The Northern Miner January 18-January 24, 2016 PDAC by The Northern Miner Group

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TOREX GOLD RESOURCES CEO reflects on milestones in Mexico / 3

Short Road to Silver Production/Earning TSX.V: GRG www.goldenarrowresources.com

CHANGE IN ARGENTINA

Rob McEwen praises new President Macri / 5

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Activist shareholders upset / 14

JANUARY 18-24, 2016 / VOL. 101 ISSUE 49 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

NexGen forges ahead at Arrow uranium discovery EXPLORATION

| Junior starts $12M, six-rig drill program in the Athabasca basin

Rubicon’s F2 deposit is uneconomic FACING THE MUSIC

| New geologic model decimates gold resource BY TRISH SAYWELL tsaywell@northernminer.com

revised geological model and updated resource estimate that eviscerates much of the tonnage and grade at Rubicon Minerals’ (TSX: RMX; US-OTC: RBYCF) F2 gold deposit means that more exploration would be needed at depth and along strike to develop an economic mining operation there, and the company is evaluating strategic options that could include a sale. The company started trial mining the F2 deposit on its Phoenix property in Ontario’s Red Lake district last year, but the geology was more complex than previously thought, and underground operations were stopped in November so that Rubicon and its independent consultants could analyze geological models. The company has announced See RUBICON / 13

Drill rigs in 2015 at NexGen Energy’s Arrow uranium project in northern Saskatchewan’s Athabasca basin. NEXGEN ENERGY

BY SALMA TARIKH starikh@northernminer.com

exGen Energy (TSXV: NXE; US-OTC: NXGEF) has kicked off a 30,000-metre drill program at its exciting Arrow uranium discovery in Saskatchewan’s Athabasca basin, after last year’s success. “Drilling at Arrow to date has confirmed the presence of a truly unique and world-class uranium zone,” Travis McPherson, NexGen’s corporate development manager, said in an email.

Since uncovering Arrow on its wholly owned Rook I property in February 2014, NexGen has systematically tested the mineralized area by drilling on a uniformed grid using 95% angled holes. Of the 82 holes drilled so far, 80 have hit uranium mineralization, showing “just how large and continuous Arrow is, especially when you remember these are holes drilled in a uniform pattern,” McPherson says. Arrow is 235 metres wide by 645 metres in strike, with mineralization starting at 100 metres below surface and extending to 920 metres deep. It remains open for expansion. On Jan. 5, the junior explorer

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“[ARROW’S SIZE AND SCALABILITY] PUTS IT IN THE BASKET OF TOP PROJECTS GLOBALLY, BUT IT DOESN’T HAVE THE TECHNICAL CHALLENGES THAT MANY OF THE SAME PROJECTS DO.” TRAVIS MCPHERSON CORPORATE DEVELOPMENT MANAGER, NEXGEN ENERGY

reported assays from another seven holes from its 33,000-metre mid2015 program. All intersected uranium mineralization. The best hole, 59c2, returned 36.5 metres of 10.1% uranium oxide (U3O8), including 14.5 metres of 20.4% U3O8 and 3.5

metres of 52.3% U3O 8 within the higher-grade A2 Sub-zone, which is part of Arrow’s A2 shear zone. NexGen drilled 59c2 at the Subzone’s southwest extent. “Cutting See NEXGEN / 2

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JANUARY 18–24, 2016 / THE NORTHERN MINER

NexGen forges ahead at Arrow uranium discovery

A drill site at NexGen Energy’s Arrow uranium project in northern Saskatchewan’s Athabasca basin. NEXGEN ENERGY NEXGEN From 1

such significant grades and thicknesses at the edge of the zone suggests the high-grade mineralizing system is alive, well and not weakening, and implies excellent potential to extend the Sub-zone along strike, with small step outs at similar drill orientations,” David Sadowski, an analyst at Raymond James, comments in a note. The Sub-zone measures 203 metres in strike, with mineralization starting at less than 400 metres below surface. It remains open in all directions.

To date, the junior has released assays for six of the seven holes drilled into the Sub-zone. These holes have “cut significant runs of plus-8% U3O8 material,” Sadowski notes. NexGen claims they represent “five of the top-eight best angled holes drilled into basement-hosted mineralization in the Athabasca basin’s history, in terms of continuous [grade multiply thickness] on public record.” Sadowski says the Sub-zone’s hole 62, the only hole pending from 2015, will be another “barn burner,” based on its scintillometer reading of 30.4 metres of off-scale

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radioactivity, which suggests high uranium grades. Other assays include 54c4 returning 9.5 metres of 6.9% U3O8 in the A2 shear zone, and 56c2 hitting 32 metres of 1.6% U3O 8 in the A3 shear zone. On Jan. 11, the junior reported assays from another six holes, including 61c2, the best hole drilled to date in the A3 shear. It intersected two intervals, including 10.5 metres at 8.5% U3 O 8 and 37 metres at 6.3% U3O 8 . The second interval is the best continuous GT (236) received from A3 to date, McPherson says. Hole 59c3 also cut 4.5 metres at 13.2% U3O 8 in the current southwestern edge of the A3 shear. “The A3 is now identifying highergrade zones within that are open, like the A2 did at the start of mid2015,” McPherson adds. To follow up on the 2015 results, NexGen has initiated a $12-million, six-rig program. In early January it started three rigs, with two delineating the Sub-zone, and the third expanding mineralization within the A2 and A3 shears to the southwest. A fourth rig this month will test around hole 36, where NexGen

NexGen Energy (TSXV:NXE)

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intersected uranium mineralization 4 metres below the Athabasca Sandstone and basement unconformity. A fifth rig will come online in late January to drill along strike the Arrow zone and the 9 km Patterson corridor. A sixth rig — scheduled for early February — will drill the Bow zone, discovered last March, some 3.7 km northeast of Arrow.

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“The addition of a sixth rig makes this winter’s program the largest ever at Arrow,” CEO Leigh Curyer said in a release. NexGen plans to publish its maiden resource estimate on Arrow in the first half of 2016, with McPherson noting it won’t include results from the current program. Raymond James’ Sadowski projects Arrow’s resource could contain 125 million lb. U3O8 , with potential to grow to 200 million lb. While McPherson declined to comment on the initial resource’s size, he did emphasize Arrow’s attractive traits. Unlike most uranium deposits in the Athabasca basin, “there is no waterbody on top or affecting mineralization at Arrow,” he says, adding that it is “extremely high-grade.” Finding a comparison to Arrow is difficult because it is “so unique,” McPherson contends. Arrow’s size and scalability “puts it in the basket of top projects globally, but it doesn’t have the technical challenges that many of the same projects do.” Along with drilling, NexGen has improved the camp at Rook I and will begin metallurgical, geotechnical and hydrogeological test work this year. The work will form the basis of future economic studies. With $34 million in its treasury, the junior has enough funds to cover its activities “well into” 2017, McPherson says. The stock recently closed at 79¢, within a 52-week trading window of 31¢ to 89¢. Sadowski has a “strong buy” on NexGen and a $1.80 target, noting the company is his top uranium pick. TNM

2016-01-12 7:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 18–24, 2016

Torex CEO reflects on journey to first gold at Morelos MEXICAN GOLD

| New gold mine approaches commercial production in prolific Guerrero belt

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

early six years ago Torex Gold Resources (TSX: TXG; US-OTC: TORXF) consolidated a promising claim block 180 km southwest of Mexico City — called Morelos Norte — via a US$150-million deal with Teck Resources (TSX: TCK.B; NYSE: TCK). Since then the junior has authored one of the few recent success stories in the gold space, and now stands poised to hit commercial production at its El Limon-Guajes (ELG) open-pit mine next quarter. Torex's success represents one of the final chapters in the previous bull run in commodities markets. The company raised US$800 million via debt and equity to build a bulktonnage gold mine at Morelos, and saw its market capitalization jump from US$400 million to over US$1 billion since mid-2010. On Dec. 29 Torex announced its first gold pour from the ELG deposits, and president and CEO Fred Stanford spoke with The Northern Miner to look back on the company’s path to production. “The best word to describe the experience would be ‘adventure.’ I’d say our timing was definitely fortuitous in terms of the market. We completed our equity raises fairly early ... people tend to complete the debt portion first and the equity second,” Stanford said. “We’re clearly blessed with a top-notch asset and a team that has a track record of executing on plan and delivering,” he said. "Our focus has been on strong engineering upfront, and we don’t change scope. So there’s been that drive to get it right the first time, and build it to that specification. We’ve been quite committed to our mine design for some time.” The ELG operations will involve two open pits to extract ore from the skarn-hosted gold-silver Guajes and El Limón deposits. The pits will feed a centrally located, 14,000-tonneper-day carbon-in-pulp processing plant, with dry stack tailings deposited west of the mill facility. One feature that sets ELG apart from other open-pit projects is high gold grades. Proven and probable reserves at the mine total nearly 48 million tonnes of 2.69 grams gold per tonne and 4.36 grams silver per tonne, for 4.15 million contained oz. gold and 6.72 million contained oz. silver. The current mine plan contemplates a nine-year operating life, with average annual production an expected 370,000 oz. gold at all-in sustaining costs of US$637 per oz. The property sits within the Mesozoic carbonate-rich Morelos platform, which has been intruded by Paleocene granodiorite stocks. Sedimentary rocks within Morelos include basal crystalline limestone and dolomite, silty limestone and sandstone of the Cuautla formation and upper platformal to f lyschlike successions of intercalated

This conveyor belt will carry ore from the second pit down 400 metres to the mill at Torex Gold Resources’ El Limon-Guajes gold mine in Mexico, 180 km southwest of Mexico City. TOREX GOLD RESOURCES

sandstones, siltstones and lesser shales of the Mezcala formation. Skarn-hosted gold mineralization has developed along the contacts of the intrusive rocks and the enclosing carbonate-rich sedimentary rocks. “We’ve seen quite a range of gold prices over our development timeline at ELG, but there’s a physical, geological reason for our ability to stick to the plan. Our open-pit design essentially doesn’t bleed grade off into the hanging wall or footwall,” Stanford explained. “Our cut-off grades don’t change the dimensions of the pit, so the orebody doesn’t lend itself to changing the size of the mine. And the economics have always been strong, so we could withstand whatever the gold price threw at us. A high-grade open pit is a wonderful thing.” Torex met its goal of stockpiling 1.5 million tonnes of ore at ELG to smooth the transition into commercial production. Now the company can look ahead to its next project, which may involve an expansion at its nearby Media Luna deposit, south of the Balsas River. Torex tabled a preliminary economic assessment

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“THE BEST WORD TO DESCRIBE THE EXPERIENCE WOULD BE ‘ADVENTURE.’ I’D SAY OUR TIMING WAS DEFINITELY FORTUITOUS IN TERMS OF THE MARKET.” FRED STANFORD PRESIDENT AND CEO, TOREX GOLD RESOURCES

modelling an expanded ELG mill in mid-2015. The Media Luna concept involves underground mining at 7,000 tonnes per day, with mineralized material transported via a hybrid underground-aerial-underground rope conveyor to the ELG processing plant to produce both a copper-goldsilver concentrate and doré bars. The expansion would entail

adding a circuit for flotation and “concentrate handling,” and would call for US$109 million in capital expenses. The mine plan is based on inferred resources of 52 million tonnes grading 4.48 grams gold equivalent for 7.4 million contained oz. Torex will need to complete an underground drill campaign in order to upgrade certainty in the resource,

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but that will likely be deferred until after ELG hits production. The company has timed development so that its initiatives wouldn’t need too much capital, so spending can be controlled until the main operation generates cash flow. “The timing will actually work quite well. As we ramp up ELG, we’ll move through land acquisition and permitting for Media Luna, and that process is more time intensive than capital intensive,” Stanford said. “We did have some geographic challenges in terms of mine design ... there are two mountains and a river, and Media Luna has only been 30% explored, so we think it could add 150 million tonnes to the operation. We want to leverage our processing asset so we don’t have to build another mill. We were fortunate that the grinding requirements of both ores were similar ... in the end, transporting ore over the river just makes sense.” Assuming US$1,200 per oz. gold, the Media Luna expansion would feature a US$488-million after-tax net present value at an 8% discount rate, and a 24.6% internal rate of return. At US$1,100 per oz. gold, ELG could crank out earnings of US$224 million in 2017. Torex needs to avoid security problems in the often volatile social-political regions of Guerrero state, which has Mexico’s highest homicide rate. I n m id-2 015, major Goldcorp (TSX: G; NYSE: GG), which operates the Los Filos gold mine near Morelos, had three employees kidnapped and murdered by a criminal gang. In a bid to avoid such tragedies, Torex brokered an agreement with Guerrero’s state government and the Mexican federal government for a permanent police presence in the areas adjacent to ELG and Media Luna. BMO Capital markets analyst Andrew Breichmanas recently boosted his price target on Torex by 25¢ to $2 per share, and has an “outperform” rating on the stock. BMO Research expects peak annual production at ELG in excess of 500,000 oz. gold, with life-of-mine, all-in sustaining costs under US$650 per oz. “[ELG] appears to represent one of the last significant gold mines to be financed and constructed for the future,” Breichmanas wrote on Dec. 29. “Given the sector’s flattening mine supply, limited pipeline of development projects and lack of exploration discoveries, recognition of [the asset] should increase as production ramps up, operations are demonstrated and growth opportunities are defined.” Torex has traded within a 52-week range of 85¢ to $1.65, and closed at $1.38 per share at press time. The company has 785.5 million shares outstanding for a $1.1-billion market capitalization. TNM

12/18/2015 2:58:15 PM

2016-01-12 7:19 PM

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JANUARY 18–24, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com 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

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E D I T O R IA L

LET TERS TO THE EDITOR

Arch Coal teeters under heavy debt, Resource models must be built on geological seeks bankruptcy understanding US COAL WOES

| Smaller, private, lower-paying mines lay ahead

he deep convulsions in the ailing U.S. coal-mining sector are continuing unabated into the new year, with America’s second-largest coal miner, Arch Coal, seeking bankruptcy protection on Jan. 11. With thermal and metallurgical coal prices off 50% since 2011, a full quarter of U.S. coal production is undergoing BY JOHN CUMMING jcumming@northernminer.com bankruptcy reorganization, with Arch’s rivals Walter Energy, Alpha Natural Resources and Patriot Coal all filing for court protection within the past year. The long-term downtrend in coal prices is widely attributed to natural gas providing a cheaper and cleaner alternative for power production; much tighter U.S. environmental regulation for coal burning; and the slowing global economy translating to lower demand for metallurgical coal for steelmaking, especially in China. After the Chapter 11 announcement, Arch Coal stock dropped to a mere US15¢, off 74% on the day and generating a US$3.2-million market capitalization, based on 21.3 million shares outstanding. The stock is now kicked off the New York Stock Exchange and trades over the counter. Arch Coal traded at US$4 per share as recently as mid-October, for a market cap of US$85 million. In early 2011, just before the global downturn in commodity prices, the stock had traded for months in the US$35 range, and you have to go back almost a decade to find when the stock traded above US$100 per share. In reaction to Arch Coal’s news, America’s largest coal miner, Peabody Energy, saw its stock tumble 33% to US$4.48 per share over two days on renewed bankruptcy fears, even as the company renegotiated US$4.5 billion of its US$6.3 billion in debt. With a market cap of only US$98 million, Peabody is getting close to the New York Stock Exchange’s lower limit of US$50 million to stay eligible for listing. Arch Coal is starting 2016 with US$4.5 billion in debt, US$600 million in cash and a US$275-million bankruptcy loan lined up. The debt is a remnant of its ill-starred purchase of International Coal Group in 2011. The good news for Arch’s 4,600 workers and customers is that Arch Coal intends to operate its mines during the bankruptcy proceedings, and indeed, the company said all its operations were cash-f low positive in the first three quarters of 2015, thanks to the company having already cut costs in recent years. Predictably enough, it’s the common shareholders who will end up hit the hardest, being diluted to the max by the secured debt holders who will become almost the entire owners of Arch. Arch Coal’s corporate form after this wealth transfer is anyone’s guess, but the trend of recent years is for the larger U.S. coal miners to be taken private and broken up into smaller corporate entities, with wages rolled back up to 50% into the US$20-per-hour range for a starting wage in Appalachia. Beyond that, thermal coal still has a prominent place in the U.S. energy mix. While down from providing for almost half of all U.S. electricity generation as recently as the mid-2000s, coal still accounts for a third today, and it's above the growing contribution of natural gas. U.S. coal production has fallen from peak 2007–08 levels of 1.1 billion tons per year, but could reach 900 million tons in 2015 and 850 million tons this year. Government data shows that the small mines in America’s Central Appalachian region have fared the worst during the downturn, with output down 40% in 2015 while mine production is only down 15% in the Wyoming basin, and up 8% in the higher-quality Illinois basin, where Arch has most of its assets. Environmentalists are concerned that the spate of bankruptcy filings amongst the U.S. coal miners may keep these companies from fulfilling their remediation obligations, but so far Arch says it has the financial capacity to fulfill these obligations, despite its restructuring. TNM

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

Mining Jobs. . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . 12-13 Stock Tables. . . . . . . . . . . . . . . . . . . 6-11

COMPANY INDEX Canaccord Genuity . . . . . . . . . . . . . . 11 Capstone Mining . . . . . . . . . . . . . . . . 11 Dominion Diamond . . . . . . . . . . . . . 14 Eldorado Gold . . . . . . . . . . . . . . . . . . 16 Euromax Resources. . . . . . . . . . . . . . 16 First Quantum Minerals. . . . . . . . . . 11 Glencore. . . . . . . . . . . . . . . . . . . . . . . . 11 Goldcorp. . . . . . . . . . . . . . . . . . . . . . . . 3

Grupo Mexico. . . . . . . . . . . . . . . . . . . 11 Imperial Metals. . . . . . . . . . . . . . . . . . 14 Lundin Mining. . . . . . . . . . . . . . . . . . 11 Nevsun Resources . . . . . . . . . . . . . . . 11 NexGen Energy . . . . . . . . . . . . . . . . . . 1 Rubicon Minerals. . . . . . . . . . . . . . . . . 1 Teck Resources. . . . . . . . . . . . . . . . 3,11 Torex Gold Resources . . . . . . . . . . . . . 3

ith respect to Lesley Stokes’ feature article, “Mining the unexpected: When ‘poor geology’ becomes a problem” (T.N.M., Jan. 4–10, 2016), the rash of recent failures is not derived from a lack of information — it is the failure to capture and incorporate the available geological information into the resource model. This applies equally to the issuer and resource consultants. All too often, and SRK was a leader in this approach, the resource model is constrained by a grade shell (e.g., Leapfrog shells imported into GEMs or other software, and used as the controlling domains). This has become the standard approach whereby geological controls have effectively been removed from the resource modelling process. A resource model must be built from a geological model, not an assay cloud! The original rationale behind the grade domains was simple: it was much quicker and simpler, no interpretation was required and as a consultant, you don’t need the expensive and time-consuming review of the geology of the deposit. And in many instances dealing with issuers, the geological information was not collected or captured, or was in such a state of disrepair as to be unreliable. It was a practical shortcut that became the standard operating procedure and unravelled into the dark chasm of “implicit modeling.” Yes, not only can software create grade models (e.g., interpolated blocks of ore grade), but now it can create geological models. The end is nigh! The false sense of security that some derive from additional modelling algorithms is also a clear alarm for anyone reviewing resource models (e.g., Kriging is better than inverse distance ... no, multiple indicator kriging is better than ordinary kriging ... no, uniform conditioning is required on this special deposit!) If the “mineability” of your deposit depends on some special solution or the gridding algorithm, then you have another fatal flaw in the process. Other key flaws occur in the parameters chosen, such as capping, compositing, block size, search ellipse, etc. These factors are necessarily limited by the geological controls (i.e., the 3-D structural, stratigraphic, alteration, geotechnical, metal distribution, etc.), not mining controls or arbitrary “expert opinions.” Once again, there is no shortage of information and virtually all technical reports demonstrate the available data. However, in an amazing number of cases, the data is subjugated based on variograms and mining plans. For example, the 2,500-tonne-per-day long-hole because it is cheaper and looks better in a preliminary economic analysis, regardless if the deposit can handle it via mining loss and dilution. The “special case” of narrow vein deposits is yet another common fallacy necessitated due to the lack of structural controls incorporated into the resource (i.e., block) model. An example is a series of en echelon tension gash high-grade

veins within some “panel” (ah, the famous “shear zone”). These dots of high-grade assays connect in a line, and without field observations (i.e., a series of isolated sub-metre veins at some other orientation), the variography and grade shells create a completely false domain that, when mined, will never meet expectations with regards to head grade and dilution costs, etc. Capturing this information and incorporating it into a proper geological model will help manage expectations. That is to say, given this real scenario, what is the appropriate mining method, and with the concomitant financial implications, do we still want to make this investment? Most deposits won’t pass this test, and that is a good thing for our industry. Geology has been largely removed from the modelling process and the good and great geologists are giving up on modelling, due to the lack of input and consistent failure to meet expectations. This is an understated and alarming development! Instead of recognizing the problem and bringing more geological information and skill into the process, the industry has devolved and now points the finger at exogenous factors — yes, every model would be perfect at 1-metre drill centres. But that won’t happen. Not just because it is cost prohibitive, but because it is not needed to build a reliable model in most cases. Improve quality control on all data inputs. Start with a well-built geological model that captures all available data in a robust scenario, prioritize geological controls in the resource modelling process and then build a mine plan around what the geology can actually provide. As Mick Jagger sings: “If you try sometimes, you just might find, you get what you need!” Mark Via the Internet

Excuses, excuses

oor geology is a poor, but valid, excuse for a mining company to use when describing why their ore deposits do not have the ore as expected. For example, when a group describes their deposits as “orogenic gold” when they are actually “epithermal gold,” this would explain why their gold has limited vertical extent. The only remedy for such mistakes is to use geologists who understand different deposits, particularly those that can differentiate between volconogenic, orogenic and epithermal gold. There are sometimes subtle but important differences in these three types of gold deposits, and overlapping deposit types are also fairly common, and need to be recognized. Thomas A Henricksen Via the Internet

2016-01-12 7:19 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 18–24, 2016

New Argentine government making right moves, Rob McEwen says INTERVIEW

| Canadian gold mogul hopes Mauricio Macri can get Argentina on the right track

BY TRISH SAYWELL

tsaywell@northernminer.com

fter more than a decade of leftist government, voters in Argentina elected Mauricio Macri, a wealthy businessman and Buenos Aires mayor, as their new president on Nov. 22, 2015. The centre-right politician has promised more pro-business and free market policies that he says will tackle some of the country’s biggest problems, which include record-low foreign reserves, a vast budget deficit and an inflation rate running at an annual pace of more than 20%. In his first weeks in office, he made good on a campaign promise to dismantle capital controls and has also cut taxes on agricultural exports, including beef, wheat, corn and soybeans. He has also sent members of his government to meet with the mediator in Argentina’s conflict with foreign bondholders in an effort to end the South American country’s isolation from international credit markets. In addition, Macri has raised interest rates on short-term fixed deposits to help keep a lid on inflation. Other campaign promises include plans to raise tariffs on electricity and natural gas. The Northern Miner asked Rob McEwen, founder of McEwen Mining (TSX: MUX; NYSE: MUX), which has several assets in the country, for his take on the new government.

McEwen Mining’s Los Azules copper project in Argentina’s San Juan province. MCEWEN MINING

The Northern Miner: There seems to be a growing sense of hope around Argentina, and the new president is off to a quick start. Rob McEwen: Yes, it’s a breath of fresh air that is most welcome, particularly for the mining industry. TNM: The Financial Times noted in a commentary published on Jan. 4 under the headline: “Argentina, Brazil, change places” that a “role reversal” of sorts seems to be taking place between the two South American countries. The article said

that “Argentina, long the region’s financial pariah, is coming in from the cold following the election of a new president who has pledged to revive the economy, make amends with holdout creditors and regain investors’ trust,” while Brazil, by contrast, “the once high-f lying darling among emerging market investors, has seen its fortunes come crashing down.” Would you agree with that? RM: They’re both well-endowed with mineral resources, and Brazil

has been more forward with their thinking and the development of their natural resources sector, as has Chile. But it’s encouraging to see Argentina letting the peso go to its one rate, natural state, and lifting the capital controls ... getting rid of the export taxes in the mining industry would probably have to wait a little bit longer, as the government is dealing with its domestic sectors first, but ... somewhere along the line this year they’re going to deal with mining. They are also talking about

passing legislation that will set clear rules on public protests to avoid the blocking of main roads. Hopefully this legislation will extend to illegal actions by unions to block traffic in and out of mines. TNM: What other policy changes should be on Macri’s to-do list as he settles into his job? RM: Lifting the rules on the import of goods, particularly capital goods needed at mines, would make See ARGENTINE / 11

Amec Foster Wheeler expands capabilities with new hires Elvia Hernández

Bing Wang

Elvia Hernández joins our team in Mexico.

Dr. Wang joins our Mississauga office to strengthen operations and expand our services.

Senior Associate / Technical Advisor

Senior Environmental Auditor and Lawyer

Elvia is a Senior Environmental Auditor and Lawyer with more than 30 years of experience in environmental consulting, environmental law and environmental studies. She has worked as an environmental legal counsel for the mining sector, as well as for various industries. Elvia participated in the development and review of environmental legislation and revisions of environmental Mexican official standards.

Bing is a professional engineer with nearly 30 years of experience in mining operation, design, planning and management of tailings and water, which encompasses geotechnical and environmental aspects of mine lifecycles from field investigations, site selection, conceptual design and feasibility studies, to detailed engineering, construction, and operation as well as closure planning, rehabilitation, monitoring, government liaison, regulatory approval, and implementation of mitigation and remedial measures.

Scott Marisett

Alberto Vega

Senior Associate Rock Mechanics Engineer, Mine Geotechnical Specialist

Principal Program Manager Amec Foster Wheeler welcomes Alberto Vega, Senior Environmental Planner, to our Americas operation. Alberto has more than 40 years of professional experience, including the execution and supervision of projects and programs in environmental planning and protection, sustainable development, and conservation of natural resources. He has served as project director, project and program manager, and senior advisor for projects and programs dealing with natural resources, environmental protection, and sustainable development of large infrastructure projects in more than 15 countries.

Scott joins our Mississauga office to strengthen and expand our rock mechanics services. Scott has over 23 years of practical and consulting experience in geological and mining engineering. He provides consulting and project management services in the application of specialised engineering techniques in the field of rock mechanics and geotechnical engineering and design for the purpose of mineral resource extraction, and has been involved in a broad variety of engineering studies across a wide range of services, commodities and countries.

