The Northern Miner February 29-March 6, 2016

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EXCELSIOR MINING

MINES MANAGEMENT

Adjusts Gunnison copper mining plan / 3

RICHMONT MINES

Gets key approval for Montanore / 5

CEO says 2016 a ‘special year’ / 11

FEBRUARY 29-MARCH 6, 2016 / VOL. 102 ISSUE 3 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Thornton’s Barrick looks leaner

Kinross credit rating cut to ‘junk’

GOLD

| Miner cuts debt, generates positive cash flow in 2015

GOLD

| Profitable Russian assets still seen as risky by S&P

BY TRISH SAYWELL tsaywell@northernminer.com

C

iting Kinross Gold’s (TSX: K; NYSE: KGC) higher costs and its “operating risk exposure” in Russia, Standard & Poor’s has lowered the Toronto-based gold producer’s long-term corporate credit rating to BB+ from BBB-.

“We expect the company’s competitive position to remain weaker than its investment-grade peers over the next two years, which primarily reflects Kinross’ comparatively higher-cost structure,” the ratings agency said in a statement.

“In addition, we expect that the company’s profitability will remain highly reliant on Kinross’ low-cost Russian operations [Kupol/ Dvoinoye] at least over the next year, which contribute to operating risk exposure that we no longer consider commensurate with a ‘BBB-’ rating.”

The downgrade comes several days after Kinross reported a fourth-quarter net loss of US$841.9 million, or US73¢ per share. The loss includes a non-cash, after-tax impairment charge of US$430.2 million related to property, plant and equipment, and a writedown of inventory and other assets of US$235 million. For the year, Kinross posted a net loss of US$984.5 million, or US86¢ per share.

The gold miner produced 2.6 million oz. gold last year at all-in sustaining costs (AISC) of US$975 per oz., and forecast that 2016 production should range from 2.7 to 2.9 million oz. gold at US$890 to US$990 per oz. AISC. Since it began a major review of mining companies on Jan. 29, S&P has downgraded Freeport-McMoRan (NYSE: FCX), Teck Resources (TSX: TCK.B; NYSE: TCK) and Anglo American (US-OTC: NGLOY; See KINROSS / 2

Barrick Gold’s Cortez Hills gold mine in Nevada, 100 km southwest of Elko. BARRICK GOLD

BY SALMA TARIKH starikh@northernminer.com

B

arrick Gold (TSX: ABX; NYSE: ABX) is benefitting from going back to the basics, under the direction of chair John Thornton.

“Last year was the first time in four years this company generated net-positive cash flow,” Thornton told reporters on the sidelines of a Feb. 18 breakfast event in Toronto hosted by law firm Torys LLP. Despite the lower gold price, the company produced US$471 million in free cash flow in 2015, including US$387 million in the fourth quarter. This compares to 2014’s negative free cash flow of US$136 million, when gold prices on average were US$106 per oz. higher than in 2015.

Last year was also the first full year Barrick was under Thornton’s guidance. Since taking the top job in April 2014, the former Goldman Sachs executive has streamlined the organization and laid out a strategy to refocus on

quality ounces, increase returns and cut Barrick’s heavy debt load, amounting to US$13.1 billion at the end of 2014.

“We have been too highly levered, so we had no choice but to bring down the debt,” Thornton said during the event.

In 2015, Barrick lowered its debt

by US$3.1 billion — slightly ahead of its target — through asset sales, joint ventures and partnerships. As part of the transactions, Antofagasta (LSE: ANTO) paid US$1 billion in cash for half of Barrick’s Zaldivar copper mine in Chile, and Royal Gold (TSX: RGL; NASDAQ: RGLD) forked over US$610 million for a gold-silver stream from the Pueblo Viejo mine in the Dominican Republic.

While Zaldivar initially generated buzz in the market, with 21 interested companies, Thornton noted there were only a few serious buyers. “When you get down to the bitter end and someone’s got to reach in his or her pocket and give you the money, and give the money that’s attractive to us — few people are standing,” he said. “It means that in a tougher market, trying to do more difficult things,

the sheer skill of the people actually doing the execution has got to be much higher.”

This year, Barrick plans to trim its US$10-billion debt by at least US$2 billion, using its US$2.5billion cash balance, free cash flow from operations and selling more assets.

Although it will focus on noncore asset sales, Barrick will keep all of its assets “on the table” to create optionality.

“We would rather not sell all or part of a core asset if we can avoid it.

But we don’t always have the choices, so we keep it open,” Thornton told reporters.

More recently, the company said it would redeem up to US$750 million in notes to help lower debt.

In 2015, Barrick reported a net loss of US$2.8 billion, or US$2.44 per share. The loss included US$3.1 billion in goodwill and asset impairments, mostly related to its suspended, half-built Pascua-Lama mine on the Chile-Argentina border, and Pueblo Viejo. Adjusted earnings were US$344 million, or

PM40069240

See BARRICK / 2

GOLD: DEMAND STEADY IN 2015, THANKS TO BULLION BUYERS / 4

Feb 29 Pgs 1 2 3 4 5 11 13 14 16.indd 1

2016-02-23 7:15 PM

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FEBRUARY 29–MARCH 6, 2016 / THE NORTHERN MINER

Thornton’s Barrick looks leaner

Workers spray copper cathode at Barrick Gold and Antofagasta’s Zaldivar copper mine in northern Chile. BARRICK GOLD BARRICK From 1

US30¢ per share, which is less than half the adjusted amount earned a year ago.

Full-year gold production came in at 6.12 million oz. at all-in sustaining costs (AISC) of US$831 per oz., both within expectations.

For 2016, Barrick has guided gold output of 5 million to 5.5 million oz. at between US$775 and US$825 AISC. The lower production is due to the asset sales. Expected production in 2017 should stay within the 2016 range, before dropping in 2018 to 4.6 million to 5.1 million. It expects to keep annual gold production of at least 4.5 million oz. through 2012.

AISC should improve each year, with Barrick aspiring to bring AISC

down to less than US$700 per oz. by 2019.

The target is “aggressive” but “achievable,” Richard Williams, Barrick’s chief operating officer, said on a conference call. The company has already identified a couple hundred million dollars of savings at its operations, and will release details soon, Williams said.

Meanwhile, the miner has refined its strategy to grow free cash flow in any gold price environment, with a portfolio that delivers a 10–15% return on invested capital through the current metal price cycle. All new capital spending should deliver a 15% return, based on Barrick’s long-term gold price assumption of US$1,200 per oz.

“We’re building a business that will be gold-price agnostic. That is

“WE’RE BUILDING A BUSINESS THAT WILL BE GOLDPRICE AGNOSTIC.” JOHN THORNTON CHAIRMAN, BARRICK GOLD

to say, our goal is to make money under any circumstances,” Thornton said. “As a practical matter, we do that by making ourselves so low cost that almost in any scenario we are going to make enough money to pay a company dividend. Then time to time, the investor will get a windfall … sometimes a small one and sometimes a large one, depending on the gold price — as long as you stay disciplined and

don’t chase the price, which was done historically.”

On Feb. 22, Barrick reported the results of four studies on projects in Nevada and Peru that could increase gold production and grow free cash flow beyond 2020. Preliminary costs for the projects total US$2 billion, with construction starting in 2019 and 2020.

Barrick envisions building a US$1billion underground mine at its

Goldrush project in Nevada. Annual production for the first five years should average 440,000 oz. gold at US$665 per oz. AISC. It also intends to invest US$640 million to extend the life at the Lagunas Norte mine in Peru by nine years. Annual production for the first five years should average 240,000 gold oz. at AISC of US$625 per oz. Other investments in Nevada include spending US$300 million to US$325 million to boost production at its Turquoise Ridge mine, and another US$153 million to expand underground mining at the Cortez Hills mine.

Barrick will use its 15% hurdle rate to assess further project spending.

Its shares in Toronto at press time traded at $17.55, up 71% from its 2015 close. TNM

Kinross credit rating cut to ‘junk’ KINROSS From 1

LSE: AAL) by two notches, the first two with a ‘negative’ outlook and the third with a ‘stable’ outlook. It has also downgraded Vale (NYSE: VALE), Glencore (LSE: GLEN) and BHP Billiton (NYSE: BHP) by one notch, while placing BHP on credit watch with negative implications.

“The rating downgrades are a predictable and expected part of this cycle … as evidenced by the equity market’s non-reaction,” analysts at London-based Investec Securities wrote in a Feb. 19 research note.

As for Kinross, S&P’s downgrade “follows the change in our assessment of the company’s business risk profile to ‘fair’ from ‘satisfactory,’” Standard & Poor’s credit analyst Jarrett Bilous stated.

S&P also said that its “stable outlook” rating for the company reflected its view that Kinross “will generate adjusted debt to earnings before interest, taxes, depreciation and amortization in the mid-2x area over the next 12 months, which we believe is sufficient for the company to maintain an intermediate financial risk profile. We also expect Kinross to generate at least break-even free operating cash flow over the next two years, based on an average gold price of US$1,100 per ounce.”

In an email response to questions, Louie Diaz, senior manager of corporate communications for Kinross, told The Northern Miner that management believes Kinross is in a strong financial position, and noted the company has met its cost

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guidance for the last four years.

“In 2015, we achieved the lowest cost of sales since 2011, and we expect to lower our AISC in 2016,” Diaz said. “We have also made prudent cost assumptions for FX and oil, and expect to benefit if levels remain or weaken further.” He adds that the company took “advantage” of a strong balance sheet last year “to acquire quality producing assets in Nevada — one of the most mining friendly jurisdictions in the world — which are expected to increase cash flow, enhance credit metrics, add to production and lower our cost profile.”

As for S&P’s reasoning that Kinross is “highly reliant” on Russia operations, Diaz countered that this year the company expects production from its diversified mine portfolio will break down in the following way: the Americas region to increase to 61% (from 54%), the West Africa region to decrease to 14% (from 17%) and the Russia region to decrease to 25% (from 29%).

“We have operated in Russia for the past 20 years without interruption, and have strong relationships with all levels of government,” Diaz added.

When Kinross announced its fourth quarter and year-end results for 2015, president and CEO J. Paul Rollinson also noted his firm has consistently met its guidance tar-

Kinross Gold’s Kupol gold mine in the Chukotka region of Russia’s Far East. KINROSS GOLD

gets, kept a strong balance sheet and produced 10 million oz. gold over the last four years.

“Looking forward over the next four years,” Rollinson said, “we expect to produce another 10 million oz. gold, and intend to maintain the same record of operational dependability and balance sheet strength.”

Last year the company paid down debt by US$80 million. Apart from US$250 million in senior notes, which are scheduled to be repaid

by September 2016, Kinross has no debt maturities until 2019.

As of Dec. 31, 2015, Kinross had

cash and equivalents — excluding restricted cash — of US$1,043.9 million, in a $60.4-million increase since Dec. 31, 2014.

The company also had available credit of US$1,506 million as of year-end 2015.

After acquiring Bald Mountain in January — which includes one of the largest land packages in Nevada — and 50% of Round Mountain from Barrick Gold (TSX: ABX; NYSE: ABX) for US$610 million in cash, Kinross had cash and equivalents of US$600 million and US$1.3 billion in available credit. TNM

2016-02-23 7:15 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 29–MARCH 6, 2016

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Excelsior Mining’s Gunnison copper project in Arizona, 100 km southeast of Tucson. EXCELSIOR MINING

Excelsior updates Gunnison prefeasibility ARIZONA COPPER

| Study cuts upfront capital costs, lowers financing risk profile

“WE WANTED TO GET INITIAL CAPITAL DOWN LOW, BECAUSE, FRANKLY, IT’S HARD TO RAISE CAPITAL RIGHT NOW.”

BY TRISH SAYWELL

A

tsaywell@northernminer.com VANCOUVER

staged production approach at Excelsior Mining’s (TSXV: MIN; US-OTC: EXMGF) Gunnison copper project in southeastern Arizona would slash upfront capital costs and lower financing risk, while delivering a post-tax internal rate of return of more than 26%, even at today’s low copper prices of US$2 per lb.

Under the revised mine plan envisioned in a mid-February prefeasibility study, the facility would use in-situ recovery to initially produce 25 million lb. copper cathode a year, using a solvent-extractionelectrowinning (SX-EW) plant that Excelsior bought for US$8.4 million in December 2015.

Excelsior picked up the plant at a bargain from a previous company that had been in receivership since 2014, and now plans to pipe copper solution to the facility — 1.6 km north of Gunnison’s North Star deposit — for processing into copper cathode.

The new operating profile would speed the time to first production and better help the company fund future expansions out of cash flow.

Excelsior would build a bigger plant later to expand the operation to 75 million lb. annually in year four, and to 125 million lb. per year in year seven.

Initial capital costs in the updated prefeasibility study have dropped to US$45.9 million from the US$285million price tag envisioned in a 2014 study. “We wanted to get initial capital down low, because, frankly, it’s hard to raise capital right now,” Stephen Twyerould, Excelsior’s founder, president and CEO, says in a telephone interview.

In-situ mining methods also help Excelsior scale the project however it likes, he adds. If the company drills a lot of wells it will get more copper, but if it drills fewer wells, it will get less copper. “It’s different

Feb 29 Pgs 1 2 3 4 5 11 13 14 16.indd 3

STEPHEN TWYEROULD EXCELSIOR’S FOUNDER, PRESIDENT & CEO

than open-pit mining, where there’s a fixed cost for the mining fleet, for stripping, for the leach pad — all those things are not scaleable,” he says. “For us, it’s just drilling. It’s the same cost for every drill hole, so we can scale the project easily.”

As for buying the SX-EW processing plant — it was pretty much a no-brainer. “We realized that if we purchased the SX-EW facility right next to us, that we could effectively pre-purchase our processing facility, and all we have to do is get permits, drill some wells and put solution through a pipe to the processing facility — and we’re in production.”

Under the new plan, Excelsior would produce an extra 400 million lb. copper than envisioned in the earlier prefeasibility, and extend the mine life by four years to 27 in total.

While sustaining costs would rise from US$602.4 million in the 2014 estimate to US$735.2 million in the latest iteration, and all-in costs (capital and operating costs) would increase to US$2.7 billion from US$2.3 billion, unit costs would move lower.

Total sustaining capital costs would fall to US34¢ per lb. copper from US36¢ per lb. copper, and allin costs would drop from US$1.34 per lb. copper to US$1.24 per lb.

(Average life-of-mine operating costs are anticipated at US70¢ per lb.) “We’re a bigger operation. We’re producing an extra 400 million lb. copper … but unit costs, which are

what people really focus on, are lower … and by lowering our unit costs, it’s a much better project.

“I’ve been working on this for 10 years — I formed the company and acquired the asset, so it’s not a surprise to me that it looks this good,” Twyerould continues. “One of the things we’ve been successful at is not over-promising and underachieving … it’s much better to be conservative in your estimations, and make sure you deliver.”

Key metrics of the latest study — based on a life-of-mine copper price of US$2.75 per lb. and a 7.5% discount rate — include a US$829million post-tax net present value, 45.8% post-tax IRR and a post-tax payback of initial capital in slightly over two and a half years.

While posted recovery rates are 48%, this figure represents the percent of total copper recovered, he says, or 70% of the acid-soluble copper. “That’s a conservative number,” he says.

As far as permitting is concerned, Twyerould describes Cochise County as a “Republican-dominated” and “conservative” place where the economy is based around the military, agriculture, mining and some manufacturing, and that the company and its Gunnison project enjoy “good support.” (Excelsior also paid the county US$4 million in back taxes owed by the previous owners of its SX-EW facility.)

“Are people going to be concerned about putting a large amount of acid in the ground? The obvious answer is ‘yes’ … everybody would be concerned if there were no controls in place. We have to demonstrate to state and federal agencies that whatever we put in, we take out. That’s one of the rules of the permit.”

But Twyerould also points out the obvious: if Excelsior wasn’t removing all the acid it put underground, the operation would be uneconomic, on top of being “offside with permitting agencies.” Moreover, removing the acid from underground isn’t rocket science. The process involves creating a low-pressure zone using pumping wells that prevent solution from migrating from its site into the surrounding rock. “It’s like a

hydrological barrier,” he explains, adding that the technique is the same as those used in barriers that keep seawater from entering freshwater areas in places like the state of California.

Finally, acid consumption is remarkably low for the type of host rocks, he says. The way it works, he explains, is that there are a lot of natural fractures underground.

“They’re fractured and broken rocks, and the oxide copper is mostly on the surface of those structures and joints, and so the acid dissolves the copper along the fractures.

“We’ve done a lot of specific metallurgical and field tests that demonstrate that with in-situ recovery, our acid consumption is an order of magnitude lower than if this was an open-pit mining operation.” TNM

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2016-02-23 7:15 PM

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FEBRUARY 29–MARCH 6, 2016 / THE NORTHERN MINER

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E D I T O R IA L BHP slashes dividend 75%, braces for prolonged downturn RESTRUCTURING

| Tables US$5.6B half-year loss

I

t was the last, biggest and most vocal defender in the mining industry of maintaining the status quo with respect to its generous dividend policy, but BHP Billiton has finally succumbed to industrywide trends and deeply cut its dividend, and formulated a more humble dividend policy

BY JOHN CUMMING going forward. jcumming@northernminer.com It’s the abandonment of a controversial dividend policy that promised a continual increase or at least a maintenance of dividend payments — a “progressive” policy that led to chimerical dividend yields of 12% and more in the first weeks of 2016, after having spent years below 4% before September 2014.

The world’s biggest mining company, like its smaller peers, has been hit by shrinking revenues and profits in the face of the four-year downturn in metal and coal markets, as well as a more precipitous decline in its substantial oil and gas business due to the collapse in crude oil prices.

In its next interim dividend, BHP will pay US16¢ per share, which is covered by free cash flow. The company describes this as comprising a minimum payout of US4¢ per share and another US12¢ per share reflecting differences between underlying attributable profit and free cash flow during the last half-year period (BHP’s financial year begins halfway through the calendar year).

SINCE 2001, BHP BILLITON HAS RETURNED US$77 BILLION IN CASH TO SHAREHOLDERS — MORE THAN ANY OTHER MINING COMPANY. This compares with an interim dividend of US62¢ per share during the previous corresponding period.

At press-time trading, the new payout-based dividend policy implies a back-to-planet Earth dividend yield of 2.6%.

Moreover, BHP Billiton’s management attached some gloom to its dividend news, stating that “while we were prepared for lower prices across our commodities, we now believe the period of weaker prices and higher volatility will be prolonged.”

BHP is still pro-dividend, however, and states its new dividend policy is to provide a minimum 50% payout of underlying attributable profit at every reporting period, in a way that will “further protect our balance sheet and ensure financial flexibility.”

The company now describes its balance sheet as “strong” and maintained with net debt of US$25.9 billion — broadly unchanged from December 2014, despite weaker commodity prices and the significant dividend payments.

For those nostalgic about the old dividend days, BHP’s directors promise they “remain strongly committed to cash returns to shareholders,” and that at every reporting period, it “will consider cash returns in excess of the minimum implied by the payout ratio.”

BHP Billiton chairman Jac Nasser noted that since the merger of BHP and Billiton in 2001, the company has returned a total of US$77 billion in cash to shareholders through dividends and share buybacks — or more than any other company in the mining sector.

The dividend cut was only one humbling of the British Australian giant in mid-February. In its semi-annual report it tabled a US$5.7billion net loss for the period ended Dec. 31 — its first loss in 16 years — as underlying attributable profit plunged to US$412 million from US$4.89 billion a year earlier, even as it maintained impressive EBITDA margins of 40%.

The loss includes a US$858-million charge related to its stake in the Samarco iron ore operations in Brazil, where a massive tailings spill killed 17 people last year in Brazil’s worst-ever environmental disaster.

BHP has written down the value of the asset to zero.

The biggest item in the semi-annual loss is a US$4.9-billion impairment charge relating to the value of its U.S. oil and gas assets. TNM

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Bullion investors buoyed gold demand in 2015 FACTS ‘N’ FIGURES

| Total gold demand steady through market turmoil, US rate hike

The following is an edited summary from the World Gold Council based on its Gold Demand Trends report.

For the full report, please visit www. gold.org.

G

lobal gold demand in 2015 was virtually flat compared to 2014 at 4,212 tonnes, according to the World Gold Council’s latest Gold Demand Trends report. Despite a challenging start to the year, gold demand rebounded in the second half of 2015, as a result of sustained buying from central banks and a strong second half from China and India.

This was particularly evident in the retail investment sector, where bar and coin purchases were led by China and Europe, with support from the U.S., as investors took advantage of weaker prices amid a softening economic backdrop, financial turbulence and ongoing geopolitical tension.

Global investment demand for 2015 grew 8% to 878 tonnes, from 815 tonnes in 2014. Bar and coin demand remained steady in 2015, as investors took advantage of a weaker price in the third quarter (Q3). The exchange-traded funds market saw slower outflows, with 133 tonnes in 2015, compared to 185 tonnes in 2014. Fourth-quarter (Q4) 2015 witnessed more of these trends, with a number of key regions seeing double digit growth.

Overall jewellery demand for 2015 was down 3% to 2,415 tonnes, from 2,481 tonnes in the previous year. After a slower start to the year, the third and fourth quarters combined produced the strongest second half-year total for gold jewellery in 11 years. Fourth-quarter 2015 saw steady levels of jewellery demand at 671 tonnes compared to 677 tonnes in the same period last year, with retailers reporting higher sales around the Indian festival period.

Central Bank demand for 2015 saw a small uptick from 584 tonnes in 2014 to 588 tonnes in 2015, as

diversification was reinforced by a tumbling oil price and reduced confidence in the global economy.

Demand in Q4 stayed strong — up 25% to 167 tonnes, from 134 tonnes in Q4 2014 — making this the 20th straight quarter of net purchasing.

Gold demand in Q4 showed positive signs, after a strong Q3.

In India both the investment (60 tonnes) and jewellery (173 tonnes) sectors were up 6%, boosted by the festival season. In China — which has witnessed economic turmoil, consumer uncertainty and currency weakness — gold demand held up well, particularly in the investment sector, up 25% to 48 tonnes for the quarter.

CENTRAL BANKS WERE NET PURCHASERS OF GOLD FOR THE 20TH STRAIGHT QUARTER IN Q4 2015.

In 2015, China (985 tonnes) and India (849 tonnes) remained dominant in the global gold market, accounting for close to 45% of total global gold demand during 2015, with annual consumer demand in both up 2% and 1%.

Total supply for the year experienced a 4% drop to 4,258 tonnes for 2015, compared to 4,414 tonnes in 2014. This reflects recycling hitting multi-year lows and mine production falling to its lowest level since 2008. Mine production contracted in Q4 — the first quarterly contraction since 2008 — as cost-cutting took effect. Fourth-quarter 2015 reported a 10% decline to 1,037 tonnes, compared to 1,152 tonnes in the same period last year, as primary production slowed owing to weaker gold prices, mine closures and project delays. TNM

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Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . 12 THE NORTHERN MINER is published weekly

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COMPANY INDEX

Anglo American. . . . . . . . . . . . . . . . . . . . . . 1 Barrick Gold. . . . . . . . . . . . . . . . . . . . . . . . . 1 BHP Billiton . . . . . . . . . . . . . . . . . . . . . . . 2, 4 Excelsior Mining. . . . . . . . . . . . . . . . . . . . . .3 Freeport-McMoRan. . . . . . . . . . . . . . . . 1,13 Glencore. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Horsehead Holding . . . . . . . . . . . . . . . . . . 13 Kinross Gold. . . . . . . . . . . . . . . . . . . . . . . . . 1

Mines Management. . . . . . . . . . . . . . . . . . . 5 Noranda Aluminum Holdings. . . . . . . . . 13 Nyrstar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Potash Corp. of Saskatchewan. . . . . . . . . 14 Richmont Mines. . . . . . . . . . . . . . . . . . . . . 11 Secova Metals. . . . . . . . . . . . . . . . . . . . . . . 16 Teck Resources. . . . . . . . . . . . . . . . . . . . . . . 1 Vale. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Gold bullion in a Bank of England vault. BANK OF ENGLAND

2016-02-23 7:15 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 29–MARCH 6, 2016

Facilities at Mines Management’s Montanore silver-copper property in northwestern Montana.

5

MINES MANAGEMENT

Mines Management secures approval for Montanore PERMITTING

BY LESLEY STOKES

A

lstokes@northernminer.com VANCOUVER

fter 11 years, Mines Management (TSX: MGT; NYSEMKT: MGN) has finally scored a long-awaited approval from U.S. Federal and State agencies to develop its US$552.3-million Montanore silver-copper deposit in northwestern Montana.

The U.S. Forest Service and the Montana Department of Environmental Quality conditionally approved an operation of up to 18,143 tonnes per day, as outlined in the joint final environmental impact statement (EIS) announced in December.

“It’s taken a long time, but we’ve finally made it through,” Douglas Dobbs, president of Mines Management, tells The Northern Miner during a phone interview, noting that the decision was backed by four years of environmental analysis, two EIS drafts and at least three rounds of public comment.

“The agencies put it out to do excessive amounts of public input and comment just to make sure the project is as transparent as possible, and that nobody could ever charge them with subversion of the American public,” he says. “So it’s gone through a large amount of public review, and as a result we’ve made some major changes to the project.”

The most notable changes include switching locations of the mill site and tailings impoundment, along with a “couple of round turns” on the road and power line routes to help reduce any impact to the environment.

“We can’t say whether the changes will make major economic changes to the project, but they certainly streamline certain processes and reduce the impact to the environment, so in that respect we’re happy,” he adds, mentioning that with permitting in place, the company will pursue a bankable feasibility study over the next two years.

The feasibility work would build on a 2011 preliminary economic

Feb 29 Pgs 1 2 3 4 5 11 13 14 16.indd 5

| Company eager to develop silver-copper deposit in Montana

assessment (PEA), which envisaged an 11,339-tonne-per-day operation over an initial 15-year mine life, producing 6.4 million oz. silver and 51 million lb. copper per year.

Assuming a base-scenario of US$15 per oz. silver and US$2.50 per lb. copper, the project would have an 11.5% internal rate of return (IRR) and a US$228.7-million pretax net present (NPV) value.

“We believe that the next 24 months will give us the opportunity to go through the feasibility process and at the end of it, have a shovel-ready project perhaps at a time when the mineral markets are much more robust than they are today,” Dobbs says.

If silver and copper prices rise to US$18 per oz. and US$3.10 per lb., the pre-tax NPV for the project jumps to US$646.9 million, and the IRR doubles to 20.7%, according to the PEA report.

The study assumes 86.3% and 90% silver and copper recoveries, but notes that more metallurgical testing is needed to predict final concentrate grade for the project.

Mines Management isn’t the only aspiring miner in the district — just 2 km from the Montanore is Hecla Mining’s (NYSE: HL) Rock Creek deposit, where the miner is working through permitting process and advancing towards feasibility.

Rock Creek has inferred resources of 229 million oz. silver and 2.02 billion lb. copper, within 124.3 million tonnes of 51.9 grams silver and 0.7% copper.

Combined with Montanore, total undeveloped resources at both deposits top 460 million oz. silver and 4 billion lb. copper, making it one of the richest stratabound-hosted districts in the nation, according to a U.S. Geological Survey report.

Montanore has measured and indicated resources of 166.3 million oz. silver and 1.2 billion lb. copper within 73.9 million tonnes of 63.5 grams silver per tonne and 0.8% copper, using a 31.1-gram silver cut-off.

Inferred resources add another 65.1 million oz. silver and 497.5

“IT’S TAKEN A LONG TIME, BUT WE’VE FINALLY MADE IT THROUGH.” DOUGLAS DOBBS PRESIDENT, MINES MANAGEMENT

million lb. copper, within 31.8 million tonnes of 57.5 grams silver and 0.7% copper.

The geological story behind Montana’s silver-copper deposits dates back to the Proterozoic — a time when chemically reactive sedimentary horizons found deep beneath the surface soaked up much of the metal circulating within migrating brines.

As time passed, the highly prospective north-trending belt and its silver-copper occurrences became exposed across thousands of square kilometres, from northwestern Montana to northern Idaho, and beyond into Canada.

In the U.S., the belt became known as the “Western Montana” copper

belt. Similar in style and age to the world-class African copper belt, the belt hosts a class of deposits in and of itself, with equally as impressive footprints.

Dobbs explains that the 10.6-metre thick stratabound mineralization at Montanore skylights at surface, and extends down-dip to at least 3.7 km at a 15° to 30° angle, where it remains open in three directions.

Dobbs says that a large amount of infrastructure exists on the property — a legacy of Noranda Mines who had bought into the project in 1988, and burrowed 4,500 metres worth of decline into the deposit, before collapsing metal prices in the early 1990s forced the company to reclaim the site.

“We have 1,500 metres left to go before we get under the deposit and start the definition drilling, which will upgrade the resources into reserves and answer a lot of geotechnical questions,” he says.

“One of the things the agencies are concerned about is whether underground mining could drain mountain lakes, so we want to

The portal site at Mines Management’s Montanore silver-copper project in Montana.

demonstrate to them that the rock in the area doesn’t transmit much water.”

The feasibility study and underground development could cost the company anywhere between US$20 million and US$30 million to complete, Dobbs predicts, but now that permits are approved, he expects that discussions about project financing can reach “new levels.”

“We’ll look for strategic partners and investors, along with the possibility of a financing, so we’re really looking at all the alternatives that are open to us now that we’ve completed the project permitting,” he adds.

“We’re just elated, and the community couldn’t be more thrilled.

It’s actually a county in Montana that has the highest unemployment rate, and they view the project as being a significant contributor of high-paying jobs for their future,” he continues. “We have a good relationship with the community and we’re gratified with the support they have given us, and patience in getting through this process.” TNM

MINES MANAGEMENT

2016-02-23 7:15 PM

6

WWW.NORTHERNMINER.COM

FEBRUARY 29-MARCH 6, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 15–19 Canadian stocks fell on Feb. 19, snapping four days of gains, as crude oil fell below US$30 per barrel in New York. However, the S&P/TSX Composite Index posted a 3.5% weekly gain to close at 12,813.40. The S&P/ TSX Global Mining Index moved up 2.2% to 47.89, while the S&P/TSX Capped Diversified Metals & Mining Index surged 20% to 350.21.

The S&P/TSX Global Gold Index, however, slipped 1.5% to 178.04, as the spot gold price fell US$11.90 per oz. to US$1,226.

