The Northern Miner February 8-February 14, 2016 Issue

Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation 905 841 5004 | geotech.ca

FOCUS: GLOBAL URANIUM

ASTON BAY HOLDINGS

Plateau, Forum, Ur-Energy and U3O8 Corp. / 7–9

Attracts BHP to Storm in Nunavut / 3

ASANKO GOLD

Pours first doré in Ghana / 16

FEBRUARY 8-14, 2016 / VOL. 101 ISSUE 52 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Analysts give thumbs up to Detour’s new mine plan

Premier Clark to BC miners: ‘We're fighting for you’

ONTARIO GOLD

| Rethink de-risks Detour Lake, adds mine face

ROUNDUP 2016

| Province extends tax breaks, ponders electricity payment deferral

BY LESLEY STOKES

B

lstokes@northernminer.com VANCOUVER

ritish Columbia Premier Christy Clark spoke at the opening of this year’s Mineral Exploration Roundup convention, hosted by the Association for Mineral Exploration British Columbia, and told attendees the provincial government “has their back.”

“Resource development is the bedrock to B.C.’s wealth,” Clark said. “In the short-term the mining industry is stretched, but I want you to know that until prices bounce back, we’re fighting for you.”

Clarke said the province is “still in a good position,” touting infrastructure projects worth $7 billion without “the government going into deficit one cent.”

The private sector last year created 50,000 jobs in the province, she noted, and “for the first time in 40 years,” her government is en route to eliminate operating debt.

“All of this didn’t happen by accident — it happened because we had a job plan,” Clark said. “Since 2011 we have stuck with our plan with laser-beam focus, with one of our goals being to open up 17 new and expanded mines … and we’re there now, because we didn’t take our eye off the ball … and now with the condition of the economy, we See CLARK / 2

Detour Gold’s flagship Detour Lake open-pit gold mine in northeastern Ontario. DETOUR GOLD PM40069240

BY TRISH SAYWELL tsaywell@northernminer.com

A

revised life-of-mine (LOM) plan that incorporates an additional mine face, enhances flexibility and further derisks Detour Gold’s (TSX: DGC) Detour Lake gold mine in northeastern Ontario has elicited a round of applause from analysts surveyed

by The Northern Miner.

The revised plan incorporates a second feed source from the West

Leave no

Detour deposit, reduces the frontend waste-to-ore strip ratio in the first nine years from 4.8:1 to 4.0:1 (eliminating 160 million tonnes of waste) and lowers the maximum mining rate from 140 million tonnes to 124 million tonnes.

Plant throughput capacity will rise to 23 million tonnes post 2018, up from 22.3 million tonnes (post 2017), and the company will process 1 million tonnes per year of fines from low-grade stockpiles (LG fines) starting in 2019.

The company will also use the

West Detour pit for waste and tailings.

“West Detour was the piece of the puzzle that we needed to make this work,” Paul Martin, the company’s president and CEO, says in a telephone interview from New York, adding that de-risking is “critical” for a single-asset company.

“The actua l study concept started at the end of 2014, when we were looking at lower gold prices and wanted to reduce See DETOUR / 14

unturned.

Reduce uncertainty. Contact us for expertise in all aspects of mining.

Contact our Mining Group at mining@weirfoulds.com Visit weirfoulds.com or follow us on:

WeirFoulds_NorthernMiner-1.indd 1

12/18/2015 2:58:15 PM

ROUNDUP: GOV'T, FIRST NATIONS SEEK BETTER RELATIONSHIP / 5

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

2016-02-02 7:11 PM

2

WWW.NORTHERNMINER.COM

FEBRUARY 8-14, 2016 / THE NORTHERN MINER

Clark offers help CLARK From 1

cannot afford to take our eye off the ball.”

It’s the private sector — not government spending — that builds the province’s economy, she argued, while mentioning that a worldleading cancer research unit in Vancouver is a beneficiary of resourcegenerated dollars.

“My job is to be your partner,” she told the crowd, adding that she would support the private sector so that it could create jobs through mines and mineral exploration.

In 2014, exploration spending in B.C. topped $338 million.

She highlighted several recent developments in the province: Pretium Resources’ (TSX: PVG; NYSE: PVG) Brucejack high-grade gold property and Imperial Metals’ (TSX: III; US-OTC: IPMLF) Red Chris copper mine in northwestern B.C., along with privately held JDS Silver’s Silvertip silver mine in northern B.C. The Red Chris mine, which produced its first copper concentrate in February last year, got an 83% majority nod by local First Nation communities, Clark noted.

“We know how important investing in exploration is for our future.

Without it, those new mines won’t open,” she said. “There are several other proposals in the development stage and several exploration projects that we believe we’ll see new mines grow from … so make no mistake, we are on the cusp of growth again.”

She announced to applause that the provincial government would extend its mining exploration tax credit — which provides a 20% refundable tax credit that extends to 30% in pine beetle-affected regions — along with a 20% nonrefundable mining flow through share tax credit.

She also said her government is working on a plan to help companies defer the “considerable” power costs for operating mines until “commodity prices bounce back.”

She added that “this is something we have to get exactly right.

It can’t be a subsidy that puts taxpayers at risk, but we understand that jobs and communities are at stake if [struggling mine operators cannot] defer electricity rates.”

Another challenge facing B.C. explorers is land access.

“WE BELIEVE WE’LL SEE NEW MINES GROW … SO MAKE NO MISTAKE, WE ARE ON THE CUSP OF GROWTH AGAIN.” CHRISTY CLARK PREMIER OF BRITISH COLUMBIA

“There is no secret that there will always be … pressure on the government to reduce the amount of land available that’s restrictive to resource development,” she said.

“We should always focus on making these decisions in the best interest of jobs, for the future of our children.

And the answer to that is sustainable development.

“It’s not to say we’re not going to do it. We’re going to do it, and prove to the world that if you have to extract resources from B.C., it’s done as cleanly as possible, with minimal environmental impact, and that it includes First Nations, is fair to communities and will create jobs,” she said. “And that’s not something we have to learn to do in the future.

It’s something we’re doing right now, all over the province.” TNM

IN MEMORY Kevin F. O’Flaherty, 1923- 2016 The family is sad to announce the passing of Kevin O’Flaherty in Kenora ON. Born in Kenora he joined the RCAF after High School graduation in 1942 and trained as a pilot. He was then seconded to the Commonwealth Air Training Plan where he trained pilots in flying and navigation for both the European and Pacific theaters of war. He was familiar with most of the CATP bases in Western Canada and also served in Summerside P.E.I.

British Columbia’s Minister of Energy & Mines Bill Bennett addresses attendees at the Mineral Exploration Roundup convention in Vancouver. AME BC

Bennett supports power cost deferral for BC miners ROUNDUP 2016

BY LESLEY STOKES

B

lstokes@northernminer.com VANCOUVER

ritish Columbia’s Minister of Energy & Mines Bill Bennett said during a press conference on Jan. 26 at this year’s Mineral Exploration Roundup convention that miners in the province can expect a decision quickly on whether operational power costs will be deferred until commodity markets bounce back.

“There are mining companies in the province that ask themselves on a daily basis whether they should keep operations going,” he said. “If there’s something we can do — such as deferring power costs — to help them make the decision to stay open and keep thousands of people employed, then you know what my view is. I hope we do it — and we’ll make that decision [soon].”

The announcement has met with criticism from the province’s New Democratic Party, which argues that BC Hydro is already weighed down with $5 billion in deferral accounts, and taxpayers could be stuck with the bill if the miners can’t pay.

“The majority of deferral account are being paid down right now,

| Decision expected soon, minister says

“WHERE ELSE WOULD YOU RATHER HAVE THOSE RESOURCES COME FROM THAN IN CANADA, [WHICH] CARES ABOUT THE ENVIRONMENT [AND] INCLUDES INDIGENOUS PEOPLE — THIS IS THE BEST PLACE.” BILL BENNETT MINISTER OF ENERGY & MINES, BRITISH COLUMBIA

and that’s what you want,” Bennett said. “This program is quite different than a subsidy, which is what most people think we’re doing … if we do defer, the amount would go into an account that would bear interest, so when commodity prices come back, they would pay off those accounts with interest.”

While miners face crumbling

commodity markets, comments

by Prime Minister Justin Trudeau at the World Economic Forum in Switzerland added to the uncertainty for miners in Canada.

“My predecessor wanted you to know Canada for its resources,” Trudeau said. “I want you to know Canadians for our resourcefulness.”

Bennett said that Trudeau’s words may have been taken out of context, and may not reflect the country’s direction on developing its resources.

“I’ve been quoted many times in my 15-year [political] career, and regretted some of the things that I’ve said and just the context I said them in, so perhaps there’s some element of that here,” Bennett said.

“In Canada we have some of the most technologically advanced mining methods — along with forestry and oil and gas methods — anywhere in the world, and the world needs those resources,” Bennett said. “Where else would you rather have those resources come from than in Canada, [which] cares about the environment and includes indigenous people — this is the best place for the world to get their resources, because we do it right here.” TNM

He attended the University of Toronto and graduated in Mining Geology in 1949 and did post graduate work at the U of T in the following years.

He spent the next 15 years at various headframes in Northern Ontario and Quebec and then settled in Cobalt Ontario where he discovered the Silverfields mine, an economic entity on less than one mining claim of ground. He later hung out his shingle as a Mining Consultant.

He accepted a position at the Haileybury School of Mines in 1972 where he taught a generation of Canadian Miners in various subjects such as English and Geophysics.

When visiting various mining camps or attending mining functions it was usual for him to run into many of his former students.

His students are now the managers and executives of the Canadian and Worldwide mining community.

In 1981 he went back into the consulting business and worked in various places including California, Nevada, Oregon and British Columbia.

He never retired. He spent time at a fly in exploration camp when he was 85 and last logged diamond drill core when he was 88.

If you knew him raise a glass of Scotch in his memory and make a donation to your favourite charity.

He will be missed.

BC Hydro’s Revelstoke Dam, which has the capacity to produce 1,843,000 kW. WIKIMEDIA COMMONS/ARSENIKK

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

2016-02-02 7:11 PM

GLOBAL MINING NEWS

3

THE NORTHERN MINER / FEBRUARY 8-14, 2016

Aston Bay strikes exploration deal with BHP COPPER

| BHP can earn 75% of Storm project in High Arctic by spending $40M

Aston Bay Holdings’ Storm copper project, 20 km from tidewater in the northwest corner of Somerset Island, Nunavut. ASTON BAY HOLDINGS

BY SALMA TARIKH

B

starikh@northernminer.com

HP Billiton’s (NYSE: BHP) Canadian subsidiary has signed a letter of intent to fund exploration on Aston Bay Holdings’ (TSXV: BAY) Storm copper property, in Somerset Island, Nunavut.

Aston’s CEO Benjamin Cox says the partnership shows the positive potential of the Storm project on the 2,595 sq. km property, which also hosts the Seal zinc-silver project.

Under the preliminary deal, BHP could earn 75% in the property by spending at least $40 million on

exploration within nine years. This includes a minimum $2.5 million within two years of signing a definitive deal. Once the agreement is signed, Aston will receive $325,000 and will not need to spend money on exploration for four years. The companies anticipate finalizing the deal next quarter.

The partnership will benefit the Vancouver-based junior explorer, which has done a lot with its limited funds on the large property in the current market downturn.

“It’s unbelievably hard to run a junior mining company, and I don’t mean that in a positive or negative way,” admits Cox, a former mining

analyst and founder of research and consulting firm Oreninc.

Aston signed an option on the Storm property in late 2011 with Commander Resources (TSXV: CMD; US-OTC: CMDRF). The parties revised the agreement several times, extending the timeframe for Aston’s initial 51% earn-in. Last December, however, Aston reported an agreement to buy 100% of the Storm copper property.

Once that transaction closes, Commander will receive 11 million Aston shares, bringing its total stake in Aston to 14.5 million shares, or 29%. This interest excludes another 5.5 million Aston shares that Com-

mander will receive when $6 million is spent on the Storm property (including previous investments of $3.5 million), or alternatively, if Aston Bay raises $4 million.

The Storm project is a sedimenthosted copper deposit that Teck Cominco identified in 1996, while exploring the nearby Seal project.

From 1997 to 2001, Teck drilled nearly 10,000 metres on Storm and defined four copper zones: 2200N, 2750N, 3500N and 4100N. The best results came from the 2750N zone, including 110 metres grading 2.5% copper from surface and 56 metres grading 3.1% copper from 12.2 metres deep.

Most of the historic drilling averaged 100 metres deep, leaving room for exploration potential at depth.

In 2011, Commander — which picked up the Storm property in 2008 — flew a versatile time domain electromagnetic survey over the property that identified a handful of anomalous targets, including the 4 by 1.5 km Blizzard anomaly, 220 metres below surface.

Aston investigated the anomaly in a joint-exploration program in December 2014 with Antofagasta, and found elevated levels of copper in the rocks and soils that lie above the target.

However, six weeks after Antofagasta signed a deal to earn up to 70% of Storm, it walked away, citing budget cuts and a weakening copper market.

Since then, the spot copper price has fallen from the US$2.50 per lb. range to US$1.96 per lb. in midJanuary 2016, before rebounding recently to US$2.06 per lb.

While the copper price has not improved, it is “still well above [US$1.26] December 2008 recessionary lows, and remains slightly above ‘average world break-even costs, including depreciation,’” Scotiabank’s analyst Patricia Mohr writes.

The low price environment is also a good buying opportunity for majors looking to secure interests in potential sources of high-grade metals.

Despite the short-lived deal with Antofagasta, Aston continued working on Storm, with Cox noting he’s “incredibly lucky” to have another major interested in the property, roughly a year later.

On Feb. 1, Thomas Ullrich — formerly Antofagasta’s chief geologist for North America since 2011 — joined Aston as chief operating officer and executive vice-president of exploration, replacing Bruce Counts.

“Storm has promising exploration potential for the discovery of a high-grade, large-tonnage copper target in North America,” Ullrich said in a release.

On the BHP news, announced on Jan. 28, Aston shares jumped 58%, or 19¢, to 30¢. The stock traded at 20.5¢ at press time. TNM

Global Leader

Your Technical Services Partner in Geochemistry and Metallurgy For more information, scan this QR code or visit www.alsglobal.com Phone: +1 604-984-0221

A mineralized sample from Aston Bay Holdings’ Storm copper project on Somerset Island, Nunavut. ASTON BAY HOLDINGS

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

RIGHT SOLUTIONS RIGHT PARTNER

2016-02-02 7:11 PM

4

WWW.NORTHERNMINER.COM

FEBRUARY 8-14, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

www.northernminer.com

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com STAFF WRITERS: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders.

14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304.

U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304.

U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

E D I T O R IA L Time to spend more on infrastructure in North?

O P- E D

Reliable access vs. reliable understanding LETTER TO THE EDITOR | Working with First Nations in BC

NEW FUNDING SOLUTIONS

| Aboriginal think tank pitches need for bold vision

W

ith the new federal government having vowed in its election platform to improve the lives of Aboriginal Canadians and spend tens of billions on infrastructure projects to offset the economic downturn, it’s a perfect time for aboriginal groups to lobby governments to step up their investments in infrastructure

BY JOHN CUMMING jcumming@northernminer.com investment in northernmost Canada.

And that’s exactly what the National Aboriginal Economic Development Board (NAEDB) is doing with its new report, “Recommendations on northern infrastructure to support economic development.”

Founded in 1990, NAEDB says its goal is to help Aboriginal Peoples in Canada become economically self-sufficient, and full participants in the Canadian economy. The NAEDB board is made up of 10 First Nations, Inuit and Métis business and community leaders from across Canada, with Clarence Louie, chief of the Osoyoos Indian Band in B.C., serving as chairperson.

The authors argue that Canada’s North is “facing a significant infrastructure deficit — one that is a major barrier to improving the quality of life in northern indigenous communities and acts as the predominant barrier to economic and business development in the region.”

(They define the “North” as the three territories and the northernmost reaches of Quebec and Labrador.)

Further, they state “bold investment in large, nation-building infrastructure” is required alongside more investment in local-level infrastructure to support Northern communities, and that indigenous peoples “must be engaged as true partners” along the way.

They lament that the North missed out on the political drive of decades past that resulted in such government-funded mega-projects as the St. Lawrence Seaway, the National Highway System, national railways, ports and airports.

The NAEDB estimates that infrastructure costs in the North are 150% higher than in the rest of Canada. They cite a recent study by the Mining Association of Canada that building a mine in the North costs up to 2.5 times more than in the south, with operating costs 30–60% higher.

But, based its past studies of northern infrastructure, the board claims that each dollar spent on Northern economic infrastructure can, if invested wisely, generate $11 of economic benefits for individuals and $11 of fiscal benefits for governments.

To boil it down, the NAEDB argues it’s time for a far more coordinated approach to infrastructure development in the North, and that governments, with their longer time horizons and lower borrowing costs, are best-suited to making these investments.

The Public-Private Partnership programs that are so popular in Southern Canada — best exemplified by Infrastructure Canada’s centrepiece, $14-billion New Building Canada Fund — are not as well-suited to the North, the authors argue, due to the daunting scale of needed investment and the North’s sparse population density, which often excludes the region from being considered under most programs’ investment formulas.

Yet the NAEDB recognizes the importance of getting private money indirectly involved in infrastructure spending in the North by buying the long-term bonds governments have created to fund infrastructure building. Private investors will also probably remain more vigilant that money is being well-spent by governments as the infrastructure projects proceed.

Another new but growing source of funds for these infrastructurerelated investments are the various indigenous-development corporations set up in the wake of land claims being settled across much of the North. These corporations are essentially the economic and business development arms of aboriginal governments. An example is Makivik Corp., which represents the Inuit of Nunavik and has a net worth of $180 million, and owns six subsidiary businesses, including a regional airline and a construction company.

The NAEDB sees the First Nations Finance Authority (FNFA) as another good model. The FNFA is a not-for-profit organization under the First Nations Fiscal Management Act that provides investment and capital-planning advice, and access to long-term loans with low interest rates. The authors note that in 2013, the FNFA obtained an A3 credit rating from Moody’s, and issued its first bond of $90 million, “representing a major breakthrough for member First Nations.” Twenty-three First Nations now participate, and last July another $50 million was added to the bond, with proceeds used by First Nations for community infrastructure, housing and economic development projects. TNM

W

hile Mr. Dirom’s recent opinion piece, “BC explorers need reliable access to land to make discoveries (T.N.M., Jan. 25–31, 2016)” raises valid concerns, he offers only the same tired and outdated responses that actually hinder effective development in this province.

In fact, “reliability” of access to land can only be created by forming strong partnerships and understandings around the things that are now viewed as barriers.

Any significant decision about land use calls a number of interests and stakeholders into play.

The most urgent challenge facing the mining industry today is acknowledging First Nations as a third level of government. Our cultural connection to the land, unresolved land claims, our vision for the future and aboriginal rights and title lands must be factored into the availability of subsurface rights.

The current free-entry system chooses to operate within a vacuum, ignoring the issues that, if resolved in a collaborative way prior to staking claim, would save industry and taxpayers countless resources. Improving the regulatory system should not be done at the expense of land interests.

There are areas that we consider far too sensitive — culturally, spiritually, environmentally — to develop into a full-blown mine.

This is a reality.

Working to understand the cultural, social and environmental factors that define these areas will create a reliable understanding of the context, by which a mineral exploration and development may occur. Companies that embrace relationships with First Nations will excel in the future. These relationships must be in the form of full partnerships, beyond mere funding arrangements like impact and benefit agreements.

Exemplifying the need for understanding is the current tension between Amarc Resources’ Ike project and our Nation. This project is proposed in the headwaters of the Taseko River, in the same region where we successfully opposed the New Prosperity

mine — which was rejected in part because of its unacceptable impacts on aboriginal culture and heritage. It would also fall within the heart of the Dasiqox Tribal Park.

These land-use designations should be viewed as the path to certainty. The free-for-all created by the free-entry system will only lead to more situations like what the Ajax mine in Kamloops, B.C., faces.

THE CURRENT FREEENTRY SYSTEM CHOOSES TO OPERATE WITHIN A VACUUM, IGNORING THE ISSUES THAT, IF RESOLVED IN A COLLABORATIVE WAY PRIOR TO STAKING CLAIM, WOULD SAVE INDUSTRY AND TAXPAYERS COUNTLESS RESOURCES. A reliable understanding of what is not possible, if respected, can unlock what is truly possible. Our advice is to work with us or face a future of failed projects like the New Prosperity mine.

We must move past the doctrine of Terra Nullius (“Nobody’s land”). That may mean that some lands will be removed from what’s available for exploration, but it will also mean that many of the root causes of regulatory uncertainty will be removed.

We welcome AME BC and the B.C. mining industry to take a leadership role in resolving these issues in a proactive and positive way, working with First Nation communities.

Chief Joe Alphonse Tribal Chairman of Tsilhqot’in National Government

DEPARTMENTS

THE NORTHERN MINER is published weekly

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

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

Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . 12 Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . . 13-14 Stock Tables. . . . . . . . . . . . . . . . . . . . . 6,10-12

COMPANY INDEX Antofagasta........................ 3 Areva.................................. 7 Asanko Gold...................16 Aston Bay Holdings.......... 3 Azincourt Uranium.......... 7 BHP Billiton...................... 3 Cameco...........................7,9

Commander Resources... 3 Detour Gold...................... 1 Forum Uranium............... 7 Imperial Metals................. 2 JDS Silver........................... 2 Oreninc.............................. 3 Plateau Uranium............... 7

Pretium Resources............ 2 Rio Tinto............................ 7 U3O8 Corp........................ 9 Ur-Energy ......................... 8 Vena Resources................. 7

Amarc Resources’ Ike project, where exploration has been opposed by the Tsilhqot’in Nation. AMARC RESOURCES

2016-02-02 7:11 PM

GLOBAL MINING NEWS

5

THE NORTHERN MINER / FEBRUARY 8-14, 2016

BC Minister Rustad encourages industry, First Nations to ‘build relationships’ ROUNDUP 2016

| BC gov’t commits $30M to aboriginal job training

BY LESLEY STOKES

B

A totem pole on display at the Vancouver Convention Centre during the Mineral Exploration Roundup 2016 convention in January. AME BC

BC Chief Gottfriedson says First Nations need ‘culture of greatness’ ROUNDUP 2016

| Strong partnerships lead to good business

BY LESLEY STOKES

B

lstokes@northernminer.com VANCOUVER

ritish Columbia Regional Chief Shane Gottfriedson told delegates at the Mineral Exploration Roundup convention in Vancouver that the resource industry could be a game changer for First Nations in the province, but a higher level of consent and respect will be needed before the industry is embraced by local First Nation groups.

As an advocate for good business practices, Gottfriedson said First Nations can use economic development to become more independent, and “protect what’s ours.”

He said that “as we look at the changing landscape of how we interact in the 21st century, we need to take advantage of the opportunities before us in the resource sector and the social sector as well.

Unfortunately we’ve seen many fights with the industry and oldschool thinking, but we’ve got new companies coming in that want to partner with us, and the ones that do are having much more success from a public perception, and it’s

“IF WE CREATE OUR OWN SOURCE OF REVENUE, WE CREATE OUR OWN INDEPENDENCE.” CHIEF SHANE GOTTFRIEDSON ASSEMBLY OF FIRST NATIONS B.C. REGIONAL CHIEF

also good corporate business.”

Gottfriedson described First Nation communities in the province as the “poorest of the poor” and among the most disadvantaged, but under a new federal government led by Prime Minister Trudeau, he says the future looks brighter.

“I really like Trudeau’s way forward on including us, and looking at how we can play a major role in the future,” he said. “We can and we will, but we also need industry to partner with us, be respectful and work with us to get that quality of life. We’re good at managing poverty, and I know we can be good at managing wealth as well.”

But social change is also necessary, he said, and First Nations must

Published by:

“break down barriers,” think strategically and seek out partnerships.

“The way the world economy is, we need to look at creating a culture of greatness for our people,” he continued. “Violence and learned behaviours are things of old, and we need to look at how the business world is growing all around us … our need for social change has never been more important.”

Before serving as regional chief for the province, Gottfriedson spent 12 years as chief of Kamloops, and during this time he says he learned how important it is for groups to collaborate.

“Some of the most successful organizations create a culture of greatness by giving its people skills, training and tools. I’m an ironworker by trade, so if I need to pound nails, I’m going to need a hammer … it’s the same position I take as regional chief, and in working with the industry and the different councils,” he said. “Wouldn’t it be awesome if this province and all the First Nation groups got together, and developed strategies around how we can benefit? If we create our own source of revenue, we create our own independence.” TNM

lstokes@northernminer.com VANCOUVER

ritish Columbia’s Minister of Aboriginal Relations and Reconciliation John Rustad said at this year’s Mineral Exploration Roundup in Vancouver that the provincial government is working with First Nation groups to better define their participation in resource development in the province.

“Our constitution has a clause in it that says Aboriginal Peoples have rights, including title to the land,” Rustad said. “But it didn’t define what that means exactly. So over the years, courts have been coming down with some rulings and have given some definition to what this means.”

He referenced the precedent-setting Tsilhqot’in decision in June 2014, when the Supreme Court of Canada awarded primary control of nearly 1,900 sq. km of the land base in south-central B.C. to the small Tsilhqot’in First Nation, based on their continuous, semi-nomadic use of the land over many centuries.

Since then, Rustad says the B.C. government has worked diligently towards understanding how to “bring life to the title area,” adding that “for the past 18 months, we’ve worked with them on how we do things as simple as building roads, and who is responsible for those things. We’re working on that, but we’re also taking it a step further for the rest of the Tsilhqot’in Nation at how that relationship looks like going forward … and we’re hopeful that we’ll be able to build an agreement with them in the near future to help them lay out that foundation.”

Rustad said that the B.C. government has signed 125 economic agreements with First Nation groups since the Supreme Court ruling, and are working on innovative ways to support activity and provide certainty for the industry.

The mining sector across Canada employs more Aboriginal Peoples than any other sector, he noted, and it provides “significant opportunity for First Nations to change some of the conditions for its people.”

He mentioned that the B.C. government has committed up to $30 million over the next three years towards job training for Aboriginals.

“We’ve developed 18 or 21 of these projects that will be out in the land base … one of the first that we’ve funded in partnership with the

industry is in the Prince Rupert area called ‘Pathways to Success,’” he said. “About 115 people entered into the program, and it’s the first batch of people towards what we anticipate will become 1,000 people trained over the next year.”

He estimates that over $3.5 million in total income has already been generated from the 115 participants who have since entered the workforce.

“These aren’t minimum wage jobs — they’re jobs that create good skills, good development and it’s really been able to change their lives, and help build what the First Nations are hoping to build for their communities.