Oil & Gas | Mining | Clean Energy | Environment & Infrastructure

Jan 18 Pgs 1 2 3 4 5 11 13 14 16.indd 5

amecfw.com/mining

2016-01-12 7:19 PM

WWW.NORTHERNMINER.COM

JANUARY 18–24, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JANUARY 4–8 Canada’s benchmark index posted a tripledigit loss in the new year. The S&P/TSX Composite Index fell 4.3%, or 564.5 points to 12,445.45, despite a positive jobs report. The S&P/TSX Capped Diversified Metals & Mining Index tumbled 14.4% to 299.66, and the S&P/TSX Global Mining Index dropped 5% to 42.13. The S&P/TSX Global Gold Index climbed 9.4% to 141.73, helped by higher gold prices. The New York spot price added 4.1%, or US$43.60 per oz., to finish at US$1,104.60. Employers in Canada added 22,800 jobs in December, compared to the 10,000 positions analysts polled by Reuters had expected. The unemployment rate stayed at 7.1%, up from 6.7% at year-end 2014. The total number of jobs created in 2015 was 158,000, or 0.9%, slightly above the 0.7% annual growth rate in both 2013 and 2014. Gold companies dominated the value gainers’ list, with Franco-Nevada climbing $5.75 to $69.05 per share, and Agnico Eagle Mines advancing $5.45 to $41.82 per share, both on no corporate news. Golden Queen Mining — the week’s percentage winner— soared 70% to $1.19 per share, after reporting it’s on track to pour first gold in early February from its partly owned Soledad Mountain gold-silver project in California. The project is 95% built and it’s on budget, with the Merrill-Crowe facil-

ity commissioning underway. During full production (year two to 11), the heap-leach operation should churn out 74,000 oz. gold and 781,000 oz. silver annually. Start-up costs are $144 million, with total cash costs of US$518 per oz., net of silver by-product. Soledad has an estimated 11.3-year mine life. Anaconda Mining shares climbed 50% to 6¢, after improved financials for the quarter and half-year ended Nov. 30, 2015, from its Point Rousse gold project in Newfoundland. Quarterly earnings were $741,293, up from a loss in 2014, on revenues of $6.8 million from sales of 4,605 oz. gold at an average $1,476 per oz. For half a year earnings were $567,075 — up from a $1-million loss — on revenues of $12.6 million, from sales of 8,561 oz. gold at an average $1,470 per oz. All-in TSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

B2Gold First Quantum Lake Shore Gld Barrick Gold Teck Res B Yamana Gold Goldcorp Kinross Gold Semafo Potash Cp Sask

BTO FM LSG ABX TCKB YRI G K SMF POT

62579 1.53 1.24 1.34 - 0.06 26147 5.37 4.12 4.24 - 0.94 24442 1.35 1.16 1.22 + 0.10 23629 12.44 10.62 11.92 + 1.68 23151 5.36 4.45 4.45 - 0.89 21321 3.03 2.63 2.83 + 0.26 18595 18.13 16.09 17.68 + 1.69 14500 2.84 2.55 2.64 + 0.13 11854 4.40 3.60 4.24 + 0.73 11539 24.27 22.29 22.79 - 0.91

sustaining cash costs for the three and six months ended in November was $1,364 and $1,424 per oz. Fortune Minerals rose 50% to 3¢ per share, after producing a premium high-quality cobalt sulphate heptahydrate sample from a cobalt sulphate product previously produced in a pilot plant, using concentrates from its NICO gold-cobalt-bismuth-copper deposit in the Northwest Territories. Fortune is advancing

off-take discussions with potential customers to support project financing. Lake Shore Gold saw heavy trading after production results for the fourth quarter and full-year in 2015. Its annual sales were 183,300 oz., same as in 2014, at a lower average price of US$1,164 per oz. It ended 2015 with $100 million in cash and bullion. Lake Shore added 10¢ to close at $1.22 per share, with 24.4 million shares traded. TNM

TSX GREATEST PERCENTAGE CHANGE

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

Golden Queen Anaconda Mng Fortune Mnrls Intl Tower Hil St Augustine Forsys Metals Gabriel Res Silver Bear Rs Cardero Res Mawson West Victory Nickel Vena Res Goldgroup Mng Loncor Res Capstone Mng Imperial Metal Treasury Metal Geologix Ex First Quantum Horizns G Bear

Franco-Nevada Agnico-Eagle Horizns G Bull Royal Gold Central Gold-T Detour Gold Goldcorp Barrick Gold Seabridge Gold Royal Cdn Mint Agrium Horizns G Bear Imperial Metal Altius Mnrls First Quantum Potash Cp Sask Teck Res B Cameco Corp HudBay Minls Energy Fuels

GQM ANX FT ITH SAU FSY GBU SBR CDU MWE NI VEM GGA LN CS III TML GIX FM HGD

180 948 551 144 177 136 581 192 201 78 336 226 383 81 6049 94 64 120 26147 5924

1.21 0.06 0.03 0.44 0.13 0.12 0.19 0.03 0.21 0.03 0.03 0.03 0.09 0.04 0.43 6.69 0.48 0.03 5.37 11.30

0.76 0.04 0.02 0.27 0.10 0.09 0.14 0.02 0.09 0.02 0.01 0.02 0.07 0.03 0.34 4.93 0.39 0.02 4.12 9.04

1.19 0.06 0.03 0.37 0.13 0.11 0.18 0.03 0.13 0.03 0.01 0.02 0.08 0.03 0.35 5.32 0.40 0.02 4.24 9.72

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

70.0 50.0 50.0 37.0 36.8 31.2 28.5 25.0 25.0 25.0 50.0 33.3 25.0 25.0 20.4 20.1 20.0 20.0 18.1 17.9

FNV AEM HGU RGL GTU_U DGC G ABX SEA MNT AGU HGD III ALS FM POT TCKB CCO HBM EFR

3744167 69.05 7235901 41.82 5593551 19.54 20446 53.12 16133 55.28 10742107 16.12 18594504 17.68 23628983 11.92 507025 12.64 71458 16.70 1699727 117.16 5924127 9.72 93964 5.32 545616 8.92 26146854 4.24 11538723 22.79 23150752 4.45 4781290 16.21 6350720 4.62 320358 3.45

+ 5.75 + 5.45 + 3.21 + 3.15 + 2.91 + 1.71 + 1.69 + 1.68 + 1.19 + 0.99 - 6.51 - 2.12 - 1.34 - 1.18 - 0.94 - 0.91 - 0.89 - 0.86 - 0.69 - 0.65

TSX VENTURE EXCHANGE / JANUARY 4–8 The S&P/TSX Venture Composite Index stayed near the lowest point in its history, falling 2.1%, or 10.99 points, to a 514.77-point weekly close. In macroeconomic news, Chinese top state advisor Li Wei, president of the State Council’s Development Research Center, said in a report that China would face “great difficulty” in achieving growth above 6.5% over 2016 to 2020, due to slowing global demand and rising Chinese labour costs. Spot gold prices touched a nine-week high before closing up US$37.70, or 3.6%, at US$1,097.9 per oz. gold. Gold rose sharply as it did for eight of the last 10 new years, strengthened by fears in China’s stock market and geopolitical uncertainty between Saudi Arabia and Iran. Brent crude oil slumped to 11-year lows, falling US$3.74, or 10%, to US$33.55 per barrel, driving down the C$/US$ exchange rate to multi-year lows of 71¢ to the dollar. Copper followed suit, falling 4.6% to US$4,485.5 per tonne, amid mounting fears of a slowdown in China. Southern Arc Minerals stood out in the value-added category, rising 25%, or 8¢, to a 40¢ close after a $1-million, non-brokered private placement that the company says will be used for general working capital.

The company is advancing its two main assets in Indonesia, which include the West Lombok, a resource-stage property with several gold-rich copper porphyry and epithermal gold prospects, and the East Elang, a grassfields property it holds in partnership with Vale International, next to Newmont Mining’s Elang and Batu Hijau deposits. Last month Southern Arc applied for more prospecting licences throughout the Hokkaido and northern Honshu regions of Japan. Euromax Resources gained 7¢, or 25%, to a 35¢ close, fuelled by a positive feasibility study at its Ilovica deposit in Macedonia. The gold-copper porphyry deposit is the country’s first greenfields development project in over 30 years. TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Uragold Bay Rs UBR Goldrush Res GOD Nemaska Lith NMX Focus Vnt FCV Odin Mng & Exp ODN Kaminak Gold KAM Magellan Minls MNM West Kirkland WKM Falco Res FPC Alix Res AIX

8202 6987 4444 3753 3233 2983 2794 2753 2680 2675

0.07 0.03 0.48 0.12 0.41 0.98 0.07 0.04 0.28 0.06

0.05 0.02 0.36 0.06 0.36 0.87 0.03 0.04 0.23 0.05

0.06 + 0.03 0.46 + 0.07 - 0.40 + 0.91 + 0.04 - 0.04 0.24 - 0.06 +

0.01 0.00 0.02 0.05 0.04 0.05 0.01 0.00 0.03 0.01

Details of the study indicate a US$440.1million after-tax net present value at a 5% discount rate, and a 17.8% after-tax internal rate of return. Initial capital expenditures for the project amount to US$474.3 million. The results came soon after the company secured an off-take agreement of its concentrate, which helped secure a US$215-million

facility from the German United Loan Guarantee Scheme. Focus Ventures had nearly the most shares traded after a prefeasibility study for its Bayovar12 phosphate joint-venture project in northwestern Peru. The company saw almost 4 million shares change hands before it closed down 5¢, or 42%, to 7¢ per share. TNM

TSX-V GREATEST PERCENTAGE CHANGE

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

Planet Mng Rokmaster Res Adex Mining RT Minerals Santa Fe Metls Laurion Mnl Ex Alliance Mng Harvest Gold Anconia Res Comstock Mtls Randsburg Intl AurCrest Gold NV Gold Orefinders Res Uravan Minls WCB Res Great Bear Res Los Andes Copp Focus Vnt Compliance Eny

Chesapeake Gld Eurasian Minls Southern Arc EurOmax Res Atac Res Evrim Res Kaminak Gold Karmin Expl Sierra Iron Or Castillian Res Abitibi Royalt Archon Mineral Ascot Res Kennady Diam Bacanora Mnls Diamcor Mng Zenyatta Vent Antofagasta Gd Northern Vertx Los Andes Copp

PXI RKR ADE RTM SFM LME ALM HVG ARA CSL RGZ AGO NVX ORX UVN WCB GBR LA FCV CEC

35 514 82 12 429 200 133 168 50 492 99 108 41 340 628 757 923 150 3753 67

0.03 0.02 0.01 0.01 0.02 0.01 0.01 0.04 0.02 0.03 0.01 0.02 0.01 0.02 0.13 0.03 0.03 0.13 0.12 0.06

0.03 0.01 0.01 0.01 0.02 0.01 0.01 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.05 0.02 0.01 0.09 0.06 0.03

0.03 0.02 0.01 0.01 0.02 0.01 0.01 0.04 0.02 0.03 0.01 0.01 0.01 0.01 0.06 0.02 0.02 0.09 0.07 0.04

+ 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 50.0 - 50.0 - 50.0 - 50.0 - 45.0 - 42.8 - 40.0 - 39.2 - 39.1 - 36.3

CKG EMX SA EOX ATC EVM KAM KAR NAA CT RZZ ACS AOT KDI BCN DMI ZEN AN NEE LA

89517 24800 13495 11666 865955 66600 2983069 19320 316300 44000 23801 14000 166511 90465 75157 74420 419676 1008600 672183 150000

1.95 0.66 0.40 0.35 0.37 0.21 0.91 0.24 0.34 0.10 3.08 1.84 0.90 2.81 1.50 0.80 0.75 0.21 0.19 0.09

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

0.19 0.09 0.08 0.07 0.07 0.06 0.05 0.05 0.05 0.05 0.27 0.26 0.25 0.20 0.15 0.14 0.10 0.08 0.06 0.06

U.S. MARKETS / JANUARY 4–8 The opening week of 2016 marked the worst first week in history for Wall Street stocks, as oil prices fell to their lowest level in more than a decade and concerns about slowing growth in China spooked global markets. Manufacturing data in China in December also contributed to a 10% decline in the Shanghai Composite Index and a 14% drop in the Shenzhen Composite Index — triggering a circuit breaker in the system. The Dow Jones Industrial Average fell 6.2% to 16,346.45 and the S&P 500 Index dropped 5.96% to 1,922.03. Spot gold rose 4.1% to finish at US$1,104.60 per oz., while the Philadelphia Gold & Silver Index climbed 3.97% to 47.10. Higher gold prices lifted many boats, with Agnico Eagle Mines posting the largest jump, gaining US$3.28 to US$29.56 per share. Other beneficiaries included: Franco-Nevada (up US$3.08 to US$48.83); Randgold Resources (up US$1.85 to US$63.78); and Barrick Gold (up US$1.04 to US$8.42). None of the companies reported any corporate news during the session. Royal Gold also posted a gain, rising US$1.35 to US$37.59 per share. The company announced on Jan. 6 that it had sold 61,500

Jan 18 Pgs 6.indd 6

oz. gold related to its streaming agreements in its fiscal 2016 second quarter ended Dec. 31, 2015. The sales were made at an average realized gold price of US$1,094 per oz. and at an average cost of sales of US$370 per stream ounce. With copper and oil prices at multi-year lows (copper finished at just over US$2 per lb., while West Texas Intermediate crude closed at US$32.92 per barrel), shares of FreeportMcMoRan fell US$1.36 to US$5.41 on no company-related news. Freeport’s shares were also the most traded. In December, the company suspended its annual dividend and U.S. MOST ACTIVE ISSUES VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 234721 6.76 5.36 5.41 - 1.36 Alcoa* AA 207976 9.80 8.02 8.07 - 1.80 Barrick Gold* ABX 115997 8.83 7.59 8.42 + 1.04 Kinross Gold* KGC 54454 2.02 1.83 1.87 + 0.05 Goldcorp* GG 50982 12.87 11.49 12.49 + 0.93 Consol Energy* CNX 49760 8.69 7.15 7.69 - 0.21 Potash C Sask* POT 47067 17.44 15.81 16.09 - 1.03 Newmont Mng* NEM 39185 19.11 17.90 18.01 + 0.02 Teck Res B* TCK 38362 3.83 3.15 3.16 - 0.70 Hecla Mining* HL 36807 2.01 1.86 1.90 + 0.01

cut capital expenses in its oil and gas division to US$1.8 billion in 2016 and US$1.2 billion in 2017. In its mining division, it has declared a 25% reduction in capital spending for 2016 (from US$2.7 billion to US$2 billion, including $0.6 billion in sustaining capital),

and curtailments at its mines in North and South America totalling 250 million lb. copper and 20 million lb. molybdenum per year. Freeport also plans to shut down its Sierrita mine in Arizona and adjust operating plans at its molybdenum mines. TNM

U.S. GREATEST PERCENTAGE CHANGE VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Intl Tower Hi* Harmony Gold* Timberline Rs* Exeter Res* Iamgold* Vista Gold* Barrick Gold* Primero Mng* Agnico-Eagle* Fortuna Silvr* Vale* Freeport McMo* Intrepid Pots* Alcoa* Teck Res B* HudBay Mnls* Stillwater Mg* BHP Billi-BBL* Turquoise HIl* Arch Coal*

THM HMY TLR XRA IAG VGZ ABX PPP AEM FSM VALE FCX IPI AA TCK HBM SWC BBL TRQ ACI

753 0.32 15665 1.46 137 0.20 142 0.40 5091 1.71 413 0.32 115997 8.83 623 2.68 13877 30.29 1807 2.63 22648 3.23 234721 6.76 1775 3.26 207976 9.80 38362 3.83 101 4.07 6703 8.71 12777 22.36 2530 2.52 5234 0.95

0.18 1.01 0.16 0.31 1.45 0.28 7.59 2.27 26.53 2.28 2.60 5.36 2.35 8.02 3.15 3.17 7.15 18.96 2.14 0.78

0.28 1.29 0.19 0.39 1.68 0.32 8.42 2.57 29.56 2.52 2.60 5.41 2.40 8.07 3.16 3.17 7.16 18.97 2.14 0.83

+ 41.8 + 38.8 + 21.0 + 20.0 + 18.3 + 15.2 + 14.0 + 12.7 + 12.4 + 12.0 - 20.9 - 20.0 - 18.6 - 18.2 - 18.1 - 17.0 - 16.4 - 16.2 - 15.7 - 15.6

U.S. GREATEST VALUE CHANGE

WEEK VOLUME CLOSE CHANGE

Agnico-Eagle* AEM 13876708 29.56 + 3.28 Franco-Nevada* FNV 4268955 48.83 + 3.08 Randgold Res* GOLD 3801243 63.78 + 1.85 Central GoldT* GTU 211642 39.45 + 1.75 Royal Gold* RGLD 4184346 37.59 + 1.35 Barrick Gold* ABX 115997088 8.42 + 1.04 Goldcorp* GG 50981822 12.49 + 0.93 AngloGold Ash* AU 12748699 7.90 + 0.80 Seabridge Gld* SA 3200043 8.96 + 0.67 ASA (Bermuda)* ASA 1005953 7.64 + 0.47 Agrium* AGU 659233 82.74 - 6.60 Compass Mnls* CMP 664593 70.50 - 4.77 Rio Tinto* RIO 6061460 25.07 - 4.05 BHP Billi-BHP* BHP 25188320 21.96 - 3.80 BHP Billi-BBL* BBL 12776669 18.97 - 3.68 Cabot Corp* CBT 1715444 37.75 - 3.13 Mosaic* MOS 29185115 24.91 - 2.68 Soc Quim&M Ch* SQM 2390596 16.68 - 2.33 Alcoa* AA 207976255 8.07 - 1.80 Stillwater Mg* SWC 6702712 7.16 - 1.41

2016-01-12 7:21 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JANUARY 18–24, 2016

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, January 12, 2016 Precious Metals Price (US$/oz.) Change $1094.85 +16.85 Gold Silver $13.88 -0.13 Platinum $871.00 -7.00 Palladium $486.00 -61.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $8130.00 -30.00 $4353.50 -35.00 $1603.03 +6.00 $1461.00 -14.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, January 11, 2016 (change from January 4, 2016 in brackets): Aluminium Alloy 15200 (-60) Aluminium 2864850 (-24700) Copper 238625 (+2825) Lead 191075 (-575) Nickel 437040 (-4302) Tin 6295 (+155) Zinc 452475 (-10225)

TSX SHORT POSITIONS

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.31 per short ton Coal:Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.25 Coal:Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.70 Coal: CME Group Futures Feb. 2016: US$43.35; Mar. 2016: US$43.62 Cobalt: US$10.88/lb. Copper: US$2.00/lb. Copper: CME Group Futures Feb. 2016: US$1.96/lb.; Mar. 2016: US$1.96/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$40.90/tonne Iron Ore Fines: US$46.58/tonne Iron Ore Pellets: US$63.38/tonne Lead: US$0.73/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$13.99 per oz.; Handy & Harman Fabricated: US$17.49 per oz. Tantalite Ore: US$122.40/kg Tin: US$6.16/lb. Uranium: U3O8, Trade Tech spot price: US$34.50/lb.; The UX Consulting Company spot price: US$34.50/lb. Zinc: US$0.67/lb. Prices current Jan. 12, 2016

Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18. Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17. Crocodile Gold (CRK.WT) - Wt buys sh @ $2.25 to Mar 24/16. Dalradian Resources (DNA.WT) - Wt buys sh @ $1.50 to Jul 31/17. Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov. 20/15. Franco-Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17. Gran Colombia Gold (GCM.WT) - Wt buys sh @ $65.00 to Aug 24/15. (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19. Hudbay Minerals (HBM.WT) - Wt buys sh @ $15.00 to Jul 20/18. IMX Resources (IXR.WT) - Wt buys sh @ C$0.62 or A$0.60 to Sep 14/15. Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.80 to Dec 10/15. MBAC Fertilizer (MBC.WT) - Wt buys sh @$1.00 to Apr 17/19. New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17. Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.50 to Feb 18/22 Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $.40 to Jul 17/17. Royal Nickel (RNX.WT) - Wt buys sh @ $.80 to Jul 11/16. RTG Mining (RTG.WT) - Wt buys sh @ $1.50 to Jun 4/17. Rubicon Minerals (RMX.WT) – Wt buys sh @$2 to Mar 12/15. Sandstorm Gold (SSI.WT.A) Wt buys 1/5 sh @ US$5 to Oct 19/15. (SSI.WT.B) Wt buys sh @ US$14 to Sep 7/17. (SSI.WT.C) Wt entitles holder to receive 0.145 of a sh to Oct 7/14. Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15. Stornoway Diamond (SWY.WT.A) - Wt buys sh @ $0.90 to Jul 3/16. Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15. Supplied by TMX Group.

Published by:

2862286 1576133 1561613 1175620 967864 -9114763 -2464570 -2428770 -2014300 -1648014

Largest short positions East Asia Minerals EAS 1049000 Gold Reserve GRZ 705000 Uragold Bay Res. UBR 588400 SILVER Range Res. SNG 318000 Equitas Res. EQT 267541 Bayswater Uranium BYU 250000 Oroco Res. OCO 230000 Aura Silver Res. AUU 214000 Alexandria Min. AZX 212000 Golden Dawn Min. GOM 193100 Zenyatta Ventures ZEN 177381 Fission 3.0 FUU 177122 Nexgen Energy NXE 175344 Iberian Minerals IML 159200 Savary Gold SCA 155000 Largest increase in short position UBR 588400 Uragold Bay Res. Bayswater Uranium BYU 250000 Oroco Res. OCO 230000 Aura Silver Res. AUU 214000 Alexandria Minerals AZX 212000 Largest decrease in short position Arctic Star Exploration ADD 8000 Majestic Gold MJS 0 GTA Res. and Mining GTA 0 Maya Gold & Silver MYA 92500 Silver Range Res. SNG 318000

0 91400 588400 -332000 116541 250000 230000 214000 212000 23100 -23935 100122 -98156 157100 155000 588400 250000 230000 214000 212000 -1825000 -948000 -400000 -368000 -332000

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Date Jan 11 Jan 8 Jan 7 Jan 6 Jan 5 High Low TSX Composite 12319.25 12445.45 12448.21 12726.80 12920.14 15524.75 12230.01 507.32 514.67 513.75 520.37 524.26 707.95 494.28 S&P/TSX-Ven Comp S&P TSX 60 723.44 729.86 730.36 746.31 758.00 905.09 718.23 Global Gold 136.75 141.73 145.07 138.17 133.85 195.63 114.48 277.19 299.66 304.39 329.20 350.65 832.42 275.00 TSX Metals & Mining Gold & Silver XAU 44.38 47.10 48.46 46.81 46.18 82.19 42.35 211.23 101.28 Arca Gold Bugs 113.79 118.54 122.24 116.73 114.05

DAILY METAL PRICES Date Jan 11 Jan 8 Jan 7 Jan 6 Jan 5 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1590/1605 1590/1605 1580/1595 1560/1595 1605/1620 Aluminum 1471/1476 1475.50/1482 1454/1460.50 1456/1463 1472.50/1477 Copper 4401.50/4405 4485.50/4488.50 4513.50/4505 4599.50/4600 4646/4647 Lead 1601.50/1603 1646/1644 1612.50/1617 1694.50/1697 1728/1738 Nickel 8300/8360 8400/8460 8310/8370 8470/8520 8610/8605 Tin 13575/13615 13925/13900 13845/13800 14045/13940 14300/14250 Zinc 1469.50/1483 1478/1491 1476/1489 1514.50/1535 1547/1566 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1104.70 1097.45 1096.00 1083.85 1078.00 Gold PM 1100.75 1101.85 1106.35 1091.40 1077.00 Silver 13.97 14.04 14.03 14.01 14.01 Platinum 853.00 874.00 865.00 873.00 890.00 Palladium 485.00 505.00 486.00 519.00 544.00

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Jan 11 Jan 8 Jan 7 Jan 6 Jan 5 US$ in C$ 1.4205 1.4151 1.4061 1.4084 1.3993 C$ in US$ 0.7040 0.7067 0.7112 0.7100 0.7146

Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms

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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

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NEW 52-WEEK HIGHS AND LOWS JANUARY 4–8, 2016 44 New Highs Alturas Minls Archon Mineral BCM Res Blue Rvr Res Canada Carbon Canadn Int Mnl Centamin Claude Res Colombia Crest Detour Gold Endeavour Mng Erdene Res Dev Explor Res Frontline Gold Gold Std Vnt Gold Std Vnt* Golden Goliath Golden Share M Goldrush Res Hinterland Mtl Kings Bay Gold McEwen Mng Menika Mining Moneta Porcpn Nemaska Lith Northern Vertx OceanaGold Richmont Mines Richmont Mine* Seabridge Gold SGX Res Slam Exploratn Sparton Res St Andrew Gldf Stroud Res Sunridge Gold Tawsho Mng Tearlach Res TNR Gold Uragold Bay Rs Victory Res Westcore Energ Zadar Vent Zinco Mng

208 New Lows Aben Res Adex Mining Agrium* Alberta Star Alderon Iron O Aldershot Res Alliance Mng Alloycorp Alpha Gold Altai Res Altan Rio Mnls Altima Res Altius Mnrls Alturas Minls Amarc Res Anglo-Can Mng Arch Coal*

Arctic Star Rs Arcturus Res Atico Mng Axmin Inc Azimut Expl Azincourt Res B2Gold* B2Gold Baja Mng Balmoral Res Bandera Gold Banks Island G Bard Vent Barisan Gold Barker Mnrls Batero Gold Bayswater Uran Bear Creek Mng Berkwood Res BHP Billi-BBL* BHP Billi-BHP* Bold Vent Burnstone Vent Cadillac Vent Cameco Corp* Cameco Corp Canadn Arrow Canadn Silvr H Canamex Res CaNickel Mng Cantex Mn Dev Castle Peak Mg Caza Gold Central Iron O Chiboug Ind Mn China Mnls Mng Claim Post Res Cloud Peak En* Coeur Mng* Colombia Crest Colorado Res Compass Mnls* Compliance Eny Conquest Res Cons Richland Copper North M Cornerstone Ca Coronado Res Crazy Horse Rs Darnley Bay Diamond Fields Duncan Park H East Asia Mnls El Nino Vent Emgold Mng Equitorial Exp Europn Uran Rs Excalibur Res Fancamp Expl Fieldex Expl Firesteel Res Firestone Vent First Bauxite Focus Vnt

Foran Mng Fortune Mnrls Freeport McMo* Frontline Gold Galway Mtls Geodex Mnrls GGL Res Global Hunter Gold Finder Ex Gold Resource* Goldcliff Res Golden Band Goldex Res Goldeye Expl Grande Portage Great Bear Res GTA Res & Mng HudBay Mnls* Huntington Exp IBC Adv Alloys IMPACT Silver Inca One Res Independence G Intl Tower Hi* Intrepid Pots* Ivanhoe Mines Jiulian Res Katanga Mng Kincora Copper Kings Bay Gold Kootenay Gold Labdr I-Ore Ro Legend Gold Lincoln Mng Lundin Mng MacDonald Mns Magellan Minls Majescor Res Makena Res Mandalay Res Mason Graphite Matamec Expl Metalore Res Migao Mindoro Res Monarques Res Monster Mng Mosaic* Mountain Boy M Mustang Minls Network Expl New Destiny Mg Nortec Mnls North Am Tung Northern Abiti Northern Freeg Northern Shiel Northern Sup R Northisle C&G NovaCopper NovaCopper* NV Gold Orca Gold Orvana Mnrls Peabody Enrgy*

Peregrine Diam Pinetree Cap Platinex Platinum Gp Mt Potash C Sask* Potash Cp Sask Precipitate Gl QMX Gold Rambler Mg&Mtl Randsburg Intl Rare Elemt Re* Ratel Grp Red Rock Enrgy Reliance Res Renaissnc Gold Rio Novo Gold Rio Tinto* RJK Explor Rockland Mnls Rockwell Diam Rokmaster Res RT Minerals Sable Res Sage Gold Sanatana Diam Santacruz Silv Saville Res Scorpio Mining Silver Bull Re Silver Predatr Sonoro Mtls Source Expl Southern Arc Stellar Pac Vt Stillwater Mg* Stonegate Agri Stroud Res Sultan Mnrls Superior Coppr Sutter Gold Taipan Res Tanzania Mnls Taseko Mines* Trueclaim Expl Turquoise HIl* Turquoise Hill TVI Pacific Typhoon Expl Vale* Valterra Res Vantex Res Vena Res Victory Nickel WCB Res West Kirkland Western Pac Rs Western Potash Western Troy C Williams Creek WPC Res Xmet Xtierra

For daily mining news, visit www.northernminer.com CHINA: CONCERNS OVER SLOWING DEMAND ARE OVERBLOWN, AUSSIE ANALYST SAYS / 11 Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

GLOBAL MINING NEWS · SINCE 1915

LEGEND

Supplied by TMX Group Inc.

MAKE SENSE OF THE MINING INDUSTRY

EXCHANGE RATES (Bank of Canada, January 11, 2016) Currency Aus $ Euro Japan Mex P SA Rand UK £ In C$ 0.9931 1.5451 0.01209 0.07907 0.08451 2.0685 In US$ 0.6991 1.0877 0.00851 0.05566 0.05949 1.4562

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

Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18. Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18. Cornerstone Capital Resources (CGP.WT) - Wt buys sh @ $0.35 to Apr 7/19. Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sep 14/17. Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19. Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16. Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17. NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (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 @ $0.40 to Jan 17/17. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr 17/19.

TSX VENTURE SHORT POSITIONS

Largest short positions First Quantum FM 38630676 453176 Lundin Mining LUN 33940279 -581562 PotashCorp POT 27679986 967864 New Gold NGD 25244716 -508002 B2Gold BTO 22424089 -2428770 Yamana Gold YRI 16267025 2862286 Kinross Gold K 15111308 -307945 Barrick Gold ABX 14233661 1561613 Eldorado Gold ELD 11376002 211601 Teck Resources TCK.B 11292071 177106 Thompson Creek Mtls TCM 8701826 -77411 Paramount Res. POU 8641395 -432581 Iamgold IMG 8209088 336704 Torex Gold TXG 7563471 -162178 Argonaut Gold AR 7278733 -12217 Largest increase in short position Yamana Gold YRI 16267025 Goldcorp G 6848502 Barrick Gold ABX 14233661 Lake Shore Gold LSG 5425520 PotashCorp POT 27679986 Largest decrease in short position 905911 Platinum Group Mtls PTM Semafo SMF 897934 B2Gold BTO 22424089 Rubicon Minerals RMX 4188466 Centerra Gold CG 482083

TSX VENTURE WARRANTS

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.

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

MOUNT POLLEY

TAILINGS SPILL

BC Chief Inspector of Mines report finds Imperial Metals not liable / 5

Short Road to Silver Production/Earning TSX.V: GRG www.goldenarrowresources.com

905 841 5004 | geotech.ca

JANUARY 11-17, 2016 / VOL. 101 ISSUE 48 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Top gold performers in 2015 STANDOUTS | Several juniors beat the odds

Pretium explores porphyry potential at Brucejack GOLD EXPLORATION

| Latest drilling leads towards the east, away from KSM system

BY SALMA TARIKH starikh@northernminer.com

ince the commodities downturn started four years ago, gold companies have sought ways to reduce costs and push ahead. The spot gold price ended 2015 at US$1,061 per oz., down 10% for the year and 36% since closing 2012 at US$1,664 per oz. Despite the challenging gold-price environment last year, more than a few companies registered share-price gains. The golden five Claude Resources (TSX: CRJ; USOTC: CLGRF) topped the percentage gainers, rising 148% last year to finish at 78¢. The stock is up an astonishing 457% since exiting 2013 at 14¢. Claude’s flagship asset is the Seabee gold operation, located in northeastern Saskatchewan. The operation includes the Seabee mine and the nearby Santoy mine complex, which includes the Santoy Gap and Santoy 8 deposits. In an interview, president and CEO Brian Skanderbeg notes Claude’s success has come from improving its free cash flow margin with stronger grades and better mining techniques. Two years ago Claude started using Alimak long-hole mining at Seabee, improving productivity and lowering costs. It also produced from the higher-grade Santoy Gap deposit. (Full production from the Santoy Gap should start in 2017.) With these changes, and an asset and royalty sale in 2014, Claude has improved its free cash flow position and balance sheet. Skanderbeg expects the company

Warwick Board, Pretium Resources’ chief geologist, inspects a sample while conducting regional exploration at the Brucejack gold project in British Columbia.

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

ar w ick Board, chief geologist at Pretium Resources (TSX: PVG; NYSE: PVG), says excitement is building for exploration at the company’s Brucejack project in northwestern B.C., as his team zeroes in on discoveries within a district that compares in metal content to Grasberg, the world’s largest gold mine in Indonesia. “One of the things I always thought about before I moved to Canada is just how spectacular the rest of the Cordillera is from

“WE’RE ON THE EDGE OF FINDING THAT THIS IS ANOTHER MASSIVE MINERAL PROVINCE WITH BIG POTENTIAL.”