Platinum Group Metals soared 70% to $2.69 per share on no corporate news. On Feb. 16, the company said it was not aware of any corporate developments that led to the share price increase. It added its policy is not to comment on rumours or speculation. On Feb. 9, Platinum Group Metals completed hot commissioning for its Maseve platinum mine, previously known as the “Western Bushveld Joint Venture Project 1.” The South African mine also produced its first concentrate.

Colorado-based Golden Minerals rose 63.5% to 85¢ per share after reporting the Sentient Group converted part of its loan — plus interest — into Golden shares, effective Feb. 11. Golden received a $5-million secured, one-year convertible loan last October, with its shareholders approving the conversion this January. As part of the transaction, Sen-

tient converted $3.9 million of principal and $100,000 in accumulated interest into 23.4 million Golden shares. Sentient now holds 76.7 million shares, or 49% of the junior. The remaining $1.1 million of the loan matures on Oct. 27, 2016. The lender can convert this into shares at any time before maturity.

Shares in Franco-Nevada advanced $3.33 to $78.75 after a US$920-million financing.

On Feb. 19, the company closed the previously announced offering of 19.2 million shares, including the exercise in full of the over-allotment option at US$47.58 apiece.

Franco-Nevada sold the shares on a boughtdeal basis through a group of underwriters led by BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and Scotiabank. It will use the net proceeds to fund the TSX MOST ACTIVE ISSUES

First Quantum B2Gold Yamana Gold Teck Res Barrick Gold Kinross Gold Lake Shore Gld Goldcorp Suncor Energy Eldorado Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM BTO YRI TCK.B ABX K LSG G SU ELD

54147 4.96 3.14 4.58 + 1.29 41543 1.56 1.30 1.50 + 0.08 40317 3.88 3.30 3.71 0.00 38712 8.80 5.41 8.15 + 1.71 35441 17.88 15.88 17.26 + 0.31 34638 4.33 3.67 4.07 - 0.10 27371 1.82 1.61 1.79 + 0.08 26900 22.18 19.95 21.25 - 0.46 21559 33.45 29.90 32.86 + 2.29 17210 4.38 3.71 4.02 - 0.33

US$500-million acquisition of a gold-silver stream on Glencore’s Antapaccay mine in Peru. The remaining funds will go towards working capital.

First Quantum Minerals climbed $1.29 to $4.58 per share on 54 million shares traded. The company reported higher copper production, lower costs and better comparative earnings in the three months ended December 2015, compared to a year

ago. However, its full-year 2015 comparative earnings were US$267 million, or US41¢ per share, which is half of what was earned in 2014, after lower sales revenues. It cut Cobre Panama’s development capital 7% — or US$500 million to US$5.95 billion — based on efficiencies achieved to date, with more reductions expected. The large open-pit copper development project is in Panama. TNM

TSX GREATEST PERCENTAGE CHANGE

Candente Coppr Lexam VG Gold Platinum Gp Mt Victory Nickel Kerr Mines Golden Mnls Dynasty Met&Mn Fortune Mnrls Aura Mnls Mega Uranium Vena Res Rio Novo Gold Prophecy Coal Loncor Res Primero Mng Orocobre Aureus Mng Intl Tower Hil Black Iron Polaris Mater

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

DNT LEX PTM NI KER AUM DMM FT ORA MGA VEM RN PCY LN P ORL AUE ITH BKI PLS

1205 2530 2638 463 1815 200 2255 3058 1625 5670 85 595 850 449 9278 125 1021 266 376 20

0.08 0.21 2.90 0.04 0.09 0.93 0.40 0.04 0.16 0.11 0.03 0.16 0.03 0.03 2.38 2.55 0.08 0.46 0.05 1.54

0.04 0.11 1.58 0.02 0.04 0.40 0.24 0.02 0.09 0.07 0.02 0.09 0.02 0.03 1.94 2.15 0.06 0.35 0.04 1.35

0.08 0.20 2.69 0.03 0.08 0.85 0.39 0.03 0.14 0.10 0.02 0.09 0.02 0.03 1.99 2.20 0.07 0.37 0.04 1.37

TSX GREATEST VALUE CHANGE

Franco-Nevada Altius Mnrls Suncor Energy Teck Res Royal Gold Teck Res Endeavour Mng First Quantum Platinum Gp Mt Imperial Metal Agnico Eagle Agrium Goldcorp Silver Std Res Primero Mng Orocobre Eldorado Gold OceanaGold Pretium Res Polaris Mater

+ 100.0 + 90.5 + 70.3 + 66.7 + 66.7 + 63.5 + 56.0 + 50.0 + 50.0 + 42.9 - 40.0 - 29.2 - 25.0 - 16.7 - 15.0 - 13.7 - 13.3 - 11.9 - 11.1 - 11.0

VOLUME WEEK (000s) CLOSE CHANGE

FNV ALS SU TCK.A RGL TCK.B EDV FM PTM III AEM AGU G SSO P ORL ELD OGC PVG PLS

6923 78.75 316 10.07 21559 32.86 21 10.70 86 59.80 38712 8.15 1432 12.08 54147 4.58 2638 2.69 111 5.15 6012 47.62 2131 112.95 26900 21.25 2365 7.95 9278 1.99 125 2.20 17210 4.02 14838 3.62 2947 7.05 20 1.37

+ 3.33 + 2.39 + 2.29 + 2.18 + 1.86 + 1.71 + 1.59 + 1.29 + 1.11 + 0.95 - 1.78 - 1.42 - 0.46 - 0.42 - 0.35 - 0.35 - 0.33 - 0.21 - 0.18 - 0.17

TSX VENTURE EXCHANGE / FEBRUARY 15–19 The S&P/TSX Venture Composite Index hit a three-month high, rising 3.8%, or 19.65 points, to a 530.79-point close, boosted by strong metal prices.

Spot gold closed at US$1,230.80 per oz. gold, after its first weekly fall in five weeks, down 0.7%, or US$8.6 per oz. gold, as the U.S. dollar and global equities strengthened.

French investment bank Natixis analyst Bernard Dahdah, who won last year’s London Bullion Market Association prediction competition, said that fears around China, oil and negative interest rates are overstated, and reckons this year gold could reach a low of US$900 per oz., and a high of US$1,300 per oz.

Three-month London Metal Exchange copper contracts gained US$103.5 per tonne, or 2.3%, to US$4,590 per tonne, as equities and Chinese market sentiment received a boost.

Brent crude oil bounced over the trading period, before closing down 1.1% to US$33.01 per barrel after news that Saudi Arabia and Russia would freeze oil output at current near-record levels, marking the first coordinated move by the world’s two largest producers in 15 years. The deal is considered preliminary, doesn’t include Iran, and may require “other steps to stabilize and improve the market,” Saudi Oil Minister Ali Al-Naimi said.

Integra Gold saw 11 million shares traded before closing up 3¢ at 40¢ per share, after positive assay results from step-out drilling at its Triangle gold deposit in Val-d’Or, Que. The company reported a 6-metre uncut intercept of 80.32 grams gold per tonne, 100 metres along strike of the C6 structure — one of six steeply dipping and stacked shear zones that define the deposit.

Other intercepts returned 77.83 grams gold uncut over 3.1 metres and 18 grams gold uncut over 6.5 metres from the C1 and C2 structures, at relatively shallow depths above 350 metres vertical.

More assay results from last year’s program are expected over the coming months. The company says that 90,000 metres of drilling across the property is planned this year, with TSX-V MOST ACTIVE ISSUES

Integra Gold First Mg Fin Mountain Boy Clifton Star Majestic Gold Mkango Res WPC Res Alexandria Min Equitas Res Arian Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ICG 11108 FF 9337 MTB 7946 CFO 7873 MJS 7210 MKA 7167 WPQ 7040 AZX 7038 EQT 6884 ARC 6633

0.40 0.41 0.02 0.38 0.10 0.02 0.05 0.04 0.06 0.01

0.36 0.37 0.01 0.34 0.09 0.01 0.04 0.03 0.05 0.01

0.40 0.39 0.02 0.36 0.10 0.02 0.05 0.04 0.06 0.01

+ - + - + + + +

0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.00

most defining more resources at Triangle.

West-African gold explorer Thor Explorations jumped 200% to a 6¢ close, after a non-brokered private placement.

The company issued 3.54 million shares at $0.115 per common share, for gross proceeds totalling $407,112 towards exploration and working capital.

Thor’s Douta and Central Houndé projects

cover 577 sq. km of the prospective greenstone belts in Senegal and Burkina Faso.

Kaminak Gold rose 21¢ to a $1.23 close, after filing a feasibility study of its Coffee gold project in the Yukon. The open-pit and heap leach project could generate a $455-million after-tax net present value at a 5% discount rate, and a 37% internal rate of return over a 10-year mine life. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Thor Expl Castle Peak Mg Musgrove Mnls Fairmont Res Standard Graph Alloycorp Mng Anglo-Can Mng East Asia Mnls Europn Uran Rs Tesoro Mnrls Manson Creek Monster Uran Discovery-Corp Green Swan Cap RJK Explor Sanatana Diam NV Gold Phoenix Metals Icon Explor Berkwood Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

THX CAP MGS FMR SGH AVT URA EAS EUU TES MCK MU.H DCY GSW RJX.A STA NVX PHC.H IEX.H BKR

266 1141 168 992 416 522 141 3748 347 31 60 10 121 249 115 306 174 536 400 499

0.06 0.02 0.30 0.06 0.05 0.02 0.01 0.01 0.01 0.02 0.02 0.02 0.08 0.01 0.01 0.01 0.01 0.01 0.02 0.01

0.00 0.01 0.08 0.03 0.02 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.04 0.01 0.01 0.01 0.01 0.01 0.00 0.01

0.06 0.02 0.30 0.06 0.05 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.04 0.01 0.01 0.01 0.01 0.01 0.02 0.01

TSX-V GREATEST VALUE CHANGE

+ 200.0 + 200.0 + 200.0 + 140.0 + 125.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 66.7 - 55.6 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Gold Reserve Abitibi Royalt Till Capital Comet Inds Lithium X Egy Elcora Res Kaminak Gold Musgrove Mnls Bear Creek Mng Auryn Res Kennady Diam Bacanora Mnls Pac Booker Min Archon Mineral Nrthn Vertex Zenyatta Vent Marlin Gold Goldrock Mines EurOmax Res Minnova Corp

VOLUME WEEK (000s) CLOSE CHANGE

GRZ RZZ TIL CMU LIX ERA KAM MGS BCM AUG KDI BCN BKM ACS NEE ZEN MLN GRM EOX MCI

361 97 3 5 1217 1115 2444 168 1110 1061 410 83 21 20 227 164 168 593 42 50

5.58 3.99 4.74 1.75 1.00 0.66 1.23 0.30 0.92 1.39 2.80 1.34 1.75 1.57 0.31 0.77 0.29 0.26 0.35 0.43

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

1.43 0.59 0.55 0.35 0.27 0.27 0.21 0.20 0.14 0.14 0.20 0.16 0.09 0.08 0.07 0.07 0.07 0.06 0.05 0.05

U.S. MARKETS / FEBRUARY 15–19 The S&P 500 Index and the Dow Jones Industrial Average posted their best performances since November. The S&P 500 rose 2.8% to 1,917.78, and the Dow advanced 2.6% to 16,391.99. The Nasdaq climbed 3.8% to 4,504.43, in its largest weekly gain since July.

Most gains came before the crude oil price dipped below US$30 per barrel. The spot gold price fell US$11.90 per oz. to US$1,226.

Freeport-McMoRan, the most traded stock, reported it would sell 13% of its Morenci unincorporated joint venture to Sumitomo Metal Mining for US$1 billion in cash to help lower its debt. Freeport owns 85% of Morenci and Sumitomo Metal Mining Arizona (SMMAz) owns the rest. The transaction should close in mid-2016. Once completed, the joint venture will be held 72% by Freeport, 15% by SMMAz and 13% by an affiliate that Sumitomo fully owns. Freeport expects to use the proceeds to repay its debt, and anticipates recording a US$550-million gain on the transaction.

As of year-end 2015, Freeport’s 85% share of Morenci reserves totalled 12 billion lb. copper. The company’s share of 2015 copper production came in at 900 million lb., with US$2.2 billion in revenues. Its share of pro-

Feb 29 Pgs 6.indd 6

duction and delivery costs totalled US$1.5 billion. Freeport added US$1.39 to finish at US$6.92 per share, as 324 million shares changed hands.

Base metal miners Hudbay Minerals and Teck Resources topped the percentage gainers’ list, on no corporate news. Hudbay surged 29% to US$2.52 per share. Teck, which released its 2015 earnings on Feb. 11, rose 27% to US$5.95 per share. It is up 54% since the end of 2015.

Barrick Gold saw heavy trading after reporting its 2015 financials on Feb. 17. Full-year adjusted earnings were US$344 million, or US30¢ per share, which is less than half the U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 324168 7.60 5.08 6.92 + 1.39 Vale* VALE 152641 3.22 2.54 2.94 + 0.31 Alcoa* AA 137314 8.60 7.36 7.87 + 0.18 Barrick Gold* ABX 121756 12.94 11.49 12.56 + 0.31 Kinross Gold* KGC 102517 3.15 2.66 2.97 - 0.03 Yamana Gold* AUY 88823 2.81 2.40 2.69 + 0.01 Goldcorp* GG 69433 16.04 14.46 15.45 - 0.19 Vale* VALE.P 68675 2.28 1.88 2.16 + 0.25 Newmont Mng* NEM 62557 25.95 23.12 24.84 - 0.94 Teck Res* TCK 58166 6.41 3.87 5.95 + 1.27

adjusted amount earned a year ago. However, the miner generated US$471 million in free cash flow, marking the first time in four years that it made positive cash flow. Barrick also met its production, cost and debt reduction targets for 2015. It drove its debt down US$3.1

billion to US$10 billion, mainly through asset sales. It could lower its debt another US$2 billion this year. Barrick announced a quarterly dividend of US2¢ per share payable to shareholders in March, and appointed its president Kelvin Dushnisky as a director. TNM

U.S. GREATEST PERCENTAGE CHANGE

HudBay Mnls* Teck Res* Freeport McMo* Vale* Vale* Turquoise HIl* United States S* Seabridge Gld* Mechel* Vedanta* Natural Res Pt* Peabody Enrgy* Primero Mng* Gold Fields* Southern Copp* Sibanye Gold* AngloGold Ash* Eldorado Gold* Buenaventura* Harmony Gold*

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

HBM 996 2.60 1.86 2.52 + 29.2 TCK 58166 6.41 3.87 5.95 + 27.1 FCX 324168 7.60 5.08 6.92 + 25.1 VALE.P 68675 2.28 1.88 2.16 + 13.1 VALE 152641 3.22 2.54 2.94 + 11.8 TRQ 14969 2.18 1.90 2.14 + 10.3 X 51988 8.75 6.94 8.10 + 9.5 SA 4481 8.75 7.00 8.50 + 8.8 MTL 939 1.91 1.57 1.73 + 8.8 VEDL 1246 4.40 3.70 4.18 + 8.3 NRP 1204 9.90 0.97 8.51 - 18.2 BTU 8310 2.64 2.01 2.04 - 16.0 PPP 7826 1.71 1.41 1.45 - 14.7 GFI 40847 4.56 3.44 3.97 - 12.9 SCCO 11546 27.02 23.56 23.75 - 9.9 SBGL 8084 12.90 11.27 11.85 - 8.0 AU 31030 11.75 9.86 10.88 - 7.0 EGO 27314 3.17 2.71 2.92 - 6.7 BVN 10460 5.56 4.66 5.18 - 5.6 HMY 24726 2.81 2.36 2.63 - 4.0

U.S. GREATEST VALUE CHANGE

MartinMarietta* MLM Franco-Nevada* FNV Black Hills* BKH Suncor Energy* SU Mosaic* MOS NACCO Ind* NC Freeport McMo* FCX Teck Res* TCK Chevron* CVX Rio Tinto* RIO Southern Copp* SCCO Natural Res Pt* NRP Sibanye Gold* SBGL Agnico Eagle* AEM Newmont Mng* NEM AngloGold Ash* AU Gold Fields* GFI Agrium* AGU Peabody Enrgy* BTU Buenaventura* BVN

VOLUME WEEK (000s) CLOSE CHANGE

4402 135.98 9557 57.42 4369 56.51 26520 23.88 40021 24.40 113 48.30 324168 6.92 58166 5.95 52427 86.50 26915 27.37 11546 23.75 1204 8.51 8084 11.85 15152 34.63 62557 24.84 31030 10.88 40847 3.97 7437 82.00 8310 2.04 10460 5.18

+ 3.12 + 3.02 + 2.08 + 1.80 + 1.49 + 1.45 + 1.39 + 1.27 + 1.07 + 0.85 - 2.62 - 1.89 - 1.03 - 1.01 - 0.94 - 0.82 - 0.59 - 0.53 - 0.39 - 0.31

2016-02-23 7:16 PM

GLOBAL MINING NEWS · SINCE 1915

7

THE NORTHERN MINER / FEBRUARY 29–MARCH 6, 2016

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, February 23, 2016 Precious Metals Price (US$/oz.)

Change $1218.75 +6.75 Gold Silver $15.21 -0.14 Platinum $927.00 -9.00 Palladium $499.00 -20.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $8620.00 -145.00 $4654.00 -49.00 $1706.50 -21.50 $1739.00 -41.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, February 22, 2016 (change from February 15, 2016 in brackets): Aluminium Alloy 15600 (+200) Aluminium 2781850 (+34200) Copper 205500 (-128100) Lead 219175 (+37775) Nickel 435744 (-3354) Tin 4120 (-195) Zinc 502275 (+43550)

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.13 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.55 Coal: CME Group Futures Mar. 2016: US$43.20; Apr. 2016: US$44.13 Cobalt: US$9.98/lb.

Copper: US$2.07/lb.

Copper: CME Group Futures Mar. 2016: US$2.05/lb.; Apr. 2016: US$2.06/lb Ferro-Chrome: US$1.82/kg Ferro Titanium: US$4.20/kg FerroTungsten: US$21.71/kg Ferrovanadium: US$13.17/kg Iridium: NY Dealer Mid-mkt US$520/tr oz.

Iron Ore 62% Fe CFR China-S: US$43.20/tonne Iron Ore Fines: US$46.58/tonne Iron Ore Pellets: US$63.38/tonne Lead: US$0.84/lb.

Magnesium: US$1.99/kg Manganese: US$1.48/kg Molybdenum Oxide: US$5.44/lb.

Phosphate Rock: US$122.50/tonne Potash: US$295.00/tonne Rhodium: Mid-mkt US$660.00/tr. oz.

Ruthenium: Mid-mkt US$42.00/tr. oz.

Silver: Handy & Harman Base: US$15.79 per oz.; Handy & Harman Fabricated: US$19.74 per oz.

Tantalite Ore: : US$122.40/kg Tin: US$6.99/lb.

Uranium: U3O8, Trade Tech spot price: US$34.15/lb.; The UX Consulting Company spot price: US$34.25/lb.

Zinc: US$0.77/lb.

Prices current Feb. 16, 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 Feb 19, 2016 (with changes from Jan 18, 2016) Largest short positions First Quantum FM 36254668 -6954425 Lundin Mng LUN 32369290 -1928032 Potash Corp SK POT 30700137 -1322879 New Gold NGD 23948019 -2279265 B2Gold BTO 23845639 568131 Suncor Energy SU 19935853 98259 Barrick Gold ABX 17556407 1213655 Kinross Gold K 16204249 -2892649 Yamana Gold YRI 14444092 -5907392 Teck Res TCK.B 11719165 339813 IAMGOLD IMG 9982158 282852 Thompson Creek TCM 8952637 173600 Goldcorp G 8521047 -118250 Eldorado Gold ELD 8156700 -6190854 HudBay Mnls HBM 7407321 -310333 Largest increase in short position Orbite Tech ORT 5731962 5463981 Alacer Gold ASR 5590684 1641999 NovaGold Res NG 6014625 1321862 Barrick Gold ABX 17556407 1213655 Peregrine Diam PGD 1523746 1162546 Largest decrease in short position First Quantum FM 36254668 -6954425 Eldorado Gold ELD 8156700 -6190854 Yamana Gold YRI 14444092 -5907392 Kinross Gold K 16204249 -2892649 New Gold NGD 23948019 -2279265

Short positions outstanding as of Feb 19, 2016 (with changes from Jan 18, 2016) Largest short positions Graphite One GPH 3398000 3396900 Nexgen Energy NXE 356114 132952 Integra Gold ICG 108806 63334 Gold Std Vents GSV 103000 101774 Reservoir Mnls RMC 38200 -4900 Roxgold ROG 37681 36500 Panoro Mnrls PML 34000 32000 Kennady Diam KDI 23200 -4800 Barkerville Go BGM 18000 -25000 Kootenay Silvr KTN 17700 -4300 First Mg Fin FF 16267 -545033 Niogold Mng NOX 12500 12200 Santacruz Silv SCZ 7000 7000 Bear Creek Mng BCM 6800 2800 Novo Res NVO 6000 5310 Largest increase in short position Graphite One GPH 3398000 3396900 Nexgen Energy NXE 356114 132952 Gold Std Vents GSV 103000 101774 Integra Gold ICG 108806 63334 Roxgold ROG 37681 36500 Largest decrease in short position First Mg Fin FF 16267 -545033 Pine Cliff En PNE 100 -329200 Peruvian Prc M PPX 0 -126000 Barkerville Go BGM 18000 -25000 Chesapeake Gld CKG 0 -6900

TSX VENTURE WARRANTS 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 Feb 19 Feb 18 Feb 17 Feb 16 Feb 15 High Low S&P/TSX Composite 12813.40 12931.36 12867.16 12554.98 12381.24 15527.30 12400.15 S&P/TSXV Composite 530.76 525.88 518.04 510.40 511.14 1050.26 883.52 S&P/TSX 60 753.54 761.59 757.82 739.68 729.46 896.74 709.99 S&P/TSX Global Gold 177.74 179.94 170.60 169.93 180.84 218.90 149.29 S&P/TSX Metals & Mining 350.21 347.48 361.53 318.30 291.68 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS FEBRUARY 15–19, 2016 128 New Highs African Queen Alexco Res Alexco Res* Amarillo Gold Americas Silvr Americas Silvr* Anaconda Mng* Anconia Res Asanko Gold Asanko Gold* Aura Mnls Aurion Res Avarone Metals Bama Gold* Barkerville Go Barkerville Go* Barrick Gold Belo Sun Mng Black Hills* Centamin Claude Res Claude Res* CMC Metals Commander Res Detour Gold Elcora Res Endeavour Mng Endeavour Mng* Erdene Res Dev Franco-Nevada Franco-Nevada* Fresnillo plc* Geodex Mnrls Gldn Predator Gldn Predator*

Gold Reserve Gold Std Vents Gold Std Vents* Golden Mnls Golden Mnls* Golden Secret Golden Sh Mng Goldex Res Goldsource Min Goldsource Min* Great Panther Great Panther* Guyana Gldflds Homestake Res* IAMGOLD IAMGOLD* Integra Gold Integra Gold* Kaminak Gold Kaminak Gold* Kesselrun Res Kinross Gold Kinross Gold* Kirkland Lk Gd Lake Shore Gld Lake Shore Gld* Lexam VG Gold Lexam VG Gold* Libero Mg Corp Lithium X Egy Lucara Diam MAG Silver McEwen Mng McEwen Mng* Merger Mines* Mines Manage

Sirios Res* Standard Graph Starcore Intl Sunridge Gold* Telson Res * Thor Expl Torex Gold Torex Gold* TriMetals Mng TriMetals Mng* True Gold Mng True Gold Mng* Unity Energy Unity Mng* ValGold Res Vatic Vent Wesdome Gold West Kirkland Wildcat Expl Xtra-Gold Res Xtra-Gold Res*

Mirasol Res Mountain Boy Musgrove Mnls Natural Res Pt* New Carolin Gd New Pac Metals* Newmarket Gold Noranda Alum* Northair Silvr NovaGold Res* Novo Res Nrthn Vertex* OceanaGold OceanaGold* Pac Ridge Expl Pac Topaz Platinum Gp Mt Platinum Gp Mt* Premier Gold M Randgold Res* Red Eagle Mng Red Eagle Mng* Revolver Res* Richmont Mines Richmont Mines* Running Fox Rs Running Fox Rs* Sabina Gd&Slvr Sabina Gd&Slvr* Sandspring Res Sandspring Res* Semafo Sienna Res Sienna Res* Silvercorp Met* Sirios Res

14 New Lows Asante Gold Cavan Vent* El Capitan Prc* Green Swan Cap Intgr Egy Sol* MagIndustries* Mining Global* Paget Mrnls Primero Mng Primero Mng* QMC Quantum Ml* Sarissa Res* Trecora Res* Troy Enrgy

CANADIAN GOLD MUTUAL FUNDS DAILY METAL PRICES Daily Metal Prices Date Feb 22 Feb 19 Feb 18 Feb 17 Feb 16 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1560/1585 1560/1585 1560/1585 1560/1585 1560/1585 Aluminum 1572.50/1554 1550/1536.50 1529/1516.50 1519.50/1514.50 1528/1526.50 4694/4689.50 4589/4590 4675/4574 4560/4563.50 4583/4580 Copper Lead 1757/1765 1732/1739 1710/1717.50 1749/1757 1821/1822 Nickel 8690/8720 8335/8350 8300/8325 8235/8270 8265/8295 15975/15850 15925/15750 15835/15745 15845/15775 15400/15300 Tin Zinc 15975/15850 1732/1725 1668/1666 1663.50/1663 1678/1681 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1203.65 1221.50 1204.40 1202.40 1212.00 1231.15 1210.10 1209.50 1208.20 Gold PM 1211.00 Silver 15.00 15.37 15.25 15.35 15.26 Platinum 922.00 941.00 933.00 939.00 933.00 Palladium 501.00 507.00 507.00 513.00 509.00

FundName Feb 19 ($) Feb 12 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 18.40 18.21 0.19 1.04 1.56 2.80 124.25 BMO Prec Mtls Fd A 14.73 14.58 0.16 1.06 1.14 2.40 46.97 8.56 8.77 -0.21 -2.40 4.70 0.63 BMO ZGD BMO ZJG 6.30 6.27 0.03 0.46 0.59 0.62 CIBC Prec Metal Fd A 10.38 10.43 -0.05 -0.46 4.56 2.62 44.99 Dyn Prec Metls Fd A 5.28 5.19 0.09 1.73 4.18 2.66 229.31 4.79 7.07 0.80 Horizons HEP IGMacGloPrecMetCl A 7.14 7.13 0.01 0.15 7.84 2.75 53.01 11.12 11.30 -0.18 -1.56 8.55 0.61 465.86 iShares XGD Mac Prec Met Cl A 39.62 39.58 0.04 0.09 7.85 2.51 83.55 NB Prec Met Fd Inv 10.64 10.58 0.06 0.57 5.57 2.46 27.64 RBC GblPreMetFd A 24.90 24.87 0.03 0.11 4.80 2.13 265.86 Sentry PreMetFd A 31.56 31.13 0.44 1.40 4.21 2.92 171.84 Sprott Gold&PrMinFdA 29.73 0.67 2.28 4.05 3.15 150.77 3.21 26.09 Sprott SilverEquCl A 3.94 0.16 4.19 -2.46 TD PreciousMetals-I 32.24 32.02 0.22 0.69 4.34 2.26 103.69

For daily mining news, visit www.northernminer.com

EXCHANGE RATES Feb 19 Feb 18 Feb 17 Feb 16 Feb 15 Date US$ in C$ 1.3770 1.3728 1.3672 1.3863 1.3832 0.7262 0.7287 0.7314 0.7213 0.7230 C$ in S$ Exchange rates (Quote Media, January 15, 2016)

C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand

1.0154 0.6522 81.7650 13.2298 11.1885

C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won

0.5043 4.7360 49.8080 0.7189 896.5000

US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand

1.3985 0.8985 112.5850 18.2160 16.0325

US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won

0.6942 6.5224 68.7200 0.9896 1234.6000

LEGEND 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.$

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

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton

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

GLOBAL MINING NEWS · SINCE 1915

Reprints

FRANCO-NEVADA: CEO DAVID HARQUAIL SEES RIPE MARKET FOR STREAMING/ 3 Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

FEATURE SECTION

UNITED STATES California, Arizona & Nevada / 7–9

905 841 5004 | geotech.ca

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

FEBRUARY 22-28, 2016 / VOL. 102 ISSUE 2 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Goldcorp invests in Gold Standard Ventures NEVADA GOLD

| Railroad land package also entices OceanaGold

Northern Dynasty’s Pebble on ‘cusp of resolution’ ALASKA | Thiessen: Copper-gold project ‘not a dead duck’

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

T

A drill site at Gold Standard Ventures’ Pinion gold project in northern Nevada.

BY TRISH SAYWELL tsaywell@northernminer.com

G

oldcorp (TSX: G; NYSE: GG) has become the second gold miner in less than a year to take a strategic stake in Gold Standard Ventures (TSXV: GSV; NYSE-MKT: GSV) and its Railroad land package in Nevada.

The gold major is acquiring 16.1 million shares for $1 per share in exchange for a 9.9% stake in the junior, which has amassed the second-largest land package on the gold-rich Carlin Trend after Newmont Mining (NYSE: NEM).

The private placement follows an investment by OceanaGold (TSX: OGC) in May 2015, in which the miner acquired a 14.9% stake in Gold Standard Ventures in exchange for $16.2 million. The Australia-headquartered company can also acquire up to 19.9% of the junior.

Jonathan Awde, Gold Standard Ventures’ president and CEO,

here’s more battling ahead for Northern Dynasty Minerals (TSX: NDM; NYSE-MKT: NAK), as it prepares to dispute its case to the U.S. Federal court against the U.S. Environmental Protection Agency’s (EPA) decision to veto development of its world-class Pebble deposit, 321 km southwest of Anchorage, Alaska.

Ron Thiessen, president and CEO of Northern Dynasty, said during a session at Vancouver’s Resource Investment Conference in January that the company is “on the cusp of a resolution,” and expects that a final decision will be reached this year.

The behemoth porphyry coppergold deposit — which has measured and indicated resources of 57 billion lb. copper and 70 million oz. gold in 6.4 billion tonnes — is located at the headwaters of Bristol Bay,

GOLD STANDARD VENTURES

describes both investments as a validation of the exploration success the company has had at the Railroad-Pinion project, a nd par ticu larly notewor t hy given the challenging market environment.