“WE NEED TO ... CLOSE THE SOCIO-ECONOMIC GAP THAT FIRST NATIONS HAVE.” JOHN RUSTAD MiINISTER OF ABORIGINAL RELATIONS AND RECONCILIATION, BRITISH COLUMBIA

“As we go forward we’ll be innovative with our approach … because if we want to see a successful mining industry and development on the land base, we need to find ways to close the socio-economic gap that First Nations have, and find means to make sure that as new resources arise, we can truly deliver the benefits to all British Columbians — Aboriginal and nonAboriginal alike.”

Rustad added that there are challenges to manage First Nations’ expectations in dealing with explorers, who are already cash-strapped.

“Our hope is to build the relationships, and it will eventually become less of an issue … there’s certainly more work left to be done,” he said.

Rustad encourages all companies to “reach out and build a relationship” with First Nations in the regions they operate in.

“There’s a history of challenges and issues that First Nations have experienced that haven’t been positive, dating back 100 years or so,” he said. “To come in right off the bat, it’s important to build trust, and that will create a positive dialogue for what you need to do to advance your project to its full potential.” TNM

MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • 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

Now Available in Spanish

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

Order Your Copy Today!

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

2016-02-02 7:11 PM

6

WWW.NORTHERNMINER.COM

FEBRUARY 8-14, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JANUARY 25–29 An interest rate cut by Japan’s central bank, the U.S. Federal Reser ve’s decision to leave rates alone and rising oil prices — West Texas Intermediate crude finished at US$33.70 per barrel — lifted global markets. There was also positive news on the home front, with Statistics Canada reporting that real gross domestic product rose 0.3% month-on-month in November, after no growth in October and a 0.5% drop in September. The S&P/ TSX Composite Index advanced 3.5% to close at 12,822.13. Several other indexes also ended in positive territory. The S&P/ TSX Global Mining Index rose 6.96% to 41.36; the S&P/TSX Capped Diversified Metals & Mining Index jumped 8.3% to 277.60; and the S&P/TSX Global Gold Index surged 10.5% to 140.63. Spot gold climbed US$19.80 per oz., or 1.8%, to finish at US$1,117.80.

Potash Corp. of Saskatchewan said it would cut its quarterly dividend 34% to 25¢ per share. The company also reported fourth-quarter earnings of 24¢ per share ($201 million) and $1.52 per share ($1.3 billion) for all of 2015. “Weaker fertilizer prices late in the year reduced our earnings for the quarter, giving rise to a more cautious outlook for all three nutrients [potash, nitrogen and phosphate] as we

begin 2016,” Jochen Tilk, PotashCorp’s president and CEO, said in a news release.

The company expects 2016 earnings will come in at 90¢ to $1.20 per share (10¢ to 20¢ per share for the first quarter). The company’s shares gained 6¢ to $22.84.

Silver Wheaton’s shares climbed $1.52 to $16.51. The company signed a non-binding term sheet with Panoro Minerals for an early deposit precious metals purchase agreement for the junior’s Cotabambas project in Peru. Under the proposed agreement, Silver Wheaton can buy 100% of the silver production and 25% of the gold production from Cotabambas until 90 million equivalent oz. silver attributable to Silver Wheaton have been produced, at which point the stream would drop TSX MOST ACTIVE ISSUES

First Quantum HudBay Mnls Barrick Gold Suncor Energy Teck Res Potash Corp SK B2Gold Kinross Gold Yamana Gold Eldorado Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

FM HBM ABX SU TCK.B POT BTO K YRI ELD

45400 3.03 2.36 3.03 + 0.45 28691 2.76 2.26 2.76 + 0.14 28615 13.99 12.33 13.93 + 1.77 23207 33.18 29.82 33.18 + 1.85 22168 5.23 4.78 5.23 - 0.06 20519 22.97 20.65 22.84 + 0.06 19324 1.08 0.86 1.07 + 0.14 18715 2.37 2.15 2.31 + 0.10 18533 2.46 2.13 2.41 + 0.25 15822 3.24 2.67 3.18 - 0.05

to 66.7% of silver production and 16.7% of gold production for the life-of-mine (LOM). Silver Wheaton will pay a total cash consideration of US$140 million, plus an ongoing production payment.

A revised life-of-mine plan for the Detour Lake gold mine in northeastern Ontario lifted Detour Gold’s shares by $1.92 to $17.04. The plan incorporates a second feed source from the West Detour deposit,

reduces the front end waste-to-ore strip ratio in the first nine years from 4.8:1 to 4.0:1 (eliminating 160 million tonnes of waste) and lowers the maximum mining rate from 140 million tonnes to 124 million tonnes, among other things. Processing low-grade stockpiles (LG fines) in 2019 will add a third ore source and contribute to a plant throughput capacity of 23 million tonnes after 2018. TNM

TSX GREATEST PERCENTAGE CHANGE

Bannerman Res Horizonte Mnls Canarc Res Vena Res Century Global Luna Gold Silver Bear Rs Freegold Vent Coro Mining Orsu Metals Prophecy Coal Aureus Mng Goldgroup Mng Loncor Res Rio Novo Gold Orbite Tech Mawson West Meadow Bay Gd Nevada Copper Metalore Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BAN HZM CCM VEM CNT LGC SBR FVL COP OSU PCY AUE GGA LN RN ORT MWE MAY NCU MET

203 32 851 862 9 468 353 441 926 335 3503 357 1457 2842 75 10439 75 544 83 6

0.06 0.05 0.15 0.03 0.34 0.06 0.04 0.10 0.02 0.02 0.03 0.08 0.09 0.02 0.09 0.43 0.02 0.07 0.60 1.70

0.03 0.03 0.05 0.01 0.21 0.04 0.00 0.08 0.02 0.00 0.02 0.06 0.07 0.02 0.07 0.28 0.02 0.00 0.50 1.45

0.06 0.05 0.10 0.03 0.33 0.05 0.04 0.09 0.02 0.02 0.02 0.07 0.07 0.02 0.08 0.32 0.02 0.06 0.51 1.45

TSX GREATEST VALUE CHANGE

Royal Gold Agnico Eagle Detour Gold Franco-Nevada Suncor Energy Barrick Gold Goldcorp Silver Wheaton Endeavour Mng Alamos Gold Agrium Metalore Res Ur-Energy Imperial Metal Nevada Copper Orbite Tech Lundin Gold Teck Res Teck Res NGEx Res

+ 100.0 + 100.0 + 81.8 + 66.7 + 57.1 + 42.9 + 40.0 + 38.5 + 33.3 + 33.3 - 33.3 - 27.8 - 26.3 - 25.0 - 21.1 - 21.0 - 20.0 - 15.4 - 15.0 - 14.7

VOLUME WEEK (000s) CLOSE CHANGE

RGL AEM DGC FNV SU ABX G SLW EDV AGI AGU MET URE III NCU ORT LUG TCK.A TCK.B NGQ

50 41.64 4730 41.52 8777 17.04 3104 62.03 23207 33.18 28615 13.93 15641 15.96 6794 16.51 1364 8.56 5757 4.57 2157 122.32 6 1.45 563 0.75 88 4.54 83 0.51 10439 0.32 84 3.92 8 7.74 22168 5.23 143 0.58

+ 4.20 + 2.88 + 1.92 + 1.88 + 1.85 + 1.77 + 1.59 + 1.52 + 1.31 + 1.13 - 2.00 - 0.25 - 0.12 - 0.10 - 0.09 - 0.09 - 0.08 - 0.06 - 0.06 - 0.06

TSX VENTURE EXCHANGE / JANUARY 25–29 The S&P/TSX Venture Composite Index recovered from historic lows during the trading period, as it gained 3.3%, or 15.85 points, en route to a 499.52-point weekly close. Commodity futures were on the rise across the board, with markets also buoyed by global stimulus measures announced in the face of volatile economic conditions. The Bank of Japan adopted a negative interest-rate model, while the European Central Bank indicated it could boost stimulus spending by March.

Gold rebounded alongside the Canadian dollar after less-than-stellar economic growth in the U.S. April contracts for bullion jumped nearly 2%, or US$19.20, before finishing at US$1,116.40 per oz. March contracts for West Texas Intermediate crude oil gained 4.4%, or US$1.43, en route to a US$33.62per-barrel close, while March contracts for copper finished up 3.3%, or US6.6¢, at US$2.06 per lb.

John McCoach, president of the TSX Venture Exchange, held a raucous town hall meeting in Vancouver on Jan. 28. There has been dialogue over measures to fix the struggling exchange after the TMX Group released a White Paper in December outlining a seven-step cost-cutting program. The exchange has come under fire for high listing fees and onerous regulatory frameworks.

Mexico-focused Canasil Resources gained on heavy trading after the explorer tabled drill results from its Sandra-Escobar silver joint venture in Durango state. Shares gained 227%, or 13¢, on 6.4 million traded before finishing at 18¢ per share.

On Jan. 25 Canasil’s joint-venture partner Orex Minerals reported maiden assay results from a drill program at the project. Hole 15-1 yielded 43.1 metres true thickness grading 359 grams silver per tonne from surface. Of the 61 core samples in one-metre intervals from surface included in the intercept, 60 exceeded 100 grams silver.

Silver mineralization is hosted along the flank of a rhyolite-volcanic dome in an area of Sandra-Escobar that has no previous drilling. Mineralization is hosted in an altered TSX-V MOST ACTIVE ISSUES

Planet Mng Nexus Gold Graphite One Canasil Res Dunnedin Vent Visible Gold M Tango Mining Nemaska Lith Strike Diamond Equitas Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

PXI 11642 NXS 10467 GPH 9081 CLZ 6441 DVI 5778 VGD 5711 TGV 4672 NMX 4616 SRK 4066 EQT 3769

0.04 0.09 0.09 0.20 0.05 0.03 0.01 0.40 0.01 0.08

0.02 0.07 0.07 0.06 0.04 0.02 0.01 0.36 0.01 0.07

0.02 - 0.02 0.07 - 0.02 0.09 + 0.01 0.18 + 0.13 0.05 + 0.01 0.03 unch 0.00 0.01 unch 0.00 0.37 - 0.03 0.01 - 0.01 0.08 unch 0.00

and highly permeable volcanoclastic unit, with disseminations of silver-bearing minerals and broadly spaced stockwork veinlets.

Nexus Gold was near the top of the volume-traded column after announcing due diligence on “undervalued” advanced-stage gold acquisitions. The company saw just over 10 million of its shares change hands, losing 2¢ before closing at 7¢ per share.

The company drilled at its Walker Ridge gold project in Nevada’s Jerritt Canyon–Independence trend last year, and has leveraged what it calls “leading edge” element detection technology (EDT). In late 2014, Nexus hired Vital GeoSURVEYS to perform an EDT geophysical survey. The technology allows for in-situ detection and mapping signals specific to a targeted element. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Baroyeca Go&Si Canasil Res Arctic Star Standard Graph Monster Uran Sienna Res Alloycorp Mng BCGold Laurion Mnl Ex Noble Metal Gr Regency Gold New Era Mnrls Geodex Mnrls Astur Gold Auramex Res Arcturus Vents Barker Mnrls Carlin Gold Global Mnrls Emgold Mng

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BGS CLZ ADD SGH MU.H SIE AVT BCG LME NMG RAU.H NEM GXM AST AUX AZN BML CGD CTG.H EMR

161 6441 2839 1222 109 763 458 1142 883 480 15 24 288 398 30 6 50 18 3 8

0.02 0.20 0.03 0.02 0.05 0.03 0.01 0.03 0.01 0.01 0.01 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.01

0.01 0.06 0.01 0.01 0.02 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.01

0.02 0.18 0.03 0.02 0.05 0.03 0.01 0.02 0.01 0.01 0.01 0.05 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.01

TSX-V GREATEST VALUE CHANGE

+ 300.0 + 227.3 + 200.0 + 200.0 + 200.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 80.0 - 60.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Diamcor Mng Gold Reserve Kennady Diam Auryn Res Canasil Res North Arrow Mn Falco Res Abitibi Royalt Regulus Res Wealth Mnrls Pac Booker Min Till Capital New Era Mnrls Pure Energy Anfield Res Zenyatta Vent Largo Res Lara Expl Midland Expl Menika Mining

VOLUME WEEK (000s) CLOSE CHANGE

DMI GRZ KDI AUG CLZ NAR FPC RZZ REG WML BKM TIL NEM PE ARY ZEN LGO LRA MD MML

275 15 87 190 6441 113 1348 20 125 302 9 1 24 1276 4 317 2459 380 94 207

1.00 3.40 3.00 1.20 0.18 0.27 0.37 3.05 0.28 0.32 1.87 4.68 0.05 0.57 0.08 0.85 0.14 0.26 0.50 0.08

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

0.25 0.19 0.15 0.15 0.13 0.11 0.11 0.10 0.09 0.07 0.38 0.33 0.08 0.06 0.06 0.05 0.04 0.04 0.04 0.04

U.S. MARKETS / JANUARY 25–29 U.S. equities posted a second consecutive weekly gain, after a surprise move from the Bank of Japan to stimulate its economy. The Dow Jones Industrial Average rose 2.3% to 16,466.30, while the S&P 500 Index advanced 1.8% to 1,940.24. The Nasdaq retreated 0.5% to finish at 4.613.95. The spot gold price jumped US$19.80 to US$1,117.80. In January, the Dow lost 5.5%, the S&P 500 fell 5.1% and the Nasdaq plunged 7.9%. Spot gold, however, rose 5.4% in January, up US$57 from its 2015 close of US$1,061 per oz.

Barrick Gold was one of the most active stocks, with 137.9 million shares traded. A week before, the miner announced preliminary 2015 full-year production results of 6.12 million oz. gold, within its revised guidance of 6 to 6.15 million oz. Full-year copper production came in at 511 million lb., within expectations. Along with meeting its output guidance, Barrick achieved its US$3-billion reduction target, cutting its debt 24% last year.

However, it expects US$1.8 billion in goodwill impairment charges and up to US$1.2 billion in asset impairment charges, mainly from the Pascua-Lama asset in Argentina and Chile, and Pueblo Viejo in the Dominican

Feb 8 Pgs 6.indd 6

Republic. It assumes a US$1,000 per oz. gold price for 2016 and a long-term US$1,200 per oz. gold for the impairment tests. The test results and 2015 financials should be out on Feb. 17.

Barrick shares closed up US$1.33 to US$9.91, up 34% for January. Barrick was also the best performing stock on the Toronto Stock Exchange, registering a 36% monthly increase.

Coeur Mining rose 26% to US$2.21 per share, on no major corporate news. On Jan. 27, the company’s CEO Mitchell Krebs presented at the TD Securities Mining Conference in Toronto. He reiterated that in 2015, Coeur produced 35.6 million equivalent U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 348833 5.08 3.81 4.60 + 0.66 Alcoa* AA 167797 7.29 6.76 7.29 + 0.42 Barrick Gold* ABX 137903 9.95 8.69 9.91 + 1.33 Vale* VALE 121213 2.46 2.13 2.45 + 0.18 Chevron* CVX 70209 86.71 80.80 86.47 + 2.93 Potash Corp SK* POT 69798 16.40 14.64 16.30 + 0.21 United States S* X 64037 7.79 6.15 7.00 - 0.24 Yamana Gold* AUY 63878 1.75 1.49 1.70 + 0.19 Vale* VALE.P 61538 1.86 1.57 1.85 + 0.17 CONSOL Enrgy* CNX 54241 8.58 5.55 7.94 + 1.78

oz. silver, in line with guidance and a 10% increase over 2014. Coeur, which has six producing precious metal mines, anticipates churning out between 33.8 million and 36.8 million equivalent oz. silver in 2016. The stock dropped 11% in January.

Southern Copper was a value winner, climbing US$2.30 to US$25.92 per share. The miner announced a US3¢-per-share quarterly dividend, payable on March 1, to shareholders on record as of Feb. 16. The dividend is a cent below its November dividend. TNM

U.S. GREATEST PERCENTAGE CHANGE

Mechel* Alamos Gold* Peabody Enrgy* CONSOL Energy* Coeur Mng* Stillwater Mg* Primero Mng* Newmont Mng* Hecla Mining* Gold Fields* United States S* Eldorado Gold* Agrium* Natural Res Pt* Trecora Res* Yanzhou Coal* Teck Res* TECO Enrgy* Mosaic* Pretium Res*

MTL AGI BTU CNX CDE SWC PPP NEM HL GFI X EGO AGU NRP TREC YZC TCK TE MOS PVG

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

1590 2.00 6964 3.39 8871 4.60 54241 8.58 14721 2.21 9299 6.80 2858 2.51 51708 20.07 30723 1.87 31446 3.56 64037 7.79 22749 2.31 4420 87.57 1467 1.24 338 10.60 135 4.02 30564 3.73 12128 27.44 31717 24.10 3771 4.54

1.39 2.46 3.53 5.55 1.77 5.26 2.08 16.87 1.60 3.04 6.15 1.87 84.09 1.09 9.23 3.76 3.35 26.94 22.05 4.13

2.00 3.24 4.45 7.94 2.21 6.55 2.50 19.96 1.86 3.40 7.00 2.24 86.87 1.16 10.52 4.00 3.73 27.12 24.10 4.28

+ 36.1 + 32.8 + 29.0 + 28.9 + 26.3 + 22.4 + 20.8 + 19.7 + 17.7 + 17.2 - 3.3 - 1.8 - 1.1 - 0.9 - 0.3 - 0.2 + 0.3 + 0.3 + 1.0 + 1.2

U.S. GREATEST VALUE CHANGE

Newmont Mng* NEM Chevron* CVX Southern Copp* SCCO Agnico Eagle* AEM Black Hills* BKH MartinMarietta* MLM CONSOL Energy* CNX NACCO Ind* NC Franco-Nevada* FNV Suncor Energy* SU Agrium* AGU United States S* X Eldorado Gold* EGO Trecora Res* TREC Yanzhou Coal* YZC Natural Res Pt* NRP Teck Res* TCK Pretium Res* PVG Kinross Gold* KGC TECO Enrgy* TE

VOLUME WEEK (000s) CLOSE CHANGE

51708 19.96 70209 86.47 7218 25.92 13638 29.44 6379 49.28 4241 125.58 54241 7.94 103 47.59 4359 44.11 29841 23.55 4420 86.87 64037 7.00 22749 2.24 338 10.52 135 4.00 1467 1.16 30564 3.73 3771 4.28 47405 1.64 12128 27.12

+ 3.28 + 2.93 + 2.30 + 2.16 + 2.01 + 1.98 + 1.78 + 1.77 + 1.65 + 1.43 - 0.93 - 0.24 - 0.04 - 0.03 - 0.01 - 0.01 + 0.01 + 0.05 + 0.08 + 0.08

2016-02-02 6:55 PM

GLOBAL MINING NEWS

7

THE NORTHERN MINER / FEBRUARY 8-14, 2016

GLOBAL URANIUM SPECIAL FOCUS

Core from Northern Uranium’s North West Manitoba uranium project. NORTHERN URANIUM

Plateau Uranium making strides at Macusani POSITIVE PEA

| Study uses US$50 per lb. uranium for mine plan in Peru

Forum CEO touts ‘exciting’ year on the Athabasca EXPLORATION

| Drills keep turning in northern Saskatchewan

BY MATTHEW KEEVIL

I

mkeevil@northernminer.com VANCOUVER

t isn’t a particularly active year SMSJ_Sept 2012_Pro_TH_PC for the exploration community, but Forum Uranium (TSXV: FDC; US-OTC: Mobile FDCFF) Equipment is bucking for the trend withSafety a pair of drill proand Productivity grams it hopes will lead to another major discovery in Saskatchewan’s e ocated to a sq ft prolific Athabasca basin. The company has a promising joint venture with Rio Tinto (NYSE: RIO), and it has raised money to fund solo exploration across extensive properties in the region.

Forum holds 40% in the 7 sq. km Henday claims, which border French giant Areva’s McClean Lake uranium mine.

SMSJ_Sept SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC Rio operates the Henday project Mobile Equipment with a 60% stake and hasforthe right Safety and Productivity to earn another 10% by funding $20 million in exploration, Re-Located to a 50,000 or sq.delivering ft. PLant! a feasibility study.

Last year saw versatile time domain electromagnetic surveys and historic data compilation, and the project could hit high gear in 2016.

On Jan. 11 Forum said Rio identified a number of drill targets from a 1,204 line km airborne magnetic and electromagnetic survey, and would mobilize two diamond drills at the site. Previous drilling on the property has identified anomalous radioactivity within basement lithologies,Authorized as well as alteration and Toyota Landcruiser associated radioactivity around

R -L

Drillers at Plateau Uranium’s Macusani uranium project in southern Peru. PLATEAU URANIUM

“WE WANTED TO BE REALISTIC TO SEPARATE US FROM ALL OF OUR PREDEVELOPMENT PEERS.”

BY TRISH SAYWELL tsaywell@northernminer.com

F

ive corporate transactions over eight years and a steady pace of consolidation and resource growth have laid the groundwork for an updated preliminary economic assessment (PEA) of the Macusani project in southern Peru that would place it in the lowest quartile of the world’s uranium producers, Plateau Uranium (TSXV: PLU; US-OTC: PLUUF) says.

In the PEA, Plateau estimates cash-operating costs would average US$17.28 per lb. uranium oxide (U3O 8) over a 10-year mine life, and initial capex would come in at US$300 million, with payback in less than two years.

The PEA uses a base-case price of US$50 per lb. U3O8 — which is 23% lower than the US$65 per lb. the company used in a December 2013 PEA — and still slashed costs, reducing anticipated capital expenses 9.4%, operating expenses 16% and payback 50%, all while boosting the production rate 42%.

“Nobody has used US$50 per lb. uranium in any economic study in the last four years—it’s all US$65 per lb., and some used US$70 per lb.,” company CEO Ted O’Connor says in an interview. “We wanted to be more realistic to separate us from all of our predevelopment peers.”

The project’s after-tax net present value at an 8% discount rate rings in at US$603 million — up 45% from the December 2013 PEA estimate of US$417 million — and the post-tax internal rate of return is 40.6%, up 25% from the earlier estimate.

Only three of the project’s five

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

TED O’CONNOR PRESIDENT AND CEO, PLATEAU URANIUM

uranium deposits where resources have been defined (Colibri, Kihitian and Isivilla), were used as potential mine feed in the updated study.

“The company has 124 million lb. resources in total, but the PEA used only 70 million lb. to produce 61 million lb. U3O8 , because of the 88% process recovery,” O’Connor says. “This leaves 54 million lb. defined mineral resources that were not included in the PEA scenario.”

According to the May 2015 updated resource estimate, at a 75-pa r t-per-mi l lion (ppm) (0.0075%) U3O8 cut-off grade, indicated resources stand at 95.2 million tonnes grading 0.0248% U3 O 8 for 51.9 million lb. U 3 O 8 , and inferred resources total 130.2 million tonnes averaging 0.0251% U3O8 , containing 72.1 million lb.

U3O8 .

At a cut-off grade of 0.02% U3O8 , indicated resources are 33.47 million tonnes grading 0.0445% U3O8 for 32.8 million contained lb. U3O8, and inferred add another 41.62 million tonnes grading 0.0501% U3O8 for 45.9 million lb. U3O8 .

The updated resource estimate incorporates U3 O 8 that Plateau Uranium amassed through its September 2014 acquisition of the

Minergia projects from Azincourt Uranium (TSXV: AAZ).

O’Connor was the president and CEO of Azincourt, which acquired the projects from Cameco (TSX: CCO; NYSE: CCJ) and its former partner Vena Resources (TSX: VEM) for $2 million in cash and shares in 2013. Azincourt sold the projects to Macusani Yellowcake in an all-share deal worth more than $5 million. (Macusani Yellowcake changed its name to Plateau Uranium in April 2015.)

O’Connor k new about t he Minergia projects because he had worked at Cameco for 19 years, the last 10 of which he mostly spent evaluating partnerships with juniors and scouting out other uranium properties.

“I visited all kinds of projects all over the world and I know pretty much all the projects that are out there,” he says. “I got Cameco interested in Peru and managed that partnership and relationship with the partner from 2006–13.”

Af ter t he 2011 Fu kushima nuclear disaster in Japan, however, along with some corporate management changes and what O’Connor describes as a “resource-challenged experience”

at its Kintyre uranium project in Australia, Cameco doubled the threshold it used to evaluate development projects.

“They said ‘50 million lb. isn’t going to cut it, we need over 100 million lb.,’ so at the time it didn’t want to explore in Peru, and they retreated to their core regions.”

Azincourt benefitted from the retreat, as did Plateau Uranium.

“When Cameco stopped their work in Peru they had identified 35 million to 40 million lb. at Minergia,” O’Connor says. “Macusani Yellowcake only had 16 million to 20 million lb. on their property.

I always believed it would get to Cameco’s threshold, but rather than consolidate, Cameco liquidated … we rolled it into Macusani Yellowcake, and in 2013 and 2014, continued drilling and identified more resources.”

O’Connor says there are more resources on the company’s 910 sq. km concessions in the Puno district, 650 km southeast of Lima.

“We’ve got historical drilling from some of our predecessors that had been consolidated over the years … there are two or three occurrences that have been drill tested and intersected uranium mineralization, but have not been drilled at tight enough spacing to make a resource, and there are high-grade surface showings that have never seen a drill hole.”

What makes the company’s deposits unique, he says, is that they are hosted in 7-millionyear-old rhyolite volcanic rocks that evolved from melting glacial ground water that moved the uranium around in surface environments and precipitated See PLATEAU / 8

50,000 . . PLant!

Dealer

See FORUM / 9

Authorized Authorized Toyota Toyota Landcruiser Landcruiser Dealer Dealer

INTRODUCING THE NEWEST MID-RANGE UTILITY VEHICLE

x 5 x 5 55

INTRODUCING THE NEWEST MID-RANGE UTILITY VEHICLE

FIVE TON

FIVE TON FIVE YEAR WARRANTY FIVE YEAR WARRANTY

Sales Sales && Rental Rental && Service ServiceSales & Rental & Service Phone: Phone: (705) (705) 476-4500 476-4500

Phone: (705) 476-4500

Email: Email: mtsales@millertechnology.com mtsales@millertechnology.com Email: mtsales@millertechnology.com Website: Website: www.millertechnology.com www.millertechnology.com

Website: www.millertechnology.com

Sales & Rental & Service Phone: (705) 476-4500 Email: mtsales@millertechnology.com Website: www.millertechnology.com

2016-02-02 7:11 PM

8

FEBRUARY 8-14, 2016 / THE NORTHERN MINER

GLOBAL URANIUM

WWW.NORTHERNMINER.COM

Plateau's Macusani PLATEAU From 7

as autunite, a hexavalent uranium mineral.

The deposits formed in the same place they sit in now by circulating ground water under the same highaltitude conditions, he explains, adding that uranium deposited in this environment is easy to get out of the rocks.

“The way the deposits formed is similar to superficial uranium deposits like Langer Heinrich and sandstone uranium deposits with groundwater-scavenging uranium, and precipitating it out near-surface,” he says. “The mineralization is only 150,000 years old and occurred under benign conditions, so the method and cost of extracting it is low, which makes the deposits unique and explains why operating costs in the PEA are so low, relative to the rest of the world,” he says.

