets.

The S&P 500 Index fell 0.7% to 2,035.94 ahead of the Easter weekend. Both the Dow Jones Industrial Average and Nasdaq retreated 0.5% to 17,515.73 and 4,773.50. The Philadelphia Gold & Silver Index plunged 5.2% to 67.48, reflecting the drop in gold prices. Spot gold tumbled 3.1% to US$1,216.20 per oz. The May contract for crude oil stayed flat at US$39.49 per barrel. The U.S. Dollar Index dropped 1.2% at 96.27.

It was a tepid week for stocks. Minas Buenaventura led the percentage and value winners, gaining 6.4%, or 39¢ per share, to close at US$6.47, as analysts upgraded their targets. Based on the consensus of 11 brokerage firms, the average price target for the Peruvian precious metals miner is US$7.91 per share, with a “hold” rating.

St. Louis-based coal miner Peabody Energy gained 2.4% to close at US$2.56 per share, after plunging 62% the week before on bankruptcy concerns, as it missed interest payments on its senior notes, kicking off a 30-day grace period. Peabody’s spokesperson Vic Svec

April 4 Pgs 6.indd 6

stated that the company and coal are “going to be around for a long time,” easing fears that the miner would default on its debt.

Freeport-McMoRan was the most traded stock on no major news, with 216 million shares changing hands. It dipped 65¢ to US$10.11 per share.

Vale trailed in second, with 135 million shares traded to close down 13¢ at US$4.04 per share. On March 19, Vale’s former CEO Roger Agnelli, who transformed the Brazilian company into the world’s largest global iron ore producer, died at the age of 56 when his private plane crashed in Sao Paulo. The crash U.S. MOST ACTIVE ISSUES VOLUME (000s) HIGH

Freeport McMo* FCX 216352 Vale* VALE 134895 Alcoa* AA 105857 Barrick Gold* ABX 90321 United States S* X 82038 Vale* VALE.P 68404 Kinross Gold* KGC 67638 Yamana Gold* AUY 51689 Newmont Mng* NEM 43718 Chevron* CVX 42228

11.20 4.33 10.04 15.07 16.16 3.17 3.26 3.26 28.29 97.54

WEEK LOW CLOSE CHANGE

9.10 3.70 9.04 13.23 14.02 2.72 2.89 2.86 24.59 92.25

10.11 - 0.65 4.04 - 0.13 9.57 - 0.46 13.56 - 1.18 15.78 + 0.02 3.05 + 0.04 3.02 - 0.12 2.92 - 0.17 25.40 - 2.39 94.85 - 2.84

also killed his wife, two adult children, their spouses and the pilot. Agnelli served as the CEO from July 2001 to May 2011.

Iamgold lost 7¢ to finish at US$2.07 per share. On March 21, the miner announced it sold 135,148 oz. bullion at an average price of

US$1,260 per oz. for US$170.3 million during the first quarter of 2016 to strengthen its balance sheet. During that time, it also raised $41 million through a flow-through financing, where it sold 12 million shares at $3.41 apiece to develop its Westwood mine. TNM

U.S. GREATEST PERCENTAGE CHANGE Buenaventura* Peabody Enrgy* Vedanta* Vale* TECO Enrgy* United States S* NACCO Ind* Black Hills* Harmony Gold* First Majestic* Trecora Res* Teck Res* Eldorado Gold* Primero Mng* Potash Corp SK* Newmont Mng* HudBay Mnls* Mosaic* Barrick Gold* Intrepid Pots*

BVN BTU VEDL VALE.P TE X NC BKH HMY AG TREC TCK EGO PPP POT NEM HBM MOS ABX IPI

VOLUME (000s) HIGH

11994 11507 642 68404 8613 82038 120 2135 30450 20040 126 38177 28813 4172 40363 43718 713 26137 90321 5543

6.47 2.79 5.72 3.17 27.53 16.16 56.60 59.28 4.00 7.05 10.87 8.78 3.54 2.04 19.17 28.29 4.22 30.21 15.07 1.29

U.S. GREATEST VALUE CHANGE

WEEK LOW CLOSE CHANGE

5.89 2.23 5.52 2.72 27.43 14.02 53.63 57.91 3.65 6.22 9.18 6.55 2.96 1.73 16.62 24.59 3.58 26.86 13.23 1.03

6.47 2.56 5.66 3.05 27.51 15.78 56.14 59.02 3.74 6.65 9.36 7.36 3.05 1.75 17.08 25.40 3.74 27.26 13.56 1.17

+ + + + + + -

6.4 2.4 1.4 1.3 0.2 0.1 0.2 0.5 1.1 1.2 13.7 13.1 10.8 10.3 9.6 8.6 8.3 8.3 8.0 7.9

VOLUME (000s)

Buenaventura* Vedanta* Peabody Enrgy* TECO Enrgy* Vale* United States S* McEwen Mng* Mechel* Harmony Gold* IAMGOLD* Franco-Nevada* MartinMarietta* Chevron* Agrium* Mosaic* Newmont Mng* Agnico Eagle* Potash Corp SK* Trecora Res* Rio Tinto*

BVN VEDL BTU TE VALE.P X MUX MTL HMY IAG FNV MLM CVX AGU MOS NEM AEM POT TREC RIO

11994 642 11507 8613 68404 82038 7149 372 30450 22108 5192 2560 42228 4423 26137 43718 10453 40363 126 25504

WEEK CLOSE CHANGE

6.47 5.66 2.56 27.51 3.05 15.78 1.87 1.77 3.74 2.07 61.37 153.67 94.85 89.55 27.26 25.40 36.12 17.08 9.36 27.71

+ + + + + + -

0.39 0.08 0.06 0.05 0.04 0.02 0.03 0.03 0.04 0.07 4.27 3.16 2.84 2.47 2.46 2.39 1.87 1.81 1.49 1.42

2016-03-29 8:40 PM

GLOBAL MINING NEWS

7

THE NORTHERN MINER / APRIL 4–10, 2016

GLOBAL GOLD SPECIAL FOCUS

Continental Gold’s Buritica gold project in Colombia.

Metanor takes aim at Moroy in Quebec

CONTINENTAL GOLD

NuLegacy acquires 100% of Iceberg beside Goldrush EXPLORATION

| Barrick-backed junior plans 10,000-metre drill campaign

| Discovery could add ounces to Bachelor Lake BROWNFIELDS

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

M

etanor Resources (TSXV: MTO) is stepping up work at its new Moroy gold discovery 1 km south of its producing Bachelor Lake gold mine in Quebec’s Val-d’Or district with a 60,000-metre drill program.

Ronald S. Perry, vice-president and treasurer of Metanor, tells The Northern Miner during a phone interview that the company intends to “build minable ounces” to develop a second source of feed for Bachelor Lake, which has been hit with lower head grades in the past two quarters.

“They always say you can find another mine either under the tailings dam or in the shadow of a headframe,” he says. “And when you’re standing at Moroy looking at Bachelor Lake’s majestic mill, it’s easy to say we’re lucky.”

Metanor first sniffed gold in four holes drilled beneath the mine’s tailings dam in 2013, but knew it was onto something when drilling in 2015 returned 10.1 grams gold per tonne over 26.2 metres (not true thickness) from surface.

The mineralized structure has been noted in widely spaced holes across a 570-metre strike and to 500 metres depth, with cuts of 6.4 metres of 9.2 grams gold at 85% true thickness, according to the company’s most recent results.

See METANOR / 8

“THE BEAUTY OF MOROY IS THAT THE MILL IS ALREADY THERE, SO THE INTERNAL RATE OF RETURN FOR THE PROJECT WOULD BE INSTANT. YOU DON’T NEED TO BE A HARVARD MBA TO KNOW THAT.” RONALD S. PERRY VICE-PRESIDENT AND TREASURER, METANOR RESOURCES

April 4 Pgs 1 2 3 4 5 7 8 9 14 16.indd 7

Workers at a drill site at NuLegacy Gold’s Iceberg gold deposit in Nevada.

N

uLegacy Gold (TSXV: NUG; US-OTC: NULGF) has consolidated the Iceberg gold deposit in Nevada, with plans to keep drilling the asset ahead of calculating a maiden resource estimate.

NuLegacy found the Carlin-type gold deposit in 2012, two years after signing an earn-in agreement with Barrick Gold (TSX: ABX; NYSE: ABX) on the Redhill property in the Cortez trend, where the major has three multimillion-ounce gold deposits, including the producing Pipeline and Cortez Hills deposits, and the Goldrush development project.

Under this contract, the junior had to spend US$5 million exploring the property by the end of 2015, in exchange for a 70% interest.

NuLegacy fulfilled the requirement last September and waited for Barrick to decide on whether it wanted to earn back the 70% interest, or keep its 30% minority working interest.

In February 2016, the gold major converted its 30% interest into 32 million NuLegacy shares, making it the company’s largest shareholder at 16.7%, helping NuLegacy consolidate its interest in March. Barrick also retained a 2% net profit interest royalty from commercial production on the property.

NuLegacy’s chair Albert Matter said he’s “delighted” about the

NULEGACY GOLD

consolidation and that it represents a “logical extension of Barrick’s renewed approach to mining and exploration.”

This approach includes Barrick refocusing on its core assets and selling its less stellar assets to lower its debt. In the case of exploration projects, the major appears happy to have a minority interest, leaving the “heavy lifting” to the junior, Matter notes.

He adds that Barrick’s geological staff is “bullish” on the Iceberg project.

On March 22, Barrick nominated Robert Krcmarov, its executive vice-president of exploration and growth, as its representative on NuLegacy’s board of directors.

In 2014, Krcmarov was the corecipient of the Prospectors & Developers Association of Canada’s Thayer Lindsley award for international mineral discovery of the year, as he led his team to discover the 10 million oz. Goldrush deposit.

In May NuLegacy plans to kick off a 10,000-metre drill program on the Iceberg deposit, which neigh-

bours the Goldrush project and resembles the geology found at Iceberg. The junior expects to finish the 40-hole program in five phases by late August, pending funding.

Most of the drilling will expand the deposit’s high-grade zones, primarily the North zone and the larger Central zone. With the latter having enough drill density to support the planned National Instrumental 43-101 compliant resource calculation.

See NULEGACY / 8

Producing Gold In California Golden Queen Mining Co. Ltd. TSX: GQM TEL: (778) 373-1557 E: info@goldenqueen.com

www.goldenqueen.com

2016-03-29 8:37 PM

8

GLOBAL GOLD

APRIL 4–10, 2016 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

Metanor takes aim at Moroy in Quebec

Metanor Resources’ Moroy gold project — with its Bachelor Lake gold mine in the background — in Quebec’s Val-d’Or district.

METANOR From 7

Perry says the shallow high-grade hits correspond with one of four vertical induced-polarization (IP) geophysical anomalies delineated by down-hole surveys alongside last year's drilling.

The other IP targets have yet to be tested, Perry adds, noting that the top of the strongest anomaly is 200 metres deep, and falls in line with the projected dip and strike of the gold structure outlined at surface, estimated as dipping 65 degrees north.

“We’re chasing these anomalies, and we’re excited enough to know it’s worth 60,000 metres,” he says. “We have $3 million in flowthrough we have to spend, so we decided we’re going to put it all in Moroy because it’s worth it. So what we’ll end up with is exploration, plus resource definition.”

Mineralization at Moroy falls within the same category as the nearby Bachelor Lake deposit — an Archean-aged, disseminated gold system within sheared basalts — which saw historical underground production of 130,341 oz. gold at 5 grams gold between 1982 and 1989.

Between 2005 and 2010, Metanor stepped in and refurbished the mine with a carbon-in-pulp

processing plant, and raised the capacity of the mill to 800 to 1,200 tonnes per day, depending on rock hardness.

Measured and indicated resources were updated in 2011 to 842,000 tonnes of 7.79 grams gold for 211,000 oz. gold and inferred resources of 426,000 tonnes of 6.52 grams gold for 89,400 oz. gold, with commercial production achieved in 2013.

Perry says that despite the weaker Canadian dollar, the past couple of quarters have been “tough” for Metanor. He blames falling head grades as mining advances into a narrow, mineralized structure called the “A” vein.

The company recovered 15,800 oz. gold from 111,000 tonnes grading of 4.6 grams gold in the six months ending Dec. 31, compared to 19,900 oz. recovered from 116,000 tonnes at 5.5 grams gold for the comparable period in 2015.

Production cash costs for Metanor's second quarter in 2016 (i.e., the three months ended Dec. 31, 2015) were C$1,346 per oz. gold, whereas sustaining costs came in at C$1,574 per oz. gold.

“We’re now starting to mine on the Hewfran section, which is 6 to 8 grams gold on average, so in time production will go back

METANOR RESOURCES

up … and as we go through these higher-grade zones, we predict we’ll be cash-flow positive through the rest of the year.”

The company posted a $3.8-million net loss in the second quarter of 2016, but Perry points out that $2.6 million is considered depreciation, and the rest of the loss came from exploration ramping up at Moroy.

“The beauty of Moroy is that the mill is already there, so the internal rate of return for the project would be instant — you don’t need to be a Harvard MBA to know that,” he says. “We know that for a small investment of $1.5 million we can increase the mill capacity by 50%, and that’s why we’re excited and looking towards the future.”

The junior producer has also drawn the interest of financier Eric Sprott, who on March 11 increased his stake in the company to 7.1% by acquiring another 7 million shares. Sprott also holds 50 million warrants, and if exercised, his stake in the company would be 11.3%.

“The future bodes well and we’re attracting new shareholders. We’ve got a big drill program and we’re getting out there telling the story,” he says.

Metanor also holds the openpit Barry gold mine, 117 km from Bachelor Lake, which saw produc-

tion of 617,000 tonnes at 2.21 grams gold for 44,000 oz. gold between 2008 and 2010.

A resource update at Barry in 2010 tallied 7.7 million indicated tonnes at 1.25 grams gold for 309,500 oz. gold, and 10.4 million inferred tonnes at 1.41 grams gold for 472,000 oz. gold, but Metanor shelved the low-grade open-pit operation until market conditions improve.

“We’re planning a drill program at Barry to see if we can high-grade the pit and get it back in produc-

tion, and crank up the numbers in 2017,” Perry says.

“At Barry, we’re surrounded by Oban Mining and Beaufield Resources — so we’re right in the middle of a hot new mining camp.

We’re getting free publicity from everyone and our share price is moving in the right direction.”

Metanor shares have traded within a 52-week range of 3¢ to 12¢, and closed at 8¢ at press time.

The company has 421.2 million shares outstanding for a $34-million market capitalization. TNM

NuLegacy's Iceberg

Rock chips from NuLegacy Gold’s Iceberg gold project in Nevada.

NULEGACY GOLD

NULEGACY From 7

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April 4 Pgs 1 2 3 4 5 7 8 9 14 16.indd 8

Mining & Construction Tools

As part of its 2016 drill program, it will explore other prospective Carlin-type gold systems on the property, including the Avocado, VIO and Jasperoid basin gold anomalies.

With a little over $1 million in its treasury, NuLegacy has enough funds to start drilling, and expects to raise $2.5 million to complete the 2016 program and maintain a healthy treasury.

It has invested US$5 million on the property and has an estimated 90- to 110-million-tonne exploration target grading 0.9 to 1.1 grams gold per tonne. These figures are conceptual and require more work.

Along with drilling, NuLegacy’s corporate goals for 2016 and beyond include increasing its brokerage coverage to help raise funds to finish the resource estimate by the end of August, and advance the project towards development in 2017.

Its goal is to capitalize on the value of Iceberg and nearby deposits by selling the assets, or merging with a gold producer.

The junior recently closed at 13¢ per share, within a 52-week trading range of 8¢ to 17¢. It has a $24.9-million market capitalization. TNM

2016-03-29 8:37 PM

GLOBAL GOLD

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 4–10, 2016

9

Analysts see buoyant gold in 2016 GOLD MARKET

| Russo, Murenbeeld, Coxe weigh in on the yellow metal's prospects

BY SALMA TARIKH

G

starikh@northernminer.com

old prices rallied in midMarch on the back of the U.S.Federal Reserve’s decision to lower interest rate expectations for 2016, with many economists and analysts forecasting the yellow metal would register a year-overyear increase.

On March 16, the Fed estimated two quarter-point hikes this year — compared to the four expected in December — to offset the weaker global economy. This helped lift the spot gold price 2.4% to US$1,262 per oz., and drove down the U.S. dollar to its lowest level since October.

A day later, while spot gold lost momentum to finish at US$1,256.90 per oz., the U.S. Dollar Index, which measures the strength of the greenback against a basket of foreign currencies, sank further to close at 94.75. Year-to-date, the yellow metal is up 18%. The only other years since 2000 where gold registered similar gains during this point were 2014 and 2008, when it climbed 14% and 19%, Raymond James analyst Phil Russo writes. Gold, however, exited 2014 down 2%, while gaining 6% in 2008, the year the financial crisis began.

Meanwhile, the Philadelphia Gold & Silver Index, comprising 30 gold and silver mining companies, is off to its best start, up 58% yearto-date, Russo writes. The index’s second-best year was 2008, up 19% at this time.

The recovery in gold and gold equities this year to date is partly due to the “depth and breadth” of the preceding five-year bear market.

This will set 2016 apart from the other years, Russo says. “The unprecedented run in 2016 follows an unprecedented bear market for the sector, and suggests the unrivalled performance can continue.”

What’s good for gold?

“For gold prices to rise in U.S. dollars, it would be extremely helpful if the U.S. dollar rolled over,” Martin Murenbeeld, Dundee Economics’ chief economist, said in an early March presentation. The U.S. dollar, currently overvalued in his view, is at a turning point, he adds.

The greenback has retreated 4% year-to-date, making gold, priced in U.S. dollars, more attractive for foreign investors.

A sluggish global economy, however, negatively affects the gold price.

Whenever the global annual growth rate is below 4%, commodity prices tend to go negative year-over-year, due to weak inflation, Murenbeeld says.

There’s a positive correlation between the gold price and reflationary measures, such as quantitative easing, and low or negative interest rates.

“What gold needs is a hell of a policy stimulation to get the heck out of a recession,” he said.

Murenbeeld expects gold will average US$1,190 per oz. this year, before ending 2016 at US$1,234 per oz. In 2017, he forecasts the metal will average US$1,304 per oz.

No longer an ‘obscenity’ Negative interest rates demonstrate economists have run out of ways to stimulate the economy with traditional policies, Don Coxe, chairman of Coxe Advisors LLC, said at the recent Prospectors & Developers Association of Canada convention.

The policy spurs spending and economic growth by discouraging cash hoarding and incentivizing banks to provide more loans.