PRETIUM RESOURCES

PM40069240

WARWICK BOARD CHIEF GEOLOGIST, PRETIUM RESOURCES

Contact: moliveira@northernminer.com or 416-510-6768 See TOP GOLD / 13

Chile, Peru and to Arizona,” Board tells The Northern Miner during a phone interview. “At the time it didn’t make sense why we’re not finding the same mineral wealth here in Canada, but now I think, ‘Wow, we’re on the edge of finding another massive mineral province with big potential.’” The company has explored its 1,030 sq. km Brucejack property

with a 20,000-metre drill program this year despite already preparing its Valley of the Kings (VOK) gold deposit on the Brucejack property for commercial production in 2017. The epithermal, vein-hosted Valley of the Kings deposit boasts proven and probable reserves of 6.9 See PRETIUM / 2

MINERAL EXPLORATION ROUNDUP 2016

JANUARY 25 – 28 • CANADA PLACE, VANCOUVER, BC REGISTER TODAY AT amebc.ca/roundup

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JANUARY 18–24, 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 4–8, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 6706 0.06 0.05 0.05 - 0.01 0.09 0.04 Abcourt Mines V 2445 0.05 0.05 0.05 0.00 0.07 0.03 ABE Res V 120 0.03 0.03 0.03 0.00 0.08 0.03 0.07 + 0.01 0.30 0.06 Aben Res V 1287 0.07 0.06 Aberdeen Intl T 4932 0.17 0.13 0.15 - 0.01 0.17 0.11 Abitibi Royalt V 238 3.45 3.06 3.08 - 0.27 5.10 1.53 Actus Mnls V 80 0.03 0.03 0.03 - 0.01 0.10 0.02 Adamera Mnls V 6929 0.03 0.02 0.02 + 0.01 0.05 0.01 Adex Mining V 815 0.01 0.01 0.01 + 0.01 0.02 0.01 Adriana Res V 860 0.11 0.10 0.11 + 0.01 0.19 0.08 Adventure Gold V 868 0.13 0.11 0.13 + 0.01 0.20 0.06 African Gold G V 7495 0.05 0.04 0.05 + 0.02 0.07 0.03 0.02 + 0.01 0.03 0.01 African Queen V 7480 0.02 0.02 Africo Res T 100 0.49 0.42 0.46 - 0.03 0.55 0.30 138767 30.29 26.53 29.56 + 3.28 34.89 21.00 Agnico-Eagle* N Agnico-Eagle T 72359 42.67 37.07 41.82 + 5.45 43.70 27.63 Agrium* N 6592 89.33 82.57 82.74 - 6.60 116.77 82.57 Agrium T 16997 124.40 116.81 117.16 - 6.51 146.51 109.83 Aguila Am Res V 20 0.04 0.04 0.04 + 0.01 0.11 0.03 Alabama Graph V 10616 0.17 0.15 0.15 - 0.02 0.35 0.14 Alacer Gold T 33521 2.93 2.50 2.66 + 0.19 3.23 2.22 Alberta Star V 2131 0.03 0.02 0.03 0.00 0.05 0.02 N 2079762 9.80 8.02 8.07 - 1.80 17.10 7.81 Alcoa* Alderon Iron O T 2200 0.10 0.08 0.08 - 0.01 0.50 0.08 0.01 0.00 0.05 0.01 Aldershot Res V 30 0.01 0.01 Aldridge Minls V 1230 0.13 0.13 0.13 0.00 0.21 0.12 Aldrin Res V 3261 0.13 0.11 0.13 + 0.02 0.26 0.09 Alexander Nubi V 70 0.04 0.04 0.04 - 0.01 0.20 0.04 Alexandria Mnl V 9611 0.03 0.03 0.03 + 0.01 0.06 0.02 0.48 + 0.01 0.81 0.34 Alexco Res T 4375 0.50 0.47 Alexco Res* X 6619 0.37 0.34 0.34 + 0.00 0.68 0.26 Alita Res V 5888 0.07 0.06 0.07 + 0.01 0.30 0.06 V 26746 0.06 0.05 0.06 + 0.01 0.09 0.03 Alix Res Alliance Mng V 1325 0.01 0.01 0.01 + 0.01 0.06 0.01 14.38 12.66 13.27 - 0.22 43.65 11.93 Alliance Rs P* Q 13690 0.02 0.00 0.07 0.01 Alloycorp V 11683 0.02 0.01 Almaden Mnls* X 2714 0.71 0.60 0.62 - 0.06 1.11 0.48 0.88 - 0.07 1.57 0.65 Almaden Mnls T 347 0.95 0.88 Almonty Ind V 3061 0.33 0.26 0.30 + 0.02 0.86 0.23 0.03 - 0.01 0.06 0.03 Alpha Gold V 189 0.04 0.03 Alphamin Res V 4600 0.19 0.17 0.17 - 0.01 0.32 0.11 Altai Res V 40 0.05 0.05 0.05 - 0.01 0.12 0.05 160 0.01 0.01 0.01 0.00 0.05 0.01 Altan Rio Mnls V Altima Res V 100 0.01 0.01 0.01 0.00 0.04 0.01 Altiplano Mnls V 100 0.03 0.03 0.03 0.00 0.06 0.02 T 5456 10.21 8.48 8.92 - 1.18 15.47 8.48 Altius Mnrls Alto Vent V 200 0.02 0.02 0.02 0.00 0.10 0.02 0.01 0.00 0.01 0.01 Alturas Minls V 638 0.01 0.01 Alum Cp China* N 1386 7.95 7.34 7.43 - 0.81 17.44 7.01 960 0.04 0.04 0.04 + 0.01 0.10 0.03 Am Creek Res V AM Gold V 366 0.04 0.03 0.03 - 0.01 0.06 0.03 Amarc Res V 455 0.07 0.05 0.06 - 0.01 0.18 0.05 0.06 0.00 0.15 0.04 Amarillo Gold V 1060 0.09 0.06 Amato Expl V 36 0.01 0.01 0.01 0.00 0.02 0.01 American Manga V 4745 0.02 0.02 0.02 0.00 0.05 0.01 Amerigo Res T 1443 0.20 0.18 0.18 - 0.03 0.45 0.17 Amex Expl V 2420 0.03 0.03 0.03 - 0.02 0.09 0.02 V 10 0.05 0.05 0.05 + 0.01 0.06 0.01 AMI Res Anaconda Mng T 9475 0.06 0.04 0.06 + 0.02 0.07 0.04 0.02 + 0.01 0.03 0.01 Anconia Res V 500 0.02 0.02 Anfield Nickel V 50 0.66 0.66 0.66 - 0.06 0.96 0.52 Anfield Res V 100 0.10 0.08 0.08 - 0.02 0.30 0.05 0.05 + 0.02 0.10 0.01 Angel Gold V 367 0.05 0.04 Angkor Gold V 1077 0.50 0.47 0.50 + 0.03 0.64 0.38 0.19 + 0.01 0.30 0.02 Anglo-Bomarc V 734 0.25 0.13 Anglo-Can Mng V 80 0.01 0.01 0.01 0.00 0.02 0.01 8.03 7.19 7.90 + 0.80 13.12 5.64 AngloGold Ash* N 127486 Antioquia Gold V 96 0.07 0.07 0.07 - 0.02 0.10 0.01 Antofagasta Gd V 10086 0.28 0.20 0.21 - 0.08 0.29 0.09 0.22 - 0.05 0.65 0.15 Apogee Silver V 51 0.22 0.22 Aquila Res T 1741 0.17 0.16 0.17 - 0.00 0.24 0.10 Arch Coal* N 52338 0.95 0.78 0.83 - 0.15 17.00 0.78 V 140 2.10 1.84 1.84 - 0.26 2.10 0.95 Archon Mineral Arctic Hntr Ur V 1036 0.03 0.03 0.03 0.00 0.06 0.02 Arctic Star Rs V 18018 0.01 0.01 0.01 0.00 0.07 0.01 0.01 0.00 0.03 0.01 Arcturus Res V 200 0.01 0.01 Arcus Dev Grp V 1012 0.02 0.02 0.02 - 0.01 0.04 0.01 0.04 + 0.01 0.08 0.02 Argentex Mng V 1080 0.04 0.03 Argex Titanium T 20664 0.05 0.04 0.04 + 0.01 0.60 0.03 1.18 - 0.01 3.14 1.14 Argonaut Gold T 49272 1.30 1.15 0.05 0.00 0.11 0.02 Argus Metals V 162 0.05 0.04 Arianne Phosph V 1506 0.99 0.92 0.95 - 0.05 1.00 0.68 0.32 - 0.01 0.52 0.22 Armistice Res T 1361 0.36 0.30 ASA (Bermuda)* N 10059 7.89 7.20 7.64 + 0.47 12.31 6.73 Asanko Gold T 33747 2.37 2.04 2.22 + 0.19 2.55 1.59 1.57 + 0.11 1.94 1.26 Asanko Gold* X 774 1.68 1.47 Ascot Res V 1665 1.04 0.87 0.90 - 0.25 2.00 0.81 V 1980 0.02 0.02 0.02 0.00 0.03 0.01 Ashburton Vent Asian Minl Res V 100 0.03 0.03 0.03 + 0.01 0.08 0.03 0.15 0.00 0.20 0.08 Aston Bay V 150 0.15 0.15 0.01 0.00 0.04 0.01 Astur Gold V 70 0.01 0.01 Atac Res V 8659 0.37 0.31 0.37 + 0.07 0.78 0.26 29 0.21 0.19 0.20 + 0.05 0.45 0.14 Atacama Pac Gd V Athabasca Mnls V 3616 0.30 0.23 0.27 - 0.04 1.21 0.20 Atico Mng V 1327 0.28 0.24 0.25 - 0.03 0.67 0.24 0.07 + 0.01 0.20 0.03 Augen Gold V 584 0.07 0.05 Aura Mnls T 1350 0.09 0.08 0.08 - 0.01 0.12 0.06 Aura Silver Rs V 570 0.02 0.02 0.02 + 0.01 0.02 0.01 Auramex Res V 500 0.01 0.01 0.01 + 0.01 0.02 0.01 Aurcana Corp V 4267 0.15 0.12 0.14 + 0.02 0.35 0.09 0.01 - 0.01 0.04 0.01 AurCrest Gold V 1080 0.02 0.01 Aureus Mng T 20 0.14 0.14 0.14 + 0.01 0.83 0.09 Aurion Res V 1470 0.07 0.06 0.07 + 0.02 0.08 0.03 Aurvista Gold V 10 0.04 0.04 0.04 + 0.01 0.09 0.03 Avala Res V 1480 0.05 0.04 0.05 + 0.01 0.09 0.03 Avalon Rare Mt T 9082 0.14 0.12 0.12 - 0.01 0.48 0.11 Avino Silver V 944 1.40 1.24 1.27 + 0.03 2.40 1.15 Avino Silver* X 2701 0.94 0.88 0.89 - 0.01 1.97 0.83 Avnel Gold T 722 0.25 0.23 0.25 - 0.01 0.31 0.17 Avrupa Mnls V 1850 0.15 0.09 0.12 + 0.01 0.38 0.07 Axmin Inc V 810 0.01 0.01 0.01 + 0.01 0.03 0.01 0.10 - 0.02 0.25 0.10 Azimut Expl V 296 0.11 0.10 Azincourt Res V 257 0.06 0.04 0.06 + 0.01 0.36 0.04

B B2Gold* X 122821 B2Gold T 625788 Bacanora Mnls V 751 Baja Mng V 11162 Balmoral Res T 8485 Bandera Gold V 1730 Banks Island G V 2060 Bannerman Res T 828 Banro T 6466 Banro* X 36852 Banyan Gold V 93 Bard Vent V 166 Barisan Gold V 200

Jan 18 Pgs 8 9.indd 8

1.08 0.88 0.95 - 0.07 2.38 0.88 1.53 1.24 1.34 - 0.06 2.88 1.24 1.65 1.49 1.50 - 0.15 2.05 0.75 0.02 0.02 0.02 0.00 0.06 0.02 0.44 0.40 0.40 - 0.03 1.25 0.40 0.01 0.01 0.01 0.00 0.05 0.01 0.01 0.01 0.01 + 0.01 0.20 0.01 0.04 0.03 0.03 + 0.01 0.08 0.03 0.31 0.28 0.30 + 0.02 0.47 0.15 0.22 0.20 0.21 + 0.00 0.40 0.13 0.04 0.03 0.04 0.00 0.10 0.02 0.02 0.01 0.02 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.13 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barker Mnrls V 100 Barkerville Go V 14295 Barrick Gold* N 1159970 Barrick Gold T 236289 Batero Gold V 630 V 263 Bayswater Uran BCGold V 215 BCM Res V 5119 Bear Creek Mng V 3542 Bearclaw Cap V 165 Beaufield Res V 240 Belo Sun Mng T 17145 Benton Res V 360 Berkwood Res V 1480 BHP Billi-BBL* N 127766 BHP Billi-BHP* N 251883 Big North Grap V 560 530 Bison Gold Res V Bitterroot Res V 230 Black Iron T 1245 Blue Rvr Res V 7880 30 Blue Sky Uran V BMO Jr Gld ETF T 977 Bold Vent V 4000 Bonterra Res V 3500 Bowmore Expl V 60 Bravada Gold V 136 Brazil Res V 2167 Brixton Mtls V 749 Buccaneer Gold V 90 V 11 Burnstone Vent

0.01 0.01 0.01 0.00 0.02 0.01 0.26 0.24 0.26 - 0.01 0.40 0.20 8.83 7.59 8.42 + 1.04 13.70 5.91 12.44 10.62 11.92 + 1.68 16.54 7.89 0.06 0.06 0.06 0.00 0.11 0.06 0.02 0.01 0.02 0.00 0.06 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.23 0.11 0.14 + 0.02 0.23 0.02 0.60 0.56 0.56 - 0.02 1.94 0.56 0.04 0.03 0.03 0.00 0.05 0.02 0.04 0.04 0.04 0.00 0.06 0.03 0.26 0.23 0.23 - 0.02 0.30 0.15 0.04 0.04 0.04 + 0.01 0.06 0.03 0.01 0.01 0.01 0.00 0.05 0.01 22.36 18.96 18.97 - 3.68 48.87 18.96 25.50 21.93 21.96 - 3.80 50.22 21.93 0.03 0.03 0.03 0.00 0.45 0.02 0.02 0.01 0.01 0.00 0.04 0.01 0.04 0.04 0.04 + 0.01 0.10 0.03 0.03 0.03 0.03 - 0.01 0.05 0.02 0.05 0.04 0.05 + 0.01 0.05 0.03 0.05 0.05 0.05 0.00 0.26 0.04 5.81 5.12 5.50 + 0.57 7.65 4.45 0.02 0.02 0.02 - 0.01 0.06 0.02 0.22 0.19 0.20 + 0.02 0.43 0.09 0.08 0.07 0.08 + 0.01 0.11 0.03 0.04 0.04 0.04 - 0.02 0.07 0.02 0.51 0.46 0.49 + 0.04 0.85 0.43 0.09 0.07 0.09 + 0.01 0.22 0.05 0.02 0.02 0.02 + 0.01 0.04 0.02 0.01 0.01 0.01 0.00 0.04 0.01

Cabot Corp* N 17154 Cache Expl V 53 Cadan Res V 150 Cadillac Vent V 40 T 983 Caledonia Mng Calibre Mng V 2720 Calico Res V 650 Callinex Mines V 1454 Cameco Corp* N 82839 Cameco Corp T 47812 Camino Mnls V 102 Canada Carbon V 20165 Canada Rare Ea V 10846 Canada Zinc Mt V 200 Canadn Arrow V 40 Canadn Int Mnl V 500 V 1650 Canadn Mining Canadn Silvr H V 40 Canadn Zinc T 5785 Canamex Res V 3924 Canarc Res T 950 Canasil Res V 40 Cancana Res V 785 Candente Coppr T 175 CaNickel Mng T 80 Canoe Mng Vnt V 200 Canstar Res V 1360 Canterra Mnls V 784 Cantex Mn Dev V 3641 Canuc Res V 95 Canyon Copper V 67 Cap-Ex Vent V 2532 Capstone Mng T 60491 Cardero Res T 2005 Carlisle Goldf T 7227 Carmax Mng V 222 Castillian Res V 440 Castle Peak Mg V 190 Catalyst Coppr V 837 Caza Gold V 140 CB Gold V 220 Centamin T 2736 Centerra Gold T 45556 Central Fund* X 43594 Central Fund T 4113 Central Gold-T T 161 Central GoldT* X 2116 Central Iron O V 2700 Chalice Gold M T 277 V 50 Champion Bear Champion Iron T 2871 Chesapeake Gld V 895 30 Chiboug Ind Mn V Chilean Gold V 1720 Chimata Gold V 1730 China Gold Int T 8219 495 China Mnls Mng V Claim Post Res V 1010 Claude Res T 58926 Cliffs Nat Rs* N 184878 Clifton Star V 1157 Cloud Peak En* N 15704 CMC Metals V 2150 Coeur Mng* N 132100 Colombia Crest V 1550 Colombian Mins V 770 Colonial Coal V 905 Colorado Res V 4172 Colt Res V 2511 Columbus Gold V 2396 Comet Inds V 30 Commander Res V 190 Commerce Res V 1979 Compass Mnls* N 6645 Compliance Eny V 670 Comstock Mng* X 3888 Comstock Mtls V 4917 Condor Res V 1218 Confedertn Mls V 480 Conquest Res V 200 Cons Richland V 55 Cons Woodjam C V 37 Consol Energy* N 497604 Constant Mtl R V 3610 Contintl Gold T 13793 Contl Precious T 21 Copper Fox Mtl V 1517 Copper Mtn Mng T 13567 Copper North M V 21231 Copper One V 200 Coral Gold V 789 Cordoba Mnls V 675 Corex Gold V 2352 Cornerstone Ca V 2521 Coro Mining T 200 Coronado Res V 75 Coronet Mtls V 40

40.50 37.67 37.75 - 3.13 48.00 30.70 0.10 0.08 0.08 - 0.02 0.16 0.05 0.05 0.05 0.05 0.00 0.12 0.03 0.01 0.01 0.01 - 0.01 0.11 0.01 0.86 0.80 0.84 + 0.03 1.06 0.66 0.08 0.07 0.08 + 0.01 0.19 0.06 0.13 0.09 0.13 + 0.03 0.19 0.06 0.35 0.29 0.31 - 0.05 0.40 0.16 12.10 10.94 11.44 - 0.89 17.77 10.94 16.89 15.42 16.21 - 0.86 21.44 15.42 0.09 0.09 0.09 + 0.02 0.26 0.07 0.36 0.31 0.32 - 0.04 0.36 0.19 0.04 0.03 0.03 0.00 0.11 0.03 0.13 0.13 0.13 - 0.01 0.33 0.11 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.04 0.04 0.00 0.05 0.01 0.10 0.08 0.09 0.00 0.18 0.05 0.01 0.01 0.01 0.00 0.07 0.01 0.11 0.10 0.10 - 0.01 0.24 0.06 0.04 0.03 0.04 + 0.01 0.18 0.03 0.06 0.05 0.06 + 0.01 0.10 0.03 0.05 0.05 0.05 0.00 0.07 0.03 0.22 0.20 0.20 + 0.01 0.32 0.13 0.04 0.03 0.03 - 0.01 0.13 0.03 0.03 0.03 0.03 0.00 0.23 0.03 0.03 0.03 0.03 0.00 0.10 0.02 0.05 0.05 0.05 - 0.01 0.10 0.03 0.04 0.04 0.04 0.00 0.09 0.03 0.04 0.03 0.04 + 0.01 0.06 0.03 0.07 0.06 0.07 + 0.02 0.35 0.05 0.03 0.03 0.03 + 0.01 0.12 0.01 0.01 0.01 0.01 + 0.01 0.04 0.01 0.43 0.34 0.35 - 0.09 2.12 0.31 0.21 0.09 0.13 + 0.03 0.45 0.08 0.57 0.47 0.54 + 0.03 0.64 0.16 0.04 0.03 0.04 + 0.01 0.07 0.02 0.10 0.06 0.10 + 0.05 0.14 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.13 0.11 0.12 - 0.01 0.32 0.11 0.02 0.02 0.02 - 0.01 0.09 0.02 0.04 0.04 0.04 - 0.01 0.14 0.03 1.40 1.33 1.33 - 0.01 1.40 0.96 7.98 6.67 7.50 + 0.91 8.67 5.05 10.64 10.09 10.46 + 0.47 13.73 9.84 14.96 14.09 14.77 + 0.98 16.89 13.26 56.48 52.43 55.28 + 2.91 57.25 48.37 39.83 38.10 39.45 + 1.75 46.73 37.25 0.01 0.01 0.01 0.00 0.01 0.01 0.11 0.11 0.11 0.00 0.15 0.09 0.08 0.08 0.08 + 0.02 0.15 0.05 0.16 0.15 0.15 - 0.02 0.23 0.07 2.10 1.81 1.95 + 0.19 2.59 1.39 0.02 0.02 0.02 0.00 0.05 0.02 0.03 0.03 0.03 0.00 0.08 0.02 0.03 0.02 0.02 - 0.01 0.19 0.01 2.24 2.08 2.18 + 0.10 2.58 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.07 0.01 0.97 0.77 0.87 + 0.09 0.97 0.30 1.83 1.46 1.61 + 0.03 9.39 1.42 0.17 0.14 0.16 + 0.01 0.25 0.07 2.24 1.74 1.84 - 0.24 9.27 1.74 0.03 0.03 0.03 + 0.01 0.08 0.02 2.61 2.25 2.32 - 0.16 7.45 2.25 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.03 0.03 + 0.01 0.13 0.02 0.04 0.03 0.03 - 0.01 0.15 0.03 0.07 0.05 0.07 + 0.01 0.16 0.05 0.15 0.13 0.14 0.00 0.30 0.10 0.36 0.34 0.36 - 0.01 0.55 0.31 1.35 1.35 1.35 + 0.13 1.75 1.00 0.02 0.02 0.02 0.00 0.04 0.01 0.09 0.08 0.08 + 0.01 0.22 0.07 76.82 70.08 70.50 - 4.77 95.68 70.08 0.06 0.03 0.04 - 0.02 0.40 0.03 0.44 0.37 0.39 - 0.01 1.19 0.35 0.03 0.02 0.03 + 0.02 0.04 0.01 0.03 0.03 0.03 - 0.01 0.07 0.02 0.03 0.03 0.03 - 0.01 0.09 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 - 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.09 0.03 8.69 7.15 7.69 - 0.21 34.56 6.30 0.07 0.06 0.06 0.00 0.17 0.05 1.90 1.56 1.89 + 0.32 3.28 1.29 0.29 0.29 0.29 - 0.02 0.70 0.25 0.14 0.12 0.13 + 0.01 0.37 0.11 0.44 0.39 0.40 - 0.05 1.73 0.38 0.04 0.03 0.03 - 0.01 0.09 0.03 0.04 0.04 0.04 + 0.01 0.20 0.03 0.08 0.06 0.06 0.00 0.20 0.05 0.16 0.14 0.15 - 0.01 0.25 0.08 0.05 0.04 0.05 + 0.01 0.09 0.03 0.03 0.02 0.02 - 0.01 0.11 0.02 0.02 0.02 0.02 0.00 0.05 0.02 0.35 0.22 0.35 + 0.12 1.30 0.22 0.08 0.08 0.08 + 0.02 0.39 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Corsa Coal V 1300 Corvus Gold T 963 Crazy Horse Rs V 10 Cresval Cap V 300 Critical Elem V 3173 600 Currie Rose Rs V CVR Partners* N 1930

0.02 0.02 0.02 - 0.01 0.20 0.02 0.49 0.42 0.44 + 0.03 1.14 0.33 0.01 0.01 0.01 0.00 0.07 0.01 0.06 0.06 0.06 + 0.02 0.06 0.01 0.19 0.18 0.19 0.00 0.30 0.16 0.01 0.01 0.01 0.00 0.02 0.01 7.97 7.31 7.33 - 0.68 16.12 7.11

Dajin Res V 9789 Dalradian Res T 4932 Dalton Res Ltd V 1020 Darnley Bay V 638 Decade Res V 3823 Defiance Silvr V 1798 T 28327 Denison Mines Denison Mines* X 4483 Desert Star V 516 Detour Gold T 107421 V 5347 Diagnos Diamcor Mng V 744 Diamond Fields V 662 Dios Expl V 1707 V 7023 Discovery Vent Dolly Vard Sil V 192 Dominion Diam* N 6566 Dominion Diam T 16387 Doubleview Cap V 1511 Duncan Park H V 530 Dundee Prec Mt T 6401 Duran Vent V 2507 Durango Res V 910 Dynacor Gold M T 1135 Dynasty Gold V 1000 Dynasty Met&Mn T 5207 Eagle Plains V 310 East Asia Mnls V 8939 Eastern Platin T 402 Eastfield Res V 100 Eastmain Res T 5648 829 Eco Oro Mnls T Ecuador G & C V 820 V 40 El Nino Vent Eldorado Gold* N 45306 Eldorado Gold T 104109 Electra Gold V 23236 Eloro Minls V 310 Ely Gold & Mnl V 945 Emerick Res V 3660 Emgold Mng V 625 V 5756 Encanto Potash Endeavour Mng T 10532 Endeavr Silver T 3767 Endeavr Silve* N 3105 Endurance Gold V 100 Energizer Res T 16010 Energold Drill V 9951 Energy Fuels T 3203 V 3369 Entourage Mtls Entree Gold* X 2479 Entree Gold T 592 Equitas Res V 20693 Equitorial Exp V 10620 745 Erdene Res Dev T Erin Ventures V 5564 Eskay Mng V 245 Ethos Gold V 355 Eurasian Minls V 248 Eurasian Mnls* X 756 Eureka Res V 170 EurOmax Res V 116 Europn Uran Rs V 40 Everton Res V 5945 Evolving Gold C 65 Evrim Res V 666 Excalibur Res C 21 Excellon Res T 931 Excelsior Mng V 2321 Exeter Res* X 1415 Exeter Res T 3405 Explor Res V 19190 Faircourt Gold T 566 Fairmont Res V 3044 Falco Res V 26798 Falcon Gold V 780 Fancamp Expl V 5725 Feronia V 1200 Fieldex Expl V 180 Finlay Minrls V 170 Firebird Res V 880 Firesteel Res V 35 Firestone Vent V 382 First Bauxite V 824 First Lithium V 6764 First Majesti* N 37494 First Majestic T 25178 First Mexican V 9206 First Point T 636 First Quantum T 261468 Fission 3.0 V 19161 Fjordland Exp V 3080 Flinders Res V 905 Focus Graphite V 4864 Focus Vnt V 37534 Foraco Intl T 294 Foran Mng V 3749 Formation Mtls T 380 Forsys Metals T 1357 Fortuna Silver T 13817 Fortuna Silvr* N 18071 Fortune Bay T 174 Fortune Mnrls T 5507 Forum Uranium V 890 Franco-Nevada* N 42689 Franco-Nevada T 37441 Freegold Vent T 3790 Freeport McMo* N 2347214 Freeport Res V 40 Frontline Gold V 5800

0.15 0.13 0.15 + 0.01 0.16 0.04 0.81 0.72 0.74 - 0.05 1.16 0.62 0.10 0.10 0.10 + 0.01 0.28 0.08 0.02 0.01 0.02 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.08 0.01 0.08 0.07 0.07 + 0.01 0.19 0.06 0.69 0.60 0.63 - 0.07 1.22 0.48 0.50 0.42 0.44 - 0.04 1.00 0.35 0.16 0.15 0.15 - 0.01 0.22 0.11 17.07 14.70 16.12 + 1.71 17.07 9.08 0.05 0.05 0.05 0.00 0.11 0.04 0.90 0.80 0.80 - 0.14 1.45 0.65 0.02 0.01 0.02 + 0.01 0.05 0.01 0.07 0.06 0.06 + 0.01 0.10 0.04 0.15 0.14 0.15 0.00 0.25 0.09 0.16 0.12 0.15 + 0.01 0.65 0.11 10.68 9.73 10.09 - 0.14 20.30 7.27 14.90 13.72 14.27 + 0.13 24.60 9.96 0.13 0.10 0.10 + 0.01 0.19 0.07 0.01 0.01 0.01 0.00 0.03 0.01 1.35 1.25 1.29 + 0.01 3.76 1.14 0.02 0.02 0.02 + 0.01 0.04 0.01 0.04 0.04 0.04 - 0.01 0.08 0.03 1.91 1.80 1.84 - 0.05 2.59 1.30 0.02 0.02 0.02 0.00 0.03 0.01 0.23 0.21 0.21 + 0.01 0.82 0.18 0.06 0.06 0.06 + 0.01 0.08 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.83 0.77 0.77 - 0.07 2.26 0.61 0.03 0.03 0.03 0.00 0.05 0.02 0.38 0.34 0.36 + 0.02 0.62 0.21 0.40 0.34 0.36 + 0.03 0.95 0.34 0.03 0.02 0.03 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.04 0.01 3.35 2.93 3.25 + 0.28 7.99 2.45 4.72 4.10 4.59 + 0.49 9.68 3.26 0.12 0.09 0.10 - 0.01 0.14 0.04 0.13 0.13 0.13 + 0.03 0.20 0.05 0.06 0.05 0.05 - 0.01 0.08 0.03 0.12 0.11 0.11 - 0.02 0.30 0.10 0.01 0.01 0.01 0.00 0.03 0.01 0.07 0.06 0.06 - 0.01 0.16 0.05 8.40 7.55 7.79 + 0.16 8.40 4.35 2.10 1.96 2.00 + 0.02 3.83 1.64 1.48 1.39 1.41 - 0.01 3.16 1.25 0.03 0.03 0.03 + 0.01 0.08 0.02 0.10 0.08 0.10 + 0.01 0.14 0.03 0.41 0.34 0.36 + 0.02 1.32 0.31 4.13 3.40 3.45 - 0.65 7.10 2.47 0.07 0.06 0.07 + 0.01 0.22 0.03 0.24 0.20 0.20 - 0.03 0.51 0.08 0.34 0.29 0.29 0.00 0.66 0.18 0.10 0.09 0.09 - 0.01 0.22 0.05 0.05 0.04 0.04 - 0.01 0.20 0.04 0.17 0.15 0.15 - 0.01 0.17 0.10 0.09 0.07 0.07 - 0.01 0.11 0.04 0.09 0.09 0.09 - 0.02 0.20 0.01 0.15 0.14 0.15 - 0.03 0.23 0.11 0.67 0.58 0.66 + 0.09 0.97 0.48 0.46 0.41 0.45 + 0.02 0.81 0.35 0.05 0.05 0.05 - 0.01 0.16 0.02 0.35 0.30 0.35 + 0.07 0.57 0.19 0.01 0.01 0.01 - 0.01 0.03 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.06 0.05 0.05 - 0.02 0.10 0.00 0.21 0.13 0.21 + 0.06 0.22 0.10 0.01 0.01 0.01 0.00 0.05 0.01 0.32 0.29 0.29 - 0.02 1.15 0.20 0.25 0.20 0.24 + 0.03 0.39 0.19 0.40 0.31 0.39 + 0.07 0.66 0.29 0.56 0.43 0.55 + 0.10 0.82 0.39 0.11 0.08 0.11 + 0.03 0.11 0.04 2.94 2.73 2.87 + 0.16 4.38 2.42 0.04 0.03 0.04 + 0.01 0.23 0.02 0.28 0.23 0.24 - 0.03 0.69 0.21 0.01 0.01 0.01 + 0.01 0.10 0.01 0.03 0.02 0.02 - 0.01 0.05 0.02 0.16 0.14 0.14 - 0.02 0.45 0.07 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 - 0.02 0.05 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.01 0.01 0.01 - 0.01 0.08 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.03 0.03 - 0.01 0.09 0.03 0.45 0.44 0.45 - 0.02 0.48 0.18 3.46 3.13 3.18 - 0.09 7.15 2.66 4.82 4.42 4.51 0.00 8.55 3.54 0.06 0.03 0.04 - 0.02 0.07 0.02 0.06 0.05 0.06 + 0.01 0.10 0.04 5.37 4.12 4.24 - 0.94 19.83 3.75 0.12 0.09 0.10 - 0.02 0.14 0.06 0.02 0.01 0.01 + 0.01 0.04 0.01 0.17 0.14 0.15 0.00 0.50 0.12 0.10 0.08 0.09 0.00 0.53 0.07 0.12 0.06 0.07 - 0.05 0.27 0.06 0.31 0.25 0.25 - 0.04 0.77 0.13 0.08 0.07 0.08 0.00 0.48 0.07 0.11 0.10 0.10 - 0.02 0.22 0.09 0.12 0.09 0.11 + 0.03 0.36 0.08 3.71 3.19 3.58 + 0.47 6.30 2.65 2.63 2.28 2.52 + 0.27 5.25 2.00 0.29 0.28 0.28 0.00 0.43 0.26 0.03 0.02 0.03 + 0.01 0.16 0.02 0.07 0.06 0.07 0.00 0.12 0.04 49.68 45.43 48.83 + 3.08 58.84 38.20 70.12 63.64 69.05 + 5.75 74.10 49.96 0.07 0.06 0.07 0.00 0.24 0.05 6.76 5.36 5.41 - 1.36 23.81 5.36 0.01 0.01 0.01 + 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.01 0.01