“The market for the last four years for any precious metal story … has been really challenging, and for us to get that financing done [with OceanaGold] at that time and in the context of that market spoke volumes about the work the team has done, and the land package,” Awde says in an interview.

“To have Goldcorp come in … one of the biggest gold producers in the world … it puts Gold Standard in a good financial position, and now we have $40 million in the bank.”

Under the latest transaction, Goldcorp has anti-dilution rights to keep its equity ownership interest, as well as the right to participate in future equity financings to acquire up to a 19.9% ownership position in Gold Standard Ventures.

The company’s first big gold dis-

See NORTHERN DYNASTY / 2

Contact: moliveira@northernminer.com or 416-510-6768 PM40069240 – PAP Registration #09263

Mac Jackson, Gold Standard Ventures’ vice-president of exploration, holds a core sample from the Railroad gold project in Nevada. PHOTO BY ALISHA HIYATE

covery on the Railroad land package was the North Bullion sulphide gold deposit in 2011. Metallurgical tests at North Bullion indicate the mineralization is conducive to

roaster processing, with 79–90% gold recoveries. High-grade drill intercepts from North Bullion See GOLDCORP / 2

URANIUM: JUNIOR EXECS HAVE SUNNY OUTLOOK / 3

Feb 22 Pgs 1 2 3 4 5 7 8 9 14.indd 1

Feb 29 Pgs 7.indd 7

2016-02-16 8:27 PM

2016-02-23 7:16 PM

8

WWW.NORTHERNMINER.COM

FEBRUARY 29-MARCH 6, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: FEBRUARY 15–19, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abcourt Mines* O 232 0.05 0.04 0.05 + 0.00 0.05 0.02 0.02 - 0.01 0.08 0.02 ABE Res V 25 0.03 0.02 Aben Res* O 7 0.05 0.04 0.05 + 0.01 100.52 0.03 Aberdeen Intl* O 17 0.08 0.07 0.07 - 0.01 0.13 0.07 Abitibi Royalt V 97 4.00 3.30 3.99 + 0.59 5.10 1.53 0.35 + 0.01 1.61 0.05 ABT Holdings* O 16 0.35 0.27 0.02 - 0.01 0.05 0.01 Adamera Mnls V 266 0.02 0.00 0.11 + 0.01 0.19 0.08 Adriana Res V 397 0.11 0.10 African Gold V 4400 0.07 0.04 0.06 + 0.02 0.07 0.03 0.03 + 0.01 0.03 0.01 African Queen V 404 0.03 0.03 0.44 - 0.04 0.55 0.30 Africo Res T 101 0.48 0.44 Agnico Eagle* N 15152 35.90 33.33 34.63 - 1.01 36.53 21.00 47.62 - 1.78 51.04 27.63 Agnico Eagle T 6012 49.67 45.63 Agrium T 2131 117.69 112.82 112.95 - 1.42 146.51 110.89 Agrium* N 7437 85.94 80.96 82.00 - 0.53 116.81 79.94 302 0.06 0.05 0.05 - 0.01 0.11 0.03 Aguila Amer Gd V Aida Minerals 16 0.10 0.08 0.10 + 0.02 0.23 0.08 Aim Explor* O 37358 0.00 0.00 0.00 + 0.00 1.19 0.00 Alabama Graph* O 165 0.09 0.08 0.08 - 0.00 0.27 0.08 Alabama Graph V 1824 0.13 0.11 0.12 + 0.01 0.35 0.11 2.62 - 0.08 3.23 2.08 Alacer Gold T 6175 2.72 2.50 5.89 - 0.15 9.00 3.27 Alamos Gold T 6790 6.08 5.31 Alamos Gold* N 10093 4.38 3.86 4.27 - 0.09 7.54 2.27 Alaska Pac Egy* O 3 0.10 0.00 0.01 - 0.09 0.25 0.00 Alchemist Mng 85 0.04 0.03 0.04 + 0.01 0.08 0.01 N 137314 8.60 7.36 7.87 + 0.18 16.07 6.14 Alcoa* Aldershot Res V 151 0.02 0.01 0.02 + 0.01 0.05 0.01 Aldever Res V 138 0.14 0.00 0.13 - 0.02 0.42 0.09 0.13 + 0.03 0.26 0.09 Aldrin Res V 499 0.14 0.10 Alexander Nubi V 175 0.07 0.05 0.05 - 0.02 0.20 0.04 Alexandria Min V 7038 0.04 0.03 0.04 + 0.01 0.06 0.02 1.05 + 0.14 1.13 0.34 Alexco Res T 1049 1.14 0.80 Alexco Res* X 2820 0.83 0.55 0.76 + 0.09 0.83 0.22 Algold Res V 337 0.10 0.08 0.08 + 0.01 0.35 0.07 Alianza Min V 275 0.14 0.12 0.13 - 0.01 0.35 0.10 Alliance Res* D 2190 12.16 10.20 10.58 - 0.23 40.68 10.02 Alloycorp Mng V 522 0.02 0.01 0.01 + 0.01 0.06 0.01 Almaden Mnls* X 727 0.80 0.66 0.78 + 0.10 1.13 0.48 Almaden Mnls T 110 1.10 0.92 1.07 + 0.14 1.39 0.65 Almadex Min V 172 0.24 0.19 0.23 + 0.04 0.24 0.13 0.27 + 0.02 0.86 0.21 Almonty Ind V 221 0.28 0.23 Alpha Nat Res* O 5981 0.02 0.01 0.01 - 0.00 1.48 0.01 Alta Vista Vnt 542 0.16 0.10 0.11 - 0.05 0.25 0.01 Alta Vista Vnt* O 19 0.10 0.09 0.10 + 0.00 0.14 0.01 Altai Res V 22 0.05 0.00 0.05 - 0.01 0.12 0.05 Altair Gold V 9 0.18 0.17 0.17 - 0.01 0.60 0.06 0.15 + 0.07 0.21 0.02 Altitude Res V 88 0.15 0.09 Altius Mnrls T 316 10.21 7.55 10.07 + 2.39 15.47 7.39 0.02 - 0.01 0.09 0.02 Alto Vent V 11 0.03 0.02 Alumina Inc* O 127 3.62 3.09 3.42 + 0.29 5.83 2.70 Am Creek Res V 756 0.05 0.04 0.04 - 0.01 0.10 0.03 Am CuMo Mng* O 132 0.07 0.06 0.07 - 0.00 0.12 0.03 AM Gold V 18 0.12 0.00 0.10 - 0.02 0.30 0.07 V 164 0.03 0.02 0.02 - 0.01 0.05 0.01 Am Manganese Amalgamated Gd* O 41 0.00 0.00 0.00 - 0.00 0.03 0.00 Amarc Res* O 223 0.05 0.04 0.05 + 0.00 0.14 0.02 Amarc Res V 117 0.06 0.06 0.06 + 0.01 0.18 0.04 Amarillo Gold V 1324 0.20 0.15 0.18 - 0.01 0.20 0.04 0.30 - 0.03 2.80 0.29 Amazing OG* O 18 0.33 0.30 Americas Petro V 1277 0.19 0.17 0.19 + 0.01 0.33 0.15 Americas Silvr T 4623 0.18 0.11 0.18 + 0.05 0.16 0.09 Americas Silvr* O 608 0.13 0.07 0.13 + 0.02 0.23 0.04 Amerigo Res T 348 0.15 0.13 0.14 + 0.01 0.45 0.10 Amex Expl V 262 0.04 0.04 0.04 + 0.01 0.07 0.02 V 27 0.05 0.03 0.05 + 0.02 0.06 0.01 AMI Res Anaconda Mng* O 32 0.05 0.05 0.05 - 0.00 0.05 0.02 Anaconda Mng T 620 0.07 0.06 0.06 + 0.01 0.07 0.04 Anconia Res V 359 0.03 0.02 0.03 + 0.01 0.03 0.01 Andes Gold* O 441 0.01 0.01 0.01 - 0.00 1.00 0.01 Anfield Nickel V 210 0.82 0.73 0.82 + 0.05 0.96 0.52 0.07 + 0.01 0.26 0.05 Anfield Res V 342 0.07 0.05 Angel Gold V 407 0.09 0.06 0.08 + 0.01 0.10 0.01 Angel Gold* O 23 0.06 0.05 0.06 + 0.01 0.09 0.01 Angkor Gold V 80 0.47 0.44 0.44 - 0.02 0.64 0.38 Anglo American* O 100 6.80 0.00 6.11 + 1.15 18.89 3.13 O 3157 3.38 2.58 3.08 + 0.31 3.93 1.57 Anglo American* V 141 0.01 0.00 0.01 + 0.01 0.02 0.01 Anglo-Can Mng AngloGold Ash* O 1 11.32 10.89 10.99 - 0.33 11.36 6.45 AngloGold Ash* N 31030 11.75 9.86 10.88 - 0.82 12.04 5.64 Antipodes Gold V 101 0.01 0.01 0.01 + 0.01 0.04 0.01 Applied Mrnls* O 260 0.22 0.18 0.20 - 0.02 0.75 0.16 0.15 - 0.01 0.24 0.12 Aquila Res T 456 0.16 0.14 Arch Coal* O 676 0.53 0.42 0.50 + 0.03 14.30 0.11 Archon Mineral V 20 1.74 1.57 1.57 - 0.08 2.10 1.07 Arena Mnls V 457 0.25 0.20 0.22 - 0.03 0.29 0.11 Argentex Mng* O 80 0.05 0.00 0.03 - 0.00 0.05 0.01 Argentex Mng V 1306 0.06 0.05 0.06 + 0.01 0.08 0.02 Argex Titanium* O 77 0.03 0.02 0.03 + 0.01 0.49 0.01 Argonaut Gold T 6531 1.54 1.27 1.52 + 0.16 2.25 0.78 Argonaut Gold* O 379 1.12 0.91 1.10 + 0.10 1.77 0.53 Argus Metals V 230 0.05 0.04 0.04 - 0.01 0.09 0.02 Arian Silver* O 160 0.08 0.01 0.04 - 0.01 0.51 0.00 Arianne Phosph* O 117 0.59 0.55 0.58 + 0.01 0.80 0.52 Asanko Gold* X 1046 1.99 1.69 1.98 + 0.18 1.99 1.25 Asanko Gold T 3681 2.73 2.36 2.72 + 0.19 2.72 1.59 Asante Gold 144 0.12 0.05 0.05 - 0.07 0.15 0.05 1.20 + 0.10 2.00 0.80 Ascot Res V 140 1.20 1.10 Ashburton Vent V 5620 0.02 0.01 0.02 + 0.01 0.03 0.01 Aston Bay V 166 0.25 0.00 0.25 + 0.02 0.32 0.08 Astur Gold V 28 0.02 0.01 0.02 + 0.01 0.04 0.01 ATAC Res V 1019 0.60 0.47 0.55 + 0.03 0.62 0.26 Atacama Pac Gd V 948 0.40 0.32 0.40 + 0.04 0.40 0.14 Atalaya Mg plc T 15 1.76 1.62 1.62 - 0.14 3.45 1.20 Athabasca Mnls V 529 0.20 0.16 0.16 - 0.04 1.20 0.15 Athabasca Nclr V 60 0.02 0.00 0.02 + 0.01 0.05 0.02 Atico Mng V 45 0.34 0.31 0.32 - 0.01 0.65 0.16 Atlanta Gold V 46 0.07 0.00 0.07 + 0.01 0.11 0.05 Atlantic Gold V 342 0.34 0.31 0.34 + 0.01 0.38 0.17 Atlatsa Res* O 19 0.03 0.00 0.03 + 0.00 0.19 0.02 Atna Res Ltd* O 640 0.00 0.00 0.00 + 0.00 0.10 0.00 Aura Mnls T 1625 0.16 0.09 0.14 + 0.05 0.16 0.06 Aurania Res V 30 0.60 0.45 0.48 + 0.03 0.60 0.30 Aurcana Corp V 611 0.20 0.16 0.20 + 0.02 0.32 0.09 O 61 0.15 0.12 0.15 + 0.02 0.25 0.07 Aurcana Corp* AurCrest Gold V 438 0.02 0.02 0.02 - 0.01 0.04 0.01 Aureus Mng T 1021 0.08 0.06 0.07 - 0.01 0.83 0.05 AuRico Metals T 1146 0.66 0.60 0.64 + 0.02 0.90 0.47 Aurion Res V 145 0.15 0.10 0.14 + 0.04 0.15 0.03 0.02 + 0.00 0.02 0.01 Aurora Gold* O 13 0.02 0.01 Auryn Res* O 13 1.01 0.90 1.01 + 0.08 1.29 0.70 Auryn Res V 1061 1.42 1.21 1.39 + 0.14 1.65 0.94 Avala Res V 239 0.04 0.04 0.04 + 0.01 0.08 0.03 Avalon Rare Mt T 599 0.13 0.10 0.12 + 0.01 0.48 0.10 Avalon Rare Mt* O 575 0.09 0.07 0.08 + 0.01 0.40 0.07 0.05 + 0.03 0.04 0.02 Avarone Metals 611 0.06 0.02 Avino Silver V 144 1.59 1.28 1.47 - 0.04 2.00 1.03 Avino Silver* X 880 1.11 0.93 1.08 - 0.01 1.62 0.71 Avnel Gold T 448 0.25 0.23 0.24 - 0.01 0.31 0.18 Avrupa Mnls V 332 0.10 0.08 0.09 - 0.01 0.20 0.07 AZ Mining T 1035 0.45 0.33 0.44 + 0.11 0.52 0.22 Azimut Expl V 47 0.20 0.12 0.17 + 0.05 0.25 0.10 Azincourt Uran V 5 0.05 0.00 0.05 + 0.01 0.20 0.04

B B2Gold T 41543 B2Gold* X 14312 Bacanora Mnls V 83 Baja Mng V 428 Balmoral Res* O 629 Balmoral Res T 2563 Bama Gold* O 0 Bandera Gold V 73 Banro T 2461 Banro* X 10627 Banyan Gold V 234 Barkerville Go* O 315 Barkerville Go V 3137 Barrick Gold T 35441 Barrick Gold* N 121756 Barsele Min V 252 Batero Gold V 617 Battle Mtn Gld* O 46 Battle Mtn Gld V 242 Bayhorse Silvr V 255 Bayhorse Silvr* O 79 Bayswater Uran* O 6 BCM Res V 75 Bear Creek Mng V 1110

Feb 29 Pgs 8 9.indd 8

1.56 1.30 1.50 + 0.08 2.21 0.86 1.13 0.95 1.11 + 0.07 1.79 0.60 1.50 1.31 1.34 - 0.16 2.05 1.12 0.02 0.02 0.02 - 0.01 0.05 0.01 0.50 0.31 0.49 + 0.12 0.98 0.23 0.69 0.42 0.67 + 0.16 1.25 0.33 0.07 0.00 0.07 + 0.02 0.07 0.03 0.01 0.00 0.01 + 0.01 0.04 0.01 0.34 0.26 0.32 + 0.03 0.47 0.18 0.24 0.18 0.23 + 0.02 0.40 0.15 0.07 0.03 0.05 + 0.02 0.10 0.02 0.35 0.22 0.31 + 0.06 0.32 0.15 0.49 0.33 0.41 + 0.06 0.44 0.20 17.88 15.88 17.26 + 0.31 17.69 7.89 12.94 11.49 12.56 + 0.31 13.70 5.91 0.18 0.12 0.18 + 0.02 0.20 0.08 0.07 0.06 0.07 + 0.01 0.11 0.05 0.13 0.11 0.12 + 0.01 0.16 0.06 0.17 0.14 0.16 + 0.02 0.22 0.09 0.08 0.07 0.07 - 0.01 0.12 0.05 0.06 0.04 0.06 + 0.02 0.10 0.03 0.01 0.00 0.01 + 0.01 0.04 0.00 0.20 0.18 0.20 + 0.01 0.23 0.02 0.96 0.72 0.92 + 0.14 1.53 0.50

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Beaufield Res V 1419 Beeston Ent* O 120 V 77 Bellhaven Cp&G Belo Sun Mng T 1734 Benton Cap* O 6 V 499 Berkwood Res BHK Mining V 115 Bitterroot Res V 26 Black Hills* N 4369 Black Iron T 376 Black Isle Res V 240 Blackheath Res V 162 16 Blind Crk Res V Blue Rvr Res V 882 8 Blue Sky Uran V Bluestone Res V 24 BonTerra Res* O 124 BonTerra Res V 1434 Borneo Res Inv* O 2430 Bowmore Expl V 139 Bravada Gold* O 137 Bravada Gold V 195 Braveheart Res V 121 Bravura Vent 43 Brazil Res V 1027 Britannia Mng* O 149 Brixton Mtls V 189 Brixton Mtls* O 63 Brunswick Res V 656 Bryn Res* O 27 Buenaventura* N 10460 Bullfrog Gold* O 1032 Bullman Mnls V 401 Burnstone Vent V 67

0.06 0.04 0.06 + 0.01 0.06 0.03 0.00 0.00 0.00 - 0.00 0.05 0.00 0.07 0.00 0.07 + 0.01 0.45 0.03 0.41 0.32 0.41 + 0.05 0.37 0.15 0.01 0.01 0.01 + 0.00 0.02 0.01 0.01 0.01 0.01 - 0.01 0.05 0.01 0.09 0.06 0.07 - 0.02 0.15 0.03 0.04 0.03 0.03 - 0.01 0.10 0.03 56.89 48.19 56.51 + 2.08 56.89 36.81 0.05 0.04 0.04 - 0.01 0.05 0.02 0.05 0.04 0.05 + 0.01 0.09 0.02 0.14 0.09 0.11 - 0.02 0.30 0.08 0.05 0.04 0.04 - 0.01 0.06 0.04 0.05 0.04 0.04 - 0.01 0.05 0.03 0.07 0.00 0.07 + 0.02 0.26 0.04 0.09 0.00 0.09 + 0.03 0.12 0.05 0.17 0.16 0.16 - 0.00 0.34 0.08 0.27 0.21 0.26 + 0.04 0.43 0.09 0.00 0.00 0.00 - 0.00 0.16 0.00 0.07 0.05 0.06 - 0.01 0.11 0.03 0.05 0.04 0.04 - 0.00 0.05 0.01 0.07 0.05 0.06 - 0.01 0.07 0.02 0.05 0.03 0.05 + 0.01 0.08 0.02 0.04 0.02 0.02 - 0.02 0.08 0.02 0.55 0.50 0.51 - 0.01 0.78 0.38 0.01 0.00 0.01 - 0.00 0.01 0.00 0.13 0.10 0.13 + 0.01 0.18 0.05 0.09 0.09 0.09 - 0.00 0.14 0.03 0.02 0.02 0.02 - 0.01 0.03 0.01 0.00 0.00 0.00 - 0.00 0.03 0.00 5.56 4.66 5.18 - 0.31 12.51 3.30 0.03 0.02 0.02 - 0.00 0.03 0.01 0.03 0.03 0.03 + 0.01 0.14 0.03 0.01 0.00 0.01 - 0.01 0.04 0.01

Cache Expl V 95 Cadan Res V 180 Caledonia Mng* Q 43 T 38 Caledonia Mng Calibre Mng V 1001 Calico Res* O 158 California Gld* O 311 Callinex Mines* O 36 Callinex Mines V 136 Cameco Corp* N 7122 Cameco Corp T 5579 Camino Mnls V 25 Canadian Zeol V 57 CanAlaska Uran V 153 CanAlaska Uran* O 104 Canarc Res* Q 789 Canasil Res V 1909 Cancana Res V 236 Candente Coppr T 1205 CaNickel Mng V 9 Canoe Mng Vent V 21 Canstar Res V 876 Canterra Mnls V 115 Canuc Res V 40 Canyon Gold* O 10 Capstone Mng T 8421 Cardero Res* O 16 Cardero Res T 80 Cariboo Rose V 135 Caribou King V 123 Carlin Gold V 784 Carpathian Gld 3962 Carpathian Gld* O 460 Cartier Iron 280 Cartier Res V 53 Carube Copper V 75 Casablanca Mng* O 95 Castle Mtn Mng V 1420 Castle Peak Mg V 1141 V 190 Catalyst Coppr Caza Gold* O 18 Cda Carbon V 875 Cda Rare Earth V 119 28 Cda Rare Earth* O Cdn Intl Mnrls V 790 Cdn Metals 143 Cdn Zinc T 753 Cdn Zinc* Q 307 Centamin T 322 O 143 Centaurus Diam* Centerra Gold T 5727 Centurion Mnls V 55 Century Global T 81 Champion Iron T 446 Chesapeake Gld* O 32 Chesapeake Gld V 81 Chevron* N 52427 24 China Mnls Mng* O Claude Res T 6835 Claude Res* O 1226 Clifton Mng* O 72 Clifton Star* O 1541 Clifton Star V 7873 Cloud Peak En* N 5300 CMC Metals V 350 CMX Gold & Sil 17 Coeur Mng* N 24130 Colibri Res* O 42 Colibri Res V 29 Colombian Mins V 272 Colonial Coal V 269 Colorado Res* O 3 Colorado Res V 453 Colt Res V 2035 Columbus Gold* O 201 Columbus Gold T 358 Comet Inds V 5 Commander Res V 605 Commerce Res* O 241 Commerce Res V 173 Comstock Mng* X 1297 V 135 Comstock Mtls Condor Res V 231 Confedertn Mls V 458 Confedertn Mls* O 67 CONSOL Energy* N 38861 Constant Mtl V 520 Contintl Gold T 1704 Contintl Gold* O 39 Contintl Prec* O 4 Copper Fox Mtl* O 30 Copper Lake Rs V 83 Copper Mtn Mng T 1708 Copper Mtn Mng* O 32 Copper North M V 1233 Copperbank Res* O 4 Copperbank Res 413 Coral Gold V 220 Cordoba Mnls V 722 Cornerstone Ca* O 178 Coro Mining T 1788 Coronet Mtls V 21 Corvus Gold T 318 Corvus Gold* O 87 Critical Elem V 798 Critical Elem* O 43 Crown Mining V 3 Crystal Explor V 699 Crystal Pk Min V 391 Crystal Pk Min* O 27 Cypress Dev* O 73 Cypress Dev V 207 Cyprium Mng V 344

0.10 0.08 0.10 + 0.02 0.16 0.05 0.05 0.04 0.04 - 0.01 0.09 0.03 0.69 0.63 0.67 + 0.01 0.83 0.48 0.94 0.88 0.92 + 0.04 1.06 0.66 0.10 0.08 0.10 + 0.01 0.17 0.06 0.07 0.06 0.06 - 0.01 0.14 0.05 0.04 0.03 0.03 - 0.00 0.10 0.02 0.23 0.21 0.23 - 0.00 0.32 0.17 0.32 0.28 0.31 - 0.01 0.40 0.17 12.30 10.93 12.03 + 0.60 17.77 10.31 16.85 15.23 16.56 + 0.71 21.44 14.56 0.10 0.08 0.08 - 0.02 0.25 0.07 0.12 0.10 0.10 - 0.01 0.12 0.05 0.17 0.14 0.17 + 0.02 0.28 0.09 0.12 0.09 0.12 + 0.02 0.23 0.06 0.08 0.06 0.07 - 0.01 0.08 0.02 0.20 0.18 0.18 + 0.01 0.20 0.03 0.17 0.14 0.17 + 0.01 0.32 0.13 0.08 0.04 0.08 + 0.04 0.13 0.03 0.04 0.00 0.04 + 0.01 0.18 0.03 0.03 0.02 0.03 + 0.01 0.10 0.02 0.05 0.04 0.05 + 0.01 0.10 0.03 0.03 0.00 0.03 + 0.01 0.09 0.03 0.07 0.00 0.07 + 0.02 0.35 0.05 0.27 0.22 0.26 + 0.01 0.54 0.02 0.40 0.33 0.34 - 0.01 1.71 0.27 0.08 0.05 0.06 + 0.00 0.15 0.05 0.10 0.00 0.08 + 0.01 0.40 0.08 0.06 0.03 0.04 + 0.01 0.07 0.03 0.08 0.06 0.07 + 0.01 0.22 0.06 0.01 0.01 0.01 + 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.02 0.01 0.01 - 0.01 0.03 0.00 0.03 0.00 0.03 + 0.01 0.13 0.01 0.08 0.07 0.08 + 0.01 0.13 0.04 0.07 0.00 0.07 + 0.01 0.21 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.32 0.25 0.28 - 0.02 0.58 0.18 0.02 0.01 0.02 + 0.01 0.02 0.01 0.17 0.11 0.16 + 0.01 0.29 0.10 0.02 0.01 0.01 - 0.00 0.04 0.01 0.36 0.29 0.35 + 0.04 0.36 0.20 0.03 0.02 0.03 + 0.01 0.04 0.02 0.02 0.00 0.02 - 0.00 0.03 0.01 0.04 0.03 0.04 + 0.01 0.06 0.01 0.10 0.06 0.06 - 0.04 0.23 0.06 0.12 0.10 0.12 + 0.02 0.24 0.06 0.09 0.07 0.08 + 0.01 0.19 0.04 1.69 1.55 1.67 + 0.05 1.62 0.96 0.24 0.19 0.24 + 0.02 0.25 0.01 7.50 6.22 7.17 + 0.23 8.67 5.05 0.15 0.12 0.12 + 0.01 0.35 0.04 0.34 0.28 0.28 - 0.02 0.40 0.15 0.16 0.14 0.15 - 0.01 0.23 0.07 1.86 1.63 1.86 + 0.21 1.96 1.05 2.55 2.25 2.38 - 0.01 2.59 1.39 89.25 83.20 86.50 + 1.07 112.20 69.58 0.01 0.00 0.00 - 0.00 0.01 0.00 1.27 1.11 1.19 + 0.03 1.27 0.37 0.92 0.80 0.87 + 0.04 0.92 0.29 0.14 0.13 0.13 - 0.01 0.22 0.05 0.28 0.24 0.26 - 0.01 0.28 0.06 0.38 0.34 0.36 - 0.01 0.38 0.09 1.69 1.41 1.56 + 0.11 8.69 1.08 0.14 0.09 0.13 + 0.04 0.53 0.05 0.10 0.10 0.10 + 0.01 0.11 0.09 3.87 2.74 3.56 + 0.23 6.65 1.62 0.06 0.04 0.04 - 0.03 0.06 0.02 0.09 0.04 0.08 - 0.01 0.15 0.02 0.05 0.04 0.05 + 0.01 0.13 0.02 0.06 0.05 0.05 - 0.01 0.15 0.02 0.06 0.05 0.06 + 0.00 0.11 0.02 0.08 0.07 0.08 + 0.01 0.16 0.05 0.12 0.10 0.10 - 0.02 0.30 0.10 0.30 0.27 0.29 + 0.00 0.38 0.23 0.42 0.37 0.42 + 0.02 0.48 0.31 1.75 1.40 1.75 + 0.35 1.75 1.00 0.05 0.03 0.04 + 0.01 0.04 0.01 0.06 0.06 0.06 + 0.00 0.15 0.04 0.08 0.07 0.08 + 0.01 0.18 0.06 0.57 0.46 0.52 + 0.04 0.84 0.35 0.03 0.02 0.02 - 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.07 0.02 0.03 0.03 0.03 - 0.01 0.07 0.02 0.03 0.01 0.02 + 0.01 0.05 0.01 9.24 7.14 7.87 + 0.08 34.56 4.54 0.06 0.05 0.06 + 0.01 0.17 0.05 1.58 1.45 1.50 - 0.03 3.28 1.28 1.12 1.05 1.07 - 0.05 2.65 0.88 0.22 0.21 0.22 + 0.00 0.47 0.18 0.10 0.08 0.10 + 0.01 0.30 0.08 0.04 0.03 0.03 - 0.01 0.09 0.03 0.56 0.40 0.49 + 0.05 1.73 0.33 0.39 0.29 0.35 + 0.05 1.42 0.23 0.02 0.02 0.02 - 0.01 0.09 0.02 0.03 0.03 0.03 + 0.00 0.06 0.02 0.04 0.03 0.04 + 0.01 0.08 0.03 0.08 0.06 0.08 + 0.01 0.18 0.05 0.20 0.16 0.19 + 0.03 0.25 0.09 0.02 0.00 0.01 - 0.01 0.06 0.01 0.04 0.00 0.03 + 0.01 0.04 0.02 0.08 0.07 0.07 - 0.01 0.18 0.04 0.79 0.54 0.68 - 0.01 0.99 0.33 0.55 0.42 0.47 - 0.03 0.80 0.25 0.17 0.15 0.16 + 0.01 0.30 0.14 0.12 0.12 0.12 + 0.00 0.23 0.10 0.06 0.00 0.06 - 0.01 0.08 0.03 0.10 0.09 0.09 - 0.01 0.14 0.05 0.20 0.19 0.19 - 0.01 0.37 0.12 0.14 0.14 0.14 - 0.00 0.33 0.11 0.05 0.03 0.05 + 0.00 0.08 0.01 0.06 0.05 0.06 + 0.01 0.14 0.02 0.08 0.06 0.07 + 0.01 0.20 0.06

Dajin Res V 437 Dajin Res* O 520 Dakota Ter Res* O 266 Dalradian Res* O 307 Dalradian Res T 2400 Danakali* O 49 Darnley Bay V 105 Defiance Silvr V 659

0.14 0.13 0.14 + 0.01 0.16 0.04 0.10 0.09 0.10 + 0.00 0.13 0.03 0.07 0.06 0.06 - 0.00 0.21 0.05 0.68 0.57 0.65 + 0.03 0.93 0.45 0.94 0.80 0.88 + 0.01 1.16 0.62 0.22 0.18 0.21 + 0.03 0.40 0.18 0.02 0.00 0.02 + 0.01 0.06 0.01 0.10 0.07 0.09 + 0.01 0.19 0.06