The European central bank, representing 19 countries that share

April 4 Pgs 1 2 3 4 5 7 8 9 14 16.indd 9

Ore moves along conveyors to the leach pad in February at True Gold Mining’s Karma gold mine in Burkina Faso.

the euro, was the first major bank to adopt negative interest rates in June 2014, with Japan being the latest central bank to drive its interest rate below zero.

“This is the single biggest new argument on why gold is going to be revalued, because it changes the basic approach to the capital-asset pricing model, which hasn’t been challenged before,” Coxe argued.

The model assumes investors are compensated for their time value of money and the risk they take on.

Investors who get negative yields on certain government bonds violates that model and makes other assets, such as gold, more favourable.

“Are you telling me gold is riskier than a negative-yielding government bond?” Coxe asked, adding that investors assume a risk they should not have to own bonds. Negative interest rates have reinstated gold’s safe-haven status, making it less of an “obscenity” to own, he added. TNM

TRUE GOLD MINING

Gold bars produced in December 2015 at Lake Shore Gold’s gold operations in northern Ontario.

LAKE SHORE GOLD

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THERE’S MORE BENEATH THE SURFACE

GOLDCORP ADVANTAGE

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www.goldcorp.com

2016-03-29 8:37 PM

10

WWW.NORTHERNMINER.COM

APRIL 4–10, 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 21–24, 2016 (100s) Stock

Exc Volume

Week High

Low

Last

12-month Change

High Low

A 92 Resources V 2128 Abacus Mng &Ex V 404 Abcourt Mines V 495 Aben Res* O 0 Aben Res V 14 Aberdeen Intl* O 127 Abitibi Royalt V 20 ABT Holdings* O 9 Active Growth V 36 Adex Mining V 90 Adventure Gold V 164 African Gold V 482 Agnico Eagle* N 10453 Agnico Eagle T 3734 Agrium T 1473 Agrium* N 4423 Aim Explor* O 12518 Alabama Graph* O 33 Alabama Graph V 580 Alacer Gold T 4253 Alamos Gold T 3621 Alamos Gold* N 6058 Alaska Pac Egy* O 32 Alba Minerals V 53 Alberta Star* O 15 Alcoa* N 105857 Alderon Iron* O 50 Aldershot Res V 26 Aldever Res V 592 Aldridge Mnrls V 196 Aldrin Res V 18 Alexander Nubi V 37 Alexandria Min* O 134 Alexandria Min V 5652 Alexco Res* X 4287 Alexco Res T 1464 Algold Res V 215 Alianza Min* O 10 Alianza Min V 118 Alix Res V 783 Alliance Res* D 1149 Almaden Mnls T 115 Almaden Mnls* X 660 Almadex Min V 239 Almo Capital V 14 Almonty Ind V 207 Alpha Nat Res* O 2921 Alphamin Res V 1251 ALQ Gold V 99 Alta Vista Vnt 187 Alternative ER* O 184 Altiplano Mnls V 7 Altius Mnrls T 247 Alto Vent V 854 Alumina Inc* O 37 ALX Uranium V 349 Am Creek Res V 351 Am CuMo Mng V 330 AM Gold V 67 Am Manganese* O 203 Amador Gold V 31 Amara Mng* O 227 Amarc Res* O 49 Amarillo Gold V 55 American Pot* O 31 Americas Petro V 1760 Americas Silvr T 1657 Americas Silvr* O 317 Amerigo Res T 218 Amerigo Res* O 27 Amex Expl V 1202 AMI Res V 130 Anaconda Mng T 848 Anfield Nickel V 439 Anfield Res V 30 Anfield Res* O 1 Angel Gold* O 442 Angel Gold V 775 Angkor Gold V 176 Anglo American* O 756 Anglo American* O 3 Anglo-Bomarc V 122 AngloGold Ash* N 23804 Anthem United V 23 Antioquia Gold V 411 Antofagasta* O 54 Apogee Silver* O 2 Apogee Silver V 106 Applied Mrnls* O 22 AQM Copper V 229 Aquila Res* O 69 Arch Coal* O 661 Arco Res V 7 Arcus Dev Grp V 135 Arena Mnls V 1699 Argentex Mng* O 25 Argentum Silvr V 37 Argex Titanium T 384 Argonaut Gold* O 338 Argonaut Gold T 3912 Argus Metals* O 6 Argus Metals V 90 Arian Res V 1811 Arian Silver* O 140 Arianne Phosph V 200 Arianne Phosph* O 17 Arrowstar Res V 28 Asanko Gold T 3075 Asanko Gold* X 2324 Asante Gold 250 Ascot Res V 15 Asiamet Res V 766 Aston Bay V 41 Astur Gold V 30 ATAC Res V 358 Atalaya Mg plc T 5 Athabasca Mnls* O 25 Athabasca Mnls V 582 Athabasca Nclr V 520 Athena Silver* O 17 Atico Mng* O 86 Atico Mng V 485 Atlanta Gold* O 2 Atlantic Gold V 1042 Atlatsa Res T 45 Atna Res Ltd* O 59 Aura Mnls T 279 Aura Silver Rs V 148 Aurcana Corp V 178 AurCrest Gold V 3829 Aureus Mng* O 376 Aureus Mng T 1063 AuRico Metals T 817 Aurion Res V 85 Aurvista Gold* O 6 Auryn Res* O 220 Avalon Rare Mt T 1027 Avarone Metals* O 211 Avarone Metals 1433 Avino Silver* X 878 Avino Silver V 118 Avrupa Mnls V 270 Axmin Inc V 1306 Azarga Uranium T 106 Azimut Expl V 211 Azincourt Uran V 109 Azincourt Uran* O 30 Azteca Gold* O 106

0.06 0.05 0.05 0.06 0.05 0.05 0.09 0.09 0.09 0.05 0.00 0.05 0.08 0.00 0.07 0.10 0.09 0.10 3.85 3.65 3.65 0.73 0.00 0.72 0.04 0.00 0.04 0.01 0.01 0.01 0.19 0.17 0.18 0.07 0.06 0.06 38.69 35.29 36.12 50.62 46.52 47.82 121.45 118.08 118.57 92.94 88.91 89.55 0.00 0.00 0.00 0.10 0.08 0.08 0.13 0.11 0.11 2.69 2.42 2.43 7.32 6.54 6.71 5.62 4.92 5.08 0.18 0.04 0.18 0.06 0.05 0.05 0.16 0.15 0.16 10.04 9.04 9.57 0.12 0.00 0.12 0.02 0.00 0.01 0.15 0.00 0.15 0.15 0.13 0.15 0.09 0.09 0.09 0.08 0.07 0.08 0.03 0.03 0.03 0.05 0.04 0.04 1.17 0.85 1.01 1.52 1.09 1.35 0.18 0.12 0.17 0.12 0.11 0.12 0.15 0.14 0.15 0.05 0.05 0.05 12.92 11.02 11.75 0.97 0.87 0.87 0.74 0.66 0.66 0.25 0.21 0.23 0.12 0.11 0.12 0.32 0.27 0.31 0.03 0.02 0.02 0.18 0.16 0.18 0.07 0.06 0.07 0.05 0.04 0.04 0.03 0.00 0.03 0.03 0.03 0.03 12.05 10.69 11.11 0.06 0.03 0.06 4.14 3.85 3.86 0.08 0.08 0.08 0.05 0.05 0.05 0.10 0.09 0.10 0.13 0.00 0.13 0.01 0.01 0.01 0.01 0.01 0.01 0.22 0.20 0.22 0.06 0.05 0.05 0.18 0.16 0.17 0.04 0.03 0.04 0.25 0.23 0.23 0.20 0.18 0.19 0.15 0.13 0.15 0.15 0.13 0.14 0.11 0.00 0.11 0.04 0.00 0.03 0.04 0.03 0.03 0.07 0.06 0.06 0.86 0.72 0.74 0.13 0.13 0.13 0.06 0.00 0.06 0.07 0.05 0.06 0.09 0.07 0.07 0.45 0.42 0.43 3.99 3.38 3.50 8.14 7.11 7.19 0.17 0.15 0.17 14.07 12.70 13.05 0.25 0.18 0.18 0.10 0.08 0.10 7.09 0.00 6.56 0.20 0.18 0.18 0.28 0.20 0.24 0.26 0.23 0.23 0.07 0.06 0.06 0.11 0.10 0.11 0.34 0.23 0.31 0.05 0.05 0.05 0.04 0.00 0.02 0.30 0.21 0.24 0.06 0.04 0.06 0.03 0.03 0.03 0.04 0.04 0.04 1.60 1.39 1.43 2.09 1.84 1.88 0.04 0.00 0.04 0.06 0.06 0.06 0.01 0.01 0.01 0.07 0.02 0.07 0.89 0.84 0.85 0.67 0.64 0.66 0.05 0.05 0.05 3.19 2.78 2.81 2.44 2.10 2.11 0.08 0.08 0.08 1.08 1.00 1.04 0.07 0.05 0.06 0.27 0.26 0.26 0.02 0.02 0.02 0.54 0.49 0.49 2.09 1.85 1.85 0.16 0.15 0.15 0.26 0.19 0.19 0.05 0.04 0.05 0.12 0.02 0.12 0.25 0.21 0.23 0.35 0.27 0.30 0.05 0.05 0.05 0.64 0.57 0.59 0.05 0.00 0.04 0.01 0.00 0.00 0.24 0.22 0.23 0.02 0.02 0.02 0.17 0.16 0.16 0.05 0.01 0.03 0.11 0.10 0.10 0.14 0.13 0.13 0.75 0.68 0.70 0.15 0.00 0.14 0.04 0.04 0.04 1.28 1.13 1.16 0.16 0.13 0.13 0.08 0.07 0.07 0.10 0.09 0.09 1.10 0.90 0.95 1.45 1.21 1.21 0.09 0.08 0.08 0.02 0.01 0.01 0.32 0.00 0.30 0.27 0.17 0.20 0.05 0.05 0.05 0.04 0.03 0.04 0.00 0.00 0.00

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + -

0.01 0.06 0.03 0.01 0.09 0.04 0.01 0.10 0.03 0.00 100.52 0.03 0.01 0.27 0.06 0.01 0.12 0.07 0.11 4.20 1.53 0.04 1.61 0.05 0.01 0.10 0.02 0.01 0.02 0.01 0.01 0.22 0.06 0.01 0.08 0.03 1.87 39.49 21.00 1.69 51.49 27.63 1.57 139.99 110.89 2.47 110.21 79.94 0.00 1.19 0.00 0.01 0.25 0.08 0.01 0.31 0.11 0.26 3.23 2.08 0.45 9.00 3.27 0.33 7.54 2.27 0.00 0.20 0.00 0.01 0.11 0.01 0.01 0.19 0.12 0.46 14.29 6.14 0.00 0.28 0.05 0.01 0.05 0.01 0.01 0.34 0.09 0.01 0.21 0.12 0.02 0.21 0.08 0.01 0.20 0.04 0.00 0.05 0.01 0.01 0.06 0.02 0.15 1.17 0.22 0.23 1.52 0.35 0.02 0.35 0.07 0.00 0.24 0.07 0.01 0.35 0.10 0.01 0.09 0.03 1.13 34.70 9.95 0.08 1.16 0.65 0.07 0.95 0.48 0.03 0.28 0.13 0.02 0.14 0.05 0.01 0.86 0.21 0.01 1.09 0.01 0.01 0.32 0.11 0.01 0.07 0.03 0.01 0.25 0.01 0.00 0.06 0.02 0.01 0.06 0.02 0.93 15.47 7.39 0.03 0.08 0.02 0.15 5.61 2.70 0.01 0.18 0.06 0.01 0.08 0.03 0.02 0.15 0.04 0.01 0.30 0.07 0.00 0.04 0.01 0.01 0.01 0.01 0.01 0.24 0.10 0.01 0.14 0.02 0.02 0.20 0.04 0.01 0.47 0.03 0.01 0.33 0.15 0.01 0.20 0.09 0.01 0.23 0.04 0.01 0.45 0.10 0.00 0.37 0.07 0.01 0.07 0.02 0.01 0.06 0.01 0.01 0.07 0.04 0.07 0.88 0.52 0.04 0.21 0.05 0.01 0.16 0.06 0.02 0.09 0.01 0.01 0.10 0.01 0.01 0.64 0.38 0.47 4.45 1.57 0.81 18.00 3.13 0.02 0.30 0.03 0.53 14.31 5.64 0.07 0.47 0.17 0.02 0.11 0.02 1.11 12.30 5.24 0.00 0.45 0.08 0.04 0.65 0.11 0.01 0.75 0.16 0.02 0.08 0.03 0.00 0.19 0.09 0.08 11.50 0.11 0.01 0.09 0.03 0.01 0.04 0.01 0.01 0.30 0.15 0.00 0.06 0.01 0.02 0.06 0.02 0.01 0.58 0.02 0.08 1.77 0.53 0.12 2.15 0.78 0.02 0.04 0.01 0.01 0.07 0.02 0.01 0.05 0.01 0.04 0.51 0.00 0.03 1.00 0.68 0.01 0.80 0.52 0.01 0.14 0.04 0.31 3.26 1.67 0.29 2.52 1.27 0.03 0.15 0.05 0.04 2.00 0.80 0.02 0.07 0.01 0.03 0.32 0.08 0.01 0.04 0.01 0.01 0.60 0.26 0.24 3.45 1.20 0.01 0.68 0.12 0.05 0.86 0.15 0.01 0.06 0.02 0.06 0.12 0.02 0.02 0.51 0.12 0.03 0.65 0.16 0.00 0.07 0.03 0.01 0.64 0.17 0.01 0.22 0.03 0.00 0.10 0.00 0.24 0.06 0.01 0.01 0.02 0.01 0.01 0.29 0.09 0.01 0.05 0.01 0.01 0.68 0.05 0.01 0.83 0.05 0.04 0.90 0.47 0.02 0.19 0.03 0.01 0.07 0.02 0.00 1.29 0.70 0.02 0.48 0.10 0.00 0.08 0.07 0.01 0.14 0.02 0.12 1.52 0.71 0.19 1.82 1.03 0.02 0.17 0.07 0.01 0.03 0.01 0.01 0.43 0.24 0.03 0.27 0.10 0.01 0.14 0.04 0.01 0.05 0.02 0.00 0.00 0.00

+ + + + + + + -

0.02 0.03 0.06 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.02 0.02 1.16 1.18 0.01 0.02 0.02 0.02 0.00 0.01 0.01

B B2Gold* B2Gold Bacanora Mnls Baja Mng* Balmoral Res* Balmoral Res Bama Gold Banro Banro* Banyan Gold Barkerville Go* Barkerville Go Barrick Gold Barrick Gold* Barsele Min Batero Gold Battle Mtn Gld* Battle Mtn Gld Bayhorse Silvr* Bayswater Uran BC Moly

April 4 Pgs 10 11.indd 10

X T V O O T T X V O V T N V V O V O V V

11026 27959 40 33 165 378 32 593 4400 20 50 828 22390 90321 352 252 359 1781 57 32 82

1.69 2.21 1.36 0.01 0.42 0.54 0.13 0.41 0.31 0.09 0.42 0.55 19.72 15.07 0.19 0.11 0.20 0.26 0.08 0.02 0.04

1.52 1.59 2.01 2.11 1.25 1.30 0.00 0.00 0.39 0.40 0.50 0.52 0.00 0.12 0.36 0.38 0.27 0.28 0.00 0.09 0.38 0.40 0.49 0.52 17.48 17.96 13.23 13.56 0.16 0.17 0.10 0.10 0.12 0.16 0.15 0.20 0.00 0.07 0.00 0.02 0.03 0.03

1.79 2.22 2.05 0.03 0.92 1.17 0.20 0.47 0.40 0.09 0.46 0.63 20.17 15.52 0.22 0.12 0.20 0.26 0.08 0.05 0.23

0.60 0.86 1.16 0.00 0.23 0.33 0.07 0.21 0.15 0.02 0.15 0.20 7.89 5.91 0.08 0.05 0.06 0.09 0.03 0.01 0.03

(100s) Stock

Exc Volume

Week High

Low

0.22 0.24 1.20 1.27 0.06 0.06 0.11 0.11 0.09 0.10 0.06 0.07 0.54 0.60 0.01 0.03 0.00 0.03 0.04 0.06 0.01 0.02 0.00 0.01 0.05 0.05 0.02 0.03 0.01 0.01 0.22 0.22 0.04 0.04 57.91 59.02 0.06 0.06 0.14 0.14 0.00 0.05 0.03 0.04 0.03 0.03 0.30 0.30 0.38 0.40 0.00 0.00 0.00 0.09 0.06 0.07 0.04 0.04 0.00 0.03 0.72 0.77 0.00 0.00 0.00 0.00 0.10 0.13 0.07 0.10 0.00 0.00 5.89 6.47 0.02 0.02

BCM Res V Bear Creek Mng V Beaufield Res* O Bellhaven Cp&G V Bellhaven Cp&G* O Belmont Res V Belo Sun Mng T Belvedere Res V Benton Cap V Benton Res V Benz Cap V Berkwood Res V BHK Mining V Big North Grap V Big North Grap* O Bison Gold Res V Bitterroot Res V Black Hills* N Black Mam Mtls V Blackheath Res V Blind Crk Res V Blue Rvr Res V Bold Vent V BonTerra Res* O BonTerra Res V Borneo Res Inv* O Bravada Gold V Bravada Gold* O Braveheart Res V Bravura Vent Brazil Res V BrightRock Gld* O Britannia Mng* O Brixton Mtls V Brixton Mtls* O Bryn Res* O Buenaventura* N Bullfrog Gold* O

129 686 117 121 10 95 1276 3337 222 1870 80 105 82 826 4 3 46 2135 16 18 12 480 308 41 1418 7317 122 96 373 8 1380 52 1069 231 44 12 11994 436

0.24 1.32 0.07 0.15 0.13 0.07 0.60 0.03 0.03 0.06 0.02 0.01 0.07 0.03 0.01 0.22 0.04 59.28 0.07 0.14 0.05 0.04 0.03 0.37 0.49 0.00 0.10 0.08 0.05 0.03 0.83 0.00 0.00 0.18 0.10 0.00 6.47 0.02