They are relatively shallow, so they’re easy to define and delineate, he continues. “They’re low grade, high tonnage and have a big footprint, so we’ve built our resource quite inexpensively at US36¢ per lb. in the ground discovery costs, and that’s world-class.”

But in Canada’s Athabasca region, finding deposits is “more like finding a needle in a haystack,” he says, “and the cost of discovery historically is US$1 per lb. in the ground.”

The PEA envisions a conventional open-pit mine with a centralized mill and throughput of 30,000 tonnes per day. The company plans to use heap-leach processing to extract uranium into a weakly acidic aqueous leach solution, with uranium recovery through ion exchange and a solvent extraction acid-recovery circuit.

As far as permitting the project is concerned, O’Connor acknowledges that Peru does not produce uranium and that his company’s resources are the only ones defined in the country.

But Peru is a well-known mining jurisdiction and a top destination for mining exploration in South America, he says, and in 1957 was

one of the founding members of the International Atomic Energy Agency.

“They’re not afraid and want to add uranium to the list of commodities the country exports — they just need to understand our processes,” he says. “They used to say that they’d have to redo their whole mine act, and now it’s come to ‘we need to understand your process and see if anything needs to be changed in the mining regulations.’”

O’Connor adds that Plateau Uranium has formed a committee with three of the groups that are within the Ministry of Energy and Mines, and “has a seat at the table to try to establish what, if anything, needs to be changed to allow uranium production, and the actual institute and ministries have been really, really positive.”

O’Conner forecasts that “if the stars all align” a prefeasibility study could start later this year, along with a feasibility study in 2017, submitting all of the environmental impact assessment documents (which start with community agreements, detailed mine and process documents, water permits, etc.) in 2017 and 2018, and kicking off a 12- to 18-month construction period.

If “probably the earliest but achievable” production starts in 2019, the timing would be strategic, given analyst expectations that there will be a shortfall of supply near the end of the decade.

O’Connor notes that the uranium price hasn’t faltered as much in the last 12 months as they did for most other commodities. “We had our big hit in 2011 with Fukushima and prices eroded further into 2014, but prices have remained stable — if not increased a bit in terms of the spot price — in 2015,” O’Connor says. “It’s one of these commodities where, right now, there is as much if not more demand on the horizon as there was pre-Fukushima …

Cigar Lake at full production will be 20 million lb., so by 2030, we’ll need five new Cigar Lakes — and there’s nothing out there to fill that demand.” TNM

Drill core from Plateau Uranium’s Macusani uranium project in southern Peru. PLATEAU URANIUM

A sample from the Macusani uranium project. PLATEAU URANIUM

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

Pumps and piping at Ur-Energy’s Lost Creek uranium mine in Wyoming. UR-ENERGY

Ur-Energy’s Lost Creek uranium project remains robust

U

UPDATED PEA

| Mine life increases by nine years to 2031

r-Energ y (TSX : U R E; NYSE-MKT: URG) has updated the preliminary economic assessment (PEA) for its Lost Creek uranium property in Wyoming, with Rich Boberg, the company’s senior director of investor relations, noting there are three takeaways from the study.

The updated PEA has confirmed the revised resource estimate released last December increased the mine’s life by nine years and shows the project’s “economic viability,” he explains in an email.

The junior has operated the Lost Creek mine in Sweetwater County since August 2013, with all production to date coming from Mine Unit 1 (MU1). In anticipation of starting production in Mine Unit 2 (MU2) this year, Ur-Energy began development drilling in MU2 last July, while finishing the second phase of its 150-hole exploration program south and southeast of MU1.

On Dec. 7, Ur-Energy published Lost Creek’s resource estimate, which included MU2’s upgraded resource, second-phase drill results and increasing the property’s resource, after lowering the gradethickness (GT) cut-off to 0.20.

To reconcile better-than-expected uranium recoveries from MU1, the junior lowered the GT cut-off for uranium intercepts in the resource estimation from 0.30 to 0.20.

The Jan. 19 PEA confirms Lost Creek’s updated resource estimate of 13.3 million lb. equivalent uranium oxide (eU3O8) in measured and indicated, after taking away the 1.7 million lb. produced from MU1 by the end of September 2015.

It has another 6.4 million lb. eU3O8 in inferred, at a GT of 0.2 and a 0.02% eU3O8 grade cut-off.

Compared to the June 2015 technical report, measured and indicated resources have increased 31%, or 3.2 million lb., while inferred resources are up 28%, or 1.4 million lb.

Boberg says the December resource update was the second resource revision in 2015. Combined, both updates last year increased measured and indicated resources by 4.6 million lb., or 53%, and inferred resources by 1.7 million lb., or 36%.

Lost Creek’s global resource stands at 19.7 million lb. grading 0.05% eU3O8 . The PEA uses a

17.2 million lb. mineral inventory within 12 resource areas, and estimates a life-of-mine production of 13.8 million lb., with a future 80% recovery rate.

Annual production should average between 0.75 million and 0.9 million lb. through 2018 and 1 million lb. afterwards. Output should decrease in 2030, and stop in 2031. This represents a mine-life extension of nine years.

Net cash flow over the project life is US$409 million, after taxes. The analysis assumes a net uranium sales price of US$66 per lb.

Cantor Fitzgerald analyst Rob Chang notes the figures from the revised PEA generally match his expectations. Life-of-mine operating cost and total cost are US$14.58 and US$29.29 per lb., within “reasonable range” of Chang’s more conservative estimates of US$18.23 and US$31.90 per lb.

Raymond James analyst David Sadowski says the study was slightly below his total life-of-mine production estimate, but surpassed his cost estimates, resulting in an after-tax net present value — at an 8% discount rate — of US$207.5 million, and a 50.9% internal rate of return, at uranium prices ranging from US$28.50 to US$71.70 per lb.

Sadowski recommends that investors bolster positions in UrEnergy given its “robust operating margins” based on the PEA’s total cost per lb. of US$29.29, and “expected strong operational performance in 2016, which should

result in positive cash flow to fund significant debt repayments.”

During the fourth quarter of 2015, Lost Creek churned out 211,717 lb. U3O 8 , and dried and drummed 189,480 lb. Quarterover-quarter production is up almost 23%.

Quarterly contract and spot sales totalled 225,000 lb. at an average US$34.47 per lb., for US$7.8 million in revenue. Revenue was below the third quarter’s US$8.5 million, largely due to a 39% quarter-overquarter decrease in the realized price.

Full-year production came in at 783,500 lb., with sales from production of 725,000 lb. at an average price of US$41.33 per lb. Total sales for 2015, including purchased U3O8 , was 925,000 lb. at an average US$45.20 per lb.

Ur-Energy is targeting firstquarter 2016 output of 185,000 lb. U3O8 , and 200,000 lb. of dried and drummed uranium. Given the tough market conditions, it anticipates full-year dried and drummed output of 650,000 to 750,000 lb.

Ur-Energy recently closed at 84¢ per share, within a 52-week trading range of 60¢ to $1.35.

Cantor’s Chang has bumped his one-year target to $3.15 from $2.35 per share on the positive PEA update, and has a “buy” on the stock.

Sadowski has a 6- to 12-month target of $1.80 per share, and an “outperform” rating. TNM

Ur-Energy’s Lost Creek uranium mine in central Wyoming. UR-ENERGY

2016-02-02 7:11 PM

GLOBAL URANIUM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 8-14, 2016

9

U3O8 aims to help meet Argentina’s uranium demand PATH TO PRODUCTION

| Election of ‘business-oriented’ gov’t gives CEO hope

BY MATTHEW KEEVIL

I

mkeevil@northernminer.com VANCOUVER

t’s been a bumpy ride for foreign mining companies in Argentina over the past three years, but explorer U3O8 Corp. (TSX: UWE) saw light at the end of the political tunnel in late October when the Andean country elected the centreright Republican Proposal party.

The new government could mark an economic shift from former president Cristina Fernandez de Kirchner’s time in office, which is perhaps best encapsulated by the expropriation of partially stateowned energy company YPF SA from Spain’s Repsol YPF in mid2012. The previous regime also imposed a variety of financial instruments that restricted capital flows, and generally caused uncertainty in foreign investment conditions.

President Mauricio Macri’s new government has moved quickly to liberalize market conditions and normalize the country's economy.

The Argentine government has relaxed exchange controls and let the peso float, eliminated export taxes on mining products and lifted restrictions on the repatriation on earnings and dividends.

“It’s been a tough couple of years for us since our flagship project is in Argentina, but we perceived there would be a change in attitude. And it is the strongest nuclear energy market in South America, because of the pure quantity of reactors and plans for new ones,” U3O8 Corp. president and CEO Richard Spencer said during an interview.

“We took a long-term view. Thus far the government is on a positive track, and the nuclear component looks to be heavily integrated into the energy strategy alongside hydro and renewables. Our impression is that it is a businessoriented government that wants

Workers trenching at U3O8 Corp.’s Laguna Salada uranium-vanadium project in Argentina’s Chubut province. U3O8 CORP.

to get things moving quickly.”

Argentina has three nuclear reactors generating 10% of its electricity. The country restarted uranium enrichment at its Pilcaniyeu plant in early December, and has budgeted US$2 billion for building a fourth reactor in 2010.

U3O8 Corp.’s lead asset is the Laguna Salada uranium-vanadium project in Chubut province.

Mineralization occurs within three metres of surface in soft, unconsolidated gravel that call for low-cost mining techniques, with no blasting and crushing required.

Simple screening separation of the pebbles and coarse sand will

concentrate the uranium and vanadium in the fine material and increase head grades.

Alkaline leach tests in the Guanaco area of the project recovered 94% uranium and 51% vanadium from screened fines after four hours of leaching.

The Guanaco and Lago Seco sectors of the Laguna Salada deposit host 6.3 million lb. U3O8 and 57.1 million lb. V2O5, based on indicated resources of 47.3 million tonnes grading 0.0060% U3O8 and 0.0550% V2O 5 . Inferred resources total 21 million tonnes at 0.0085% U3O8 and 0.0590% V2O5 .

The company filed a prelimi-

nary economic assessment (PEA) on the project in 2014 that models a US$136-million operation that would produce 640,000 lb. uranium and 960,000 lb. vanadium annually over a 10-year mine life.

Based on prices of US$60 per lb.

U3O8 and US$5.50 per lb. V2O5 , the mine would feature a US$55-million net present value (NPV) at a 7.5% discount rate and a 24% internal rate of return.

In early November U3O8 Corp. closed a $622,625 non-brokered private placement where it issued 25 million units at 2.5¢, with a unit consisting of a share and a warrant to buy a share at 3.5¢ for three years.

The proceeds could be used to expand Laguna Salada’s resource and start a pilot operation to test unit cash costs.

The PEA assumes average life-ofmine cash costs of US$21.62 per lb.

U3O8 , net of a vanadium credits.

“There are two priorities at the project for us.” Spencer said. “First, the economics are strongly geared towards deposit size, so expanding the resource is a priority. We’ve already done exploration work that shows in excess of 10 million lb. uranium potential immediately adjacent to our deposit.”

Spencer notes that doubling Laguna Salada’s resources could triple the project’s NPV. “With the money we can certainly generate results that move us toward expanding the resource. Secondly, we’re moving toward a proof-ofconcept pilot plant, which is in the permit stage. Since the deposit is at surface and essentially mineralized gravel, we can add shareholder value by nailing down the processing costs,” he added.

In late 2015 the company’s board and management agreed to waive fees and salaries owing in light of tough market conditions. Spencer took a 45% salary reduction, while no further fees will be paid to directors until markets improve. U3O8 Corp. has traded within a 52-week range of 2¢ to 7¢, and closed at 2.5¢ at press time. The company has 266 million shares outstanding for a $6.8-million market capitalization.

“What’s motivating people is a real belief that one can get into production in a relatively short time frame in Argentina,” Spencer said. “Our project is simple from a technical point of view, and I’d note that though the discoveries in the Athabasca basin are extremely high grade, it takes a long time to move from discovery to production. We’re offering an opportunity that could go into production much earlier.” TNM

Forum CEO touts ‘exciting’ year on the Athabasca FORUM From 7

unconformity deposits in the region.

“Rio’s plans and involvement have certainly garnered attention. There aren’t many companies with the financial resources in this market to conduct the type of geophysical campaign they did last year. We understand there will be likely two drill rigs at Henday that should run for most of the season,” president and CEO Richard Mazur said during an interview.

“The major focal points will be the Elephant and Epitaph targets on the northern part of the concession. It’s a compelling story fuelled by … a better understanding of the geological controls. When you combine the alteration in historic drill holes with the geophysical results, it essentially reorients the targeting. In addition, the depth to basement is 150 metres, so it’s quite shallow,” he added.

The timing was perfect for Forum, since it worked on a $750,000 private placement after news of Rio’s exploration plans. On Jan. 13 the company announced it had increased its financing to $850,000, consisting of flow-through and hard shares at 5¢ each. Mazur speculates that over $600,000 of the capital will likely be flow-through dollars.

The cash influx will allow Forum to pursue exploration of its own,

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

A driller in 2012 at Forum Uranium’s Henday uranium project in Saskatchewan. FORUM URANIUM

which will focus on its Highrock targets at the Key Lake Road project, 15 km south of Cameco’s (TSX: CCO; NYSE: CCJ) Key Lake complex. Results of gravity surveys at the Highrock North and Highrock South concessions have identified

a number of gravity lows, which could indicate alteration zones, clay development and uranium mineralization along strong electromagnetic conductors.

“High Rock sits along the same graphitic horizon that hosts Key

Lake,” Mazur said. “We completed airborne and ground electromagnetics, and we’ll target gravity lows identified along the conductors. We have around eight targets, and will likely drill eight to 10 holes that we’ll prioritize based on the merit of the

results. We want to keep exploration dollars in our back pocket in case we hit, and want to expand the program.”

The company is planning a 1,500-metre scout drill campaign at Highrock that will likely cost $300,000.

Forum aims to combine its own work with Rio’s results to provide news flow throughout the year. More capital will go towards a ground geophysics initiative at the company’s early-stage Fir Island prospect located along the regional Black Lake fault — part of the major Snowbird tectonic zone that marks the western boundary of the Mudjatik domain.

“The fact that we raised money is a testament to the interest in the uranium sector. I’ve worked a couple projects in the precious and base metal space, and there wasn’t quite that level of interest,” Mazur said.

“We’re also drilling, which is attractive to shareholders right now, since it’s becoming pretty rare … there’s also a growing realization that uranium will have to play a role in the energy sector moving forward. It’s going to be an exciting year for our company.”

Forum has traded within a 52week range of 4¢ to 11¢, and closed at 7¢ per share at press time. The company will have 51 million shares outstanding after its financing, along with just over $1 million in flowthrough and hard dollars. TNM

2016-02-02 7:11 PM

10

WWW.NORTHERNMINER.COM

FEBRUARY 8-14, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JANUARY 25–29, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 947 0.05 0.00 0.05 + 0.01 0.06 0.03 Abcourt Mines V 1040 0.06 0.04 0.05 - 0.01 0.07 0.03 Abcourt Mines* O 68 0.04 0.04 0.04 - 0.00 0.05 0.02 0.03 + 0.01 0.08 0.02 ABE Res V 770 0.03 0.02 Aben Res V 5 0.08 0.00 0.08 + 0.02 0.30 0.06 Aben Res* O 4 0.04 0.04 0.04 - 0.00 100.52 0.03 Aberdeen Intl* O 42 0.09 0.07 0.07 - 0.01 0.13 0.07 Abitibi Royalt V 20 3.10 2.90 3.05 + 0.10 5.10 1.53 0.25 + 0.11 1.61 0.05 ABT Holdings* O 232 0.25 0.16 Adamera Mnls V 239 0.02 0.00 0.02 + 0.01 0.05 0.01 Adriana Res V 766 0.11 0.10 0.11 + 0.01 0.19 0.08 African Gold V 133 0.04 0.00 0.04 + 0.01 0.07 0.03 African Metals V 153 0.11 0.06 0.09 - 0.03 0.11 0.02 African Queen V 675 0.03 0.00 0.03 + 0.01 0.03 0.01 0.48 + 0.03 0.55 0.30 Africo Res T 66 0.48 0.00 Agnico Eagle* N 13638 29.77 27.46 29.44 + 2.16 34.89 21.00 Agnico Eagle T 4730 41.76 39.10 41.52 + 2.88 43.70 27.63 T 2157 124.46 118.77 122.32 - 2.00 146.51 114.87 Agrium Agrium* N 4420 87.57 84.09 86.87 - 0.93 116.81 81.06 192 0.04 0.04 0.04 - 0.01 0.11 0.03 Aguila Amer Gd V Aida Minerals 9 0.23 0.15 0.15 - 0.05 0.23 0.15 Aim Explor* O 7806 0.10 0.04 0.06 + 0.01 1.19 0.04 O 32 0.12 0.10 0.11 - 0.01 0.27 0.10 Alabama Graph* Alabama Graph V 609 0.17 0.15 0.15 - 0.01 0.35 0.14 2.18 - 0.05 3.23 2.08 Alacer Gold T 3227 2.35 2.09 Alamos Gold T 5757 4.77 3.48 4.57 + 1.13 9.00 3.27 Alamos Gold* N 6964 3.39 2.46 3.24 + 0.80 7.54 2.27 0.13 + 0.01 0.19 0.12 Alberta Star* O 91 0.13 0.00 Alcoa* N 167797 7.29 6.76 7.29 + 0.42 17.10 6.14 0.06 + 0.01 0.28 0.05 Alderon Iron* O 13 0.06 0.05 Alderon Iron T 109 0.09 0.08 0.09 - 0.01 0.36 0.07 Aldever Res V 418 0.19 0.15 0.16 - 0.01 0.49 0.09 0.13 - 0.01 0.21 0.12 Aldridge Mnrls V 196 0.13 0.13 Aldrin Res V 353 0.13 0.10 0.13 + 0.03 0.26 0.09 0.52 + 0.05 0.68 0.34 Alexco Res T 276 0.56 0.45 Alexco Res* X 1386 0.40 0.32 0.38 + 0.05 0.55 0.22 Algold Res V 44 0.09 0.00 0.08 - 0.01 0.35 0.08 0.14 - 0.01 0.45 0.10 Alianza Min V 30 0.14 0.13 Alianza Min* O 16 0.10 0.10 0.10 + 0.01 0.24 0.07 V 1243 0.05 0.05 0.05 + 0.01 0.09 0.03 Alix Res Alix Res* O 14 0.04 0.04 0.04 - 0.01 0.07 0.03 Alliance Res* D 3501 14.75 11.38 14.16 + 1.78 40.68 10.02 0.01 + 0.01 0.07 0.01 Alloycorp Mng V 458 0.01 0.01 Almaden Mnls* X 709 0.64 0.54 0.61 + 0.06 1.20 0.48 0.84 + 0.06 1.52 0.65 Almaden Mnls T 82 0.90 0.78 Almadex Min V 190 0.19 0.15 0.19 + 0.04 0.24 0.13 Almonty Ind V 249 0.29 0.23 0.27 - 0.03 0.86 0.23 0.02 0.01 0.02 - 0.00 1.48 0.01 Alpha Nat Res* O 5556 Alphamin Res V 134 0.17 0.16 0.17 + 0.02 0.32 0.11 0.03 - 0.01 0.06 0.03 ALQ Gold V 153 0.04 0.03 Alta Vista Vnt 167 0.22 0.17 0.18 - 0.02 0.25 0.01 Altai Res V 105 0.05 0.05 0.05 + 0.01 0.12 0.05 Altair Gold V 82 0.18 0.17 0.18 + 0.01 0.60 0.06 Altan Rio Mnls V 203 0.02 0.01 0.02 + 0.01 0.03 0.01 0.06 - 0.01 0.09 0.03 Alternative ER V 6 0.06 0.00 Alternative ER* O 2 0.05 0.00 0.03 - 0.01 0.07 0.02 Altius Mnrls T 200 8.49 7.93 8.25 + 0.23 15.47 7.39 Alumina Inc* O 114 3.14 2.88 2.91 - 0.19 6.38 2.70 Am CuMo Mng V 150 0.10 0.08 0.09 + 0.01 0.15 0.04 57 0.07 0.06 0.06 - 0.01 0.12 0.03 Am CuMo Mng* O AM Gold V 8 0.10 0.08 0.08 - 0.01 0.30 0.07 Am Manganese V 506 0.02 0.00 0.02 - 0.01 0.05 0.01 Amalgamated Gd* O 112 0.00 0.00 0.00 + 0.00 0.03 0.00 Amarc Res V 47 0.07 0.05 0.06 + 0.01 0.18 0.04 0.07 + 0.02 0.70 0.03 American Pot 31 0.07 0.00 Americas Petro V 613 0.20 0.17 0.18 - 0.02 0.33 0.15 Amerigo Res* O 239 0.09 0.07 0.08 - 0.01 0.37 0.07 Amerigo Res T 674 0.13 0.11 0.12 - 0.01 0.45 0.10 Amex Expl V 238 0.04 0.03 0.04 + 0.01 0.08 0.02 T 915 0.06 0.05 0.05 - 0.01 0.07 0.04 Anaconda Mng Andes Gold* O 334 1.00 0.01 0.01 - 0.05 1.00 0.01 Anfield Nickel V 23 0.76 0.66 0.72 + 0.06 0.96 0.52 Anfield Res V 4 0.14 0.00 0.08 - 0.06 0.26 0.05 Anfield Res* O 48 0.08 0.08 0.08 + 0.00 0.20 0.06 0.02 + 0.00 0.09 0.01 Angel Gold* O 6 0.04 0.02 Angel Gold V 10 0.05 0.00 0.04 - 0.01 0.10 0.01 Anglo American* O 2143 2.10 1.62 1.99 + 0.31 3.93 1.57 Anglo American* O 23 4.05 3.25 4.05 + 0.91 18.89 3.13 Anglo-Bomarc V 12 0.18 0.14 0.18 - 0.01 0.30 0.02 9.00 7.97 8.48 + 0.63 13.12 5.64 AngloGold Ash* N 22507 Anthem United V 36 0.21 0.20 0.20 - 0.01 0.47 0.17 Antioquia Gold* O 124 0.05 0.05 0.05 - 0.00 0.07 0.01 Antioquia Gold V 78 0.09 0.08 0.08 - 0.01 0.10 0.01 Antipodes Gold V 98 0.01 0.00 0.01 - 0.01 0.04 0.01 5.24 0.00 5.24 - 0.49 12.30 5.24 Antofagasta* O 44 Applied Mrnls* O 184 0.28 0.21 0.27 + 0.02 0.75 0.16 AQM Copper V 98 0.04 0.04 0.04 - 0.01 0.08 0.03 Aquila Res* O 266 0.11 0.09 0.10 - 0.01 0.19 0.09 Aquila Res T 312 0.15 0.13 0.14 - 0.01 0.24 0.12 Arbitrage Expl 51 0.01 0.00 0.01 - 0.01 0.04 0.01 Arch Coal* O 8856 0.79 0.43 0.69 + 0.23 14.30 0.11 Arctic Star V 2839 0.03 0.01 0.03 + 0.02 0.07 0.01 Arcturus Vents V 6 0.01 0.00 0.01 - 0.01 0.03 0.01 Arena Mnls V 382 0.26 0.22 0.24 + 0.04 0.29 0.09 Argentex Mng* O 3 0.01 0.01 0.01 - 0.01 0.05 0.01 Argentex Mng V 50 0.03 0.03 0.03 + 0.01 0.08 0.02 Argex Titanium* O 25 0.03 0.03 0.03 + 0.00 0.49 0.01 Argonaut Gold T 4940 1.08 0.91 1.07 + 0.15 2.61 0.78 Argonaut Gold* O 499 0.77 0.64 0.74 + 0.08 2.05 0.53 Argus Metals V 18 0.05 0.04 0.04 - 0.01 0.09 0.02 Arianne Phosph* O 128 0.60 0.57 0.58 - 0.00 0.80 0.52 Arianne Phosph V 245 0.85 0.80 0.83 + 0.01 1.00 0.69 Asanko Gold* X 585 1.48 1.33 1.45 + 0.12 1.96 1.25 Asanko Gold T 1689 2.10 1.89 2.01 + 0.11 2.55 1.59 Ascot Res V 51 0.90 0.00 0.90 + 0.03 2.00 0.80 Asian Minl Res V 322 0.02 0.02 0.02 - 0.01 0.08 0.02 Aston Bay V 617 0.32 0.18 0.19 + 0.01 0.32 0.08 Astur Gold V 398 0.01 0.01 0.01 - 0.01 0.04 0.01 ATAC Res V 632 0.37 0.32 0.33 + 0.02 0.74 0.26 Atalaya Mg plc T 5 2.00 0.00 2.00 + 0.05 3.45 1.20 Athabasca Mnls V 214 0.25 0.20 0.22 - 0.01 1.21 0.20 Athabasca Nclr V 64 0.02 0.02 0.02 - 0.01 0.05 0.02 Atico Mng V 124 0.26 0.16 0.20 + 0.02 0.65 0.16 Atico Mng* O 39 0.18 0.13 0.15 + 0.02 0.51 0.12 Atlantic Gold V 174 0.32 0.29 0.30 - 0.02 0.38 0.17 Atlatsa Res T 38 0.04 0.00 0.04 + 0.01 0.24 0.03 Atlatsa Res* O 88 0.03 0.02 0.03 + 0.01 0.20 0.02 Atom Energy V 14 0.06 0.00 0.05 - 0.01 0.15 0.03 Augustine Vent 383 0.05 0.04 0.05 - 0.01 0.09 0.03 Aura Mnls T 47 0.10 0.08 0.08 - 0.01 0.12 0.06 Aura Silver Rs V 11 0.02 0.02 0.02 + 0.01 0.02 0.01 Auramex Res V 30 0.01 0.01 0.01 - 0.01 0.02 0.01 Aurcana Corp* O 23 0.10 0.00 0.08 - 0.00 0.25 0.07 Aurcana Corp V 218 0.14 0.12 0.12 - 0.01 0.32 0.09 AurCrest Gold V 605 0.01 0.01 0.01 - 0.01 0.04 0.01 Aureus Mng T 357 0.08 0.06 0.07 - 0.03 0.83 0.06 AuRico Metals T 1151 0.62 0.57 0.58 - 0.02 0.90 0.47 Aurion Res V 241 0.08 0.07 0.07 + 0.01 0.08 0.03 Aurvista Gold V 406 0.03 0.03 0.03 - 0.01 0.09 0.03 Auryn Res* O 10 0.90 0.73 0.86 + 0.13 1.29 0.70 Auryn Res V 190 1.27 1.02 1.20 + 0.15 1.65 0.94 Avalon Rare Mt T 604 0.13 0.11 0.12 - 0.01 0.48 0.11 Avalon Rare Mt* O 229 0.09 0.07 0.08 - 0.00 0.40 0.07 Avino Silver* X 239 0.83 0.74 0.79 + 0.02 1.74 0.71 Avino Silver V 74 1.15 1.04 1.09 + 0.02 2.17 1.04 Avnel Gold T 96 0.22 0.18 0.20 - 0.01 0.31 0.17 Avrupa Mnls V 225 0.12 0.08 0.09 - 0.03 0.22 0.07 AZ Mining T 138 0.34 0.30 0.32 + 0.04 0.52 0.22 Azarga Uranium T 13 0.30 0.00 0.30 + 0.01 0.43 0.24 Azimut Expl V 21 0.12 0.11 0.12 + 0.01 0.25 0.10 Azincourt Uran* O 26 0.04 0.03 0.03 - 0.01 0.05 0.02