Gabriel Res T 5807 Galane Gold V 972 Galantas Gold V 181 Galway Gold V 393 Galway Mtls V 8257 GAMCO Glb Gld* X 49120 Garibaldi Res V 4059 General Moly* X 6975 Geodex Mnrls V 134

0.19 0.14 0.18 + 0.04 0.86 0.12 0.04 0.03 0.04 + 0.01 0.20 0.03 0.12 0.09 0.12 + 0.03 0.18 0.05 0.07 0.07 0.07 - 0.01 0.12 0.05 0.10 0.09 0.10 + 0.01 0.16 0.09 5.12 4.80 5.03 + 0.28 7.85 4.46 0.14 0.12 0.13 0.00 0.20 0.05 0.22 0.20 0.20 0.00 1.00 0.19 0.01 0.01 0.01 0.00 0.06 0.01

D-F

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

T 93 Geodrill T 1197 Geologix Ex Geomega Res V 7573 GFK Res V 712 GGL Res V 2984 Glen Eagle Res V 4140 Global Hunter V 54 Globex Mng T 150 V 20 Gobimin GoGold Res T 1703 Gold Bulln Dev V 6241 253836 Gold Fields* N 676 Gold Finder Ex V 370 Gold Reach Res V Gold Reserve V 133 24748 X Gold Resource* V 3902 Gold Std Vnt Gold Std Vnt* X 5139 Goldcliff Res V 1000 T 185945 Goldcorp 509818 Goldcorp* N Golden Arrow R V 1349 Golden Band V 8400 Golden Dawn Ml V 6446 V 9724 Golden Goliath Golden Hope V 615 Golden Mnls T 116 Golden Mnls* X 2861 Golden Peak Mn V 2925 V 124 Golden Predatr Golden Queen T 1804 Golden Reign R V 1250 251 Golden Share M V Golden Star T 4313 33625 Golden Star* X Golden Tag V 4510 Golden Val Min V 1665 Goldex Res V 51 Goldeye Expl V 20 Goldfield* X 1387 T 3834 Goldgroup Mng V 7306 GoldQuest Mng Goldrea Res C 15 V 3099 Goldrock Mines Goldrush Res V 69870 V 2958 Goldsource Min Goldstar Mnls V 1000 V 2604 Goldstrike Res Gossan Res V 70 Gowest Gold V 5022 T 984 Gran Colombia V 1800 Grande Portage Graphite One R V 5610 Great Bear Res V 9232 10764 X Great Panther* Great Panther T 3125 Great Quest Me V 1324 Green Swan Cap V 1000 V 190 Greencastle Rs Gresham Res V 6914 Grizzly Discvr V 150 V 2345 Groundstar Res 120 GTA Res & Mng V Gunpoint Expl V 180 T 14194 Guyana Gldflds Guyana Prec Mt V 1675 GWR Res V 1502 400 Happy Ck Minls V 156647 N Harmony Gold* Harte Gold T 11348 Harvest Gold V 1675 V 558 Hawkeye Gld&Di 368072 Hecla Mining* N Hi-Crush Part* N 1585 Highbank Res V 10913 Highland Res V 77 390 Highway 50 Gld V Hinterland Mtl V 80 V 200 Homestake Res Honey Badger E V 2370 Horizns G Bear T 59241 Horizns G Bull T 55935 Houston Lake V 7055 HudBay Minls T 63507 HudBay Mnls* N 1008 Hudson Res V 1032 V 2982 Huntington Exp

0.46 0.58 - 0.01 0.99 0.64 0.58 0.03 0.02 0.02 - 0.01 0.05 0.02 0.06 0.06 0.00 0.29 0.07 0.06 0.03 0.06 + 0.02 0.12 0.06 0.04 0.01 0.02 + 0.01 0.06 0.02 0.01 0.10 0.07 0.07 - 0.02 0.14 0.03 0.02 0.02 - 0.01 0.06 0.02 0.02 0.17 0.24 0.00 0.37 0.24 0.23 0.27 0.29 - 0.06 0.51 0.29 0.29 0.95 1.08 - 0.08 1.67 1.18 1.08 0.04 0.03 0.03 0.00 0.06 0.02 2.04 3.10 + 0.33 6.01 3.23 2.72 0.03 0.02 0.03 + 0.02 0.07 0.02 0.11 0.09 0.09 - 0.01 0.50 0.09 2.48 3.45 - 0.04 5.39 3.67 3.45 1.55 1.58 - 0.08 3.88 1.78 1.55 0.96 0.90 0.93 - 0.02 0.96 0.40 0.69 0.64 0.65 - 0.03 0.69 0.26 0.01 0.01 0.00 0.02 0.01 0.01 15.05 17.68 + 1.69 30.95 18.13 16.09 10.87 12.49 + 0.93 25.00 12.87 11.49 0.21 0.20 0.20 - 0.01 0.50 0.18 0.01 0.01 0.00 0.01 0.01 0.01 0.08 0.07 0.07 - 0.01 0.30 0.02 0.01 0.02 + 0.01 0.02 0.02 0.01 0.09 0.25 + 0.03 0.64 0.30 0.23 0.26 0.30 + 0.02 0.82 0.30 0.28 0.19 0.20 0.00 0.67 0.21 0.20 0.08 0.06 0.06 - 0.01 0.09 0.04 0.07 0.11 - 0.02 0.15 0.11 0.11 0.65 1.19 + 0.49 1.68 1.21 0.76 0.09 0.07 0.08 + 0.01 0.13 0.06 0.09 0.09 0.09 0.00 0.09 0.03 0.21 0.25 + 0.01 0.51 0.26 0.24 0.14 0.18 + 0.01 0.42 0.19 0.17 0.02 0.03 + 0.01 0.08 0.03 0.02 0.11 0.10 0.10 + 0.01 0.21 0.07 0.02 0.02 0.00 0.08 0.02 0.02 0.02 0.02 0.00 0.06 0.02 0.02 1.20 1.41 - 0.14 2.85 1.55 1.41 0.05 0.08 - 0.03 0.15 0.09 0.07 0.07 0.16 + 0.01 0.20 0.17 0.15 0.00 0.06 - 0.01 0.10 0.06 0.06 0.15 0.20 + 0.03 0.40 0.22 0.20 0.01 0.03 0.00 0.03 0.03 0.02 0.13 0.23 - 0.02 0.29 0.28 0.20 0.01 0.02 0.00 0.04 0.02 0.02 0.06 0.15 + 0.01 0.21 0.15 0.12 0.02 0.02 0.00 0.05 0.02 0.02 0.05 0.07 0.00 0.10 0.08 0.07 0.12 0.13 0.00 0.60 0.15 0.13 0.01 0.01 0.00 0.02 0.01 0.01 0.09 0.08 0.08 + 0.01 0.13 0.07 0.03 0.01 0.02 - 0.01 0.09 0.01 0.30 0.49 - 0.01 0.78 0.53 0.49 0.40 0.70 0.00 0.95 0.74 0.68 0.19 0.15 0.15 0.00 0.80 0.12 0.02 0.02 0.02 0.00 0.05 0.01 0.05 0.07 + 0.01 0.09 0.07 0.06 0.46 0.74 - 0.05 0.95 0.78 0.72 0.01 0.04 - 0.01 0.10 0.04 0.04 0.03 0.04 + 0.01 0.09 0.04 0.03 0.03 0.03 0.03 - 0.01 0.10 0.03 0.13 0.17 0.00 0.20 0.17 0.17 2.48 3.63 + 0.55 4.48 3.79 3.10 0.14 0.11 0.13 + 0.02 0.33 0.08 0.01 0.04 - 0.01 0.08 0.05 0.04 0.10 0.10 0.10 - 0.01 0.17 0.08 0.53 1.29 + 0.36 3.18 1.46 1.01 0.04 0.09 0.00 0.10 0.09 0.08 0.01 0.04 + 0.02 0.06 0.04 0.02 0.02 0.04 + 0.01 0.08 0.04 0.03 1.77 1.90 + 0.01 3.54 2.01 1.86 6.14 5.30 5.51 - 0.41 40.38 5.09 0.05 0.10 + 0.01 0.22 0.12 0.09 0.10 0.12 - 0.01 0.40 0.12 0.12 0.09 0.08 0.09 + 0.03 0.40 0.07 0.01 0.02 - 0.01 0.02 0.02 0.02 0.01 0.03 + 0.01 0.04 0.03 0.03 0.03 0.02 0.03 + 0.01 0.04 0.01 11.30 9.04 9.72 - 2.12 19.91 8.50 20.91 17.14 19.54 + 3.21 44.30 13.75 0.11 0.17 + 0.02 0.20 0.17 0.14 5.70 4.52 4.62 - 0.69 12.61 4.50 4.07 3.17 3.17 - 0.65 10.37 3.17 0.23 0.42 + 0.01 0.55 0.46 0.41 0.01 0.01 0.00 0.02 0.01 0.01

I-Minerals V 1685 50912 Iamgold* N T 54095 Iamgold IBC Adv Alloys V 5588 IC Potash T 1302 Iconic Mnls V 1320 IMPACT Silver V 4435 939 Imperial Metal T Inca One Res V 2347 V 10380 Independence G Indico Res V 278 Inspiration Mg T 1860 Integra Gold V 24666 Intigold Mines V 410 Intl Bethl Mng V 1930 Intl Lithium V 1756 Intl Montoro R V 1900 Intl Northair V 1300 Intl Tower Hi* X 7534 T 1441 Intl Tower Hil 410 Intl Vestr Res V Intrepid Pots* N 17747 INV Metals T 2356 186 ISh COMEX G Tr T Ivanhoe Mines T 31068 J.A.G. Mines V 53 Jaguar Mng V 2588 Jiulian Res V 20 Kaminak Gold V 29830 Karmin Expl V 193 Karnalyte Res T 418 Katanga Mng T 2764 Kazax Mnls V 170 Kennady Diam V 904 Kesselrun Res V 150 Khalkos Expl V 680 Khan Res C 2179 V 280 Kilo Goldmines V 680 Kincora Copper Kings Bay Gold V 3980 144995 Kinross Gold T

0.14 0.24 - 0.02 0.37 0.26 0.24 1.16 1.68 + 0.26 3.39 1.71 1.45 1.50 2.35 + 0.38 4.09 2.40 2.00 0.07 0.06 0.06 0.00 0.15 0.06 0.04 0.06 - 0.01 0.31 0.06 0.06 0.03 0.05 + 0.01 0.09 0.05 0.04 0.12 0.13 + 0.01 0.27 0.14 0.12 6.69 4.93 5.32 - 1.34 13.69 4.75 0.09 0.08 0.09 - 0.01 0.29 0.08 0.06 0.07 + 0.02 0.11 0.07 0.06 0.02 0.04 0.00 0.16 0.05 0.04 0.00 0.04 0.00 0.25 0.04 0.04 0.20 0.34 0.00 0.37 0.35 0.33 0.03 0.09 + 0.01 0.32 0.10 0.09 0.04 0.03 0.03 + 0.01 0.10 0.02 0.02 0.07 - 0.01 0.09 0.08 0.07 0.05 0.04 0.05 + 0.01 0.10 0.03 0.04 0.05 - 0.01 0.10 0.05 0.05 0.32 0.18 0.28 + 0.08 0.62 0.18 0.44 0.27 0.37 + 0.10 0.75 0.26 0.02 0.02 0.02 0.00 0.11 0.01 3.26 2.35 2.40 - 0.55 15.09 2.35 0.08 0.12 + 0.01 0.28 0.13 0.11 15.11 14.41 14.98 + 0.88 15.78 13.55 0.59 0.61 0.00 1.36 0.65 0.59 0.01 0.02 0.00 0.06 0.02 0.02 0.12 0.17 0.00 0.65 0.18 0.16 0.02 0.02 0.00 0.04 0.02 0.02 0.61 0.91 + 0.05 1.15 0.98 0.87 0.15 0.24 + 0.05 0.40 0.24 0.19 0.52 0.77 + 0.07 1.33 0.81 0.69 0.13 0.14 - 0.01 0.37 0.16 0.13 0.01 0.02 + 0.01 0.06 0.02 0.02 2.35 2.81 - 0.20 5.95 3.09 2.80 0.01 0.03 + 0.01 0.06 0.03 0.03 0.05 0.10 + 0.02 0.12 0.10 0.07 0.34 0.41 - 0.04 0.80 0.45 0.40 0.04 0.09 + 0.01 0.14 0.09 0.07 0.02 0.02 0.00 0.04 0.02 0.02 0.01 0.01 0.01 + 0.01 0.01 0.01 1.79 2.64 + 0.13 4.48 2.84 2.55

I-J-K

2016-01-12 7:22 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 18â&#x20AC;&#x201C;24, 2016

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

Week

12-month

Exc Volume High Low Last Change High Low

Kinross Gold* N 544541 Kirkland Lk Gd T 50199 Kiska Metals V 1650 Kivalliq Enrgy V 4904 Klondex Mns T 17986 Klondike Gold V 773 Klondike Silv V 30 Knick Expl V 240 Kobex Mnls V 1378 Kombat Copper V 850 Kootenay Gold V 2290

2.02 1.83 1.87 + 0.05 3.71 1.35 5.38 4.84 5.26 + 0.42 6.88 3.52 0.02 0.02 0.02 + 0.01 0.07 0.01 0.10 0.09 0.10 0.00 0.18 0.06 3.12 2.69 2.99 + 0.16 3.87 1.91 0.12 0.11 0.11 0.00 0.28 0.08 0.02 0.02 0.02 0.00 0.05 0.01 0.02 0.02 0.02 + 0.01 0.03 0.01 0.57 0.53 0.55 + 0.03 0.65 0.46 0.03 0.03 0.03 0.00 0.11 0.02 0.21 0.18 0.19 0.00 0.56 0.18

La Quinta Res V 750 Labdr I-Ore Ro T 20287 Lake Shore Gd* X 21695 Lake Shore Gld T 244423 Lara Expl V 1188 Laramide Res T 4473 Largo Res V 893 515 Latin Am Mnls V Laurion Mnl Ex V 2000 Legend Gold V 240 Letho Res V 87 Lexam VG Gold T 1193 Lincoln Mng V 25 Lion One Mtls V 728 Lomiko Mtls V 8368 Loncor Res T 810 Long Harbour E V 220 V 1220 Lorraine Coppr Los Andes Copp V 1500 Lowell Copper V 100 Lucara Diam T 13391 Luna Gold T 4618 Lundin Mng T 111699 Lydian Intl T 8804

0.02 0.02 0.02 0.00 0.02 0.01 10.05 9.10 9.17 - 0.42 19.85 9.10 0.96 0.83 0.85 + 0.04 1.14 0.69 1.35 1.16 1.22 + 0.10 1.38 0.82 0.25 0.24 0.25 0.00 0.45 0.20 0.29 0.25 0.27 - 0.02 0.40 0.15 0.35 0.26 0.28 - 0.02 1.80 0.15 0.15 0.12 0.13 - 0.02 0.95 0.05 0.01 0.01 0.01 + 0.01 0.03 0.01 0.03 0.03 0.03 0.00 0.14 0.03 0.08 0.08 0.08 0.00 0.14 0.05 0.07 0.07 0.07 + 0.01 0.11 0.05 0.02 0.02 0.02 0.00 0.09 0.02 0.39 0.34 0.36 + 0.04 0.60 0.17 0.04 0.04 0.04 0.00 0.09 0.03 0.04 0.03 0.03 - 0.01 0.13 0.02 0.11 0.07 0.11 + 0.04 0.15 0.04 0.05 0.04 0.04 0.00 0.08 0.04 0.13 0.09 0.09 - 0.06 0.23 0.05 0.20 0.20 0.20 + 0.04 0.47 0.15 2.17 2.00 2.06 - 0.19 2.38 1.42 0.06 0.05 0.05 0.00 0.43 0.03 3.92 3.29 3.35 - 0.45 6.46 3.29 0.27 0.25 0.25 - 0.02 0.62 0.23

MacDonald Mns V 1070 V 52 MacMillan Mnls Mag Silver T 11544 Mag Silver* X 297 Magellan Minls V 27937 Majescor Res V 25 Majestic Gold V 11290 Major Drilling T 2746 Makena Res V 11960 Malbex Res V 12385 Mandalay Res T 29811 Manitou Gold V 1570 Manson Creek V 320 T 3604 Marathon Gold Margaret Lk Di V 150 Marifil Mines V 1560 Marlin Gold V 10 Mason Graphite V 1692 Masuparia Gold V 5260 Matamec Expl V 2135 Mawson Res T 99 Mawson West T 779 Max Res V 130 Maya Gold & Si V 11017 MBAC Fertilizr T 34263 McChip Res V 10 15412 McEwen Mng* N McEwen Mng T 9274 MDN Inc T 3038 MDU Res* N 62151 700 Meadow Bay Gd T Mechel* N 1069 Medallion Res V 16507 Mega Uranium T 18525 Megastar Dev V 460 Melior Res V 970 Melkior Res V 4830 Menika Mining V 310 Merrex Gold V 3039 Mesa Expl V 70 Mesabi Trust* N 1957 Metalex Vent V 1323 Metalore Res T 5 Metals Ck Res V 2568 Metanor Res V 14984 Micrex Devel V 4680 Midas Gold T 1632 Midland Expl V 415 Midnight Sun M V 487 Migao T 144 Millrock Res V 862 Millstream Min V 5 Milner Con Slv V 390 Minas Buenavn* N 74095 Minaurum Gold V 1735 Minco Gold* X 3004 Minco Gold T 1143 Minco Silver T 552 Mindoro Res V 5050 Mineral Mtn Rs V 2255 Mines Managem* X 7044 Mines Managmnt T 181 Miranda Gold V 3431 Mirasol Res V 493 Mkango Res V 1510 Monarques Res V 2110 Moneta Porcpn T 3880 Monster Mng V 547 Montero Mg&Ex V 18486 Monument Mng V 1839 Mosaic* N 291851 Mountain Boy M V 570 Mountain Prov T 2509 MPH Vent V 1010 MPVC V 120 Mundoro Cap V 3443 Musgrove Mnls V 50 Mustang Minls V 12027

0.01 0.01 0.01 0.00 0.02 0.01 0.20 0.15 0.20 + 0.02 0.24 0.05 10.14 9.53 9.66 - 0.11 11.00 6.90 7.19 6.78 6.81 - 0.25 9.17 5.60 0.07 0.03 0.04 - 0.01 0.10 0.03 0.03 0.03 0.03 0.00 0.06 0.03 0.10 0.08 0.09 0.00 0.12 0.04 4.58 4.19 4.28 - 0.10 7.49 3.75 0.02 0.02 0.02 + 0.01 0.06 0.02 0.04 0.03 0.04 + 0.01 0.55 0.01 0.69 0.62 0.66 + 0.02 1.04 0.62 0.03 0.03 0.03 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.16 0.14 0.15 0.00 0.38 0.11 0.09 0.09 0.09 - 0.04 0.26 0.07 0.02 0.02 0.02 0.00 0.02 0.01 0.25 0.25 0.25 + 0.07 1.09 0.15 0.37 0.33 0.36 + 0.02 0.65 0.33 0.03 0.03 0.03 0.00 0.09 0.03 0.03 0.02 0.02 - 0.01 0.07 0.02 0.20 0.17 0.19 + 0.02 0.30 0.15 0.03 0.02 0.03 + 0.01 0.08 0.01 0.08 0.07 0.07 - 0.01 0.20 0.04 0.14 0.11 0.14 + 0.02 0.31 0.10 0.05 0.04 0.05 0.00 0.17 0.01 0.60 0.60 0.60 - 0.10 1.11 0.57 1.24 1.07 1.10 + 0.04 1.40 0.65 1.75 1.51 1.54 + 0.09 1.75 0.84 0.02 0.02 0.02 0.00 0.08 0.01 18.65 17.35 17.50 - 0.82 24.51 16.15 0.09 0.09 0.09 + 0.01 0.31 0.08 0.84 0.78 0.78 - 0.04 1.88 0.61 0.04 0.03 0.04 + 0.01 0.07 0.01 0.07 0.06 0.07 - 0.01 0.15 0.05 0.03 0.03 0.03 - 0.01 0.06 0.02 0.02 0.02 0.02 0.00 0.11 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.15 0.12 0.12 - 0.02 0.15 0.05 0.20 0.15 0.17 + 0.01 0.23 0.07 0.03 0.03 0.03 + 0.01 0.04 0.02 4.62 4.12 4.13 - 0.39 18.59 3.90 0.06 0.06 0.06 - 0.01 0.12 0.04 2.30 2.29 2.30 - 0.05 3.72 2.29 0.11 0.07 0.11 + 0.03 0.28 0.05 0.04 0.04 0.04 + 0.01 0.09 0.03 0.02 0.02 0.02 + 0.01 0.05 0.01 0.34 0.31 0.33 + 0.02 0.60 0.26 0.60 0.54 0.60 - 0.04 0.77 0.45 0.14 0.10 0.14 + 0.04 0.19 0.08 0.57 0.50 0.50 - 0.06 1.15 0.50 0.26 0.22 0.25 0.00 0.50 0.15 0.14 0.14 0.14 + 0.03 0.16 0.01 0.02 0.02 0.02 + 0.01 0.07 0.02 4.58 4.13 4.23 - 0.05 12.51 3.80 0.06 0.05 0.06 + 0.01 0.10 0.04 0.16 0.13 0.15 + 0.01 0.33 0.10 0.23 0.19 0.21 + 0.02 0.39 0.12 0.46 0.42 0.45 + 0.04 0.74 0.32 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 - 0.01 0.06 0.02 0.57 0.30 0.40 + 0.01 0.74 0.11 0.70 0.47 0.50 + 0.01 0.85 0.17 0.08 0.07 0.08 + 0.01 0.12 0.06 0.89 0.82 0.86 - 0.02 1.16 0.72 0.02 0.02 0.02 + 0.01 0.18 0.01 0.07 0.06 0.07 + 0.01 0.13 0.06 0.15 0.11 0.13 + 0.01 0.15 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.02 0.02 - 0.01 0.06 0.01 0.11 0.10 0.11 + 0.01 0.14 0.08 28.67 24.77 24.91 - 2.68 53.83 24.77 0.01 0.01 0.01 0.00 0.02 0.01 4.28 3.88 3.89 - 0.07 5.46 3.38 0.07 0.06 0.06 - 0.01 0.11 0.04 0.02 0.02 0.02 0.00 0.10 0.01 0.08 0.06 0.08 + 0.03 0.19 0.04 0.09 0.09 0.09 - 0.03 0.20 0.04 0.01 0.01 0.01 0.00 0.02 0.01

(100s) Stock

Jan 18 Pgs 8 9.indd 9

0.05 0.04 0.04 - 0.01 0.22 0.04 1.27 1.08 1.09 - 0.18 9.80 1.00 0.32 0.29 0.30 + 0.02 0.55 0.24 0.48 0.36 0.46 + 0.02 0.48 0.15 0.01 0.01 0.01 0.00 0.05 0.01 0.04 0.04 0.04 + 0.01 0.06 0.03 0.69 0.60 0.67 + 0.01 2.03 0.56 0.34 0.29 0.29 - 0.02 0.94 0.05 0.21 0.19 0.19 - 0.02 0.49 0.13 3.79 3.52 3.56 - 0.19 5.35 3.32

12-month

Nevsun Res* X 7365 New Carolin Gd V 8238 New Destiny Mg V 20 New Gold T 95632 New Gold* X 193032 New Millennium V 1435 New Milln Iron T 2986 New Nadina V 1300 New Pac Metals T 150 Newmont Mng* N 391851 Newport Expl V 2990 NGEx Res T 2470 Nighthawk Gold V 2820 Niogold Mng V 2120 V 2828 Nippon Dragon Noble Mnl Expl V 5190 Noka Res V 3320 Noram Vent V 600 V 230 Nordex Noront Res V 4445 Nortec Mnls V 1016 153 North Am En P* N North Am En Pa T 539 North Am Nickl V 1440 North Am Pall T 174 500 North Am Tung V North Arrow Mn V 1615 Northcliff Res T 843 Northern Abiti V 212 Northern Dyn* X 3483 Northern Dyn M T 4232 V 162 Northern Freeg Northern Graph V 2891 Northern Shiel V 500 Northern Sun M V 75 Northern Sup R V 3030 Northern Vertx V 6721 Northisle C&G V 3500 Northquest V 1325 NovaCopper T 400 NovaCopper* X 4523 NovaGold Res T 23943 NovaGold Res* X 119128 NSX Silver V 120 NuLegacy Gold V 605 V 410 NV Gold Oban Mng T 5095 OceanaGold T 95599 110 Oceanic Iron O V Oceanus Res V 156 Odin Mng & Exp V 32327 Olivut Res V 774 Olympic Res V 650 Omineca Mg&Mtl V 70 Opawica Expl V 2490 Opta Minls T 62 935 Orbit Garant D T Orbite Alumnae T 86568 Orca Gold V 1763 Orefinders Res V 3395 Orex Expl V 3766 Orex Minls V 2086 Oroco Res V 400 Orocobre T 2396 Orosur Mng T 1920 Orvana Mnrls T 7103 Otis Gold V 944

2.75 2.49 2.50 - 0.21 4.36 2.41 0.06 0.05 0.05 0.00 0.08 0.02 0.01 0.01 0.01 0.00 0.03 0.01 3.53 3.16 3.35 + 0.13 6.04 2.52 2.50 2.26 2.38 + 0.06 5.12 1.90 0.12 0.11 0.11 - 0.01 0.36 0.07 0.07 0.06 0.06 - 0.01 0.27 0.05 0.02 0.01 0.01 0.00 0.03 0.01 0.23 0.20 0.20 - 0.03 0.30 0.14 19.11 17.90 18.01 + 0.02 27.90 15.39 0.23 0.20 0.20 - 0.02 0.49 0.19 0.73 0.63 0.63 - 0.02 1.18 0.44 0.08 0.07 0.08 + 0.01 0.32 0.04 0.33 0.31 0.33 + 0.01 0.43 0.22 0.12 0.10 0.10 - 0.01 0.15 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.04 0.05 + 0.01 0.26 0.03 0.02 0.02 0.02 - 0.01 0.03 0.01 0.09 0.09 0.09 + 0.01 0.36 0.06 0.38 0.36 0.36 - 0.01 0.67 0.25 0.02 0.02 0.02 - 0.01 0.04 0.02 1.80 1.67 1.73 0.00 3.21 1.60 2.55 2.35 2.49 + 0.02 3.95 2.10 0.10 0.09 0.10 0.00 0.28 0.08 4.03 3.96 4.00 0.00 188.00 3.85 0.01 0.01 0.01 0.00 0.06 0.01 0.23 0.18 0.20 + 0.02 1.34 0.17 0.10 0.09 0.10 + 0.01 0.24 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.32 0.28 0.28 - 0.02 0.72 0.28 0.44 0.40 0.40 - 0.02 0.83 0.37 0.04 0.04 0.04 - 0.01 0.11 0.04 0.24 0.19 0.21 - 0.02 0.89 0.18 0.01 0.01 0.01 - 0.01 0.04 0.01 0.07 0.04 0.04 - 0.03 0.30 0.03 0.02 0.02 0.02 + 0.01 0.04 0.02 0.30 0.19 0.19 - 0.06 0.30 0.09 0.02 0.02 0.02 + 0.01 0.04 0.02 0.24 0.23 0.23 + 0.01 0.32 0.07 0.39 0.32 0.38 - 0.02 0.93 0.32 0.29 0.22 0.25 - 0.03 0.74 0.22 6.20 5.68 5.97 + 0.16 6.34 3.42 4.44 4.01 4.24 + 0.03 4.60 2.65 0.03 0.03 0.03 + 0.01 0.07 0.02 0.10 0.09 0.09 - 0.01 0.17 0.08 0.01 0.01 0.01 - 0.01 0.17 0.01 1.25 1.19 1.20 + 0.01 3.40 1.09 3.18 2.70 3.01 + 0.37 3.18 1.79 0.10 0.09 0.10 + 0.03 0.30 0.08 0.22 0.19 0.20 - 0.01 0.35 0.14 0.41 0.36 0.40 + 0.04 0.50 0.21 0.12 0.10 0.11 - 0.01 0.17 0.08 0.12 0.10 0.10 - 0.04 0.32 0.04 0.03 0.03 0.03 - 0.03 0.11 0.01 0.01 0.01 0.01 0.00 0.03 0.01 1.25 1.10 1.10 - 0.03 1.90 0.25 0.80 0.69 0.80 + 0.07 1.49 0.62 0.48 0.41 0.42 - 0.02 0.53 0.20 0.17 0.14 0.15 0.00 0.43 0.14 0.02 0.01 0.01 - 0.01 0.06 0.01 0.02 0.01 0.02 0.00 0.03 0.01 0.17 0.14 0.16 + 0.01 0.34 0.11 0.02 0.02 0.02 0.00 0.06 0.01 2.65 2.20 2.29 - 0.13 2.88 1.33 0.14 0.12 0.13 + 0.03 0.24 0.10 0.14 0.11 0.13 + 0.01 0.49 0.11 0.11 0.09 0.10 - 0.01 0.14 0.02