Cache Expl V Cadan Res V Cairo Res V Caledonia Mng T Caledonia Mng* Q Calico Res* O Calico Res V Callinex Mines* O Callinex Mines V Cameco Corp* N Cameco Corp T Cameo Res V Camino Mnls V Canada Coal V CanAlaska Uran V CanAlaska Uran* O Canamex Res* O Canarc Res T Canarc Res* Q Canasil Res V Cancana Res V Candente Coppr T Canex Energy V Canoe Mng Vent V Canstar Res V Cantex Mn Dev V Canyon Copper V Canyon Gold* O Cap-Ex Iron V Capstone Mng T Cardero Res* O Cardero Res T Caribou King V Carpathian Gld Carpathian Gld* O Cartier Res V Castle Mtn Mng* O Castle Mtn Mng V Castle Peak Mg V Catalyst Coppr V Catalyst Coppr* O Caza Gold V Cda Carbon V Cda Carbon* O Cda Rare Earth* O Cda Strtgc Met V Cdn Intl Mnrls V Cdn Metals Cdn Zinc T Cdn Zinc* Q Centamin T Centaurus Diam* O Centenera Mng V Centerra Gold T Centurion Mnls V Cerro Grande* O Cerro Grande Champion Bear V Champion Iron T Chesapeake Gld* O Chesapeake Gld V Chevron* N Chiboug Ind Mn V Chieftain Mtls V Chilean Metals V Chilean Metals* O China Gold Int T China Mnls Mng* O China Mnls Mng V Cibolan Gold* O Claim Post Res V Claude Res* O Claude Res T Clifton Mng* O Clifton Star* O Clifton Star V Cloud Peak En* N CMC Metals V Coeur Mng* N Colibri Res V Colombian Mins V Colonial Coal V Colt Res* O Colt Res V Columbus Gold* O Comet Inds V Commerce Res V Commerce Res* O Comstock Mng* X Comstock Mtls V Condor Res V Confedertn Mls* O CONSOL Energy* N Contintl Gold T Contintl Prec T Copper Ck Gold V Copper Fox Mtl* O Copper Mtn Mng* O Copper Mtn Mng T Copperbank Res* O Corazon Gold V Cordoba Mnls V Corex Gold V Cornerstone Ca* O Corsa Coal V Corvus Gold T Corvus Gold* O Crazy Horse Res V Critical Elem V Critical Elem* O Crown Mining V Crystal Explor V Crystal Pk Min V Crystal Pk Min* O Cypress Dev* O Cypress Dev V

105 8 7 118 122 57 686 788 932 9452 3630 51 82 50 892 276 330 565 925 870 51 691 3466 130 625 219 93 13 785 4580 5 130 1209 1489 1025 171 100 2844 425 613 1 13 467 48 38 2036 653 538 2091 671 380 314 150 3634 129 70 20 440 352 41 56 42228 11 10 80 140 961 1 159 49 7590 793 4078 97 54 232 4265 188 17232 9 3978 244 52 589 341 2 195 39 625 347 1305 50 28706 1422 30 673 143 64 1247 6 42 1251 87 450 1125 96 33 598 3070 18 62 21 122 174 35 1114

0.09 0.05 0.18 0.94 0.72 0.09 0.12 0.28 0.37 13.54 17.67 0.05 0.15 0.02 0.52 0.40 0.04 0.12 0.10 0.27 0.22 0.10 0.03 0.04 0.07 0.04 0.02 0.35 0.02 0.58 0.06 0.08 0.09 0.02 0.02 0.11 0.33 0.45 0.03 0.40 0.25 0.04 0.32 0.23 0.02 0.05 0.04 0.15 0.19 0.15 1.74 0.34 0.08 6.50 0.13 0.01 0.01 0.06 0.19 1.66 2.17 97.54 0.05 0.07 0.11 0.09 2.28 0.00 0.01 0.06 0.03 1.06 1.40 0.13 0.29 0.40 2.19 0.12 5.94 0.09 0.05 0.07 0.06 0.10 0.32 1.25 0.09 0.07 0.51 0.04 0.05 0.04 12.10 1.71 0.34 0.09 0.14 0.45 0.63 0.03 0.23 0.57 0.05 0.06 0.08 0.74 0.56 0.03 0.28 0.18 0.07 0.10 0.26 0.21 0.04 0.07

1623 2437 907 345 52 51 735 366 126 65 7 2878 2086 319

0.17 0.13 0.93 0.71 0.21 0.03 0.02 0.10 0.08 0.01 0.51 0.77 0.58 0.03

Last

12-month High Low

Stock

+ + + + + + + + + + + + + + + + + + + -

0.01 0.04 0.00 0.04 0.03 0.01 0.02 0.03 0.01 0.01 0.01 0.01 0.03 0.01 0.00 0.01 0.01 0.30 0.01 0.01 0.01 0.01 0.01 0.03 0.06 0.00 0.01 0.01 0.01 0.01 0.03 0.00 0.00 0.01 0.03 0.00 0.39 0.00

0.24 1.37 0.07 0.45 0.34 0.08 0.68 0.08 0.03 0.06 0.30 0.03 0.10 0.20 0.08 1.00 0.10 59.94 0.08 0.30 0.06 0.05 0.06 0.37 0.49 0.14 0.15 0.08 0.07 0.08 0.83 0.00 0.01 0.18 0.14 0.01 12.51 0.03

0.08 0.05 0.18 0.93 0.70 0.09 0.12 0.27 0.35 12.73 16.84 0.05 0.12 0.02 0.44 0.33 0.04 0.11 0.09 0.22 0.22 0.09 0.02 0.03 0.07 0.04 0.02 0.28 0.02 0.53 0.06 0.08 0.09 0.02 0.02 0.11 0.33 0.39 0.02 0.39 0.25 0.04 0.28 0.22 0.02 0.05 0.04 0.15 0.19 0.14 1.63 0.30 0.08 5.85 0.13 0.00 0.01 0.05 0.19 1.55 2.03 94.85 0.03 0.07 0.08 0.09 2.18 0.00 0.01 0.06 0.03 0.97 1.29 0.12 0.29 0.38 2.02 0.10 5.28 0.06 0.04 0.07 0.06 0.10 0.30 1.25 0.08 0.06 0.46 0.03 0.05 0.04 10.94 1.64 0.28 0.09 0.11 0.43 0.57 0.02 0.23 0.49 0.05 0.06 0.08 0.70 0.53 0.02 0.26 0.18 0.06 0.09 0.22 0.14 0.04 0.06

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

0.04 0.16 0.05 0.01 0.09 0.03 0.03 0.23 0.08 0.04 1.06 0.66 0.01 0.83 0.48 0.02 0.12 0.05 0.02 0.14 0.06 0.02 0.31 0.17 0.02 0.39 0.23 0.61 17.77 10.31 0.56 21.44 14.56 0.01 0.10 0.02 0.02 0.25 0.07 0.01 0.03 0.01 0.05 0.52 0.09 0.05 0.40 0.06 0.01 0.09 0.02 0.01 0.15 0.03 0.00 0.10 0.02 0.04 0.28 0.03 0.05 0.32 0.13 0.01 0.13 0.03 0.01 0.16 0.02 0.02 0.07 0.02 0.01 0.10 0.03 0.01 0.06 0.03 0.01 0.12 0.01 0.20 0.54 0.02 0.01 0.03 0.01 0.01 1.71 0.27 0.00 0.15 0.05 0.01 0.30 0.08 0.01 0.22 0.06 0.01 0.03 0.01 0.00 0.03 0.00 0.01 0.13 0.04 0.15 0.45 0.14 0.11 0.53 0.18 0.01 0.03 0.01 0.14 0.40 0.10 0.07 0.25 0.07 0.01 0.09 0.02 0.01 0.42 0.20 0.01 0.28 0.17 0.00 0.03 0.01 0.02 0.10 0.03 0.01 0.06 0.01 0.01 0.21 0.06 0.04 0.22 0.06 0.03 0.17 0.04 0.22 1.85 1.06 0.03 0.34 0.01 0.01 0.14 0.02 0.59 8.67 5.51 0.03 0.28 0.04 0.01 0.04 0.00 0.01 0.04 0.01 0.01 0.15 0.05 0.01 0.23 0.07 0.02 2.17 1.05 0.09 2.90 1.39 2.84 112.20 69.58 0.01 0.05 0.02 0.01 0.15 0.03 0.01 0.11 0.02 0.03 0.09 0.00 0.01 2.58 1.39 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.19 0.03 0.02 0.03 0.01 0.07 1.17 0.39 0.03 1.57 0.51 0.03 0.22 0.05 0.00 0.30 0.09 0.02 0.40 0.11 0.16 7.39 1.08 0.02 0.53 0.05 0.31 6.35 1.62 0.03 0.09 0.02 0.01 0.10 0.02 0.01 0.15 0.02 0.00 0.25 0.05 0.01 0.30 0.08 0.00 0.38 0.23 0.50 1.75 1.02 0.01 0.15 0.06 0.01 0.12 0.04 0.83 0.35 0.03 0.01 0.04 0.01 0.02 0.07 0.02 0.01 0.06 0.01 0.80 34.14 4.54 0.03 3.28 1.28 0.06 0.50 0.25 0.02 0.10 0.05 0.02 0.20 0.08 0.06 1.42 0.23 0.05 1.73 0.33 0.00 0.06 0.02 0.03 0.33 0.18 0.09 0.57 0.09 0.02 0.07 0.03 0.02 0.06 0.01 0.02 0.15 0.02 0.05 0.84 0.33 0.04 0.67 0.25 0.01 0.07 0.01 0.06 0.30 0.14 0.02 0.23 0.10 0.01 0.08 0.03 0.01 0.14 0.06 0.02 0.37 0.13 0.04 0.33 0.11 0.00 0.08 0.01 0.01 0.14 0.02

0.15 0.11 0.93 0.70 0.21 0.02 0.02 0.10 0.08 0.01 0.51 0.69 0.51 0.03

+ + + + -

0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.16 0.04 0.04 0.01

0.02 0.50 0.02 0.03 0.02 0.02 0.15 0.01 0.02 0.03 0.01 0.01 0.03 0.02 0.01 0.12 0.03 36.81 0.02 0.08 0.03 0.03 0.02 0.08 0.09 0.00 0.02 0.01 0.02 0.02 0.38 0.00 0.00 0.05 0.03 0.00 3.30 0.01

C 0.08 0.04 0.15 0.86 0.65 0.08 0.10 0.25 0.33 12.42 16.52 0.04 0.11 0.02 0.35 0.27 0.03 0.11 0.08 0.20 0.20 0.09 0.02 0.00 0.05 0.00 0.02 0.03 0.02 0.51 0.06 0.08 0.08 0.02 0.01 0.08 0.00 0.28 0.02 0.26 0.00 0.00 0.28 0.22 0.02 0.03 0.04 0.13 0.15 0.11 1.59 0.26 0.06 5.81 0.11 0.00 0.01 0.00 0.18 1.52 2.00 92.25 0.03 0.07 0.08 0.00 2.13 0.00 0.00 0.05 0.01 0.95 1.26 0.12 0.29 0.38 1.91 0.10 5.15 0.06 0.00 0.06 0.06 0.09 0.29 1.25 0.00 0.06 0.43 0.03 0.04 0.04 9.66 1.60 0.00 0.07 0.11 0.43 0.52 0.02 0.21 0.40 0.05 0.04 0.06 0.65 0.49 0.02 0.20 0.16 0.06 0.00 0.22 0.14 0.04 0.05

D-F Dajin Res Dajin Res* Dalradian Res Dalradian Res* Danakali* Darnley Bay Decade Res Defiance Silvr Defiance Silvr* Del Toro Silvr* Delrand Res Denison Mines Denison Mines* Desert Star

V O T O O V V V O O V T X V

0.14 0.11 0.86 0.65 0.20 0.02 0.02 0.09 0.07 0.01 0.35 0.66 0.50 0.03

(100s)

Change

0.19 0.14 1.16 0.85 0.40 0.05 0.06 0.16 0.13 0.04 0.51 1.20 0.99 0.21

0.06 0.04 0.62 0.45 0.17 0.01 0.01 0.06 0.04 0.00 0.10 0.48 0.35 0.03

Exc Volume

Week High

Low

Last

Detour Gold T 5973 Diamante Min* O 6 Diamcor Mng V 97 Diamcor Mng* O 37 Diamond Disc* O 878 Discovery Mnls* O 8488 Discovery Vent V 406 DNI Metals 142 Dolly Vard Sil V 93 Dolly Vard Sil* O 62 Dominion Diam* N 1801 Dominion Diam T 1040 Dorex Mnrls V 99 Double Crn Res* O 969 DRDGOLD* N 1326 Duncan Park H V 295 Dundee Prec Mt T 1083 Dunnedin Vent V 4500 Duran Vent V 2176 DuSolo Fertil V 2408 Dynacor Gld Mn T 169 DynaResource* O 2 Dynasty Gold V 581 Dynasty Met&Mn*O 134 Dynasty Met&Mn T 686 Eagle Graphite V 7226 Eagle Plains V 268 East Africa V 1519 Eastern Platin T 99 Eastern Platin* O 6 Eastmain Res T 2450 Eco Oro Mnls T 65 El Capitan Prc* O 324 El Nino Vent V 43 Elcora Res V 226 Eldorado Gold T 14597 Eldorado Gold* N 28813 Electra Stone V 496 Electra Stone* O 101 Ely Gold & Mnl V 116 Elysee Dev V 198 Emerita Res V 565 Encanto Potash* O 9 Encanto Potash V 430 Endeavour Mng T 1399 Endeavour Mng* O 67 Endeavr Silver* N 6868 Endeavr Silver T 879 Energizer Res T 648 Energizer Res* O 302 Energy Fuels* X 1082 Energy Fuels T 551 Ensurge* O 613 Entree Gold T 20 Entree Gold* X 376 Equitorial Ex V 4153 Era Res Inc T 7 Erdene Res Dev* O 7 Erdene Res Dev T 337 Eros Res Corp V 23 Eros Res Corp V 23 Eskay Mng V 168 Ethos Gold* O 24 Ethos Gold V 138 Eurasian Mnls V 39 Eurasian Mnls* X 133 EurOmax Res V 74 European Metal* O 4833 Europn Uran Rs* O 266 Everton Res* O 69 Everton Res V 91 Evolving Gold* O 44 Evrim Res V 47 Excalibur Res* O 86 Excellon Res T 1247 Excellon Res* O 111 Excelsior Mng* O 75 Excelsior Mng V 328 Exeter Res T 150 Exeter Res* X 422 Explor Res* O 155 Explor Res V 2445 Explorex Res 33 Falco Res V 1500 Falcon Gold V 125 Fancamp Expl V 197 Finore Mng 24 Firma Holdings* O 37 First Liberty* O 797 First Majestic T 8658 First Majestic* N 20040 First Mexican V 566 First Mg Fin V 3269 First Quantum T 36665 Fission Uran T 3612 Fission Uran* O 1011 Flinders Res* O 229 Flinders Res V 210 Focus Graphite* O 418 Focus Graphite V 2042 Foran Mng V 156 Formation Mtls T 500 Fortescue Mtls* O 16 Fortuna Silvr T 1842 Fortuna Silvr* N 2686 Fortune Bay T 60 Fortune Mnrls* O 717 Forum Uranium* O 22 Forum Uranium V 257 Four River V 322 Fox River Res 258 Franco-Nevada* N 5192 Franco-Nevada T 3941 Freegold Vent T 317 Freeport McMo* N 216352 Fresnillo plc* O 19 Frontline Gold V 4802 Full Metal Mnl V 63

20.29 0.30 0.92 0.70 0.00 0.00 0.14 0.05 0.17 0.13 12.25 15.99 0.02 0.01 4.10 0.01 2.36 0.10 0.02 0.05 2.28 1.60 0.02 0.27 0.36 0.03 0.08 0.11 0.86 0.65 0.39 0.35 0.05 0.02 0.51 4.64 3.54 0.08 0.04 0.09 0.22 0.03 0.06 0.08 11.49 8.75 2.73 3.57 0.09 0.07 2.47 3.24 0.01 0.39 0.30 0.06 0.14 0.17 0.22 0.14 0.14 0.14 0.14 0.21 0.75 0.58 0.58 0.00 0.02 0.03 0.03 0.05 0.23 0.01 0.55 0.42 0.22 0.29 0.86 0.66 0.13 0.18 0.10 0.44 0.02 0.03 0.03 0.05 0.00 9.22 7.05 0.04 0.42 8.53 0.76 0.58 0.24 0.31 0.16 0.20 0.11 0.19 2.17 5.30 4.06 0.32 0.05 0.09 0.12 0.20 0.05 66.11 86.48 0.13 11.20 14.53 0.01 0.07

18.40 0.26 0.81 0.63 0.00 0.00 0.13 0.04 0.17 0.12 11.41 15.14 0.01 0.01 3.75 0.01 2.05 0.08 0.02 0.04 2.18 1.40 0.02 0.21 0.28 0.00 0.07 0.08 0.77 0.61 0.34 0.31 0.05 0.01 0.47 3.93 2.96 0.07 0.00 0.08 0.20 0.02 0.06 0.08 10.87 8.24 2.36 3.11 0.08 0.06 2.20 2.90 0.01 0.00 0.27 0.05 0.13 0.16 0.19 0.13 0.13 0.12 0.12 0.17 0.64 0.49 0.48 0.00 0.01 0.03 0.03 0.03 0.21 0.01 0.44 0.34 0.22 0.27 0.74 0.57 0.12 0.14 0.07 0.42 0.02 0.02 0.01 0.04 0.00 8.21 6.22 0.04 0.39 6.41 0.66 0.50 0.19 0.25 0.10 0.14 0.10 0.16 1.95 4.82 3.63 0.30 0.04 0.08 0.10 0.00 0.04 60.28 79.54 0.11 9.10 13.15 0.01 0.05

G&S Minerals* Gabriel Res Gainey Capital Galantas Gold Galore Res Galway Mtls* Garibaldi Res Gear Intl* General Moly* Genesis Mtls Genius Props Gensource Pot Geologix Ex* Geologix Ex Geomega Res GFK Res Gldn Predator* Gldn Predator Glen Eagle Res Glencore Plc* Global Cobalt* Global Cop Grp Global Gold* Global Mnrls GMCI Corp* GoGold Res Gold Bulln Dev Gold Bulln Dev* Gold Dynamics* Gold Fields* Gold Jub Cap Gold Mng USA* Gold Mtn Mng Gold Reach Res Gold Reserve Gold Reserve* Gold Resource* Gold Std Vents* Gold Std Vents Goldbelt Emp Goldcorp* Goldcorp Golden Arrow Golden Cariboo Golden Dawn Ml Golden Eagle* Golden Goliath* Golden Goliath Golden Mnls* Golden Mnls Golden Peak Mn Golden Queen* Golden Queen

0.00 0.26 0.13 0.10 0.02 0.07 0.10 0.00 0.35 0.16 0.05 0.05 0.03 0.04 0.17 0.10 0.14 0.18 0.11 4.59 0.02 0.06 0.02 0.05 1.80 1.18 0.08 0.06 0.00 3.91 0.19 0.09 0.07 0.14 6.48 4.59 2.50 1.01 1.32 0.05 17.15 22.44 0.30 0.06 0.13 0.01 0.01 0.03 0.47 0.62 0.06 1.50 1.95