C

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Defiance Silvr* O 342 Del Toro Silvr* O 870 Delrand Res V 15 T 3732 Denison Mines Denison Mines* X 2555 Desert Star V 279 Detour Gold T 8326 Diamante Min* O 33 Diamcor Mng V 48 O 985 Diamond Disc* Diamond Fields V 42 Dios Expl V 220 O 460 Discovery Gold* Discovery Vent V 1197 V 121 Discovery-Corp DNI Metals 29 DNI Metals* O 23 Dolly Vard Sil* O 69 65 Dolly Vard Sil V Dominion Diam* N 2082 Dominion Diam T 1059 Doubleview Cap V 572 DRDGOLD* N 1977 Duncan Park H V 1150 Dundee Prec Mt T 1471 Dunnedin Vent V 435 Durango Res* O 26 Durango Res V 105 DuSolo Fertil V 121 DV Res V 4 Dynacor Gld Mn T 322 O 64 Dynasty Met&Mn* Dynasty Met&Mn T 2255 Eagle Graphite V 4153 Eagle Plains V 429 East Africa V 316 East Asia Mnls V 3748 Eastern Platin T 236 Eastern Platin* O 2 Eastern Res* O 10 Eastfield Res V 65 Eastmain Res T 1225 80 Eco Oro Mnls T Ecuador Gd & C V 1640 Edgewater Expl* O 82 El Capitan Prc* O 1578 Elcora Res V 1115 Eldorado Gold T 17210 N 27314 Eldorado Gold* Electra Stone V 363 Eloro Mnrls V 83 Ely Gold & Mnl V 353 Ely Gold & Mnl* O 204 Elysee Dev V 119 Emgold Mng V 376 Encanto Potash* O 112 Endeavour Mng* O 95 Endeavour Mng T 1432 Endeavr Silver* N 5046 Endeavr Silver T 875 Energizer Res* O 147 Energy Fuels* X 740 Energy Fuels T 199 Ensurge* O 137 Entourage Mtls V 515 Entree Gold T 254 Entree Gold* X 633 Equitas Res* O 13 Era Res Inc T 5 Erdene Res Dev* O 27 Erdene Res Dev T 386 Erin Ventures V 1027 Eskay Mng V 140 Ethos Gold* O 25 Eurasian Mnls V 66 Eurasian Mnls* X 124 Eureka Res V 122 EurOmax Res V 42 European Metal* O 4994 347 Europn Uran Rs V Everton Res V 381 Everton Res* O 321 Evolving Gold* O 12 Evrim Res V 99 Excellon Res T 1116 Excellon Res* O 75 Excelsior Mng* O 267 Excelsior Mng V 561 Exeter Res T 232 Exeter Res* X 858 Explor Res* O 253 Explor Res V 2142 Fairmont Res V 992 Falco Res V 879 Fieldex Expl V 1083 Finlay Minrls V 28 O 73 Firma Holdings* First Bauxite V 64 First Liberty* O 7478 First Majestic T 4833 First Majestic* N 11852 First Mexican V 1580 V 9337 First Mg Fin First Point T 89 First Quantum T 54147 Fission 3.0 V 482 Fission Uran T 4359 Fission Uran* O 697 Flinders Res* O 82 Focus Graphite* O 322 Focus Graphite V 709 Focus Vent V 344 Foran Mng V 683 Forsys Metals T 77 Fortescue Mtls* O 22 Fortuna Silvr T 2983 Fortune Bay T 106 Fortune Mnrls T 3058 Forum Uranium* O 4 Fox River Res 141 Franco-Nevada* N 9557 Franco-Nevada T 6923 Freegold Vent T 513 Freeport McMo* N 324168 Fresnillo plc* O 4 Frontier Rr Er* O 40 Frontline Gold V 1228 Full Metal Mnl V 27 Fura Emeralds V 154

0.07 0.06 0.06 - 0.01 0.15 0.04 0.01 0.00 0.00 - 0.00 0.04 0.00 0.16 0.13 0.13 - 0.02 0.36 0.05 0.67 0.59 0.64 + 0.03 1.20 0.48 0.49 0.42 0.46 + 0.03 0.99 0.35 0.05 0.04 0.04 - 0.01 0.22 0.04 22.50 19.56 21.53 + 0.22 22.50 9.08 0.40 0.00 0.40 + 0.01 2.29 0.25 0.92 0.85 0.92 + 0.04 1.45 0.65 0.00 0.00 0.00 - 0.00 0.00 0.00 0.02 0.01 0.02 + 0.01 0.05 0.01 0.09 0.06 0.07 - 0.01 0.10 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00 0.16 0.14 0.15 - 0.01 0.25 0.09 0.08 0.04 0.04 - 0.04 0.14 0.03 0.08 0.00 0.07 + 0.01 0.10 0.05 0.06 0.04 0.06 + 0.02 0.20 0.03 0.13 0.09 0.13 + 0.03 0.25 0.08 0.18 0.14 0.18 + 0.04 0.60 0.11 11.82 10.75 11.50 + 0.22 20.30 7.27 16.25 15.00 15.81 + 0.19 24.60 9.96 0.10 0.09 0.09 - 0.01 0.19 0.07 3.62 3.08 3.50 + 0.09 4.03 1.10 0.01 0.01 0.01 + 0.01 0.03 0.01 1.05 0.88 1.01 + 0.06 3.26 0.84 0.06 0.00 0.06 + 0.01 0.19 0.04 0.02 0.02 0.02 + 0.00 0.05 0.02 0.04 0.03 0.04 + 0.01 0.08 0.03 0.05 0.04 0.05 + 0.01 0.25 0.04 0.04 0.00 0.04 - 0.01 0.06 0.03 2.12 1.94 2.10 + 0.07 2.59 1.30 0.29 0.18 0.29 + 0.11 0.63 0.12 0.40 0.24 0.39 + 0.14 0.80 0.18 0.02 0.02 0.02 + 0.01 0.08 0.02 0.07 0.06 0.06 - 0.01 0.08 0.05 0.06 0.00 0.06 + 0.01 0.09 0.03 0.01 0.01 0.01 + 0.01 0.03 0.01 0.77 0.70 0.77 + 0.03 2.26 0.61 0.55 0.52 0.52 - 0.03 1.84 0.47 0.10 0.02 0.10 + 0.08 0.10 0.01 0.02 0.02 0.02 - 0.01 0.05 0.02 0.41 0.37 0.37 - 0.03 0.62 0.28 0.37 0.32 0.32 - 0.02 0.90 0.30 0.02 0.02 0.02 + 0.01 0.06 0.01 0.01 0.01 0.01 + 0.00 0.01 0.00 0.05 0.03 0.04 - 0.00 0.16 0.03 0.67 0.35 0.66 + 0.27 0.58 0.08 4.38 3.71 4.02 - 0.33 7.25 2.67 3.17 2.71 2.92 - 0.21 5.80 1.87 0.08 0.06 0.08 + 0.02 0.14 0.04 0.19 0.17 0.19 + 0.02 0.20 0.09 0.07 0.06 0.06 - 0.01 0.08 0.03 0.06 0.04 0.05 + 0.01 0.06 0.02 0.20 0.19 0.19 - 0.01 0.22 0.17 0.01 0.00 0.01 - 0.01 0.02 0.01 0.05 0.04 0.04 - 0.01 0.13 0.03 9.00 7.25 8.71 + 1.22 9.00 4.40 12.44 9.95 12.08 + 1.59 12.44 4.35 1.83 1.58 1.77 + 0.06 2.49 1.00 2.53 2.20 2.46 + 0.10 3.11 1.46 0.07 0.06 0.06 - 0.01 0.11 0.03 2.59 2.03 2.30 + 0.07 5.60 1.81 3.57 2.84 3.18 + 0.09 6.73 2.47 0.02 0.01 0.01 - 0.01 0.09 0.01 0.08 0.06 0.07 + 0.01 0.22 0.03 0.43 0.30 0.41 + 0.03 0.66 0.18 0.32 0.22 0.30 + 0.03 0.51 0.08 0.04 0.03 0.04 + 0.01 0.17 0.03 0.24 0.00 0.24 + 0.04 1.00 0.09 0.13 0.11 0.13 + 0.02 0.13 0.08 0.18 0.14 0.18 + 0.04 0.18 0.10 0.06 0.05 0.06 + 0.01 0.11 0.04 0.12 0.10 0.10 - 0.01 0.20 0.01 0.10 0.10 0.10 - 0.01 0.15 0.09 0.63 0.56 0.60 - 0.03 0.94 0.48 0.45 0.40 0.44 - 0.00 0.78 0.35 0.09 0.07 0.07 - 0.02 0.16 0.02 0.40 0.35 0.35 - 0.05 0.57 0.21 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.00 0.01 + 0.01 0.02 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.02 0.01 0.02 + 0.00 0.04 0.00 0.05 0.03 0.03 - 0.02 0.08 0.01 0.23 0.19 0.22 - 0.01 0.23 0.10 0.45 0.35 0.42 + 0.05 0.92 0.20 0.31 0.26 0.29 + 0.03 0.74 0.14 0.21 0.16 0.20 + 0.03 0.31 0.12 0.29 0.23 0.28 + 0.05 0.39 0.19 0.73 0.66 0.68 - 0.04 0.82 0.39 0.54 0.48 0.50 - 0.03 0.65 0.29 0.15 0.12 0.15 + 0.01 0.17 0.03 0.21 0.17 0.21 + 0.02 0.23 0.04 0.06 0.03 0.06 + 0.04 0.19 0.02 0.43 0.38 0.42 + 0.02 0.69 0.21 0.02 0.02 0.02 - 0.01 0.04 0.01 0.04 0.03 0.04 + 0.01 0.05 0.02 0.05 0.03 0.04 - 0.01 0.25 0.02 0.05 0.04 0.04 + 0.01 0.09 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 6.46 5.41 6.06 + 0.07 7.83 3.50 4.67 3.87 4.39 + 0.06 6.30 2.40 0.04 0.03 0.04 + 0.02 0.07 0.02 0.41 0.37 0.39 - 0.01 0.60 0.25 0.06 0.05 0.06 + 0.01 0.10 0.04 4.96 3.14 4.58 + 1.29 19.83 2.15 0.10 0.08 0.09 + 0.01 0.14 0.06 0.69 0.61 0.65 + 0.02 1.38 0.53 0.50 0.43 0.47 + 0.02 1.12 0.39 0.12 0.10 0.11 - 0.01 0.50 0.09 0.06 0.04 0.05 - 0.00 0.36 0.04 0.08 0.07 0.08 + 0.01 0.44 0.07 0.08 0.07 0.08 + 0.01 0.27 0.05 0.08 0.07 0.08 + 0.01 0.48 0.05 0.09 0.09 0.09 + 0.01 0.36 0.08 1.50 1.18 1.42 + 0.20 2.05 1.00 5.02 4.38 4.84 - 0.02 5.72 2.65 0.30 0.26 0.27 - 0.02 0.43 0.25 0.04 0.02 0.03 + 0.01 0.16 0.02 0.05 0.05 0.05 + 0.00 0.09 0.03 0.05 0.03 0.04 - 0.01 0.05 0.03 58.23 52.06 57.42 + 3.02 57.36 38.20 80.20 71.46 78.75 + 3.33 78.84 49.96 0.16 0.12 0.13 - 0.02 0.24 0.05 7.60 5.08 6.92 + 1.39 23.97 3.52 13.95 0.00 13.95 + 0.95 13.20 8.70 0.01 0.00 0.01 + 0.00 0.29 0.00 0.01 0.01 0.01 - 0.01 0.01 0.01 0.03 0.00 0.02 - 0.01 0.07 0.02 0.20 0.16 0.20 + 0.03 0.25 0.08

G&S Minerals* O 55 Gabriel Res T 1154 Gainey Capital V 89 Galane Gold V 645 Galantas Gold V 28 Galway Gold V 1038 Galway Mtls V 479 Garibaldi Res V 1215 GB Minerals V 39 Gear Intl* O 13409 General Moly* X 477 Gensource Pot V 55 Geodex Mnrls V 20 Geologix Ex* O 161 Geologix Ex T 851 Geomega Res* O 17 Geomega Res V 860 Gespeg Cop Res V 70 Getty Copper V 49 GFK Res V 105 GGL Res V 207 Gldn Predator V 127 Gldn Predator* O 24 Glencore Plc* O 2297 Global Cobalt V 983 Global Cop Grp V 134 Global Gold* O 791 GMV Minerals V 105 GoGold Res T 269 Gold Bulln Dev* O 298

0.00 0.00 0.00 + 0.00 0.00 0.00 0.26 0.21 0.26 + 0.02 0.84 0.12 0.12 0.10 0.11 + 0.01 0.29 0.10 0.09 0.06 0.06 - 0.03 0.17 0.03 0.11 0.09 0.10 - 0.02 0.18 0.07 0.07 0.06 0.06 - 0.01 0.12 0.06 0.11 0.00 0.10 - 0.01 0.16 0.09 0.12 0.09 0.11 + 0.01 0.20 0.05 0.07 0.06 0.07 + 0.01 0.12 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 0.22 0.19 0.19 - 0.01 1.00 0.15 0.06 0.06 0.06 - 0.01 0.07 0.04 0.07 0.00 0.07 + 0.01 0.55 0.05 0.02 0.02 0.02 + 0.00 0.03 0.01 0.04 0.03 0.04 + 0.01 0.05 0.02 0.06 0.05 0.05 - 0.01 0.15 0.03 0.11 0.08 0.10 + 0.03 0.29 0.06 0.03 0.03 0.03 + 0.01 0.05 0.02 0.03 0.02 0.02 - 0.01 0.05 0.02 0.08 0.05 0.08 + 0.02 0.12 0.03 0.02 0.01 0.01 - 0.01 0.05 0.01 0.16 0.14 0.15 + 0.01 0.15 0.07 0.11 0.08 0.11 + 0.03 0.11 0.06 3.39 2.69 3.34 + 0.52 9.68 1.95 0.03 0.02 0.02 - 0.01 0.08 0.02 0.06 0.05 0.06 + 0.01 0.08 0.04 0.01 0.01 0.01 + 0.00 0.05 0.00 0.11 0.09 0.10 - 0.01 0.26 0.05 1.08 0.99 1.00 - 0.07 1.67 0.94 0.04 0.04 0.04 - 0.00 0.04 0.01

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 84 Gold Dynamics* 40847 Gold Fields* N Gold Lakes* O 53 513 Gold Mng USA* O 297 Gold Reach Res V Gold Reserve* O 1079 Gold Reserve V 361 X 3245 Gold Resource* Gold Std Vents* X 1957 Gold Std Vents V 1461 V 45 Goldbank Mng Goldbelt Emp V 130 T 26900 Goldcorp Goldcorp* N 69433 Golden Arrow V 417 V 3 Golden Cariboo Golden Dawn Ml V 1752 V 184 Golden Goliath Golden Hope V 33 Golden Mnls T 200 Golden Mnls* X 3425 190 Golden Peak Mn V O 567 Golden Queen* Golden Queen T 228 Golden Secret V 64 65 Golden Sh Mng V Golden Star T 543 Golden Star* X 8757 Golden Valley V 985 Goldex Res V 44 T 585 Goldgroup Mng O 126 Goldgroup Mng* V 2025 GoldQuest Mng V 593 Goldrock Mines O 196 Goldsource Min* V 905 Goldsource Min V 773 Goldstrike Res Gossan Res V 398 Gowest Gold* O 90 GPM Metals V 156 T 2130 Gran Colombia O 1357 Graphite Corp* Graphite One V 2137 Graphite One* O 146 358 Great Bear Res V Great Lakes Gr V 3628 341 Great Lakes Gr* O X 4202 Great Panther* Great Panther T 927 288 Great Quest Fe V 103 Great Rock Dev* O O 38 Great Western* 249 Green Swan Cap V V 72 Greencastle Rs O 249 Greenland M&En* Grenville Gold V 5 Grizzly Gold* O 29 388 GTA Res & Mng V Gunpoint Expl V 7 T 2405 Guyana Gldflds O 1 Handa Copper* Handa Copper V 43 495 Happy Ck Mnrls V 24726 N Harmony Gold* Harte Gold T 1316 V 64 Heatherdale Rs 43196 Hecla Mining* N Helio Res V 536 Hellix Vent* O 392 Heron Res T 1019 Highbank Res V 1013 V 124 Highland Copp Hinterland Mtl V 939 O 19 Hochschild Mg* O 20 Homestake Res* V 224 Homestake Res 402 Honey Badger E V 13 Hornby Bay Mnl V Houston Lake V 29 996 HudBay Mnls* N HudBay Mnls T 9481 Hudson Res V 193 Hudson Res* O 110

0.00 0.00 + 0.00 0.00 0.00 0.00 2.04 3.97 - 0.59 4.71 4.56 3.44 0.03 0.80 + 0.03 1.25 0.80 0.77 0.17 0.10 0.11 - 0.04 0.51 0.05 0.16 0.11 0.16 + 0.01 0.50 0.08 2.19 3.98 + 0.87 4.24 4.15 2.94 3.06 5.58 + 1.43 5.39 5.62 4.10 1.14 1.74 + 0.05 3.65 1.80 1.55 0.89 0.73 0.85 + 0.09 0.85 0.26 1.21 1.01 1.16 + 0.10 1.19 0.40 0.03 0.08 + 0.03 0.09 0.08 0.05 0.02 0.03 + 0.01 0.10 0.03 0.02 13.55 21.25 - 0.46 29.07 22.18 19.95 15.45 - 0.19 23.19 9.46 16.04 14.46 0.17 0.22 - 0.01 0.50 0.22 0.19 0.03 0.03 + 0.01 0.06 0.03 0.00 0.14 0.12 0.14 + 0.01 0.30 0.07 0.01 0.02 + 0.01 0.03 0.02 0.02 0.11 0.24 - 0.01 0.64 0.27 0.23 0.19 0.85 + 0.33 0.76 0.93 0.40 0.13 0.60 + 0.22 0.56 0.68 0.27 0.09 0.07 0.07 - 0.01 0.09 0.04 0.48 0.92 - 0.01 1.34 0.99 0.86 0.65 1.25 - 0.05 1.65 1.38 1.17 0.02 0.08 + 0.02 0.08 0.08 0.05 0.10 0.00 0.10 + 0.02 0.09 0.03 0.21 0.41 - 0.01 0.51 0.45 0.37 0.14 0.30 - 0.00 0.42 0.33 0.26 0.07 0.14 + 0.03 0.21 0.14 0.12 0.15 0.16 - 0.05 0.60 0.24 0.16 0.05 0.07 - 0.01 0.15 0.08 0.07 0.03 0.06 - 0.00 0.12 0.06 0.04 0.07 0.19 + 0.02 0.20 0.20 0.16 0.15 0.26 - 0.06 0.40 0.33 0.24 0.11 0.23 - 0.02 0.28 0.28 0.22 0.13 0.31 - 0.03 0.40 0.40 0.30 0.07 0.15 + 0.03 0.21 0.15 0.10 0.02 0.03 + 0.01 0.05 0.03 0.02 0.04 0.06 + 0.01 0.07 0.06 0.00 0.08 0.13 + 0.01 0.33 0.13 0.12 0.06 0.11 + 0.02 0.51 0.11 0.08 0.00 0.01 - 0.00 0.02 0.01 0.01 0.07 0.08 - 0.01 0.13 0.08 0.08 0.05 0.05 + 0.00 0.11 0.05 0.05 0.02 0.02 0.02 + 0.01 0.09 0.01 0.13 0.10 0.11 + 0.01 0.15 0.04 0.09 0.07 0.08 + 0.00 0.12 0.03 0.30 0.74 + 0.09 0.69 0.75 0.59 0.40 0.99 + 0.09 0.96 1.03 0.81 0.38 0.21 0.33 + 0.02 0.63 0.11 0.01 0.01 0.01 + 0.00 0.02 0.00 0.00 0.00 - 0.00 0.05 0.00 0.00 0.01 0.01 0.01 - 0.01 0.05 0.01 0.05 0.06 + 0.01 0.09 0.06 0.05 0.01 0.03 + 0.01 0.17 0.04 0.01 0.04 0.08 - 0.04 0.15 0.12 0.08 0.01 0.01 - 0.00 0.04 0.02 0.01 0.04 0.03 0.04 + 0.01 0.08 0.02 0.13 0.16 - 0.01 0.20 0.17 0.16 2.48 4.49 + 0.07 4.63 4.68 4.10 0.02 0.02 - 0.00 0.10 0.02 0.02 0.03 0.03 - 0.01 0.12 0.04 0.00 0.11 0.09 0.11 + 0.01 0.17 0.08 0.53 2.63 - 0.11 2.81 2.81 2.36 0.04 0.09 - 0.01 0.11 0.10 0.09 0.01 0.02 - 0.01 0.05 0.02 0.02 1.45 2.36 + 0.04 3.50 2.45 2.10 0.02 0.04 - 0.01 0.06 0.05 0.04 0.00 0.01 + 0.00 0.05 0.01 0.00 0.07 0.09 + 0.01 0.14 0.09 0.08 0.05 0.09 + 0.01 0.21 0.11 0.07 0.09 0.10 + 0.01 0.30 0.10 0.09 0.01 0.01 - 0.01 0.02 0.02 0.01 0.59 0.08 1.70 0.94 - 1.02 0.89 0.01 0.03 + 0.02 0.03 0.03 0.00 0.01 0.03 - 0.01 0.04 0.04 0.03 0.03 0.03 0.03 - 0.01 0.04 0.01 0.05 0.00 0.05 - 0.01 0.10 0.03 0.12 0.18 + 0.02 0.20 0.18 0.16 2.60 1.86 2.52 + 0.57 10.37 1.56 3.56 2.58 3.44 + 0.72 12.61 2.26 0.24 0.38 - 0.02 0.55 0.43 0.37 0.20 0.28 + 0.00 0.44 0.29 0.27

I-Minerals* O 110 I-Minerals V 88 IAMGOLD T 15140 40074 IAMGOLD* N Iberian Mnrls V 280 IC Potash* O 85 IC Potash T 623 Icon Explor V 400 IDM Mining* O 233 iMetal Res V 456 IMPACT Silver V 847 O 286 Impala Platnm* 5 Imperial Metal* O 111 Imperial Metal T 573 Inca One Gold V 130 Inca One Gold* O Q 168 Inception Mng* V 364 Independence G O 7 Inspiration Mg* Intact Gold V 141 Integra Gold* O 1293 Integra Gold V 11108 Intigold Mines V 313 113 Intl Bethl Mng V Intl Lithium V 291 Intl Tower Hil* X 1184 266 T Intl Tower Hil Intrepid Pots* N 4601 Inventus Mg V 596 InZinc Mining V 79 O 320 Ireland* 16 Iron South Mng V Ironside Res V 71 Irving Res 104 Ivanhoe Mines T 6401 O 630 Ivanhoe Mines* J.A.G. Mines V 70 Jaguar Mng* O 49 Jaguar Mng V 127 62 James Rvr Coal* O V 60 Jet Gold Jet Metal V 10 V 219 Kaizen Discvry O 112 Kaizen Discvry* O 535 Kaminak Gold* Kaminak Gold V 2444 Karmin Expl V 12 Karnalyte Res T 23 KAT Expl* O 9202 Katanga Mng T 669 Kennady Diam V 410 Kerr Mines T 1815 Kerr Mines* O 495 Kesselrun Res V 470 Khalkos Expl V 164 Khan Res 29 V 413 Kilo Goldmines Kinross Gold T 34638 102517 Kinross Gold* N 130 Kirkland Lk Gd* O Kirkland Lk Gd T 3393 Kiska Metals* O 66 Klondex Mns T 1893 Klondike Gold V 133 O 160 Klondike Gold* V 912 Kombat Copper Kootenay Silvr V 1330 KWG Res 1358 KWG Res* O 7

0.11 0.18 - 0.00 0.28 0.18 0.16 0.14 0.23 - 0.02 0.37 0.25 0.22 1.50 3.39 + 0.04 3.45 3.55 2.96 1.15 2.46 + 0.03 2.52 2.57 2.13 0.04 0.08 - 0.01 0.11 0.09 0.08 0.03 0.04 + 0.00 0.25 0.04 0.04 0.04 0.06 + 0.01 0.31 0.06 0.05 0.01 0.02 - 0.02 0.04 0.02 0.00 0.04 0.06 - 0.01 0.11 0.07 0.05 0.03 0.06 + 0.02 0.10 0.07 0.00 0.11 0.27 - 0.01 0.30 0.28 0.23 1.45 2.30 - 0.01 6.89 2.33 2.15 3.90 3.06 3.74 + 0.68 11.00 2.81 5.35 4.11 5.15 + 0.95 13.69 3.92 0.11 0.09 0.09 - 0.01 0.29 0.07 0.07 0.06 0.06 + 0.00 0.23 0.06 0.05 0.14 - 0.00 0.35 0.18 0.14 0.06 0.08 + 0.01 0.11 0.08 0.08 0.01 0.04 + 0.02 0.10 0.04 0.01 0.03 0.33 - 0.01 0.35 0.34 0.30 0.18 0.29 + 0.02 0.29 0.31 0.25 0.23 0.40 + 0.03 0.40 0.40 0.36 0.07 0.07 - 0.01 0.32 0.09 0.07 0.03 0.03 0.03 - 0.01 0.10 0.02 0.02 0.07 + 0.01 0.09 0.07 0.06 0.34 0.25 0.30 - 0.01 0.44 0.18 0.46 0.35 0.37 - 0.05 0.57 0.26 2.50 1.96 2.06 - 0.02 15.09 1.75 0.01 0.03 + 0.01 0.11 0.03 0.02 0.04 0.05 - 0.01 0.14 0.06 0.05 0.15 0.25 + 0.04 0.51 0.28 0.19 0.05 0.04 0.04 - 0.01 0.10 0.04 0.02 0.02 + 0.01 0.35 0.03 0.02 0.11 0.11 + 0.01 0.20 0.15 0.00 0.53 0.66 + 0.04 1.36 0.69 0.58 0.36 0.48 + 0.05 1.08 0.51 0.42 0.01 0.02 - 0.01 0.06 0.02 0.02 0.07 0.16 + 0.01 0.47 0.16 0.00 0.12 0.20 - 0.01 0.58 0.22 0.19 0.01 0.01 0.01 + 0.00 0.07 0.01 0.03 0.05 + 0.01 0.11 0.05 0.00 0.04 0.09 - 0.02 0.16 0.09 0.00 0.08 0.11 + 0.01 0.32 0.13 0.09 0.06 0.08 + 0.03 0.25 0.08 0.06 0.47 0.90 + 0.17 0.86 0.93 0.70 0.61 1.23 + 0.21 1.19 1.28 0.98 0.15 0.19 + 0.01 0.40 0.22 0.18 0.52 0.90 - 0.04 1.33 0.94 0.90 0.00 0.00 - 0.00 0.05 0.00 0.00 0.13 0.20 + 0.03 0.33 0.21 0.16 2.35 2.80 - 0.20 5.95 3.00 2.75 0.02 0.08 + 0.03 0.20 0.09 0.04 0.01 0.05 + 0.02 0.14 0.05 0.02 0.02 0.09 + 0.03 0.06 0.09 0.05 0.05 0.07 - 0.01 0.12 0.08 0.07 0.34 0.40 - 0.04 0.80 0.44 0.40 0.04 0.08 - 0.02 0.12 0.09 0.07 1.79 4.07 - 0.10 4.33 4.33 3.67 1.31 2.97 - 0.03 3.15 3.15 2.66 5.35 4.64 5.30 + 0.39 5.74 3.12 7.42 6.43 7.31 + 0.50 7.29 4.49 0.01 0.01 - 0.01 0.05 0.02 0.01 2.30 3.82 + 0.11 3.87 3.87 3.49 0.08 0.17 + 0.02 0.24 0.18 0.15 0.06 0.12 + 0.00 0.19 0.12 0.12 0.02 0.07 + 0.02 0.11 0.07 0.04 0.17 0.26 + 0.02 0.56 0.26 0.21 0.01 0.02 - 0.01 0.03 0.03 0.02 0.00 0.01 - 0.01 0.03 0.02 0.01

Labrador Iron T 1536 Lake Shore Gld T 27371 Lake Shore Gld* X 6600 Lake Victoria* O 662

10.62 9.43 10.35 + 0.90 18.30 6.85 1.82 1.61 1.79 + 0.08 1.80 0.88 1.33 1.15 1.31 + 0.07 1.32 0.69 0.01 0.01 + 0.00 0.09 0.02 0.01

I-J-K

L

2016-02-23 7:16 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 29–March 6, 2016

9

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

Week

12-month

Exc Volume High Low Last Change High Low

Lara Expl V 43 Laramide Res T 240 Laredo Res* O 4008 Largo Res V 97 Largo Res* O 143 165 Latin Am Mnls V LeadFX Inc T 2 80 Lepanto Con Mg* O 279 Levon Res Ltd T Levon Res Ltd * O 242 Lexam VG Gold* O 1527 Lexam VG Gold T 2530 Li3 Energy* O 221 30 Libero Mg Corp V 11997 Liberty Star* Q Lincoln Mng V 391 Lion One Mtls* O 49 Lion One Mtls V 177 Lithium Corp* O 145 Lithium Expl* O 140 Lithium X Egy V 1217 LKA Gold* O 93 Lode-Star Mg* O 476 Lomiko Mtls* O 138 Loncor Res T 449 Lone Star Gold* O 2778 O 118 Lonmin plc* Lorraine Coppr V 17 23 Los Andes Copp V Lucara Diam T 3622 Lucky Mnls V 141 Luna Gold* O 39 Lund Enterpr V 45 Lundin Gold T 191 Lundin Mng T 14800 Lupaka Gold V 674 Lydian Intl* O 169 Lydian Intl T 638 Lynas Corp* O 195