B B2Gold T 19324 B2Gold* X 8945 Baja Mng* O 29 Balmoral Res T 1038 Balmoral Res* O 194 Bama Gold 257 Bannerman Res T 203 Banro T 613 Banro* X 4141 Banyan Gold V 26

Feb 8 Pgs 10 11.indd 10

1.08 0.86 1.07 + 0.14 2.50 0.86 0.77 0.60 0.75 + 0.08 1.97 0.60 0.01 0.01 0.01 + 0.00 0.04 0.00 0.39 0.34 0.38 + 0.03 1.25 0.33 0.27 0.24 0.27 + 0.02 0.98 0.23 0.15 0.00 0.15 + 0.06 0.15 0.07 0.06 0.03 0.06 + 0.03 0.07 0.03 0.24 0.23 0.24 + 0.02 0.47 0.17 0.18 0.15 0.17 + 0.01 0.40 0.14 0.04 0.00 0.02 - 0.01 0.10 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barker Mnrls V 50 Barkerville Go V 712 Barkerville Go* O 130 Baroyeca Go&Si V 161 Barrick Gold T 28615 Barrick Gold* N 137903 Battle Mtn Gld V 22 Battle Mtn Gld* O 11 Bayhorse Silvr V 161 Bayhorse Silvr* O 63 V 27 Bayswater Uran BCGold V 1142 BCM Res V 65 Bear Creek Mng V 316 Bearclaw Cap V 216 Beeston Ent* O 12 Bell Copper V 209 Bellhaven Cp&G V 9 Belmont Res V 326 621 Belo Sun Mng T Benz Cap V 149 BHK Mining V 55 Big North Grap V 50 Big North Grap* O 37 Bitterroot Res V 14 Black Hills* N 6379 Black Isle Res V 152 V 107 Blackheath Res Blue Sky Uran V 36 Bold Vent V 310 BonTerra Res* O 178 BonTerra Res V 298 Bowmore Expl V 48 Brazil Res V 416 O 2 BrightRock Gld* Britannia Mng* O 1846 Brixton Mtls V 20 Buenaventura* N 6494 Bullfrog Gold* O 108

0.01 0.01 0.01 - 0.01 0.02 0.01 0.27 0.23 0.25 + 0.01 0.35 0.20 0.19 0.16 0.18 + 0.02 0.28 0.15 0.02 0.01 0.02 + 0.02 0.02 0.01 13.99 12.33 13.93 + 1.77 16.54 7.89 9.95 8.69 9.91 + 1.33 13.70 5.91 0.16 0.14 0.16 + 0.02 0.22 0.07 0.12 0.09 0.12 + 0.02 0.16 0.06 0.07 0.06 0.07 + 0.01 0.15 0.05 0.04 0.03 0.04 + 0.01 0.12 0.03 0.02 0.01 0.02 + 0.01 0.06 0.01 0.03 0.00 0.02 + 0.01 0.03 0.01 0.19 0.18 0.19 - 0.01 0.23 0.02 0.59 0.51 0.58 + 0.04 1.65 0.50 0.03 0.02 0.03 + 0.01 0.05 0.02 0.00 0.00 0.00 + 0.00 0.08 0.00 0.01 0.00 0.01 - 0.01 0.05 0.01 0.04 0.04 0.04 - 0.01 0.45 0.03 0.03 0.02 0.02 - 0.01 0.09 0.02 0.28 0.25 0.26 + 0.01 0.30 0.15 0.04 0.03 0.03 - 0.01 0.35 0.03 0.04 0.04 0.04 - 0.02 0.15 0.03 0.03 0.02 0.03 + 0.01 0.25 0.02 0.01 0.01 0.01 - 0.00 0.08 0.01 0.04 0.03 0.04 + 0.01 0.10 0.03 49.73 46.03 49.28 + 2.01 52.96 36.81 0.04 0.03 0.04 + 0.01 0.09 0.02 0.15 0.09 0.15 + 0.05 0.30 0.08 0.05 0.04 0.04 + 0.01 0.26 0.04 0.02 0.02 0.02 + 0.01 0.06 0.02 0.12 0.00 0.12 - 0.01 0.34 0.08 0.20 0.17 0.20 + 0.03 0.43 0.09 0.07 0.00 0.06 - 0.02 0.11 0.03 0.49 0.40 0.48 + 0.07 0.85 0.38 0.00 0.00 0.00 - 0.00 0.00 0.00 0.01 0.00 0.01 + 0.00 0.01 0.00 0.08 0.06 0.07 + 0.01 0.18 0.05 4.23 3.70 4.00 + 0.35 12.51 3.30 0.02 0.01 0.01 - 0.01 0.03 0.01

Cache Expl V 240 T 58 Caledonia Mng Caledonia Mng* Q 45 Calibre Mng V 191 Callinex Mines V 67 Callinex Mines* O 103 Cameco Corp* N 6106 Cameco Corp T 6499 Cameo Res* O 16 Cameo Res V 341 Camino Mnls V 6 V 223 CanAlaska Uran CanAlaska Uran* O 159 Canamex Res V 201 Canamex Res* O 98 Canarc Res T 851 Canarc Res* Q 541 Canasil Res V 6441 Cancana Res V 69 Candente Gold* O 21 Candente Gold V 143 Canex Energy V 73 Canoe Mng Vent V 130 Canstar Res V 82 Cantex Mn Dev* O 53 Cantex Mn Dev V 280 Canuc Res V 4 Canyon Gold* O 22 Cap-Ex Iron V 15 Capstone Mng T 8015 Cardero Res* O 244 Caribou King V 105 Carlin Gold V 18 Cartier Res V 262 Carube Copper V 83 Casablanca Mng* O 74 287 Castle Mtn Mng V Catalyst Coppr V 131 Cava Res V 103 CB Gold V 140 Cda Carbon* O 50 Cda Carbon V 601 Cda Rare Earth* O 300 Cdn Intl Mnrls V 711 Cdn Metals 646 Cdn Mng Comp V 33 Cdn Platinum V 418 Cdn Zinc T 513 Cdn Zinc* Q 171 Centaurus Diam* O 53 Centenera Mng V 89 Centerra Gold T 6054 Centurion Mnls V 84 Century Global T 9 Cerro Grande* O 223 Cerro Grande 340 Chalice Gold M T 16 Champion Iron T 173 Chesapeake Gld* O 68 Chesapeake Gld V 35 Chevron* N 70209 Chiboug Ind Mn V 62 Chieftain Mtls V 135 China Gold Int T 1031 Cibolan Gold* O 12 Claim Post Res V 810 Claude Res T 5270 Claude Res* O 800 Cliffs Nat Res* N 2154 Clifton Mng* O 359 Clifton Star* O 15 Clifton Star V 158 Cloud Peak En* N 10000 Coeur Mng* N 14721 Colibri Res V 16 Colombian Mins V 398 Colonial Coal V 173 Colorado Res V 167 Colt Res* O 128 Colt Res V 433 Columbus Gold* O 99 Columbus Gold T 163 Commander Res V 1138 Commerce Res* O 477 Compliance Egy V 24 Comstock Mng* X 827 Condor Res V 162 Confedertn Mls V 1294 Cons Woodjam V 60 CONSOL Energy* N 54241 Constant Mtl V 357 Contintl Gold* O 88 Contintl Gold T 676 Contintl Prec T 19 Copper Fox Mtl V 372 Copper Fox Mtl* O 64 Copper Lake Rs V 6 Copper Mtn Mng T 770 Copper Mtn Mng* O 6 Copper One V 161 Copperbank Res 422 O 19 Copperbank Res* Coral Gold V 207 Corazon Gold V 9 Cordoba Mnls V 140 Cornerstone Ca* O 50 Cornerstone Ca V 167 Cornerstone Mt V 133 Coro Mining T 926 Corsa Coal V 1260 Corvus Gold T 236 Corvus Gold* O 103 Critical Elem V 218 Crown Mining V 29

0.09 0.08 0.09 + 0.02 0.16 0.05 0.85 0.80 0.84 + 0.02 1.06 0.66 0.62 0.57 0.60 - 0.01 0.83 0.48 0.08 0.07 0.07 + 0.01 0.19 0.06 0.32 0.30 0.32 + 0.03 0.40 0.16 0.23 0.21 0.21 - 0.00 0.32 0.13 12.15 11.14 12.14 + 0.55 17.77 10.31 17.03 15.91 17.01 + 0.63 21.44 15.06 0.04 0.03 0.03 - 0.01 0.08 0.02 0.07 0.00 0.07 - 0.01 0.10 0.02 0.10 0.00 0.10 + 0.01 0.26 0.07 0.17 0.12 0.17 + 0.04 0.28 0.09 0.12 0.08 0.12 + 0.04 0.23 0.06 0.03 0.00 0.03 + 0.01 0.17 0.03 0.03 0.02 0.02 - 0.00 0.13 0.02 0.15 0.05 0.10 + 0.05 0.15 0.03 0.07 0.04 0.06 + 0.02 0.07 0.02 0.20 0.06 0.18 + 0.13 0.20 0.03 0.18 0.00 0.17 - 0.01 0.32 0.13 0.01 0.00 0.01 + 0.01 0.03 0.00 0.02 0.01 0.02 + 0.01 0.06 0.01 0.03 0.03 0.03 + 0.01 0.24 0.02 0.03 0.02 0.02 - 0.01 0.10 0.02 0.05 0.04 0.04 + 0.01 0.10 0.03 0.04 0.02 0.04 + 0.02 0.04 0.02 0.05 0.00 0.04 - 0.01 0.06 0.03 0.05 0.00 0.05 - 0.02 0.35 0.05 0.45 0.31 0.31 - 0.14 0.54 0.02 0.01 0.00 0.01 + 0.01 0.04 0.01 0.37 0.31 0.36 + 0.03 1.71 0.27 0.07 0.00 0.07 + 0.02 0.15 0.05 0.08 0.06 0.08 + 0.02 0.22 0.06 0.01 0.01 0.01 - 0.01 0.02 0.01 0.07 0.06 0.06 - 0.01 0.13 0.04 0.07 0.00 0.06 - 0.01 0.21 0.05 0.00 0.00 0.00 + 0.00 0.01 0.00 0.29 0.23 0.28 + 0.01 0.58 0.18 0.13 0.11 0.13 + 0.01 0.30 0.11 0.04 0.01 0.04 - 0.01 0.25 0.04 0.04 0.04 0.04 + 0.01 0.12 0.03 0.21 0.20 0.20 + 0.00 0.25 0.17 0.32 0.29 0.30 - 0.02 0.36 0.20 0.02 0.02 0.02 + 0.01 0.03 0.01 0.06 0.04 0.05 - 0.01 0.06 0.01 0.10 0.07 0.10 + 0.03 0.23 0.05 0.11 0.09 0.09 - 0.01 0.12 0.05 0.01 0.01 0.01 + 0.01 0.01 0.01 0.10 0.08 0.09 + 0.01 0.24 0.06 0.07 0.06 0.07 + 0.01 0.20 0.04 0.24 0.20 0.24 + 0.01 0.25 0.01 0.11 0.07 0.11 + 0.01 0.14 0.01 6.54 6.02 6.38 + 0.05 8.67 5.05 0.14 0.00 0.12 + 0.01 0.40 0.04 0.34 0.21 0.33 + 0.12 0.40 0.15 0.01 0.00 0.01 + 0.01 0.04 0.00 0.02 0.01 0.01 + 0.01 0.05 0.01 0.10 0.00 0.10 - 0.01 0.15 0.09 0.19 0.15 0.18 + 0.04 0.23 0.07 1.40 1.25 1.31 + 0.06 1.96 1.05 1.96 1.79 1.90 + 0.06 2.59 1.39 86.71 80.80 86.47 + 2.93 112.93 69.58 0.02 0.02 0.02 - 0.01 0.05 0.02 0.04 0.04 0.04 - 0.01 0.20 0.03 2.05 1.87 1.96 - 0.06 2.58 1.30 0.05 0.00 0.04 - 0.01 0.19 0.03 0.01 0.01 0.01 - 0.01 0.06 0.01 1.04 0.95 0.98 + 0.04 1.04 0.35 0.73 0.66 0.70 + 0.04 0.73 0.28 1.48 1.24 1.43 + 0.08 7.17 0.98 0.16 0.11 0.11 + 0.00 0.25 0.05 0.14 0.11 0.11 - 0.01 0.20 0.06 0.19 0.17 0.17 - 0.02 0.25 0.07 1.60 1.22 1.50 + 0.22 8.69 1.08 2.21 1.77 2.21 + 0.46 7.45 1.62 0.06 0.00 0.06 + 0.01 0.23 0.02 0.04 0.00 0.04 + 0.01 0.13 0.02 0.07 0.03 0.05 + 0.02 0.15 0.02 0.07 0.06 0.07 + 0.01 0.16 0.05 0.09 0.07 0.07 - 0.00 0.25 0.06 0.12 0.10 0.11 - 0.01 0.30 0.10 0.26 0.24 0.25 + 0.01 0.40 0.23 0.36 0.34 0.35 + 0.01 0.52 0.31 0.03 0.02 0.03 + 0.01 0.04 0.01 0.05 0.04 0.05 - 0.00 0.15 0.04 0.03 0.03 0.03 - 0.01 0.40 0.03 0.44 0.40 0.43 + 0.01 1.12 0.35 0.03 0.03 0.03 - 0.01 0.07 0.02 0.03 0.02 0.03 - 0.01 0.09 0.02 0.03 0.00 0.03 - 0.01 0.09 0.03 8.58 5.55 7.94 + 1.78 34.56 4.54 0.06 0.05 0.06 + 0.01 0.17 0.05 1.10 0.95 1.09 + 0.15 2.65 0.88 1.56 1.35 1.55 + 0.19 3.28 1.28 0.29 0.28 0.29 + 0.01 0.64 0.25 0.13 0.12 0.12 - 0.01 0.37 0.11 0.09 0.08 0.08 + 0.00 0.30 0.08 0.03 0.00 0.03 + 0.01 0.09 0.03 0.43 0.38 0.42 + 0.02 1.73 0.33 0.31 0.00 0.31 + 0.03 1.42 0.23 0.05 0.04 0.05 + 0.02 0.20 0.03 0.04 0.04 0.04 - 0.01 0.08 0.03 0.03 0.03 0.03 - 0.01 0.06 0.02 0.09 0.00 0.08 + 0.01 0.18 0.05 0.19 0.00 0.19 + 0.01 0.38 0.18 0.15 0.12 0.14 + 0.01 0.25 0.08 0.01 0.01 0.01 + 0.00 0.09 0.01 0.02 0.02 0.02 - 0.01 0.10 0.02 0.01 0.01 0.01 + 0.01 0.04 0.01 0.02 0.02 0.02 + 0.01 0.04 0.02 0.03 0.03 0.03 + 0.01 0.20 0.02 0.42 0.39 0.40 - 0.02 1.10 0.33 0.30 0.28 0.29 - 0.02 0.88 0.25 0.17 0.15 0.17 + 0.03 0.30 0.14 0.07 0.06 0.06 - 0.01 0.08 0.03

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Crystal Explor V 149 Cyclone Uran* O 158 Cypress Dev* O 162 Cypress Dev V 161

0.13 0.11 0.13 + 0.04 0.14 0.05 0.00 0.00 0.00 + 0.00 0.01 0.00 0.04 0.04 0.04 + 0.01 0.11 0.01 0.06 0.05 0.06 + 0.01 0.14 0.02

Dajin Res* O 1496 Dalradian Res T 396 Dalradian Res* O 72 Damara Gold V 40 Danakali* O 24 Darnley Bay V 79 Defiance Silvr* O 192 Defiance Silvr V 291 Del Toro Silvr* O 811 T 1360 Denison Mines Denison Mines* X 1480 Desert Star V 95 Detour Gold T 8777 Diamante Min* O 35 Diamcor Mng* O 85 Diamcor Mng V 275 Dios Expl V 200 Discovery Gold* O 50 Discovery Harb V 3 Discovery Vent V 1531 DNI Metals* O 202 38 Dolly Vard Sil* O Dolly Vard Sil V 94 Dominion Diam* N 1770 Dominion Diam T 1114 Double Crn Res* O 2871 V 348 Doubleview Cap DRDGOLD* N 1706 Dundee Prec Mt T 1196 Dunnedin Vent V 5778 Durango Res V 379 DuSolo Fertil V 126 Dynacor Gld Mn T 133 Dynasty Met&Mn* O 103 Dynasty Met&Mn T 356 Eagle Graphite V 240 O 34 Eagle Graphite* Eagle Plains V 60 East Africa V 230 Eastern Platin T 99 Eastern Platin* O 1 Eastfield Res V 74 Eastmain Res T 381 Edgewater Expl V 107 El Capitan Prc* O 796 Elcora Res V 494 Eldorado Gold T 15822 Eldorado Gold* N 22749 Electra Stone V 358 Eloro Mnrls V 6 Ely Gold & Mnl V 1178 Ely Gold & Mnl* O 26 Emgold Mng V 8 Emgold Mng* O 1 Encanto Potash* O 235 Endeavour Mng T 1364 Endeavour Mng* O 44 Endeavr Silver* N 2943 Endeavr Silver T 395 Endurance Gold V 456 Energizer Res* O 161 Energizer Res T 680 Energy Fuels T 229 Energy Fuels* X 817 Ensurge* O 260 Entourage Mtls* O 1 Entourage Mtls V 349 Entree Gold T 72 Entree Gold* X 126 Equitorial Ex V 1397 Era Res Inc T 2 Erdene Res Dev T 116 Erdene Res Dev* O 77 Erin Ventures V 537 Eskay Mng V 357 Ethos Gold* O 12 Eurasian Mnls V 57 X 187 Eurasian Mnls* Eureka Res V 70 European Metal* O 2819 Everton Res* O 5 Evolving Gold* O 41 Evolving Gold 25 Evrim Res V 179 Excellon Res T 155 Excellon Res* O 54 Excelsior Mng* O 244 Excelsior Mng V 252 Exeter Res T 103 Exeter Res* X 375 Explor Res* O 351 Explor Res V 1686 Explorex Res 26 Fairmont Res V 632 Falco Res V 1348 Far Res 150 Ferrum Am Mng V 41 O 56 Firma Holdings* First Ams Gold V 175 First Majestic T 2035 First Majestic* N 8660 First Mg Fin V 2583 First Nickel* O 3290 First Point T 180 First Quantum T 45400 Fission 3.0 V 877 Fission Uran* O 938 Fission Uran T 3013 Fjordland Exp V 319 Flinders Res V 94 Flinders Res* O 54 Focus Graphite V 326 O 56 Focus Graphite* Focus Vent V 285 Foran Mng V 308 Formation Mtls* O 16 Formation Mtls T 218 Forsys Metals T 98 Fortescue Mtls* O 28 Fortuna Silvr T 1301 Fortuna Silvr* N 1238 Fortune Bay T 35 Fortune Mnrls T 2321 Forum Uranium V 247 Forum Uranium* O 95 Franco-Nevada T 3104 Franco-Nevada* N 4359 Freegold Vent T 441 Freeport McMo* N 348833 Fresnillo plc* O 5 Fura Emeralds V 143

0.10 0.09 0.10 - 0.00 0.13 0.03 0.73 0.65 0.72 + 0.02 1.16 0.62 0.52 0.46 0.50 + 0.00 0.93 0.45 0.06 0.05 0.05 - 0.01 0.16 0.04 0.20 0.19 0.20 + 0.01 0.40 0.18 0.02 0.01 0.02 + 0.01 0.06 0.01 0.05 0.04 0.05 + 0.01 0.15 0.04 0.07 0.06 0.06 - 0.01 0.19 0.06 0.01 0.00 0.01 + 0.00 0.04 0.00 0.64 0.56 0.64 + 0.05 1.22 0.48 0.45 0.40 0.45 + 0.04 0.99 0.35 0.15 0.12 0.12 - 0.02 0.22 0.11 17.23 15.49 17.04 + 1.92 17.23 9.08 0.41 0.39 0.40 + 0.00 2.29 0.25 0.71 0.54 0.70 + 0.16 1.15 0.46 1.00 0.74 1.00 + 0.25 1.45 0.65 0.09 0.07 0.07 - 0.01 0.10 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.00 0.01 - 0.01 0.11 0.01 0.15 0.12 0.15 + 0.02 0.25 0.09 0.05 0.03 0.03 - 0.02 0.20 0.03 0.10 0.09 0.10 + 0.01 0.25 0.08 0.15 0.14 0.15 + 0.01 0.65 0.11 10.67 9.75 10.65 + 0.67 20.30 7.27 14.95 13.89 14.95 + 0.84 24.60 9.96 0.01 0.01 0.01 - 0.00 0.02 0.01 0.11 0.00 0.11 + 0.02 0.19 0.07 3.43 2.45 2.80 + 0.40 3.43 1.10 1.16 1.02 1.07 + 0.03 3.65 0.84 0.05 0.04 0.05 + 0.01 0.19 0.04 0.04 0.03 0.04 + 0.01 0.08 0.03 0.06 0.04 0.05 - 0.02 0.26 0.04 1.88 1.65 1.83 + 0.01 2.59 1.30 0.14 0.13 0.14 + 0.00 0.64 0.12 0.21 0.19 0.20 + 0.01 0.80 0.18 0.02 0.02 0.02 - 0.01 0.08 0.02 0.02 0.02 0.02 + 0.00 0.07 0.01 0.06 0.06 0.06 - 0.01 0.08 0.05 0.06 0.05 0.06 + 0.02 0.09 0.03 0.80 0.00 0.80 + 0.08 2.26 0.61 0.49 0.49 0.49 - 0.04 1.84 0.47 0.02 0.02 0.02 - 0.01 0.05 0.02 0.33 0.31 0.31 - 0.01 0.62 0.28 0.03 0.02 0.02 + 0.01 0.03 0.01 0.06 0.05 0.05 - 0.00 0.16 0.05 0.32 0.28 0.31 + 0.01 0.36 0.08 3.24 2.67 3.18 - 0.05 7.25 2.67 2.31 1.87 2.24 - 0.04 5.80 1.87 0.10 0.08 0.09 - 0.01 0.14 0.04 0.16 0.13 0.14 + 0.01 0.20 0.09 0.06 0.05 0.06 + 0.01 0.08 0.03 0.04 0.03 0.03 - 0.00 0.06 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.04 0.00 0.04 + 0.00 0.13 0.03 9.00 7.29 8.56 + 1.31 9.00 4.35 6.40 5.18 6.05 + 1.05 6.40 4.40 1.28 1.10 1.24 + 0.16 2.82 1.00 1.80 1.56 1.74 + 0.24 3.56 1.46 0.03 0.02 0.02 - 0.01 0.08 0.02 0.06 0.05 0.06 + 0.01 0.13 0.03 0.09 0.00 0.08 + 0.01 0.14 0.03 3.32 2.77 3.30 + 0.30 6.73 2.47 2.37 1.96 2.34 + 0.23 5.60 1.81 0.02 0.01 0.02 - 0.01 0.09 0.01 0.04 0.04 0.04 + 0.00 0.18 0.03 0.07 0.00 0.07 - 0.01 0.22 0.03 0.30 0.26 0.26 - 0.02 0.66 0.18 0.20 0.18 0.19 - 0.01 0.51 0.08 0.04 0.03 0.03 - 0.01 0.20 0.03 0.12 0.00 0.12 - 0.02 1.00 0.09 0.17 0.15 0.16 + 0.01 0.17 0.10 0.12 0.11 0.12 + 0.02 0.13 0.08 0.07 0.06 0.07 - 0.01 0.11 0.04 0.14 0.10 0.14 + 0.04 0.20 0.01 0.11 0.10 0.11 + 0.01 0.15 0.09 0.57 0.51 0.55 + 0.03 0.97 0.48 0.40 0.37 0.39 + 0.03 0.79 0.35 0.08 0.05 0.05 - 0.03 0.16 0.02 0.01 0.00 0.00 + 0.00 0.01 0.00 0.01 0.01 0.01 + 0.00 0.04 0.00 0.04 0.00 0.03 + 0.00 0.08 0.01 0.05 0.00 0.04 - 0.01 0.10 0.02 0.21 0.14 0.19 + 0.03 0.22 0.10 0.28 0.26 0.28 + 0.01 0.92 0.20 0.20 0.18 0.19 - 0.01 0.74 0.14 0.14 0.12 0.14 + 0.00 0.31 0.12 0.21 0.19 0.21 + 0.02 0.39 0.19 0.52 0.47 0.52 + 0.05 0.82 0.39 0.39 0.32 0.37 + 0.04 0.65 0.29 0.11 0.06 0.09 + 0.02 0.11 0.03 0.15 0.10 0.14 + 0.04 0.15 0.04 0.11 0.05 0.11 + 0.04 0.19 0.05 0.03 0.00 0.02 - 0.01 0.19 0.02 0.41 0.29 0.37 + 0.11 0.69 0.21 0.04 0.04 0.04 + 0.02 0.05 0.02 0.01 0.00 0.01 - 0.01 0.03 0.01 0.05 0.02 0.03 - 0.01 0.25 0.02 0.26 0.24 0.26 + 0.03 0.28 0.03 4.21 3.85 4.20 + 0.38 8.14 3.50 3.00 2.69 2.99 + 0.30 6.47 2.40 0.39 0.37 0.37 - 0.01 0.60 0.25 0.00 0.00 0.00 + 0.00 0.01 0.00 0.05 0.05 0.05 - 0.01 0.10 0.04 3.03 2.36 3.03 + 0.45 19.83 2.15 0.11 0.09 0.10 + 0.02 0.14 0.06 0.52 0.45 0.51 + 0.05 1.12 0.39 0.73 0.64 0.73 + 0.09 1.38 0.53 0.02 0.01 0.01 - 0.01 0.04 0.01 0.16 0.14 0.15 + 0.01 0.49 0.12 0.12 0.09 0.11 + 0.02 0.50 0.09 0.09 0.07 0.07 - 0.01 0.47 0.07 0.06 0.04 0.06 + 0.00 0.36 0.04 0.06 0.05 0.06 + 0.01 0.27 0.05 0.07 0.06 0.06 - 0.01 0.48 0.05 0.07 0.00 0.07 + 0.00 0.18 0.06 0.10 0.09 0.09 - 0.01 0.22 0.09 0.12 0.09 0.09 - 0.01 0.36 0.08 1.23 1.04 1.23 + 0.13 2.05 1.00 3.58 3.32 3.56 + 0.31 6.30 2.65 2.55 2.32 2.55 + 0.24 5.00 2.00 0.27 0.00 0.27 + 0.01 0.43 0.26 0.03 0.02 0.03 + 0.01 0.16 0.02 0.08 0.06 0.08 + 0.02 0.11 0.04 0.06 0.03 0.06 + 0.03 0.09 0.03 62.58 59.50 62.03 + 1.88 74.10 49.96 44.50 42.32 44.11 + 1.65 58.84 38.20 0.10 0.08 0.09 + 0.03 0.24 0.05 5.08 3.81 4.60 + 0.66 23.97 3.52 10.20 9.10 10.20 + 0.36 13.79 8.70 0.16 0.15 0.16 + 0.02 0.25 0.08