12-month High Low

Stock

19.20 0.30 0.85 0.66 0.00 0.00 0.13 0.05 0.17 0.12 11.52 15.25 0.01 0.01 3.77 0.01 2.05 0.09 0.02 0.04 2.28 1.50 0.02 0.24 0.32 0.03 0.08 0.09 0.83 0.64 0.38 0.33 0.05 0.02 0.49 4.04 3.05 0.07 0.04 0.08 0.22 0.02 0.06 0.08 10.95 8.31 2.43 3.22 0.09 0.06 2.25 2.98 0.01 0.37 0.28 0.05 0.13 0.16 0.20 0.13 0.13 0.14 0.13 0.18 0.67 0.51 0.58 0.00 0.01 0.03 0.03 0.05 0.21 0.01 0.50 0.37 0.22 0.27 0.75 0.57 0.13 0.17 0.10 0.42 0.02 0.02 0.01 0.05 0.00 8.79 6.65 0.04 0.41 6.99 0.69 0.52 0.20 0.27 0.15 0.19 0.11 0.19 1.95 4.99 3.78 0.31 0.04 0.09 0.11 0.11 0.04 61.37 81.17 0.11 10.11 13.19 0.01 0.05

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + -

0.92 0.00 0.03 0.04 0.00 0.00 0.01 0.01 0.01 0.01 0.45 0.35 0.01 0.00 0.23 0.01 0.23 0.01 0.01 0.01 0.03 0.10 0.01 0.04 0.03 0.01 0.02 0.01 0.04 0.03 0.05 0.03 0.00 0.01 0.01 0.43 0.37 0.01 0.00 0.01 0.02 0.01 0.00 0.01 0.02 0.08 0.20 0.18 0.01 0.00 0.19 0.20 0.00 0.03 0.02 0.01 0.01 0.01 0.03 0.01 0.01 0.02 0.01 0.02 0.08 0.07 0.13 0.00 0.01 0.01 0.01 0.02 0.01 0.00 0.08 0.04 0.01 0.01 0.11 0.08 0.02 0.03 0.02 0.02 0.01 0.01 0.03 0.01 0.00 0.04 0.08 0.01 0.01 1.40 0.05 0.04 0.01 0.01 0.03 0.04 0.01 0.04 0.15 0.12 0.15 0.03 0.01 0.02 0.01 0.04 0.01 4.27 4.34 0.01 0.65 1.42 0.01 0.02

22.82 2.29 1.45 1.15 0.00 0.00 0.25 0.10 0.45 0.25 20.30 24.60 0.04 0.02 4.15 0.03 3.19 0.17 0.04 0.23 2.41 2.00 0.03 0.63 0.79 0.08 0.08 0.11 2.26 1.84 0.56 0.90 0.16 0.03 0.75 6.40 5.36 0.14 0.11 0.12 0.22 0.07 0.13 0.16 13.02 9.61 2.91 3.78 0.14 0.11 5.60 6.73 0.09 0.66 0.51 0.19 1.00 0.18 0.24 0.17 0.17 0.17 0.15 0.23 0.93 0.75 0.58 0.01 0.02 0.04 0.05 0.08 0.26 0.04 0.92 0.74 0.31 0.39 0.87 0.67 0.18 0.24 0.19 0.50 0.09 0.05 0.04 0.25 0.00 9.22 7.05 0.07 0.60 19.83 1.37 1.08 0.50 0.39 0.30 0.37 0.48 0.22 2.40 5.69 4.30 0.43 0.11 0.09 0.12 0.20 0.05 68.40 88.89 0.24 23.97 14.60 0.01 0.07

10.53 0.20 0.65 0.46 0.00 0.00 0.10 0.04 0.11 0.08 7.27 9.96 0.01 0.01 1.10 0.01 0.84 0.04 0.01 0.04 1.30 0.80 0.01 0.12 0.18 0.02 0.05 0.03 0.61 0.47 0.28 0.25 0.03 0.01 0.08 2.67 1.87 0.04 0.04 0.03 0.17 0.02 0.03 0.05 4.35 4.40 1.00 1.46 0.03 0.03 1.81 2.47 0.01 0.20 0.08 0.02 0.09 0.08 0.10 0.09 0.09 0.01 0.09 0.11 0.48 0.35 0.21 0.00 0.00 0.00 0.01 0.01 0.10 0.00 0.20 0.14 0.12 0.19 0.39 0.29 0.03 0.04 0.05 0.21 0.01 0.02 0.01 0.02 0.00 3.50 2.40 0.02 0.25 2.15 0.53 0.39 0.09 0.12 0.04 0.07 0.05 0.09 1.00 2.65 2.00 0.25 0.01 0.03 0.04 0.05 0.03 38.20 49.96 0.05 3.52 8.70 0.01 0.02

Golden Reign V Golden Secret V Golden Sh Mng V T Golden Star X Golden Star* V Golden Tag V Goldex Res V Goldeye Expl Goldgroup Mng T GoldLand Hldgs* O V GoldON Res GoldQuest Mng V Goldrea Res Goldrock Mines V Goldsource Min* O Goldsource Min V Goldstrike Res V V Gonzaga Res V Gossan Res GoviEx Uranium Gowest Gold* O V GPM Metals Gran Colombia T Gran Colombia* O Granite Ck Gld V Graphite Corp* O Graphite One* O V Graphite One Great Lakes Gr V Great Lakes Gr* O Great Panther T Great Panther* X Great Quest Fe V Great Western* O Green Swan Cap V Greencastle Rs V Greenland M&En* O Grizzly Discvr V O Grizzly Gold* Group Ten Mtls V GTA Res & Mng V Guerrero Vents V V Gungnir Res Gunpoint Expl V Guyana Gldflds T Happy Ck Mnrls V Harmony Gold* N T Harte Gold Heatherdale Rs V Hecla Mining* N Highbank Res V Highland Copp V Hinterland Mtl V Hochschild Mg* O Homestake Res V Horizonte Mnls T Houston Lake V T HudBay Mnls HudBay Mnls* N V Hudson Res V Hunt Mng

0.00 0.00 0.21 0.24 0.12 0.12 0.09 0.10 0.02 0.02 0.07 0.07 0.09 0.09 0.00 0.00 0.31 0.31 0.12 0.15 0.02 0.04 0.05 0.05 0.03 0.03 0.03 0.04 0.14 0.15 0.07 0.07 0.13 0.13 0.17 0.17 0.09 0.09 4.07 4.28 0.02 0.02 0.05 0.05 0.02 0.02 0.00 0.05 0.00 1.80 1.09 1.09 0.07 0.08 0.01 0.06 0.00 0.00 3.52 3.64 0.18 0.18 0.05 0.06 0.05 0.07 0.13 0.13 5.70 6.00 4.35 4.49 2.20 2.30 0.88 0.96 1.16 1.28 0.04 0.05 15.28 15.78 20.15 20.91 0.27 0.29 0.05 0.06 0.11 0.12 0.00 0.00 0.01 0.01 0.02 0.02 0.39 0.42 0.51 0.55 0.00 0.06 1.21 1.39 1.62 1.82

+ + + + + + + + + + + + + + + + + + + -

0.00 0.01 0.02 0.02 0.01 0.00 0.01 0.00 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0.03 0.01 0.02 0.01 0.30 0.00 0.01 0.00 0.01 0.10 0.06 0.02 0.02 0.00 0.12 0.01 0.01 0.02 0.01 0.34 0.04 0.14 0.04 0.03 0.01 1.09 1.04 0.01 0.01 0.03 0.00 0.00 0.01 0.01 0.04 0.01 0.11 0.08

0.00 0.52 0.25 0.18 0.03 0.13 0.18 0.00 1.00 0.33 0.12 0.07 0.04 0.06 0.29 0.12 0.15 0.20 0.11 9.68 0.05 0.08 0.05 0.53 1.80 1.67 0.08 0.06 0.00 4.68 0.25 0.51 0.12 0.35 8.00 5.90 3.65 1.17 1.55 0.10 20.30 24.87 0.50 0.07 0.30 0.02 0.02 0.03 0.68 0.93 0.09 1.56 2.00

0.00 0.12 0.10 0.07 0.01 0.06 0.05 0.00 0.15 0.05 0.02 0.04 0.01 0.02 0.06 0.03 0.06 0.07 0.03 1.95 0.01 0.04 0.00 0.02 0.05 0.94 0.02 0.01 0.00 2.04 0.07 0.05 0.02 0.08 3.06 2.19 1.14 0.26 0.40 0.02 9.46 13.55 0.17 0.03 0.07 0.00 0.00 0.01 0.13 0.19 0.04 0.48 0.65

G-H O T V V V O V O X V V O T V V O V V O O V O V O T V O O N V O V V V O X X V V N T V V V O O V X T V O T

138 976 80 20 264 12 531 6681 402 437 938 1294 21 711 880 59 20 29 972 1518 165 254 230 5 1 332 1421 461 225 37949 250 810 380 48 122 177 1839 1141 1022 90 40953 14466 283 100 3289 5 21 42 1419 70 40 981 347

(100s)

Change

Exc Volume

Week

12-month

High

Low

Last

Change

High Low

567 232 175 448 8125 109 13 470 173 363 63 920 6 481 171 410 359 75 18 657 55 255 1674 480 36 505 420 4549 1161 92 1338 5512 251 199 100 855 747 188 149 268 208 714 67 24 2228 186 30450 31994 154 35780 700 15 1065 66 65 48 1031 6255 713 108 66

0.19 0.24 0.11 0.62 0.48 0.05 0.23 0.03 0.09 0.08 0.14 0.21 0.06 0.40 0.24 0.32 0.16 0.02 0.03 0.09 0.07 0.19 0.12 0.09 0.02 0.01 0.10 0.13 0.10 0.07 1.40 1.08 0.20 0.00 0.03 0.09 0.03 0.05 0.02 0.04 0.05 0.03 0.02 0.22 5.02 0.12 4.00 0.35 0.04 2.95 0.08 0.09 0.02 1.32 0.04 0.04 0.31 5.50 4.22 0.44 0.05

0.14 0.19 0.09 0.55 0.41 0.03 0.17 0.03 0.08 0.05 0.09 0.20 0.00 0.35 0.21 0.29 0.14 0.01 0.03 0.07 0.06 0.00 0.10 0.07 0.01 0.00 0.08 0.11 0.09 0.06 1.23 0.93 0.18 0.00 0.02 0.06 0.01 0.04 0.01 0.03 0.04 0.02 0.02 0.00 4.68 0.10 3.65 0.14 0.03 2.57 0.07 0.00 0.02 0.00 0.00 0.00 0.23 4.76 3.58 0.40 0.04

0.15 0.24 0.10 0.57 0.45 0.04 0.23 0.03 0.08 0.07 0.09 0.20 0.05 0.36 0.23 0.30 0.15 0.02 0.03 0.07 0.06 0.19 0.11 0.08 0.01 0.00 0.08 0.11 0.10 0.07 1.28 0.96 0.18 0.00 0.02 0.09 0.02 0.04 0.01 0.04 0.04 0.02 0.02 0.22 4.68 0.10 3.74 0.19 0.03 2.69 0.07 0.09 0.02 1.29 0.04 0.04 0.30 4.96 3.74 0.43 0.05

+ + + + + + + + + + + + + + + + + + + + +

0.04 0.04 0.01 0.01 0.00 0.01 0.06 0.01 0.01 0.01 0.01 0.02 0.03 0.03 0.01 0.01 0.02 0.01 0.02 0.01 0.01 0.02 0.02 0.01 0.01 0.00 0.01 0.02 0.01 0.00 0.01 0.02 0.02 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.01 0.03 0.18 0.02 0.04 0.07 0.01 0.16 0.02 0.01 0.01 0.06 0.01 0.01 0.04 0.37 0.34 0.02 0.01

0.20 0.24 0.11 0.78 0.56 0.05 0.60 0.06 0.14 0.12 0.15 0.26 0.09 0.41 0.28 0.40 0.21 0.07 0.05 0.19 0.07 0.33 0.51 0.43 0.03 0.02 0.11 0.15 0.15 0.12 1.40 1.08 0.63 0.03 0.05 0.10 0.17 0.10 0.04 0.06 0.08 0.06 0.03 0.22 5.23 0.17 4.19 0.35 0.05 3.37 0.21 0.25 0.02 1.70 0.04 0.06 0.31 12.61 10.37 0.55 0.20

0.07 0.02 0.03 0.21 0.14 0.02 0.10 0.02 0.05 0.02 0.03 0.07 0.02 0.15 0.11 0.13 0.07 0.01 0.02 0.04 0.04 0.08 0.06 0.04 0.01 0.00 0.05 0.07 0.06 0.04 0.40 0.30 0.11 0.00 0.01 0.05 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.13 2.48 0.08 0.53 0.05 0.01 1.45 0.05 0.09 0.01 0.59 0.01 0.02 0.12 2.26 1.56 0.34 0.02

I-Minerals* I-Minerals IAMGOLD IAMGOLD* IC Potash* Iconic Mnls IDM Mining* IDM Mining IMPACT Silver Impala Platnm* Imperial Metal Imperial Metal* Inception Mng* Independence G Indico Res Indigo Expl Inspiration Mg* Intact Gold Integra Gold* Inter-Rock Mnl Interconnect Intgr Egy Sol* Intigold Mines Intl Bethl Mng Intl Lithium Intl Tower Hil* Intl Tower Hil Intrepid Pots* INV Metals Inventus Mg InZinc Mining Ireland* Ironside Res Irving Res Ivanhoe Mines* Ivanhoe Mines Jaguar Mng* Jaguar Mng James Rvr Coal* Jasper Mng Jayden Res* Jazz Res Kaminak Gold Kaminak Gold* Kapuskasing Gd Karmin Expl Karnalyte Res Katanga Mng Kennady Diam Kerr Mines* Kerr Mines Kesselrun Res Khalkos Expl Kilo Goldmines Kingsmen Res Kingsmen Res* Kinross Gold* Kinross Gold Kirkland Lk Gd* Kirkland Lk Gd Kiska Metals* Klondex Mns Klondike Gold* Klondike Silv* Klondike Silv Kombat Copper Komet Resource KWG Res

34 O 163 V T 10002 N 22108 290 O 323 V 138 O 274 V 1247 V 57 O 345 T 17 O 140 Q 491 V 20 V 87 V 33 O 577 V O 1288 170 V 18 V O 133152 364 V 132 V 414 V 400 X 81 T N 5543 667 T 347 V 182 V 140 O 267 V 52 175 O 3477 T 640 O 5427 V 63 O 12 V 1 O 33 V 3470 V 924 O 50 V 5 V 444 T 506 T 58 V 27 O 659 T 121 V 71 V 642 V 63 V 16 O N 67638 T 34916 130 O 4471 T 155 O 1701 T 8 O 90 O 473 V 222 V 80 V 1877

0.18 0.24 2.98 2.27 0.05 0.16 0.09 0.12 0.45 3.14 4.99 3.68 0.12 0.12 0.07 0.03 0.04 0.27 0.35 0.05 0.10 0.00 0.19 0.06 0.11 0.34 0.43 1.29 0.24 0.06 0.08 0.34 0.03 0.13 0.70 0.91 0.24 0.31 0.01 0.04 0.02 0.15 1.63 1.25 0.03 0.27 3.14 0.19 3.55 0.07 0.08 0.07 0.11 0.14 0.08 0.06 3.26 4.25 7.01 9.22 0.02 3.82 0.11 0.02 0.04 0.08 0.33 0.03

0.16 0.22 2.76 2.07 0.04 0.15 0.09 0.12 0.39 2.91 4.57 3.45 0.10 0.10 0.07 0.02 0.01 0.26 0.34 0.05 0.09 0.00 0.16 0.06 0.09 0.30 0.40 1.17 0.24 0.05 0.08 0.33 0.03 0.13 0.64 0.83 0.22 0.29 0.01 0.04 0.02 0.15 1.39 1.07 0.03 0.27 3.05 0.17 3.20 0.06 0.07 0.06 0.10 0.09 0.08 0.06 3.02 4.01 6.40 8.48 0.02 3.57 0.11 0.02 0.03 0.07 0.33 0.02

+ + + + + + + + + + + + + + + + + + + + + + + + + + -

0.01 0.01 0.06 0.07 0.01 0.07 0.00 0.01 0.06 0.12 0.18 0.30 0.02 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.02 0.00 0.03 0.02 0.02 0.03 0.03 0.10 0.01 0.02 0.01 0.03 0.01 0.01 0.00 0.01 0.03 0.04 0.00 0.01 0.00 0.05 0.11 0.09 0.01 0.02 0.02 0.03 0.18 0.01 0.02 0.02 0.01 0.01 0.01 0.02 0.12 0.08 0.58 0.65 0.01 0.27 0.01 0.00 0.01 0.01 0.02 0.01

0.28 0.37 3.70 2.77 0.25 0.16 0.11 0.14 0.45 5.96 13.33 10.96 0.35 0.13 0.16 0.03 0.10 0.35 0.35 0.07 0.11 0.00 0.32 0.10 0.13 0.42 0.57 13.24 0.25 0.10 0.14 0.51 0.35 0.20 1.08 1.36 0.27 0.34 0.07 0.07 0.08 0.23 1.63 1.25 0.09 0.40 4.15 0.30 5.95 0.14 0.17 0.09 0.12 0.14 0.18 0.07 3.36 4.63 7.33 9.53 0.04 4.04 0.17 0.03 0.05 0.11 0.54 0.03

0.11 0.14 1.50 1.15 0.03 0.03 0.04 0.07 0.11 1.45 3.92 2.81 0.05 0.06 0.02 0.01 0.01 0.03 0.18 0.01 0.05 0.00 0.07 0.02 0.02 0.18 0.26 0.65 0.08 0.01 0.04 0.15 0.02 0.11 0.36 0.53 0.07 0.12 0.01 0.02 0.01 0.04 0.61 0.47 0.02 0.15 0.52 0.13 2.35 0.01 0.02 0.02 0.05 0.04 0.03 0.02 1.31 1.79 3.12 4.49 0.01 2.54 0.06 0.01 0.01 0.02 0.26 0.01

Labdr Iron Mns* Labrador Iron Lake Shore Gld Lake Shore Gld* Lara Expl Laramide Res Largo Res* Largo Res Latin Am Mnls* Latin Am Mnls LeadFX Inc Levon Res Ltd Levon Res Ltd * Lexam VG Gold* Lexam VG Gold Li3 Energy* Liberty Star* Lincoln Mng Lion One Mtls Lion One Mtls* Lithium Corp* Lithium Expl* Lithium X Egy LKA Gold* Lode-Star Mg* Lomiko Mtls* Lomiko Mtls Loncor Res* Loncor Res Lonmin plc* Lorraine Coppr Los Andes Copp Lucara Diam Luna Gold* Luna Gold Lund Enterpr Lundin Gold