0.38 0.33 0.38 + 0.04 0.45 0.20 0.30 0.23 0.29 + 0.05 0.40 0.15 0.00 0.00 0.00 + 0.00 0.03 0.00 0.22 0.18 0.21 + 0.01 1.35 0.11 0.16 0.13 0.16 + 0.00 1.06 0.08 0.12 0.10 0.10 - 0.02 0.95 0.05 0.22 0.00 0.22 + 0.03 2.25 0.12 0.01 0.01 0.01 + 0.00 0.02 0.00 0.16 0.14 0.14 - 0.01 0.32 0.09 0.11 0.10 0.10 - 0.00 0.15 0.07 0.15 0.07 0.15 + 0.06 0.13 0.04 0.21 0.11 0.20 + 0.10 0.18 0.05 0.01 0.01 0.01 + 0.00 0.04 0.01 0.08 0.05 0.08 + 0.02 0.11 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.04 0.03 0.04 + 0.01 0.08 0.02 0.34 0.29 0.34 + 0.05 0.45 0.12 0.50 0.40 0.50 + 0.09 0.60 0.17 0.03 0.02 0.03 - 0.00 0.06 0.02 0.12 0.09 0.11 + 0.02 9.00 0.02 1.04 0.72 1.00 + 0.27 1.04 0.05 0.35 0.22 0.33 - 0.01 0.58 0.10 0.04 0.03 0.03 - 0.01 0.06 0.01 0.03 0.02 0.03 - 0.00 0.06 0.02 0.03 0.03 0.03 - 0.01 0.13 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 1.42 1.11 1.17 - 0.25 256.00 0.55 0.06 0.04 0.04 - 0.02 0.15 0.04 0.08 0.00 0.07 + 0.01 0.23 0.05 2.43 2.21 2.43 + 0.17 2.40 1.42 0.06 0.05 0.06 + 0.01 0.14 0.05 0.07 0.05 0.07 + 0.02 0.28 0.02 0.02 0.02 0.02 + 0.01 0.06 0.02 4.29 3.95 4.12 - 0.04 4.30 3.46 4.00 3.23 3.72 + 0.27 6.46 2.98 0.09 0.05 0.08 + 0.02 0.16 0.04 0.25 0.21 0.22 + 0.01 0.48 0.13 0.35 0.25 0.29 + 0.01 0.60 0.19 0.06 0.05 0.06 + 0.01 0.10 0.02

M MacMillan Mnls V 22 0.19 0.00 0.18 - 0.03 0.24 0.05 0.02 - 0.01 0.15 0.01 Mag Copper 58 0.03 0.00 MAG Silver T 1163 11.42 10.31 11.13 + 0.29 11.34 6.90 MAG Silver* X 287 8.25 7.44 8.11 + 0.31 8.45 5.57 Magellan Mnrls V 2294 0.07 0.06 0.06 + 0.01 0.09 0.03 Magellan Mnrls* O 273 0.05 0.04 0.05 + 0.01 0.07 0.02 O 11 0.05 0.01 0.01 - 0.05 0.20 0.01 MagIndustries* Majescor Res V 48 0.04 0.00 0.04 + 0.01 0.06 0.02 Majestic Gold* O 4 0.06 0.00 0.06 - 0.02 0.08 0.02 Majestic Gold V 7210 0.10 0.09 0.10 + 0.01 0.12 0.04 Malbex Res V 1113 0.28 0.25 0.26 + 0.01 0.55 0.05 Mangazeya Mng V 164 0.06 0.03 0.03 - 0.02 0.06 0.01 0.01 - 0.01 0.03 0.01 Manson Creek V 60 0.02 0.00 Marathon Gold T 698 0.26 0.19 0.25 + 0.04 0.38 0.11 Margaux Res V 24 0.13 0.12 0.12 - 0.01 0.30 0.12 Marlin Gold V 168 0.40 0.28 0.29 - 0.07 1.09 0.15 Marlin Gold* O 19 0.28 0.22 0.26 - 0.00 0.73 0.10 MartinMarietta* N 4402 142.58 129.32 135.98 + 3.12 178.67 108.31 O 14 0.35 0.33 0.35 + 0.00 0.50 0.21 Mason Graphite* Mason Graphite V 187 0.51 0.45 0.51 + 0.03 0.64 0.30 Matachewan Con V 22 0.35 0.34 0.35 + 0.01 0.49 0.17 Matamec Expl V 292 0.03 0.02 0.02 - 0.01 0.07 0.02 Matica Ent 3873 0.03 0.02 0.03 + 0.01 0.15 0.02 0.17 - 0.01 0.27 0.12 Mawson Res* O 34 0.18 0.14 0.25 + 0.05 0.30 0.15 Mawson Res T 87 0.25 0.18 MAX Res V 461 0.06 0.05 0.06 + 0.01 0.15 0.04 Maya Gold &Sil V 532 0.17 0.14 0.15 + 0.01 0.30 0.10 McEwen Mng* N 9462 1.77 1.51 1.69 + 0.10 1.75 0.65 McEwen Mng T 912 2.44 2.10 2.33 + 0.12 2.41 0.84 50 0.05 0.04 0.05 + 0.01 0.23 0.04 Meadow Bay Gd* O Mechel* N 939 1.91 1.57 1.73 + 0.14 3.76 1.23 Medallion Res* O 1164 0.03 0.03 0.03 - 0.00 0.05 0.01 Medallion Res V 608 0.04 0.04 0.04 + 0.01 0.07 0.01 Medgold Res V 98 0.09 0.07 0.08 - 0.01 0.20 0.05 Medinah Mnrls* O 37606 0.02 0.02 0.02 - 0.00 0.04 0.01 Mega Uranium T 5670 0.11 0.07 0.10 + 0.03 0.14 0.05 Mega Uranium* O 401 0.08 0.05 0.07 + 0.02 0.11 0.04 Megastar Dev V 44 0.03 0.02 0.03 + 0.01 0.05 0.02 Melkior Res V 1413 0.04 0.03 0.03 + 0.01 0.04 0.01 Merrex Gold V 715 0.21 0.19 0.21 + 0.01 0.23 0.09 Merrex Gold* O 1 0.15 0.15 0.15 + 0.01 0.20 0.07 Meryllion Res 26 0.01 0.00 0.01 + 0.01 0.03 0.01 Mesa Expl V 103 0.02 0.01 0.02 + 0.01 0.03 0.01 0.07 - 0.01 0.12 0.04 Metalex Vent V 189 0.07 0.06 Metalore Res T 7 1.69 1.39 1.69 + 0.29 3.72 1.26 Metals Creek V 1834 0.10 0.07 0.09 - 0.01 0.21 0.05 0.71 + 0.00 1.25 0.69 Metals X* O 4 0.71 0.70 Mexus Gold* O 11050 0.01 0.00 0.01 + 0.00 0.03 0.00 MGX Minerals 404 0.15 0.11 0.13 - 0.01 0.70 0.13 0.02 + 0.01 0.05 0.01 Micrex Dev V 49 0.02 0.02 Midas Gold* O 198 0.29 0.26 0.27 - 0.01 0.43 0.16 0.36 - 0.02 0.52 0.25 Midas Gold T 968 0.41 0.34 Midland Expl V 116 0.59 0.52 0.53 - 0.02 0.77 0.45 Midway Gold* O 192 0.01 0.00 0.00 + 0.00 0.76 0.00 Millrock Res V 184 0.25 0.22 0.23 - 0.02 0.40 0.15 Millrock Res* O 106 0.19 0.17 0.17 - 0.01 0.28 0.11 Millstream Min V 30 0.11 0.00 0.11 + 0.04 0.16 0.01 Minaurum Gold V 354 0.09 0.05 0.07 + 0.02 0.10 0.04 Minco Gold* X 2008 0.39 0.21 0.32 + 0.06 0.40 0.10 Minco Gold T 187 0.49 0.32 0.44 + 0.10 0.49 0.12 Minco Silver T 886 0.57 0.45 0.57 + 0.11 0.74 0.32 0.42 + 0.09 0.54 0.26 Minco Silver* O 158 0.42 0.32 Minecorp Egy V 535 0.03 0.02 0.03 + 0.02 0.10 0.01 Mineral Mtn V 684 0.03 0.02 0.03 + 0.01 0.06 0.02 Mines Manage* X 1369 0.69 0.44 0.58 + 0.08 0.74 0.11 Mines Manage T 42 0.94 0.63 0.77 + 0.14 0.94 0.17 0.43 - 0.05 0.48 0.18 Minnova Corp V 50 0.48 0.40 Miranda Gold V 197 0.09 0.08 0.09 + 0.01 0.11 0.06 Mirasol Res V 285 1.10 0.90 1.05 + 0.12 1.09 0.72 Mitsui M’g* O 4 7.38 0.00 7.14 + 0.29 14.63 6.85 Mkango Res V 7167 0.02 0.01 0.02 + 0.01 0.12 0.01 Molycorp* O 3726 0.05 0.03 0.03 - 0.02 1.15 0.02 V 650 0.09 0.07 0.09 + 0.02 0.13 0.06 Monarques Res Moneta Porcpn* O 137 0.14 0.12 0.12 - 0.01 0.15 0.04 Moneta Porcpn T 801 0.19 0.17 0.18 - 0.01 0.20 0.05 Monster Uran V 10 0.02 0.00 0.02 - 0.03 0.12 0.02 Montan Mg V 311 0.04 0.03 0.03 - 0.02 0.26 0.02 Montego Res 250 0.11 0.09 0.11 + 0.02 0.25 0.09 Montero Mg&Ex V 363 0.03 0.02 0.03 + 0.01 0.06 0.01 Monument Mng V 1254 0.16 0.15 0.16 + 0.01 0.16 0.08 Morien Res* O 25 0.19 0.17 0.19 + 0.02 0.21 0.13 Mosaic* N 40021 25.89 22.20 24.40 + 1.49 53.83 22.02 Mountain Boy V 7946 0.02 0.01 0.02 + 0.01 0.02 0.01 Mountain Prov T 356 5.12 4.48 4.90 + 0.37 5.46 3.38 Mountain Prov* D 237 3.73 3.24 3.57 + 0.30 4.40 2.47 Mundoro Cap V 229 0.08 0.00 0.08 + 0.01 0.13 0.04 Musgrove Mnls V 168 0.30 0.08 0.30 + 0.20 0.22 0.04 Myson Group* O 185 0.02 0.01 0.02 + 0.01 0.18 0.01

N-O NACCO Ind* N 113 Namibia Rare E T 128 Natural Res Pt* N 1204 Nautilus Mnrls T 753 Nautilus Mnrls* O 691 Nemaska Lith* O 215 Nevada Clean M* O 566 Nevada Clean M V 1680 Nevada Copper T 158 Nevada Egy Mtl V 456 Nevada Expl * O 154 Nevada Expl V 170 Nevada Sunrise* O 85 Nevada Sunrise V 2140 Nevada Zinc V 108 Nevsun Res T 2006 Nevsun Res* X 1693 New Carolin Gd V 6057 New Colombia* O 183 New Gold* O 141 New Gold T 11219 New Gold* X 25147 New Guinea Gld* O 350 New Jersey Mng* O 339 New Milln Iron* O 2 New Pac Metals* O 11 New Pac Metals T 19 Newlox Gold 12

Feb 29 Pgs 8 9.indd 9

48.79 44.72 48.30 + 1.45 62.96 40.04 0.06 0.05 0.06 + 0.01 0.20 0.04 9.90 0.97 8.51 - 1.89 82.40 5.00 0.26 0.21 0.24 + 0.03 0.55 0.16 0.19 0.15 0.18 + 0.03 0.44 0.12 0.31 0.28 0.29 - 0.00 0.34 0.13 0.02 0.02 0.02 - 0.00 0.05 0.00 0.03 0.03 0.03 - 0.01 0.06 0.03 0.52 0.46 0.50 + 0.04 2.03 0.45 0.20 0.17 0.18 - 0.01 0.21 0.02 0.29 0.26 0.27 - 0.00 0.61 0.08 0.39 0.36 0.37 - 0.01 0.94 0.05 0.15 0.11 0.15 + 0.01 0.31 0.09 0.22 0.17 0.19 + 0.01 0.38 0.13 0.30 0.26 0.30 + 0.02 0.44 0.19 4.48 4.03 4.41 + 0.24 5.35 3.27 3.25 2.87 3.22 + 0.21 4.36 2.27 0.10 0.08 0.09 + 0.01 0.10 0.02 0.01 0.00 0.01 + 0.00 0.02 0.00 0.08 0.07 0.08 - 0.00 0.61 0.03 4.37 3.66 4.13 + 0.04 5.04 2.52 3.17 2.66 3.01 + 0.06 4.03 1.76 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.09 0.10 - 0.01 0.12 0.02 0.04 0.04 0.04 - 0.00 0.18 0.03 0.17 0.15 0.16 + 0.00 0.17 0.11 0.24 0.22 0.22 - 0.02 0.30 0.14 0.03 0.00 0.03 - 0.01 0.08 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Newmac Res V 392 Newmarket Gold* O 351 T 15346 Newmarket Gold Newmont Mng* N 62557 Newport Expl V 383 O 144 Nexgen Energy* Nexgen Energy V 4124 Nexus Gold V 1422 NGEx Res* O 11 NGEx Res T 81 213 Nicola Mg Inc V Nicola Mg Inc* O 39 Nighthawk Gold V 575 Nikos Expl V 49 Niocorp Dev* O 673 Niocorp Dev T 648 Niogold Mng* O 51 Niogold Mng V 840 Noka Res V 3769 Noranda Alum* O 4931 Nord Res* O 1616 Noront Res V 181 North Am Nickl V 80 North Am Nickl* O 43 North Am Pall T 56 North Am Pall* O 15 69 North Arrow Mn V Northair Silvr V 1699 Northcliff Res T 117 Northisle C&G V 610 Northn Empire V 44 Norvista Cap V 768 Nouveau Monde V 362 NovaCopper* X 324 NovaCopper T 49 NovaGold Res T 2347 Novo Res* O 272 Novo Res V 488 O 57 Nrthn Freegold* V 57 Nrthn Freegold Nrthn Graphite* O 90 Nrthn Iron V 168 Nrthn Mnrls &E* O 27 Nrthn Shield V 982 Nrthn Superior V 42 Nrthn Vertex* O 15 Nrthn Vertex V 227 NSX Silver V 26 Nthn Dynasty T 1237 Nthn Dynasty* X 698 Nthrn Sphere 16 NuLegacy Gold V 438 NuLegacy Gold* O 407 Nunavik Nickel V 86 NV Gold V 174 O.T. Mining* O 10 OceanaGold T 14838 OceanaGold* O 5 Odin Mng & Exp V 124 Odin Mng & Exp* O 30 Olivut Res* O 64 Olivut Res V 86 Omineca Mg &Ml V 210 Orbite Tech T 5069 Orbite Tech* O 632 Orca Gold* O 95 Oremex Silver* O 409 Orex Expl V 1580 Orezone Gold V 1713 O 512 Orezone Gold* Orla Mng Ltd V 100 Oro East Mg* Q 108 Oroco Res V 233 Orocobre T 125 Orofino Mnrls V 177 Orosur Mng T 153 Orvana Mnrls* O 27 Orvana Mnrls T 464 Osisko Gold T 3007 Otis Gold* O 202 Otis Gold V 203

0.08 0.07 0.07 + 0.01 0.29 0.06 1.40 1.19 1.39 + 0.17 2.45 0.61 1.94 1.64 1.93 + 0.24 1.90 0.80 25.95 23.12 24.84 - 0.94 27.90 15.39 0.23 0.20 0.23 + 0.02 0.49 0.19 0.69 0.62 0.68 + 0.03 0.72 0.29 0.97 0.86 0.95 + 0.04 1.00 0.33 0.06 0.05 0.05 - 0.01 0.14 0.05 0.42 0.00 0.42 + 0.00 0.85 0.37 0.61 0.00 0.57 - 0.02 1.10 0.44 0.08 0.06 0.08 + 0.02 0.15 0.04 0.05 0.00 0.05 + 0.00 0.07 0.03 0.08 0.00 0.08 + 0.01 0.30 0.04 0.04 0.03 0.03 - 0.02 0.07 0.02 0.62 0.55 0.62 + 0.07 1.51 0.37 0.85 0.75 0.85 + 0.07 1.90 0.51 0.29 0.28 0.29 + 0.00 0.33 0.18 0.42 0.37 0.41 + 0.01 0.46 0.24 0.06 0.04 0.06 + 0.01 0.26 0.03 0.10 0.04 0.07 + 0.02 25.13 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 0.37 0.35 0.37 + 0.03 0.67 0.28 0.09 0.07 0.09 + 0.02 0.26 0.07 0.07 0.06 0.07 + 0.00 0.21 0.06 5.00 4.05 4.85 + 0.70 188.00 3.85 3.66 2.96 3.60 + 0.62 149.96 2.71 0.26 0.22 0.23 + 0.01 1.34 0.15 0.10 0.08 0.10 + 0.02 0.10 0.04 0.09 0.00 0.09 - 0.01 0.24 0.06 0.03 0.00 0.02 + 0.01 0.04 0.02 0.10 0.00 0.10 + 0.01 0.15 0.06 0.12 0.10 0.12 + 0.02 0.16 0.08 0.16 0.14 0.14 - 0.03 0.24 0.08 0.33 0.27 0.32 + 0.04 0.74 0.15 0.45 0.38 0.44 + 0.05 0.93 0.20 6.85 6.23 6.65 - 0.04 6.88 3.42 0.68 0.44 0.65 + 0.11 1.16 0.29 0.94 0.62 0.87 + 0.13 1.46 0.40 0.06 0.04 0.06 + 0.02 0.08 0.02 0.08 0.00 0.07 + 0.02 0.10 0.04 0.18 0.16 0.18 + 0.01 0.70 0.12 0.02 0.01 0.01 - 0.01 0.05 0.01 0.03 0.03 0.03 - 0.00 0.14 0.03 0.03 0.02 0.03 + 0.01 0.04 0.01 0.02 0.02 0.02 - 0.01 0.04 0.01 0.25 0.25 0.25 + 0.05 0.25 0.08 0.38 0.31 0.31 - 0.07 0.40 0.09 0.06 0.05 0.06 + 0.01 0.05 0.02 0.51 0.45 0.50 + 0.05 0.73 0.28 0.37 0.32 0.36 + 0.03 0.59 0.20 0.35 0.00 0.35 + 0.12 0.60 0.10 0.13 0.09 0.13 + 0.03 0.17 0.08 0.09 0.06 0.09 + 0.02 0.14 0.06 0.05 0.00 0.05 + 0.01 0.12 0.03 0.01 0.01 0.01 - 0.01 0.12 0.01 0.08 0.00 0.08 + 0.05 0.14 0.03 4.01 3.57 3.62 - 0.21 4.01 1.79 2.84 2.61 2.82 + 0.21 2.84 1.43 0.47 0.36 0.47 + 0.09 0.50 0.21 0.35 0.25 0.35 + 0.09 0.40 0.17 0.08 0.07 0.08 - 0.00 0.14 0.05 0.11 0.10 0.10 - 0.01 0.17 0.08 0.06 0.05 0.05 + 0.01 0.11 0.01 0.31 0.28 0.29 - 0.01 0.53 0.20 0.23 0.20 0.20 - 0.02 0.40 0.16 0.12 0.10 0.11 - 0.00 0.32 0.08 0.01 0.00 0.01 + 0.00 0.01 0.00 0.03 0.02 0.02 + 0.01 0.03 0.01 0.40 0.30 0.38 + 0.06 0.60 0.22 0.29 0.21 0.27 + 0.04 0.47 0.16 0.13 0.12 0.13 + 0.03 0.32 0.06 0.02 0.02 0.02 - 0.00 0.08 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 2.55 2.15 2.20 - 0.35 2.79 1.33 0.18 0.11 0.18 + 0.08 0.20 0.05 0.15 0.00 0.14 - 0.01 0.20 0.10 0.14 0.12 0.13 - 0.01 0.33 0.07 0.19 0.16 0.18 - 0.01 0.42 0.11 14.57 13.48 14.30 - 0.14 18.64 12.39 0.09 0.07 0.09 + 0.01 0.10 0.01 0.12 0.10 0.12 + 0.02 0.14 0.02

Pac Bay Mnrls V 154 Pac Booker Min V 21 Pac Booker Min* X 25 Pac Ridge Expl V 261 Pac Topaz V 115 Paget Mrnls V 76 Paladin Energy T 1583 Palamina Corp V 22 Pan Am Silver* D 18175 Pan Am Silver T 2491 Pangolin Dia V 459 Panoro Mnrls V 863 Paramount Gold* X 147 Pasinex Res 775 Patriot Gold* O 171 Peabody Enrgy* N 8310 Peat Res V 124 Pelangio Expl* O 5 Pelangio Expl V 4526 Pele Mtn Res* O 30 Pele Mtn Res V 1190 Perseus Mng T 3877 Pershimco Res V 1525 Pershing Gold* D 600 Pershing Res* O 70 Peruvian Prc M V 1105 Peruvian Prc M* O 1856 Petaquilla Mnl* O 50 Phoenix Metals V 536 Phoenix Metals* O 2290 Pilot Gold T 1978 Pilot Gold* O 612 Pine Cliff En V 1471 Pinecrest Res V 644 PJX Res V 26 Plata Latina V 222 Plateau Uran* O 65 Plateau Uran V 112 Platinum Gp Mt* X 11342 Platinum Gp Mt T 2638 Plato Gold V 324 Playfair Mng V 89 Polaris Mater T 20 PolyMet Mng T 35 PolyMet Mng* X 440 Portage Res* O 271 Potash Corp SK T 13706 Potash Corp SK* N 45044 Potash Ridge T 444 Potash Ridge* O 71 Precipitate Gl V 271 Premier Gold M T 4419 Premium Expl* O 6 Pretium Res* N 5699 Pretium Res T 2947 Prima Diamond V 2386 Prime Meridian V 11 Primero Mng T 9278 Primero Mng* N 7826 Probe Metals V 69 Probe Metals* O 19 Prophecy Coal T 850 Prophecy Coal* O 63 Prospect Glob* O 11 Prosper Gold V 388 PUF Vent Inc 1086 Puma Expl V 740 Pure Energy* O 882 Pure Energy V 1525 Pure Gold Mg* O 150 Pure Gold Mg V 724 Pure Nickel V 391 QMX Gold V 90 Quaterra Res* O 309 Quaterra Res V 125 Quest Rare Mnl* O 16 Quest Rare Mnl T 587

0.09 0.00 0.05 - 0.03 0.10 0.02 1.95 1.72 1.75 - 0.09 6.90 1.02 1.42 1.25 1.25 - 0.10 5.50 1.04 0.04 0.02 0.04 + 0.02 0.04 0.02 0.13 0.08 0.13 + 0.05 0.13 0.06 0.06 0.00 0.04 + 0.01 0.15 0.01 0.21 0.18 0.20 + 0.01 0.41 0.15 0.09 0.00 0.08 - 0.02 0.11 0.06 9.67 8.29 9.26 + 0.40 11.45 5.38 13.38 11.52 12.74 + 0.47 14.36 7.77 0.04 0.03 0.04 + 0.01 0.07 0.03 0.14 0.11 0.13 + 0.02 0.25 0.09 1.24 1.05 1.11 - 0.03 1.85 0.87 0.06 0.04 0.04 - 0.02 0.14 0.03 0.08 0.06 0.07 - 0.01 0.13 0.02 2.64 2.01 2.04 - 0.39 120.30 2.15 0.04 0.03 0.03 - 0.01 0.04 0.01 0.02 0.01 0.02 + 0.00 0.04 0.01 0.05 0.02 0.03 - 0.01 0.05 0.01 0.04 0.00 0.04 + 0.00 0.07 0.02 0.05 0.04 0.05 + 0.01 0.09 0.03 0.37 0.32 0.35 - 0.02 0.48 0.23 0.13 0.11 0.11 - 0.01 0.26 0.09 4.95 4.40 4.68 - 0.02 7.45 3.04 0.03 0.03 0.03 - 0.00 0.15 0.03 0.06 0.06 0.06 - 0.01 0.14 0.03 0.05 0.04 0.04 - 0.01 0.10 0.02 0.01 0.00 0.01 - 0.00 0.04 0.00 0.01 0.01 0.01 - 0.01 0.03 0.01 0.00 0.00 0.00 - 0.00 0.04 0.00 0.38 0.27 0.34 + 0.02 1.10 0.22 0.27 0.20 0.26 + 0.03 0.88 0.16 0.83 0.78 0.80 - 0.02 1.65 0.75 0.08 0.05 0.08 + 0.02 0.50 0.03 0.14 0.13 0.14 + 0.01 0.29 0.13 0.03 0.02 0.02 - 0.01 0.12 0.01 0.26 0.24 0.26 - 0.01 0.57 0.18 0.37 0.30 0.35 - 0.01 0.69 0.24 2.15 1.13 1.98 + 0.85 5.99 0.96 2.90 1.58 2.69 + 1.11 7.40 1.35 0.02 0.01 0.01 - 0.01 0.02 0.01 0.06 0.04 0.04 - 0.01 0.08 0.01 1.54 1.35 1.37 - 0.17 2.83 1.12 1.18 1.09 1.18 + 0.04 1.75 0.76 0.86 0.78 0.85 + 0.02 1.37 0.55 0.00 0.00 0.00 - 0.00 0.01 0.00 23.69 21.17 22.06 + 0.69 47.03 20.65 17.25 15.23 16.02 + 0.60 37.60 14.64 0.07 0.06 0.07 + 0.01 0.11 0.03 0.05 0.04 0.04 - 0.01 0.09 0.02 0.12 0.09 0.09 - 0.01 0.21 0.06 3.32 2.99 3.20 - 0.04 3.32 1.65 0.00 0.00 0.00 + 0.00 0.02 0.00 5.26 4.72 5.13 - 0.10 6.95 4.00 7.28 6.49 7.05 - 0.18 9.00 5.57 0.04 0.01 0.02 + 0.01 0.04 0.01 0.12 0.08 0.12 + 0.04 0.19 0.05 2.38 1.94 1.99 - 0.35 5.51 1.94 1.71 1.41 1.45 - 0.25 4.49 1.41 0.39 0.36 0.37 - 0.03 0.56 0.33 0.27 0.27 0.27 - 0.00 0.42 0.24 0.03 0.02 0.02 - 0.01 0.08 0.01 0.02 0.01 0.01 + 0.00 0.06 0.01 0.19 0.15 0.19 + 0.04 0.19 0.02 0.14 0.12 0.14 + 0.02 0.17 0.06 0.03 0.03 0.03 + 0.01 0.12 0.03 0.05 0.04 0.05 + 0.01 0.17 0.03 0.47 0.36 0.46 + 0.06 0.77 0.17 0.64 0.52 0.63 + 0.10 1.03 0.18 0.12 0.11 0.12 + 0.01 0.24 0.01 0.18 0.14 0.18 + 0.03 0.32 0.07 0.02 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 0.05 0.04 0.04 - 0.01 0.11 0.03 0.06 0.05 0.06 - 0.01 0.15 0.04 0.05 0.04 0.04 - 0.01 0.19 0.03 0.07 0.06 0.07 + 0.01 0.24 0.06

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

(100s) Stock

0.04 0.03 0.04 + 0.00 0.05 0.03 0.07 0.00 0.07 + 0.02 0.13 0.05 0.06 0.05 0.06 + 0.01 0.30 0.05 89.95 0.00 89.95 + 6.30 89.95 57.00 91.78 83.85 90.85 + 0.57 90.48 54.88 0.05 0.00 0.05 + 0.01 0.08 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.10 0.06 0.10 + 0.04 0.89 0.06 0.19 0.17 0.19 + 0.02 0.35 0.11 0.00 0.00 0.00 - 0.00 0.03 0.00 0.30 0.26 0.30 + 0.02 0.30 0.18 0.42 0.35 0.40 + 0.02 0.42 0.25 0.03 0.02 0.03 - 0.01 0.07 0.02 0.05 0.04 0.04 - 0.01 0.15 0.03 0.01 0.01 0.01 - 0.01 0.06 0.01 0.05 0.04 0.04 + 0.01 0.10 0.04 0.32 0.00 0.32 + 0.03 0.54 0.19 0.14 0.11 0.12 - 0.01 0.24 0.08 0.20 0.16 0.16 - 0.04 0.30 0.11 0.03 0.02 0.02 - 0.01 0.05 0.01 3.09 2.86 3.01 - 0.00 3.88 2.25 4.25 3.95 4.10 - 0.05 4.87 3.26 0.08 0.05 0.06 - 0.02 0.14 0.04 0.07 0.00 0.07 - 0.02 0.23 0.06 5.00 4.45 4.80 + 0.07 4.94 2.27 6.90 6.20 6.61 + 0.04 6.88 3.14 0.16 0.09 0.09 - 0.04 0.16 0.07 0.03 0.02 0.02 - 0.01 0.03 0.01 27.99 25.86 27.37 + 0.85 50.07 21.89 27.50 24.78 26.45 + 1.68 49.30 21.90 31.89 28.83 31.50 + 2.42 50.56 25.47 0.10 0.09 0.09 - 0.01 0.79 0.09 0.28 0.19 0.27 + 0.06 0.31 0.12 0.17 0.12 0.17 + 0.05 0.25 0.08 0.01 0.01 0.01 - 0.01 0.01 0.01 0.03 0.00 0.03 + 0.01 0.05 0.03 0.07 0.00 0.07 + 0.03 0.10 0.03 0.03 0.00 0.03 + 0.01 0.06 0.02 0.15 0.00 0.10 - 0.05 0.15 0.01 0.22 0.19 0.22 + 0.03 0.24 0.10 0.07 0.06 0.06 - 0.01 0.14 0.06 0.08 0.07 0.07 - 0.01 0.10 0.01 0.12 0.09 0.10 + 0.01 0.16 0.02 0.04 0.02 0.03 - 0.01 0.04 0.01 0.03 0.00 0.03 + 0.01 0.10 0.01 0.84 0.77 0.79 - 0.02 0.96 0.51 62.26 52.44 59.80 + 1.86 91.50 35.46 45.09 39.02 43.35 + 1.61 73.48 24.68 0.23 0.20 0.20 - 0.01 0.59 0.12 0.15 0.13 0.15 + 0.02 0.39 0.10 0.07 0.05 0.05 - 0.02 0.35 0.04 0.06 0.05 0.05 + 0.01 1.49 0.02 0.04 0.03 0.04 + 0.00 1.23 0.01 0.08 0.05 0.08 + 0.03 0.18 0.03 0.02 0.01 0.01 + 0.01 0.02 0.00 0.03 0.00 0.02 + 0.01 0.03 0.01 0.06 0.04 0.06 + 0.01 0.07 0.02 0.09 0.08 0.08 - 0.01 0.13 0.03 0.14 0.10 0.12 + 0.01 0.16 0.08 0.18 0.14 0.17 + 0.02 0.20 0.11