Gabriel Res T 297 Gainey Capital V 15 Galway Gold V 128 Galway Mtls V 517 Garibaldi Res V 475 General Moly T 15 Genius Props 317 Gensource Pot V 160 Geodex Mnrls V 288 Geologix Ex* O 471 Geologix Ex T 462 GFK Res V 87 GGL Res V 109 Gldn Predator V 119 Glen Eagle Res V 177 Glencore Plc* O 3579

0.22 0.17 0.18 - 0.01 0.84 0.12 0.15 0.14 0.15 - 0.01 0.30 0.10 0.07 0.06 0.07 + 0.01 0.12 0.06 0.10 0.10 0.10 + 0.01 0.16 0.09 0.13 0.10 0.12 - 0.01 0.20 0.05 0.34 0.31 0.33 + 0.01 1.20 0.22 0.04 0.03 0.03 - 0.03 0.12 0.02 0.07 0.06 0.07 + 0.01 0.07 0.04 0.01 0.01 0.01 - 0.01 0.06 0.01 0.02 0.01 0.01 - 0.01 0.04 0.01 0.03 0.02 0.03 + 0.01 0.05 0.02 0.05 0.00 0.05 + 0.01 0.12 0.03 0.01 0.00 0.01 - 0.01 0.05 0.01 0.13 0.11 0.12 + 0.01 0.15 0.07 0.08 0.00 0.07 - 0.01 0.14 0.03 2.64 2.23 2.55 + 0.31 9.68 1.95

D-F

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Global Mnrls V 3 Global Mnrls* O 2 Globex Mng T 233 V 11 GobiMin GoGold Res T 40 Gold & Slvr Mg* O 420558 10 Gold Bulln Dev* O Gold Bulln Dev V 1262 31446 Gold Fields* N 140 Gold Jub Cap V Gold Lakes* O 38 180 Gold Mng USA* O 126 Gold Reach Res V Gold Reserve* O 135 Gold Reserve V 15 X 1669 Gold Resource* 284 Gold Std Vents* X 663 Gold Std Vents V V 44 Goldbank Mng Goldbelt Emp V 75 T 15641 Goldcorp Goldcorp* N 44602 Golden Arrow V 49 Golden Dawn Ml V 1849 Golden Mnls* X 486 Golden Mnls T 18 O 434 Golden Queen* Golden Queen T 221 Golden Reign V 1152 Golden Star T 151 Golden Star* X 3922 Golden Valley V 203 T 1457 Goldgroup Mng O 118 Goldgroup Mng* GoldON Res V 29 V 1041 GoldQuest Mng Goldrea Res 16 V 33 Goldrock Mines O 55 Goldsource Min* V 333 Goldsource Min V 183 Goldstrike Res Gonzaga Res V 266 GoviEx Uranium 632 Gowest Gold* O 5 Gowest Gold V 520 O 136 Gran Colombia* T 1908 Gran Colombia 16 Granite Ck Gld V Graphite One* O 322 Graphite One V 9081 Great Atlantic V 118 Great Lakes Gr V 1771 148 Great Lakes Gr* O Great Panther T 470 X 2110 Great Panther* 13 Great Quest Fe V Green Arrow V 40 500 Green Swan Cap V V 99 Greencastle Rs O 182 Greenflag Vent* O 275 Greenland M&En* V 2 Greenshield Ex 354 Group Ten Mtls V 632 GTA Res & Mng V V 1940 Guerrero Vents Gungnir Res* O 438 T 1021 Guyana Gldflds GWR Res V 484 155 Happy Ck Mnrls V 4 Hard Creek Ni* O 16091 N Harmony Gold* Harvest Gold V 141 V 2 Hawkeye Gld&Di 30723 Hecla Mining* N Helio Res V 848 Hellix Vent* O 250 O 10 Hemcare Health* Heron Res T 455 V 228 Highland Copp Hinterland Mtl V 363 O 305 Hochschild Mg* V 94 Homestake Res Honey Badger E V 1301 Horizon Mnls* O 5 T 32 Horizonte Mnls Houston Lake V 47 HudBay Mnls* N 1192 HudBay Mnls T 28691 Hudson Res* O 3

0.02 0.03 - 0.03 0.75 0.03 0.00 0.01 0.02 - 0.01 0.69 0.03 0.02 0.17 0.20 - 0.02 0.37 0.22 0.19 0.27 0.30 - 0.01 0.50 0.30 0.28 0.94 1.08 + 0.04 1.67 1.08 1.03 0.00 0.00 0.00 - 0.00 4.42 0.00 0.03 0.00 0.03 + 0.01 0.04 0.01 0.05 0.03 0.04 - 0.01 0.05 0.02 2.04 3.40 + 0.50 6.01 3.56 3.04 0.10 0.09 0.10 + 0.02 0.24 0.07 0.03 1.00 - 0.06 1.25 1.20 1.00 0.09 0.07 0.08 + 0.01 0.51 0.05 0.13 0.08 0.13 + 0.05 0.50 0.08 2.19 2.49 + 0.23 4.24 2.50 2.30 3.06 3.40 + 0.19 5.39 3.49 3.23 1.14 1.34 + 0.04 3.65 1.42 1.28 0.66 0.56 0.64 + 0.04 0.69 0.26 0.93 0.81 0.90 + 0.06 0.96 0.40 0.03 0.08 + 0.03 0.09 0.08 0.00 0.03 0.03 - 0.02 0.10 0.04 0.03 13.55 15.96 + 1.59 30.95 16.15 14.45 11.34 + 1.20 24.63 9.46 11.49 10.14 0.17 0.19 + 0.01 0.50 0.19 0.18 0.13 0.11 0.12 - 0.01 0.30 0.05 0.13 0.17 + 0.02 0.59 0.20 0.15 0.19 0.24 + 0.03 0.70 0.28 0.22 0.48 0.78 + 0.08 1.38 0.88 0.69 0.65 1.10 + 0.10 1.68 1.24 1.00 0.06 0.08 + 0.01 0.13 0.08 0.07 0.21 0.27 + 0.03 0.51 0.30 0.25 0.14 0.18 + 0.00 0.42 0.21 0.17 0.07 0.09 - 0.01 0.21 0.09 0.08 0.05 0.07 - 0.03 0.15 0.09 0.07 0.03 0.05 + 0.01 0.12 0.06 0.04 0.03 0.08 + 0.01 0.20 0.08 0.08 0.07 0.13 + 0.01 0.20 0.14 0.12 0.02 0.03 - 0.01 0.10 0.04 0.00 0.15 0.26 + 0.06 0.40 0.29 0.22 0.11 0.20 + 0.05 0.21 0.21 0.17 0.13 0.28 + 0.04 0.29 0.29 0.25 0.07 0.13 + 0.01 0.21 0.14 0.00 0.01 0.01 - 0.01 0.15 0.02 0.01 0.04 0.09 + 0.04 0.35 0.10 0.05 0.04 0.05 + 0.00 0.07 0.05 0.05 0.05 0.06 - 0.01 0.10 0.07 0.06 0.04 0.05 - 0.01 0.43 0.08 0.05 0.06 0.08 - 0.01 0.51 0.13 0.07 0.02 0.02 0.02 + 0.01 0.03 0.01 0.05 0.06 + 0.01 0.11 0.06 0.05 0.07 0.09 + 0.01 0.13 0.09 0.07 0.03 0.04 + 0.01 0.24 0.04 0.00 0.11 0.09 0.10 + 0.01 0.15 0.03 0.07 0.07 0.07 + 0.01 0.12 0.03 0.40 0.72 + 0.09 0.90 0.73 0.64 0.30 0.51 + 0.06 0.71 0.52 0.45 0.14 0.11 0.11 - 0.03 0.63 0.11 0.04 0.06 - 0.03 0.10 0.09 0.06 0.02 0.01 0.01 - 0.01 0.05 0.01 0.05 0.07 + 0.01 0.09 0.07 0.06 0.00 0.02 + 0.02 0.15 0.02 0.00 0.01 0.03 + 0.01 0.08 0.04 0.02 0.01 0.04 + 0.02 0.05 0.04 0.00 0.04 0.02 0.03 - 0.02 0.06 0.01 0.03 0.02 0.02 - 0.01 0.10 0.02 0.01 0.02 + 0.01 0.09 0.02 0.01 0.00 0.01 - 0.00 0.02 0.01 0.00 2.48 3.67 + 0.26 4.48 3.74 3.40 0.01 0.04 + 0.01 0.08 0.04 0.03 0.10 0.10 0.10 - 0.01 0.17 0.08 0.01 0.01 0.01 + 0.01 0.05 0.00 0.53 1.79 + 0.14 3.18 2.00 1.72 0.01 0.04 - 0.01 0.06 0.05 0.04 0.02 0.03 - 0.01 0.08 0.03 0.00 1.45 1.86 + 0.28 3.50 1.87 1.60 0.02 0.02 - 0.01 0.07 0.03 0.02 0.00 0.00 - 0.00 0.05 0.00 0.00 0.01 0.05 - 0.01 0.80 0.06 0.00 0.07 0.08 + 0.01 0.14 0.09 0.07 0.10 0.10 - 0.02 0.30 0.12 0.10 0.01 0.01 - 0.01 0.02 0.02 0.00 0.59 0.71 - 0.00 1.70 0.71 0.00 0.01 0.02 + 0.01 0.04 0.02 0.00 0.03 0.03 0.03 + 0.01 0.04 0.01 0.10 0.15 - 0.05 0.55 0.25 0.15 0.02 0.05 + 0.03 0.06 0.05 0.03 0.12 0.17 - 0.01 0.20 0.18 0.15 1.97 1.60 1.95 + 0.10 10.37 1.56 2.76 2.26 2.76 + 0.14 12.61 2.26 0.20 0.29 - 0.01 0.44 0.30 0.29

I-Minerals* O 29 I-Minerals V 94 IAMGOLD T 5002 24531 IAMGOLD* N Iberian Mnrls V 321 IC Potash T 147 IC Potash* O 21 Iconic Mnls V 51 IDM Mining V 263 IMPACT Silver V 562 O 94 Impala Platnm* 4 Imperial Metal* O 88 Imperial Metal T 590 Inca One Gold V 58 Inca One Gold* O Q 49 Inception Mng* V 245 Independence G Indico Res V 230 Infrastructure* O 136 O 39 Inspiration Mg* Integra Gold V 2666 Integra Gold* O 610 Intgr Egy Sol* O 5428 Intigold Mines V 1079 180 Intl Bethl Mng V 577572 Intl Star* O 425 Intl Tower Hil* X 28 T Intl Tower Hil Intrepid Pots* N 3312 InZinc Mining* O 90 InZinc Mining V 150 O 68 Ireland* 12 Itoco Mg Corp* O Ivanhoe Mines T 5376 O 230 Ivanhoe Mines* J.A.G. Mines V 440 Jaguar Mng* O 43 Jaguar Mng V 234 204 James Rvr Coal* O Jayden Res V 13 Jazz Res V 16 V 28 Jet Gold Jet Gold* O 10 Jet Metal* O 5 Jet Metal V 9 V 143 Kaizen Discvry Kaminak Gold V 384 O 136 Kaminak Gold* Karmin Expl V 17 Karnalyte Res T 135 31480 KAT Expl* O Katanga Mng T 258 Kennady Diam V 87 Kerr Mines* O 6 Kestrel Gold V 68 Khalkos Expl V 64 Khan Res 236 V 92 Kilo Goldmines V 189 Kincora Copper Kinross Gold T 18715 47405 Kinross Gold* N Kirkland Lk Gd T 2952 Kivalliq Enrgy V 309 Klondex Mns T 566 Klondike Gold V 14

0.11 0.17 + 0.01 0.28 0.18 0.17 0.14 0.26 + 0.02 0.37 0.26 0.24 1.50 2.04 + 0.17 3.45 2.14 1.80 1.15 1.45 + 0.13 2.74 1.51 1.26 0.04 0.08 - 0.01 0.11 0.08 0.07 0.04 0.05 - 0.01 0.31 0.06 0.05 0.03 0.04 + 0.01 0.25 0.04 0.03 0.03 0.05 + 0.01 0.09 0.05 0.04 0.07 0.08 + 0.01 0.14 0.08 0.08 0.11 0.14 + 0.01 0.26 0.14 0.11 1.45 2.16 + 0.51 7.35 2.16 1.55 3.39 3.20 3.29 - 0.06 11.00 2.84 4.83 4.35 4.54 - 0.10 13.69 4.11 0.09 0.07 0.09 + 0.02 0.29 0.07 0.06 0.06 0.06 + 0.00 0.23 0.06 0.05 0.23 + 0.04 0.40 0.25 0.16 0.06 0.06 + 0.01 0.11 0.06 0.06 0.02 0.04 - 0.01 0.16 0.05 0.04 0.01 0.01 - 0.00 0.02 0.01 0.01 0.01 0.01 - 0.01 0.10 0.04 0.01 0.23 0.33 + 0.02 0.37 0.35 0.30 0.18 0.25 + 0.03 0.29 0.25 0.22 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.12 + 0.03 0.32 0.13 0.00 0.03 0.03 0.03 - 0.01 0.10 0.02 0.00 0.00 - 0.00 0.00 0.00 0.00 0.23 0.20 0.22 + 0.00 0.54 0.18 0.32 0.00 0.32 + 0.02 0.63 0.26 2.19 1.75 2.18 + 0.32 15.09 1.75 0.03 0.05 + 0.01 0.13 0.05 0.04 0.04 0.06 + 0.01 0.15 0.06 0.05 0.15 0.20 - 0.03 0.51 0.23 0.18 0.30 0.25 0.30 + 0.05 1.10 0.13 0.53 0.68 + 0.14 1.36 0.73 0.53 0.36 0.47 + 0.08 1.08 0.47 0.38 0.01 0.02 - 0.01 0.06 0.03 0.02 0.07 0.12 + 0.03 0.53 0.14 0.00 0.12 0.16 - 0.04 0.65 0.20 0.16 0.01 0.01 0.01 + 0.00 0.07 0.01 0.03 0.04 + 0.01 0.16 0.04 0.00 0.03 0.10 + 0.02 0.23 0.12 0.10 0.03 0.05 + 0.01 0.11 0.05 0.04 0.02 0.02 + 0.00 0.03 0.02 0.02 0.03 0.08 + 0.00 0.13 0.08 0.06 0.04 0.10 + 0.02 0.16 0.10 0.00 0.08 0.10 + 0.02 0.32 0.10 0.09 0.61 0.88 + 0.05 1.14 0.89 0.84 0.47 0.63 + 0.03 0.91 0.64 0.58 0.15 0.24 + 0.03 0.40 0.24 0.22 0.52 0.85 + 0.17 1.33 0.85 0.00 0.00 0.00 - 0.00 0.14 0.00 0.00 0.13 0.17 + 0.01 0.35 0.18 0.15 2.35 3.00 + 0.15 5.95 3.00 2.85 0.01 0.00 0.20 0.02 - 0.02 0.02 0.01 0.01 - 0.01 0.07 0.02 0.01 0.05 0.10 + 0.03 0.12 0.10 0.00 0.34 0.48 + 0.08 0.80 0.48 0.40 0.04 0.08 - 0.01 0.14 0.10 0.07 0.02 0.02 + 0.01 0.04 0.02 0.00 1.79 2.31 + 0.10 4.38 2.37 2.15 1.31 1.64 + 0.08 3.47 1.69 1.51 5.00 4.61 4.99 + 0.34 6.88 4.14 0.06 0.09 + 0.01 0.16 0.09 0.08 2.30 2.91 + 0.16 3.87 2.96 2.72 0.08 0.12 - 0.01 0.28 0.14 0.00

I-J-K

2016-02-02 6:56 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 8-14, 2016

11

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

Week

12-month

Exc Volume High Low Last Change High Low

Klondike Silv* O 11 0.02 0.02 0.02 - 0.00 0.03 0.01 Kombat Copper V 368 0.06 0.04 0.05 + 0.01 0.11 0.02 Kootenay Silvr V 584 0.30 0.18 0.22 + 0.03 0.56 0.17

L Labdr Iron Mns* O 42 Labrador Iron T 1553 Lake Shore Gld T 14573 Lake Shore Gld* X 1388 Lake Victoria* O 129 Lara Expl V 380 Laramide Res T 214 Largo Res* O 786 Largo Res V 2459 Latin Am Mnls V 133 883 Laurion Mnl Ex V LeadFX Inc T 117 LeadFX Inc* O 4 Legend Gold* O 5 Lepanto Con Mg* O 14 Levon Res Ltd * O 45 203 Levon Res Ltd T Lexam VG Gold* O 88 Lexam VG Gold T 219 Liberty Star* Q 7980 Lion One Mtls* O 32 163 Lion One Mtls V Lithium Corp* O 204 Lithium Expl* O 153 Lithium X Egy V 776 Lomiko Mtls V 323 Loncor Res* O 2 Loncor Res T 2842 Lone Star Gold* O 294 Lornex Cap 150 Lowell Copper V 145 Lucara Diam T 891 Luna Gold T 468 Luna Gold* O 52 Lund Enterpr V 11 Lundin Gold T 84 Lundin Mng T 12460 Lupaka Gold V 372 Lydian Intl* O 63 Lydian Intl T 322 Lynas Corp* O 285

0.00 0.00 0.00 + 0.00 0.02 0.00 8.92 8.21 8.88 + 0.43 19.12 6.85 1.28 1.20 1.27 + 0.06 1.38 0.88 0.92 0.84 0.91 + 0.05 1.14 0.69 0.02 0.01 0.02 + 0.01 0.09 0.01 0.32 0.23 0.26 - 0.04 0.45 0.20 0.23 0.21 0.23 + 0.01 0.40 0.15 0.13 0.09 0.11 - 0.02 1.06 0.09 0.18 0.11 0.14 - 0.04 1.35 0.11 0.12 0.09 0.12 + 0.04 0.95 0.05 0.01 0.00 0.01 + 0.01 0.03 0.01 0.20 0.00 0.20 + 0.04 2.25 0.12 0.13 0.00 0.13 - 0.04 0.29 0.12 0.02 0.02 0.02 + 0.01 0.07 0.01 0.02 0.01 0.02 + 0.01 0.02 0.00 0.09 0.08 0.09 + 0.01 0.15 0.08 0.15 0.12 0.14 + 0.02 0.32 0.12 0.05 0.05 0.05 - 0.01 0.08 0.04 0.08 0.07 0.07 - 0.01 0.11 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.27 0.25 0.26 + 0.01 0.45 0.12 0.39 0.34 0.34 - 0.03 0.60 0.17 0.04 0.03 0.03 - 0.01 0.06 0.02 0.14 0.08 0.08 - 0.00 9.00 0.02 0.69 0.57 0.57 - 0.02 0.69 0.05 0.04 0.00 0.04 - 0.01 0.08 0.03 0.01 0.01 0.01 - 0.01 0.13 0.01 0.02 0.02 0.02 - 0.01 0.13 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.26 0.22 0.22 - 0.04 0.30 0.07 0.17 0.14 0.14 - 0.02 0.47 0.12 2.30 2.15 2.30 + 0.12 2.38 1.42 0.06 0.04 0.05 + 0.02 0.43 0.03 0.04 0.03 0.04 + 0.02 0.32 0.02 0.03 0.02 0.03 + 0.01 0.06 0.02 4.05 3.90 3.92 - 0.08 4.30 3.46 3.48 3.12 3.47 + 0.18 6.46 2.98 0.06 0.05 0.05 - 0.01 0.16 0.04 0.15 0.14 0.15 + 0.01 0.48 0.13 0.21 0.19 0.21 - 0.01 0.60 0.19 0.07 0.06 0.07 + 0.01 0.10 0.02

M Maccabi Vent 85 0.09 0.08 0.09 + 0.01 0.14 0.08 MAG Silver* X 207 6.69 6.34 6.57 + 0.21 8.45 5.57 MAG Silver T 712 9.40 8.95 9.18 + 0.16 10.80 6.90 Magellan Gold* O 58 0.08 0.06 0.06 - 0.00 0.09 0.03 Majescor Res V 28 0.04 0.00 0.04 + 0.01 0.06 0.02 Malbex Res V 38 0.29 0.28 0.28 - 0.01 0.55 0.05 Mandalay Res T 839 0.78 0.68 0.78 + 0.07 0.99 0.59 Mangazeya Mng V 247 0.04 0.02 0.03 + 0.01 0.06 0.01 Manson Creek V 113 0.01 0.01 0.01 - 0.01 0.03 0.01 Marathon Gold T 162 0.16 0.15 0.16 + 0.01 0.38 0.11 Marlin Gold* O 235 0.12 0.10 0.10 - 0.01 0.73 0.10 Marlin Gold V 491 0.17 0.15 0.16 - 0.03 1.09 0.15 MartinMarietta* N 4241 126.59 116.36 125.58 + 1.98 178.67 106.73 Mason Graphite* O 89 0.27 0.22 0.27 + 0.04 0.52 0.21 V 355 0.39 0.30 0.38 + 0.07 0.65 0.30 Mason Graphite Matica Ent 531 0.02 0.02 0.02 - 0.01 0.15 0.02 Maudore Mnrls* O 579 0.00 0.00 0.00 - 0.00 0.01 0.00 Mawson Res* O 37 0.15 0.12 0.13 + 0.00 0.27 0.12 Mawson Res T 20 0.19 0.00 0.18 - 0.02 0.30 0.15 0.02 - 0.01 0.08 0.01 Mawson West T 75 0.02 0.02 MAX Res V 25 0.07 0.06 0.06 - 0.01 0.15 0.04 Maya Gold &Sil V 71 0.12 0.11 0.12 - 0.01 0.30 0.10 Mazarin V 14 0.03 0.02 0.03 + 0.01 0.04 0.01 MBAC Fertilizr T 855 0.04 0.04 0.04 - 0.01 0.17 0.01 1.72 + 0.19 1.75 0.84 McEwen Mng T 838 1.73 1.55 McEwen Mng* N 6135 1.23 1.08 1.23 + 0.14 1.26 0.65 Meadow Bay Gd T 544 0.07 0.00 0.06 - 0.01 0.31 0.06 Mechel* N 1590 2.00 1.39 2.00 + 0.53 3.76 1.23 Medallion Res* O 114 0.04 0.03 0.04 + 0.01 0.05 0.01 0.06 + 0.01 0.20 0.05 Medgold Res V 49 0.06 0.00 Medinah Mnrls* O 11634 0.02 0.01 0.02 + 0.00 0.04 0.01 Mega Uranium* O 52 0.05 0.04 0.04 - 0.00 0.11 0.04 Megastar Dev V 58 0.03 0.02 0.03 + 0.01 0.05 0.02 Menika Mining V 207 0.10 0.05 0.08 - 0.04 0.15 0.05 0.17 + 0.02 0.23 0.08 Merrex Gold V 493 0.17 0.16 Meryllion Res 7 0.01 0.00 0.01 + 0.01 0.03 0.01 Mesa Expl* O 23 0.02 0.01 0.01 - 0.01 0.02 0.01 Mesa Expl V 186 0.02 0.01 0.01 - 0.01 0.03 0.01 Metalex Vent V 318 0.11 0.08 0.08 - 0.01 0.12 0.04 1.45 - 0.25 3.72 1.45 Metalore Res T 6 1.70 1.45 Metals Creek V 223 0.10 0.08 0.08 - 0.01 0.21 0.05 Metanor Res V 3104 0.04 0.03 0.04 + 0.01 0.08 0.03 14430 0.00 0.00 0.00 - 0.00 0.03 0.00 Mexus Gold* O MGX Minerals 830 0.21 0.15 0.15 - 0.06 0.70 0.12 Micrex Dev V 79 0.02 0.01 0.01 - 0.01 0.05 0.01 Midas Gold* O 106 0.25 0.20 0.23 + 0.04 0.44 0.16 Midas Gold T 293 0.35 0.27 0.33 + 0.06 0.55 0.25 0.50 - 0.04 0.77 0.45 Midland Expl V 94 0.54 0.47 Midway Gold* O 359 0.00 0.00 0.00 + 0.00 0.76 0.00 Millrock Res V 144 0.26 0.20 0.24 + 0.02 0.49 0.15 Millrock Res* O 103 0.18 0.13 0.16 + 0.01 0.36 0.11 Minaurum Gold V 377 0.05 0.04 0.05 + 0.01 0.10 0.04 0.13 - 0.01 0.31 0.10 Minco Gold* X 437 0.15 0.13 Minco Silver T 267 0.44 0.00 0.41 + 0.01 0.74 0.32 Minco Silver* O 30 0.31 0.29 0.29 - 0.01 0.54 0.26 Minecorp Egy V 108 0.03 0.01 0.02 + 0.01 0.15 0.01 Minera Alamos V 219 0.09 0.08 0.09 + 0.01 0.16 0.06 0.62 + 0.12 0.85 0.17 Mines Manage T 9 0.62 0.58 Mines Manage* X 353 0.46 0.31 0.42 + 0.04 0.74 0.11 Minnova Corp V 74 0.45 0.39 0.44 + 0.04 0.48 0.18 Miranda Gold V 246 0.09 0.07 0.08 + 0.01 0.12 0.06 Mirasol Res V 209 0.92 0.80 0.89 + 0.05 1.14 0.72 O 4 8.63 8.09 8.09 - 0.54 14.63 8.09 Mitsui M’g* Mkango Res V 836 0.02 0.01 0.01 - 0.01 0.12 0.01 Molycorp* O 2967 0.04 0.03 0.04 + 0.00 1.15 0.02 Monarques Res V 165 0.07 0.06 0.06 - 0.01 0.13 0.06 Moneta Porcpn T 1307 0.16 0.13 0.15 + 0.02 0.16 0.05 Monster Uran V 109 0.05 0.02 0.05 + 0.03 0.12 0.02 Monument Mng V 37 0.11 0.10 0.11 + 0.01 0.14 0.08 Morien Res* O 53 0.16 0.16 0.16 + 0.01 0.21 0.13 Mosaic* N 31717 24.10 22.05 24.10 + 0.25 53.83 22.05 Mountain Prov T 157 4.36 3.91 4.30 + 0.40 5.46 3.38 Mountain Prov* D 132 3.10 2.75 3.09 + 0.32 4.40 2.47 MPH Vent V 78 0.09 0.06 0.09 + 0.03 0.11 0.04 Mundoro Cap V 155 0.09 0.07 0.09 + 0.02 0.15 0.04 Mundoro Cap* O 7 0.05 0.04 0.05 + 0.00 0.10 0.03 Musgrove Mnls V 75 0.13 0.07 0.07 - 0.01 0.20 0.04 Myson Group* O 20 0.02 0.01 0.02 + 0.00 0.18 0.01