O T T X V T O V O V T T O O T O Q V V O O O V O O O V O T O V V T O T V T

183 1036 16891 3635 128 245 247 37 50 406 15 271 67 248 341 401 13690 161 115 307 268 1660 1594 40 71 401 917 8 789 11 142 43 2104 151 177 137 182

0.01 12.57 2.19 1.68 0.39 0.27 0.26 0.33 0.11 0.14 0.23 0.17 0.12 0.15 0.19 0.02 0.00 0.07 0.40 0.30 0.04 0.11 1.24 0.35 0.04 0.03 0.05 0.05 0.08 2.37 0.07 0.15 2.74 0.10 0.13 0.07 4.77

0.00 0.01 11.32 12.04 1.99 2.06 1.50 1.55 0.36 0.39 0.23 0.24 0.24 0.25 0.31 0.31 0.08 0.11 0.09 0.13 0.00 0.18 0.15 0.16 0.11 0.12 0.12 0.14 0.16 0.18 0.02 0.02 0.00 0.00 0.06 0.06 0.36 0.40 0.27 0.30 0.03 0.03 0.05 0.11 0.96 1.20 0.22 0.35 0.03 0.04 0.03 0.03 0.04 0.04 0.05 0.05 0.06 0.07 1.95 1.95 0.00 0.05 0.14 0.15 2.56 2.72 0.09 0.09 0.11 0.12 0.00 0.06 4.39 4.44

+ + + + + + + + + + + + + + + + + + + + + + -

0.02 0.00 0.00 0.01 17.45 6.85 2.19 0.93 0.08 1.68 0.70 0.08 0.42 0.20 0.03 0.35 0.15 0.03 0.77 0.08 0.01 0.98 0.11 0.01 0.11 0.06 0.03 0.75 0.05 0.05 2.25 0.12 0.03 0.32 0.09 0.01 0.15 0.07 0.00 0.17 0.04 0.02 0.23 0.05 0.01 0.04 0.01 0.00 0.01 0.00 0.00 0.08 0.02 0.02 0.60 0.23 0.03 0.45 0.18 0.00 0.06 0.02 0.01 6.36 0.02 0.02 1.40 0.05 0.02 0.52 0.10 0.00 0.05 0.01 0.01 0.05 0.02 0.00 0.07 0.03 0.01 0.13 0.01 0.00 0.13 0.02 0.01 0.36 233.10 0.55 0.13 0.04 0.01 0.23 0.05 0.01 2.74 1.42 0.12 0.19 0.02 0.00 0.24 0.03 0.01 0.07 0.02 0.04 4.77 3.46 0.16

I-J-K 0.16 0.20 2.68 2.01 0.04 0.09 0.07 0.10 0.30 2.70 4.26 3.26 0.00 0.09 0.07 0.02 0.01 0.23 0.31 0.05 0.09 0.00 0.13 0.00 0.09 0.28 0.37 1.03 0.21 0.05 0.07 0.29 0.03 0.11 0.62 0.82 0.20 0.25 0.01 0.03 0.00 0.08 1.36 1.02 0.03 0.00 2.94 0.17 3.15 0.05 0.07 0.05 0.10 0.09 0.00 0.04 2.89 3.81 6.18 8.26 0.01 3.57 0.00 0.00 0.03 0.07 0.31 0.02

L

2016-03-29 8:39 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 4–10, 2016

11

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

Lundin Mng Lupaka Gold Lydian Intl* Lydian Intl Lynas Corp*

Exc Volume

T V O T O

10859 943 85 1865 102

Maccabi Vent MacMillan Mnls* O MacMillan Mnls V MAG Silver* X MAG Silver T Magellan Gold* O Magellan Mnrls V Magnum Goldco V Magnus Intl* O Majestic Gold* O Malbex Res V Mandalay Res T Mangazeya Mng V Manson Creek* O Marathon Gold T Margaux Res V Marlin Gold* O MartinMarietta* N Mason Graphite* O Mason Graphite V Masuparia Gold V Matachewan Con V Matamec Expl V Maudore Mnrls V Maudore Mnrls* O Mawson Res* O MAX Res V Maya Gold &Sil V McEwen Mng* N MDN Inc T Mechel* N Medallion Res* O Medallion Res V Medinah Mnrls* O Mega Uranium* O Melior Res V Menika Mining V Merrex Gold* O MetalCorp V Metalex Vent V Metalo Manuf Metalore Res T Metals Creek* O Metals Creek V Metals X* O Metanor Res V Mexus Gold* O MGX Minerals Midas Gold* O Midas Gold T Midnight Sun V Midway Gold* O Millrock Res* O Millrock Res V Millstream Min V Minco Gold* X Minco Gold T Minco Silver T Minco Silver* O Minecorp Egy V Mineral Mtn V Mines Manage* X Mines Manage T Minnova Corp V Miranda Gold V Mirasol Res V Mistango River Mitchell Res V Molycorp* O Moneta Porcpn* O Moneta Porcpn T Monster Mng V Montan Mg V Montana Gold Montero Mg&Ex V Monument Mng V Mosaic* N Mountain Prov T Mountain Prov* D MPH Vent* O Mukuba Res V Murchison Min Musgrove Mnls V Myson Group* O

5 18 26 781 1024 505 834 107 2252 3 37 687 236 23 496 12 3 2560 16 290 95 38 301 105 24 48 4 616 7149 512 372 587 491 4916 63 42 494 18 787 298 4 3 104 357 2 19639 2965 122 446 1148 22 130 29 115 69 272 9 362 75 134 755 364 25 411 1459 249 46 251 2440 151 431 859 317 14 103 4083 26137 342 87 401 1676 2845 10 84

NACCO Ind* N Napier Vent V Natan Res V Natural Res Pt* N Nautilus Mnrls* O Navy Res V Nemaska Lith V Nemaska Lith* O Network Expl V Nevada Copper T Nevada Expl * O Nevada Expl V Nevada Sunrise* O Nevada Sunrise V Nevada Zinc V Nevsun Res T Nevsun Res* X New Carolin Gd V New Carolin Gd* O New Colombia* O New Dimen Res V New Era Mnrls V New Gold* O New Gold T New Gold* X New Jersey Mng* O New Milln Iron* O New Milln Iron T New Nadina V New Oroperu V Newmac Res V Newmarket Gold* O Newmarket Gold T Newmont Mng* N Newport Expl V Newport Gold* O Nexgen Energy V Nexgen Energy* O Next Gen Mtls NGEx Res* O Nickel North V Nickel One Res V Nicola Mg Inc* O Niocorp Dev T Niocorp Dev* O Nippon Dragon V Noble Mnl Expl V Noka Res V Noranda Alum* O Nord Res* O Noront Res V North Am Nickl V North Am Nickl* O North Am Pall* O North Am Pall T North Arrow Mn* O North Arrow Mn V North Springs* O Northair Silvr V Northcliff Res T Northern Uran V Northn Empire V Northquest V Norvista Cap V Nouveau Monde V NovaCopper T NovaGold Res* X NovaGold Res T Novo Res* O Novo Res V NQ Expl V NRG Metals V Nrthn Freegold* O Nrthn Graphite V Nrthn Lion V Nrthn Mnrls &E* O

120 94 1769 349 988 175 3591 182 63 185 503 384 135 593 297 984 1194 1098 26 157 68 97 120 8919 15640 36 17 624 30 26 235 266 5125 43718 221 1270 4629 369 64 5 117 37 21 730 525 467 2238 611 394 576 1947 19 10 15 13 18 72 1 858 39 399 161 119 665 1309 104 8438 1794 38 108 10 1541 17 233 3 28

Week High

4.45 0.19 0.21 0.28 0.06

Low

3.95 0.14 0.20 0.26 0.05

Last

High Low

4.04 0.17 0.20 0.26 0.05

+ -

0.42 0.01 0.01 0.02 0.00

0.09 0.09 0.09 0.15 0.00 0.15 0.21 0.18 0.21 9.82 9.02 9.29 12.78 11.91 12.36 0.07 0.04 0.04 0.07 0.06 0.06 0.05 0.04 0.05 0.00 0.00 0.00 0.07 0.05 0.05 0.30 0.28 0.30 0.91 0.86 0.88 0.05 0.00 0.05 0.01 0.01 0.01 0.22 0.17 0.17 0.19 0.13 0.19 0.42 0.37 0.42 157.50 150.75 153.67 0.40 0.36 0.39 0.53 0.47 0.52 0.05 0.00 0.05 0.34 0.00 0.30 0.04 0.03 0.03 0.01 0.01 0.01 0.01 0.00 0.01 0.19 0.16 0.19 0.06 0.00 0.06 0.14 0.13 0.14 2.00 1.80 1.87 0.06 0.05 0.05 1.85 1.70 1.77 0.03 0.03 0.03 0.04 0.03 0.04 0.01 0.01 0.01 0.09 0.00 0.08 0.02 0.02 0.02 0.43 0.35 0.43 0.16 0.15 0.16 0.02 0.01 0.02 0.07 0.06 0.06 0.51 0.50 0.51 1.95 1.90 1.90 0.11 0.10 0.10 0.14 0.12 0.14 0.72 0.72 0.72 0.13 0.08 0.09 0.03 0.02 0.02 0.13 0.10 0.12 0.32 0.27 0.29 0.42 0.37 0.38 0.13 0.00 0.13 0.00 0.00 0.00 0.18 0.16 0.17 0.25 0.21 0.25 0.07 0.07 0.07 0.27 0.24 0.25 0.34 0.31 0.32 0.80 0.72 0.80 0.60 0.55 0.59 0.07 0.06 0.07 0.04 0.04 0.04 0.56 0.47 0.49 0.71 0.61 0.61 0.39 0.33 0.39 0.10 0.08 0.08 1.28 1.13 1.13 0.01 0.00 0.01 0.04 0.00 0.04 0.04 0.03 0.03 0.13 0.12 0.12 0.18 0.16 0.16 0.02 0.01 0.02 0.03 0.03 0.03 0.07 0.07 0.07 0.05 0.03 0.03 0.13 0.09 0.10 30.21 26.86 27.26 4.96 4.75 4.89 3.77 3.59 3.68 0.08 0.06 0.07 0.02 0.01 0.01 0.02 0.00 0.01 0.16 0.00 0.12 0.02 0.02 0.02

6.46 0.19 0.48 0.58 0.10

2.98 0.04 0.13 0.19 0.02

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + -

0.01 0.14 0.08 0.00 0.15 0.01 0.05 0.30 0.05 0.26 9.82 5.57 0.11 12.78 6.90 0.01 0.09 0.03 0.01 0.08 0.03 0.01 0.13 0.02 0.00 0.00 0.00 0.01 0.08 0.02 0.02 0.55 0.10 0.03 0.99 0.59 0.01 0.06 0.01 0.00 0.01 0.00 0.05 0.35 0.11 0.07 0.30 0.11 0.73 0.10 0.01 3.16 178.67 108.31 0.01 0.48 0.21 0.04 0.61 0.30 0.02 0.09 0.03 0.01 0.49 0.17 0.01 0.05 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.03 0.27 0.12 0.01 0.11 0.04 0.01 0.30 0.10 0.03 2.13 0.65 0.01 0.07 0.01 0.03 3.00 1.23 0.00 0.05 0.01 0.01 0.07 0.01 0.00 0.04 0.01 0.00 0.11 0.04 0.01 0.10 0.01 0.03 0.43 0.05 0.02 0.20 0.10 0.01 0.03 0.01 0.01 0.12 0.04 0.01 0.51 0.30 0.15 3.72 1.26 0.00 0.14 0.05 0.02 0.19 0.05 0.04 1.21 0.68 0.02 0.13 0.03 0.00 0.03 0.00 0.01 0.70 0.10 0.02 0.39 0.16 0.04 0.47 0.25 0.01 0.24 0.08 0.00 0.50 0.00 0.01 0.26 0.11 0.02 0.32 0.15 0.02 0.16 0.01 0.02 0.40 0.10 0.01 0.49 0.12 0.08 0.80 0.32 0.04 0.60 0.26 0.01 0.10 0.01 0.01 0.06 0.02 0.01 0.74 0.11 0.04 0.94 0.17 0.04 0.48 0.18 0.01 0.12 0.06 0.17 1.33 0.72 0.01 0.07 0.01 0.03 0.05 0.01 0.01 1.15 0.02 0.01 0.15 0.04 0.01 0.20 0.05 0.01 0.02 0.01 0.01 0.26 0.02 0.01 0.07 0.02 0.01 0.06 0.01 0.03 0.16 0.08 2.46 47.68 22.02 0.02 5.46 3.38 0.06 4.40 2.47 0.01 0.08 0.03 0.01 0.02 0.01 0.01 0.04 0.01 0.01 0.33 0.04 0.00 0.18 0.01

+ + + + + + + + + + + + + + + + + + + + + + + + + +

0.10 62.96 40.04 0.03 0.35 0.15 0.01 0.01 0.01 0.37 74.50 5.00 0.01 0.42 0.12 0.07 0.24 0.06 0.01 0.70 0.15 0.00 0.54 0.13 0.03 0.17 0.02 0.03 2.03 0.45 0.01 0.61 0.08 0.02 0.94 0.05 0.02 0.31 0.09 0.02 0.38 0.13 0.01 0.38 0.19 0.08 5.35 3.27 0.11 4.36 2.27 0.01 0.10 0.02 0.01 0.08 0.03 0.00 0.02 0.00 0.02 0.10 0.04 0.05 0.29 0.04 0.02 0.45 0.03 0.39 5.38 2.52 0.30 4.08 1.76 0.01 0.12 0.02 0.00 0.16 0.03 0.01 0.21 0.05 0.01 0.30 0.05 0.01 0.40 0.07 0.01 0.20 0.05 0.08 2.45 0.61 0.17 2.49 0.80 2.39 28.39 15.39 0.01 0.49 0.19 0.00 0.02 0.00 0.02 1.55 0.44 0.01 1.15 0.35 0.02 0.18 0.01 0.01 0.80 0.37 0.01 0.03 0.01 0.02 0.18 0.10 0.01 0.08 0.03 0.06 1.55 0.51 0.05 1.23 0.37 0.01 0.15 0.03 0.01 0.02 0.01 0.01 0.26 0.03 0.01 24.71 0.02 0.00 0.01 0.00 0.02 0.60 0.28 0.01 0.26 0.07 0.01 0.21 0.05 0.15 97.36 2.71 0.26 120.00 3.85 0.01 1.08 0.12 0.01 1.34 0.15 0.35 40.00 0.15 0.01 0.11 0.04 0.02 0.19 0.06 0.01 0.09 0.01 0.01 0.15 0.06 0.01 0.32 0.07 0.01 0.16 0.08 0.02 0.24 0.08 0.05 0.81 0.20 0.35 5.57 2.65 0.36 7.36 3.42 0.05 0.75 0.29 0.03 0.99 0.40 0.01 0.02 0.01 0.02 0.12 0.02 0.02 0.08 0.02 0.05 0.81 0.16 0.03 0.16 0.03 0.01 0.14 0.02

M

N-O

April 4 Pgs 10 11.indd 11

56.60 0.24 0.01 9.50 0.14 0.24 0.69 0.54 0.17 1.10 0.26 0.34 0.15 0.20 0.38 4.54 3.48 0.09 0.07 0.01 0.09 0.10 0.08 5.12 3.92 0.09 0.09 0.12 0.11 0.35 0.07 1.90 2.49 28.29 0.29 0.01 1.43 1.09 0.13 0.52 0.02 0.15 0.06 1.03 0.79 0.10 0.02 0.08 0.08 0.00 0.36 0.10 0.07 4.12 5.39 0.17 0.25 2.00 0.11 0.10 0.03 0.10 0.23 0.15 0.18 0.55 5.47 7.14 0.62 0.82 0.01 0.06 0.07 0.47 0.11 0.03

53.63 56.14 0.19 0.24 0.01 0.01 8.63 8.89 0.13 0.14 0.18 0.18 0.65 0.68 0.49 0.52 0.00 0.17 0.92 0.95 0.18 0.23 0.24 0.30 0.13 0.13 0.17 0.18 0.33 0.38 4.28 4.43 3.22 3.33 0.08 0.08 0.06 0.06 0.01 0.01 0.08 0.08 0.00 0.05 0.05 0.06 4.56 4.69 3.43 3.55 0.07 0.09 0.09 0.09 0.11 0.11 0.10 0.11 0.30 0.35 0.00 0.05 1.77 1.86 2.31 2.48 24.59 25.40 0.27 0.28 0.01 0.01 1.30 1.42 1.00 1.08 0.12 0.13 0.51 0.51 0.00 0.01 0.14 0.14 0.05 0.05 0.92 0.95 0.70 0.72 0.08 0.10 0.01 0.01 0.07 0.07 0.05 0.07 0.00 0.00 0.32 0.34 0.09 0.10 0.05 0.07 3.75 3.97 4.90 5.11 0.00 0.17 0.21 0.25 0.00 2.00 0.10 0.10 0.09 0.10 0.02 0.03 0.09 0.10 0.23 0.23 0.14 0.15 0.15 0.18 0.46 0.51 4.80 4.94 6.38 6.55 0.59 0.59 0.77 0.77 0.01 0.01 0.05 0.05 0.06 0.06 0.35 0.39 0.00 0.11 0.02 0.03

(100s)

12-month Change

Stock

Exc Volume

Week High

Low

0.04 0.05 0.03 0.03 0.29 0.31 0.30 0.35 0.12 0.13 0.09 0.10 0.08 0.08 0.00 0.02 0.01 0.01 3.50 3.56 2.68 2.68 0.23 0.25 0.40 0.41 0.11 0.15 0.06 0.07 0.21 0.24 0.17 0.17 0.22 0.22 0.03 0.04 0.00 0.00 0.02 0.02 0.46 0.47 0.35 0.35 0.07 0.07 0.09 0.09 0.00 0.03 2.78 2.84 0.16 0.16 0.13 0.15 0.01 0.01 0.20 0.20 0.16 0.16 12.84 12.90 9.72 9.72 0.12 0.13 0.13 0.18 3.75 3.77

Nrthn Sun V Nrthn Superior V Nrthn Vertex V Nthn Dynasty* X NuLegacy Gold V NuLegacy Gold* O Nunavik Nickel V NV Gold V NX Uranium* O OceanaGold T OceanaGold* O Oceanus Res V Odin Mng & Exp V Olivut Res V Omineca Mg &Ml V Orbite Tech T Orbite Tech* O Orca Gold V Orefinders Res V Oremex Silver* O Orex Expl V Orezone Gold V Orezone Gold* O Organic Potash Original Sixtn* O Oroco Res V Orocobre T Orofino Mnrls V Orosur Mng T Orsu Metals* O Orvana Mnrls T Orvana Mnrls* O Osisko Gold T Osisko Gold * O Otis Gold* O Otis Gold V OZ Minerals* O