Sabina Gd&Slvr T 2399 O 388 Sabina Gd&Slvr* Sage Gold V 6 Saint Jean V 799 Salazar Res V 41 Sama Res V 147 116 San Marco Res V Sanatana Diam V 306 Sandspring Res* O 369 V 2028 Sandspring Res Sandstorm Gold T 1562 Sandstorm Gold* X 6216 Santa Fe Gold* O 3940 Santacruz Silv* O 39 Santacruz Silv V 1599 Sarissa Res* O 558 Satori Res V 56 Saturn Mnrls V 1818 Savary Gold V 717 Scandium Int M* O 56 Seabridge Gld* N 4481 592 Seabridge Gld T Search Mnls V 230 Searchlight* O 315 Select Sands V 512 Semafo T 6965 Sennen Potash V 286 Serengeti Res V 562 SG Spirit Gold V 28 Sherritt Intl T 2493 Sibanye Gold* N 8084 Sidney Resrces* O 356 Sienna Res* O 151 Sienna Res V 1099 Sierra Iron Or V 30 Sierra Iron Or* O 32 Sierra Metals* O 21 Sierra Metals T 64 Sierra Res* O 39043 Silver Bear Rs T 1842 Silver Bull Re T 127 994 Silver Bull Re* O Silver Dragon* O 452 Silver Grail V 33 Silver Mtn Mns V 52 Silver Predatr V 188 Silver Pursuit V 98 Silver Range V 90 Silver Shield 142 Silver Std Res T 2365 Silver Std Res* D 8017 Silver Wheaton* N 30063 Silver Wheaton T 10020 Silvercorp Met T 2426 Silvercorp Met* O 1636 Silvermet V 236 SinoCoking Cl* D 196 Sirios Res V 1632 Sirios Res* O 320 Skeena Res V 889 Skyharbour Res V 264 Slam Explor V 106 SnipGold V 139 Solitario Ex&R* X 359 Sonoro Mtls V 324 26560 Source Gold* O Southern Copp* N 11546 Southern Silvr* O 74 Southern Silvr V 188 Spanish Mtn Gd* O 167 Sparton Res V 195 Spearmint Res V 433 Spruce Ridge R V 1779 St Augustine T 304 Stakeholdr Gld* O 67 Stakeholdr Gld V 81 Standard Graph V 416 Standard Metal* O 333 Stans Energy* O 86 Starcore Intl T 136 Stillwater Mg* N 8147 Stina Res* O 36 Stina Res 258 Stonegate Agri* O 63 Stornoway Diam T 1279 Stratton Res V 58 Strikepoint Gd V 331 Strongbow Expl V 5 Suncor Energy T 21559 Suncor Energy* N 26520 Sunridge Gold V 2855 Sunridge Gold* O 361 Sutter Gold V 736 Sutter Gold* O 816

0.85 0.71 0.85 + 0.07 0.80 0.30 0.61 0.53 0.61 + 0.05 0.57 0.24 0.05 0.00 0.05 + 0.01 0.11 0.03 0.05 0.04 0.05 + 0.01 0.06 0.01 0.07 0.07 0.07 + 0.01 0.16 0.03 0.16 0.10 0.12 + 0.02 0.24 0.09 0.04 0.03 0.04 - 0.01 0.06 0.02 0.01 0.01 0.01 - 0.01 0.06 0.01 0.24 0.15 0.24 + 0.04 0.24 0.08 0.33 0.20 0.32 + 0.05 0.44 0.11 4.10 3.53 3.90 + 0.01 4.69 2.82 3.00 2.57 2.82 + 0.01 3.78 1.94 0.00 0.00 0.00 + 0.00 0.18 0.00 0.14 0.12 0.14 + 0.03 0.28 0.06 0.20 0.15 0.20 + 0.04 0.37 0.09 0.00 0.00 0.00 - 0.00 0.02 0.00 0.05 0.04 0.04 - 0.01 0.15 0.02 0.20 0.17 0.17 - 0.01 0.24 0.09 0.06 0.05 0.06 + 0.01 0.11 0.02 0.10 0.08 0.10 + 0.02 0.17 0.06 8.75 7.00 8.50 + 0.69 9.63 3.31 12.08 9.78 11.70 + 0.87 13.55 4.34 0.06 0.05 0.06 + 0.01 0.13 0.03 0.12 0.08 0.08 - 0.01 0.44 0.06 0.26 0.22 0.25 + 0.01 0.50 0.11 4.45 3.94 4.26 + 0.08 4.45 2.46 0.12 0.10 0.12 + 0.02 0.80 0.10 0.06 0.04 0.06 + 0.02 0.07 0.02 0.12 0.09 0.10 - 0.02 0.20 0.05 0.70 0.63 0.68 + 0.04 3.24 0.53 12.90 11.27 11.85 - 1.03 12.90 4.07 0.01 0.00 0.01 - 0.01 0.02 0.00 0.03 0.00 0.03 + 0.02 0.02 0.01 0.07 0.04 0.06 + 0.02 0.06 0.01 0.25 0.22 0.25 - 0.01 0.62 0.18 0.18 0.18 0.18 - 0.00 0.42 0.13 0.78 0.72 0.73 - 0.02 1.29 0.69 1.10 0.00 1.00 - 0.08 1.60 0.84 0.00 0.00 0.00 + 0.00 0.01 0.00 0.06 0.04 0.06 + 0.02 0.10 0.02 0.10 0.07 0.08 - 0.01 0.18 0.04 0.07 0.05 0.05 - 0.01 0.14 0.02 0.03 0.01 0.01 - 0.01 0.05 0.01 0.05 0.03 0.05 + 0.02 0.06 0.02 0.02 0.01 0.02 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.03 0.00 0.03 + 0.01 0.05 0.02 0.05 0.04 0.04 + 0.01 0.11 0.02 0.04 0.02 0.04 + 0.02 0.08 0.01 8.45 7.40 7.95 - 0.42 10.56 5.22 6.09 5.39 5.77 - 0.27 8.02 3.66 16.21 14.36 15.55 + 0.31 22.38 10.04 22.40 20.05 21.43 + 0.28 27.99 14.51 1.38 0.94 1.27 + 0.24 1.73 0.60 0.97 0.67 0.92 + 0.16 1.41 0.41 0.04 0.03 0.04 + 0.01 0.10 0.02 0.41 0.27 0.31 - 0.09 2.93 0.26 0.15 0.11 0.14 + 0.02 0.15 0.07 0.11 0.00 0.11 + 0.04 0.11 0.07 0.08 0.07 0.07 - 0.01 0.13 0.06 0.04 0.03 0.04 + 0.01 0.07 0.02 0.09 0.06 0.06 - 0.03 0.12 0.01 0.08 0.06 0.06 - 0.02 0.10 0.04 0.51 0.45 0.50 + 0.00 0.94 0.40 0.05 0.04 0.05 + 0.01 0.16 0.04 0.00 0.00 0.00 - 0.00 2.00 0.00 27.02 23.56 23.75 - 2.62 33.31 21.55 0.04 0.03 0.03 + 0.00 0.08 0.02 0.05 0.04 0.04 - 0.01 0.13 0.03 0.04 0.00 0.04 + 0.00 0.04 0.01 0.05 0.04 0.04 - 0.01 0.05 0.01 0.02 0.01 0.02 - 0.01 0.05 0.01 0.02 0.01 0.01 - 0.01 0.06 0.01 0.11 0.09 0.11 + 0.01 0.17 0.07 0.12 0.08 0.12 + 0.03 0.11 0.05 0.18 0.00 0.18 + 0.06 1.95 0.04 0.05 0.02 0.05 + 0.03 0.04 0.01 0.16 0.11 0.13 + 0.01 1.15 0.01 0.01 0.01 0.01 + 0.00 0.10 0.01 0.45 0.34 0.44 + 0.10 0.66 0.25 7.32 6.64 7.13 - 0.19 15.07 4.99 0.12 0.09 0.12 + 0.02 0.20 0.06 0.16 0.14 0.14 - 0.03 0.19 0.12 0.02 0.01 0.01 - 0.01 0.03 0.01 0.84 0.78 0.84 + 0.04 0.85 0.54 0.13 0.13 0.13 + 0.01 0.14 0.06 0.02 0.02 0.02 - 0.01 0.08 0.01 0.07 0.00 0.07 - 0.01 0.18 0.05 33.45 29.90 32.86 + 2.29 40.93 27.32 24.49 21.45 23.88 + 1.80 33.49 18.71 0.30 0.28 0.28 - 0.01 0.30 0.13 0.22 0.20 0.21 + 0.00 0.22 0.10 0.07 0.05 0.06 - 0.01 0.10 0.04 0.05 0.03 0.05 + 0.00 0.09 0.02

S

12-month

T

R Rackla Mtls* O 2 Rackla Mtls V 63 Rambler Ml &Mg V 413 Randgold Res* O 1 Randgold Res* D 7089 Rapier Gold V 56 Raptor Res* O 336 Rare Element* X 1571 V 160 Rathdowney Res RB Energy* O 308 Red Eagle Mng* O 172 959 Red Eagle Mng V Red Moon Potsh V 57 Red Pine Expl V 2805 75 Red Rock Enrgy V Redhawk Res T 98 Regulus Res V 41 Renaissance Gd* O 39 Renaissance Gd V 40 Renforth Res 1018 Reservoir Mnls* O 46 V 83 Reservoir Mnls Revelo Res V 2564 Revolver Res V 10 X 1877 Richmont Mines* Richmont Mines T 974 595 Rio Novo Gold T Rio Silver V 771 Rio Tinto* N 26915 Rio Tinto* O 2 Rio Tinto* O 1 Rise Res Inc* O 40 Riverside Res V 304 O 19 Riverside Res* RJK Explor V 115 Rochester Res V 104 171 Rock Tech Lith V Rockcliff Cop V 69 Rockex Mng 133 V 376 Rockhaven Res Rockshield Cap 363 Rogue Res* O 51 Rogue Res V 1290 Romios Gold Rs* O 246 534 Rosita Mg Corp V Roxgold V 3011 Royal Gold T 86 Royal Gold* D 6830 Royal Nickel T 1876 Royal Nickel* O 55 Royal Rd Mnrls V 705 Rubicon Mnrls T 4868 Rubicon Mnrls* O 5905 Rugby Mng V 428 Running Fox Rs* O 549 Running Fox Rs V 492 Rupert Res V 359 Rusoro Mng V 458 Rye Patch Gold* O 391 638 Rye Patch Gold V

Week

Exc Volume High Low Last Change High Low

Tahoe Res T 9242 Tahoe Res* N 9306 Tamino Mnrls* O 5088 Tantalex Res 59 Tanzania Rlty T 237 Tanzania Rlty* X 761 Taranis Res V 36 Tarku Res V 105 Tartisan Res 95 Taseko Mines* X 677 Tasman Metals V 421 Teck Res T 21 N 58166 Teck Res* Teck Res T 38712 TECO Enrgy* N 16878 Telson Res * O 14 Tembo Gold* O 240 Teranga Gold T 6770 Teras Res V 937 Terraco Gold V 784 Terrax Mnrls* O 98 Terrax Mnrls V 177 Teslin Rvr Res V 189 Tesoro Mnrls V 31 Teuton Res V 269 T 2058 Thompson Creek O 2154 Thompson Creek* Thor Expl V 266 Thunder Mtn Gd* O 361 Till Capital* D 44 Till Capital V 3 O 155 Timberline Res* Timberline Res V 63 Timmins Gold* X 6254 Timmins Gold T 7722 Tinka Res* O 278 Tintina Mines V 100 Tintina Res V 129 Tintina Res* O 89 Tirex Res V 149 Tirex Res* O 191 Titanium Corp V 665 Torex Gold T 13231 Torex Gold* O 532 Transition Mtl V 38 Treasury Metal T 268 N 234 Trecora Res* Tres-Or Res V 46 Trevali Mng* O 794 Tri-River Vent V 125 TriMetals Mng T 308 O 301 TriMetals Mng* TriMetals Mng* O 71 Trinity Valley V 481 O 500 Trio Resources* TriStar Gold V 241 TriStar Gold* O 76 True Gold Mng V 4428 681 True Gold Mng* O 817 True North Gem V Tsodilo Res V 25 14969 Turquoise HIl* N Turquoise HIl T 6094 Tyhee Gold* O 5115

12.63 11.04 12.44 + 0.59 18.65 9.45 9.16 7.94 9.04 + 0.48 15.14 6.48 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.03 0.03 - 0.01 0.09 0.01 0.39 0.33 0.39 + 0.04 0.77 0.24 0.31 0.24 0.29 - 0.02 0.65 0.17 0.06 0.06 0.06 + 0.01 0.15 0.03 0.02 0.02 0.02 + 0.01 0.18 0.02 0.04 0.03 0.03 - 0.01 0.06 0.01 0.37 0.31 0.35 + 0.01 0.93 0.23 0.20 0.13 0.17 + 0.02 0.86 0.12 11.01 7.90 10.70 + 2.18 22.64 5.69 6.41 3.87 5.95 + 1.27 16.40 2.56 8.80 5.41 8.15 + 1.71 20.58 3.65 27.45 27.09 27.45 + 0.27 27.45 17.60 0.08 0.08 0.08 + 0.00 0.09 0.07 0.01 0.01 0.01 - 0.00 0.05 0.01 0.61 0.49 0.57 + 0.02 0.82 0.38 0.07 0.04 0.07 + 0.04 0.12 0.03 0.10 0.09 0.10 + 0.01 0.16 0.07 0.24 0.22 0.24 + 0.00 0.34 0.17 0.33 0.29 0.32 + 0.01 0.43 0.23 0.26 0.23 0.23 - 0.01 0.34 0.20 0.02 0.00 0.02 + 0.01 0.04 0.01 0.07 0.06 0.07 + 0.01 0.11 0.04 0.37 0.31 0.37 + 0.03 2.04 0.16 0.27 0.21 0.26 + 0.01 1.63 0.07 0.06 0.00 0.06 + 0.04 0.06 0.02 0.08 0.05 0.05 - 0.03 0.15 0.02 3.62 0.00 3.50 + 0.45 6.23 2.90 4.74 0.00 4.74 + 0.55 8.00 3.89 0.19 0.13 0.15 - 0.01 0.78 0.08 0.24 0.19 0.21 - 0.02 0.91 0.16 0.24 0.20 0.22 - 0.01 0.93 0.07 0.33 0.28 0.31 - 0.01 1.15 0.11 0.11 0.09 0.11 - 0.01 0.34 0.07 0.10 0.07 0.07 - 0.03 0.10 0.02 0.09 0.07 0.09 + 0.01 0.09 0.04 0.07 0.04 0.06 + 0.01 0.08 0.03 0.11 0.10 0.10 - 0.01 0.29 0.07 0.08 0.06 0.08 - 0.00 0.21 0.05 0.55 0.39 0.50 + 0.11 1.55 0.38 1.65 1.35 1.58 - 0.03 1.65 0.85 1.20 1.01 1.16 + 0.01 1.20 0.67 0.17 0.11 0.16 + 0.03 0.23 0.06 0.47 0.44 0.47 + 0.02 0.62 0.25 9.88 8.78 9.03 - 0.30 16.50 8.80 0.02 0.02 0.02 - 0.01 0.03 0.01 0.28 0.24 0.27 + 0.01 1.03 0.18 0.04 0.00 0.04 - 0.03 0.17 0.04 0.14 0.08 0.12 + 0.03 0.13 0.04 0.10 0.05 0.10 + 0.04 0.09 0.03 0.09 0.07 0.08 - 0.01 0.15 0.06 0.02 0.00 0.02 + 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.20 0.16 0.18 - 0.02 0.22 0.10 0.14 0.11 0.11 - 0.03 0.18 0.09 0.40 0.32 0.40 + 0.07 0.39 0.15 0.29 0.23 0.29 + 0.04 0.28 0.11 0.16 0.14 0.16 + 0.01 0.20 0.07 0.60 0.58 0.60 + 0.02 1.15 0.57 2.18 1.90 2.14 + 0.20 4.74 1.55 3.06 2.64 2.95 + 0.26 5.80 2.30 0.00 0.00 0.00 + 0.00 0.04 0.00

U3O8 Corp* O 332 Ucore Rare Mtl* O 1028 Ucore Rare Mtl V 1674 Unigold V 43 171 United Res Hdg* O United Silver* O 255 198 United States A* X United States S* N 51988 Unity Energy V 262 Unity Mng* O 15 Ur-Energy T 295 Ur-Energy* X 1207 Uracan Res V 354 Uracan Res* O 22 X 2701 Uranium Energy* Uranium Res* D 1954 V 23 Uranium Valley Uravan Mnrls V 184 US Energy* D 680 US Precious M* O 2327 US Tungsten* O 38 USCorp* O 815 Vale* N 152641 N 68675 Vale* ValGold Res V 3534 Vanadiumcorp* O 415 Vantex Res V 103 Vatic Vent V 207 Vedanta* N 1246 Vena Res* O 9 Vena Res T 85 Verde Potash T 110 Verde Res* O 57 Victoria Gold V 2822 Victory Nickel T 463 Victory Res V 497 Virginia Enrgy* O 21 Viscount Mng V 184 Vista Gold* X 1362 Vista Gold T 81 VVC Expl V 327

0.02 0.00 0.02 + 0.00 0.06 0.01 0.27 0.22 0.25 + 0.01 0.35 0.15 0.37 0.32 0.35 + 0.01 0.44 0.20 0.24 0.18 0.19 - 0.02 0.24 0.08 0.02 0.02 0.02 + 0.00 0.11 0.02 0.00 0.00 0.00 - 0.00 0.02 0.00 0.29 0.18 0.20 - 0.07 1.65 0.16 8.75 6.94 8.10 + 0.70 27.68 6.15 0.25 0.15 0.25 + 0.10 0.22 0.05 0.03 0.02 0.03 + 0.01 0.02 0.01 0.70 0.65 0.68 + 0.01 1.35 0.60 0.51 0.47 0.50 + 0.02 1.08 0.45 0.03 0.03 0.03 - 0.01 0.05 0.01 0.02 0.01 0.01 - 0.01 0.03 0.00 0.97 0.79 0.90 + 0.02 3.00 0.65 0.30 0.23 0.23 - 0.02 1.93 0.20 0.05 0.00 0.04 - 0.01 0.10 0.04 0.06 0.05 0.06 + 0.02 0.17 0.04 0.50 0.32 0.39 - 0.04 1.47 0.11 0.02 0.01 0.01 - 0.00 0.20 0.00 0.00 0.00 0.00 - 0.00 0.02 0.00 0.00 0.00 0.00 - 0.00 0.02 0.00 3.22 2.54 2.94 + 0.31 9.14 2.13 2.28 1.88 2.16 + 0.25 6.82 1.55 0.03 0.01 0.02 + 0.01 0.03 0.01 0.04 0.03 0.03 - 0.01 0.05 0.01 0.02 0.01 0.02 + 0.01 0.02 0.01 0.03 0.02 0.02 + 0.01 0.04 0.01 4.40 3.70 4.18 + 0.32 14.43 3.52 0.01 0.01 0.01 + 0.00 0.08 0.00 0.03 0.02 0.02 - 0.01 0.10 0.01 0.16 0.13 0.15 + 0.01 0.54 0.13 0.08 0.06 0.06 - 0.02 0.20 0.02 0.22 0.19 0.21 - 0.01 0.22 0.11 0.04 0.02 0.03 + 0.01 0.16 0.01 0.05 0.04 0.05 + 0.01 0.09 0.02 0.04 0.04 0.04 - 0.01 0.08 0.02 0.55 0.48 0.51 + 0.01 0.63 0.16 0.41 0.36 0.39 - 0.02 0.41 0.24 0.57 0.52 0.53 - 0.04 0.59 0.31 0.03 0.00 0.03 + 0.01 0.04 0.01

Walker Lane* O 4 Walker River V 1296 O 3578 Walter Energy* War Eagle Mg V 69 Wealth Mnrls V 279 Wealth Mnrls* O 29 Wellgreen Plat T 786 Wellgreen Plat* O 231 Wesdome Gold T 3266 West Af Res V 315 West High Yld V 136 West Kirkland V 1556 Western Copper T 547 Western Copper* X 210 Western Lith T 2489 Western Lith* O 673 Western Pac Rs* O 187 Western Potash T 846 Western Uran 9 Westkam Gold V 3011 Westminster Rs V 125 Westmoreland* D 1202 WestMountain* O 13 Weststar Res 93 White Mtn Engy* O 187 White Pine Res V 631 Whitehaven Coa* O 628 Wildcat Expl* O 88 Wildcat Expl V 179 Wolfden Res V 859 Wolverine Mnls V 71 WPC Res V 7040 X-Terra Res V 150 Xander Res V 215 Ximen Mng V 166 Xinergy* O 2167 XLI Tech Inc* O 2490 Xtra-Gold Res T 146 Xtra-Gold Res* O 85 Yamana Gold* N 88823 Yanzhou Coal* N 177 Yorbeau Res T 318 Zadar Vent V 2735 Zazu Metals T 153 Zazu Metals* O 86 Zenyatta Vent* O 5 Zenyatta Vent V 164 Zonte Mtls V 41

0.70 0.00 0.65 - 0.05 1.25 0.41 0.07 0.06 0.06 - 0.01 0.08 0.02 0.05 0.03 0.04 + 0.00 1.09 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.24 0.20 0.24 + 0.04 0.42 0.14 0.16 0.14 0.16 + 0.02 0.33 0.10 0.21 0.18 0.21 + 0.03 0.60 0.16 0.15 0.13 0.15 + 0.02 0.49 0.12 1.65 1.41 1.53 + 0.04 1.65 0.89 0.06 0.05 0.05 - 0.01 0.10 0.05 0.29 0.23 0.26 - 0.03 0.43 0.17 0.09 0.05 0.08 + 0.02 0.09 0.04 0.35 0.32 0.34 + 0.01 0.73 0.29 0.25 0.23 0.25 - 0.00 0.59 0.20 0.42 0.37 0.42 + 0.03 0.96 0.26 0.30 0.26 0.30 + 0.02 0.81 0.18 0.01 0.00 0.01 + 0.01 0.06 0.00 0.19 0.18 0.18 + 0.01 0.34 0.17 1.99 0.00 1.95 + 0.45 5.00 1.50 0.04 0.00 0.03 - 0.01 0.05 0.02 0.06 0.05 0.05 - 0.01 0.10 0.01 5.45 4.63 4.81 - 0.18 30.92 3.44 0.10 0.04 0.10 + 0.02 0.42 0.04 0.04 0.02 0.03 - 0.01 0.06 0.01 0.10 0.07 0.10 + 0.03 0.46 0.07 0.01 0.00 0.01 + 0.01 0.09 0.01 0.34 0.00 0.34 + 0.09 1.24 0.25 0.05 0.05 0.05 - 0.01 0.05 0.02 0.09 0.05 0.09 + 0.02 0.08 0.02 0.09 0.07 0.09 + 0.01 0.21 0.05 0.02 0.02 0.02 - 0.01 0.08 0.02 0.05 0.04 0.05 + 0.01 0.08 0.03 0.12 0.09 0.12 + 0.03 0.30 0.06 0.35 0.32 0.35 + 0.02 0.41 0.18 0.07 0.00 0.05 - 0.01 0.19 0.02 0.00 0.00 0.00 + 0.00 0.05 0.00 1.10 0.89 1.03 - 0.06 1.50 0.14 0.38 0.30 0.38 + 0.04 0.37 0.18 0.28 0.21 0.28 + 0.03 0.28 0.12 2.81 2.40 2.69 + 0.01 4.32 1.38 4.25 3.79 4.15 + 0.30 12.24 3.66 0.08 0.07 0.07 - 0.01 0.17 0.04 0.13 0.09 0.12 + 0.03 0.13 0.01 0.18 0.15 0.18 + 0.02 0.32 0.09 0.13 0.12 0.13 + 0.02 0.26 0.08 0.59 0.57 0.57 - 0.02 2.20 0.47 0.85 0.75 0.77 - 0.07 2.61 0.63 0.11 0.08 0.08 - 0.01 0.15 0.02

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2016-02-23 7:16 PM

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BID-ASK — FEBRUARY 15–19 , 2016

STOCK

37 Capital One Acme Res Corp Acme Res Inc Active Growth Aftermath Slvr Alba Minerals Alberta Star Alderon Iron* Allante Potash Alliance Mng Almo Capital Alpha Nat Res* ALQ Gold Altiplano Mnls Alturas Mnrls Amador Gold Amanta Res Amato Expl Amer Vanadium Anglo Pac Grp Anthem United APAC Res Inc Appalaches Res Appia Energy Arak Res Arch Coal* Arcturus Vents Ardonblue Vent Argentum Silvr Armor Mnrls Arrowhead Gold Arrowstar Res Artha Res Asbestos Corp Asher Res Asia Now Res Asiamet Res Astar Mnls Astorius Res Ateba Res Atlantic Ind Atlatsa Res* Augustine Vent Auramex Res Austin Res Avalon Rare Mt* Avenira Ltd Balto Res Banks Island Barker Mnrls BE Res Bearclaw Cap Bearing Res Belvedere Res Benz Cap Bethpage Cap Big Bar Res Big Wind Cap Bird River Res Bison Gold Res Black Widow Rs Bluenose Gold Bold Vent Boss Power Cadillac Vent Cairo Res Canada Coal Carrie Arran Cascade Res Cascadero Copp Cava Res Cdn Arrow Cdn Silvr Hunt Celeste Mng Celtic Minrls Cerro Grande Cerro Mng Chalice Gold M Chantrell Vent Chimata Gold China Mnls Mng Chinapintza Mg Cicada Vents Claim Post Res Clear Mtn Res Cliffs Nat Res* Clydesdale Res Cons Westview Cornerstone Mt Cougar Mnls Crestwell Res Cresval Cap Cricket Res Dawson Gold Declan Res Desert Gold Deveron Res DGS Mnls Dynasty Gold E-Energy Vent Emerge Res Emerita Res Endurance Gold Enfield Expl European Metal Eurotin Expedition Mng Explorex Res Far Res Fire River Gol Firesteel Res Firestone Vent First Idaho Fort St J Nick Freeport Res G4G Res Galena Intl Rs GAR Limited Genius Props Gentor Res GFM Res Giyani Gold GobiMin

12-MONTH

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C V V V V V V X V V V N V V V V V V V T V C V C V N V V V V C V V V V V V V V C V X C V V X T V V V V V V V V V V C C V V V V V V V V V V V V V V V C C V T V V V V V V V N V V V V C V V V V V V C V V V V V C C V C C C V V V V V V V V C C V V V V

0.20 2.00 0.02 0.05 0.02 0.03 0.02 0.03 ... 0.01 0.01 0.03 0.20 0.22 ... 0.40 0.01 0.10 0.01 0.01 0.06 0.14 0.23 0.24 0.04 0.05 0.02 0.03 ... 0.01 ... 0.01 0.01 0.02 0.01 0.02 0.09 0.09 ...

1.45 0.18 0.29 0.02 0.10 0.01 0.01 0.01 ...

0.03 0.05 ... ...

0.01 0.02 0.05 0.10 0.02 0.03 0.11 0.35 0.03 0.04 0.06 0.15 0.13 0.15 0.16 0.29 0.02 0.02 0.01 0.02 0.02 0.03 0.09 0.15 0.01 0.02 0.01 0.01 ... 0.02 ... ...

0.04 0.06 0.01 0.02 ... 0.01 0.08 0.17 0.10 0.14 0.01 0.02 0.01 0.01 0.01 0.01 0.32 0.35 0.03 0.03 0.03 0.03 ... 0.01 0.02 0.04 0.04 0.08 0.08 0.20 ...

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0.01 0.01 0.02 0.01 0.01 0.11 0.12 0.06 0.09 0.02 0.03 0.01 0.01 0.01 0.01 ... 0.01 0.01 0.01 0.01 0.01 1.45 3.20 0.02 ...