N-O NACCO Ind* N 103 Napier Vent V 71 Natural Res Pt* N 1467 Nautilus Mnrls T 107 Nautilus Mnrls* O 167 Nemaska Lith V 4616 Nemaska Lith* O 370 Network Expl V 22 Nevada Clean M V 29 Nevada Copper T 83 Nevada Expl * O 71 Nevada Expl V 145 Nevada Sunrise* O 19 Nevada Sunrise V 901 Nevada Zinc V 56 Nevsun Res T 10968 Nevsun Res* X 2012 New Carolin Gd V 493 New Colombia* O 338 New Dimen Res V 50 New Era Mnrls V 24 New Gold* O 50 New Gold T 8384 New Gold* X 20492 New Jersey Mng* O 279 New Oroperu V 29

Feb 8 Pgs 10 11.indd 11

47.79 44.33 47.59 + 1.77 62.96 40.04 0.20 0.17 0.17 + 0.02 0.35 0.11 1.24 1.09 1.16 - 0.01 9.56 0.50 0.29 0.26 0.29 + 0.01 0.55 0.24 0.21 0.19 0.21 + 0.01 0.44 0.18 0.40 0.36 0.37 - 0.03 0.48 0.15 0.28 0.26 0.26 - 0.03 0.34 0.13 0.10 0.00 0.10 + 0.04 0.18 0.02 0.03 0.03 0.03 - 0.01 0.06 0.03 0.60 0.50 0.51 - 0.09 2.03 0.45 0.28 0.25 0.25 - 0.01 0.61 0.08 0.39 0.35 0.35 - 0.02 0.94 0.05 0.12 0.11 0.12 - 0.00 0.36 0.09 0.18 0.15 0.17 - 0.01 0.47 0.13 0.26 0.24 0.25 - 0.01 0.44 0.19 3.93 3.55 3.81 + 0.21 5.35 3.27 2.80 2.51 2.69 + 0.16 4.36 2.27 0.06 0.05 0.06 + 0.02 0.08 0.02 0.01 0.01 0.01 + 0.00 0.02 0.00 0.05 0.00 0.04 - 0.01 0.09 0.04 0.05 0.00 0.05 - 0.08 0.29 0.04 0.05 0.03 0.05 + 0.01 0.71 0.03 3.58 2.89 3.45 + 0.58 5.69 2.52 2.56 2.03 2.43 + 0.41 4.48 1.76 0.07 0.05 0.07 + 0.02 0.12 0.02 0.15 0.12 0.15 + 0.03 0.20 0.07

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Newlox Gold 373 Newmarket Gold* O 154 Newmarket Gold T 2691 Newmont Mng* N 51708 Newport Expl V 237 O 77 Nexgen Energy* Nexgen Energy V 3126 Nexus Gold V 10467 NGEx Res* O 27 NGEx Res T 143 96 Nicola Mg Inc V Nighthawk Gold V 307 Niocorp Dev T 318 Niocorp Dev* O 417 Niogold Mng* O 118 Niogold Mng V 782 Nippon Dragon V 377 Noble Metal Gr V 480 Noranda Alum* O 316 Noront Res V 813 North Am Nickl V 184 51 North Am Nickl* O North Am Pall T 12 North Am Pall* O 10 113 North Arrow Mn V North Springs* O 0 Northair Silvr V 1190 Northern Uran V 2030 Northquest V 964 Norvista Cap V 244 Nouveau Monde V 1292 NovaCopper* X 376 NovaCopper T 50 NovaGold Res* X 9709 NovaGold Res T 1698 Novo Res* O 157 Novo Res V 240 NRG Metals V 15 Nrthn Freegold* O 392 O 87 Nrthn Graphite* Nrthn Graphite V 147 Nrthn Lion V 18 Nrthn Mnrls &E* O 8 Nrthn Sun* O 4 Nrthn Vertex V 356 NSX Silver V 84 Nthn Dynasty T 557 Nthn Dynasty* X 386 Nthrn Sphere 3 V 315 NuLegacy Gold NuLegacy Gold* O 343 V 172 NV Gold OceanaGold* O 5 OceanaGold T 7560 Oceanus Res V 37 Odin Mng & Exp V 60 Olivut Res* O 39 Olivut Res V 29 Omineca Mg &Ml V 582 Orbite Tech T 10439 Orbite Tech* O 1427 Orca Gold* O 66 Orca Gold V 590 Orezone Gold* O 37 Orezone Gold V 220 Oro East Mg* Q 33 Oroco Res V 380 Orocobre T 351 Orosur Mng T 67 Orsu Metals* O 2 Orsu Metals T 335 Orvana Mnrls* O 100 Osisko Gold T 1159 Otis Gold* O 125 Otis Gold V 152 OZ Minerals* O 5

0.04 0.02 0.02 - 0.02 0.08 0.02 1.10 0.99 1.10 + 0.13 2.45 0.61 1.52 1.41 1.52 + 0.14 1.75 0.80 20.07 16.87 19.96 + 3.28 27.90 15.39 0.21 0.20 0.21 + 0.01 0.49 0.19 0.57 0.52 0.56 + 0.03 0.70 0.28 0.82 0.75 0.79 + 0.03 0.89 0.33 0.09 0.07 0.07 - 0.02 0.14 0.07 0.47 0.41 0.41 - 0.06 0.85 0.37 0.64 0.58 0.58 - 0.06 1.10 0.44 0.07 0.00 0.07 + 0.01 0.18 0.04 0.09 0.08 0.08 - 0.01 0.30 0.04 0.64 0.61 0.62 - 0.02 1.90 0.51 0.46 0.42 0.44 + 0.00 1.51 0.37 0.27 0.25 0.27 + 0.02 0.33 0.18 0.39 0.36 0.38 + 0.02 0.46 0.24 0.10 0.08 0.09 - 0.01 0.15 0.03 0.01 0.00 0.01 + 0.01 0.01 0.01 0.34 0.23 0.30 + 0.05 27.51 0.14 0.32 0.31 0.31 - 0.01 0.67 0.28 0.09 0.07 0.07 - 0.01 0.28 0.07 0.07 0.06 0.06 - 0.00 0.23 0.06 4.04 3.93 4.04 + 0.04 188.00 3.85 2.82 2.79 2.82 + 0.02 149.96 2.71 0.27 0.17 0.27 + 0.11 1.34 0.15 2.35 0.00 2.35 - 0.16 40.00 0.15 0.08 0.05 0.07 + 0.01 0.08 0.04 0.02 0.01 0.01 - 0.01 0.10 0.01 0.22 0.21 0.21 - 0.02 0.32 0.07 0.12 0.08 0.10 - 0.01 0.16 0.08 0.16 0.13 0.15 - 0.01 0.24 0.08 0.26 0.18 0.26 + 0.07 0.74 0.15 0.33 0.26 0.32 + 0.06 0.93 0.20 4.24 3.77 4.21 + 0.41 4.60 2.65 5.98 5.37 5.90 + 0.48 6.34 3.42 0.47 0.37 0.47 - 0.01 1.20 0.29 0.68 0.53 0.65 + 0.03 1.46 0.40 0.03 0.00 0.02 - 0.01 0.12 0.02 0.04 0.03 0.04 + 0.01 0.08 0.02 0.16 0.13 0.14 + 0.02 0.70 0.12 0.22 0.18 0.20 + 0.03 0.89 0.16 0.07 0.00 0.07 + 0.02 0.16 0.03 0.03 0.03 0.03 - 0.00 0.14 0.03 0.03 0.03 0.03 - 0.07 0.15 0.03 0.25 0.21 0.24 + 0.05 0.30 0.09 0.04 0.03 0.04 + 0.02 0.07 0.02 0.39 0.35 0.38 + 0.06 0.83 0.28 0.28 0.22 0.28 + 0.06 0.72 0.20 0.20 0.20 0.20 - 0.08 0.60 0.10 0.09 0.00 0.09 + 0.01 0.17 0.08 0.07 0.06 0.07 + 0.01 0.14 0.06 0.02 0.01 0.02 + 0.01 0.17 0.01 1.99 1.80 1.99 + 0.25 2.39 1.43 2.97 2.62 2.89 + 0.27 3.18 1.79 0.18 0.00 0.18 + 0.02 0.35 0.14 0.35 0.33 0.35 + 0.02 0.50 0.21 0.10 0.07 0.10 + 0.02 0.14 0.05 0.13 0.00 0.10 - 0.03 0.17 0.08 0.06 0.04 0.04 - 0.02 0.11 0.01 0.43 0.28 0.32 - 0.09 0.53 0.20 0.29 0.21 0.23 - 0.05 0.40 0.16 0.09 0.08 0.08 - 0.01 0.35 0.08 0.13 0.12 0.13 + 0.01 0.43 0.12 0.18 0.17 0.18 - 0.00 0.48 0.16 0.26 0.23 0.24 - 0.02 0.61 0.22 0.03 0.02 0.02 + 0.01 0.08 0.01 0.02 0.02 0.02 - 0.01 0.05 0.01 2.63 2.36 2.52 + 0.07 2.79 1.33 0.12 0.10 0.11 - 0.01 0.22 0.10 0.01 0.01 0.01 + 0.01 0.03 0.01 0.02 0.00 0.02 + 0.01 0.06 0.01 0.10 0.07 0.08 - 0.01 0.38 0.07 14.35 13.22 14.24 + 1.10 18.64 12.39 0.08 0.06 0.06 - 0.01 0.10 0.01 0.11 0.08 0.09 + 0.01 0.14 0.02 2.63 0.00 2.63 + 0.34 3.81 2.29

Pac Bay Mnrls V 108 8 Pac Booker Min* X Pac Booker Min V 9 Paget Mrnls V 1314 Paladin Energy T 1169 Palamina Corp V 122 Pan Am Silver* D 11167 Pan Am Silver T 1295 Panex Res* O 58 Panoro Mnrls V 127 Para Resources V 8 X 86 Paramount Gold* Paringa Res* O 25 Parlane Res V 57 Pasinex Res 1125 Passprt Potash* O 1236 Patriot Gold* O 90 Peabody Enrgy* N 8871 Peat Res V 1076 Pele Mtn Res V 1418 Pele Mtn Res* O 107 Peregrine Diam T 1744 Perseus Mng T 2871 Pershimco Res V 209 Pershing Gold* D 382 Pershing Res* O 48 Peruvian Prc M* O 332 Peruvian Prc M V 675 Petaquilla Mnl* O 147 Petra Diamonds* O 3 Petro One Engy V 234 Philippine Mtl V 290 Phoscan Chem T 1324 Pilot Gold* O 382 Pilot Gold T 2166 Pine Cliff En V 1572 Pitchblack Res* O 1 PJX Res V 61 Planet Mng V 11642 Plata Latina V 115 Plateau Uran* O 114 Plateau Uran V 414 Platinum Gp Mt* X 2296 Polaris Mater T 78 PolyMet Mng T 76 PolyMet Mng* X 495 Potash Corp SK* N 69798 Potash Corp SK T 20519 Potash Ridge T 1412 Premier Gold M T 1053 Pretium Res* N 3771 Pretium Res T 1551 Primero Mng T 3722 Primero Mng* N 2858 Probe Metals* O 115 Prophecy Coal* O 206 Prophecy Coal T 3503 PUF Vent Inc* O 1025 PUF Vent Inc 2877 Puma Expl V 940 Pure Energy V 1276 Pure Energy* O 424 Pure Gold Mg* O 102 616 Pure Gold Mg V Purepoint Uran V 581 Q-Gold Res V 21 Quaterra Res V 139 Quaterra Res* O 397 Quest Rare Mnl* O 89 Quinto Real V 290

0.08 0.05 0.07 + 0.01 0.10 0.02 1.45 1.20 1.29 - 0.22 5.76 1.04 2.04 1.50 1.87 - 0.38 6.90 1.02 0.05 0.01 0.03 - 0.02 0.15 0.01 0.22 0.19 0.22 + 0.01 0.41 0.15 0.09 0.00 0.09 + 0.02 0.11 0.06 6.70 5.92 6.62 + 0.69 12.05 5.38 9.43 8.44 9.30 + 0.90 15.06 7.77 0.01 0.00 0.01 - 0.00 0.01 0.00 0.15 0.10 0.13 + 0.03 0.25 0.09 0.08 0.08 0.08 - 0.01 0.18 0.06 1.05 0.99 1.00 - 0.04 1.85 0.87 0.17 0.17 0.17 - 0.01 0.25 0.17 0.12 0.09 0.09 - 0.01 0.18 0.01 0.05 0.05 0.05 - 0.01 0.14 0.03 0.00 0.00 0.00 + 0.00 0.27 0.00 0.08 0.06 0.06 - 0.02 0.13 0.02 4.60 3.53 4.45 + 1.00 123.45 2.83 0.02 0.02 0.02 - 0.01 0.03 0.01 0.05 0.04 0.05 - 0.01 0.09 0.03 0.04 0.03 0.04 + 0.01 0.07 0.02 0.12 0.11 0.11 - 0.01 0.39 0.11 0.36 0.27 0.29 - 0.03 0.48 0.23 0.14 0.12 0.14 + 0.01 0.26 0.09 3.52 3.22 3.41 + 0.20 7.45 3.04 0.05 0.03 0.05 + 0.02 0.15 0.01 0.04 0.03 0.04 + 0.01 0.10 0.02 0.07 0.05 0.05 - 0.02 0.14 0.03 0.01 0.00 0.00 - 0.00 0.06 0.00 1.22 1.22 1.22 + 0.10 2.93 0.86 0.03 0.00 0.03 + 0.01 0.16 0.02 0.03 0.03 0.03 + 0.01 0.05 0.01 0.25 0.22 0.23 - 0.02 0.33 0.22 0.18 0.16 0.17 - 0.01 0.94 0.16 0.26 0.23 0.24 + 0.01 1.17 0.22 0.89 0.83 0.87 - 0.01 1.65 0.75 0.04 0.00 0.04 - 0.00 0.08 0.03 0.14 0.13 0.13 - 0.01 0.29 0.13 0.04 0.02 0.02 - 0.02 0.06 0.02 0.02 0.00 0.02 - 0.01 0.12 0.01 0.29 0.25 0.26 - 0.00 0.57 0.18 0.40 0.35 0.37 - 0.01 0.69 0.24 1.16 0.10 1.10 - 0.04 5.99 0.96 1.50 1.26 1.34 + 0.06 2.83 1.12 1.10 0.99 1.04 + 0.07 1.75 0.76 0.80 0.69 0.76 + 0.03 1.37 0.55 16.40 14.64 16.30 + 0.21 37.60 14.64 22.97 20.65 22.84 + 0.06 47.10 20.65 0.10 0.08 0.08 - 0.01 0.14 0.03 2.55 2.41 2.49 + 0.05 2.92 1.65 4.54 4.13 4.28 + 0.05 6.95 4.00 6.39 5.80 5.97 - 0.04 9.00 5.57 3.51 2.97 3.49 + 0.55 5.51 2.56 2.51 2.08 2.50 + 0.43 4.49 1.83 0.26 0.24 0.25 - 0.01 0.42 0.24 0.03 0.01 0.01 + 0.00 0.07 0.01 0.03 0.02 0.02 - 0.01 0.08 0.02 0.03 0.03 0.03 + 0.01 0.05 0.02 0.05 0.03 0.04 - 0.01 0.12 0.03 0.05 0.03 0.05 + 0.01 0.17 0.03 0.64 0.55 0.57 - 0.06 1.03 0.18 0.46 0.39 0.40 - 0.05 0.77 0.17 0.08 0.07 0.07 - 0.00 0.25 0.01 0.11 0.10 0.10 + 0.01 0.33 0.07 0.05 0.03 0.05 + 0.01 0.07 0.02 0.02 0.00 0.02 + 0.01 0.05 0.01 0.07 0.06 0.07 + 0.01 0.15 0.04 0.05 0.04 0.05 + 0.01 0.11 0.03 0.04 0.04 0.04 + 0.00 0.23 0.03 0.04 0.03 0.03 - 0.01 0.05 0.01

P-Q

R Rackla Mtls V Radisson Mng V Rainy Mtn Royl V Rambler Ml &Mg V

34 170 79 395

0.06 0.00 0.05 - 0.01 0.13 0.05 0.13 0.10 0.13 + 0.02 0.15 0.09 0.04 0.04 0.04 - 0.01 0.09 0.02 0.06 0.05 0.06 - 0.01 0.30 0.05

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Randgold Res* D 4249 Rare Element* X 988 Red Eagle Mng V 225 Red Eagle Mng* O 83 Red Moon Potsh V 63 Redhawk Res T 278 Redstar Gold V 523 Regency Gold V 15 Regulus Res V 125 Remington Res V 539 Renaissance Gd* O 32 Renaissance Gd V 40 Renforth Res 1556 Reservoir Mnls* O 32 Reservoir Mnls V 171 Richmond Mnls V 304 Richmont Mines* X 1316 T 622 Richmont Mines Rift Valley 287 75 Rio Novo Gold T Rio Tinto* N 25013 Rio Tinto* O 8 Rio Tinto* O 5 Riverside Res V 633 Riverside Res* O 66 Robex Res V 205 Rochester Res V 35 Rochester Res* O 31 Rock Tech Lith V 21 Rockcliff Cop V 270 Rockex Mng 36 Rockhaven Res V 177 Rockland Mnls V 130 Rockwell Diam T 59 Rogue Res* O 73 Rokmaster Res V 90 Rome Res V 25 75 Romios Gold Rs V Romios Gold Rs* O 3 150 Rosita Mg Corp V Rouge Res V 510 Roxgold V 1400 Royal Gold T 50 Royal Gold* D 6212 Royal Nickel T 493 Royal Nickel* O 56 Royal Rd Mnrls V 89 Rubicon Mnrls T 4656 Rupert Res V 268 Rusoro Mng* O 122 Rusoro Mng V 387 Rye Patch Gold* O 235

70.78 65.14 70.72 + 5.05 85.84 54.88 0.10 0.06 0.09 + 0.01 1.06 0.06 0.29 0.26 0.29 + 0.02 0.36 0.25 0.21 0.19 0.21 + 0.02 0.29 0.18 0.03 0.02 0.03 + 0.01 0.07 0.02 0.05 0.04 0.05 + 0.01 0.10 0.04 0.04 0.03 0.04 + 0.01 0.06 0.03 0.01 0.00 0.01 - 0.02 0.04 0.01 0.28 0.20 0.28 + 0.09 0.54 0.19 0.05 0.03 0.05 + 0.02 0.05 0.01 0.14 0.10 0.14 + 0.04 0.24 0.08 0.20 0.14 0.19 + 0.05 0.30 0.11 0.03 0.01 0.01 - 0.02 0.06 0.01 2.66 2.43 2.54 + 0.05 3.88 2.25 3.68 3.45 3.59 - 0.01 4.87 3.26 0.04 0.00 0.03 - 0.01 0.14 0.03 3.71 3.34 3.62 + 0.29 3.75 2.27 5.20 4.80 5.04 + 0.29 5.27 3.14 0.01 0.01 0.01 - 0.01 0.04 0.01 0.09 0.07 0.08 - 0.02 0.16 0.07 25.20 22.71 24.65 + 0.88 50.07 21.89 24.30 0.00 24.25 + 0.80 49.45 21.90 27.34 25.47 27.34 + 1.42 50.94 25.47 0.15 0.12 0.14 + 0.02 0.31 0.12 0.10 0.08 0.10 + 0.01 0.25 0.08 0.07 0.00 0.06 + 0.01 0.10 0.05 0.03 0.03 0.03 + 0.01 0.10 0.03 0.02 0.01 0.02 + 0.01 0.04 0.01 0.06 0.00 0.06 + 0.01 0.10 0.03 0.03 0.02 0.03 + 0.01 0.08 0.02 0.09 0.04 0.09 + 0.05 0.15 0.01 0.18 0.12 0.18 + 0.06 0.27 0.10 0.02 0.01 0.02 + 0.01 0.06 0.01 0.11 0.10 0.10 - 0.01 0.28 0.10 0.07 0.07 0.07 - 0.01 0.10 0.01 0.02 0.01 0.01 - 0.01 0.05 0.01 0.03 0.00 0.03 - 0.02 0.07 0.01 0.04 0.03 0.04 + 0.01 0.05 0.02 0.03 0.03 0.03 + 0.01 0.04 0.01 0.02 0.00 0.02 - 0.01 0.10 0.01 0.05 0.05 0.05 + 0.03 0.06 0.03 0.77 0.71 0.73 - 0.02 0.84 0.51 42.91 37.73 41.64 + 4.20 92.77 35.46 30.37 26.61 29.79 + 3.35 73.48 24.68 0.16 0.14 0.16 + 0.02 0.59 0.12 0.11 0.10 0.11 + 0.00 0.39 0.10 0.06 0.05 0.05 + 0.01 0.35 0.04 0.03 0.03 0.03 + 0.01 1.52 0.02 0.03 0.02 0.02 - 0.01 0.08 0.02 0.07 0.04 0.06 + 0.02 0.07 0.01 0.12 0.07 0.10 + 0.03 0.12 0.03 0.10 0.08 0.09 + 0.00 0.16 0.08

Sabina Gd&Slvr T 878 Sabina Gd&Slvr* O 269 Sable Res V 39 Sage Gold V 254 Samex Mng* O 59 Sandspring Res V 677 Sandspring Res* O 5 T 1388 Sandstorm Gold Sandstorm Gold* X 3372 Santa Fe Gold* O 260 Santa Fe Mtls V 383 Santacruz Silv V 188 O 2 Santacruz Silv* Sarama Res V 15 Sarissa Res* O 3610 Saturn Mnrls V 2267 Savary Gold V 787 Saville Res V 151 Scandium Int M* O 130 Scorpio Gold V 570 Seabridge Gld T 626 N 3365 Seabridge Gld* Searchlight* O 25 Sego Res V 140 Select Sands V 1323 Semafo T 5422 Senator Mnrls V 22 Serengeti Res V 104 SGX Res V 1201 Sherritt Intl T 3015 Shore Gold T 821 Sibanye Gold* N 6977 Sienna Res V 763 Sienna Res* O 0 Sierra Iron Or V 154 Sierra Metals* O 5 Sierra Metals T 38 Sierra Res* O 20037 Signature Res V 59 353 Silver Bear Rs T Silver Bull Re* O 1512 170 Silver Bull Re T Silver Dragon* O 665 Silver Grail V 266 Silver Range V 272 Silver Shield 248 Silver Std Res T 1580 Silver Std Res* D 5230 Silver Wheaton* N 19377 Silver Wheaton T 6794 Silvercorp Met T 1309 Silvercorp Met* O 1071 SinoCoking Cl* D 68 Sirios Res V 418 Skeena Res V 20 Skyharbour Res V 1212 Slam Explor V 158 SnipGold V 51 Sokoman Iron V 67 SolidusGold V 178 Solitario Ex&R T 17 Source Gold* O 11316 Southern Arc V 4 Southern Copp* N 7218 Southern Silvr V 699 Southern Sun V 995 Spanish Mtn Gd* O 405 Sparton Res* O 78 Spearmint Res V 41 St Andrew Gldf* O 295 St Andrew Gldf T 1347 St Augustine T 69 Stakeholdr Gld V 31 Standard Graph V 1222 Standard Metal* O 966 Sterling Grp* O 108 Stillwater Mg* N 9299 Stina Res* O 39 Stina Res 59 Stonegate Agri* O 92 Stornoway Diam T 1421 Strategic Metl V 459 Strategic Res V 14 Strike Diamond V 4066 Strongbow Expl V 20 Sulliden Mng T 91 Suncor Energy T 23207 Suncor Energy* N 29841 Sunridge Gold V 1052 Sunridge Gold* O 97 Sutter Gold* O 80 Syrah Res* O 4