Pac Booker Min V 214 9 Pac Booker Mn* X Pac North West V 746 Pac Ridge Expl V 249 T 11231 Paladin Energy Palmer Res V 3450 Pan Am Silver T 13696 Pan Am Silver* Q 94006 Panoro Minls V 1741 Parlane Res V 40 Peabody Enrgy* N 44027 Peat Res V 165 Pelangio Expl V 1777 Pele Mtn Res V 3453 T 8996 Peregrine Diam Perseus Mng T 9747 Pershimco Res V 994 Peruvian Prc M V 6633 Pilot Gold T 7926 Pinecrest Res V 30 Pinetree Cap T 9689 PJX Res V 638 Planet Mng V 350 Plata Latina M V 95 Plate Res V 186 Platinex V 50 Platinum Gp M* X 2581 Platinum Gp Mt T 15643 Playfair Mng V 103 Polaris Minls T 231 PolyMet Mng* X 4357 PolyMet Mng T 462 Potash C Sask* N 470665 Potash Cp Sask T 115387 Precipitate Gl V 5698 Premier Gold M T 14735 Pretium Res* N 28451 Pretium Res T 16058 Primero Mng T 34220 Primero Mng* N 6232 Proam Expl V 1000 Probe Mines V 503 Prophecy Coal T 37811 Puma Expl V 1030 Purepoint U V 7415 QMX Gold V 558 Quaterra Res V 45 Quest Rare Mnl T 3797

2.15 1.95 2.00 0.00 6.90 1.02 1.55 1.41 1.42 - 0.03 5.75 1.04 0.02 0.02 0.02 - 0.01 0.04 0.01 0.02 0.02 0.02 0.00 0.04 0.02 0.25 0.23 0.24 - 0.01 0.41 0.15 0.01 0.01 0.01 + 0.01 0.05 0.01 10.10 9.19 9.77 + 0.76 15.06 7.77 7.18 6.58 6.92 + 0.42 12.05 5.85 0.12 0.10 0.11 - 0.01 0.28 0.09 0.07 0.07 0.07 + 0.06 0.23 0.01 7.87 6.50 6.67 - 1.01 123.45 6.50 0.02 0.02 0.02 0.00 0.03 0.01 0.02 0.02 0.02 0.00 0.05 0.01 0.04 0.03 0.04 + 0.01 0.09 0.03 0.15 0.12 0.14 0.00 0.39 0.12 0.38 0.35 0.37 + 0.02 0.48 0.23 0.12 0.11 0.11 0.00 0.26 0.09 0.05 0.03 0.04 + 0.01 0.16 0.03 0.32 0.28 0.28 - 0.03 1.27 0.24 0.06 0.06 0.06 0.00 0.50 0.05 0.05 0.04 0.04 - 0.01 0.21 0.04 0.16 0.15 0.15 0.00 0.29 0.14 0.03 0.03 0.03 + 0.02 0.06 0.02 0.03 0.02 0.03 + 0.01 0.12 0.01 0.05 0.05 0.05 + 0.01 0.21 0.03 0.01 0.01 0.01 0.00 0.01 0.01 0.15 0.13 0.13 - 0.02 0.60 0.13 0.21 0.18 0.19 - 0.01 0.74 0.18 0.04 0.03 0.04 + 0.01 0.08 0.01 1.56 1.42 1.51 - 0.03 2.83 1.26 0.86 0.77 0.82 + 0.03 1.37 0.55 1.21 1.00 1.15 + 0.06 1.75 0.76 17.44 15.81 16.09 - 1.03 37.60 15.81 24.27 22.29 22.79 - 0.91 47.10 22.29 0.09 0.06 0.08 - 0.01 0.21 0.06 2.78 2.63 2.74 + 0.10 2.92 1.65 5.67 5.02 5.40 + 0.36 7.56 4.26 7.98 7.03 7.62 + 0.66 9.05 5.57 3.78 3.18 3.61 + 0.49 6.06 2.56 2.68 2.27 2.57 + 0.29 5.02 1.93 0.01 0.01 0.01 0.00 0.02 0.01 0.40 0.37 0.40 + 0.01 0.56 0.19 0.04 0.03 0.03 - 0.01 0.08 0.02 0.04 0.04 0.04 - 0.01 0.17 0.03 0.04 0.03 0.04 0.00 0.07 0.02 0.02 0.01 0.02 0.00 0.04 0.01 0.08 0.08 0.08 - 0.01 0.15 0.04 0.07 0.07 0.07 0.00 0.29 0.06

Rackla Mtls V 56 Radisson Mng V 1674 Radius Gold V 160 Rambler Mg&Mtl V 4353 Randgold Res* Q 38012 Randsburg Intl V 990 Range Engy Res C 2600 Rapier Gold V 2550 Rare Elemt Re* X 3860 Ratel Grp T 394 Rathdowney Res V 155

0.06 0.06 0.06 0.00 0.13 0.05 0.13 0.13 0.13 + 0.02 0.15 0.09 0.07 0.06 0.06 0.00 0.11 0.06 0.07 0.05 0.06 - 0.02 0.42 0.05 66.13 61.66 63.78 + 1.85 85.84 54.88 0.01 0.01 0.01 - 0.01 0.01 0.01 0.03 0.03 0.03 + 0.01 0.10 0.01 0.06 0.05 0.05 - 0.01 0.08 0.02 0.17 0.15 0.15 - 0.00 1.06 0.15 0.40 0.33 0.40 + 0.06 0.79 0.33 0.17 0.17 0.17 - 0.01 0.35 0.11

P-Q

N-O Namibia Rare E T 380 Natural Rs Pt* N 2339 Nautilus Minls T 1857 Nemaska Lith V 44438 Network Expl V 20 Nevada Clean M V 1360 Nevada Copper T 623 Nevada Expl V 428 Nevada Sunrise V 4112 Nevsun Res T 10763

Week

Exc Volume High Low Last Change High Low

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Red Eagle Mng V 3103 Red Pine Expl V 2213 Red Rock Enrgy V 610 Redhawk Res T 391 Redhill Res V 70 Redstar Gold V 230 Redstar Res V 1901 Reliance Res V 1050 Renaissnc Gold V 295 Reservoir Capt V 228 Reservoir Mnls V 1893 Richmond Mnls V 987 Richmont Mines T 7211 Richmont Mine* X 20778 Rio Novo Gold T 4030 Rio Tinto* N 60614 Riverside Res V 2401 RJK Explor V 300 Robex Res V 8774 Rock Tech Lith V 180 V 580 Rockhaven Res Rockland Mnls V 50 T 830 Rockwell Diam Rogue Iron Ore V 4108 V 5140 Rokmaster Res Rome Res V 400 Romios Gold Rs V 200 Roxgold V 6682 Royal Cdn Mint T 714 Royal Gold T 204 Royal Gold* Q 41843 Royal Nickel T 7658 RPT Uranium V 40 RT Minerals V 120 Rubicon Mnls* X 75001 Rubicon Mnrls T 51717 Running Fox Rs V 300 Rusoro Mng V 1960 Russell Metals T 17950 Rye Patch Gold V 7289

0.31 0.27 0.30 + 0.03 0.36 0.25 0.05 0.04 0.04 - 0.01 0.18 0.03 0.01 0.01 0.01 0.00 0.06 0.01 0.05 0.04 0.05 0.00 0.10 0.04 0.04 0.04 0.04 - 0.01 0.24 0.04 0.04 0.04 0.04 0.00 0.06 0.03 0.02 0.02 0.02 + 0.01 0.10 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.20 0.11 0.20 - 0.01 0.34 0.11 0.37 0.35 0.37 + 0.01 0.62 0.24 4.14 4.03 4.05 - 0.03 5.09 3.75 0.04 0.04 0.04 0.00 0.14 0.03 5.27 4.48 5.03 + 0.59 5.27 3.14 3.75 3.15 3.55 + 0.34 3.75 2.27 0.08 0.07 0.08 + 0.01 0.16 0.07 28.91 25.00 25.07 - 4.05 50.06 25.00 0.16 0.14 0.15 0.00 0.33 0.14 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.06 0.07 + 0.01 0.12 0.05 0.06 0.05 0.06 + 0.01 0.10 0.03 0.15 0.13 0.13 - 0.01 0.27 0.10 0.02 0.02 0.02 - 0.01 0.06 0.02 0.14 0.11 0.12 - 0.02 0.28 0.11 0.11 0.10 0.10 + 0.01 0.16 0.02 0.02 0.01 0.02 + 0.01 0.05 0.01 0.05 0.05 0.05 + 0.02 0.08 0.01 0.04 0.03 0.03 - 0.01 0.05 0.02 0.76 0.69 0.74 + 0.04 0.84 0.51 16.73 15.92 16.70 + 0.99 17.41 14.97 55.49 50.49 53.12 + 3.15 95.64 45.92 39.45 35.95 37.59 + 1.35 77.20 34.42 0.19 0.17 0.18 0.00 0.59 0.15 0.22 0.20 0.22 + 0.02 0.41 0.17 0.01 0.01 0.01 + 0.01 0.03 0.01 0.11 0.09 0.10 + 0.01 1.35 0.04 0.15 0.13 0.14 + 0.02 1.63 0.09 0.01 0.01 0.01 0.00 0.02 0.01 0.06 0.05 0.05 - 0.01 0.07 0.02 16.25 15.26 16.10 + 0.03 27.81 14.36 0.16 0.14 0.15 + 0.02 0.20 0.11

Sabina Gd&Slvr T 11341 Sable Res V 676 Sage Gold V 1943 Saint Jean Car V 160 Salazar Res V 2632 Sama Res V 200 Sanatana Diam V 16710 Sandspring Res V 5554 Sandstorm Gld* X 25324 Sandstorm Gold T 7298 Santa Fe Metls V 4285 Santacruz Silv V 2455 Satori Res V 1193 Saturn Minls V 11154 Saville Res V 2300 Scorpio Gold V 4233 T 28492 Scorpio Mining Seabridge Gld* N 32000 Seabridge Gold T 5070 Search Mnls V 590 Secova Mtls V 1019 Sego Res V 920 Semafo T 118536 Sennen Res V 5 Sentry Sl PrmM T 833 Serengeti Res V 350 SG Spirit Gold V 10 SGX Res V 890 Sherritt Intl T 23484 Shore Gold T 16631 Sienna Res V 4558 Sierra Iron Or V 3163 Sierra Metals T 487 Signature Res V 160 Silver Bear Rs T 1917 Silver Bull Re T 240 Silver Grail R V 180 Silver Mtn Mns V 230 Silver Predatr V 320 450 Silver Range R V Silver Spruce V 531 Silver Std Res T 21782 Silver Std Re* Q 60702 Silver Wheatn* N 198007 Silver Wheaton T 73025 Silvercorp Mtl T 18665 Sirios Res V 2385 Skeena Res V 1300 Skyharbour Res V 3237 Slam Exploratn V 860 SnipGold V 150 SNS Silver V 1728 Soc Quim&M Ch* N 23905 Solitario Ex&R T 123 Solitario Ex&* X 1748 Sonoro Mtls V 6700 Source Expl V 460 Southern Arc V 134 Southern Silvr V 101 Spanish Mtn Gd V 2323 Sparton Res V 4045 Sprott Ph Silv T 491 Sprott Res T 3414 St Andrew Gldf T 96543 St Augustine T 1771 St-Georges Plt C 3444 Stakeholdr Gld V 32 Standard Graph V 35 Stans Energy V 641 Starcore Int V T 1060 Stellar Pac Vt V 80 Stillwater Mg* N 67027 Stonegate Agri T 1925 Stornoway Diam T 8829 Strategic Metl V 3125 Strategic Res V 26 Strike Graph V 3430 StrikePoint Gd V 10 Strongbow Expl V 37 Stroud Res V 5000 Sulliden Mng C T 2267 Sultan Mnrls V 1301 SunCoke Engy* N 13196 Sunridge Gold V 12528 Suparna Gold V 50 Superior Coppr V 41 Sutter Gold V 1170

0.77 0.65 0.68 - 0.05 0.80 0.30 0.01 0.01 0.01 0.00 0.04 0.01 0.05 0.03 0.05 0.00 0.14 0.03 0.04 0.04 0.04 + 0.01 0.06 0.01 0.05 0.05 0.05 0.00 0.16 0.03 0.13 0.10 0.11 - 0.02 0.26 0.09 0.02 0.01 0.01 - 0.01 0.08 0.01 0.18 0.14 0.18 + 0.03 0.44 0.13 2.77 2.57 2.68 + 0.05 4.40 2.20 3.89 3.60 3.78 + 0.18 5.30 2.88 0.02 0.02 0.02 + 0.01 0.03 0.01 0.12 0.09 0.12 + 0.03 0.43 0.09 0.04 0.03 0.03 - 0.01 0.25 0.02 0.15 0.11 0.13 - 0.01 0.24 0.10 0.02 0.01 0.02 0.00 0.13 0.01 0.08 0.07 0.07 + 0.01 0.19 0.05 0.10 0.09 0.09 - 0.02 0.27 0.09 9.63 8.41 8.96 + 0.67 9.89 3.31 13.55 11.76 12.64 + 1.19 13.55 4.34 0.06 0.05 0.06 + 0.01 0.13 0.03 0.04 0.04 0.04 - 0.01 0.09 0.03 0.02 0.02 0.02 0.00 0.03 0.01 4.40 3.60 4.24 + 0.73 4.49 2.46 0.12 0.12 0.12 + 0.02 1.35 0.10 2.31 2.10 2.24 + 0.14 3.49 2.00 0.03 0.02 0.02 0.00 0.07 0.02 0.06 0.06 0.06 - 0.02 0.20 0.05 0.03 0.01 0.01 - 0.01 0.03 0.01 0.76 0.67 0.67 - 0.06 3.24 0.63 0.18 0.17 0.18 0.00 0.30 0.13 0.03 0.02 0.02 + 0.01 0.04 0.01 0.43 0.29 0.34 + 0.05 0.62 0.08 1.34 1.10 1.24 + 0.20 1.75 0.84 0.04 0.04 0.04 0.00 0.04 0.01 0.03 0.02 0.03 + 0.01 0.10 0.02 0.05 0.04 0.05 + 0.01 0.30 0.04 0.03 0.02 0.03 + 0.01 0.06 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.04 0.04 0.04 + 0.01 0.11 0.02 0.07 0.06 0.07 + 0.02 0.10 0.02 7.54 7.02 7.35 + 0.19 10.56 5.22 5.39 5.01 5.21 + 0.03 8.02 4.12 13.10 12.05 12.77 + 0.35 24.22 11.03 18.50 16.88 18.07 + 0.87 29.86 14.62 0.73 0.67 0.73 + 0.07 2.00 0.65 0.11 0.09 0.10 0.00 0.13 0.06 0.07 0.06 0.07 + 0.01 0.13 0.06 0.04 0.03 0.03 0.00 0.07 0.02 0.07 0.03 0.05 0.00 0.07 0.01 0.06 0.06 0.06 + 0.02 0.11 0.04 0.47 0.42 0.42 - 0.05 0.50 0.05 19.00 16.64 16.68 - 2.33 26.40 12.65 0.69 0.61 0.66 - 0.04 1.18 0.57 0.50 0.46 0.47 - 0.02 0.96 0.40 0.06 0.04 0.05 - 0.01 0.19 0.04 0.02 0.02 0.02 - 0.01 0.10 0.02 0.40 0.24 0.40 + 0.08 1.00 0.24 0.06 0.05 0.05 0.00 0.13 0.03 0.03 0.03 0.03 - 0.01 0.05 0.02 0.04 0.03 0.04 + 0.02 0.04 0.01 5.48 5.29 5.41 + 0.12 7.43 5.23 0.50 0.42 0.42 - 0.05 1.90 0.40 0.48 0.44 0.47 + 0.04 0.48 0.21 0.13 0.10 0.13 + 0.04 0.17 0.07 0.02 0.02 0.02 - 0.01 0.05 0.01 0.15 0.10 0.15 + 0.03 2.80 0.04 0.01 0.01 0.01 + 0.01 0.04 0.01 0.02 0.02 0.02 + 0.01 0.13 0.01 0.28 0.27 0.27 + 0.01 0.66 0.25 0.01 0.01 0.01 0.00 0.14 0.01 8.71 7.15 7.16 - 1.41 15.07 7.15 0.02 0.02 0.02 0.00 0.06 0.02 0.77 0.72 0.75 + 0.03 0.85 0.50 0.30 0.28 0.29 0.00 0.37 0.24 0.03 0.03 0.03 + 0.02 0.05 0.02 0.03 0.02 0.02 0.00 0.15 0.01 0.02 0.02 0.02 0.00 0.08 0.01 0.09 0.07 0.07 0.00 0.18 0.05 0.01 0.01 0.01 0.00 0.01 0.01 0.26 0.24 0.25 0.00 0.45 0.19 0.01 0.01 0.01 0.00 0.02 0.01 3.82 2.92 2.96 - 0.51 19.29 2.83 0.28 0.26 0.27 - 0.01 0.28 0.13 0.02 0.02 0.02 + 0.01 0.06 0.01 0.01 0.01 0.01 - 0.01 0.05 0.01 0.04 0.04 0.04 0.00 0.15 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

T Tahoe Res* N 22659 Tahoe Res T 40691 Taipan Res V 200 Takara Res V 4160 Talon Metals T 230 Tanz Roy Exp T 1481 Tanz Roy Exp* X 3535 Tanzania Mnls V 100 Taranis Res V 20 124698 Taseko Mines* X Taseko Mines T 5398 Tasman Metals V 716 Tasman Mtls* X 1511 Tawsho Mng V 40 Tearlach Res V 230 Teck Res A T 87 Teck Res B* N 383615 T 231507 Teck Res B Tembo Gold V 200 Teranga Gold T 51248 Teras Res V 1692 Terraco Gold V 8117 Terrax Minls V 2421 Teuton Res V 2011 Themac Res V 30 Thompson Creek T 9159 Thompson Crk* N 4156 Timberline Res V 75 Timberline Rs* X 1371 24525 Timmins Gold* X Timmins Gold T 50547 Tinka Res V 611 Tirex Res V 365 Titanium Corp V 2245 TNR Gold V 5190 TomaGold V 5155 Torex Gold T 86961 Treasury Metal T 641 Trevali Mng T 41429 Tribute Res V 3313 TriMetals Mng T 1510 Troymet Expl V 15333 True Gold Mng V 11422 True North Gem V 7363 Trueclaim Expl V 328 Tsodilo Res V 57 Turquoise HIl* N 25298 Turquoise Hill T 71006 TVI Pacific T 2600 Typhoon Expl V 120

9.42 8.62 9.05 + 0.38 16.13 7.33 13.26 12.12 12.80 + 0.83 19.45 9.66 0.07 0.06 0.07 0.00 3.05 0.06 0.05 0.04 0.04 0.00 0.06 0.01 0.13 0.13 0.13 + 0.01 0.28 0.08 0.43 0.35 0.42 + 0.07 0.83 0.32 0.31 0.25 0.29 + 0.03 0.68 0.25 0.01 0.01 0.01 0.00 0.07 0.01 0.05 0.05 0.05 0.00 0.15 0.03 0.36 0.30 0.32 - 0.02 1.09 0.30 0.50 0.44 0.45 - 0.04 1.30 0.43 0.27 0.23 0.24 - 0.02 0.99 0.21 0.20 0.16 0.18 - 0.01 0.79 0.15 0.03 0.03 0.03 + 0.02 0.03 0.01 0.14 0.14 0.14 0.00 0.14 0.02 8.05 7.12 7.12 - 1.16 22.64 6.41 3.83 3.15 3.16 - 0.70 16.40 3.04 5.36 4.45 4.45 - 0.89 20.58 4.25 0.02 0.02 0.02 0.00 0.06 0.01 0.54 0.49 0.52 + 0.03 0.82 0.47 0.05 0.04 0.05 + 0.01 0.14 0.04 0.10 0.09 0.10 - 0.01 0.17 0.07 0.32 0.26 0.29 + 0.02 0.44 0.23 0.05 0.04 0.04 - 0.01 0.20 0.04 0.02 0.01 0.01 0.00 0.03 0.01 0.30 0.26 0.26 - 0.03 2.04 0.23 0.22 0.18 0.19 - 0.01 1.70 0.18 0.26 0.26 0.26 + 0.02 0.91 0.24 0.20 0.16 0.19 + 0.03 0.80 0.16 0.15 0.12 0.12 - 0.02 1.27 0.12 0.21 0.17 0.17 - 0.02 1.53 0.17 0.13 0.12 0.13 + 0.01 0.43 0.10 0.22 0.17 0.20 - 0.01 0.35 0.07 0.90 0.69 0.69 - 0.02 1.55 0.63 0.03 0.02 0.02 + 0.01 0.03 0.01 0.06 0.05 0.06 + 0.02 0.13 0.04 1.43 1.28 1.37 + 0.11 1.65 0.85 0.48 0.39 0.40 - 0.10 0.62 0.25 0.48 0.39 0.43 - 0.09 1.24 0.25 0.04 0.03 0.03 0.00 0.12 0.02 0.07 0.06 0.07 - 0.01 0.13 0.04 0.02 0.02 0.02 0.00 0.03 0.01 0.27 0.24 0.26 + 0.03 0.29 0.15 0.17 0.16 0.17 0.00 0.20 0.07 0.03 0.02 0.03 + 0.01 0.05 0.02 0.68 0.68 0.68 - 0.04 1.15 0.57 2.52 2.14 2.14 - 0.40 4.73 2.14 3.51 3.02 3.04 - 0.47 5.80 3.02 0.01 0.01 0.01 0.00 0.03 0.01 0.04 0.03 0.04 + 0.01 0.08 0.03

U3O8 Corp T 20315 Ucore Rare Mtl V 5322 UEX Corp T 23809 Ultra Lithium V 407 Unigold V 965 Unity Energy V 500 Ur-Energy T 3446 Ur-Energy* X 1994 Uracan Res V 11864 Uragold Bay Rs V 82019 Uranium Ener* X 8588 Uranium Partic T 10813 Uranium Res* Q 39583 Uravan Minls V 6275 US Energy* Q 7905 US Silica Hld* N 25414 N 226481 Vale* ValGold Res V 4260 Valterra Res V 760 Vantex Res V 314 Vena Res T 2261 Vendetta Mng V 790 Verde Potash T 624 Victoria Gold V 15360 Victory Nickel T 3364 Victory Res V 5790 Vior Mining V 24 Virginia Engy V 63 Viscount Mng V 1486 Visible Gold M V 4422 Vista Gold T 350 Vista Gold* X 4131 VMS Vent V 16532 Vulcan Mnrls V 352 VVC Expl V 210

0.03 0.03 0.03 - 0.01 0.07 0.02 0.26 0.23 0.24 0.00 0.44 0.20 0.16 0.15 0.16 + 0.01 0.32 0.11 0.10 0.09 0.09 - 0.01 0.35 0.05 0.23 0.12 0.16 + 0.04 0.25 0.08 0.16 0.16 0.16 - 0.02 0.20 0.05 0.97 0.86 0.97 + 0.08 1.35 0.60 0.69 0.63 0.68 + 0.03 1.07 0.45 0.04 0.02 0.04 + 0.02 0.06 0.01 0.07 0.05 0.06 + 0.01 0.07 0.02 1.15 1.00 1.00 - 0.06 2.99 0.90 5.22 5.08 5.12 - 0.01 5.69 4.82 0.65 0.46 0.50 - 0.02 1.98 0.35 0.13 0.05 0.06 - 0.05 0.17 0.04 0.17 0.12 0.15 - 0.02 1.77 0.11 20.06 17.28 17.98 - 0.75 40.17 13.50 3.23 2.60 2.60 - 0.69 9.14 2.60 0.02 0.01 0.01 - 0.01 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.02 0.02 - 0.01 0.10 0.02 0.07 0.06 0.07 + 0.01 0.17 0.05 0.20 0.18 0.18 - 0.01 0.59 0.17 0.16 0.15 0.16 0.00 0.24 0.11 0.03 0.01 0.01 - 0.01 0.23 0.01 0.09 0.03 0.05 + 0.02 0.09 0.02 0.05 0.05 0.05 0.00 0.13 0.04 0.05 0.04 0.04 - 0.01 0.10 0.03 0.51 0.47 0.47 - 0.03 0.63 0.16 0.06 0.05 0.05 - 0.01 0.27 0.04 0.45 0.41 0.45 + 0.06 0.56 0.31 0.32 0.28 0.32 + 0.04 0.45 0.24 0.07 0.05 0.07 + 0.01 0.30 0.05 0.02 0.02 0.02 0.00 0.04 0.02 0.02 0.02 0.02 0.00 0.04 0.01

Wallbridge Mng T 2600 Waseco Res V 180 WCB Res V 7570 Wealth Minls V 3538 Wesdome Gold T 40111 West Af Iron O V 390 187 West High Yld V West Kirkland V 27527 V 990 Westcore Energ Western Copper T 606 Western Coppr* X 667 Western Lithiu T 25852 Western Pac Rs V 180 Western Potash T 12925 50 Western Troy C V Westhaven Vent V 20 Westkam Gold V 6093 Westminster Rs V 2910 WGI Heavy Mnl T 1193 White Pine Res V 200 Williams Creek V 1100 Wolfden Res V 3650 Wolverine Mnls V 50 WPC Res V 2675 Xmet V 13519 Xtierra V 100 Xtra-Gold Res T 21 Yamana Gold* N 108943 Yamana Gold T 213211 Yanzhou Coal* N 8798 T 80 Yellowhead Mng Zadar Vent V 9815 Zazu Metals T 17 Zenyatta Vent V 4196 Zephyr Mnls V 3500 Zimtu Capital V 106 Zinco Mng V 1860 Zonte Mtls V 415

0.03 0.03 0.03 + 0.01 0.06 0.02 0.03 0.02 0.02 0.00 0.06 0.02 0.03 0.02 0.02 - 0.02 0.25 0.02 0.18 0.14 0.16 0.00 0.42 0.05 1.35 1.26 1.34 + 0.07 1.40 0.89 0.03 0.02 0.02 - 0.01 0.10 0.02 0.24 0.23 0.23 - 0.01 0.43 0.11 0.04 0.04 0.04 0.00 0.08 0.04 0.04 0.03 0.04 + 0.01 0.04 0.01 0.40 0.37 0.39 + 0.01 0.75 0.30 0.29 0.25 0.26 - 0.00 0.65 0.22 0.36 0.31 0.31 - 0.06 0.96 0.26 0.01 0.01 0.01 0.00 0.10 0.01 0.21 0.18 0.20 + 0.01 0.34 0.18 0.01 0.01 0.01 - 0.01 0.02 0.01 0.06 0.06 0.06 + 0.01 0.12 0.05 0.02 0.02 0.02 - 0.01 0.05 0.02 0.02 0.02 0.02 0.00 0.10 0.01 0.22 0.21 0.21 + 0.02 0.70 0.00 0.01 0.01 0.01 + 0.01 0.09 0.01 0.01 0.01 0.01 0.00 0.11 0.01 0.11 0.09 0.09 + 0.01 0.23 0.05 0.03 0.03 0.03 + 0.01 0.08 0.02 0.04 0.04 0.04 + 0.01 0.08 0.04 0.01 0.01 0.01 0.00 0.07 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.24 0.23 0.24 - 0.03 0.30 0.12 2.15 1.89 2.00 + 0.14 4.84 1.43 3.03 2.63 2.83 + 0.26 5.79 1.89 4.62 4.26 4.39 - 0.19 12.24 4.19 0.05 0.04 0.05 + 0.01 0.18 0.03 0.06 0.04 0.06 + 0.02 0.06 0.01 0.14 0.12 0.12 - 0.04 0.35 0.09 0.86 0.74 0.75 - 0.10 2.61 0.63 0.15 0.14 0.15 + 0.02 0.20 0.08 0.15 0.15 0.15 + 0.02 0.38 0.12 0.08 0.05 0.07 + 0.03 0.08 0.01 0.08 0.07 0.07 - 0.02 0.15 0.02