0.22 0.43 0.01 0.01 0.05 0.06 0.12 0.13 0.04 0.06 0.01 0.04 0.12 0.15 ... 0.01 0.09 0.15 0.25 0.27 0.04 0.10 0.01 0.02 ... 0.01 0.05 0.07 0.03 0.04 0.02 0.03 0.01 0.06 ... 0.01 0.01 0.02 0.16 0.20 0.07 0.15 0.02 0.05 0.03 0.07 0.01 0.01 0.01 0.01 0.06 0.12 0.01 0.02 0.01 0.02 0.05 0.07 0.03 0.04 ... 0.05 0.02 0.03 0.01 0.02 0.02 0.11 0.08 0.09 0.30 0.35

0.20 0.21 0.02 0.04 0.02 0.06 0.03 0.17 0.01 0.03 0.01 0.04 0.20 0.23 0.14 0.52 0.01 0.07 0.01 0.05 0.06 0.14 0.24 4.16 0.04 0.06 0.02 0.06 0.01 0.01 0.01 0.01 0.01 0.01 0.09 0.10 1.45 2.05 0.21 0.47 0.05 0.11 0.01 0.01 0.05 0.03 0.10 0.58 15.00 0.01 0.03 0.05 0.07 0.02 0.06 0.12 0.15 0.03 0.08 0.07 0.14 0.12 0.20 0.16 0.30 0.02 0.05 0.02 0.03 0.03 0.04 0.09 0.16 0.01 0.05 0.01 0.01 0.01 0.01 0.06 0.45 0.05 0.09 0.01 0.02 0.01 0.03 0.09 0.40 0.10 0.13 0.01 0.01 0.01 0.17 0.01 0.01 0.35 0.03 0.04 0.03 0.04 0.01 0.08 0.03 0.30 0.04 0.10 0.10 0.10 0.01 0.05 0.06 0.08 0.01 0.04 0.01 0.08 0.01 0.04 0.03 0.06 0.17 0.23 0.01 0.08 0.13 0.26 0.01 0.04 0.05 0.07 0.02 0.05 0.03 0.05 0.04 0.25 0.01 0.01 0.01 0.07 0.01 0.01 0.01 0.01 0.04 0.01 0.03 0.11 0.15 0.06 0.15 0.03 0.19 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.05 0.01 0.03 1.43 7.17 0.02 0.08 0.22 0.64 0.01 0.04 0.05 0.15 0.13 0.16 0.06 0.06 0.01 0.04 0.12 0.15 0.01 0.03 0.15 0.50 0.24 0.32 0.05 0.06 0.01 0.03 0.01 0.01 0.05 0.06 0.03 0.07 0.02 0.08 0.01 0.10 0.01 0.01 0.01 0.05 0.18 0.20 0.07 0.19 0.02 0.05 0.09 0.75 0.01 0.08 0.01 0.01 0.06 0.15 0.01 0.01 0.01 0.02 0.05 0.10 0.03 0.04 0.05 0.10 0.03 0.12 0.01 0.07 0.02 0.02 0.09 0.11 0.30 0.49

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0.14 0.01 0.02 0.02 0.01 0.01 0.16 0.12 0.01 0.01 0.06 0.20 0.03 0.02 0.01 0.01

God’s Lake Res C Gold Ridge Exp V Golden Brg Dev V C Goldrea Res Goldstream Mnl V C GoldTrain Res V Gonzaga Res Granite Ck Gld V Graniz Mondal V C Gravis Energy Gray Rock Res V V Great Atlantic Great Thunder V Greatbanks Res V Green Arrow V Green Valley M V Greywacke Expl C C Hadley Mng V Hard Creek Ni Harvest Gold V HFX Holding V Highvista Gold V Highway 50 Gld V HiHo Silver C Homeland Egy V Horizonte Mnls T Hunt Mng V IEMR Res V V IGC Res Indigo Expl V Inform Res V V Interconnect Intl Samuel Ex V Jasper Mng V V Jaxon Mnls Jazz Res V Jubilee Gold V Kairos Cap V Kazax Mnls V Kenna Res V Kermode Res V Kestrel Gold V Kitrinor Mtls V La Imperial C Lago Dourado V Lakeside Mnrls V Lamelee Iron V Lancaster Cap V V Leeta Gold Leo Res C Lions Bay Cap V C Lornex Cap Magnum Goldco V Mahdia Gold C V Mainstream Mnl Mammoth Res V Manado Gold V Maritime Res V Masuparia Gold V Match Capital V MaxTech Vent C C McLaren Res Mega Copper V Melior Res V Menika Mining V Metallis Res V Metallum Res V Mezzotin Mnrls V Midasco Cap V Midnight Star C Midnight Sun V MillenMin Vent V Mindoro Res V Mineral Hill V Minsud Res V Mistango River C Mitchell Res V Moag Copper C V Monster Mng Montana Gold C Morgan Res V V Morro Bay Morumbi Res V Mountainstar C MPH Vent V Mukuba Res V Navy Res V Network Expl V New Era Mnrls V New Klondike V New Oroperu V Next Gen Mtls C Nickel North V Noble Metal Gr V Noram Vent V V North Am Ptash NovX21 V NQ Expl V Nrthn Abitibi V Nrthn Lion V NSGold V NSS Res Inc C Odyssey Res V Open Gold V Oracle Mng V Orestone Mng V Organic Potash C Otterburn Res V Oxford Res V Pac Arc Res V Pac Cascade V Pac Coal Res V Pac Imperial V Pac Iron Ore V V Pac Link Mng Pac Potash V Palisades Vent V Pantheon Vent V Parallel Mng V Pedro Res V Phoenix Gold V Pistol Bay Mng V Pitchblack Res V

0.06 1.00 0.17 0.05 0.01 0.02 0.58 0.01 0.05 0.02 0.10 0.03 0.04 0.01 0.13 0.02 0.01 0.01 0.09 0.01 0.01 0.01 0.06 0.03 0.01 0.01 0.08 0.07 0.01 0.01 0.01 0.02 0.02 0.01 0.03 0.03 0.06 0.01 0.02 0.01 0.01 0.01 0.02 0.15 0.01 0.08 0.01 0.05 0.02 0.02 0.04 0.01 0.01 0.01 0.01 0.01 0.09 0.06 0.01 0.01 0.01 0.01 0.01 0.01 0.98 0.02 0.22 0.01 0.03 0.07 0.01 0.01 0.03 0.01 0.08 0.09 0.02 0.01 0.01 0.04 0.03 0.02 0.01 0.01 0.01 0.08 0.05 0.02 0.03 0.01 0.01 0.05 0.01 0.01 0.03 0.01 0.03 0.02 0.01 0.02 0.05 0.27

12-MONTH

EXC BID ASK LAST HIGH LOW

0.05 0.10 0.01 0.04 0.08 0.12 0.04 0.08 ... 0.01 ... 0.01 0.02 0.02 0.02 0.02 0.01 0.03 0.01 ...

0.02 0.03 0.03 0.04 0.01 0.02 0.01 0.02 0.04 0.05 ...

0.01 0.01 ...

0.01 0.02 0.01 0.02 0.04 0.05 0.04 0.09 0.17 0.17 0.13 0.16 ... 0.01 ... 0.01 0.03 0.04 0.03 0.04 ... 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.06 0.13 0.01 0.02 0.03 0.06 0.03 0.05 0.10 0.15 0.22 2.50 0.02 0.02 0.01 0.02 0.10 0.12 ... 0.01 0.02 0.02 ... 0.01 0.01 0.05 0.05 0.06 ... 0.01 0.01 0.02 0.09 ...

0.03 0.10 0.01 0.10 0.01 0.02 0.24 0.28 0.03 0.05 0.01 0.01 ...

0.01 0.01 0.01 0.03 0.03 0.13 0.16 0.03 0.04 0.01 0.02 0.10 0.15 0.01 0.01 0.03 0.03 0.02 0.02 0.08 0.12 0.05 0.06 0.11 0.13 0.01 0.01 0.11 0.20 0.08 0.15 0.11 0.20 0.01 0.02 ... 0.01 0.14 0.14 0.09 0.12 0.01 0.03 0.02 0.03 ... 0.09 ... 0.01 0.04 0.05 0.01 0.01 0.01 0.01 0.03 0.03 0.09 0.13 0.07 0.08 0.01 0.01 0.19 0.24 0.14 0.16 0.05 0.10 0.01 0.01 0.14 0.20 0.02 0.03 0.01 0.01 0.01 0.01 0.02 0.03 ...

0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.05 0.10 0.04 0.07 ... ...

0.02 0.04 0.01 0.01 0.01 0.01 ... 0.01 0.01 0.07 0.19 0.25 0.02 0.03 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.22 0.35 0.01 0.03 0.04 0.05 0.05 0.07 0.08 0.10 0.04 0.07 0.01 0.05 0.01 0.01 0.02 0.03 0.03 0.10

0.05 0.10 0.01 0.02 0.08 0.18 0.04 0.10 0.01 0.02 0.01 0.01 0.02 0.07 0.02 0.03 0.03 0.06 0.01 0.01 0.02 0.04 0.04 0.17 0.02 0.03 0.01 0.14 0.05 0.10 0.01 0.01 0.01 0.01 0.01 0.12 0.01 0.10 0.04 0.06 0.09 0.15 0.17 0.28 0.14 0.34 0.01 0.02 0.01 0.01 0.03 0.06 0.03 0.40 0.01 0.01 0.01 0.02 0.01 0.02 0.03 0.03 0.06 0.11 0.01 0.30 0.03 0.07 0.05 0.06 0.15 0.23 0.50 0.50 0.02 0.03 0.01 0.06 0.12 0.17 0.01 0.02 0.02 0.07 0.01 0.01 0.01 0.01 0.05 0.15 0.01 0.03 0.02 0.08 0.13 0.15 0.04 0.07 0.01 0.07 0.01 0.05 0.28 0.30 0.04 0.13 0.01 0.02 0.01 0.01 0.07 0.03 0.08 0.16 0.24 0.03 0.09 0.01 0.02 0.10 0.22 0.01 0.01 0.03 0.05 0.02 0.11 0.11 0.15 0.06 0.09 0.12 0.13 0.01 0.01 0.12 0.12 0.08 0.10 0.24 0.24 0.01 0.02 0.01 0.03 0.14 0.09 0.09 0.01 0.07 0.02 0.05 0.08 0.15 0.01 0.01 0.05 0.05 0.01 0.09 0.01 0.07 0.03 0.07 0.10 0.30 0.07 0.11 0.01 0.02 0.20 0.23 0.14 0.15 0.05 0.29 0.01 0.02 0.14 0.22 0.02 0.06 0.01 0.03 0.01 0.01 0.02 0.03 0.01 0.01 0.02 0.09 0.01 0.02 0.01 0.02 0.07 0.16 0.07 0.08 0.20 0.20 0.02 0.04 0.01 0.01 0.07 0.01 0.01 0.01 0.09 0.20 0.03 0.04 0.01 0.01 0.01 0.02 0.01 0.11 0.01 0.01 0.22 0.39 0.01 0.01 0.05 0.45 0.05 0.22 0.10 0.13 0.04 0.07 0.02 0.04 0.01 0.03 0.02 0.09 0.07 0.20

0.01 0.01 0.06 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.02 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.14 0.05 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.05 0.05 0.02 0.01 0.03 0.50 0.01 0.01 0.08 0.01 0.01 0.01 0.01 0.05 0.01 0.01 0.04 0.03 0.01 0.01 0.07 0.02 0.01 0.01 0.01 0.08 0.03 0.01 0.03 0.01 0.02 0.01 0.05 0.01 0.08 0.01 0.05 0.08 0.08 0.01 0.01 0.05 0.01 0.01 0.07 0.01 0.02 0.01 0.01 0.02 0.09 0.04 0.01 0.06 0.02 0.04 0.01 0.07 0.02 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.03 0.03 0.20 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.10 0.01 0.03 0.03 0.09 0.03 0.01 0.01 0.01 0.05

STOCK

Plate Res Platinex PNG Gold Polar Res Portex Mnrls Portofino Res Prism Res Prize Mng ProAm Expl Prospero Silvr QMC Quantum Ml Quartz Mtn Res Quinto Real Rainmaker Res Rainy Mtn Royl Randsburg Intl Ravencrest Res Razore Rock Res Red Hut Regal Res Reliance Res Reliant Gold Remington Res Remo Res Reunion Gold Reva Res Rheingold Expl Rhyolite Res Richmond Mnls Rift Valley Rise Res Inc River Wild Exp Rockland Mnls Rodinia Lithm Rojo Res Rome Res Romulus Res Ross River Rotation Mnls Roughrider Exp RT Minerals RTG Mining Rubicon Mnrls* Samco Gold Sarama Res Saville Res Savoy Vent Scavo Res Senator Mnrls Shamrock Ent Shoshoni Gold Signal Expl Signature Res Silver Fields Silver Phoenix Sniper Res SolidusGold Solitario Ex&R Sonora Gld & S Standard Toll Starr Peak Exp Stellar Africa Stelmine Can Stria Lithium Sunrise Res Sunset Cove Mg Superior Mng TAD Mineral Talmora Diamd Tanzania Mnls Tasca Res Tawsho Mng Tearlach Res Telferscot Res Tembo Gold Terreno Res Teryl Res Corp Theia Res Themac Res Thunder Mtn Gd Thunderstruck Tiger Intl Tiller Res Tolima Gold Tower Res Trigen Res Trio Gold Corp True Grit Res True Zone Res Trueclaim Expl Turbo Cap Inc UC Res Universal Vent Valterra Res Vangold Res Vela Minerals Velocity Mnrls Vendetta Mng Vendome Res Venerable Vent Viking Gold Volcanic Mtls Wabi Expl WAI Cap Invest Wallbridge Mng Waseco Res West Melville Western Troy C Westhaven Vent Westridge Res Whistler Gold White Metal Rs Whitemud Res Winston Res Wolfeye Res Xiana Mng Xtierra Zena Mng Zinco Mng

12-MONTH

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V V V V C V V V V V V V V V V V C C V C V V V V V V C V V C C C V V V V V V V V V T X V V V V C V C V V V V C V V T V V V V V V V V V V C V V V V C V V V V V V V V V V V V V V C V V V V V V V V V V V V V C V T V V V V V V V V C V V V V V

0.05 0.06 ... 0.01 0.01 0.02 0.03 0.08 ... 0.01 0.06 0.09 0.07 0.10 0.01 0.02 0.01 0.02 0.05 0.08 0.01 0.02 0.02 0.02 0.04 0.05 0.13 0.19 0.03 0.04 ... 0.01 0.01 ...

0.01 0.08 0.02 0.03 0.04 0.07 0.01 0.01 0.01 0.02 0.04 0.08 0.05 0.10 0.01 0.01 0.04 0.09 0.01 0.04 0.09 0.13 0.04 0.04 0.01 0.06 0.15 0.18 0.01 0.10 0.01 0.02 0.01 0.02 0.04 0.08 0.03 0.05 0.09 0.15 ...

0.01 0.04 0.30 0.05 0.07 0.01 0.01 0.32 0.43 ... ...

0.03 0.04 0.06 0.08 0.01 0.02 0.15 ...

0.36 0.57 0.05 0.10 ... 0.01 ... 0.01 0.02 0.04 0.02 0.03 ... 0.01 ... 0.22 0.01 0.01 0.04 0.18 0.61 0.69 0.01 0.01 ... 0.01 0.05 0.08 0.01 0.02 0.01 0.02 0.03 0.03 0.01 0.02 0.01 0.01 ... 0.01 ...

0.01 ... 0.04 ... 0.01 0.01 0.02 0.01 0.03 0.08 0.15 0.01 0.02 0.01 0.02 0.03 0.03 0.01 0.02 0.05 0.10 0.02 0.03 0.05 ...

0.01 0.02 0.12 0.20 0.04 0.07 ... 0.01 0.01 0.02 0.03 0.04 ...

0.01 0.01 0.06 0.01 0.01 0.02 0.03 ...

0.01 0.01 0.02 0.40 0.45 ... 0.01 ... 0.01 0.03 0.08 0.06 0.12 0.05 0.06 ... 0.01 ... 0.01 0.01 0.01 0.04 ...

0.04 0.06 0.03 0.03 0.04 0.05 0.02 0.02 0.04 0.05 0.01 0.02 0.05 0.09 0.01 0.02 0.02 0.29 0.02 0.03 0.01 0.02 0.01 0.02 0.22 0.29 0.03 0.05 ... 0.01 0.06 0.10 0.03 0.04

0.05 0.21 0.01 0.01 0.01 0.03 0.08 0.01 0.01 0.06 0.20 0.07 0.10 0.02 0.05 0.01 0.02 0.05 0.25 0.01 0.03 0.02 0.04 0.05 0.05 0.13 0.34 0.03 0.09 0.01 0.01 0.01 0.01 0.08 0.08 0.02 0.06 0.07 0.11 0.01 0.02 0.02 0.04 0.04 0.05 0.05 0.08 0.01 0.09 0.04 0.10 0.05 0.05 0.11 0.19 0.04 0.14 0.01 0.04 0.15 0.15 0.01 0.01 0.02 0.06 0.01 0.05 0.04 0.15 0.03 0.07 0.09 0.24 0.01 0.01 0.04 0.15 0.07 0.17 0.01 0.03 0.40 0.75 0.03 1.35 0.03 0.52 0.08 0.11 0.01 0.10 0.16 0.36 0.54 0.08 0.17 0.01 0.04 0.01 0.02 0.02 0.04 0.03 0.04 0.01 0.03 0.01 0.10 0.01 0.07 0.05 0.23 0.69 1.18 0.01 0.03 0.01 0.25 0.05 0.21 0.01 0.10 0.01 0.05 0.03 0.08 0.01 0.06 0.01 0.06 0.01 0.01 0.01 0.01 0.04 0.01 0.06 0.02 0.05 0.01 0.03 0.08 0.16 0.01 0.05 0.01 0.05 0.02 0.08 0.02 0.02 0.05 0.20 0.03 0.03 0.09 0.12 0.01 0.09 0.20 0.26 0.04 0.13 0.01 0.01 0.01 0.05 0.03 0.11 0.01 0.02 0.01 0.08 0.01 0.03 0.02 0.05 0.01 0.02 0.02 0.03 0.45 0.45 0.01 0.02 0.01 0.01 0.04 0.08 0.06 0.20 0.05 0.17 0.01 0.03 0.01 0.02 0.01 0.01 0.05 0.12 0.04 0.06 0.03 0.10 0.04 0.06 0.02 0.06 0.05 0.15 0.01 0.02 0.06 0.09 0.01 0.03 0.02 0.02 0.02 0.05 0.01 0.05 0.01 0.08 0.25 0.35 0.03 0.10 0.01 0.04 0.06 0.10 0.03 0.08

0.03 0.01 0.03 0.01 0.06 0.04 0.01 0.01 0.05 0.01 0.01 0.01 0.11 0.02 0.01 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.04 0.01 0.02 0.02 0.11 0.03 0.01 0.11 0.01 0.01 0.01 0.04 0.01 0.07 0.01 0.02 0.05 0.01 0.33 0.03 0.03 0.05 0.01 0.26 0.03 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.04 0.57 0.01 0.01 0.03 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.02 0.01 0.05 0.01 0.05 0.01 0.12 0.04 0.01 0.01 0.03 0.01 0.01 0.01 0.02 0.01 0.01 0.27 0.01 0.01 0.02 0.05 0.05 0.01 0.01 0.01 0.04 0.01 0.02 0.02 0.02 0.03 0.01 0.04 0.01 0.01 0.02 0.01 0.01 0.03 0.03 0.01 0.05 0.01

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 • High-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 • Investing in Mining • Glossary of Mining Terms

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2016-02-23 7:17 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 29–MARCH 6, 2016

11

Richmont CEO Renaud Adams: ‘Now we control our destiny’ INTERVIEW

BY SALMA TARIKH

R

starikh@northernminer.com

ichmont Mines’ (TSX: RIC; NYSE-MKT: RIC) president and CEO Renaud Adams talked to The Northern Miner about the 187% reserve increase at its two gold mines. Reserves at the Island Gold mine in Ontario grew 206% to 561,700 oz., and at the Beaufor mine in Quebec they climbed 95% to 63,850 oz.

Adams outlined the company’s 2016 drill plans and Island Gold’s potential, and explained why this year is a special one for the gold producer.

The Northern Miner: Could you comment on the combined 187% increase in reserves that was announced in early February at your two mines?

Renaud Adams: The biggest impact for us is on our flagship Island Gold mine … we put out the results of a preliminary economic assessment (PEA) to extract deeper resources in October 2015, with a full report filed in December. The results showed tremendous potential to shift this company through the Island Gold mine — increase production and lower cash costs, and all-in sustaining costs — with the view that we are … pre-developing the mine to position it with a long life and the infrastructure in place ahead of the game for 2017–22, as per the PEA. But the ounces used in the PEA all sat in the resource category — mostly in the inferred category.

For us the increase not only means we have reached the highest level of reserves in the history of the company, but have also de-risked the operational aspect of Island Gold. We now have 80% of the resources of the PEA that have been

| Adams outlines Island Gold’s potential, drill programs

confirmed and converted in the reserve category — validating the tonnes and the grades. This is huge for us and is a significant increase, but beyond the significant increase is the validation of the PEA, if you will, by converting the ounces to the reserve category.

TNM: Based on the reserves, Island Gold has a seven-year mine life, correct?

RA: Yes, based only on reserves. We will continue to be pretty aggressive in 2016 and delineate ounces, and convert them to the reserve category … we will keep increasing the life-ofmine based on reserves. But having a mine with a seven-year life — the company just never had this — it is an achievement.

TNM: Could you tell us about the current drilling programs at Island Gold?

RA: In 2015, drilling focused on delineation, converting ounces, derisking the project and increasing the reserve base … we’re always going to delineate, and we are delineating as we speak. But the focus in 2016 is increasing the resource base …

Island Gold is a deposit that has significant exploration upside. In 2016, our objective is to unlock the geological potential and grow the resource base.

We have, I would say, four priorities. Our first priority is to drill east–west and extend the deposit laterally to support a potential expansion of the production. We have already pre-developed the mine down to level 860, and by adding ounces east–west, we are just going to leverage the infrastructure and the capital invested, and increase the amount of ounces per vertical metre.

Our second priority is that we believe the deposit extends vertically up and down-plunge, below 1,000 metres. We are focused on unlocking the potential below …

Richmont Mines president and CEO Renaud Adams.

by adding a second phase of mining between 1,000 and 1,500 metres. We drilled holes in 2014 and 2015, and had intercepts that show potential extension of the deposit at depth.

TNM: How many metres of drilling are planned this year at Island Gold?

RA: We are starting on a pure delineation program. We have 50,000 to 60,000 metres of delineation drilling. This is to continue to build the reserve base. We have committed so far 40,000 to 45,000 metres of exploration drilling, which is a phase one for us.

TNM: Are any of those metres part of last year’s 61,000-metre program that Richmont said it would continue this year?

RA: The delineation is all new. It is the second phase of delineation.

But the exploration program, up to at least the end of April, continues from what was announced in 2015.

TNM: What’s significant about the reserve increase at the Beaufor mine in Quebec? What are your plans at the mine this year?

RA: The most important thing is that last year we had just one year in reserves, which we depleted. We now have two years of solid reserves in the mine plan. This comes mostly

from a main structure called the “Q zone.” And the priority in 2016 will be to develop and mine the zone [by mid-year], and extend the mine’s life, and drill new zones.

This asset has operated for 20 years, and never really had a lot in reserves. It is a narrow vein system and it is not easy to put a five- to 10year mine plan based on reserves.

But we are focused on extending the life. Our objective is to reach three to four years of mine life in a reasonable time.

TNM: Should Beaufor’s annual production increase with developing and mining the Q zone?

RA: We’re not so much at this time focused on expansion. However, the milling and tailings facility in Quebec can accommodate three times the capacity of the Beaufor mine. That is the upside with the Beaufor mine … should we succeed with exploration and open new zones.

TNM: Is the extra capacity at the 1,200-ton-per-day Camflo mill due to the Monique mine, where stockpiles are almost depleted?

RA: It is actually over now. The stockpile is depleted. We are processing Beaufor, and using the excess capacity as we speak for toll milling.

But we maintain the upside that eventually one day we could return to a higher level of production in Quebec.

TNM: How many metres of drilling are planned this year at Beaufor?

RA: At Beaufor we are committed to a minimum of 25,000 metres as we speak. We did about 30,000 last year. We will start with the first phase committing 25,000, and see how it goes.

TNM: How much cash does the company have on hand? Is it enough to fund this year’s drilling and exploration costs, and keep a healthy balance sheet?

RA: We have $51 million as of the end of December. We have a disciplined approach. The difference this year versus last year is that we have significantly advanced. We already have seven years in reserves, we have all the capital invested and the tailings are in place until 2023.

The mill is already at a permitted capacity. We have the infrastructure and the development inside the [Island Gold] mine that covers the next three years … with the cash flow, with the current price environment, we can execute and maintain a strong balance sheet and fund our growth … I’m not pretending we are not going to deplete anything this year, but we are never going to put this company in a difficult financial situation, because now we control our destiny, while last year we were ‘go, go, go.’

TNM: Why should investors be interested in Richmont?

RA: For the potential … 2015 was a year where we delivered on every single metric. We demonstrated our capacity to develop as planned.

We have tremendous exploration potential. We will continue to position the Island Gold mine as one of the lowest-cost underground mines in Canada. We continue to see so much upside at this mine and at this company. We are in a good position … once we materialize the PEA, we will see the benefit.

We have only 58 million shares out there, so the potential for shareholders on a share valuation is tremendous.

This year marks the company’s 35th anniversary. It was founded in 1981. It is also the 25th anniversary as a producer in Canada, and the 20th anniversary of our Beaufor mine as well, and we are going towards the 10th anniversary of [fully] owning Island Gold.

It’s a special year for us. TNM

Richmont boosts gold reserves 187%

R

ichmont Mines (TSX: RIC; NYSE-MKT: RIC) is reaping the rewards of its extensive drilling campaigns last year, with a combined 187% increase in reserves at its two gold mines: Island Gold in Ontario and Beaufor in Quebec.

Reserves at its f lagship Island Gold mine surged 206% to 561,700 oz. gold, net of depletion, and grade jumped 29% to 8.26 grams gold per tonne.

The increase came from the company converting nearly 80% of the resources from Island Gold’s Lower C zone, included in the 2015 preliminary economic assessment (PEA), to reserves. “We now have more than seven years of mine life based on reserves ahead of us, along with significant exploration potential both laterally and at depth,” Richmont’s CEO Renaud Adams said in a release. (The PEA considered a phased approach for mining deeper resources at Island Gold, with Phase 1 developing and extracting resources from 450 to 860 metres deep.)

Reserves at Island Gold grew 378,000 oz. — after removing 55,000 oz. production — over 2014’s reserves of 183,750 oz., with most of the ounces sitting below 400 metres.

Tonnes increased to 2.1 million, compared to 895,000 in 2014.

This year, Richmont plans to

Feb 29 Pgs 1 2 3 4 5 11 13 14 16.indd 11

POTENTIAL

| Analyst says Island Gold looks ‘like an iceberg’

Richmont Mines’ Island Gold mine near Dubreuilville, Ontario, 80 km northeast of Wawa. RICHMONT MINES

complete the underground drill program at Island Gold that it started in late 2015, with the goal of adding more near-mine resources.

It notes the lateral extension and deep directional drilling programs are ongoing, with the aim of finding the deposit’s potential to the east and west, as well as at depth below the 1,000-metre level.

Mackie Research analyst Ryan Hanley notes the reserve growth “significantly increases” his confidence in the asset, primarily at depth, as it “continues to look more and more like an iceberg.” He says the firm will “have success in expanding and exploiting mineralization at depth.”

In Quebec, reserves at the Beaufor

mine grew 95% to 63,850 oz., while grade slipped 7% to 6.57 grams gold. Tonnes more than doubled to 302,100. In total, drilling last year at Beaufor added 31,000 oz. to reserves, after removing 26,000 oz. production. This will extend mine life by more than two years.

Richmont notes that most of the reserve increase at Beaufor last year

came from upgrading inferred resources at the Q zone. Drilling this year will develop the Q zone and extend the resource block laterally and at depth.

Hanley says Beaufor could “grow production beyond our projected 26,000 oz. a year, given its growing reserve base.” He adds that the Camflo mill, 50 km away, has gained capacity, as operations at the Monique mine have ended.

Combined, the company’s total reserves grew 187% to 625,550 oz., from 2.4 million tonnes averaging 8.05 grams gold. Grade is up 25% over 2014.

The reserves assume C$1,300 per oz. gold, a C$1.2037 to US$1 exchange rate and cut-off gold grade of 4 grams for Island Gold, and 4.31 to 6.04 grams at Beaufor.

Richmont shares closed Feb. 10 up 4.5% at $6.09, after slipping nearly 2% a day earlier, despite the reserve increase. Hanley has boosted his $6 target to $7, with a “buy” on the stock.

In mid-January, Richmont reported 2015 production of 98,301 oz., beating the upper end of its revised estimate of 95,000 oz. Island Gold delivered 55,040 oz. — 5,000 more ounces than guided. The Beaufor and Monique mines produced 26,411 oz. and 16,580 oz., meeting their guidance. TNM

2016-02-23 7:15 PM

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Strong greenback hits US producers SCALING DOWN

| Currency moves add pressure, analysts say

Facilities and equipment in 2012 at Nyrstar’s Middle Tennessee zinc mine in Tennessee, before it was put on care and maintenance. NYRSTAR

N

oranda Aluminum Holdings’ (US-OTC: NORNQ) recent Chapter 11 bankruptcy protection underscores the unique challenges facing the mining industry in the U.S. The U.S. aluminum producer announced on Feb. 8 that in March it would idle its remaining pot line at its primary aluminum smelter in New Madrid, Miss., after an electrical circuit failure in January idled two other pot lines at the facility.

Kip Smith, Noranda’s president and CEO, said that challenging market conditions in the aluminum industry and the recent disruptions in its primary business operations led to the decision.

But some analysts point to yet another culprit: the strong U.S. dollar.

“While technical problems may have precipitated the Noranda closure, there is little doubt many of the financial body blows came from the strength of the U.S. dollar hurting competitiveness in

Feb 29 Pgs 1 2 3 4 5 11 13 14 16.indd 13

“WHILE TECHNICAL PROBLEMS MAY HAVE PRECIPITATED THE NORANDA CLOSURE, THERE IS LITTLE DOUBT MANY OF THE FINANCIAL BODY BLOWS CAME FROM THE STRENGTH OF THE U.S. DOLLAR HURTING COMPETITIVENESS IN THE GLOBAL MARKETPLACE.” MACQUARIE CAPITAL

the global marketplace,” analysts at Macquarie Capital argue in a research note.

“Of course, we have seen such periods of U.S. dollar strength in the past, which have resulted in similar cuts to U.S. output.

What is perhaps more telling, however, is that, even when the currency cycle reverses, these production cuts tend to be permanent.”

Noranda isn’t the only company in the U.S. feeling the pain. In early February, Horsehead Hold-

ing announced it and some of its subsidiaries had filed voluntary petitions for relief under Chapter 11. Horsehead is the parent company of Horsehead Corp., a U.S. producer of specialty zinc and zinc-based products, and a leading recycler of electric arc furnace dust.

In early January Nyrstar — an integrated mining and metals business, with leading positions in zinc and lead — said it was launching a sale process for all or most of its mining assets.

T he news fol lowed a press release last December that it was putting its Middle Tennessee Mines on care and maintenance to lower cash consumption in its mining segment.

Freeport-McMoRan (NYSE: FCX), wh ich operates seven open-pit copper mines in Arizona and another two in New Mexico, said in January that its revised plans for its North American copper mines incorporate reductions in mining rates to reduce operating and capital costs.

Those measures have included suspending mining operations at its Miami mine, which produced 43 m i l l ion lb. copper in 2015, and the planned shut down of its Sierrita mine, which produced 189 million lb. copper and 21 million lb. molybdenum last year. Freeport also said it was cutting mining rates in half at its Tyrone mine, which produced 84 million lb. copper in 2015.

Ch r istopher E cclestone of Hallgarten & Co. in the U.K. similarly points to the strong U.S. dol la r, which he a rg ues is punishing producers in the U.S. “While the big story in commodity circles has been the oil price decline, a far more potent force has been t he cu r renc y moves,” he writes in a Feb. 3 research note to clients. “The rampant U.S. dollar has ‘saved the bacon’ of many a miner in Australia, Canada, South Africa and elsewhere, while brutally pressure-cooking those that are focused on the mining space in the U.S.” Ecclestone makes the point that while major companies can spread the pain of operations in the U.S. across a wider portfolio of international operations, it’s harder for the smaller mining companies in the U.S. to survive.