0.68 0.59 0.65 + 0.09 0.80 0.30 0.49 0.41 0.46 + 0.07 0.57 0.24 0.01 0.01 0.01 - 0.01 0.03 0.01 0.05 0.04 0.05 + 0.01 0.12 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 0.13 0.12 0.13 + 0.01 0.44 0.11 0.09 0.00 0.09 + 0.02 0.18 0.08 3.23 2.93 3.19 + 0.28 5.14 2.82 2.30 2.06 2.28 + 0.23 4.14 1.94 0.00 0.00 0.00 - 0.00 0.18 0.00 0.02 0.01 0.01 - 0.01 0.03 0.01 0.11 0.10 0.11 + 0.01 0.43 0.09 0.07 0.06 0.07 + 0.00 0.34 0.06 0.06 0.06 0.06 - 0.01 0.11 0.05 0.00 0.00 0.00 + 0.00 0.02 0.00 0.15 0.09 0.11 - 0.01 0.24 0.09 0.04 0.03 0.04 + 0.01 0.11 0.02 0.01 0.00 0.01 - 0.01 0.13 0.01 0.10 0.08 0.08 - 0.02 0.17 0.06 0.06 0.05 0.05 - 0.01 0.18 0.05 9.07 8.01 8.68 + 0.28 13.55 4.34 6.46 5.71 6.17 + 0.23 9.63 3.31 0.16 0.12 0.12 - 0.03 0.45 0.06 0.02 0.01 0.02 + 0.01 0.03 0.01 0.29 0.22 0.26 - 0.03 0.50 0.05 3.62 3.32 3.50 + 0.12 4.49 2.46 0.07 0.06 0.06 - 0.02 0.17 0.03 0.04 0.03 0.04 + 0.02 0.07 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.73 0.66 0.70 - 0.02 3.24 0.53 0.20 0.18 0.20 + 0.01 0.30 0.13 9.45 8.48 8.86 + 0.66 11.56 4.07 0.03 0.00 0.03 + 0.02 0.04 0.01 0.01 0.00 0.01 + 0.00 0.02 0.01 0.30 0.25 0.25 - 0.02 0.62 0.17 0.82 0.70 0.82 + 0.12 1.29 0.69 1.15 0.95 1.15 + 0.19 1.63 0.84 0.00 0.00 0.00 + 0.00 0.01 0.00 0.03 0.02 0.03 + 0.01 0.04 0.01 0.04 0.00 0.04 + 0.01 0.10 0.02 0.04 0.02 0.03 - 0.00 0.15 0.02 0.05 0.04 0.04 - 0.01 0.18 0.04 0.03 0.02 0.02 - 0.00 0.05 0.01 0.02 0.02 0.02 + 0.01 0.06 0.02 0.04 0.04 0.04 + 0.01 0.11 0.02 0.03 0.02 0.03 + 0.01 0.08 0.01 6.18 5.50 6.10 + 0.54 10.56 5.22 4.40 3.92 4.36 + 0.43 8.02 3.66 11.84 10.50 11.76 + 1.18 23.37 10.04 16.59 14.97 16.51 + 1.52 29.44 14.51 0.71 0.62 0.71 + 0.08 1.79 0.60 0.50 0.43 0.49 + 0.05 1.44 0.41 0.50 0.40 0.43 + 0.00 3.15 0.26 0.09 0.08 0.08 - 0.01 0.13 0.07 0.06 0.00 0.06 - 0.01 0.13 0.06 0.03 0.03 0.03 + 0.01 0.07 0.02 0.07 0.05 0.07 + 0.01 0.09 0.01 0.05 0.05 0.05 + 0.01 0.10 0.04 0.01 0.01 0.01 + 0.01 0.02 0.01 0.04 0.04 0.04 + 0.01 0.23 0.04 0.63 0.00 0.62 - 0.01 1.18 0.57 0.01 0.00 0.00 - 0.00 2.00 0.00 0.30 0.00 0.30 + 0.04 1.00 0.24 25.93 23.23 25.92 + 2.30 33.31 21.55 0.06 0.04 0.05 + 0.01 0.13 0.03 0.20 0.16 0.20 + 0.02 0.20 0.02 0.03 0.00 0.02 - 0.01 0.04 0.01 0.04 0.02 0.04 + 0.01 0.04 0.00 0.02 0.02 0.02 + 0.01 0.05 0.02 0.31 0.29 0.31 + 0.02 0.34 0.17 0.45 0.42 0.45 + 0.04 0.48 0.21 0.11 0.10 0.11 + 0.01 0.17 0.07 0.10 0.09 0.09 - 0.01 2.05 0.04 0.02 0.01 0.02 + 0.01 0.04 0.01 0.16 0.06 0.16 + 0.10 1.31 0.01 0.01 0.01 0.01 - 0.00 0.03 0.01 6.80 5.26 6.55 + 1.20 15.07 4.99 0.10 0.09 0.10 - 0.00 0.20 0.06 0.15 0.12 0.13 - 0.02 0.19 0.12 0.02 0.01 0.02 + 0.01 0.04 0.01 0.71 0.66 0.71 + 0.01 0.85 0.52 0.29 0.25 0.29 + 0.04 0.34 0.24 0.03 0.02 0.02 - 0.01 0.04 0.02 0.01 0.01 0.01 - 0.01 0.15 0.01 0.09 0.00 0.09 + 0.02 0.18 0.05 0.25 0.00 0.25 + 0.02 0.33 0.19 33.18 29.82 33.18 + 1.85 40.93 27.32 23.67 20.91 23.55 + 1.43 33.49 18.71 0.30 0.28 0.28 - 0.01 0.30 0.13 0.21 0.20 0.20 + 0.01 0.21 0.10 0.03 0.02 0.02 - 0.00 0.09 0.02 2.65 2.54 2.65 + 0.11 3.57 1.81

Tahoe Res* N 6089 Tahoe Res T 3185 Tajiri Res V 85 Takara Res V 41 Talon Metals T 45 Tanager Energy V 400

7.78 6.92 7.75 + 0.69 15.14 6.48 10.88 9.85 10.88 + 0.87 18.65 9.45 0.01 0.01 0.01 - 0.01 0.04 0.01 0.05 0.05 0.05 + 0.01 0.06 0.01 0.14 0.13 0.14 + 0.01 0.25 0.08 0.04 0.03 0.04 + 0.01 0.07 0.01

S

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tantalex Res 43 Tanzania Rlty T 60 Tanzania Rlty* X 245 Taseko Mines T 511 Taseko Mines* X 939 Tasman Metals V 173 Tasman Metals* X 191 Teck Res T 8 Teck Res* N 30564 Teck Res T 22168 TECO Enrgy* N 12128 Telson Res V 16 Tembo Gold V 694 Teras Res V 729 Terraco Gold V 613 Terrax Mnrls* O 16 Teslin Rvr Res* O 2 419 Teslin Rvr Res V Texas Rare Eth* O 258 Themac Res V 788 Thompson Creek* O 2277 Thompson Creek T 2425 Thunderstruck V 275 Till Capital V 1 Till Capital* D 10 X 712 Timberline Res* Timmins Gold T 3272 Timmins Gold* X 1854 Tinka Res* O 59 Tintina Mines V 31 Tintina Res V 31 Tirex Res V 104 Tirex Res* O 55 Titanium Corp V 236 TMAC Resources T 28 TNR Gold V 373 Torex Gold T 5933 Torex Gold* O 138 Transition Mtl V 216 Treasury Metal T 113 Trecora Res* N 338 Trevali Mng T 3182 Trevali Mng* O 321 Tri Origin Exp V 1115 O 291 TriMetals Mng* TriMetals Mng* O 102 TriMetals Mng T 253 O 245 Trio Resources* TriStar Gold* O 50 TriStar Gold V 434 Troymet Expl V 365 True Gold Mng V 1650 393 True Gold Mng* O True North Gem V 542 Tungsten Corp* O 5848 Turquoise HIl T 5621 10009 Turquoise HIl* N TVI Pacific* O 121

0.05 0.04 0.05 + 0.01 0.09 0.01 0.44 0.39 0.43 + 0.02 0.80 0.32 0.32 0.27 0.30 + 0.03 0.65 0.25 0.54 0.43 0.53 + 0.08 1.22 0.35 0.39 0.29 0.38 + 0.06 0.95 0.23 0.25 0.21 0.22 - 0.03 0.99 0.21 0.18 0.15 0.16 - 0.03 0.79 0.15 7.99 7.30 7.74 - 0.06 22.64 5.69 3.73 3.35 3.73 + 0.01 16.40 2.56 5.23 4.78 5.23 - 0.06 20.58 3.65 27.44 26.94 27.12 + 0.08 27.44 17.60 0.10 0.00 0.10 + 0.01 0.14 0.01 0.01 0.01 0.01 - 0.01 0.06 0.01 0.04 0.03 0.04 + 0.01 0.12 0.03 0.11 0.10 0.11 - 0.01 0.16 0.07 0.19 0.00 0.19 + 0.02 0.34 0.17 0.18 0.00 0.16 - 0.02 0.23 0.16 0.27 0.23 0.27 + 0.04 0.34 0.20 0.18 0.15 0.18 + 0.02 0.44 0.10 0.03 0.01 0.03 + 0.01 0.03 0.01 0.17 0.12 0.17 + 0.05 1.63 0.07 0.24 0.17 0.22 + 0.05 2.04 0.16 0.02 0.01 0.01 - 0.01 0.09 0.01 5.00 0.00 4.68 - 0.33 8.00 4.31 3.50 0.00 3.50 - 0.00 6.23 3.35 0.18 0.13 0.13 - 0.01 0.78 0.08 0.20 0.15 0.19 + 0.05 1.40 0.11 0.14 0.10 0.13 + 0.03 1.12 0.07 0.09 0.07 0.08 + 0.01 0.34 0.07 0.06 0.00 0.06 + 0.01 0.06 0.02 0.08 0.06 0.06 - 0.02 0.09 0.04 0.18 0.13 0.14 - 0.02 0.35 0.07 0.13 0.09 0.13 + 0.01 0.28 0.05 0.59 0.50 0.57 - 0.03 1.55 0.50 6.25 6.20 6.25 + 0.05 6.39 4.85 0.02 0.01 0.01 - 0.01 0.03 0.01 1.29 1.19 1.26 + 0.06 1.46 0.85 0.91 0.84 0.90 + 0.06 1.20 0.67 0.12 0.09 0.12 + 0.02 0.23 0.06 0.44 0.40 0.42 - 0.03 0.62 0.25 10.60 9.23 10.52 - 0.03 16.50 9.23 0.39 0.34 0.35 - 0.02 1.24 0.25 0.28 0.25 0.25 - 0.01 1.03 0.18 0.03 0.03 0.03 + 0.01 0.04 0.01 0.04 0.04 0.04 + 0.00 0.09 0.03 0.08 0.07 0.07 - 0.01 0.15 0.07 0.07 0.06 0.06 - 0.01 0.13 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.13 0.11 0.13 + 0.02 0.18 0.09 0.18 0.16 0.17 - 0.01 0.22 0.10 0.02 0.01 0.02 + 0.01 0.03 0.01 0.30 0.26 0.29 + 0.02 0.30 0.15 0.21 0.18 0.21 + 0.03 0.21 0.11 0.17 0.15 0.17 + 0.01 0.20 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 2.93 2.48 2.93 + 0.38 5.80 2.30 2.08 1.73 2.06 + 0.28 4.74 1.55 0.00 0.00 0.00 - 0.00 0.02 0.00

U3O8 Corp* O 223 635 Ucore Rare Mtl* O Ucore Rare Mtl V 456 UEX Corp T 548 Unigold V 57 United Res Hdg* O 433 267 United States A* X United States S* N 64037 Unity Energy V 63 Ur-Energy* X 2394 Ur-Energy T 563 Uracan Res V 1193 Uracan Res* O 73 Uragold Bay Rs V 1175 Uranium Energy* X 1800 Uranium Hunter* O 589 Uranium Res* D 1461 Uranium Valley V 50 Uravan Mnrls V 112 US Energy* D 887 US Precious M* O 4918 287 US Rare Earths* O US Tungsten* O 990 USCorp* O 271 Vale* N 121213 N 61538 Vale* Vanadiumcorp V 911 Vanadiumcorp* O 823 Vanstar Mng Rs V 97 Vantex Res V 255 Vedanta* N 1323 Vena Res T 862 Vendetta Mng V 31 Verde Potash T 59 Verde Res* O 29 Victoria Gold V 796 Victory Res V 313 Virginia Enrgy V 11 Viscount Mng V 130 Vista Gold* X 413 VMS Vent V 45 Volcanic Mtls V 337 VVC Expl V 2184

0.02 0.01 0.02 + 0.00 0.06 0.01 0.19 0.17 0.19 + 0.00 0.35 0.15 0.27 0.25 0.26 + 0.02 0.44 0.20 0.16 0.15 0.16 + 0.01 0.32 0.11 0.17 0.14 0.14 - 0.01 0.23 0.08 0.03 0.02 0.03 + 0.01 0.11 0.02 0.31 0.19 0.20 - 0.06 1.65 0.19 7.79 6.15 7.00 - 0.24 27.68 6.15 0.15 0.00 0.14 - 0.01 0.20 0.05 0.64 0.52 0.53 - 0.09 1.08 0.45 0.89 0.73 0.75 - 0.12 1.35 0.60 0.03 0.02 0.03 + 0.01 0.05 0.01 0.02 0.01 0.02 + 0.01 0.04 0.00 0.07 0.05 0.06 + 0.01 0.07 0.02 0.96 0.82 0.96 + 0.14 3.00 0.65 0.00 0.00 0.00 + 0.00 0.00 0.00 0.39 0.34 0.39 + 0.01 1.93 0.34 0.06 0.06 0.06 + 0.02 0.10 0.04 0.05 0.05 0.05 - 0.01 0.17 0.04 0.27 0.17 0.26 + 0.05 1.77 0.11 0.02 0.01 0.01 + 0.01 0.20 0.00 0.04 0.04 0.04 + 0.01 5.00 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.01 0.00 0.01 + 0.00 0.02 0.00 2.46 2.13 2.45 + 0.18 9.14 2.13 1.86 1.57 1.85 + 0.17 6.99 1.55 0.05 0.03 0.05 + 0.01 0.05 0.02 0.04 0.02 0.04 + 0.01 0.05 0.01 0.07 0.05 0.05 - 0.02 0.08 0.03 0.02 0.01 0.01 - 0.01 0.03 0.01 4.41 3.78 4.39 + 0.40 14.43 3.65 0.03 0.01 0.03 + 0.01 0.10 0.01 0.06 0.05 0.05 - 0.01 0.17 0.05 0.16 0.13 0.14 - 0.02 0.55 0.13 0.06 0.06 0.06 + 0.01 0.60 0.02 0.17 0.16 0.16 + 0.01 0.24 0.11 0.05 0.03 0.04 - 0.01 0.09 0.02 0.08 0.00 0.08 + 0.03 0.10 0.03 0.49 0.44 0.47 - 0.03 0.63 0.16 0.31 0.27 0.28 - 0.01 0.40 0.24 0.07 0.06 0.07 + 0.01 0.29 0.05 0.05 0.04 0.05 + 0.01 0.12 0.04 0.02 0.02 0.02 - 0.01 0.04 0.01

Walker Lane* O 17 Wallbridge Mng T 319 Walter Energy* O 3002 War Eagle Mg V 15 Wealth Mnrls V 302 Wealth Mnrls* O 13 Wellgreen Plat* O 48 Wesdome Gold T 160 West Af Res V 636 West High Yld V 75 West Melville V 26 Western Copper T 178 Western Copper* X 66 Western Graphi* O 379922 Western Lith* O 1961 Western Lith T 4652 Western Pac Rs* O 25 Westkam Gold V 1576 Westminster Rs V 414 Westmoreland* D 2270 WestMountain* O 12 Weststar Res 281 White Mtn Engy* O 148 Whitehaven Coa* O 210 Wincash Apolo* O 25 Winston Res 6 Wolfden Res V 682 WPC Res V 1017 X-Terra Res V 7 Xander Res V 144 Ximen Mng V 878 Ximen Mng* O 3 XLI Tech Inc* O 2067 Xtra-Gold Res T 117 Xtra-Gold Res* O 29 Yamana Gold T 18533 Yamana Gold* N 63878 Yanzhou Coal* N 135 Yellowhead Mng T 87 Yorbeau Res T 69 Zadar Vent V 2512 Zazu Metals* O 38 Zazu Metals T 94 Zenyatta Vent V 317 Zenyatta Vent* O 79 Zonte Mtls V 93

0.71 0.41 0.65 + 0.10 1.25 0.41 0.04 0.03 0.03 - 0.01 0.06 0.02 0.05 0.03 0.03 - 0.01 1.16 0.01 0.02 0.00 0.02 + 0.01 0.03 0.01 0.32 0.24 0.32 + 0.07 0.42 0.12 0.23 0.13 0.23 + 0.10 0.33 0.09 0.14 0.13 0.13 - 0.01 0.54 0.12 1.33 1.16 1.33 + 0.11 1.40 0.89 0.08 0.07 0.07 + 0.01 0.10 0.05 0.21 0.17 0.19 - 0.02 0.43 0.17 0.04 0.03 0.03 - 0.01 0.15 0.03 0.34 0.30 0.31 + 0.01 0.75 0.29 0.24 0.21 0.23 + 0.01 0.65 0.20 0.00 0.00 0.00 + 0.00 0.02 0.00 0.33 0.27 0.30 + 0.03 0.81 0.18 0.47 0.39 0.42 + 0.04 0.96 0.26 0.00 0.00 0.00 + 0.00 0.06 0.00 0.03 0.02 0.03 + 0.01 0.05 0.02 0.05 0.00 0.04 + 0.02 0.10 0.01 5.86 4.54 5.58 + 0.70 30.92 3.44 0.06 0.04 0.06 + 0.02 0.42 0.04 0.03 0.02 0.03 - 0.01 0.06 0.01 0.13 0.10 0.11 - 0.02 0.46 0.10 0.30 0.27 0.27 - 0.02 1.24 0.27 0.08 0.08 0.08 - 0.00 0.35 0.08 0.01 0.00 0.01 - 0.04 0.08 0.01 0.08 0.07 0.07 - 0.01 0.21 0.05 0.04 0.03 0.04 + 0.01 0.08 0.03 0.07 0.06 0.07 + 0.01 0.30 0.06 0.39 0.37 0.39 + 0.01 0.41 0.18 0.07 0.05 0.05 - 0.02 0.21 0.02 0.05 0.00 0.05 + 0.03 0.13 0.01 1.30 0.83 1.00 + 0.04 1.50 0.14 0.23 0.22 0.22 - 0.01 0.30 0.17 0.15 0.15 0.15 + 0.00 0.22 0.12 2.46 2.13 2.41 + 0.25 5.63 1.89 1.75 1.49 1.70 + 0.19 4.54 1.38 4.02 3.76 4.00 - 0.01 12.24 3.66 0.04 0.03 0.04 - 0.01 0.18 0.03 0.08 0.07 0.07 - 0.01 0.17 0.04 0.12 0.08 0.11 + 0.03 0.12 0.01 0.09 0.08 0.09 + 0.01 0.29 0.08 0.13 0.12 0.13 + 0.01 0.35 0.09 0.94 0.81 0.85 - 0.05 2.61 0.63 0.64 0.56 0.60 - 0.04 2.20 0.47 0.08 0.07 0.08 - 0.01 0.15 0.02

U-V

W-Z

2016-02-02 6:56 PM

12

WWW.NORTHERNMINER.COM

FEBRUARY 8-14, 2016 / THE NORTHERN MINER

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, February 2, 2016 Precious Metals Price (US$/oz.)

Change $1123.60 +8.90 Gold Silver $14.26 -0.07 Platinum $865.00 +24.00 Palladium $495.00 +1.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $8380.00 -60.00 $4544.00 -11.00 $1748.00 +23.00 $1664.50 +26.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, February 1, 2016 (change from January 25, 2016 in brackets): Aluminium Alloy 15400 (-80) Aluminium 2795825 (-29600) Copper 239400 (+575) Lead 188125 (+225) Nickel 446676 (-2874) Tin 5470 (-475) Zinc 472050 (-7875)

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.00per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.25 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.70 Coal: CME Group Futures Mar. 2016: US$43.13; Apr. 2016: US$44.08 Cobalt: US$9.85/lb.

Copper: US$2.06/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$42.50/tonne Iron Ore Fines: US$46.58/tonne Iron Ore Pellets: US$63.38/tonne Lead: US$0.78/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$640.00/tr. oz.

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

Silver: Handy & Harman Base: US$14.30 per oz.; Handy & Harman Fabricated: US$17.92 per oz.

Tantalite Ore: : US$122.40/kg Tin: US$6.74/lb.

Uranium: U3O8, Trade Tech spot price: US$34.75/lb.; The UX Consulting Company spot price: US$34.75/lb.

Zinc: US$0.73/lb.

Prices current Feb. 2, 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 Jan 29, 2016 (with changes from Jan 04, 2016) Largest short positions First Quantum FM 43209093 4578417 Lundin Mng LUN 34297322 357043 Potash Corp SK POT 32023016 4343030 New Gold NGD 26227284 982568 B2Gold BTO 23277508 853419 Yamana Gold YRI 20351484 4084459 Suncor Energy SU 19837594 1420957 Kinross Gold K 19096898 3985590 Barrick Gold ABX 16342752 2109091 Eldorado Gold ELD 14347554 2971552 Teck Res TCK.B 11379352 87281 IAMGOLD IMG 9699306 1490218 Thompson Creek TCM 8779037 77211 Goldcorp G 8639297 1790795 HudBay Mnls HBM 7717654 884414 Largest increase in short position First Quantum FM 43209093 4578417 Potash Corp SK POT 32023016 4343030 Yamana Gold YRI 20351484 4084459 Kinross Gold K 19096898 3985590 Eldorado Gold ELD 14347554 2971552 Largest decrease in short position Rubicon Mnrls RMX 2483166 -1705300 Namibia Rare E NRE 0 -1687000 Denison Mines DML 1176271 -1194214 Platinum Gp Mt PTM 33861 -872050 Torex Gold TXG 6811513 -751958

Short positions outstanding as of Jan 29, 2016 (with changes from Jan 04, 2016) Largest short positions First Mg Fin FF 561300 560813 Pine Cliff En PNE 329300 123200 Golden Dawn Ml GOM 178000 -15100 Integra Gold ICG 45472 -22849 Kootenay Silvr KTN 22000 -33500 Chesapeake Gld CKG 6900 1900 Avino Silver ASM 4300 400 Bear Creek Mng BCM 4000 -81300 Victoria Gold VIT 2700 -2500 Tasman Metals TSM 2200 200 Adventure Gold AGE 2000 -27000 Panoro Mnrls PML 2000 -43000 Gold Std Vents GSV 1226 -16675 Roxgold ROG 1181 -20200 Red Eagle Mng RD 600 -10600 Largest increase in short position First Mg Fin FF 561300 560813 Pine Cliff En PNE 329300 123200 Chesapeake Gld CKG 6900 1900 Avino Silver ASM 4300 400 Alabama Graph ALP 300 200 Largest decrease in short position Pershimco Res PRO 0 -93500 Bear Creek Mng BCM 4000 -81300 Panoro Mnrls PML 2000 -43000 Kootenay Silvr KTN 22000 -33500 Adventure Gold AGE 2000 -27000

DAILY METAL PRICES Date Feb 1 Jan 29 Jan 28 Jan 27 Jan 26 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1530/1550 1520/1540 1570/1595 1540/1560 1505/1540 Aluminum 1519/1515 1529/1523.50 1526.50/1523.50 1507.50/1505 1480/1480.50 Copper 4533/4523 4541/4535 4553/4544.50 4507/4505 4500/4500 1715.50/1714 1710.50/1706 1669/1676.50 1655/1656 1638/1640 Lead Nickel 8445/8510 8540/8580 8560/8620 8650/8695 8540/8590 Tin 14855/14825 14850/14775 13945/14000 14075/14050 13925/13850 1613/1610 1609.50/1607 1584/1585 1597/1594 1551/1550 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

1112.90 1119.00 1116.50 1114.70 Gold AM 1122.00 Gold PM 1126.50 1111.80 1114.00 1116.25 1113.60 Silver 14.33 14.08 13.58 14.38 14.33 866.00 883.00 876.00 867.00 Platinum 867.00 Palladium 502.00 501.00 499.00 494.00 500.00

EXCHANGE RATES Date Jan 29 Jan 28 Jan 27 Jan 26 Jan 25 US$ in C$ 1.3971 1.4027 1.4093 1.4119 1.4292 C$ in S$ 0.7157 0.7130 0.7095 0.7083 0.6997 Exchange rates (Quote Media, January 15, 2016)

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

1.0103 0.6610 86.7030 12.9644 11.3745

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

0.5027 4.7087 48.5860 0.7323 865.4293

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

1.4116 0.9233 121.1235 18.1100 15.8790

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

0.7020 6.5761 67.8900 1.0231 1198.8500

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 Jan 29 Jan 28 Jan 27 Jan 16 Jan 15 High Low S&P/TSX Composite 12822.13 12591.93 12377.77 12331.32 12143.16 15527.30 12400.15 S&P/TSXV Composite 499.52 492.43 489.87 489.60 482.61 1050.26 883.52 S&P/TSX 60 754.85 741.32 727.40 724.15 713.28 896.74 709.99 S&P/TSX Global Gold 140.63 136.89 139.78 136.51 132.02 218.90 149.29 S&P/TSX Metals & Mining 277.60 255.52 254.08 255.14 245.12 954.68 691.69

ADVANTAGE

ESSENTIAL MINING NEWS

IN YOUR INBOX EVERY DAY

Don’t miss a beat!

Get the most up-to-date mining news delivered directly to your in-box. Stay ahead of the competition by being the first to access the latest industry intelligence.

Simply provide us with your e-mail address and you will be automatically signed up for free access to our round-the-clock Daily eNews service.

To sign up, contact our customer service department at 1-888-502-3456 or by e-mail at info@northernminer.com Current subscribers will be given instant Daily eNews access; Non-subscribers will be given a 1-month free trial

www.northernminer.com NEW 52-WEEK HIGHS AND LOWS JANUARY 25–29, 2016 44 New Highs Altair Gold AM Gold Arch Coal* Aston Bay Baroyeca Go&Si Canarc Res Canarc Res* Canasil Res Cantex Mn Dev* Cava Res Cdn Intl Mnrls Century Global Claude Res Claude Res* Colibri Res* Crystal Explor Detour Gold DRDGOLD* Endeavour Mng

Endeavour Mng* Explor Res Explor Res* Goldsource Min Goldsource Min* Lithium X Egy Mechel* Moneta Porcpn Monster Uran Network Expl Nitinat Mnls* Platinum Gp Mt Platinum Gp Mt* Remington Res Rusoro Mng Rusoro Mng* Sparton Res Sparton Res* Sunridge Gold TECO Enrgy*

Intrepid Pots* Lomiko Mtls* Maccabi Vent Meadow Bay Gd* Mosaic* Paringa Res* Potash Corp SK Potash Corp SK* Potash Ridge* Rotation Mnls Royal Nickel* Silver Bull Re* Thunderstruck Trecora Res* United States S* Uranium Res* Vale* Zephyr Mnls

Thompson Creek* Tintina Mines True Gold Mng True Gold Mng* Zadar Vent

32 New Lows Aida Minerals B2Gold B2Gold* Commerce Res Eldorado Gold Eldorado Gold* Encanto Potash Equitorial Ex EurOmax Res* Evolving Gold* Geomega Res* Goldbelt Emp Gonzaga Res HudBay Mnls

CANADIAN GOLD MUTUAL FUNDS FundName Jan 29 ($) Jan 22 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 15.45 14.54 0.91 6.26 -9.71 2.80 123.87 BMO Prec Mtls Fd A 12.12 11.43 0.70 6.09 -6.14 2.40 46.56 6.85 6.27 0.58 9.27 -10.12 0.63 BMO ZGD BMO ZJG 4.99 4.55 0.44 9.59 -17.04 0.62 CIBC Prec Metal Fd A 8.64 7.99 0.65 8.10 -12.33 2.62 43.08 Dyn Prec Metls Fd A 4.24 4.10 0.14 3.41 14.01 2.66 142.08 3.98 3.66 0.34 9.35 -11.00 0.80 Horizons HEP IGMacGloPrecMetCl A 5.68 5.23 0.45 8.57 -7.98 2.75 49.07 8.79 7.96 0.83 10.44 -10.54 0.61 407.29 iShares XGD Mac Prec Met Cl A 31.39 28.88 2.51 8.69 -8.10 2.51 78.17 NB Prec Met Fd Inv 8.53 7.91 0.62 7.84 -5.72 2.46 26.25 RBC GblPreMetFd A 20.52 18.90 1.62 8.58 -11.66 2.13 253.76 Sentry PreMetFd A 25.87 23.47 2.40 10.22 -6.77 2.92 167.15 Sprott Gold&PrMinFdA 24.43 23.38 1.05 4.47 -6.17 3.15 143.18 3.21 26.10 Sprott SilverEquCl A 3.27 3.02 0.25 8.37 -23.58 TD PreciousMetals-I 25.72 23.88 1.84 7.71 -11.20 2.26 100.49

For daily mining news, visit www.northernminer.com Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

GLOBAL MINING NEWS · SINCE 1915

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

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

905 841 5004 | geotech.ca

WESTERN COPPER AND GOLD Yukon project well positioned for price rebound / 3

TSXV TOWN HALL

Exchange holds meeting, eyes reforms / 5

POTASHCORP

Shutters Picadilly in NB / 14

FEBRUARY 1-7, 2016 / VOL. 101 ISSUE 51 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Leaders debate industry’s return on investment ROUNDTABLE

| Does the mining sector have an ROI problem?