U-V

W-Z

2016-01-12 7:22 PM

WWW.NORTHERNMINER.COM

JANUARY 18–24, 2016 / THE NORTHERN MINER

BID-ASK — JANUARY 4–8, 2016 STOCK

12-MONTH

EXC BID ASK LAST HIGH

LOW

STOCK

Acme Res V 0.02 0.03 0.02 0.06 Adanac Moly V 0.18 1.51 0.18 0.20 Advance Gold V 0.01 0.02 0.02 0.04 Aegean Metals V 0.03 0.05 0.03 0.11 Afferro Mng V 1.10 2.50 1.57 2.40 African Metals V 0.04 0.05 0.03 0.11 Aftermath Silv V 0.01 0.01 0.01 0.02 AgriMinco V 0.01 0.01 0.01 0.01 Alamos Gold T 5.02 5.07 5.03 10.31 V 0.01 0.01 0.01 0.05 Alder Res Allana Potash T 0.50 0.50 0.50 0.50 Allied Gold T 2.25 2.29 2.25 3.70 Allied Nevada T 0.16 0.16 1.08 4.45 Allied Nevada* X 0.86 0.86 0.86 6.70 V 5.55 5.68 5.45 7.60 Alpha Mnls Altair Vent V 0.17 0.23 0.16 0.60 V 0.01 0.01 0.01 0.03 Altan Nev Mnls Altitude Res V 0.08 0.10 0.08 0.21 V 0.04 0.04 0.04 0.07 Am Cons Minls Amador Gold V 0.01 0.01 0.01 0.01 T 0.20 0.29 0.21 1.72 Amara Mng Amcol Intl* N 45.74 45.75 45.74 47.09 American Bonan T 0.02 0.02 0.02 0.06 American Vanad V 0.09 0.09 0.09 0.25 AndeanGold V 0.01 0.02 0.02 0.04 T 0.01 1.45 1.07 2.05 Anglo Pac Grp AQM Copper V 0.04 0.05 0.04 0.08 Arco Res V 0.03 0.04 0.04 0.09 Argentum Silvr V 0.02 0.03 0.02 0.06 C 0.01 0.05 0.02 0.02 Armadillo Res Aroway Mnls V 0.01 0.02 0.01 0.09 V 0.07 0.15 0.06 0.20 Arrowstar Res Asher Res V 0.01 0.02 0.02 0.08 AsiaBaseMetals V 0.04 0.09 0.05 0.14 Astar Mnls V 0.05 0.20 0.09 0.16 Astorius Res V 0.01 0.02 0.01 0.05 V 0.06 0.07 0.06 0.20 Atlanta Gold T 0.01 0.01 0.05 0.12 Atna Res Ltd Augusta Res T 3.15 3.50 3.55 4.18 Augyva Mng V 0.09 0.12 0.10 0.15 Aurania Res V 0.33 0.60 0.33 0.45 N 2.87 2.88 2.86 4.69 AuRico Gold* AuRico Gold T 3.58 3.73 3.58 5.12 Azumah Res T 0.02 0.03 0.02 0.11 Bama Gold V 0.07 0.20 0.06 0.23 Baroyeca Go&Si V 0.01 0.01 0.01 0.01 V 0.24 0.25 0.24 0.41 Bayfield Vent BE Res V 0.05 0.08 0.35 0.35 V 0.03 0.04 0.04 0.06 Bear Lake Gold Bearing Res V 0.01 0.04 0.03 0.04 Bellhaven Cp&G V 0.04 0.06 0.04 0.45 V 0.03 0.04 0.03 0.09 Belmont Res Belvedere Res V 0.01 0.01 0.01 0.15 V 0.02 0.02 0.02 0.04 Benton Cap Besra Gold T 0.02 0.02 0.02 0.07 Black Isle Res V 0.04 0.05 0.05 0.09 V 0.02 0.02 0.02 0.08 Black Widow Rs Blind Crk Res V 0.04 0.07 0.05 0.07 V 0.46 0.49 0.47 0.95 Blue Gold Mng Bluestone Res V 0.05 0.10 0.06 0.12 Bonaparte Res V 0.05 0.12 0.05 0.11 V 0.19 0.19 0.20 0.45 Bralorne Gold Brazilian Gold V 0.10 0.10 0.11 0.25 V 0.01 0.01 0.01 0.03 Brionor Res Bullman Mnls V 0.03 0.05 0.03 0.14 Calvista Gold T 1.09 1.10 1.09 1.10 Canada Fluorsp V 0.35 0.35 0.35 0.35 V 0.01 0.01 0.01 0.01 Canadn Plat V 0.04 0.05 0.04 0.09 Canaf Group Cancor Mines C 0.01 0.02 0.01 0.05 Cangold V 0.03 0.04 0.03 0.15 V 0.18 0.19 0.19 0.25 Cannon Pnt Res Caracara Silvr V 0.01 0.01 0.01 0.01 V 0.03 0.04 0.03 0.07 Cariboo Rose Caribou King R V 0.07 0.08 0.07 0.22 V 0.01 0.01 0.01 0.02 Carlin Gold Cascadero Copp V 0.03 0.04 0.03 0.05 Cassidy Gold V 0.02 0.02 0.02 0.05 V 0.02 0.02 0.02 0.04 Cavan Vent Cayden Res V 2.40 2.49 2.40 3.49 Centurion Mnls V 0.10 0.16 0.14 0.40 V 0.07 0.07 0.07 0.08 Chalice Diam Channel Res V 0.04 0.06 0.05 0.09 T 1.99 2.00 1.99 2.45 CIC Energy Citation Res V 0.07 0.08 0.07 0.10 Clear Mtn Res V 0.01 0.01 0.01 0.03 Cline Mng T 0.01 0.01 0.01 0.84 CMQ Res V 0.02 0.04 0.02 0.05 Coalspur Mines T 0.02 0.02 0.02 0.08 Cobriza Mtls V 0.12 0.13 0.12 0.16 Coeur Mng T 12.03 12.64 12.09 20.14 Colibri Res V 0.05 0.10 0.08 0.23 Colossus Minls T 0.02 0.02 0.04 3.40 Contintl Nickl V 0.40 0.90 0.40 1.12 Copper Ck Gold V 0.07 0.10 0.07 0.10 Corazon Gold V 0.18 0.24 0.25 0.38 Cortez Gold V 0.18 0.32 0.32 1.00 Cougar Mnls V 0.01 0.01 0.05 0.20 Creso Expl V 0.12 0.12 0.12 0.13 Crosshair Eny* X 0.02 0.03 0.02 0.26 Crown Gold V 0.05 0.07 0.08 0.08 Cuervo Res C 0.01 0.01 0.01 0.01 Curis Res T 0.68 0.72 0.70 0.99 Cypress Dev V 0.04 0.05 0.04 0.22 Darwin Res V 0.05 0.05 0.05 0.20 Desert Gold V 0.09 0.15 0.09 0.90 Diamonds North V 0.02 0.03 0.02 0.08 Discovery Harb V 0.01 0.01 0.01 0.11 Discovery-Corp V 0.03 0.04 0.03 0.14 Dominion Mnls* Q 0.08 0.18 0.01 0.09 V 0.01 0.02 0.01 0.10 Dorex Minls Duluth Metals T 0.45 0.45 0.45 1.00 Dunav Res V 0.01 0.02 0.02 0.14 V 0.04 0.05 0.05 0.06 DV Res E-Energy Vent V 0.01 0.01 0.01 0.01 Eagle Hill Exp V 0.60 0.65 0.65 0.93 Eagle Mtn Gold V 0.14 0.17 0.13 0.42 Eastern Merid V 0.03 0.07 0.05 0.07 Edgewater Expl V 0.02 0.03 0.02 0.03 El Tigre Silvr V 0.03 0.04 0.04 0.26 Elemental Mnls T 0.18 0.25 0.20 0.55 Elgin Mng T 0.41 0.42 0.42 0.45 Elissa Res V 0.14 0.14 0.14 0.25 Esperanza Res V 1.01 1.03 1.01 1.70 Estrella Gold V 0.03 0.04 0.03 0.08 Eurotin V 0.02 0.02 0.02 0.05 Extorre Gold M T 4.27 4.28 4.27 11.27 Ferrum Am Mng V 0.01 0.02 0.01 0.03 First Nickel T 0.01 0.01 0.01 0.03 Frontier Rr Er T 0.13 0.14 0.13 0.35 Full Metal Mnl V 0.02 0.03 0.03 0.10 Galore Res V 0.01 0.01 0.01 0.03 Gem Intl Res V 0.05 0.07 0.06 0.15 Gensource Pot V 0.07 0.07 0.07 0.07 Gentor Res V 0.02 0.03 0.03 0.10 Geocom Res* Q 0.05 0.09 0.02 0.03 Geomark Expl V 0.96 1.00 0.98 1.00 Georox Res V 0.03 0.04 0.03 0.14 Getty Copper V 0.02 0.03 0.03 0.05 Gitennes Expl V 0.01 0.01 0.01 0.01 Giyani Gold V 0.05 0.08 0.09 0.20 Global Ur Fund T 1.64 1.67 1.64 2.05

0.02 0.00 0.01 0.00 0.00 0.02 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.01 0.07 0.00 0.01 0.00 0.00 0.00 0.05 0.01 1.00 0.03 0.03 0.02 0.01 0.01 0.04 0.02 0.04 0.09 0.01 0.05 0.00 0.00 0.07 0.30 0.00 0.00 0.00 0.00 0.01 0.00 0.35 0.00 0.02 0.03 0.02 0.01 0.02 0.00 0.02 0.01 0.04 0.00 0.05 0.00 0.00 0.00 0.01 0.03 0.00 0.00 0.01 0.04 0.00 0.00 0.00 0.01 0.02 0.06 0.01 0.02 0.01 0.02 0.00 0.04 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.04 0.12 0.00 0.03 0.00 0.00 0.03 0.00 0.00 0.02 0.00 0.08 0.00 0.01 0.03 0.00 0.01 0.00 0.00 0.03 0.01 0.00 0.00 0.04 0.01 0.00 0.00 0.00 0.06 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.02 0.01 0.05 0.04 0.03 0.00 0.00 0.03 0.02 0.01 0.05 0.00

GMV Minerals V 0.09 0.11 0.09 0.26 Gold Canyon V 0.34 0.34 0.34 0.42 Gold Mtn Mng V 0.03 0.04 0.03 0.12 Goldbank Mng V 0.05 0.08 0.05 0.09 Golden Harp V 0.04 0.05 0.04 0.07 GoldMountain* Q 0.04 0.05 0.05 0.35 Gonzaga Res V 0.02 0.03 0.02 0.15 Granite Ck Gld V 0.01 0.02 0.01 0.04 Gray Rock Res V 0.02 0.03 0.02 0.04 V 0.04 0.05 0.04 0.24 Great Atlantic Green Valley M V 0.01 0.01 0.01 0.01 Grenville Gold V 0.07 0.12 0.09 0.15 Gryphon Gold T 0.01 0.01 0.01 0.13 GTO Res V 0.10 0.16 0.11 0.11 Handa Copper V 0.04 0.05 0.05 0.12 Hansa Res V 0.01 0.02 0.01 0.03 Heatherdale Rs V 0.01 0.02 0.02 0.05 Helio Res V 0.02 0.03 0.02 0.07 V 0.12 0.20 0.15 0.33 Highbury Proj Highvista Gold V 0.12 0.16 0.17 0.28 C 0.01 0.01 0.01 0.02 HiHo Silver Horizonte Mnls T 0.02 0.05 0.02 0.07 Hornby Bay Mnl V 0.05 0.07 0.03 0.10 V 0.02 0.03 0.02 0.40 Hunt Mng ICN Res V 0.06 0.07 0.06 0.30 V 0.01 0.01 0.01 0.01 IEMR Res Indigo Expl V 0.01 0.02 0.01 0.02 Inform Res V 0.01 0.01 0.03 0.03 T 0.16 0.20 0.15 0.60 Inova Res T 2.04 2.05 2.04 2.05 Inter-Citic Mn Inter-Rock Mnl V 0.03 0.05 0.07 0.07 V 0.41 0.41 0.41 0.55 Intl Enexco Intl Millm Mng V 0.01 0.02 0.04 0.04 T 2.80 2.83 2.83 4.92 Intl Minls Crp Intl Samuel Ex V 0.01 0.01 0.01 0.30 Intrepid Mns T 0.25 0.26 0.26 0.31 V 0.05 0.09 0.05 0.10 Iron South Mng V 0.03 0.05 0.04 0.14 Iron Tank Res Jasper Mng V 0.03 0.05 0.03 0.07 Jaxon Mnls V 0.03 0.04 0.03 0.06 Jazz Res V 0.10 0.15 0.15 0.23 V 0.04 0.05 0.05 0.13 Jet Gold Kermode Res V 0.01 0.01 0.01 0.02 Kestrel Gold V 0.02 0.02 0.01 0.07 Kettle River V 0.01 0.01 0.01 0.02 Kimber Res T 0.15 0.16 0.15 0.40 V 0.02 0.03 0.02 0.09 KWG Res Labdr Iron Mns T 0.02 0.02 0.02 0.14 T 0.01 0.01 0.02 0.28 Lachlan Star Lago Dourado M V 0.06 0.08 0.06 0.15 T 0.05 0.08 0.04 0.13 Liberty Silver T 0.46 0.49 0.47 0.49 Lipari Energy Lithium Americ T 0.29 0.30 0.30 0.49 V 1.15 1.18 1.15 1.46 Lithium One Logan Res V 0.03 0.05 0.05 0.06 Lornex Cap V 0.10 0.18 0.10 0.20 V 0.05 0.06 0.06 0.14 Lucky Mnls MagIndustries T 0.10 0.04 0.13 0.26 Magma Metals T 0.09 0.09 0.09 0.28 Mahdia Gold C 0.01 0.17 0.01 0.02 Mammoth Res V 0.01 0.01 0.01 0.07 V 0.01 0.01 0.03 0.08 Manado Gold Maracote Intl V 0.02 0.02 0.02 0.20 V 0.10 0.14 0.12 0.24 Maritime Res Marklnd AGF PM T 5.86 8.25 5.82 10.41 Maudore Minls V 0.01 0.01 0.01 0.01 V 0.47 0.49 0.49 0.52 McVicar Res V 0.03 0.04 0.03 0.05 Mega Copper V 0.08 0.09 0.08 0.13 Mega Precs Mtl Mercator Mnls T 0.01 0.01 0.03 0.12 Messina Minls V 0.06 0.10 0.06 0.13 V 0.01 0.01 0.01 0.01 Metalcorp Metallis Res V 0.03 0.04 0.03 0.14 V 0.40 1.69 0.12 0.12 Midasco Cap Midway Gold T 0.13 0.13 0.09 1.30 Midway Gold* X 0.07 0.08 0.04 1.17 Minera IRL T 0.07 0.08 0.08 0.15 Mineral Depost T 5.00 5.09 4.75 6.95 V 0.01 0.01 0.14 0.14 Mineral Hill Minfocus Expl V 0.01 0.01 0.01 0.04 V 0.09 0.12 0.09 0.09 Minsud Res Mirabela Nickl T 0.02 0.02 0.02 0.62 Moly Mines T 0.06 0.07 0.06 0.15 Mountain Lake V 0.32 0.35 0.32 0.82 Murgor Res V 0.02 0.02 0.02 0.03 Nebu Res V 0.02 0.03 0.03 0.05 Nevado Res V 0.01 0.01 0.01 0.06 New Dawn Mng T 0.10 0.16 0.13 1.10 New Dimen Res V 0.05 0.06 0.05 0.09 New Oroperu Rs V 0.12 0.13 0.12 0.20 New World Res V 0.02 0.03 0.02 0.12 Newcrest Mng T 12.10 12.90 12.11 31.00 Newmac Res V 0.08 0.99 0.08 0.29 Newmont Mng T 26.37 26.90 26.25 44.66 Newstrike Cap V 0.66 0.70 0.70 1.22 Newstrike Res V 0.02 0.03 0.03 0.08 Nikos Expl V 0.04 0.06 0.06 0.15 Nitinat Mnls V 0.05 0.07 0.07 0.09 NMC Res V 0.17 0.17 0.19 0.19 Noble Metal Gr V 0.01 0.01 0.01 0.01 Nomad Ventures V 0.01 0.01 0.01 0.07 North Am Pot D V 0.01 0.01 0.01 0.01 North Country V 0.11 0.12 0.11 0.14 Northern Gld M V 0.01 0.01 0.01 0.03 Northern Iron V 0.01 0.01 0.01 0.05 Northern Lion V 0.05 0.09 0.04 0.16 NQ Expl V 0.01 0.01 0.01 0.02 NSGold V 0.04 0.07 0.04 0.11 Nubian Res V 0.01 0.02 0.01 0.03 Nuinsco Res T 0.01 0.01 0.01 0.03 Nunavik Nickel V 0.04 0.05 0.04 0.18 NWM Mng V 0.01 0.01 0.01 0.01 NWT Uranium V 0.02 0.02 0.05 0.05 Oremex Silver V 0.02 0.03 0.03 0.03 Orestone Mng V 0.01 0.01 0.01 0.02 Orko Silver V 1.94 1.99 1.99 2.63 Orofino Mnls V 0.07 0.11 0.07 0.20 Oronova Res V 0.04 0.06 0.03 0.04 Orsa Vent V 0.10 0.10 0.10 0.15 Otterburn Res V 0.09 0.25 0.20 0.20 Pac Arc Res V 0.01 0.01 0.01 0.01 Pac Bay Mnrls V 0.05 0.08 0.09 0.10 Pac Coal Res V 0.01 0.02 0.02 0.12 Pac Imp Mines V 0.01 0.02 0.01 0.01 Pac Iron Ore V 0.26 0.32 0.31 0.39 Pac Potash V 0.04 0.06 0.05 0.20 Pac Rim Mining T 0.07 0.08 0.07 0.11 Paget Mnls V 0.01 0.01 0.01 0.01 Pan Global Res V 0.01 0.01 0.01 0.08 Pantheon Vent V 0.11 0.11 0.10 0.13 Paragon Minls V 0.06 0.07 0.06 0.12 Parallel Mng V 0.03 0.08 0.04 0.07 Paramount Gold T 1.20 1.20 1.52 1.88 PC Gold V 0.08 0.08 0.09 0.10 Penteco Res V 0.05 0.06 0.05 0.06 Petaquilla Mnl T 0.03 0.03 0.03 0.31 Philippine Mtl V 0.02 0.03 0.01 0.05 Phoenix Gold V 0.01 0.01 0.01 0.04 Pitchstone Exp V 0.09 0.09 0.09 0.21 Plato Gold V 0.01 0.01 0.01 0.02 PMI Gold T 0.48 0.50 0.48 0.72 PNG Gold V 0.01 0.01 0.01 0.02

Jan 18 Pgs 10.indd 10

EXC BID ASK LAST HIGH LOW

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STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Polar Star Mng T 0.01 0.02 0.01 0.17 C 0.01 0.02 0.02 0.03 Portage Mnls Portola Res V 0.20 0.01 0.20 0.20 Premier Roy T 0.74 0.76 0.76 2.60 V 0.08 0.20 0.10 0.19 Prime Merid Rs Prospero Silve V 0.06 0.08 0.06 0.25 Providence Res V 0.04 0.09 0.05 0.12 N 27.44 27.46 27.44 29.22 PVR Partners* Q-Gold Res V 0.01 0.02 0.01 0.06 QMC Quantum Ml V 0.01 0.02 0.02 0.04 V 0.01 0.02 0.01 0.04 Quartz Mtn Res Quia Res V 0.01 0.01 0.01 0.04 Rainy Mtn Royl V 0.03 0.04 0.03 0.09 T 3.37 3.37 3.42 6.10 Rainy River Rs Rare Elemnt Rs T 0.21 0.27 0.21 1.31 REBgold V 0.13 0.14 0.16 0.16 Red Cresc Res T 0.02 0.02 0.01 0.11 Red Moon Potsh V 0.03 0.04 0.03 0.09 Red Tiger Mng V 0.03 0.07 0.04 0.17 Redzone Res V 0.09 0.12 0.09 0.50 Regal Res C 0.01 0.12 0.07 0.15 Regulus Res V 0.21 0.23 0.21 0.54 Reliant Gold V 0.01 0.02 0.02 0.06 Remington Res V 0.02 0.04 0.03 0.05 Remo Res V 0.05 0.11 0.05 0.12 Resolve Vent V 0.05 0.07 0.04 0.06 Reunion Gold V 0.01 0.01 0.01 0.10 Reva Res V 0.04 0.10 0.04 0.10 Revett Mnls T 0.56 0.65 0.57 1.42 Revolver Res V 0.07 0.12 0.03 0.23 Rhino Res* N 0.28 0.29 0.27 2.91 Rhyolite Res V 0.06 0.20 0.11 0.20 V 0.02 0.02 0.02 0.28 Ridgemont Ir O Rio Alto Mng T 3.47 3.51 3.48 3.99 Rio Alto Mng* N 2.46 2.48 2.47 3.18 V 0.02 0.03 0.02 0.04 Rio Silver Roca Mines V 0.03 0.03 0.03 0.03 Rochester Res V 0.03 0.04 0.03 0.15 RockBridge Res V 0.01 0.02 0.01 0.03 Rockcliff Res V 0.03 0.03 0.03 0.07 Rockex Mng T 0.03 0.04 0.04 0.30 Rockgate Cap T 0.30 0.35 0.30 0.53 Rockridge Cap V 0.06 0.09 0.06 0.13 Rodinia Lithm V 0.02 0.02 0.01 0.05 Romarco Mnrls T 0.46 0.48 0.46 0.82 Romulus Res V 0.08 0.29 0.09 0.24 Rotation Mnls V 0.01 0.20 0.05 0.15 Royal Coal V 0.03 0.01 0.01 0.21 Rugby Mng V 0.06 0.07 0.05 0.19 Rupert Res V 0.03 0.03 0.03 0.08 RX Gold & Silv V 0.23 0.24 0.24 0.60 Ryan Gold V 0.11 0.12 0.12 0.16 V 0.03 0.04 0.03 0.66 Samco Gold San Marco Res V 0.02 0.03 0.02 0.08 Sandstorm Mt&E V 1.20 1.37 1.36 3.54 V 0.06 0.08 0.07 0.12 Sarama Res Savant Expl V 0.01 0.01 0.01 0.03 Senator Minls V 0.07 0.11 0.07 0.17 T 4.78 4.88 4.78 7.48 Senior Gld Prd Serabi Gold T 0.05 0.07 0.07 0.10 Silver Pursuit V 0.02 0.03 0.02 0.05 Silvercorp Mt* N 0.65 0.65 0.65 1.81 SilverCrest M* X 0.83 1.11 0.86 1.64 SilverCrest Mn T 1.33 1.43 1.40 1.97 Silvermet V 0.03 0.04 0.03 0.10 Silvermex Res T 0.50 0.55 0.53 0.88 Silvore Fox Ml V 0.01 0.02 0.01 0.09 Sirocco Mng T 0.34 0.36 0.35 0.89 Slater Mng V 0.02 0.05 0.05 0.06 Sniper Res V 0.01 0.01 0.01 0.06 Softrock Mnrl V 0.02 0.02 0.02 0.03 Soltoro V 0.30 0.30 0.32 0.34 Sona Res V 0.01 0.02 0.01 0.06 Sonora Gld & S V 0.01 0.02 0.01 0.03 Southern Hemis V 0.04 0.06 0.04 0.20 SouthGobi Res T 0.22 0.39 0.39 1.25 Spruce Ridge R V 0.01 0.02 0.02 0.06 Stelmine Can V 0.01 0.02 0.01 0.05 Strata Mnls V 0.01 0.01 0.01 0.11 Stratabd Mnr V 0.01 0.01 0.01 0.03 Stratton Res V 0.07 0.09 0.07 0.14 Sunset Cove Mg V 0.01 0.01 0.01 0.06 T 0.17 0.18 0.18 0.24 Sunward Res TAD Mnl Expl V 0.01 0.01 0.01 0.01 Tajiri Res V 0.01 0.02 0.01 0.04 Tasca Res V 0.01 0.02 0.02 0.05 Temex Res V 0.12 0.12 0.12 0.13 Teryl Res Corp V 0.01 0.02 0.02 0.02 Theia Res V 0.05 0.10 0.09 0.20 Thelon Cap V 0.10 0.10 0.05 0.17 Thor Expl V 0.03 0.03 0.03 0.05 V 0.05 0.09 0.12 0.12 Thunder Mtn Gd Tiger Intl V 0.12 0.30 0.20 0.26 Tigray Res V 0.09 0.13 0.10 0.15 V 0.04 0.07 0.04 0.13 Tiller Res Tintina Mines V 0.05 0.10 0.05 0.05 Tintina Res V 0.07 0.09 0.07 0.11 V 0.01 0.01 0.01 0.01 Tolima Gold Transition Mtl V 0.11 0.12 0.12 0.27 Trend Mng* Q 0.05 0.05 0.01 0.11 Tres-Or Res V 0.02 0.03 0.02 0.03 Tri Origin Exp V 0.02 0.03 0.02 0.04 Tri-River Vent V 0.05 0.12 0.07 0.17 TriAusMin T 0.06 0.07 0.07 0.08 Trio Gold Corp V 0.01 0.01 0.01 0.02 Troy Res T 0.43 0.44 0.43 1.27 UC Res V 0.01 0.02 0.02 0.03 United Silver T 0.01 0.01 0.02 0.14 Uranerz Energy T 1.41 1.44 1.44 1.70 Uranium One T 2.85 2.86 2.85 2.86 Uranium Valley V 0.04 0.08 0.05 0.10 T 0.34 0.35 0.35 0.67 US SIlver & Go Vaaldiam Mng T 0.26 0.27 0.26 0.27 Vangold Res V 0.01 0.01 0.01 0.02 Vanstar Mng Rs V 0.03 0.05 0.05 0.08 V 0.01 0.01 0.01 0.03 Vendome Res Venerable Vent V 0.01 0.02 0.01 0.03 Veris Gold T 0.10 0.10 0.15 0.95 Victory Vent V 0.02 0.02 0.02 0.03 Viking Gold V 0.01 0.01 0.01 0.01 Virginia Mines T 14.65 15.22 14.99 17.20 Volcanic Mtls V 0.04 0.05 0.04 0.12 Volta Res T 0.33 0.34 0.33 0.57 Walter Energy* N 0.16 0.17 0.16 6.84 Walter Energy T 7.10 7.82 7.15 21.20 War Eagle Mg V 0.02 0.03 0.02 0.04 Waymar Res V 0.09 0.13 0.10 0.20 Wescan Goldfie V 0.02 0.03 0.02 0.06 West Cirque Rs V 0.23 0.26 0.26 0.54 Western Areas T 3.75 8.54 4.00 6.11 Western Melv M V 0.04 0.05 0.04 0.15 Westridge Res V 0.01 0.02 0.01 0.04 Whetstone Mnls V 0.01 0.01 0.01 0.04 Wildcat Expl V 0.05 0.07 0.06 0.08 Windarra Minls V 0.05 0.07 0.06 0.09 Windstorm Res V 0.04 0.05 0.05 0.19 Witwatersrand T 1.08 1.18 1.08 1.50 World Vent* Q 0.01 0.51 0.02 0.10 Xemplar Energy V 0.02 0.02 0.02 0.05 Xinergy T 0.02 0.02 0.02 0.48 Zena Mng V 0.05 0.10 0.07 0.12

0.00 0.00 0.20 0.00 0.05 0.05 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.00 0.00 0.00 0.00 0.02 0.02 0.06 0.03 0.00 0.01 0.01 0.04 0.04 0.01 0.02 0.00 0.06 0.00 0.11 0.00 0.00 0.00 0.01 0.00 0.03 0.01 0.00 0.00 0.00 0.04 0.01 0.00 0.07 0.05 0.00 0.04 0.03 0.00 0.00 0.03 0.02 0.00 0.05 0.01 0.03 0.00 0.06 0.02 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.02 0.01 0.01 0.00 0.01 0.01 0.00 0.24 0.01 0.01 0.01 0.01 0.06 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.05 0.00 0.02 0.05 0.12 0.00 0.04 0.02 0.04 0.01 0.06 0.00 0.01 0.01 0.05 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.04 0.00 0.00 0.01 0.04 0.01 0.01 0.00 0.01 0.01 0.00 0.04 0.00 0.00 0.00 0.01 0.00 0.01 0.00 0.00 0.03 0.01 0.00 0.02 0.00 0.00 0.00 0.00 0.02 0.00 0.06

2016-01-12 7:22 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 18–24, 2016

New Argentine gov't ARGENTINE From 5

building mines faster and less onerous. That’s what has really contributed to a lot of budgets getting blown out of the water in terms of time and costs. Some of the notions that Kirchner had for trying to develop second and tertiary industry were unproductive and terribly expensive. TNM: Macri was elected with a slim majority and will certainly face opposition. The last time Argentina devalued its currency, in 2001, there was enormous unrest, a near collapse of the country’s financial system and the largest sovereign default in its history. Given all the policy changes Macri has made since coming to office, is there a danger that he is moving too quickly on eliminating his predecessor’s protectionist policies? At the same time, the country seems to have taken the devaluation of the peso in stride, perhaps because Argentines realize that it is part of a broader plan to overhaul the economy. After the initial 30% devaluation of the currency, for instance, (from 9.8 pesos to the U.S. dollar to 15 pesos to the U.S. dollar), it has held up pretty well, strengthening to 13.3 pesos to the U.S. dollar more recently. RM: Most items in the country are already priced at the black market rate rather than the official rate, and inflation is running quite high. The corrective action President Macri and his ministers have discussed and enacted will be uncomfortable, but necessary for Argentina to get back on the right economic track. Will he get tossed out? I don’t know. But for Argentina’s sake, I hope not. TNM: On Dec. 10, the Federal Executive Branch appointed the new authorities of the Ministry of Energy and Mining and the Ministry of Environment and Sustainable Development — headed by Juan Jose Aranguren and Sergio Bergman. Aranguren recently made public the list of officers that will be part of his team at the Energy and Mining Ministry, including Daniel Meilan as the new mining secretary. Is that encouraging news? RM: Absolutely. Daniel Meilan was the sub-secretary of mining in the 1990s, and so he’s quite attuned

with the mining industry and what it needs to work efficiently and profitably. TNM: Are you optimistic about the new government and the likelihood of change in the mining sector? RM: It’s going to take a while to change, but if they can come to terms with the U.S. bondholders — which will open up capital markets to the country — and if they can keep making steps to show they’re serious about treating foreign investors fairly, and holding to the laws they put in place that attracted miners to the country in the first place, rather than arbitrarily changing them, then it has a great chance to become a destination for mining capital investment. TNM: There were rumours two or three years ago that McEwen Mining was so fed up with trying to operate in Argentina that it considered selling its assets there. Is that true?