“However, the longer the agony of the high U.S. dollar goes on, the harder it is to pretend that it is not hurting.” TNM

EVENTS Mar 4 Red Cloud’s Annual Pre-PDAC Mining Showcase Toronto, ON Email: info@redcloudmining.com Tel: (877) 919-5979 www.redcloudmining.com Mar 6 -9 PDAC 2016 Toronto, ON Email: info@pdac.ca Tel: (416) 362-1969 www.pdac.ca Mar 8 Advanced Awareness: An Explorationist’s Advantage Toronto, ON Email: pdac@geotech.ca Tel: (416) 362-1969 www.pdac.ca May 1 -4 CIM-AGM Vancouver, BC Email: cmurphy@cim.org; cim@cim.org Tel: (514) 939-2710 www.cim.org Sep 2 6-28 MineExpo 2016 Las Vegas, NV Email: info@nma.org Tel: (202) 463-2639 www.minexpo.com Oct 5 -6 AEMQ XPLOR 2016 Montreal, PQ Email: info@aemq.org Tel: (819) 762-1599; Toll-free (Quebec) 1-877-762-1599 www.aemq.org

For more event information, please go to: www.northernminer.com/events/

MEETINGS Feb 29 Feb 29 Mar 04 Mar 04 Mar 04 Mar 04 Mar 04 Mar 04 Mar 08 Mar 10 Mar 10 Mar 14 Mar 14 Mar 15 Mar 15 Mar 15 Mar 16 Mar 16 Mar 17 Mar 17 Mar 18 Mar 21 Mar 21 Mar 21 Mar 24 Mar 24 Mar 24

Alianza Minerals AGS North Sur Resources AGS Ecuador Gold and Copper S Niogold Mining AS Oban Mining S Melkior Resources AG Sanatana Resources S Zorro Capital AGS AsiaBaseMetals AG Batero Gold AGS Plateau Uranium AS Gran Colombia Gold S Northern Sun Mining S White Metal Resources AGS Kirkland Precious Metals AG Houston Lake Mining AG Western Potash AGS Tanzanian Royalty Exploration AGS Angkor Gold AG Mesa Exploration AG Arco Resources AGS Prima Diamond AGS Golden Dawn Minerals AG Stina Resources AGS Jazz Resources AG Rapier Gold AG First Idaho Resources AG

MEETINGS LEGEND A – Annual E – Extraordinary G – General S – Special

2016-02-23 7:15 PM

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Potash faces ‘significant headwinds,’ Macquarie says ow ad ustments to potash supp y w “pro ong the pa n o reba anc ng ” wh e power “sh fts to the buyers ” Macquar e Research says “We expect a record arge surp us o 6 m on tonnes to accumu ate at the end o 2016 and there ore rema n bear sh on potash — our core underper orm ca ” the bank says n a January research note on commod t es In a new research note the bank cut ts 12-month target pr ce on Potash Corp of Saskatchewan (TSX POT NYSE POT) to US$14 per share rom US$17 per share and rom C$23 per share down to C$20 per share The bank orecasts ower potash demand th s year and says ts outook d verges rom PotashCorp s wh ch orecasts g oba potash sh pments rom a producers n 2016 w be between 59 m on tonnes and 62 m on tonnes By contrast Macquar e s commod ty team orecasts g oba demand o 55 m on tonnes “as weak armer econom cs strugg ng purchas ng country currenc es and uncerta nty over the Ch na contract rema n headw nds ” In terms o the out ook or the 2016 contract Macquar e says Ch na fin shed 2015 w th a potash nventory o more than 7 5 m on tonnes wh ch t ca cu ates represents a stockto-use rat o o more than 55% “Inventory-on-hand p us domest c product on capac ty puts Ch na n a strong negot at ng pos t on th s year ” Macquar e s ana ysts wr te “We are offic a y ca ng or a US$270- to US$280-per-tonne 2016 contract pr ce [ the contract system surv ves] but we note that the Southeast As an spot potash pr ce cont nues to a … n the past when the Southeast As an spot pr ce has a en be ow the prev ous Ch na contract pr ce the next contract tends to sett e mater a y ower ” The bank orecasts that pr ces “shou d head to the cost o product on ” and that based on the “market dynam c ” sees “no reason or the potash pr ce to trade above the cost curve over the med um-term ” Recent news rom PotashCorp underscores how cha eng ng the potash ndustry has become or producers On Jan 19 the company announced t s suspend ng ts P cad y potash operat ons n New Brunsw ck wh ch w put more than 400 emp oyees out o work The operat on s now on care and ma ntenance w th a 35-person sta The company expects care and ma ntenance costs o US$20 m on n 2016 and US$15 m on n subsequent years Management sa d the c osure wou d he p the company “opt m ze product on to ts ower-cost potash operat ons rea ze mean ng u cap ta sav ngs ma nta n ongterm operat ona ex b ty and preserve obs across the company over the ong-term ” The dec s on management added wou d ncrease the company s compet t veness and ower the cost o goods so d by US$40 m on to US$50 m on n 2016 a though some o th s wou d be o set by severance and trans t on costs (It ant c pates US$35 m on n severance and trans t on costs n the first quarter o 2016 ) Suspend ng operat ons at P cad y w a so remove US$50 m on n cap ta expenses th s year and US$135 m on n 2017–18 The company has cut ts quarter y d v dend 34% to 25¢ per share notng that the new eve represents an a most 100% payout rat o o 2016 earn ngs Year-end resu ts or ts potash

Feb 29 Pgs 1 2 3 4 5 11 13 14 16 ndd 14

Large stockpiles in China put Chinese in strong bargaining position with producers

d v s on (the company a so makes n trogen and phosphate) underscored “a soften ng pr ce env ronment ” and reduced sa e vo umes Gross marg ns or the year came to US$1 3 b on down rom US$1 4 b on n 2014 w th sa e vo umes down 6% year-on-year Sa e vo umes n the ourth quarter were down 31% w th average rea zed potash pr ces n the quarter at US$238 per tonne down rom US$284 per tonne n the ourth quarter o 2014 The company expects potash sa e vo umes n 2016 to range rom 8 3 m on to 9 1 m on tonnes and orecasts a potash gross marg n o US$0 8 b on to US$1 1 b on “down s gn ficant y rom 2015 as the sharp dec ne n potash pr ces through the second ha o that year s expected to we gh on marg ns n 2016 ” The company s 2015 earn ngs reached US$1 52 per share (US$1 3 b on) down rom 2014 s US$1 82 per share (US$1 5 b on) It orecasts 2016 earn ngs w come n at US90¢ to US$1 20 per share TNM

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Commentary

Rainforest reclamation done right in Brazil $3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

Barrick investors revolt against $11.9m bonus

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THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

By Gwen Preston in vancouver and trish saywell in toronto

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion MEXICdollar overrun at its O flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, 4 20 changed its11-15 chief executive officer and seen its share price sliced in half.

So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million.

The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record.

“This compensation is inconsistent with the governance principle of pay-for-performance the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada. and is therefore disproportionate setstheawestern troubling preceSleeper was one of the lowest-cost Sleeperand lies within Site ViSit gold mines in the world, and Para- reaches the northern Nevada capital mardentof in Canadian mount believes the old mine has a rift, specifically along the SlumBy matthew keevil kets,” the consists group said in a bering Hills, which of WINNEMUCCA, NEV. — For Nev- robust future.

Sipping coffee inside Para- Mesozoic meta-sedimentary rocks ada-based explorer Paramount statement. As a group these funds Gold and Silver (PZG-T, PZG-X), mount’s headquarters in the min- of the Auld Lang Syne group and granitic intrusions. there’s a lot to be said for making ing town of Winnemucca, vice- Cretaceous collectively manage over $900 something old new again. In mid- president of exploration Glen van Mineralization at Sleeper falls into billion in assets. main categories, including: 2010 the company picked up the Treek, who joined Paramount four

Commentary

Rainforest reclamation done right in Brazil $3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

and trish saywell in toronto

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11-15

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But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24.

“I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.”

Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers.

“We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter.

Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna.

The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide.

Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees.

“We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform See EdGEwatEr, Page 18

Guerrero

gold belt.

How Mexico mantle as a top reclaimed its mining nation April 29-May

BY ALISHA

To discern HIYATE the winners crowded Price target: field from holding of companiesa (Campbell) $3.55 (Doulis); mines projects and development $4.25 Rating: Miner in Mexico, The SpeculativeOutperform asked Northern (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the SVLC-X) While juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the picks will they believe open-pit, Santa mine in northwest Elena gold-silver their companies.outperform state into their peer Mexico’s production Sonora This year, in July SilverCrest 2011. churn out SilverCrest Mines expects Analysts: 2.4 million silver (579,000 Christos equivalent to cap Securities; Doulis, oz. silver oz. gold) oz.

StoneNicholas and 33,500 Canaccord per oz. at a cash cost Campbell, Genuity silver, of US$8.50 with production creasing to 4.6 million inSee STOCK equivalent PICKS,

Edgewater uncovers gold at Corcoesto in Galicia

LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years.

Now Edgewater stands poised on the development threshold, having pulled together a gold re-

El Tigre Silver Sees a bright future in old tailings

Endeavour Bradford Silver’s shares his Cooke recipe

Barrick investors revolt against $11.9m bonus

By Gwen Preston in vancouver

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price sliced in half.

So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million.

The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record.

“This compensation is inconsistent with the governance principle of pay-for-performance and is therefore disproportionate and sets a troubling precedent in Canadian capital markets,” the group said in a statement. As a group these funds collectively manage over $900 billion in assets.

5, 2013

NEWSTRIKE

CAPITAL

Page 14

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico.

BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — any other is excellent, Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern capturing consums up sat down two mines Peter Mexican (FVI-T, total about 6% an idea into with Cooke Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwide silver of how erations large and profitable of the to a rural ton, working in just after per; and Mining (CS-T),silver; explorationnon-ferrous kid from get cades, op- izingAlta., became eight With the $21.5 billion.

Hindespite almost four a leader cop(AEM-T, Agnico-Eagle budget Mexico’s purchase years. derelated derachieving in revitalAEM-N), of said violence frequent drugMining Mines silver sector. of a third protests. companies and gold — they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining repeat got hooked’ panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s Uniof So how land packages. ologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chamsuch success? mergers Mexico tions been instrumental Ge- discovery near-term metal geology such demand and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. silver with producing Mining’s of top-10, a n d de- Resources His colleagues takeover See ENDEAVOUR, goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the in 2011. industry prices and is worth that the security N) bestingMines (CDM-T,Coeur year, have fallen Although it. Mexico risk First CDEsilver hard (FR-T, attracted US$30 was tradingthis AG-N) Majestic Silver in Silver US$1,657per oz. and at (OK-V). its bid for Orko g old per oz.

And more 2012, compared at the end at M&A of to US$17 See MEXICO, and

paramount orchestrates a golden revival at Sleeper An Evolution

in High-Grade

Silver

ExcellonResources.com

• Mexico’s Highest Grade Producer • Low Net Cash Costs 800+ g/t Ag $5-7/oz • Optimizing net of by-products Production • CRD/Source-Style Increase Cash Flow and Grow Discovery Mine Life 55M@130 Opportunity g/t

Mexico’s

• Market Excellon

TNM April

29 2013

Issue.indd

11

Yet to be

Resources

Inc. 20 Victoria

Street,

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

Ontario,

Highest

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

Producer

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

5:28 PM

Photo by MAtthew Keevil

past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals.

And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation.

Otjikoto sits 300 km north of the Namibian capital of Windhoek.

The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014.

Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year.

Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit.

Using historic data and a few drill See B2GoLd, Page 3

But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24.

“I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.”

Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers.

“We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3

early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels.

During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially

Edgewater uncovers gold at Corcoesto in Galicia

4

Pages Newstrike

Site ViSit

By matthew keevil

LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years.

Now Edgewater stands poised on the development threshold, having pulled together a gold re-

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter.

Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna.

The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide.

Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees.

“We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform

MEXICO

11-15

Capital’s

Ana Paula

gold project

in Mexico’s

Four muy silver stockcaliente picks Guerrero

STOCK

PICKS,

TSX-V:RRI

How Mexico mantle as a top reclaimed its mining nation April 29-May

5, 2013

NEWSTRIKE

CAPITAL

11-15

SilverCrest

Mines Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity

Endeavour Bradford Silver’s shares his Cooke recipe

Knowledge is Golden™ www.rivres.com

gold belt.

BY ALISHA

To discern HIYATE the winners crowded Price target: from field holding of companiesa (Campbell) $3.55 (Doulis); mines projects and $4.25 Rating: in Mexico, development Miner The Northern SpeculativeOutperform asked (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Both analysts Securities, country. best stock picked nior SilverCrest bets in resilient the SVLC-X) While juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the they believe picks will open-pit, Santa mine in northwest Elena gold-silver their companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See

20

Page 14

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico.

BY GWEN litically, support for VANCOUVER PRESTON more mining the MAG SILVER po- any exploration the people geology is CEO of — Endeavour spending other EndeavourAs founder are incrediblyexcellent, and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDR- Earlier counto come. based producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern capturing consums up sat down two mines Peter Mexican (FVI-T, total about 6% an idea into with Cooke Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwide silver of how erations large and profitable of the to a rural ton, working in just after per; and Mining (CS-T),silver; kid from get cades, explorationnon-ferrous op- izingAlta., became eight With the $21.5 billion.

Hindespite almost four a leader cop(AEM-T, Agnico-Eagle budget Mexico’s purchase years. derelated derachieving in revitalAEM-N), of said violence frequent drugMines silver sector.

Mining of a third protests. companies and gold — they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining repeat got hooked’ panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s Uniof So how land packages. ologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chamsuch success? mergers Mexico tions been instrumental Genear-term metal such demand geology and acquisitop s achieve ( is the discovery Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s of top-10, a n d de- Resources His colleagues takeover See ENDEAVOUR, goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security N) bestingMines (CDM-T,Coeur year, have fallen Although it. Mexico risk First CDEsilver hard (FR-T, attracted US$30 was tradingthis AG-N) Majestic Silver in Silver US$1,657per oz . and at (OK-V). its bid for Orko gold per oz.

And more 2012, compared at the end at M&A of to US$17 See MEXICO, and

paramount orchestrates a golden revival at Sleeper An Evolution

in High-Grade

Silver

ExcellonResources.com

• Mexico’s Highest Grade Producer • Low Net Cash Costs 800+ g/t Ag $5-7/oz • Optimizing net of by-products Production • CRD/Source-Style Increase Cash Flow and Grow Discovery Mine Life 55M@130 Opportunity g/t

Mexico’s

• Market Excellon

TNM April

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street,

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

Ontario,

Pb; 1.69%

in a Rising

Canada

Zn; 0.075

Silver Market

Highest

Page 12

La Platosa

Grade

Mine

Silver

Producer

Maiden Ag Resource Due Q2 Strong Cash Position TSX.V: GRG www.goldenarrowresources.com

g/t Au

M5C 2N8

TSX:EXN

11

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

Commentary

Rainforest reclamation done right in Brazil

and trish saywell in toronto

But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24.

“I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.”

Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers.

“We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

By matthew keevil

WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals.

And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation.

Otjikoto sits 300 km north of the Namibian capital of Windhoek.

The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014.

Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year.

Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit.

Using historic data and a few drill

Site ViSit

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter.

Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna.

The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide.

Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees.

“We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform

By matthew keevil

See EdGEwatEr, Page 18

in Mexico’s

STOCK

Excellon

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street, Suite

PICKS,

in High-Grade

Valued

Ag; 3.11%

Discovery

900, Toronto,

Ontario,

Guerrero

TSX-V:RRI

Knowledge is Golden™ www.rivres.com

gold belt.

How Mexico mantle as a top reclaimed its mining nation April 29-May

5, 2013

NEWSTRIKE

CAPITAL

11-15

Page 14

Silver

ExcellonResources.com

Mexico’s

Highest

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

11

Producer

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.

Site ViSit By matthew keevil

WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals.

And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation.

Otjikoto sits 300 km north of the Namibian capital of Windhoek.

The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions.

Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels.

During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years.

Now Edgewater stands poised on the development threshold, having pulled together a gold re-

gold project

Endeavour Bradford Silver’s shares his Cooke recipe

An Evolution

• Mexico’s Highest Grade Producer • Low Net Cash Costs 800+ g/t Ag $5-7/oz • Optimizing net of by-products Production • CRD/Source-Style Increase Cash Flow and Grow Discovery Mine Life 55M@130 Opportunity g/t

• Market

TNM April

Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future.

Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

B2Gold hits new EdgewaterPhoto uncovers

by MAtthew Keevil gold at developing Otjikoto mine in Galicia

Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future.

Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

Ana Paula

BY ALISHA

SilverCrest

Analysts: Christos cap Securities; Doulis, StoneNicholas Canaccord Campbell, Genuity

paramount orchestrates a golden revival at Sleeper

gold at Corcoesto the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.

Site ViSit

MEXICO

11-15

Capital’s

Four muy silver stockcaliente picks

To discern HIYATE the winners crowded Price target: from field holding of companiesa (Campbell) $3.55 (Doulis); mines projects and $4.25 Rating: in Mexico, development Miner The Northern SpeculativeOutperform asked (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to trad$2.96 of Christos for their Stonecap Securities, Both analysts country. best stock picked nior SilverCrest bets in resilient the SVLC-X) While juthe analysts’ Mines have all as one (SVL-V, Mexico-focused price of their because been lowered targets favourite The company stocks. recently metals of the drop heap-leach in precious prices, put the they believe picks will open-pit, Santa mine in their northwest Elena gold-silver companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects Mines 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See

20

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico.

BY GWEN litically, support for VANCOUVER PRESTON more exploration mining the MAG SILVER pothe people geology is CEO of — As founder any other Endeavour spending Endeavour are incrediblyexcellent, and the and T, EXK-N), president try in 2012,Latin American than is Silver food ton are friendly likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDR- Earlier counto come. based producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern concapturing sums up sat down two mines Peter Mexican (FVI-T, total an idea into with Cooke Capstone FSM-N), Silver silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of the of erations large and profitable to get ton, Alta., how a rural kid working in just after per; and Mining (CS-T),silver; explorationnon-ferrous cades, opeight from Hinbecame With the $21.5 billion. despite almost four izing Mexico’s copa leader (AEM-T, Agnico-Eagle budget purchase years. dederachieving in revital- related violence frequent AEM-N), of said Mines of a third silver sector.

Mining drugprotests. and gold — companies they are un- ‘I mine, plans to pected Endeavour have Megaw, anti-mining got hooked’ repeat panding considering to invest were International potentially the process president their Mexico In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a versity. and high-potential ing Silver growing in result output is an expert (MAG-T, of ber. to the Mexican 2010, accordis partly The marketsat Queen’s Uniof So how land packages. ologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in such success? chammergers Mexico tions been instrumental Genear-term metal such demand geology and acquisitop s achieve ( is the discovery Bradford il includedM & A ) a c t world’s job offers grads were flooded that Cooke of several cracked v e r p r o d u in the posits and Primero i v i t y h a s at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s of top-10, a n d deHis colleagues See ENDEAVOUR, Resources takeover goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security N) bestingMines (CDM-T,Coeur year, have fallen Although it. Mexico risk First CDEsilver hard (FR-T, attracted U S$ 30 was tradingthis AG-N) Majestic Silver in Silver pe US$1,657 r oz. and at (OK-V). its bid for Orko gold And more per oz.

2012, M&A compared at the end at of to US$17 and See MEXICO,

Barrick investors revolt against $11.9m bonus

By Gwen Preston in vancouver

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price sliced in half.

So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million.

The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record.

“This compensation is inconsistent with the governance principle of pay-for-performance and is therefore disproportionate and sets a troubling precedent in Canadian capital markets,” the group said in a statement. As a group these funds collectively manage over $900 billion in assets.

THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

5:28 PM

$3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

See ParaMount, Page 2

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El Tigre Silver Sees a bright future in old tailings

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014.

Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year.

Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit.

Using historic data and a few drill See B2GoLd, Page 3

5:28 PM

Photo by MAtthew Keevil

Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions.

Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels.

During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially See ParaMount, Page 2 PM40069240 – PAP Registration #09263

Maiden Ag Resource Due Q2 Strong Cash Position TSX.V: GRG www.goldenarrowresources.com

Commentary

Rainforest reclamation done right in Brazil $3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

Barrick investors revolt against $11.9m bonus

By Gwen Preston in vancouver and trish saywell in toronto

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price sliced in half.

So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million.

The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record.

“This compensation is inconsistent with the governance principle of pay-for-performance and is therefore disproportionate and sets a troubling precedent in Canadian capital markets,” the group said in a statement. As a group these funds collectively manage over $900 billion in assets.

By matthew keevil

LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years.

Now Edgewater stands poised on the development threshold, having pulled together a gold re-

Sees a bright future in old tailings

Pages Newstrike

MEXICO

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To discern HIYATE the winners crowded Price target: from field holding of companiesa (Campbell) $3.55 (Doulis); mines projects and $4.25 Rating: in Mexico, development Miner The Northern SpeculativeOutperform asked (Doulis); lysts, Nicholastwo mining buy (Campbell) Recent price: naccord Campbell ana- ing $2.11; 52-week range: of CaDoulis Genuity and $1.55 to tradof $2.96 Christos for their Stonecap Securities, Both analysts country. best stock picked nior SilverCrest bets in resilient the While SVLC-X) juthe analysts’ Mines have all as one (SVL-V, price Mexico-focused of their because been lowered targets favourite The company stocks. recently metals of the drop in precious heap-leach prices, put the they believe picks will open-pit, Santa mine in their northwest Elena gold-silver companies.outperform state into their peer Mexico’s production Sonora This year, in July 2011. churn out SilverCrest expects 2.4 million silver (579,000 equivalent to oz. silver oz. gold) oz. and 33,500 per oz. at a cash cost silver, of US$8.50 with production creasing to 4.6 million inequivalent See

20

Page 14

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN state, Mexico. is

BY GWEN litically, support for VANCOUVER PRESTON more exploration mining the MAG SILVER pothe people geology is — As founder CEO of any other Endeavour spending Endeavour are incrediblyexcellent, and the and T, EXK-N), president try in 2012,Latin American than food Silver ton are friendly is likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDRcounbased to come.

Earlier producers SNL Metals to Halifaxsuperlatives, that leads At least this year, of the answer. sulting small, Group, geologist Miner sat — Fortuna three defunct has turned Economics Mines concapturing two mines into down withThe Northern sums up why Peter Mexican (FVI-T, total an idea Megaw Capstone worldwideabout 6% of FSM-N), Silver he Cooke silver of erations large and profitable the metals to get in Mexico after is still working ton, Alta., how a rural kid in just per; and Mining (CS-T),silver; explorationnon-ferrous almost from Hin- cades, despite opeight became With the $21.5 billion. izing Mexico’s four dea leader cop(AEM-T, Agnico-Eagle budget purchase years. in revital- related violence frequent derachieving of silver sector.

Mining of a third drugsaid they AEM-N), gold Mines protests. companies and unmine, plans to pected — have are considering Endeavour ‘I got Megaw, anti-mining repeat panding to invest were International hooked’ the process potentially president Mexico $7.6 billion exexects in their portfolio in — and In 1976, Cooke Exploration Development of silver majorattract the attention Mexico. what they 2012, more than in of projwas of a B.Sc. and co-founderand with its The attraction MAG of a and high-potential in geology in his final year ing to the spent in 2010, double growing Silver result at Queen’s output versity. The is an expert (MAG-T, Mexican of accordis partly of So how land packages. ber. Recent markets Uniologists mining the on MexicanMVG-X), prices. strong precious did Endeavour were hot. and has were in chammergers such success?

Mexico tions been instrumental Gemetal geology such demand and acquisitop s achieve near-term grads ( is the discovery Bradford il includedM & A ) a c t world’s that job offers were Cooke of several in the cracked v e r p r o d u posits Primero i v i t y h a s and at Christmas.flooded with cer (P-T, PPP-N) the list there. silver producing Mining’s deof top-10, a n d His colleagues See ENDEAVOUR, Resources takeover goldfirst time countries must agree of Cerro in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur it. Mexico fallen yea r, risk First CDEsilv er hard (FR-T, attracted this US $ 30 w as tra AG-N) Majestic Silver in p Silver ding US$1,657 er oz . an (OK-V). its bid for Orko d go ld at And more per oz.

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the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada.

Site ViSit By matthew keevil

WINNEMUCCA, NEV. — For Nevada-based explorer Paramount Gold and Silver (PZG-T, PZG-X), there’s a lot to be said for making something old new again. In mid2010 the company picked up the past-producing Sleeper gold-silver mine, which operated from 1986 to 1996, and produced roughly 1.65 million oz. gold and 2.3 million oz. silver during its mine life. At the time

Edgewater uncovers gold at Corcoesto in Galicia Site ViSit

THE WORLD’S FIRST SATELLITE MESSENGER. www.findmespot.com

El Tigre Silver 4

paramount orchestrates a golden revival at Sleeper

5:28 PM

But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24.

“I convinced the board,”

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter.

Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna.

The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide.

Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees.

“We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform See EdGEwatEr, Page 18

Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future.

Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals.

And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation.

Otjikoto sits 300 km north of the Namibian capital of Windhoek.

The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014.

Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year.

Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit.

Using historic data and a few drill

Photo by MAtthew Keevil

Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions.

Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels.

During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially See ParaMount, Page 2 PM40069240 – PAP Registration #09263

See B2GoLd, Page 3

See ParaMount, Page 2 PM40069240 – PAP Registration #09263

Empower Your Team With Analysis From The Northern Miner See EdGEwatEr, Page 18

See B2GoLd, Page 3

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This high-impact opportunity leading the planning, development and management of effective and integrated client support and inspection services for the Department of Energy, Mines and Resources (EMR) would suit a strategic-minded leader and seasoned natural resource administrator looking to further his or her leadership career in a spectacular setting.

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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.

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Secova’s Kitchen looks to repeat success in Quebec GOLD EXPLORATION

BY MATTHEW KEEVIL

C

mkeevil@northernminer.com VANCOUVER

hairman and CEO Bradley Kitchen and his team at Secova Metals (TSXV: SEK; US-OTC: SEKZF) hope that returning to a familiar jurisdiction can lead to a new exploration success story. The company is gearing up to start geophysical work at the historic 45 sq. km Duvay property, 90 km southeast of Val-d’Or, and Kitchen says his team’s experience with Quebec gold deposits can help unlock the site’s potential.

Kitchen was president of Eagle Hill Exploration in mid-2013, and advanced the Windfall Lake gold deposit alongside geologist JeanPhilippe Desrochers. The project was scooped up and rolled into Oban Mining (TSX: OBM; US-OTC: UBNNF), which is consolidating

| Junior likes Duvay’s prospects in the eastern Abitibi

junior Canadian gold assets. At the time of the deal, Windfall had seen $27 million in investment and emerged as a multimillion ounce gold project.

“I took a bit of time after the Eagle Hill deal before looking for our next venture. We stumbled upon Duvay, which represented an appealing opportunity from an infrastructure and jurisdictional point of view,” Kitchen said during an interview. “We have power, telephone and Internet right on the property, and we have a large core shack. There has been exploration at the site going back to the 1940s, and we see real similarities to Windfall Lake.”

Duvay sits along the eastern reaches of Quebec’s Abitibi greenstone belt, which is known for its orogenic lode gold deposits. The project hosts the Duvay, Malllich and Semac gold showings, which are associated with

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“WHAT WE ENVISION WITH SECOVA IS ‘EAGLE HILL PART TWO.’” BRADLEY KITCHEN CHAIRMAN AND CEO, SECOVA METALS

a major shear zone.

The property hosts a historic resource of 6.7 million tonnes of 2.06 grams gold per tonne “amenable to open-pit mining.” Duvay was explored by Tres-Or Resources (TSXV: TRS; US-OTC: TRSFF), which optioned the property to Aurizon Mines in 2011.

The companies conducted a drill campaign, but Duvay reverted to Tres-Or ownership in early 2013, when Hecla Mining (NYSE: HL) took out Aurizon for just under $800 million.

“The historic resource is interesting, because you have a lower-grade, open-pit scenario, and higher-grade underground potential. The resource work at Duvay encompasses a lim-

ited area to fairly shallow depths, so we believe there is plenty of expansion potential on the property,” Kitchen said.

“This is an extension of work that’s been done in the past to build up the geologic knowledge base. We’re going to explore over a strike length that runs in excess of 1 km. There’s been a lot of drilling on the property, but there hasn’t been a strategic and comprehensive exploration program,” he added.

Secova negotiated an option agreement with Tres-Or wherein it can earn a 65% interest in Duvay for $500,000 in cash and $3.8 million in exploration over four years. The company can pick up another 25% in the project through $12 million in expenses and a prefeasibility study.

Tres-Or and Aurizon spent in excess of $4 million at Duvay, where the historic database includes over 300 drill holes and bulk-sample results. Aurizon’s work at the project was never published, but historic assay highlights from program in the late 1980s include: a 11.3 grams gold over 20 metres from 18 metres deep in hole 25; and 10.5 grams gold over 35.3 metres from 34 metres in hole 139.

“What we did in the case of Eagle Hill was take a project where nobody could put together a geological model — despite strong exploration results, and a lot of investment — and advance it to the point where it became a promising deposit that was eventually purchased,” Kitchen said. “That was essentially our story. You take that potential and develop it to the point

where someone wanting an asset for production could take it over.

What we envision with Secova is ‘Eagle Hill part two.’”

Secova is closing a $950,000 non-brokered private placement, wherein it will issue 10 million flow-through shares at 7.5¢ each, and 4 million hard shares at 5¢ each. The company closed the first tranche in December, when it issued 5 million flow-through shares and 1 million hard shares for $425,000 in gross proceeds.

It plans to finish an inducedpolarization survey and pursue Duvay’s gold mineralization to depth.

Previous work had focused on an area that runs 250 by 250 metres, and remains relatively near-surface. The company hopes to drill 10 holes 200 metres deep or more later this year.

“What we need to leverage is a systematic and methodical understanding of project geology that will allow us to determine the true upside of the asset,” Kitchen said.

“That’s always what we’ve done in the past. Most of my history is in structured finance, and I try to bring that dealmaking mentality to the junior space, and we’ve proven we can be successful. It’s all about investing in strong geologists and advancing an asset with a true eye on production.”

Secova has traded within a 52week range of 3¢ to 9¢, and closed at 5¢ per share at press time. The company has 36 million shares outstanding for a $1.8-million market capitalization, with Vancouverbased Delbrook Capital holding a 19.9% equity stake. TNM

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A skarn outcrop, running 1.5 km through Secova Metals’ Duvay gold project, near Amos, Que., in the Abitibi belt. SECOVA METALS

Feb 29 Pgs 1 2 3 4 5 11 13 14 16.indd 16

2016-02-23 7:15 PM