246 167 57 589 343 241 74 23 11 10729 22 91 1045 48 19 8444 40 728 5372 1269 950 452 123 50 22 1230 250 27 1029 1 1129 392 2558 111 186 271 5

0.06 0.03 0.31 0.36 0.13 0.10 0.08 0.02 0.01 3.80 2.89 0.29 0.43 0.15 0.07 0.27 0.20 0.28 0.06 0.01 0.02 0.52 0.40 0.07 0.09 0.03 3.22 0.20 0.15 0.01 0.22 0.17 13.75 10.50 0.14 0.19 4.15

Pac Bay Mnrls V Pac Booker Min V Pac Booker Min* X Pac Iron Ore V Pac North West* O Pac North West V Pac Ridge Expl V Paladin Energy T Palamina Corp V Palisades Vent V Pan Am Silver* D Pan Am Silver T Pancontinental* O Pangolin Dia V Para Resources V Paramount Gold* X Passprt Potash* O Patriot Gold* O Peabody Enrgy* N Pelangio Expl* O Pele Mtn Res* O Peregrine Diam T Perseus Mng T Pershimco Res V Pershing Gold* D Peruvian Prc M V Peruvian Prc M* O Petaquilla Mnl* O Phoenix Metals V Pilot Gold T Pilot Gold* O Pine Cliff En T Pitchblack Res V Plata Latina V Plateau Uran* O Plateau Uran V Platinum Gp Mt* X Platinum Gp Mt T Polaris Mater T PolyMet Mng T PolyMet Mng* X Portage Res* O Potash Corp SK T Potash Corp SK* N Potash Ridge T Potash Ridge* O Premier Gold M T Premium Expl* O Pretium Res* N Pretium Res T Prima Diamond V Primero Mng T Primero Mng* N Probe Metals V Probe Metals* O Prophecy Coal* O Prospect Glob* O Prosper Gold V Prospero Silvr V PUF Vent Inc Puma Expl V Pure Energy V Pure Energy* O Pure Gold Mg* O Pure Gold Mg V Pure Nickel V Pure Nickel* O Q-Gold Res V QMC Quantum MlV Quartz Mtn Res* O Quaterra Res V Quaterra Res* O Quest Rare Mnl T Quest Rare Mnl* O

114 22 9 61 174 390 134 2398 63 55 11395 2915 24 867 146 248 346 50 11507 10 266 1213 1120 2054 545 866 28 203 681 623 329 2225 6 71 42 448 2332 635 457 149 799 4502 11949 40363 19726 375 1831 5 4776 2307 2050 2973 4172 231 137 111 42 59 78 3379 270 1003 578 373 1013 136 15 26 123 1 271 116 933 48

0.07 1.35 1.03 0.22 0.02 0.03 0.05 0.25 0.10 0.07 11.30 14.77 0.00 0.05 0.20 1.48 0.00 0.10 2.79 0.03 0.04 0.17 0.42 0.18 4.04 0.06 0.05 0.01 0.02 0.53 0.39 0.77 0.12 0.03 0.28 0.41 3.63 4.80 1.63 1.13 0.87 0.01 25.01 19.17 0.13 0.09 3.30 0.01 5.62 7.34 0.07 2.66 2.04 0.60 0.45 0.02 0.09 0.24 0.11 0.02 0.07 0.78 0.60 0.22 0.29 0.02 0.01 0.04 0.02 0.01 0.06 0.04 0.13 0.09

Rackla Mtls* O Radisson Mng V Rainforest Res* O Randgold Res* D Raptor Res* O Rare Element* O Rathdowney Res V RB Energy* O Red Eagle Mng V Red Eagle Mng* O Red Hut V Red Pine Expl V Red Tiger Mng V Redzone Res V Regulus Res V Reliance Res V Reliant Gold V Renaissance Gd V Renaissance Gd* O Renforth Res Reservoir Mnls* O Reservoir Mnls V Resolve Vent V Revelo Res V Revolver Res V Richmond Mnls* O Richmont Mines* X Richmont Mines T Rio Silver V Rio Tinto* N Rio Tinto* O Rio Tinto* O Rise Res Inc Riverside Res V Riverside Res* O RJK Explor V Rochester Res V Rock Tech Lith* O Rock Tech Lith V Rockex Mng Rockhaven Res V Rockridge Cap V Rockwell Diam T Rogue Res* O Rogue Res V Rome Res V Romios Gold Rs* O Romios Gold Rs V RosCan Mrnls V Rosita Mg Corp V Rosita Mg Corp* O Roughrider Exp V Royal Gold* D Royal Gold T Royal Nickel T

5 76 8 4133 13 439 26 253 497 83 9141 735 8 69 108 824 288 107 313 772 178 458 43 44 101 121 1600 1393 92 25504 1 2 62 116 48 3670 396 40 21 176 98 3 156 84 486 116 389 302 264 8830 91 220 3388 68 947

0.05 0.14 3.05 94.51 0.00 0.11 0.19 0.00 0.40 0.31 0.12 0.08 0.04 0.12 0.39 0.04 0.03 0.24 0.19 0.04 5.00 6.64 0.15 0.09 0.16 0.04 5.40 7.08 0.04 29.31 29.20 33.13 0.20 0.26 0.20 0.01 0.05 0.09 0.12 0.15 0.19 0.06 0.11 0.08 0.10 0.04 0.06 0.07 0.01 0.08 0.06 0.06 53.32 69.63 0.21

Last

12-month High Low

Stock

+ + + + + + + + + + + + + + -

0.01 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.00 0.15 0.20 0.03 0.01 0.03 0.02 0.04 0.01 0.03 0.02 0.00 0.01 0.01 0.04 0.01 0.11 0.01 0.26 0.04 0.01 0.00 0.01 0.01 0.48 0.52 0.01 0.01 0.09

0.30 0.04 0.40 0.53 0.17 0.14 0.12 0.06 0.08 4.18 3.00 0.35 0.49 0.16 0.11 0.53 0.40 0.40 0.08 0.01 0.03 0.57 0.42 0.09 0.29 0.05 3.22 0.23 0.19 0.03 0.40 0.31 18.64 15.13 0.14 0.19 4.19

0.04 0.01 0.10 0.20 0.08 0.06 0.03 0.01 0.01 1.79 1.43 0.14 0.21 0.08 0.01 0.20 0.15 0.12 0.01 0.00 0.01 0.22 0.16 0.01 0.00 0.01 1.33 0.05 0.10 0.01 0.11 0.07 12.39 8.88 0.01 0.02 2.29

Royal Nickel* Royal Rd Mnrls RTG Mining Rubicon Mnrls* Rubicon Mnrls Rupert Res Rusoro Mng Rye Patch Gold* Rye Patch Gold

0.07 1.19 0.87 0.18 0.02 0.03 0.05 0.24 0.10 0.06 10.65 14.10 0.00 0.04 0.19 1.36 0.00 0.10 2.56 0.03 0.04 0.16 0.38 0.17 3.92 0.05 0.05 0.01 0.02 0.49 0.37 0.73 0.12 0.03 0.28 0.37 3.62 4.80 1.50 1.08 0.80 0.01 22.63 17.08 0.12 0.09 3.05 0.01 5.12 6.79 0.06 2.32 1.75 0.59 0.44 0.02 0.09 0.16 0.11 0.02 0.07 0.69 0.51 0.20 0.26 0.01 0.01 0.04 0.02 0.01 0.05 0.04 0.12 0.08

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +

0.01 0.16 0.15 0.05 0.00 0.01 0.01 0.02 0.01 0.01 0.09 0.06 0.00 0.01 0.03 0.07 0.00 0.01 0.06 0.01 0.00 0.01 0.02 0.02 0.14 0.01 0.00 0.00 0.01 0.02 0.02 0.03 0.02 0.01 0.05 0.02 0.40 0.64 0.10 0.02 0.03 0.00 2.03 1.81 0.06 0.01 0.13 0.00 0.18 0.12 0.02 0.22 0.20 0.06 0.03 0.00 0.02 0.08 0.01 0.01 0.01 0.05 0.08 0.02 0.03 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.00

0.10 6.45 5.10 0.39 0.03 0.03 0.05 0.39 0.12 0.13 11.30 14.77 0.01 0.06 0.22 1.85 0.27 0.15 84.00 0.04 0.07 0.39 0.48 0.26 7.02 0.14 0.10 0.03 0.12 0.85 0.69 1.65 0.20 0.05 0.57 0.69 5.99 7.40 2.83 1.71 1.33 0.01 41.82 33.80 0.13 0.09 3.52 0.02 6.95 9.00 0.07 5.51 4.49 0.60 0.45 0.06 0.19 0.25 0.18 0.12 0.14 1.03 0.77 0.23 0.30 0.02 0.01 0.05 0.03 0.02 0.15 0.11 0.23 0.18

0.03 0.90 0.79 0.10 0.00 0.01 0.02 0.15 0.06 0.03 5.38 7.77 0.00 0.03 0.06 0.93 0.00 0.02 2.00 0.01 0.02 0.09 0.26 0.09 3.04 0.03 0.02 0.00 0.02 0.22 0.16 0.70 0.05 0.01 0.18 0.24 0.96 1.35 1.12 0.76 0.55 0.00 20.65 14.64 0.03 0.02 1.65 0.00 4.00 5.57 0.01 1.94 1.41 0.33 0.24 0.01 0.02 0.06 0.05 0.02 0.03 0.18 0.17 0.01 0.07 0.01 0.00 0.01 0.01 0.00 0.04 0.03 0.06 0.03

0.05 0.13 0.55 90.10 0.00 0.10 0.18 0.00 0.39 0.30 0.07 0.08 0.04 0.09 0.35 0.03 0.03 0.20 0.17 0.04 5.00 6.64 0.13 0.08 0.14 0.03 5.18 6.87 0.04 27.71 26.85 33.13 0.20 0.23 0.17 0.01 0.05 0.09 0.12 0.12 0.17 0.06 0.09 0.07 0.10 0.03 0.05 0.07 0.01 0.08 0.06 0.06 50.19 66.40 0.20

+ + + + + + + + + + + + + + + + + + + + -

0.00 0.01 2.47 3.36 0.00 0.02 0.01 0.00 0.01 0.01 0.04 0.01 0.01 0.01 0.03 0.02 0.01 0.05 0.02 0.01 0.12 0.19 0.03 0.01 0.03 0.01 0.28 0.46 0.02 1.42 2.35 0.51 0.08 0.02 0.03 0.01 0.02 0.01 0.01 0.03 0.02 0.01 0.02 0.00 0.01 0.01 0.00 0.01 0.01 0.06 0.04 0.01 1.50 0.92 0.01

0.07 0.16 3.05 96.50 0.01 0.89 0.30 0.03 0.45 0.33 0.12 0.15 0.08 0.50 0.54 0.08 0.04 0.26 0.21 0.05 5.00 6.64 0.20 0.14 0.23 0.11 5.48 7.30 0.04 47.37 47.23 47.28 0.20 0.28 0.22 0.01 0.05 0.09 0.12 0.18 0.24 0.08 0.26 0.10 0.16 0.07 0.06 0.08 0.01 0.10 0.06 0.17 67.99 84.04 0.59

0.03 0.09 0.55 54.88 0.00 0.06 0.11 0.00 0.25 0.18 0.01 0.03 0.02 0.06 0.19 0.02 0.01 0.11 0.08 0.01 2.25 3.26 0.04 0.04 0.06 0.03 2.27 3.14 0.01 21.89 21.90 25.47 0.11 0.12 0.08 0.01 0.03 0.02 0.03 0.01 0.10 0.04 0.09 0.03 0.03 0.01 0.01 0.02 0.01 0.01 0.01 0.05 24.68 35.46 0.12

P-Q 0.06 0.90 0.79 0.18 0.01 0.02 0.00 0.23 0.09 0.06 10.07 13.26 0.00 0.04 0.17 1.26 0.00 0.08 2.23 0.03 0.03 0.15 0.37 0.16 3.56 0.05 0.04 0.01 0.01 0.46 0.35 0.70 0.00 0.03 0.24 0.31 3.07 4.00 1.50 1.04 0.80 0.01 22.08 16.62 0.06 0.05 3.03 0.01 4.98 6.58 0.04 2.29 1.73 0.52 0.40 0.02 0.00 0.16 0.11 0.02 0.06 0.66 0.50 0.19 0.25 0.00 0.00 0.04 0.02 0.00 0.05 0.04 0.10 0.00

R 0.04 0.12 0.55 87.85 0.00 0.08 0.00 0.00 0.39 0.29 0.04 0.07 0.00 0.09 0.35 0.00 0.02 0.20 0.17 0.03 4.71 6.17 0.13 0.00 0.14 0.03 4.81 6.21 0.02 26.73 26.85 33.13 0.15 0.22 0.16 0.01 0.03 0.08 0.00 0.12 0.16 0.00 0.09 0.07 0.09 0.03 0.05 0.07 0.01 0.02 0.02 0.06 48.56 64.80 0.19

(100s)

Change

Exc Volume

Week

12-month

High

Low

Last

Change

21 478 20 10625 20685 847 70 323 495

0.16 0.07 0.60 0.09 0.12 0.28 0.11 0.14 0.19

0.14 0.05 0.00 0.04 0.06 0.19 0.00 0.12 0.16

0.16 0.06 0.60 0.05 0.07 0.28 0.09 0.12 0.17

+ + -

0.01 0.01 0.05 0.04 0.04 0.05 0.02 0.01 0.01

0.39 0.35 0.75 1.23 1.49 0.28 0.15 0.16 0.20

0.10 0.04 0.33 0.01 0.02 0.02 0.03 0.08 0.11

Sabina Gd&Slvr* O 185 Sabina Gd&Slvr T 1828 Sable Res V 308 Saint Jean V 453 Sama Res* O 11 Sama Res V 100 San Marco Res V 295 Sandspring Res V 627 Sandspring Res* O 320 Sandstorm Gold T 1232 Sandstorm Gold* X 3593 Santa Fe Gold* O 311 Santa Fe Mtls V 642 Santacruz Silv V 656 Sarama Res V 54 Sarissa Res* O 114 Satori Res V 152 Satori Res* O 2 Saturn Mnrls V 645 Savant Expl V 1880 Savary Gold V 1739 Scandium Int M* O 118 ScoZinc Mg V 131 Seabridge Gld T 473 Seabridge Gld* N 3519 Search Mnls V 346 Searchlight* O 507 Secova Mtls V 2446 Sego Res V 369 Select Sands V 677 Semafo T 6096 Senator Mnrls V 9 Sennen Potash V 194 Serabi Gold T 159 Serengeti Res V 181 SGX Res V 49 Shamrock Ent 1500 Sherritt Intl T 4024 Shore Gold T 795 Sibanye Gold* N 8682 Sidney Resrces* O 666 Sienna Res V 706 Sienna Res* O 40 Sierra Iron Or* O 56 Sierra Metals* O 8 Sierra Metals T 56 Sierra Res* O 6456 Signature Res V 51 Silver Bear Rs T 482 Silver Bull Re* O 705 Silver Dragon* O 253 Silver Grail V 107 Silver Mtn Mns V 133 Silver Pursuit V 83 Silver Range V 1009 Silver Scott* O 42 Silver Spruce V 40 Silver Spruce* O 14 Silver Std Res T 1989 Silver Std Res* D 6184 Silver Wheaton T 9009 Silver Wheaton* N 23742 Silvercorp Met T 2917 Silvercorp Met* O 2722 SinoCoking Cl* D 476 Sirios Res* O 51 Sirios Res V 1406 Skeena Res V 2209 Sky Ridge V 50 SnipGold V 115 SolidusGold V 44 Solitario Ex&R T 25 Solitario Ex&R* X 317 Sona Res V 220 Sonoro Mtls V 249 Sonoro Mtls* O 4 Source Expl V 117 Source Gold* O 115684 Southern Arc V 65 Southern Arc* O 16 Southern Copp* N 4433 Southern Silvr* O 301 Southern Silvr V 954 SouthGobi Res T 29 Spanish Mtn Gd* O 242 Sparton Res* O 6 Spearmint Res V 586 Sphinx Res V 190 Spruce Ridge R V 250 St Augustine T 476 Stakeholdr Gld* O 47 Standard Graph V 70 Standard Metal* O 90 Stans Energy V 2291 Stans Energy* O 76 Star Minerals* O 1 Starcore Intl T 90 Stillwater Mg* N 8298 Stonegate Agri* O 16 Stonegate Agri T 397 Stornoway Diam T 5177 Strategic Metl V 94 Strategic Res* O 5 Strategic Res V 19 Stratton Res V 10 Stria Lithium V 701 Strongbow Expl V 135 Sulliden Mng T 477 Suncor Energy T 16112 Suncor Energy* N 21503 Sunridge Gold* O 195 Sunridge Gold V 1790 Sunvest Mnrls V 262 Sutter Gold V 13 Syrah Res* O 2

0.77 1.00 0.01 0.05 0.07 0.10 0.06 0.32 0.25 4.50 3.45 0.00 0.02 0.25 0.09 0.00 0.10 0.04 0.16 0.01 0.06 0.15 0.55 14.84 11.38 0.10 0.11 0.08 0.03 0.26 4.75 0.13 0.14 0.07 0.05 0.03 0.02 0.88 0.21 15.30 0.01 0.07 0.04 0.28 1.13 1.54 0.00 0.07 0.09 0.06 0.02 0.03 0.02 0.05 0.10 0.01 0.08 0.05 7.78 5.96 23.92 18.30 1.85 1.40 0.40 0.18 0.24 0.10 0.19 0.10 0.12 0.65 0.50 0.02 0.10 0.08 0.03 0.00 0.30 0.23 28.67 0.06 0.08 0.30 0.05 0.02 0.04 0.03 0.03 0.11 0.24 0.04 0.11 0.03 0.03 0.01 0.52 11.28 0.03 0.02 1.08 0.40 0.02 0.03 0.16 0.06 0.23 0.35 36.84 28.24 0.24 0.31 0.09 0.07 3.14

0.68 0.87 0.00 0.05 0.07 0.08 0.04 0.27 0.21 4.08 3.09 0.00 0.01 0.22 0.07 0.00 0.04 0.04 0.14 0.01 0.05 0.14 0.00 13.29 10.00 0.07 0.07 0.06 0.02 0.22 4.32 0.00 0.11 0.07 0.05 0.02 0.01 0.76 0.19 13.55 0.01 0.06 0.04 0.27 1.06 1.37 0.00 0.06 0.08 0.05 0.02 0.02 0.02 0.05 0.08 0.01 0.06 0.00 6.97 5.24 22.21 16.85 1.60 1.21 0.33 0.15 0.19 0.08 0.19 0.00 0.10 0.00 0.45 0.02 0.08 0.08 0.02 0.00 0.27 0.20 26.82 0.04 0.05 0.00 0.05 0.02 0.03 0.02 0.03 0.00 0.20 0.04 0.08 0.02 0.01 0.00 0.46 9.73 0.01 0.01 1.00 0.36 0.01 0.00 0.11 0.05 0.10 0.29 34.86 26.22 0.22 0.29 0.06 0.06 3.13