Copper miners will ‘struggle for survival’, Canaccord says MID-TERM FORECAST

| Bures' top picks among copper miners

“I SEE ARGENTINA BECOMING ONE OF THE BEST TURNAROUND STORIES IN 2016.” ROB MCEWEN FOUNDER, MCEWEN MINING

RM: We have our San Jose mine and large Los Azules copper project. We did market Los Azules two years ago, with the objective of raising funds to finance our gold projects. Unfortunately, falling metal prices and terrible government policies killed that effort. The offers we saw were unimpressive, and our balance sheet improved to the point that there was no pressure or need to sell. Today, I see Argentina becoming one of the best turnaround stories in 2016. Companies with assets down there, such as ours, will likely see their share price appreciate, as the new president enacts more legislation that is foreign-investor friendly. I understand that Argentina plans to send a large delegation of senior officials to the PDAC this year to highlight how serious they are about protecting the rights of foreign investors. TNM

Argentina’s President Mauricio Macri. THE PRESIDENCY OF ARGENTINA

Jan 18 Pgs 1 2 3 4 5 11 13 14 16.indd 11

The processing plant at Imperial Metals’ Red Chris copper mine in British Columbia. IMPERIAL METALS BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

t's now a “survival of the fittest” story for copper miners, according to Canaccord Genuity analyst Peter Bures, and commodity markets might not offer much relief for at least two years. Over the past 12 months copper futures have dropped over 25% due to perceived oversupply and concerns over lagging growth in China. March contracts have fallen nearly US$1 year-on-year and sat at US$2.10 per lb. at press time. In mid-December Canaccord updated its price deck for base metals with a focus on supply and demand in the copper market over the next five years. The new numbers incorporate “modest surpluses” over the next two years, swinging to “large deficits” in 2018 and beyond. Canaccord analysts assume a US$2.08 per lb. copper price this year and US$2.07 per lb. for 2017. This is a major drop from previous price assumptions that pegged copper at US$2.75 per lb. within two years. Relief may not come until 2019, when Canaccord figures prices might pop back up to US$2.75 per lb. “We note price-related production cuts in recent months from Glencore (LSE: GLEN). Teck Resources (TSX: TCK.B; NYSE: TCK) and Grupo Mexico (US-OTC: GMBXF) had only short-term, limited price impacts to the upside. We believe significantly more cuts would be needed to positively impact prices for a sustained period,” Bures said in his research note. “The approximately 1.3 million tonnes of copper on exchanges and in bonded warehouses, combined with the unknown quantity of copper inventory within China, has outweighed recently announced production cuts. We highlight our China consumption forecasts as a key risk factor,” he added. Investors in copper-mining stocks naturally wonder which producers can weather this low-price storm, and come out ahead when the market rebounds. Canaccord cautions that risks remain, and are tied to further de-

Drill core from Capstone Mining’s 70%-owned Santo Domingo copper-iron project in Chile. CAPSTONE MINING

preciation in copper prices and related “balance sheet safety.” But the strength of assets — and ability to generate free cash flow at lower prices — drives investment when combined with sustainable debt ratios and “liquidity options.” For investors interested in companies with relatively low liquidity risk and potential upside, Bures’ recommendations include: Lundin Mining (TSX: LUN; US-OTC: LUNMF), due to a “strong balance sheet, with operating leverage and a relatively high cash-cost base;” Nevsun Resources (TSX: NSU; NYSE-MKT: NSU), on account of its US$434million cash balance and lack of debt; and, perhaps surprisingly, Imperial Metals (TSX: III), due to its “continued recovery from the Mount Polley tailings dam failure, and and long-term growth from Red Chris.” (Imperial recently announced suspension of pit operations at its Huckleberry copper mine in B.C. due to declining copper prices.) Bures says that “while base metal

equities trade near [or at] decade lows, we still view it as sensible for investors to take upside copper price sensitivity to share prices into consideration. “We prefer First Quantum Minerals (TSX: FM; LSE: FQM) followed by Capstone Mining (TSX: CS; US-OTC: CSFFF) in a rising copper price environment. Although both companies sport stressed balance sheets, neither faces critical liquidity shortfalls in the near-term [indeed, not until 2018]. Additionally, a large part [and in Capstone’s case, all] of the debt on the balance sheet is held by a syndicate of traditional banks,” he added. Canaccord’s forecast assumes global copper consumption growth will fall to 2.3% in 2015, which would equate to a global surplus of 241,000 tonnes. The model pegs consumption growth at 2.7%, and 3% in 2016 and 2017. Bures notes that it is likely “too late to materially inf luence 2018–19 supply with new project sanctioning decisions.” TNM

2016-01-12 7:20 PM

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Rubicon’s F2 deposit is uneconomic RUBICON From 1

that contained gold ounces in the updated 2016 indicated resource category have plunged 91% from the 2013 resource estimate, while contained gold ounces in the inferred category have fallen 86%, compared with the earlier estimate. The revised model and updated resource prepared by SRK Consulting was based on information from recent development, trial stoping, chip sampling, underground structural mapping and 94,600 metres of infill drilling within a concentrated shallow area of the deposit, all of which were not previously available, Rubicon said. “At current and projected gold prices, there just aren’t enough tonnes and grade above the 305 level to economically support stand-alone trial stoping,” Michael Winship, Rubicon’s interim president and CEO, said on a brief conference call. The updated resource estimate puts indicated resources at 492,000 tonnes grading 6.73 grams gold per tonne for 106,000 contained oz. gold, down from the 2013 estimate of 4.12 million tonnes grading 8.52 grams gold for 1.13 million contained oz. gold. The revised numbers were based on a cut-off of 4 gram gold per tonne. Inferred resources have fallen from the 7.5 million tonnes grading 9.26 grams gold for 2.22 million contained oz. gold in 2013, to 1.52 million tonnes averaging 6.28 grams gold for 307,000 oz. gold. In a press release and conference call, Rubicon’s management team explained that information from the new drilling and recent trial stoping had changed the understanding of the gold mineralization’s variable spatial distribution, and the new geological information “highlighted the complexity of controls on the distribution of the gold mineralization, its grade and its continuity.” “The distribution of the highergrade mineralization is controlled by the intersection between the east- to west-trending D2 structures and the north-trending, high-titanium basalt unit. The new data shows that the high-grade gold mineralization

Jan 18 Pgs 1 2 3 4 5 11 13 14 16.indd 13

Rubicon Minerals’ shuttered Phoenix gold mine in Red Lake, Ontario. RUBICON MINERALS

is less continuous than indicated in the 2013 SRK resource estimate, which was based upon less widely spaced drilling data that was drilled sub-parallel to the D2 structures.” “Although this new resource estimate is disappointing, we still believe in the potential of the F2 deposit and the land package we hold in Red Lake,” interim CEO Winship told investors and analysts on the call, adding that exploration work in the future “would require a recapitalization of the company.” Winship joined Rubicon’s board of directors in 2011 and was appointed interim president and CEO in October 2015, replacing Michael Lalonde. Nicholas Nikolakakis, Rubicon’s vice-president and chief financial officer, noted on the conference call that the company’s $26.9 million of cash, of which $22.4 million is unrestricted cash, means that “the company has a definitely workable cash balance to see us through the strategic review process.” Winship added that the company has ongoing discussions with its lenders, which include the Canada Pension Plan Investment Board (CPPIB).

In May 2015, Rubicon entered into a financing agreement with CPPIB Credit Investments for a US$50million secured loan facility. The loan facility contained a covenant to achieve commercial production — defined as 60 consecutive days of production at 875 tonnes per day of processed mineralized material from the Phoenix gold project — by Feb. 12, 2016. Allan Candelario, Rubicon’s vicepresident of investor relations, failed to provide answers to questions from The Northern Miner (TNM) before press time regarding a breach of the production deadline outlined in the CPPIB debt covenant, or why Rubicon proceeded with mine development at F2 on the basis of a preliminary economic assessment alone, rather than taking the more conventional steps of doing a prefeasibility or feasibility study. Financing for the Phoenix project and construction of F2 has also come from Royal Gold (TSX: RGL; NASDAQ: RGLD), which in February 2014 entered into a $75-million gold stream with Rubicon. Royal Gold’s shares fell 10.2%, or $5.42, to $47.70.

In a brief note to clients entitled “Royal Gold Singed by the Phoenix,” analyst Andrew Kaip of BMO Nesbitt Burns said that the Phoenix gold stream downgrade “highlights the risk in investing in projects without adequate technical information and, in our view, will probably feed into investors’ concerns regarding the overall risk profile of the Royal Gold portfolio of streaming assets, which is dominated by Mt. Milligan. Additionally, the updated mineral resource may trigger an impairment of the Phoenix stream.” John Tumazos, founder of Very Independent Research and a senior analyst, told TNM that the implications of the F2 case far exceed the impact on Rubicon, its lenders and its shareholders, and risk tainting the wider industry. “The interpretation of any highgrade resource loses credibility and real value after a situation like Rubicon’s,” he said in an interview after Rubicon’s conference call. “It makes everybody in the business lose some credibility with investors, whether it’s management, qualified persons, engineering firms, investment analysts — everybody has egg

on their face.” As far as the prospects of a lawsuit are concerned, Tumazos says there may not be anything left for subordinate creditors after the company pays back its debt. “In order for a plaintiff to have an economic victory the company has to have money to distribute,” he says. “A 90% reduction in the resource estimate undermines the ability of creditors or equity holders to get paid.” Tumazos calculates that most of the company’s $228-million worth of fixed assets on its balance sheet as of Sept. 30 has been sunk into underground shaft and tunnel development, with the mill representing one-third of its fixed assets. The mill could command 10¢ on the dollar in the current gold-price environment. Rubicon shares declined 64%, or 9¢, on the news to finish at 5¢ per share on 17.1 million traded, and last traded at an all-time new low of 3¢, for a market cap of $12 million. The stock briefly traded at $5.82 in late 2010. “This is a real shock as to what you’ve done here with this company ... this is hurting me tremendously,” a private investor commented during the question and answer session of Rubicon’s Jan. 11 conference call. “I paid a lot of money for this stock and now you’re talking about a recapitalization. What does that mean?” In response, Winship said the firm is looking at alternatives. “I can assure you we’re disappointed — as management and the board — at what’s transpired,” Winship said. “We certainly have moved quickly, as we realized through the trial stoping period [in the second half of 2015]. We made press releases in October and November, as we understood the implications, and ... we just recently, in the last few days, received the resource estimate. We’re looking at the various strategic alternatives as we said in the press release ... whether it’s a divestiture or to find a way for Rubicon to go ahead as an exploration company ... we can’t provide you a lot more detail at this time on those various strategic alternatives.” TNM

2016-01-12 7:20 PM

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JANUARY 18–24, 2016 / THE NORTHERN MINER

Dominion Diamond grapples with activist shareholders BY MATTHEW KEEVIL

The surface of the Jay kimberlite at Dominion Diamond’s Ekati diamond mine in the Northwest Territories. DOMINION DIAMOND

mkeevil@northernminer.com VANCOUVER

ellowknife-based Dominion Diamond (TSX: DDC; NYSE: DDC) is the latest Canadian miner to land in the cross hairs of activist shareholders. On Dec. 21, Toronto-based hedge fund K2 & Associates Investment Management emailed a letter to the company’s lead director, Daniel Jarvis, on behalf of a group of investors who say Dominion's share price has “suffered excessively and unnecessarily” as a result of “misguided policies and missed opportunities.” At the time of the letter, Dominion’s share price had dropped 54% year to date over 2015 versus 30% for the S&P/TSX Global Mining Index. The struggles are largely driven by weak fundamentals in the diamond market and relatively volatile production results at the company’s major assets: the prolific Diavik

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and Ekati diamond mines in the Northwest Territories, which lie 220 km south of the Arctic Circle at Lac de Gras. The activist investor consortium owns 5.4% of Dominion’s outstanding shares and features a few names outside of K2, including: Sprott Asset Management, Swiss Financier Carlo Civelli and Hay wood Securities chairman John Tognetti. The group claims that Dominion is “undervalued by the public markets,” but so far management has “failed to articulate a clear plan of action to remedy issues” surrounding project priorities, capital allocation, diamond marketing and corporate governance. In early December the company reported positive free cash flow of US$8.5 million during the third quarter, despite capital expenses of US$52.3 million, which includes investments in the A-21 pipe at Diavik and in the Misery Main, Pigeon and Jay pipes at Ekati. Dominion said it had unrestricted cash and equivalents of US$328 million, and minimal debt obligations. The company did increase its cost of sales guidance at both mines, however, which it largely attributed to lower throughput levels at Ekati due to diamond liberation and inventory over the quarter. Dominion CEO Brendan Bell added that markets are experiencing “some headwinds,” with only the U.S. retail market providing relatively strong demand in the polished diamond market. On Dec. 24 Dominion announced that two of its independent directors, Fiona Perrott-Humphrey and Ollie Oliveira, had resigned from its board. The company also confirmed media speculation that it had kept multinational investment bank Rothschild Group to help with “a number of possible initiatives to maximize shareholder value,” including the possibility of a sale. BMO Capital Markets analyst Edward Sterck notes that fiscal 2016 was always “flagged as a transitional year, with Dominion’s future cash generation the real attraction.” BMO Research forecast cash flow per share of US$4.38 next year as the company moves to the “higher-grade Misery main pipe,” and models net free cash flow of US$1.5 billion over the next four years. “We continue to see Dominion as a well-run company, but there may be an opportunity to be more proactive in supporting the share price,” Sterck wrote on Dec. 22. “It seems likely that the group behind this letter may seek to attract additional shareholders to their cause, and perhaps to put an appointee of its own on Dominion’s board.” BMO Research has an “outperform” rating on Dominion along with a $25-per-share target price. The company has traded within a 52-week window of $9.96 to $24.60, and had recovered substantially to $14.27 per share at press time on Jan. 8. Dominion has 85.3 million shares outstanding for a $1.2-billion market capitalization. K2 portfolio manager Josef Vejvoda has requested that Dominion contact Haywood investment advisor Kyle McLean “before the new year” to facilitate “collaborative dialogue” with the activist group, and identify “opportunities to maximize shareholder value.” Representatives from K2 and Dominion were not available for comment at press time. TNM

2016-01-12 7:20 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 18–24, 2016

President & CEO Vancouver,BC,Canada Online Reference No: 62959 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.

Contracts Administrator Ontario, CA Online Reference No: 62954

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.

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Engineer, Reliability Key Lake Operations, SK Online Reference No: 62949

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The primary role of an electrician is to install, wire, maintain & perform preventive maintenance and repairs to electric equipment some of which are noted below in all surface and underground areas:

Occupational Health & Safety Inspector – Surface & Underground Mining Ontario, Canada Online Reference No: 62823 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.

Occupational Health & Safety Inspector – Surface & Plant Mining Ontario, Canada Online Reference No: 62826

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.

One listing is all you need Print Edition.

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.

Circulated to TNM 20K+ readership Sr. Engineer, Mine McArthur River Operations, SK Online Reference No: 62945

4 INDUSTRY JOB BOARDS

Working with the McArthur River team, you will be responsible for providing mine engineering expertise and leadership to an underground uranium mine

Occupational Health & Safety Inspector – Electrical/Mechanical Ontario, Canada Online Reference No: 62816 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.

site. Core duties include mine planning and scheduling, ventilation, ground freezing, ground control, surveying and other activities to support underground development, production and construction in a geo-technically challenging environment.

CANADIAN Mining Journal General Manager Gahcho Kué Mine Yellowknife, NWT, Canada Online Reference No: 62894

Consultation Support Officer Ontario, Canada Online Reference No: 62871

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.

Mechanic – Canadian Royalties Nunavik Nickel Mine, QC Online Reference No: 62841 The primary role of the Mechanic is to perform preventive maintenance and repairs to diesel, electrical, hydraulic and air operated equipment (Jumbos, MacLean Bolters, scoops). This includes mobile equipment, drills, small tools and miscellaneous equipment of a similar nature.

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

Senior Production Geologist Nunavut, Canada Online Reference No: 62747 We are looking for a Senior Production Geologist who will lead the Production Geology team on site, providing expertise leading to optimized extraction of mineable reserves (including direction calls, grade estimation and sampling). The position is responsible for the support and development of the Production Geology Department and staff and ensures departmental goals are achieved in a safe, professional, quality and timely manner.

The successful candidate will lead the strategic and tactical management of the mine. Bachelor of Mining Engineering degree preferred, with eligibility for Professional Engineering designation in the Northwest Territories required. We are seeking a strong, decisive and ethical leader with a proven track record of delivering results in a large operation. Details at www.debeersgroup.com.

Geophysicist Regina, Saskatchewan Online Reference No: 62809 The Saskatchewan Geological Survey Branch (SGS) with the Saskatchewan Ministry of Economy is seeking a self-motivated and committed Geophysicist to join its Data Management unit. The person we are seeking will have knowledge of electromagnetic, magnetic, gravity, and radiometric methods and the application, constraints, and limitations of geophysical interpretation techniques as applied to geological and mineral exploration studies.

For full job details visit MINING-JOBS.NET and enter the Online Reference No. in the search field For full job details visit MINING-JOBS.NET and enter the Online Reference No. in the search field

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2016-01-12 2:58 PM

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JANUARY 18–24, 2016 / THE NORTHERN MINER

Euromax sees a bright future for mining in Macedonia DEVELOPMENT

| Company releases economics and secures financing for Ilovica

The hill where Euromax Resources’ Ilovica copper-gold porphyry lies, beyond the villages of Ilovica and Shtuka in Macedonia. EUROMAX RESOURCES BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

t's full steam ahead for aspiring miner Euromax Resources (TSXV: EOX) in Macedonia, as the company positions its Ilovica copper-gold porphyry deposit, 15 km west of the border with Bulgaria, to become the European country’s first greenfield development of its kind in over 30 years. The company has tabled a feasibility study that shows marginal improvements in the resource estimate, along with a 5.5% reduction in capital costs to US$474 million. The news came on the heels of Euromax securing an off-take agreement on its copper-gold concentrate with German-owned Aurubis, the largest copper producer in Europe, which operates the Pirdop plant in Bulgaria. The agreement was a key condition towards securing a US$215-million facility for the project from the German United Loan Guarantee Scheme, and builds on a US$25million facility from Caterpillar Financial alongside a US$175-million gold-streaming agreement with Royal Gold. During a presentation at the Denver Gold Forum in Colorado in September last year, Steve Sharpe, president and CEO of Euromax, said that the sizable financing package, which measures “eight times the value of the company’s market capitalization,” validates the project. “It’s a robust project, as is demonstrated by our ability to raise large amount of debt financing against the project itself,” he said, expecting that 80% of the capital cost would be either financed or streamed, with construction in this year’s third quarter. “As most new and expansion projects around the world are mothballed in response to the recent downturn in commodity prices, we believe that this is an ideal time for building, so as to exploit the supply shortages that will likely occur,” he said in a company press release. The Ilovica deposit is a 29-million-year-old copper-gold porphyry within an acutely trending magmatic arc that strikes northwest from northern Greece through Bulgaria and Macedonia, and onto Serbia and eastern Turkey.

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Sharpe said during the presentation that after Euromax sold European Goldfields’ Stratoni mine in Greece, along with its other assets in Romania, to Eldorado Gold (TSX: ELD) in a cash-and-share deal worth US$2.5 billion in December 2011, the company “saw inherent value” in Macedonia, because the Ilovica deposit falls along the same geological trend. The system is 1.5 km in diameter, with resources totalling 257 million tonnes at 0.32 gram gold per tonne and 0.2% copper in the measured and indicated categories, accounting for 2.6 million oz. gold and 1.2 billion lb. copper. “This is a simple copper-gold porphyry that’s low grade, but the grade is made up for by the exceptionally low strip ratio, it’s simple to process and there’s a smelter 120 km by rail from the mine site itself,” he said. “And all of that comes together with spectacularly low cash costs.”

The economics, as outlined in the feasibility study, returned a US$440.1-million after-tax net present value, and a 17.8% after-tax internal rate of return (IRR), assuming a 5% discount rate and longterm price forecasts of US$1,220 per oz. gold and US$2.90 per lb. copper. “The IRR is completely meaningless because it should ref lect the pure equity component of this transaction, which is almost infinite in terms of that number,” Sharpe added. The mine is scheduled to produce 83,000 oz. gold and 16,000 tonnes of copper over a 20-year mine life, at all-in costs of US$372 per oz. gold, which was calculated assuming copper as a by-product. Considering Macedonia has a 2.1-million population, a US$10.2billion gross domestic product and a 25.5% unemployment rate, Sharpe says that the country’s government has gone “above and beyond the

call of duty” to help get Ilovica into development. “The average age of the ministers is 30 years old … it was an overwhelming surprise to find such a young and dynamic government that has really made foreign direct investment a cornerstone of its economic policy.” “We’ve been so welcomed in the country that we made all our staff in London and in Canada redundant, and relocated those positions to Macedonia,” he continued. “We are the first international mining company that have its headquarters there, which is the right thing to do to be part of the emerging market, and we feel passionate about being part of that success.” Corporate philosophy is also important to Sharpe, who says that the company’s shareholders should have a “transparent return” on their investments. “We want to bring mining back to its fundamentals, in which our

shareholders receive the full benefit of the performance of a mine, so we aim to develop a single project and return cash flow generated back to our shareholders,” he said. On the horizon for Euromax is finishing the updated environmental and social impact study, expanding on its national environmental impact study and working on the main mining project, which is the final submission required under the Macedonian minerals law to obtain the construction permit. “It’s a win-win, both for our shareholders and for Macedonia,” he said. “Neighbouring countries will look at what we’re doing here, and that will kick-start a lot of the projects that have been on hold.” Euromax shares have traded within a 52-week range of 9¢ to 57¢, and closed at 35¢ at press time. The company has a total of 116.8 million shares outstanding for a $40.9-million market capitalization. TNM

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SPECIAL SUPPLEMENT TO THE NORTHERN MINER / JANUARY 18-24, 2016

RISING TO INDUSTRY CHALLENGES AND MAKING US STRONGER By Dr. James Siddorn, President of SRK Consulting (Canada) Inc. and Chair of the Convention Planning Committee of the Prospectors & Developers Association of Canada (PDAC)

All of us in the mining industry are operating in very challenging market conditions. The pricing of iron ore—long seen as the foundation of the mining industry because of its critical role in steel production—is at a 10-year low due to global oversupply and continued declines in Chinese steel demand. Decreases in other key commodity prices, in particular the steady decline in the price of gold, are profoundly impacting investor interest in our industry. This has led to dramatic reductions in the market capitalization of mining companies and a neardrought in access to capital for mineral exploration, particularly at the grassroots stage. Significantly, there has only been one mining IPO on the TMX in the last three years. Exploration expenditures are down globally, with Canadian exploration expenditures down more than 50% from the heady heights reached in 2011. But, whilst there are challenges, there are also opportunities. A number of majors are in debt-reduction mode, streamlining their businesses and selling non-core assets or streaming royalties. This leaves opportunities for new investors and companies to optimize these assets and focus their attention on producing strong, viable operations in the future. Late-stage projects are also advancing, either securing the investment required to proceed to the next stage of development or being acquired by other companies. It’s a hopeful sign that good projects with good teams are continuing to move forward. As the US economy rebounds, and if its now-largest trading partner China continues its steady (~7%) GDP growth, the metals markets will eventually be positively impacted.

Let’s also remember to put the current market in context: both the gold price and the 2015 exploration expenditures in Canada have returned to 2009 levels, with exploration spending still significantly higher than in 2005. So, as an industry, let’s continue to do good work. Investors and capital markets trust in good projects that generate sound financial returns and are managed by good people. As Rick Rule, Chairman of Sprott US Holdings, commented earlier this year, we’ve been here before and can’t afford to mess things up. As always, the PDAC is striving to assist and support its members— explorers and developers alike—and is working tirelessly to help the exploration industry secure access

to the capital, land and skills it needs to sustain itself into the future. The PDAC is also continuing to help its members meet and exceed societal expectations in areas such as community and Aboriginal engagement, environmental stewardship, and health and safety. Throughout the market downturn, attendance at the PDAC convention has continued to be strong, with more than 23,000 attendees in 2015. We expect similar participation in 2016 as now, more than ever, members are looking for answers that will help them manage the risks and opportunities associated with increasingly complex operating environments. At PDAC 2016 there will be over 900

exhibitors, with approximately 350 of these exhibiting at the Investors Exchange and nearly 500 at the Trade Show. Already sold out, the Trade Show will take place in both the South and North Buildings and will include the Northern Ontario Mining Showcase regional pavilion that will host about 70 companies. On behalf of the PDAC, I would like to thank our Diamond sponsor, Teck Resources Limited. Teck is celebrating its 10th anniversary as the Diamond Sponsor of the convention; our Platinum sponsors, Barrick Gold Corporation, IBK Capital Corp. and Goldcorp Inc.; our Century Sponsor, Hecla Mining Company; and our Patron sponsors Rio Tinto, BMO Capital Markets, TMX Group, Vale Canada Limited and Hatch. We are

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PROSPECTORS & DEVELOPERS ASSOCIATION OF CANADA 2016 INTERNATIONAL CONVENTION, TRADE SHOW & INVESTORS EXCHANGE March 6 – 9 Metro Toronto Convention Centre, Toronto, Canada Full program and registration details at www.pdac.ca/convention Register online by February 5, 2016 to qualify for early registration rates.

very pleased that both Peru and Ecuador have returned as Mining Country sponsors, and welcome Chile as a new Mining Country sponsor. In keeping with the past, PDAC 2016 will offer outstanding technical content with valuable educational and networking opportunities for attendees. The convention will commence with a range of Short Courses on Friday, March 4 and Saturday, March 5, including a joint PDAC-SEG workshop focused on The metallogeny of and exploration for zinc ores. Some of the other Short Courses will cover Metallurgy for geologists; Structural vectoring in deposits; Critical inputs for advancing projects to production; and Global risk management and investment: Mitigation strategies concerning Continues on page B2

Your Exploration Advantage

CONVENTION REGISTRATION DESK HOURS Onsite Information and Registration Centre Sponsored by Barrick Gold Corporation Friday, March 4 Saturday, March 5 Sunday, March 6 Monday, March 7 Tuesday, March 8 Wednesday, March 9

7:00 am – 6:00 pm 7:00 am – 6:00 pm 7:00 am – 5:00 pm 7:00 am – 5:00 pm 7:00 am – 5:00 pm 7:00 am – 12 noon

Prospectors & Developers Association of Canada 135 King St E Toronto, ON Canada M5C 1G6 (E): convention@pdac.ca (T): 1 416 362 1969 (F): 1 416 362 0101

Find out more @ geotech.ca

T: +1 905 841 5004 E: sales@geotech.ca

2016 PDAC CONVENTION

SPECIAL SUPPLEMENT TO THE NORTHERN MINER, January 18-24, 2016

TABLE OF CONTENTS Attendee Info & Onsite Services Convention Bag. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E-Centre.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Free Water. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Lounges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mobile Convention Website.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Places to Eat. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shoe Shine Stands. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Shuttle Service.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SME Bookstore. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Terrace Meeting Place. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

DIAMOND SPONSOR 10 10thth Anniversary Anniversary

15 15 15 15 15 15 15 15 15 15

2016 Diamond Diamond Sponsor Sponsor

Headquartered in Vancouver, BC, Teck is Canada’s largest diversified resource company, committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. With ownership or interest in 12 operating mines in Canada, the USA, Chile and Peru and one large metallurgical complex in Canada, Teck has expertise across a wide range of activities including exploration (primarily focused on three commodities: copper, zinc and gold), development, smelting, refining, safety, environmental protection, product stewardship, recycling and research.

Awards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Exhibits Trade Show & Trade Show North. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Investors Exchange. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Core Shack. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Mining Marketplace. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Prospectors Tent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Our nearly 10,000 employees work each day to deliver on Teck’s commitment to health and safety, protection of the environment and the sustainability of the communities in which Teck operates. Teck is proud to be celebrating its 10th Anniversary as the Diamond Sponsor for the PDAC 2016 Convention.

Message from Convention Planning Committee Chair. . . . . . . . . . . . . . . . . . . . . . . . 1 Mining Matters Hockey Tournament. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Networking and Ticketed Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Awards Evening. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Closing Party: PROM NIGHT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mineral Outlook Luncheon. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mining Night. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Panel Luncheon. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Student-Industry Networking Luncheon. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Welcome Reception. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 6 6 6 6 6 6 6

Presentations & Programming Aboriginal Program. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Capital Markets Program.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Corporate Presentation Forum for Investors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Corporate Social Responsibility (CSR) Event Series. . . . . . . . . . . . . . . . . . . . . . . . 4 Exploration Insights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Letter Writer Presentations for Investors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Presentation & Reception Rooms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Student Program. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Targeted Geoscience Initiative 4 (TGI-4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Technical Program. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Short Courses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

RISING TO INDUSTRY CHALLENGES AND MAKING US STRONGER, Continued from page B1 expropriation, human rights and liability. On Sunday, March 6, attendees of the Commodities and market outlook session will hear experts discuss the market outlook for fertilizers, nickel, diamonds, PGMs and silver, gold, zinc and copper. That afternoon they can learn about Treasures of the Western and Central Tethys Metallogenic belt, including talks on Serbian, Romanian and Turkish deposits. Beginning on Sunday, the CSR Event Series will run until Tuesday. The Aboriginal Program will be held on Monday and Tuesday, and the Capital Markets Program on Tuesday. The

convention’s Technical Program will begin officially on the morning of Monday, March 7, after the opening ceremonies, with a keynote session addressing the future of exploration and development over the next decade. In this market it is essential that we look forward; the future is bright and our industry will continue and be vibrant and successful because of the talented people within it. Some of these industry-leading individuals will discuss the industry’s future while examining topics at mining cycle stages from exploration to mine building and closure. Jon Hronsky will give a presentation

on exploration strategy, Chris Lewicki on exploration frontiers (including asteroid mining), Jim Gowans on mine development, Paul Brink on mining finance, Sean Willy on Aboriginal engagement, and Jeff Parshley on mine closure. The schedule for Monday morning will also include fantastic sessions on super-giant porphyry Cu-Au deposits—with talks on the economics of these deposits and the specifics of the Wafi-Golpu giant porphyry Cu-Au deposit—and on energy strategies and efficiencies. These will be followed by excellent sessions on coal, Nevada gold deposits and diamonds on Monday

afternoon. The diamond session is always popular and the focus of the Monday afternoon discussions will be Diamonds in southern Africa: Back to the Beginning. The session will include a presentation on Lucara’s Karowe mine that has been making the headlines recently. On Tuesday morning, convention attendees will be able to attend sessions focused on mining water management, what mining analysts think about your company, and zinc deposits, a session planned in tandem with the related short course held pre convention. Afternoon sessions will address geophysics, specialty metals

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and the comparison of feasibility studies with reality. Key speakers from China will also talk about The China Factor. We are particularly delighted to be partnering with the Geological Survey of Canada to offer a unique, all-day session on Wednesday that will showcase the results and key findings of the fourth installment of the federally-funded Targeted Geoscience Initiative (TGI-4). This session will be complimentary (open to all pass types) and will include talks on NiCu-PGEs, gold and specialty metals, as well as VMS, SEDEX, porphyry and uranium deposits. Another Wednesday highlight will be a superb morning session on uranium, with talks about deposits in Athabasca, South Australia, Wyoming and Tanzania. A session on raising capital will discuss new prospectus exemptions and whether or not they will help raise capital and lower regulatory costs. And, during this convention, the New discoveries and developments session will give a progress update for some projects featured in equivalent sessions over the past 20 years, including lessons learned about the causes of success and failure for each project. In addition to the Technical Sessions, 120 presenters will use the Corporate Presentation Forum to deliver engaging presentations and answer questions about their projects and discoveries. And the popular Core Shack displays will give attendees a first-hand look at drill core from the next generation of projects, with 47 companies presenting their latest prospects. This year, back in the South Building of the MTCC, the Core Shack will be located in the Investors Exchange. Rounding out these major convention activities are a number of social and networking events for attendees – including students, who qualify for a reduced convention registration fee and programs specifically geared toward their interests.