CHROMITE | Junior hopes railway partnership can lead to offtake agreement

BY TRISH SAYWELL tsaywell@northernminer.com

I

ndustry leaders weighed in on whether the mining sector has performed poorly on its return on investment (ROI), and what can be done about it, at The Northern Miner’s roundtable discussion in Toronto in mid-January.

The roundtable — sponsored by PwC and moderated by Northern Miner publisher Anthony Vaccaro — augments the Miner’s independent research on the topic, which will be published in early March.

Results from our survey on ROI show that 71% of respondents share the impression that mining ranks worse than the average of all sectors of the economy, while 52% of those polled agree or strongly agree that an overabundance of capital entering the mining industry in the mid-2000s led to development of lower-quality projects that wound up driving down ROI in the sector.

President and CEO of Goldcorp (TSX: G; NYSE: GG) Chuck Jeannes kicked off the roundtable discussion by noting that during the last bull market the industry — including Goldcorp — “chased ounces” and “allowed cut-off grades to decline just about as fast as the gold price was going up,” which lifted costs per ounce. Over 10 years, he added, the “compound annual growth rate (CAGR) of the gold price was 16% and the CAGR of the cost was 15%, and so that’s what happened to our margins.”

Rob McEwen, founder and executive chairman of McEwen Mining (TSX: MUX; NYSE: MUX), pointed out that current capital constraints are imposing “discipline to the market,” after financiers and investment dealers “seduced the industry into believing there was an endless supply of money, and they’d give it to you on a handshake, almost, and you’d go build.” Companies then built bigger and bigger operations with a lot of moving parts that could be easily delayed, throwing projects off schedule and budget.

Andrew Cheatle, executive director of the Prospectors & Developers Association of Canada, said that

KWG turns to China for help in Ring of Fire

BY TRISH SAYWELL tsaywell@northernminer.com

A At the TNM Roundtable at the Montecito restaurant in Toronto, from left: Andrew Cheatle, executive director of the Prospectors & Developers Association of Canada; Geoff Burns, director at Pan American Silver; Catharine Farrow, CEO of TMAC Resources; and Charles A. Jeannes, president and CEO of Goldcorp. PHOTO BY STEPHEN FERRIE

railway design and engineering company named China Railway First Sur vey & Design Institute Group Co. (FSDI) and owned by China Railway Construction, one of China’s three major state-owned rail groups, is teaming with KWG Resources (CSE: KWG) to study the design and financing options for building a railroad to the junior’s chromite deposits in the remote Ring of Fire area of northern Ontario.

KWG’s agent in China, Golden Share Mining (TSXV: GSH), facilitated the memorandum of understanding (MOU) between the two companies, and will help See KWG / 11 PM40069240

Contact: moliveira@northernminer.com or 416-510-6768 Rob McEwen, executive chairman of McEwen Mining (left); and Calum K. Semple, partner and global mining consulting leader at PwC. PHOTO BY STEPHEN FERRIE

investors see the mining industry as high risk.

“And the fact of the matter is, we are high risk. Some of our studies, for example, show that if you take 100 companies over 10 years, only 22 of those will give you a positive return on your investment,” he noted, adding that those that do can offer “massive” returns. For discerning where to invest, “you have

to go back to fundamental issues ... [and] underlying geology,” and whether the company and project offe s “flexibility.”

As moderator, Vaccaro asked whether the mining industry suffers from a lack of innovation and new technology, and the kind of management “disruptors” seen in a number of other industries, such as Elon Musk, who has turned con-

ventional thinking on its head with his rockets, fintech and electric cars.

Responses were mixed. Some, like Geoff Burns, director of Pan American Silver (TSX: PAA; NASDAQ: PAAS), said the mining industry has incorporated technology on a wider scale than it gave itself credit for and adopetd it increSee ROUNDTABLE / 2

SANDSTORM GOLD: PICKS UP PILE OF ROYALTIES FROM TECK / 16

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

Feb 8 Pgs 12.indd 12

2016-01-26 7:59 PM

2016-02-02 6:56 PM

GLOBAL MINING NEWS

13

THE NORTHERN MINER / FEBRUARY 8-14, 2016

PROFESSIONAL DIRECTORY ASSAYERS

Providing geophysical services for over 20 years

srk consulting

PETROS EIKON

Worldwide experience in sedimentary and hardrock

Processing through final Interpretation

Consulting services from exploration through to mine closure

PETROSEIKON.COM

services@petroseikon.com

1.519.943.0001

www.srk.com

CORE BOXES

Mapping Structure? Ask us about our proprietary XDS VLF-EM!

PHONE: 807:854:2283 416 Main Street EMAIL: info@imexko.ca Geraldton.ON CUSTOM WORK • INSTALLATION CORE RACKS & BOXES FENCING • SUPPLIES • DELIVERY 416 Main St. Geraldton, ON P0T 1M0

PHONE: 807-854-2283 FAX: 807-854-0554 EMAIL: info@imexko.ca

Horizontal Gradient Magnetics

FULL RANGE SERVICES

CUSTOM WORK • INSTALLATION FENCING • SUPPLIES • DELIVERY

CONSTRUCTION MANAGEMENT

Project and Construction Management

New, Rebuilds Fast Track Greenfield

Digital Radiometrics Tel: 905.477.2800 info@terraquest.ca terraquest.ca

In-House Processing XDS VLF-EM

COMPLETE RANGE OF INTEGRATED EXPLORATION SERVICES minerals@sgs.com www.sgs.com/mining

705 652 2000 (Lakefield) 604 638 2349 (Burnaby)

SGS IS THE WORLD’S LEADING INSPECTION, TESTING, VERIFICATION AND CERTIFICATION COMPANY

LNA provides construction management services to assure industrial facility owners realize cost efficiency and quality of their projects within the project schedule, budgets and safety objectives.

GENETIC MODELLING GEOPHYSICS

R

L. NARDELLA ASSOCIATES LTD.

2292 blvd. Industriel, Suite 207, Laval (Quebec) H7 S 1P9 Telephone: (450) 967-1000 Fax: (450) 967-4445 Tel. CALGARY: (403) 254-4851 Tel MISSISSAUGA: (905) 381-0415

5L5x5c5 Ex555 R

www.nardellagroup.com

wwwtcronegeophysicstcom

To reserve space for your advertisement in the Professional Directory contact: Joe Crofts: 416-510-6816 Toll free North America: 1-888-502-3456, (ext. 43729 / 43730) Fax: 416-447-7658

CONSULTING

m9UTB5IRxUIUU

RRRR 555555 555F5555 5555F55 5555

5

RRRRR 555L5F5L5F5LD 5555F55 5555F55 555F5F5 R

R

R

INSTRUMENTATION

R

Rent / Purchase 3D IP & EM Gear Canadian Manufacturer of Geophysical Instruments since 1976

Your Exploration Advantage.

www.gdd.ca

- 3D / 32 channels IP Receivers - 4800V / 10,000W IP Transmitters - MPP - SCIP - Chain+Level - Beep Mat

Tel.: +1 418-877-4249

Highest Precision Magnetometers in the World Providing Robust High Precision Potassium, Overhauser and Proton Magnetometers with New add-on or stand alone VLF for resistivity depth sections

A.C.A. HOWE INTERNATIONAL LIMITED MINING & GEOLOGICAL CONSULTANTS Toronto, Canada Tel: 1-416-368-7041 London, UK Tel: 011-44-1442-873398 Email: howe@acahowe.ca www.acahowe.ca

UAV - Airborne - Ground Solutions Call for a Quote today www.gemsystems.ca • info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.397.4083

Celebrating 35 Years VTEM™ | ZTEM™ | Gravity | Magnetics | Radiometrics | Data Processing | Interpretation

Leading the World of Magnetics

905 841 5004 | geotech.ca

TDEM New ! GPRTEM System Magnetics Gradiometer HELIMAGER Heliborne & Fixed-wing Magnetics, Radiometrics and Gravity 450-679-2400 info@gprmtl.com www.geophysicsgpr.com valuation and evaluation of mineral properties; mineral resource and mineral reserve estimates; independent engineer services; project and feasibility studies; expert witness and litigation support

www.micon-international.com

Toronto Vancouver Norwich Cornwall Canada: mail@micon-international.com United Kingdom: office@micon-international.co.uk

International Exploration & Mining Consultants Project generation, design, management Independent reporting|Geophysics|GIS

www.mphconsulting.com +1.416.365.0930

GOLDAK AIRBORNE SURVEYS TRI-MAXIAL MAGNETIC GRADIOMETER 1024 channel radiometrics Full 4 sensor - 3 axis gradiometry 3D attitude correction system True gradient guided gridding process 2 Hangar Road Saskatoon, SK S7L 5X4 tel 306 249 4474 - www.goldak.ca

Toronto Denver London Vancouver Quebec City Geological and Mining Consultants www.rpacan.com +1 (416) 947-0907

Feb 8 pg 13.indd 13

Rentals and Sales Sales and Rentals: of instruments for:

TERRAPLUS INC. 52 W. Beaver Creek Rd., Unit 12 Richmond Hill, Ontario L4B 1L9 (Canada) Tel: Fax: e-mail: Website:

(905) 764-5505 (905) 764-8093 sales@terraplus.ca www.terraplus.ca

Magnetometers/VLF Magnetics/VLF Gamma-Ray Spectrometers IP, Radiation Infrared Spectrometers Resistivity TDEM and HLEM (Multi-electrodes) Resistivity (ERT) Susceptibility Full Wave Form IP Conductivity Borehole Gyro GPR/ GPS Borehole Logging Gravity Magnetic Susceptibility Seismics Conductivity Borehole Logging GPR Seismic

2016-02-02 6:57 PM

14

WWW.NORTHERNMINER.COM

FEBRUARY 8-14, 2016 / THE NORTHERN MINER

Career Opportunities

PROFESSIONAL DIRECTORY LEGAL

We

litigate

CONTRACTUAL & MINING DISPUTES CONSTRUCTION DISPUTES PRODUCT LIABILITY DISPUTES INQUESTS: OCCUPATIONAL/SAFETY DEFENCE

Excellence in Commercial Litigation and Competition Law agmlawyers.com • thelitigator.ca

SURVEYORS & CORE SYSTEMS

CAREERS ADVERTISING RATES

JEAN-LUC CORRIVEAU, Q.L.S., CLS

$12.65 per agate line.

Minimum size 2 columns x 1” $354.20.

Closing date is 10 days prior to publication date.

All Cdn. orders subject to applicable taxes.

1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 Tel: (819) 825-3702 Fax: (819) 825-2863 E-mail: bureau@corriveaujl.com www.corriveaujl.com

For further Careers advertising information contact:

Land & Mining Surveyors – 3D Scanning GYRO-THEODOLITE, UNDERGROUND CONTROL PHOTOGRAMMETRIC MAPPING (AIRBORNE LIDAR AND DRONE), CAVITY SCANNING, BOREHOLE AND BATHYMETRIC SURVEYS

Affleck Greene McMurtry LLP 365 Bay Street, Suite 200, Toronto Canada M5H 2V1 T 416.360.2800

GYRO BOREHOLE SURVEYING CORRIVEAU J.L. & ASS. INC.

Se

Also, Magnetic probe surveys

MINERAL PROCESSING

rvi

ce

s

Joe Crofts (416) 510-6816, jcrofts@northernminer.com, Toll free North America: 1-888-502-3456, (ext. 43729 / 43730) Fax: (416) 447-7658

Val-d’Or (Quebec) Tel: (819)825-3702 Fax: (819)825-2863 E-mail: bureau@corriveaujl.com

GLOBAL MINING NEWS · SINCE 1915

To reserve space for your advertisement in the Professional Directory contact: Joe Crofts: 416-510-6816 Toll free North America: 1-888-502-3456, (ext. 43729 / 43730) Fax: 416-447-7658

Resumes Wanted Looking for a career in the mining and exploration industries?

Post your resume for FREE on the website that specializes in recruitment for mining companies and suppliers... you’ll be glad you did.

Visit www.northernminerjobs.com today.

Analysts give thumbs up to Detour’s new plan DETOUR From 1

capital exposure, investment in the f leet and look at de-risking the operation, and lowering the mining rate,” he says.

Mining the Detour Lake pit in parallel with the West Detour pit results in an optimal mine production plan, the company says, while processing LG fines adds a third ore source.

Under the plan, the 23-milliontonne-per-year plant throughput capicity would consist of 60,000 tonnes per day from run-of-mine and 3,000 tonnes per day from LG fines. The plan assumes a gradual ramp-up between 2016 and 2019.

Mining rates could peak at 124 million tonnes per year over the mine life, with the next nine years at an average 114 million tonnes per year.

The biggest change from the prior study, Detour says, is an increase in mining costs over the mine life to $2.76 per tonne mined, compared with the previous $2.60 per tonne mined, mainly from lower assumed productivity and increased operating costs for the smaller West Detour fleet.

Capital costs over the mine life are forecast at $1.1 billion, excluding closure costs, of which $104 million is for West Detour. Capital costs over the next three years are an estimated $314 million, $80 mil-

lion of which is for West Detour.

Adding the West Detour mining face and processing LG fines increases proven and probable mineral reserves 10% from 445.5 million tonnes at year-end 2014 to 514.3 million tonnes at yearend 2015.

The same day Detour announced its revised mine plan, it also provided guidance for 2016, forecasting that production would increase 12%, and all-in sustaining costs would decline 15%, using the midpoint of its guidance.

This year the company expects to produce 540,000 to 590,000 oz. gold at total cash costs per ounce sold of US$675 to US$750, at all-in sustaining costs of US$840 to US$940 per oz. Its guidance is based on a US$1,075 per oz. gold price, a U.S. dollar to Canadian dollar exchange rate of $1.33, a C75¢-per-litre diesel fuel price and C4¢-per-kilowatthour power cost.

The gold miner said it has set aside $12 million for exploration this year, of which $8 million to $10 million will be used for definitiondrilling Zone 58N, which is also known as “Lower Detour,” an underground, high-grade gold target 6 km south of the processing plant.

In a research note, Eric Lemieux of PearTree Securities reasons that Detour could be an appealing takeover target.

“Recall the Canadian Malartic

Haul trucks at Detour Gold’s flagship Detour Lake gold mine in Ontario. DETOUR GOLD

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

“WE’VE ALL GOTTEN OVER BEING FLATTERED THAT WE’VE BEEN A TAKEOVER TARGET, WE JUST STICK TO OUR BUSINESS.” PAUL MARTIN PRESIDENT AND CEO, DETOUR GOLD

transaction by Agnico-Eagle and Yamana that highlighted the potential attractiveness of hightonnage, low-grade operations when they achieve nameplate capacity,” the analyst writes. “We re-highlight that Canadian Malartic took two years to reach na meplate capacit y and t hat Detour Gold began commercial production in September 2013.

With the strong fourth-quarter 2015 results and the new mine plan … Detour Gold could be an attractive acquisition target, as it has a similar evolution of de-risking.”

When asked to comment on Lemieux’s remarks, Martin retorted: “We’ve all gotten over being flattered that we’ve been a takeover target. We just stick to our business and let other parties do whatever they choose to do … we want to hang on to this asset for as long

as we can, and we’re focused on building the next great Canadian mid-tier gold-mining company.”

Martin added that the company is getting a positive reaction to the revised LOM plan from the analyst community, current shareholders and potential shareholders. “It obviously doesn’t hurt when your share price is performing well,” he continues. “We have the dubious distinction of being the fifth-largest gold producer by market cap at the moment, and we only have a single asset.”

A survey of five analysts showed that they raised their target prices on Detour after the company unveiled its mine plan.

Macquarie Research changed its target price on Detour from $21 to $23 per share; CIBC to $22 from $21 per share; Raymond James to $20 from $19.25 per share; Haywood Securities from $18.75 to $19.50 per share; and BMO Capital Markets from $16.75 to $17 per share.

At press time, Detour traded at $15.38 per share within a 52-week trading range of $9.08 to $17.12.

“Revisions in the new LOM plan include a weaker long-term Canadian dollar assumption, a lower price for diesel and electricity, a lower mining rate and the commencement of mining at West Detour in 2018, which increases the mine life by three years, and adds 1.5 million oz. of LOM production,” Brian Quast of BMO Capital Markets said in a research note.

“West Detour gives the company an additional mine face, which we believe enhances the robustness of the operation. The lower assumed mining rate helps reduce risk by lowering capital requirements and generally moderating the project.”

Cosmos Chiu of CIBC said in a note that the new LOM plan “delivers similar LOM production levels and operating costs to the prior LOM plan, but with lower operational risk [reduced maximum mining rate, lower strip in earlier years and use of smaller equipment] and greater operational flexibility [with multiple ore sources].” TNM

EVENTS Feb 1 8 YMP Distinguished Speaker Event with Pierre Lassonde Toronto, ON Email: ymptoronto@gmail.com www.youngminingprofessionals.com Feb 2 1-24 SME Annual Meeting Pheonix, AZ Email: cs@smenet.org Tel: (303) 948-4200 www.smeannualconference.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 16 Feb 17 Feb 18 Feb 19 Feb 23 Feb 25 Feb 25 Feb 25 Feb 25 Feb 25 Feb 26 Feb 26 Feb 26 Feb 29 Feb 29 Mar 04 Mar 04 Mar 04 Mar 04 Mar 04 Mar 08 Mar 10 Mar 14 Mar 14 Mar 15

Tawsho Mining California Gold Mining Caledonia Mining Camino Minerals NioCorp Developments Nemaska Lithium Riverside Resources Trigen Resources Trigen Resources Touchstone Gold Alabama Graphite Altiplano Minerals Azimut Exploration Alianza Minerals North Sur Resources Ecuador Gold and Copper Niogold Mining Oban Mining Melkior Resources Sanatana Resources AsiaBaseMetals Batero Gold Gran Colombia Gold Northern Sun Mining White Metal Resources

AGS AG S AG AGS AGS AG AG AGS S AG AGS A AGS AGS S AS S AG S AG AGS S S AGS

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

2016-02-02 7:12 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 8-14, 2016

Financial Accountant Ontario, Canada

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

This position will be responsible for cash management as well as playing an important role in the monthly reporting requirements of J.S. Redpath Limited and its affiliates. The Financial Accountant analyzes key account balances, cost allocations and ensures timely submission of monthly tax remittances.

Director, Compliance Monitoring & Inspections Whitehorse, YT

This high-impact opportunity leading the planning, development and management of effective and integrated client support and inspection services

RECRUIT SMARTER WITH MINING JOBS The Northern Miner’s new section dedicated to recruiting in mining

15

Engineer, Reliability Key Lake Operations, SK Working with the maintenance engineering department, you will be responsible for providing greater technical focus on asset life cycle management.

You will work with the team to create and implement broader, more effective maintenance techniques and identify equipment critical to operation and equipment with significant failure effects.

Sr. Engineer, Mine McArthur River Operations, SK Working with the McArthur River team, you will be responsible for providing mine engineering expertise and leadership to an underground uranium mine site. Core duties include mine planning and scheduling, ventilation, ground freezing, ground control, surveying and other activities to support under-

for the Department of Energy, Mines and Resources (EMR) would suit a

ground development, production and construction in a geo-technically

strategic-minded leader and seasoned natural resource administrator look-

challenging environment.

ing to further his or her leadership career in a spectacular setting.

Occupational Health and Safety Inspector – Electrical/ Mechanical Ontario, Canada

Consultation Support Officer Ontario, Canada

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

One listing is all you need Print Edition.

Labour.

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

Circulated to TNM 20K+ readership Economic Geologist Whitehorse, YT

+

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

4 INDUSTRY JOB BOARDS

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

This is a permanent full-time position, working 75 hours bi-weekly. The Yukon Geological Survey provides geoscience and related technical information to enable stewardship and sustainable development of Yukon’s energy, mineral and land resources.

CANADIAN Mining Journal Procurement Specialist Saskatoon, SK

In this role you will source a range of materials, equipment and services, conduct RFQ’s/RFP’s and interact closely with internal and external stakeholders. In your work, you will be contributing to value creation from pro-

EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND START RECRUITING SMARTER TODAY.

curement activities, acting as a service provider to our partners in Saskatchewan operations, as well as participating in continuous improvement of processes and procedures.

President & CEO Vancouver,BC,Canada

The President and CEO will be accountable for the overall leadership and management of the business, reporting to the Wellgreen Board of Directors. Overall responsibilities include strategic planning, business planning, financial management, leadership of a highly qualified and professional team, investor relations, corporate communications and corporate compliance.

Occupational Health & Safety Inspector – Surface & Plant Mining Ontario, Canada Do you have surface and plant 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 surface and plant mining experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Surface Mining with the Ministry of Labour.

Occupational Health & Safety Inspector – Electrical/ Mechanical Ontario, Canada

Contracts Administrator Ontario, CA

The Administrator, Contracts reviews the RFQ/RFT documents from potential clients, providing commercial and general information for tenders in addition to providing general contract support to various Operational personnel.

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.

For full job details visit MINING-JOBS.NET and enter the For Online full jobReference details visit No.MINING-JOBS.NET in the search fieldand enter the Job Name in the search field

Feb 8 pg 15.indd 15

2016-02-02 2:52 PM

16

WWW.NORTHERNMINER.COM

FEBRUARY 8-14, 2016 / THE NORTHERN MINER

Asanko pours first gold in Ghana EMERGING PRODUCER

| Targets commercial production in Q2

Peter Breese (left), Asanko Gold’s president and CEO, and Colin Steyn, chairman, shake hands over a gold bar from the Asanko gold mine in Ghana. ASANKO GOLD

BY SALMA TARIKH

A

starikh@northernminer.com

sanko Gold (TSX: AKG; N YSE-MK T: A KG) has started gold production at its namesake mine in Ghana, becoming the newest mine in the West African country.

The Asanko gold mine poured 400 oz. in its first phase on Jan. 26, a month ahead of schedule and within budget.

The first gold pour is a “milestone” in the commissioning phase as the mine moves towards commercial production, Raymond James analyst Chris Thompson writes.

Asanko is ramping up to steady production at a rate of 190,000 oz. a year. Peter Breese, Asanko’s president and CEO, stated he’s “confident” that the mine will reach commercial production in the second quarter.

After thanking stakeholders — including Ghana’s government, which will have a 10% free-carried interest in the mine upon commercial production — Breese praised his team and engineering, procurement and construction management contractor DRA Global for delivering phase one within 18 months.

BMO analyst Andrew Breichmanas applauded Asanko’s management team for delivering according to plan, adding that the stock is one of his preferred precious metal names.

Construction for phase one — budgeted at US$295 million — kicked off in August 2014.

The Asanko mine will exploit six open-pittable deposits stretched over a 30 km trend. During phase one, ore from the main Nkran pit, supplemented with feed from four satellite pits — Adubiaso, Abore, Asuadai and Dynamite Hill — will

supply a 3-million-tonne-per-year carbon-in-leach (CIL) plant. Together the five pits make up the Obotan project.

Asanko has commissioned the processing facility with low-grade stockpiles ever since DRA Global handed over the crusher in midDecember. It notes that the SAG and ball mills match or exceed design throughputs of 8,300 tonnes per day.

Mining at the Nkran pit continues, removing more than 22 million tonnes to date. Over the next month, Asanko expects that gold inventory in the CIL circuit will build up to full production levels. It says grade control drilling should line up with the definitive project plan for phase one, released in November 2014.

Assuming a US$1,300 gold price, phase-one output should total 2.34 million oz. over a 12.4-year mine life, based on reserves of 2.5 million oz.

Pouring gold doré at the Asanko mine in Ghana. ASANKO GOLD

from 36.7 million tonnes grading 2.15 grams gold per tonne. It should churn out 190,000 oz. annually.

“Phase one has all-in sustaining costs of US$781 per oz … so it is a robust project, even in a sub US$1,000 per oz. gold-price environment,” Alex Buck, Asanko’s manager of investor and media relations, said in an email.

Asanko intends to expand the mine to lower costs and increase annual production, and published a positive prefeasibility study for phase two in May 2015. The expansion would include Asanko’s sixth pit, Esaase, with reserves of 2.7 million oz. from 60.3 million tonnes at 1.41 grams gold, to create a large, multi-pit mine.

The combined mine should crank out 411,000 oz. gold annually over 10.5 years, starting in 2018. Phase two should take 18 months to build at an estimated US$270 million. It

SAVE UP TO 50% OFF WITH SITE LICENSE THE NORTHERN MINER TEAM ACCOUNTS Save Up to 50% with The Northern Miner Group Account Subscriptions Each member of your team can have their own access to reliable, timely and informed analysis of global mining and exploration activity.

For pricing and other inquiries please email Dan Bond at

dbond@northernminer.com or call 1-888-502-3456 ext. 43715

Trusted provider of global mining & exploration intelligence since 1915.

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

requires adding a 5-million-tonneper-year flotation plant alongside the CIL plant, which Asanko will upgrade and increase to 3.8 million tonnes a year by adding two more CIL tanks, so it can blend the oxide ores from Esaase with feed from the phase-one pits.

“PHASE ONE HAS ALL-IN SUSTAINING COSTS OF US$781 PER OZ … SO IT IS A ROBUST PROJECT, EVEN IN A SUBUS$1,000 PER OZ. GOLD PRICE ENVIRONMENT.” ALEX BUCK MANAGER OF INVESTOR RELATIONS, ASANKO GOLD

The combined project, using a US$1,300 per oz. gold price, yields a 27% after-tax internal rate of return with a US$770-million net present value (NPV) at a 5% discount rate.

The study says it generates US$147 million in NPV savings including US$92 million in life-of-mine synergies, compared to Esaase’s stand-alone development option.

Asanko will release a definitive feasibility study for phase two in the second quarter. “A development decision will depend on a number of factors, including permitting, the gold price, near-term market outlook and access to capital,” Buck says.

Raymond’s Thompson anticipates Asanko will delay phase two until mid-2017. Asked about the possibility of a delay, Buck said the company is not “chasing growth for growth’s sake,” and that all growth and expansion projects need to meet internal hurdle rates.

The junior is well funded, with a US$116-million cash balance at the end of 2015. “We continue to see appeal for fully funded emerging producers,” BMO’s Breichmanas says.

The stock closed Jan. 27 up 7¢ at $2.08, within a 52-week trading window of $1.59 to $2.55.

Thompson has a $2.50 target price, while Breichmanas has a $3 target.

Both analysts rate Asanko as “outperform.” TNM

2016-02-02 7:12 PM