0.69 0.93 0.01 0.05 0.07 0.09 0.05 0.29 0.21 4.15 3.14 0.00 0.01 0.24 0.07 0.00 0.08 0.04 0.15 0.01 0.05 0.14 0.50 14.13 10.65 0.10 0.07 0.06 0.03 0.24 4.40 0.12 0.14 0.07 0.05 0.02 0.02 0.82 0.19 14.62 0.01 0.06 0.04 0.28 1.13 1.46 0.00 0.07 0.09 0.06 0.02 0.03 0.02 0.05 0.09 0.01 0.07 0.05 7.23 5.46 22.82 17.23 1.70 1.26 0.38 0.16 0.21 0.09 0.19 0.10 0.10 0.65 0.47 0.02 0.08 0.08 0.02 0.00 0.27 0.20 27.97 0.05 0.07 0.26 0.05 0.02 0.03 0.02 0.03 0.10 0.20 0.04 0.10 0.02 0.02 0.01 0.48 10.46 0.02 0.02 1.03 0.38 0.01 0.03 0.11 0.06 0.20 0.35 35.86 27.07 0.24 0.30 0.06 0.06 3.14

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + -

0.09 0.09 0.01 0.01 0.01 0.01 0.01 0.03 0.04 0.20 0.24 0.00 0.01 0.01 0.02 0.00 0.02 0.01 0.01 0.01 0.01 0.01 0.05 0.02 0.18 0.02 0.03 0.02 0.01 0.02 0.21 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.36 0.00 0.01 0.00 0.04 0.06 0.09 0.00 0.02 0.01 0.00 0.00 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.24 0.27 0.44 0.55 0.05 0.08 0.03 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.00 0.03 0.02 0.37 0.00 0.02 0.05 0.01 0.00 0.01 0.01 0.01 0.01 0.05 0.01 0.02 0.01 0.00 0.00 0.04 0.41 0.01 0.01 0.02 0.02 0.01 0.01 0.05 0.01 0.11 0.05 0.14 0.57 0.02 0.01 0.03 0.01 0.01

0.80 1.06 0.03 0.06 0.13 0.24 0.06 0.44 0.27 4.69 3.78 0.18 0.03 0.30 0.11 0.02 0.15 0.04 0.24 0.03 0.11 0.17 1.25 17.08 12.77 0.13 0.44 0.09 0.03 0.50 5.20 0.17 0.50 0.10 0.08 0.03 0.04 3.24 0.30 16.00 0.02 0.07 0.05 0.42 1.29 1.60 0.01 0.07 0.10 0.14 0.05 0.06 0.03 0.05 0.10 0.02 0.10 0.07 10.56 8.02 25.36 21.12 1.85 1.41 2.79 0.18 0.24 0.13 0.23 0.11 0.17 0.96 0.85 0.05 0.16 0.12 0.09 2.00 1.00 0.29 33.31 0.08 0.13 1.25 0.05 0.04 0.05 0.05 0.06 0.15 0.36 0.05 1.15 0.10 0.08 0.03 0.62 15.07 0.03 0.04 1.08 0.43 0.02 0.04 0.17 0.08 0.23 0.35 40.93 33.49 0.24 0.32 0.80 0.10 3.45

0.24 0.30 0.01 0.01 0.07 0.08 0.02 0.11 0.08 2.82 1.94 0.00 0.01 0.09 0.05 0.00 0.02 0.02 0.09 0.01 0.02 0.06 0.40 4.34 3.31 0.03 0.06 0.03 0.01 0.22 2.46 0.03 0.10 0.04 0.02 0.01 0.01 0.53 0.13 4.07 0.00 0.01 0.01 0.15 0.69 0.84 0.00 0.01 0.02 0.02 0.01 0.02 0.01 0.02 0.02 0.00 0.02 0.02 5.28 3.66 14.51 10.04 0.60 0.41 0.26 0.07 0.07 0.06 0.03 0.04 0.04 0.57 0.40 0.01 0.04 0.03 0.01 0.00 0.24 0.17 21.55 0.02 0.03 0.21 0.01 0.00 0.01 0.01 0.01 0.07 0.05 0.01 0.01 0.01 0.01 0.00 0.25 4.99 0.00 0.01 0.62 0.24 0.01 0.02 0.06 0.02 0.05 0.19 27.32 18.71 0.11 0.13 0.01 0.04 1.81

Tahoe Res* N Tahoe Res T Takara Res V Talon Metals T Tamino Mnrls* O Tanager Energy V Tango Mining V Tantalex Res Tanzania Rlty T Tanzania Rlty* X Tartisan Res Taseko Mines T Taseko Mines* X Tasman Metals* O Tasman Metals V Teck Res T Teck Res* N Teck Res T TECO Enrgy* N Telson Res V Teranga Gold T Terrax Mnrls* O Terrax Mnrls V Terreno Res V Teryl Res Corp* O Teslin Rvr Res V Teuton Res V Teuton Res* O Themac Res V Thompson Creek*O Thompson Creek T Thunder Mtn Gd* O Thunderstruck V Till Capital V Till Capital* D Tiller Res V Timberline Res V Timberline Res* O Timmins Gold T Timmins Gold* X Tinka Res* O

11.54 15.07 0.03 0.10 0.00 0.04 0.02 0.05 0.36 0.27 0.02 0.76 0.58 0.12 0.16 11.45 8.78 14.05 27.53 0.12 0.65 0.26 0.35 0.03 0.01 0.31 0.06 0.05 0.05 0.25 0.33 0.06 0.02 3.63 2.90 0.04 0.21 0.22 0.33 0.25 0.13

10.65 14.09 0.03 0.08 0.00 0.04 0.02 0.05 0.31 0.23 0.02 0.68 0.54 0.10 0.14 9.75 7.36 12.20 27.51 0.11 0.64 0.26 0.32 0.03 0.01 0.27 0.06 0.04 0.04 0.23 0.31 0.05 0.02 3.50 2.80 0.04 0.18 0.14 0.29 0.22 0.09

+ + + + + + + + + + + + -

0.46 0.44 0.01 0.01 0.00 0.01 0.01 0.01 0.04 0.03 0.01 0.06 0.03 0.01 0.01 1.37 1.11 1.90 0.05 0.03 0.03 0.00 0.04 0.01 0.00 0.02 0.01 0.01 0.02 0.00 0.03 0.00 0.01 0.39 0.02 0.03 0.03 0.02 0.02 0.02 0.04

15.14 18.65 0.06 0.20 0.01 0.07 0.05 0.07 0.61 0.47 0.06 1.13 0.93 0.73 0.86 20.14 16.20 20.50 27.57 0.15 0.82 0.34 0.43 0.08 0.01 0.34 0.11 0.09 0.05 1.49 1.84 0.15 0.06 8.00 6.23 0.13 0.91 0.78 0.95 0.75 0.24

6.48 9.45 0.02 0.08 0.00 0.01 0.01 0.01 0.24 0.17 0.01 0.35 0.23 0.06 0.09 3.65 2.56 5.69 17.60 0.01 0.38 0.17 0.23 0.02 0.00 0.20 0.04 0.03 0.01 0.07 0.16 0.02 0.01 3.28 2.76 0.02 0.16 0.08 0.11 0.07 0.07

O V T O T V V O V

High Low

S

T 8057 5375 26 349 1382 28 10864 39 126 679 695 372 683 36 173 31299 38177 11 8613 29 6367 36 258 36 177 248 294 60 26 843 1799 771 1011 2 4 82 173 144 3969 1960 407

10.39 13.70 0.00 0.08 0.00 0.04 0.01 0.04 0.31 0.23 0.02 0.68 0.51 0.10 0.13 8.70 6.55 11.76 27.43 0.11 0.58 0.25 0.32 0.00 0.01 0.27 0.06 0.04 0.04 0.21 0.28 0.05 0.00 3.40 2.80 0.02 0.18 0.14 0.28 0.21 0.09

(100s) Stock

Exc Volume

Week

12-month

High

Low

Last

Change

High Low

473 167 161 224 20 412 163 264 841 7682 752 813 126 12 706 11628 640 29 15 67 843 307 53 736 49 651 6198 4 4926 11768 5247 1560 192

0.16 0.08 0.09 0.45 9.00 0.03 0.24 0.02 1.32 1.73 0.14 0.50 10.87 0.04 0.32 0.43 0.04 0.10 0.10 0.12 0.03 0.00 0.28 0.38 0.39 0.38 0.50 0.60 0.00 2.91 3.81 0.02 0.01

0.13 0.07 0.07 0.40 8.89 0.02 0.20 0.01 1.21 1.60 0.12 0.46 9.18 0.03 0.28 0.37 0.03 0.08 0.09 0.12 0.02 0.00 0.22 0.29 0.34 0.35 0.47 0.58 0.00 2.45 3.26 0.01 0.01

0.13 0.08 0.07 0.44 9.00 0.03 0.24 0.01 1.24 1.64 0.14 0.50 9.36 0.04 0.29 0.37 0.04 0.10 0.10 0.12 0.03 0.00 0.25 0.35 0.39 0.36 0.47 0.58 0.00 2.62 3.46 0.02 0.01

+ + + + + + + + + + + + + + + +

0.04 0.01 0.01 0.01 0.20 0.01 0.04 0.00 0.05 0.01 0.01 0.02 1.49 0.01 0.01 0.02 0.01 0.01 0.00 0.01 0.01 0.00 0.03 0.07 0.05 0.00 0.01 0.02 0.00 0.22 0.25 0.01 0.00

0.29 0.09 0.20 1.55 9.00 0.04 0.24 0.08 1.39 1.84 0.18 0.62 16.50 0.04 1.03 1.24 0.04 0.11 0.15 0.15 0.04 0.01 0.28 0.38 0.39 0.38 0.52 1.15 0.00 4.74 5.80 0.03 0.02

0.09 0.03 0.05 0.38 4.85 0.01 0.03 0.01 0.67 0.85 0.06 0.28 8.75 0.01 0.18 0.25 0.01 0.03 0.06 0.04 0.01 0.00 0.09 0.10 0.13 0.11 0.15 0.57 0.00 1.55 2.30 0.01 0.00

V O V O V V V T X

335 443 643 259 1976 6 70 385 1326 3217 82038 95 279 871 452 5 2988 3197 3832 344 352 1904 1 55 1276 134895 68404 2 135 279 1460 642 134 221 122 4 1719 20 164 77 50 764 23 10 369 3750 61 737

0.03 0.29 0.38 0.15 0.04 0.16 0.22 0.02 0.00 0.26 16.16 0.26 0.72 0.55 0.04 0.03 0.16 0.86 0.00 3.10 0.40 0.03 0.13 0.00 0.00 4.33 3.17 0.25 0.01 0.03 0.02 5.72 0.04 0.01 0.25 0.00 0.23 0.03 0.05 0.05 0.03 0.03 0.04 0.06 0.50 0.04 0.67 0.52

0.02 0.02 0.25 0.27 0.34 0.36 0.13 0.15 0.03 0.03 0.15 0.15 0.22 0.22 0.01 0.01 0.00 0.00 0.17 0.20 14.02 15.78 0.23 0.24 0.66 0.66 0.50 0.50 0.03 0.03 0.02 0.02 0.11 0.12 0.73 0.73 0.00 0.00 2.45 2.46 0.33 0.38 0.02 0.02 0.00 0.13 0.00 0.00 0.00 0.00 3.70 4.04 2.72 3.05 0.00 0.13 0.01 0.01 0.02 0.03 0.01 0.02 5.52 5.66 0.03 0.04 0.01 0.01 0.20 0.24 0.00 0.00 0.21 0.21 0.02 0.02 0.04 0.04 0.00 0.05 0.02 0.03 0.03 0.03 0.00 0.04 0.06 0.06 0.46 0.50 0.03 0.04 0.61 0.62 0.46 0.46

+ + + + + + + + + + + + + + + + + + -

0.01 0.02 0.01 0.02 0.01 0.03 0.02 0.00 0.00 0.03 0.02 0.02 0.02 0.01 0.01 0.01 0.04 0.11 0.00 0.58 0.02 0.01 0.00 0.00 0.00 0.13 0.04 0.12 0.01 0.01 0.01 0.08 0.01 0.01 0.04 0.00 0.02 0.00 0.01 0.01 0.00 0.01 0.02 0.01 0.04 0.01 0.08 0.06

0.06 0.35 0.44 0.30 0.07 0.22 0.30 0.11 0.02 1.65 27.68 0.28 1.31 1.07 0.05 0.03 0.20 3.00 0.00 19.20 1.40 0.20 3.45 0.02 0.02 9.14 6.82 0.40 0.02 0.04 0.02 14.43 0.08 0.02 0.46 0.05 0.25 0.10 0.05 0.09 0.07 0.04 0.08 0.10 0.63 0.15 0.80 0.60

0.01 0.15 0.20 0.05 0.02 0.06 0.08 0.01 0.00 0.16 6.15 0.05 0.60 0.44 0.01 0.00 0.02 0.65 0.00 2.10 0.11 0.00 0.01 0.00 0.00 2.13 1.55 0.13 0.01 0.01 0.01 3.52 0.01 0.01 0.13 0.00 0.11 0.01 0.02 0.02 0.00 0.01 0.02 0.03 0.16 0.02 0.31 0.24

Wabi Expl WAI Cap Invest V Walker River V Walter Energy* O Waseco Res V Wealth Mnrls* O Wealth Mnrls V Wellgreen Plat T Wellgreen Plat* O Wesdome Gold T West Af Res V West High Yld V West Kirkland V West Red Lake* O West Red Lake Western Copper* X Western Copper T Western Graphi* O Western Lith* O Western Pac Rs* O Western Potash T Western Uran Westhaven Vent V Westkam Gold V Westminster Rs V Westmoreland* D WestMountain* O Westridge Res V White Energy* O Wildcat Expl* O Wildcat Expl V Williams Creek V Wincash Apolo* O Wolfden Res V Wolverine Mnls V WPC Res V X-Terra Res V Xander Res V Xiana Mng* O XLI Tech Inc* O Xmet Inc V Xtra-Gold Res T Xtra-Gold Res* O Yamana Gold T Yamana Gold* N Yanzhou Coal* N Yellowhead Mng T Yorbeau Res T You Han Data* O Zadar Vent V Zazu Metals* O Zenyatta Vent V Zephyr Mnls V Zinco Mng V Zonte Mtls V

234 274 1908 427 216 20 207 463 252 1580 2111 25 888 358 1855 367 617 30299 5015 32 962 7 596 767 7 1064 26 157 28 43 95 569 2 1757 49 2154 114 174 1 13989 279 150 23 29537 51689 187 117 808 0 826 28 98 86 168 66

0.06 0.05 0.07 0.04 0.02 0.21 0.29 0.30 0.23 1.77 0.14 0.28 0.10 0.13 0.19 0.58 0.74 0.00 0.40 0.00 0.20 1.50 0.11 0.04 0.06 7.25 0.10 0.02 0.32 0.05 0.07 0.03 0.07 0.14 0.03 0.07 0.10 0.39 0.02 0.28 0.01 0.46 0.35 4.27 3.26 5.26 0.05 0.09 0.75 0.08 0.17 0.92 0.20 0.05 0.09

+ + + + + + + + + + + + + + + + + + + + + + + + -

0.01 0.01 0.01 0.00 0.01 0.02 0.02 0.01 0.01 0.08 0.01 0.01 0.01 0.01 0.02 0.09 0.11 0.00 0.03 0.00 0.01 0.60 0.01 0.01 0.01 0.21 0.00 0.01 0.05 0.00 0.01 0.01 0.03 0.04 0.01 0.01 0.02 0.01 0.00 0.08 0.01 0.03 0.03 0.16 0.17 0.19 0.01 0.01 1.25 0.01 0.02 0.05 0.02 0.01 0.01

0.06 0.10 0.08 0.75 0.06 0.33 0.42 0.50 0.40 1.82 0.14 0.43 0.10 0.13 0.21 0.66 0.87 0.01 0.81 0.04 0.34 5.00 0.11 0.05 0.08 30.92 0.35 0.03 1.50 0.05 0.09 0.07 0.35 0.18 0.08 0.08 0.30 0.41 0.06 1.50 0.06 0.46 0.35 5.05 4.12 12.24 0.18 0.17 3.95 0.13 0.21 2.61 0.20 0.08 0.15

0.01 0.02 0.02 0.01 0.02 0.10 0.14 0.16 0.12 0.89 0.05 0.17 0.04 0.02 0.01 0.20 0.29 0.00 0.18 0.00 0.17 1.20 0.04 0.02 0.01 3.44 0.04 0.01 0.27 0.02 0.02 0.01 0.07 0.05 0.02 0.03 0.06 0.18 0.02 0.14 0.01 0.18 0.12 1.89 1.38 3.66 0.03 0.04 0.75 0.01 0.08 0.63 0.08 0.01 0.02

Tinka Res V Tintina Res* O Tirex Res* O Titanium Corp V TMAC Resources T TNR Gold V Toachi Mg Inc V Tonogold Res* O Torex Gold* O Torex Gold T Transition Mtl V Treasury Metal T Trecora Res* N Tres-Or Res V Trevali Mng* O Trevali Mng T Tri Origin Exp V TriMetals Mng* O TriMetals Mng* O TriMetals Mng T Trinity Valley V Trio Resources* O TriStar Gold* O TriStar Gold V Troy Res* O True Gold Mng* O True Gold Mng V Tsodilo Res V Tungsten Corp* O Turquoise HIl* N Turquoise HIl T TVI Pacific T TVI Pacific* O

U-V U3O8 Corp* Ucore Rare Mtl* Ucore Rare Mtl Ultra Lithium Umbral Enrgy Unigold* Unigold United Res Hdg* United Silver* United States A* United States S* Unity Energy Ur-Energy Ur-Energy* Uracan Res Uracan Res* Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* US Energy* US Precious M* US Rare Earths* US Tungsten* USCorp* Vale* Vale* Valencia Vent Valterra Res Vanadiumcorp* Vangold Res Vedanta* Vena Res Venerable Vent Verde Potash Veris Gold* Victoria Gold Victory Nickel* Victory Nickel Victory Res Victory Res* Victory Vent Virginia Enrgy* Virginia Enrgy Viscount Mng Visible Gold M Vista Gold Vista Gold*

O O V V O V O O X N V T X V O V X O D D O O O O N N V V O V N T V T O V O

W-Z 0.04 0.04 0.05 0.03 0.00 0.19 0.24 0.24 0.18 1.65 0.09 0.00 0.09 0.12 0.14 0.44 0.59 0.00 0.29 0.00 0.19 1.20 0.08 0.03 0.05 6.59 0.09 0.01 0.32 0.04 0.06 0.02 0.00 0.10 0.00 0.06 0.00 0.37 0.00 0.15 0.01 0.42 0.33 3.79 2.86 5.01 0.04 0.08 0.00 0.06 0.14 0.88 0.17 0.04 0.08

0.06 0.04 0.06 0.04 0.02 0.20 0.27 0.25 0.19 1.65 0.10 0.25 0.09 0.12 0.15 0.49 0.64 0.00 0.35 0.00 0.19 1.40 0.10 0.04 0.06 7.13 0.09 0.02 0.32 0.04 0.06 0.03 0.07 0.13 0.02 0.06 0.10 0.37 0.02 0.15 0.01 0.45 0.33 3.90 2.92 5.07 0.05 0.08 0.75 0.06 0.17 0.92 0.17 0.04 0.08

2016-03-29 8:39 PM

12

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APRIL 4–10, 2016 / THE NORTHERN MINER

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$43.63; June 2016: US$44.05 Cobalt: US$10.46/lb.

Copper: US$2.24/lb.

Copper: CME Group Futures Apr. 2016: US$2.21/lb.; May. 2016: US$2.22/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$55.20/tonne Iron Ore Fines: US$41.89/tonne Iron Ore Pellets: US$57.69/tonne Lead: US$0.80/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$15.28 per oz.; Handy & Harman Fabricated: US$19.10 per oz.

Tantalite Ore: : US$123.61/kg Tin: US$7.99/lb.† Uranium: U3O8, Trade Tech spot price: US$29.60; The UX Consulting Company spot price: US$29.60/lb.

Zinc: US$0.81/lb.

Prices current Mar. 29, 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

EXCHANGE RATES Exchange rates (Quote Media, March 24, 2016) C$ to AUS C$ to EURO 1.0038 0.6749 C$ to UK Pound C$ to China Yuan 0.5334 4.9036 US to AUS US to EURO 1.3318 0.8957 US to UK Pound US to China Yuan 0.7075 6.5147

C$ to YEN 85.2180 C$ to India Rupee 50.5840 US to YEN 113.0810 US to India Rupee 66.8300

C$ to Mex Peso 13.2150 C$ to Swiss Franc 0.7367 US to Mex Peso 17.5368 US to Swiss Franc 0.9781

C$ to SA Rand 11.6245 C$ to S. Korea Won 881.3801 US to SA Rand

LEGEND

April 4 Pgs 12.indd 12

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

IndexName Mar 24 S&P/TSX Composite 13358.11 S&P/TSXV Composite 580.06 S&P/TSX 60 784.45 S&P/TSX Global Gold 180.67 S&P/TSX Metals & Mining 438.23

Mar 23 13379.48 576.14 785.65 177.17 435.56

Mar 22 13493.49 583.88 790.99 187.53 488.25

Mar 21 13561.09 582.41 795.43 188.89 489.07

Mar 20

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??

133 New Highs Zinco Mng Alexco Res Alexco Res* American Pot* Americas Silvr Arena Mnls Argentex Mng* Argus Metals* Asiamet Res Athena Silver* Atlantic Gold AurCrest Gold Auryn Res Avarone Metals* AZ Mining Banyan Gold Battle Mtn Gld Battle Mtn Gld* Bayhorse Silvr* BCM Res Beaufield Res* BonTerra Res BonTerra Res* CanAlaska Uran* Castle Mtn Mng* Castle Peak Mg Catalyst Coppr Catalyst Coppr* Centaurus Diam* Chilean Metals Chilean Metals* Cordoba Mnls Cornerstone Ca Cornerstone Ca* Delrand Res Eagle Plains EurOmax Res Fieldex Expl First Majestic First Majestic* Forum Uranium Forum Uranium* Four River Genesis Mtls Gold Bulln Dev Gold Bulln Dev*

Golden Sh Mng Golden Tag Great Panther Great Panther* Gunpoint Expl Harte Gold Houston Lake Hunt Mng* Iconic Mnls IMPACT Silver Kaminak Gold Kaminak Gold* Kilo Goldmines Lake Shore Gld Latin Am Mnls* Lucara Diam Lund Enterpr Lundin Gold Lupaka Gold MacMillan Mnls* MAG Silver MAG Silver* Menika Mining Metalo Manuf Metanor Res Midland Expl Minco Silver Minco Silver* Minecorp Egy Monster Mng MPH Vent* Nemaska Lith* Network Expl New Pac Metals* Newmarket Gold Newmarket Gold* Northair Silvr Orocobre Otis Gold Otis Gold* Pan Am Silver Pan Am Silver* Pitchblack Res Platinum Gp Mt Platinum Gp Mt* Potash Ridge Potash Ridge* Probe Metals

Probe Metals* Rainforest Res* Red Hut Reservoir Mnls Reservoir Mnls* Rise Res Inc Rock Tech Lith* Rockcliff Cop Rome Res Romios Gold Rs* Rosita Mg Corp Rosita Mg Corp* Rupert Res Sable Res Salazar Res Satori Res* Silver Pursuit Silvercorp Met Silvercorp Met* Sirios Res Sirios Res* Spanish Mtn Gd Spanish Mtn Gd* Stornoway Diam Strongbow Expl Sulliden Mng Sunridge Gold* Sunvest Mnrls Timberline Res* Toachi Mg Inc TriStar Gold TriStar Gold* Troy Res* Vangold Res West Af Res West Red Lake* Xtra-Gold Res Xtra-Gold Res* Zephyr Mnls

Intl Star* Matica Ent Mega Uranium* Midnight Sun Nickel North NKWE Platinum* Orla Mng Ltd Red Rock Enrgy Sama Res* Tajiri Res Thunderstruck Vatic Vent Vela Minerals XLI Tech Inc*

23 New Lows

Axiom Mng* Brookmount Exp* Bullman Mnls Castle Mtn Mng* Crystal Explor Discovery Mnls* Gear Intl* Golden Sh Mng* Goldex Res*

CANADIAN GOLD MUTUAL FUNDS 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 1169.2500

Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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.$

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

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Moody’s cuts Goldcorp’s credit rating GOLD MINER REVIEW

| Goldcorp tables US$4.2B net loss in 2015, shrinks reserves 18%

BY SALMA TARIKH starikh@northernminer.com

M

oody’s Investors Service has downgraded Goldcorp’s (TSX: G; NYSE: GG) senior unsecured ratings one notch above junk status, while confirming its ratings for Barrick Gold (TSX: ABX; NYSE: ABX), AngloGold Ashanti (NYSE: AU) and Newmont Mining (NYSE: NEM).

Moody’s put the four gold majors under review in January, as part of an effort to reassess the credit ratings of 55 mining companies, due to declining commodity prices.

On March 11, it slashed Goldcorp’s credit rating to Baa3 from Baa2, citing lower profits, reduced production forecasts and management changes.

“The downgrade of Goldcorp’s rating ref lects the deterioration of its profitability and coverage metrics, and our expectation that they will remain weak through 2016, combined with minimal free cash-f low generation at a [US]$1,100 per oz. gold price,” stated Jamie Koutsoukis, Moody’s vice-president and senior analyst.

In late February, Goldcorp revealed a US$4.2-billion net loss in 2015, including a fourth-quarter impairment charge of US$3.9 billion, largely owing to weak gold prices. It guided annual production for the next three years of 2.8 million to 3.1 million oz., down from 3.5 million oz. produced in 2015.

This was driven by lower expected output at its older mines, such as Penasquito in Mexico, recovery issues at the new Éléonore mine in Quebec and deferred development of the Cochenour mine in Ontario.

The company’s gold reserves fell 18% year-over-year after using a US$1,100 per oz. gold price assumption.

April 4 Pgs 1 2 3 4 5 7 8 9 14 16.indd 14

The headframe at Goldcorp’s Éléonore gold mine in Quebec.

It released these shortcomings just days before new president and CEO David Garofalo, formerly at Hudbay Minerals (TSX: HBM; NYSE: HBM), took the top job from Chuck Jeannes, who retired.

Reflecting on Goldcorp’s 2015 financials and share price performance, Garofalo said the company is taking steps to rebuild shareholder confidence. “We take responsibility for that. And we’ll take responsibility for ensuring that it doesn’t happen again by having the appropriate accountabilities,” he told reporters in early March.

Goldcorp is transitioning to a decentralized organization, increasing the responsibilities of mine managers to drive returns at their operations, supported by

GOLDCORP

a leaner executive team.

As part of its senior management changes, announced on March 9, Russell Ball, vice-president of corporate development and capital management, became Goldcorp’s chief financial officer. He replaced Lindsay Hall, who left to pursue other interests, similar to Charlie Ronkos, senior vice-president of exploration, who is also leaving the company.

Meanwhile, Goldcorp will look for two regional chief financial of f icers to suppor t its Nor t h American and Latin American businesses in new roles, while closing its regional exploration office in Reno, Nev. Commenting on the changes, Moody’s says it heightens the risk

that the company may step away from its “conservative financial policies.” That said, Moody’s applauded Goldcorp’s strong balance sheet. The company exited 2015 with US$326 million in cash, and a fully available US$3-billion revolving credit facility.

“With expected capital spending of US$900 million and its reduced dividend, or US$90 million in 2016, we expect Goldcorp to be slightly cash f low positive through the year using a price sensitivity of US$1,100 per oz.,” the agency said.

But it assumes a negative outlook on Goldcorp’s ratings, noting the company faces difficulties in improving its profitability due to reduced mine performances and the risk that lower gold prices could

lead to negative free cash flow.

Meanwhile, Moody’s has kept its Baa3 credit ratings on Barrick, given its efforts to reduce debt.

Barrick brought its debt down by US$3 billion in 2015, with another US$2 billion in reductions planned for 2016.

“They have good assets and excellent liquidity, but leverage is high and they need to continue executing on plans to address it in a meaningful way,” Koutsoukis said. Because there’s a risk it might not reach its reduction targets, Moody’s has a negative outlook on the company’s ratings.

Moody’s also confirmed AngloGold Ashanti’s Baa3 and Newmont’s Baa2 ratings. It has a stable outlook on both. TNM

2016-03-29 8:37 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / APRIL 4–10, 2016

Mineral Deposit Compilation Geoscientist Thunder Bay

Powerhouse Operator Key Lake Operation

15

Mineral Deposit Compilation Geoscientist Thunder Bay

Are you a professional geologist looking to join a dynamic team where you

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istry of Northern Development and Mines, Ontario Geological Survey.

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Senior Policy Advisor Ontario Ministry of Northern Development and Mines Ontario, Canada

Chief Engineer, Maintenance Cigar Lake Operation

Geotechnical Engineer Rainy River, Ontario,

Do you want to be part of the development and start-up of one of Canada’s

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Sr. Engineer, Mine McArthur River Operations, SK

Regional Sales Representative – Canadian Mining Saskatoon, Saskatchewan, Canada

Senior Project Controller MN, Ömnögovi, MN

The Senior Project Controller is responsible for the planning and perfor-

ABC Canada Technology Group requires a dynamic, organized and highly

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Engineer, Reliability Key Lake Operations, SK

Associate Director, Global Mining Management York University, Toronto, ON Working with the maintenance engineering department, you will be

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VP Business Development Langley, British Columbia

Reporting to the President, The VP, Business Development, is responsible for proactively identifying new business opportunities while managing relationships with current accounts.

Consultation Support Officer Ontario, Canada Are you interested in engaging and building relationships with Aboriginal communities? If so, consider joining the Mineral Exploration and Development Branch of the Ministry of Northern Development and Mines, where you will provide consultation expertise and advice through the implementation and administration of the Mining Act, regulations and policies.

Occupational Health & Safety Inspector – Surface & Underground Mining Ontario, Canada

Occupational Health & Safety Inspector – Electrical/ Mechanical Ontario, Canada Do you have electrical/mechanical 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 experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Electrical/Mechanical mining with the Ministry of Labour.

Financial Accountant Ontario, Canada

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RecRuit smaRteR with mining jobs The Northern Miner’s new section dedicated to recruiting in mining

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April 4 pg 15.indd 15

16-03-29 7:47 PM

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APRIL 4–10, 2016 / THE NORTHERN MINER

CanAlaska Uranium regains momentum in the Athabasca SASKATCHEWAN URANIUM

BY MATTHEW KEEVIL

P

mkeevil@northernminer.com VANCOUVER

roject generator CanAlaska Uranium (TSXV: CVV; USOTC: CVVUF) has been on a rough run since the Fukushima Daiichi nuclear disaster rocked the uranium industry in mid-2011, but the uranium junior remains one of the largest landholders in Saskatchewan’s Athabasca basin.

The company is sitting on 8,720 sq. km in the region, where it has spent $85 million in exploration since 2004, and thanks to a pair of recent option agreements with notable uranium companies, it has re-emerged as an active explorer.

Five years earlier CanAlaska was humming along at $1.67 per share, with two partners funding large exploration programs on two slices of the Athabasca. The company had a joint venture at its West McArthur project, wherein Japan’s Mitsubishi would earn a 50% interest for $14.4 million in spending, while the Korean Uranium Consortium would invest $19 million to earn 50% in CanAlaska’s Cree East asset.

“Everyone in our industry recognizes how difficult it has been to move forward with things in a post-Fukushima world,” president and CEO Peter Dasler said during an interview.

“It’s all about trying to get the value out of the ground. We have a large amount of money invested in exploration events that have given us a lot of targets. The market hasn’t been ideal for funding the kind of work those targets deserve, however, and since we’ve done all that work we have our assessments covered, and can afford to wait it out a little bit,” he added.

The company’s patience may be paying off, as it recoups $30 million in market value from the past

five years. Since bottoming out at 8.5¢ per share in late November, CanAlaska shares have more than quadrupled to a 47¢-per-share close at press time.

The share price rise coincides with good news elsewhere in the Athabasca basin. Nexgen Energ y (TSX V: N X E; US - OTC: NXGEF) unveiled a stellar maiden resource at its Arrow discovery in early March, while Fission Uranium (TSXV: FCU; US-OTC: FCUUF) locked up an $82-million financing with China’s CGN Mining for its Patterson Lake South discovery in late January.

“We’ve seen a number of exciting discoveries in the region over the past few years. The Athabasca has demonstrated an ability to host these giant deposits, and I don’t think we’ve really seen the entire story yet,” Dasler said. “We started our modelling based on four or five deposits, and that’s not really a broad sample size for data … there’s a lot more hidden out there, and I’m quite sure the big miners see that as well.”

But CanAlaska unveiled its own good news, too. On Jan. 21 the company announced it would reacquire Mitsubishi’s 50% interest in West McArthur for $600,000 and a 1% royalty arrangement. A month later Canadian major Cameco (TSX: CCO; NYSE: CCJ) swooped in to option the property, which sits 15 km west of the McArthur River uranium mine.

CanAlaska got word that there were good drill results at the Fox Lake regional target back in 2009.

The area sits close to the Western McArthur claim blocks, and Cameco quickly called it a potentially “significant discovery.”

It wasn’t until earlier this year, however, that a maiden resource was released for Fox Lake, which now hosts 387,000 inferred tonnes grading 7.99% uranium oxide for

| Project generator eyes market renaissance

A drill crew, staff and elders from Patuanak at CanAlaska Uranium’s Cree East uranium property in northern Saskatchewan's Athabasca basin. CANALASKA URANIUM

68 million contained lb.

“We’re surrounded by Cameco’s land position at the project, and there was a report in their annual filings that they had hit pretty promising uranium grades at the target, 200 metres above the unconformity,” Dasler said.

“There’s a lot happening on the property that we didn’t have images of until the new airborne surveys. Once we had those results we saw these large systems, and of course we’re looking for something the size of Cigar Lake or McArthur River, so having that big plumbing system gives you a good indicator of where to drill,” he continued.

Fox Lake sits along the C10 conductor at Cameco’s Read Lake project, and the feature extends right onto CanAlaska’s Grid 5 target area. So the companies came to an arrangement wherein Cameco will invest $12.5 million

in cash and exploration at West McArthur in return for a 60% interest in the project.

Cameco will pay CanAlaska $725,000 to earn a first-stage 30% interest via a $5-million exploration program within three years on two target areas: Grid 1 and Grid 5. The next 30% stake will require a $500,000 payment and another $6.3 million in project work.

“Earn-in expenditure is signif icant enough to generate a discovery hole on the project.

It’s an opportunity to combine any discovery with the deposit Cameco is drilling at Fox Lake, which is 10 km away from a major mine complex. It bodes well for the project being developed in the shorter term,” Dasler said.

CanAlaska negotiated a smaller agreement on parts of its Moon claims with Denison Mines (TSX:

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April 4 Pgs 1 2 3 4 5 7 8 9 14 16.indd 16

“THE ATHABASCA HAS DEMONSTRATED AN ABILITY TO HOST THESE GIANT DEPOSITS, AND I DON’T THINK WE’VE REALLY SEEN THE ENTIRE STORY YET.” PETER DASLER PRESIDENT AND CEO, CANALASKA URANIUM

DML; NYSE-MKT: DNN). The subject proper ties adjoin t he Wheeler R iver project, where Denison is drilling 47,000 metres this year in search of unconformity and basement targets near its Gryphon deposit.

Denison would earn a 75% interest in the Moon claims via $500,000 in project expenses.

“The deal with Denison came up late last year when, once again, they were drilling right up to our property boundary,” Dasler said.

“They approached us about earning an interest in the property, and it’s one of our non-core assets, so we came to a deal. They wanted to drill across our concessions and I believe they got the drill rig in there in February, so we’re just waiting on results.”

And the two deals occupy only a fraction of CanAlaska’s property holdings in the Athabasca. The company hopes to find a partner for its Cree East project, 35 km west of the historic Key Lake mine, where the Korean Consortium has contributed $19 million and earned a 50% interest. To add a wrinkle, CanAlaska also staked 75 kimberlite targets in the Western Athabasca based on magnetic anomalies generated by a 2011 Saskatchewan Geological Survey.

“As a junior we had to decide what we could handle with the market changing,” Dasler said. “So we made a corporate decision to rapidly find joint-venture partners for as many of the projects as we could, because we had the bulk of our resources committed to Cree Lake and West McArthur. It takes time, effort and money to work on the smaller projects. They all have targets and we love them all, but we recognize it’s better to get them into other hands.” TNM

2016-03-29 8:37 PM