2016 PDAC CONVENTION

SPECIAL SUPPLEMENT TO THE NORTHERN MINER, January 18-24, 2016

TECHNICAL PROGRAM As at January 8, 2016

AM sessions sponsored by Agnico Eagle Mines Limited PM sessions sponsored by RPA Inc.

Open to attendees with All Access Passes. *Open to all pass types.

The PDAC 2016 Convention Planning Committee designs the Technical Program and invites speakers to present. Hear industry experts share timely insights during this dynamic series of presentations. Attendees will learn next and best practices that can be utilized right away. Need professional development hours to maintain your professional designation? Upon request, PDAC will provide a certificate of completion for Short Courses and the Technical Program to help you meet your PD hour requirements. For a complete schedule visit www.pdac. ca/convention/program/technicalprogram

2:00 – 4:30 pm NEVADA GOLD DEPOSITS CHAIRS: Catherine Gignac, Gignac & Associates, Mississauga & Neil Gow, Consultant, Burlington, Canada

2:00 – 4:00 pm DIAMONDS IN SOUTHERN AFRICA: BACK TO THE BEGINNING CHAIRS: Patricia Sheahan, Consultant, Toronto & Jennifer Pell, Peregrine Diamonds Ltd., Vancouver, Canada

2:00 – 4:00 pm COAL? YES, COAL! CHAIRS: Richard Marston, Golder Associates Ltd., St. Louis, USA & Spencer Ramshaw, CAMESE, Mississauga, Canada

TUESDAY, MARCH 8 SUNDAY, MARCH 6 1:00 – 5:00 pm COMMODITIES AND MARKET OUTLOOK Sponsored by KPMG, PearTree Financial Services Ltd., RBC Capital Markets and Scotiabank CHAIRS: Santo Ranieri, Quadra

Chemicals Ltd., Toronto & Terence Ortslan, TSO & Associates, Montreal, Canada

1:00 – 3:30 pm TREASURES OF THE WESTERN AND CENTRAL TETHYS METALLOGENIC BELT CHAIRS: Richard Herrington, Natural History Museum, London, England & Robert Moritz, University of Geneva, Geneva, Switzerland

9:00 am – 12 noon EXPLORATION INSIGHTS* Sponsored by National Post CHAIRS: John Sullivan, Excellon Resources Inc. & Susan Ma, IBI Group, Toronto, Canada

9:00 – 11:30 am WHAT DO MINING ANALYSTS THINK ABOUT YOUR COMPANY? CHAIRS: John Morganti, Lucca Advisors Inc., Vancouver & David Christie, Goodman & Company Investment Counsel, Toronto, Canada

9:00 – 11:00 am MINING AND INTEGRATED WATER MANAGEMENT

9:00 – 11:30 am

2:00 – 4:00 pm

9:00 – 11:30 am

ZINC MINES: CAN GLOBAL PRODUCTION BE SUSTAINED?

THE CHINA FACTOR: COMMODITY PRICES AND THE MINING FINANCE ALTERNATIVE

RAISING CAPITAL: WILL NEW PROSPECTUS EXEMPTIONS HELP RAISE CAPITAL AND LOWER REGULATORY COSTS?

CHAIRS: Robert Valliant, Tri Origin Exploration Ltd., Aurora & Al Workman, Watts, Griffis and McOuat Limited, Toronto, Canada

SPECIALTY MINERALS AND METALS FOR ENERGY STORAGE CHAIRS: Don Bubar, Avalon Rare Metals Inc. & Don Hains, Hains Engineering Co. Ltd., Toronto, Canada

2:00 – 4:00 pm FEASIBILITY STUDY VS REALITY: AN INVESTOR PERSPECTIVE Inc., Toronto, Canada & Frank Holmes, U.S. Global Investors, San Antonio, USA

CHAIRS: Enrique Mendez, EMS Global Group & Susan Ma, IBI Group, Toronto, Canada

OPENING CEREMONIES* Rodney Thomas, President, PDAC and the Honourable Jim Carr, Minister of Natural Resources

9:20 am – 12 noon KEYNOTE SESSION: 2026— THE FUTURE OF EXPLORATION AND DEVELOPMENT CHAIRS: James Siddorn, SRK Consulting Canada Inc. & James Lusby, PricewaterhouseCoopers LLP, Toronto, Canada

•

CHAIRS: Spencer Ramshaw, CAMESE, Mississauga & Adrienne Baker, Energy and Mines, Ottawa, Canada

ConstruCtion AnD Mining serviCes 9:00 – 11:30 am SUPER-GIANT PORPHYRY CU-AU DEPOSITS: IMPORTANT GLOBAL RESOURCES FOR THE FUTURE CHAIRS: Andrew Davies, Teck Resources Limited, Vancouver & Andrew Wurst, Barrick Gold Corporation, Toronto, Canada

2:00 – 4:30 pm

9:00 –11:30 am

GEOPHYSICS: NEW TECHNOLOGIES AND CASE HISTORIES

NEW DISCOVERIES AND DEVELOPMENTS

CHAIRS: Jean Legault, Geotech Ltd.,

Aurora & Robert Hearst, AREVA Resources Canada, Saskatoon, Canada

CHAIRS: Charles Beaudry, Consultant & Bill Mercer, Avalon Rare Metals Inc., Toronto, Canada

9:00 am – 4:30 pm WEDNESDAY, MARCH 9

CHAIRS: Shawn Campbell, Goldcorp

8:30 – 9:15 am

ENERGY STRATEGIES, EFFICIENCIES: WHAT IS THE RIGHT MIX FOR YOUR PROJECT?

CHAIRS: Brian Prill, BLP Law Professional Corporation & James McVicar, Dentons LLP, Toronto, Canada

2:00 – 4:00 pm

MONDAY, MARCH 7

9:00 – 11:30 am

CHAIRS: Keith Spence, Global Mining Capital Corp., Toronto, Canada & Yonglian Sun, SRK Consulting (China) Ltd., Beijing, China

9:00 am –12 noon THE EVOLVING LANDSCAPE OF URANIUM CHAIRS: Jonathan Lafontaine, Consultant, Lévis & Al Workman, Watts, Griffis and McOuat Limited, Toronto, Canada

TARGETED GEOSCIENCE INITIATIVE 4 (TGI-4)* CHAIRS: Wouter Bleeker and Mike Villeneuve, Natural Resources Canada, Ottawa, Canada

2016 PDAC CONVENTION

SPECIAL SUPPLEMENT TO THE NORTHERN MINER, January 18-24, 2016

ABORIGINAL PROGRAM Open to attendees with All Access Passes. The Aboriginal Program at the PDAC Convention provides an excellent opportunity for the minerals industry and Aboriginal communities and companies to share knowledge, foster relationships and create partnerships.

MONDAY, MARCH 7

TUESDAY, MARCH 8

COLLABORATIVE PROJECTS FOR INDIGENOUS COMMUNITY DEVELOPMENT – CANADIAN AND INTERNATIONAL EXPERIENCES

ABORIGINAL LAW, INDIGENOUS FRAMEWORKS AND REGULATORY REGIMES: EXAMINING THE EVOLVING LANDSCAPE

9:00 - 11:30 am

9:00 - 12 noon

ABORIGINAL FORUM: SHARING KNOWLEDGE, ENHANCING PARTICIPATION

EXPLORING ABORIGINAL PROCUREMENT AND JOINT VENTURE BUSINESS MODELS IN THE MINERAL SECTOR

2:00 - 4:30 pm

2:00 - 5:00 pm For more details, visit www.pdac.ca/convention/programming/ aboriginal-program

STUDENT PROGRAM The Student Program features free events geared specifically toward students and recent graduates.

Sunday March 6 – Tuesday March 8 PDAC-CIM TORONTO BRANCH GUIDED TOURS The tours are a great way to become acquainted with the 1000+ companies that exhibit in the Trade Show and Investors Exchange. Each tour stop will last approximately 7 minutes and will focus on the exploration and/or production aspects of the company’s projects and career opportunities.

SUNDAY March 6, 2:30 – 4:00 pm PDAC SURVIVAL SKILLS Discover the many opportunities available to you during the Convention and learn strategies for successfully networking your way through PDAC 2016. Showcase your potential value to employers and build marketing tools to help you succeed in your career.

MONDAY

TUESDAY

March 7, 12 noon – 7:00 pm

March 7, 3:30 – 5:00 pm

March 8, 11:30 am – 1:30 pm

STUDENT MINERALS COLLOQUIUM

STUDENT-INDUSTRY FORUM

STUDENT-INDUSTRY NETWORKING LUNCHEON

This event will feature 100 poster presentations highlighting current research on mineral deposits and related studies by students from across North America.

A panel of young geoscientists will share their post-graduation experiences as it pertains to building their careers in the exploration and mining industry.

The flagship event of the student program; this reception-style buffet luncheon provides an opportunity to make valuable connections with industry professionals and peers. The winner of the Mary-Claire Ward Geoscience Award will be announced as well as the selected 2016 StudentIndustry Mineral Exploration Workshop (S-IMEW) students.

For more details, visit www.pdac.ca/convention/programming/student-program

CORPORATE SOCIAL RESPONSIBILITY (CSR) EVENT SERIES Open to attendees with All Access Passes. SUNDAY, MARCH 6 SOCIAL RISK MANAGEMENT IN EXPLORATION PROJECTS, MEXICO: UNLOCKING THE FUTURE MINE

DRIVING VALUE BY PRIORITIZING INVESTMENTS FOR SUSTAINABLE STRATEGIES IN MINING: SCHULICH INTERNATIONAL CASE COMPETITION FINALE

RESPONSIBLE OUTWARD INVESTMENTS OF CHINESE MINING COMPANIES: THE ESTABLISHMENT AND IMPLEMENTATION OF CHINESE OUTWARD MINING GUIDELINES

2:45 - 4:45 pm

3:00 - 4:30 pm

ORGANIZER: Schulich School of

ORGANIZER: Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and the China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters (CCCMC)

Business

8:30 - 9:30 am ORGANIZER: Goldcorp Inc.

MONDAY, MARCH 7

MINING, EXPLORATION AND THE CARBON DRIVEN ECONOMY

CORRUPTION & BRIBERY: USING AN EFFECTIVE COMPLIANCE PROGRAM TO MANAGE RISK

9:30 - 10:30 am

9:00 - 10:00 am

ORGANIZER: iCompli Sustainability, division of BPA Worldwide

ORGANIZER: Export Development Canada, Transparency International Canada and the Global Compact Canada Network

MANAGING CSR RISK IN M&A TRANSACTIONS: WHAT JUNIORS NEED TO BE THINKING WHEN SELLING

4:30 - 5:15 pm ORGANIZER: Yamana Gold Inc.

TUESDAY, MARCH 8 THE EXTRACTIVE SECTOR TRANSPARENCY MEASURES ACT

10:30 - 11:30 am

10:00 - 11:00 am

ORGANIZER: Fasken Martineau

ORGANIZER: Natural Resources Canada

CEO SUSTAINABILITY PANEL 4:30 - 6:00 pm ORGANIZER: PDAC

(NRCAN)

PREPARING FOR THE REBOUND: STRATEGIC STAKEHOLDER ENGAGEMENT

ARTISINAL MINING AND THE EXPLORATION PERSPECTIVE

1:30 - 2:30 pm

11:00-12 noon

ORGANIZER: rePlan, an ERM Group

ORGANIZER: Prospectors & Developers Association of Canada (PDAC)

Company

THE BEYOND ZERO HARM FRAMEWORK: MEASURING COMMUNITY WELL-BEING

For more details, visit www.pdac.ca/convention/programming/csr-event-series

CSR EVENT SERIES CLOSING RECEPTION 6:00 - 7:00 pm ORGANIZER: PDAC

2016 PDAC CONVENTION

SPECIAL SUPPLEMENT TO THE NORTHERN MINER, January 18-24, 2016

SHORT COURSES

SMSJ_Sept 2012_Pro_TH_PC

Short Courses are in-depth educational sessions led by presenters with expertise in a variety Mobile of Equipment for Safety and Productivity different subject matters. All Short Courses will take place at the MTCC, South Building. Re-Located to a 50,000 sq.ft. PLa

Need professional development hours to maintain your professional designation? Upon request, PDAC will provide a certificate of completion for Short Courses to help you meet your PD hour requirements. The Association of Professional Geoscientists of Ontario (APGO) supports participation of its members in these courses as acceptable Continuing Professional Development activities.

SMSJ_Sept SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC

Mobile Equipment for Safety and Productivity Re-Located to a 50,000 sq.ft. PLant!

Space is limited for Short Courses; register early to avoid disappointment! 1 BEST PRACTICES IN MINERAL EXPLORATION PROJECTS AND HOW TO AVOID COMMON ERRORS ENCOUNTERED IN TECHNICAL REPORTS AND OTHER DISCLOSURES MADE BY ISSUERS Friday, March 4 8:00 am – 5:00 pm ORGANIZER: Charles Beaudry,

5 ADVANCING EXPLORATION PROJECTS TO PRODUCTION: CRITICAL INPUTS FOR SUCCESS Friday, March 4, 9:00 am – 5:00 pm Saturday, March 5, 9:00 am – 5:00 pm

Consultant, with contributions from the Ontario Securities Commission, TMX Group & Watts, Griffis and McOuat Limited

Early Rate: Member: $599, Non-member: $699, Student: $299

Early Rate: Member: $399, Non-member: $499, Student: $199

Regular Rate: Member: $799, Non-member: $899, Student: $299

Regular Rate: Member: $599, Non-member: $699, Student: $199

2 GLOBAL RISK MANAGEMENT AND INVESTMENT: MITIGATION STRATEGIES CONCERNING EXPROPRIATION, HUMAN RIGHTS AND LIABILITY ISSUES Friday, March 4 9:00 am – 4:00 pm ORGANIZER: Colorado School of Mines/

Global Business Risk Management

Early Rate: Member: $399, Non-member: $499, Student: $199 Regular Rate: Member: $599, Non-member: $699, Student: $199

3 STRUCTURAL VECTORING IN MINERAL EXPLORATION: WHAT IT IS AND HOW, WHEN, AND WHY WE SHOULD USE IT Friday, March 4 9:00 am – 5:00 pm ORGANIZER: Rogerio Noal, Monteiro and Associates, Vektore Exploration Consulting Corporation

Early Rate: Member: $399, Non-member: $499, Student: $199 Regular Rate: Member: $599, Non-member: $699, Student: $199

4 THE METALLOGENY AND EXPLORATION FOR ZINC ORES: MEETING THE CHALLENGE FOR NEW RESOURCES Friday, March 4, 8:00 am – 5:00 pm Saturday, March 5, 8:00 am – 5:00 pm ORGANIZER: Society of Economic Geologists (SEG)

Early Rate: Member: *$699, Non-member: $799, Student: $359 Regular Rate: Member: *$899, Non-member: $999, Student: $359 *To qualify for this rate, you must be a member of PDAC or SEG.

ORGANIZER: SRK Consulting

6 STRUCTURED EXCEL MODELING, FINANCIAL & RISK ANALYSIS FOR MININGS Friday, March 4, 9:00 am – 5:00 pm Saturday, March 5, 9:00 am – 5:00 pm ORGANIZER: Amec Foster Wheeler

Early Rate: Member: $599, Non-member: $699, Student: $299 Regular Rate: Member: $799, Non-member: $899, Student: $299

7 METALLURGY FOR GEOLOGISTS Saturday, March 5 9:00 am – 5:00 pm ORGANIZER: RPA Inc.

Early Rate: Member: $399, Non-member: $499, Student: $199 Regular Rate: Member: $599, Non-member: $699, Student: $199

8 HEALTH & SAFETY IN MINERAL EXPLORATION Saturday, March 5 8:30 am – 4:30 pm ORGANIZER: Bill Mercer, Avalon Rare

Metals Inc.

PDAC is pleased to offer this course at a special rate as part of the Association’s ongoing leadership in Health & Safety, and its commitment to improving responsible exploration. Member: $56.50 Non-member: $169.50 Student: $28.25

9 PORTABLE XRF WITHIN THE MINERALS INDUSTRY: BEST PRACTICE APPLICATION FOR MINING AND EXPLORATION PROJECTS Wednesday, March 9 9:00 am – 5:00 pm

Authorized Toyota Landcruiser Dealer

Authorized Authorized Toyota Toyota Landcruiser Landcruiser Dealer Dealer

ORGANIZER: Olympus Scientific Solutions and Innov-X Canada

Early Rate: Member: $399, Non-member: $499, Student: $199 Regular Rate: Member: $599, Non-member: $699, Student: $199

10 DMEC WORKSHOP SERIES: MAKING TECHNOLOGY WORK; THE IMPORTANCE OF TIME AND PATIENCE Wednesday, March 9 2:00 – 6:00 pm ORGANIZER: Ken Witherly, Condor Consulting, Inc.

Member: $199 Non-member: $239 Student: $99

For full descriptions and to register, visit www.pdac.ca/convention/programming/short-courses

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

2016 PDAC CONVENTION

SPECIAL SUPPLEMENT TO THE NORTHERN MINER, January 18-24, 2016

NETWORKING AND TICKETED EVENTS LUNCHEONS MINERAL OUTLOOK LUNCHEON

PANEL LUNCHEON

STUDENT-INDUSTRY NETWORKING LUNCHEON

COMMODITIES AWAIT THEIR DATE WITH DESTINY

WHAT WILL FUEL THE NEXT BULL MARKET IN MINED COMMODITIES?

Tuesday, March 8 11:30 am – 1:30 pm

Monday, March 7 12 noon – 2:00 pm

Tuesday, March 8 12 noon – 2:00 pm

Sponsored by

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FHC

2016 PDAC CONVENTION

SHOWTECH

SPECIAL SUPPLEMENT TO THE NORTHERN MINER, January 18-24, 2016

PDAC 2016 TRADE SHOW NORTH March 6 - 9, 2016

Metro Toronto Convention Centre, North Building, Level 300 Exhibit Hall C

10'

Please note: Floor plan is subject to change UP

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309 Show Office

Exhibit Manager

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Kirwin Collection

6322N 6223N

6222N 6123N

6325N

6324N 6225N

6224N 6125N

30'

6528N 6429N

6428N 6329N

6530N 6431N

6430N 6331N

20'

6229N 20'

Sponsored by

20'

Free Water

20'

18'

Exit

Exit 20'

20'

FHC

25'

8'-1"

9' 75'

20'

GREAT NORTH EATERY

Sponsored by

Bar

6129N

20'

Exit

6126N

10'

22'

6120N

20'

THE BEER MARKET Monitor

Exit

6116N

T.F.H.C.

6422N 6323N

20'

25'

6114N

6122N

10'

Aisle 6600

6825N

6822N 6723N

6110N

20'

T.F.H.C.

10'

78'

6823N

6108N

FHC

6811N

6300N 6201N

6303N

6405N

6809N

6813N

6400N 6301N

Aisle 6100

6500N 6401N

Aisle 6200

6501N

10'

Aisle 6400

6801N

Aisle 6300

Aisle 6700

Company Booth # Foraco International SA 1141 Forage G4 Drilling 6311N Forage Orbit Garant 240 Fordia 322 Foremost Industries LP 553 Foth Infrastructure & Environment, LLC 1129 Fugro 913 G4S Secure Solutions Canada Ltd. 6103N Galaxy Broadband Communications Inc. 150 Gekko Systems 404 GEM Advanced Magnetometers 802 Geo Data Solutions Inc. 6419N Geoconsulting & Technical Services 6329N Geo-Logic Associates 6824N Geologica Inc. 333 Geological & Mining Equipment Branch of CMA 841 Geological Association of Canada GAC 6401N Geological Survey of Victoria 412 Geometrics 1242 Geonics Limited 811 Geophysics GPR International Inc. 1004 Georeference Online Ltd. 601 Geoscience Australia 313 Geosense 607 Geosoft Inc. 931 Geotec Wuxi 6822N Geotech Drilling Services Ltd. 6303N Geotech Ltd. 1209 Geotechnologies 444 Géotic Inc. 124 Geovariances 1330 Geovista Ltd. 1439 GF Instruments 6108N Globalaw Limited 1140 Goldak Airborne Surveys 938 Golder Associates Ltd. 342 Greenland Business Association 616 "Greenland, Government of" 417 Grenville Minerals 331 Grindex Pumps 6731N Groundradar Inc. 702 GroundTech Solutions Ltd. 705 Halltech Exploration Outfitters 108 Hekla Consulting Ltd. 6631N Heli Explore Inc. 527 Helmholtz Institute Freiberg for Resource Technology 6301N High Eye Aerial Imaging Inc. 6624N HiSeis Pty Ltd. 406 Horizon North Logistics Inc. 951 Houston International Insurance Group 849 Hy-Tech Drilling Ltd. 351 Icefield Tools Corporation 937 ICOM Canada 6525N IFG Corporation 310 IGS International Geoscience Services Ltd. 6730N Illumiti Inc. 6506N IMP Automation Canada 525 Independent Laboratory Supplies Pty Ltd. 1145 Independent Mining Consultants, Inc. 719 India, Government of, Ministry of Mines 1241 Industrial Fabrication Inc. 6322N Industrial Info Resources 6300N Inertial Sensing 6510N InfoMine Inc. 1010 Infosat Communications LP 130 Ingetrol 713 Ingu Solutions Inc. 6122N InnovExplo Inc. 239 Innu Development Limited Partnership 944 Instrumentation GDD Inc. 706 International Airborne Geophysics Safety Association 6206N International Directional Services 337 International Precious Metals Institute IPMI 6403N Intertek 6305N Intrepid Geophysics 305 Ireland, Department of Communications, Energy and Natural Resources 903 IRL Supplies Ltd. 608 IsoMetrix 6526N J&C Bachmann GmbH 6523N Japan Oil, Gas and Metals National Corporation 1047 Japosat Satellite Mapping 6829N Jexplore Equipment Inc. 1146 JSC “Kazgeology” 6627N Kappes, Cassiday & Associates 1131 Kemetco Research Inc. 1052 Kingston Process Metallurgy Inc. 6428N Kishore Vadilal Private Limited 6318N Kississing Lake Lodge 6302N Kitikmeot Cementation Mining & Development Ltd. 1117 Klen International 347

Aisle 6800

FHC

58'

FHC

H SHOWTECH

Company Booth # Kontek Process Water Management 943 Kroum VS Instruments Limited 514 Lamontagne Geophysics Ltd. 1103 Langara Island Lodge 129 Laurentian University, Department of Earth Sciences 1230 LB2 Leadership Building Blocks for Mining 6331N Leapfrog Software 350 Legacy Building Solutions 6407N LiDAR Services International Inc. 241 LIM Logging 442 LNS Greenland A/S 413 MacLean Engineering 546 Major Drilling 330 Mala Geoscience USA, Inc. 6313N MAN Diesel & Turbo Canada Ltd. 6201N Manitoba Pavilion 731 Maple Leaf Industrial 1227 Maptek 1039 Marcomm Systems Group Inc. 6623N Matawa First Nations 750 Matrix GeoTechnologies Ltd. 1106 Matrix Helicopter Solutions Inc. 1112 Maxidrill Inc. 1006 Maxwell GeoServices 424 MBI Drilling Products 1322 McCue Engineering Contractors 6431N McDonald & Wang 6830N McDowell B. Equipment 503 McElhanney Consulting Services Ltd. 550 Medusa Systems BV 446

PDAC 2016 TRADE SHOW NORTH

Company Booth # Company Booth # March 6 - 9, 2016 W Developers Association 136 Megadome Buildings 613 Metro Toronto Convention Centre, North Building, Level 300 New Resolution Geophysics 1441 Exhibit Hall C Memorial University of Newfoundland, S Department of Earth Sciences 253 New South Wales Mineral Resources 317 Met-Chem Canada Inc. 120 New Zealand Government 1228 Met-Solve 1224 Newfoundland and Labrador: Explore the opportunities 149 Mexican Geological Survey 1215 New-Sense Geophysics Limited 212 MICROMINE 603 Newterra Ltd. 1443 Minalyze AB 853 Nishnawbe Aski Development MineAfrica Inc. 436-439 Fund 6323N Minnesota Department of Natural Nomadis Inc. 112 Resources 1043 Norseman Structures 6430N Mira Geoscience Ltd. 814 Northern Ireland, Department of MMD Mineral Sizing Canada Inc. 6406N Enterprise, Trade & Investment 907 MNP 1403 Northern Miner, The 810 Montt Group SpA. 6417N Northern Ontario Mining Morocco, Federation of the Showcase 6501N Mineral Industry, FDIM 6306N Northern Survey Supply 513 Mount Sopris Instrument 1417 Northern Territory Geological Survey 414 MPX Geophysics Ltd. 805 Northwest Territories & Nunavut MS Analytical 1453 Chamber of Mines 1008 Multi-Power Products Ltd. 1151 Northwest Territories, Namibia Geological Survey 712 Government of 1107 National Compressed Air Canada Ltd. 518 Norway, Geological Survey of 542 Natural History Museum Consulting 338 Nova Scotia Department of Natural Resources 145 Natural Resources Canada 423 Nova Scotia Prospectors Association 137 Neftex 1017 NOVATEM Inc. 602 Network Innovations Inc. 109 NTT CORESAW 1113 Neumarkets Inc. 6205N NUCOMAT 6427N Nevada Geological Society 6502N Nuna Logistics Limited 1115 New Brunswick Department of Energy and Mines 144 Nunavut Tunngavik Incorporated 1114 Nunavut, Government of 1016 New Brunswick Prospectors &

Company Booth # E Olympus 650 Ontario Ministry of Northern Development and Mines "637, 651" Ore Research and Exploration P/L 408 Outotec Canada Ltd. 803 Overburden Drilling Management Limited 910 Pacific Geomatics Ltd. 614 Pajari Instruments Ltd. 516 Parts HeadQuarters Inc. 1231 Peru 1423 Petros Eikon Inc. 1206 Phoenix Geophysics Limited 211 PhotoSat Information Ltd. 510 Pico Envirotec 1037 Piteau Associates Engineering Ltd. 523 PowerTraxx Vehicles Inc. 1127 Pozitif Sondaj Ltd. 6411N Precision Alignment Equipment Pty Ltd. 452 Prinoth 1343 Quantec Geoscience 1323 Québec, Gouvernement du 222, 223 Queen’s University, Department of Geology 1046 Queensland Government 319 R.T. Boyd Limited 617 Radiation Solutions Inc. 808 Ramboll Group 1051 Raymac Environmental Services Inc. 845 RCM Modular 1248 RDH Mining Equipment 128

2016 PDAC CONVENTION

SPECIAL SUPPLEMENT TO THE NORTHERN MINER, January 18-24, 2016

Company

Booth #

Red Lake, Municipality of 752 Reflex Instruments N.A. 327 RGC Ltd. 6123N Ridout & Maybee LLP 1449 RMS Instruments 208 Roadpost 343 Robertson Geologging USA, Inc. 1210 Roche Ltd., Consulting Group 340 ROCK-TECH 1147 Rokstad Power 6209N Romquest Technologies 1012 Rosedale Livery Limited 6110N RPA Inc. 316 RPC 549 RungePincockMinarco 708 Russian Stone, The 509 RWDI 502 Sander Geophysics 119 Sandvik Mining and Construction 1031 Saskatchewan Trade and Export Partnership 6111N Saskatchewan, Government of 531 Schlumberger 1302 Schramm, Inc. 1324 Scintrex 1001 Scott Hogg & Associates Ltd. 722 SDV Logistics International 545 Securitas Canada, Ltd. 1244 SEI Industries Ltd. 807 Semm Logging 6107N senseFly 441 Sepor, Inc. 314 Sepro Mineral Systems Corp. 1222 SFS Teksomak 623 SGS Minerals Services 100 Sherritt International Corporation 948 Signature Group of Companies 217 Simcoe Geoscience Limited 6518N Sirius Wilderness Medicine Inc. 547 Skyline Assayers & Laboratories 640 SkyTEM Canada Inc. 911 SLR Consulting Canada Ltd. 118 SNF Canada 6109N SNL Metals & Mining 115 Society for Mining, Metallurgy & Exploration (SME) Inc. 218 Society of Economic Geologists 718 SODERN 6823N SON-MAK Machine Construction Drilling Co. 6126N South Africa, Department of Mineral Resources 1238 South Australia, Government of 416 Southern Mapping Company 341 Spatial Dimension 243 SpecTIR, LLC 953 Spectral Evolution 1411 Spectral International Inc. 500 Spektra Jeotek As 1015 SRK Consulting Canada Inc. 113 St. Petersburg State Mining Institute 717 Stantec 609 Star Alliance 906 Star Trace Private Ltd. 6202N Stockholm Precision Tools AB 6422N Story Environmental Inc. 1133 Stuart Olson 1041 Sudbury, City of Greater 653 Summit Helicopters 6208N Surtech Systems 6319N Sweden, Geological Survey of 405 Swick Drilling North America 1048 Systems for Research Corp. 6405N Tanzania, Geological Survey of 126 Tasmania, Mineral Resources 315 Team Drilling LP 6414N Team Finland Mining 6229N Technidrill 1436 Technip 1337 Terrane Geoscience Inc. 6827N Terraplus Inc. 804 Terraquest Ltd. 114 TESC Contracting 6224N Tetra Tech 908 Thermo Scientific 504 Thomas O'Neill & Associates Inc. 349 Thomson Reuters 247 ThreeDify Inc. 551 Thunder Bay, Mining in Northwestern Ontario 946 TIBMS Pty Ltd. 6522N Torontech Inc. 6315N TransPerfect Translations 552 TSL Laboratories Inc. 536 Tundra Airborne Surveys Ltd. 1237 U.S. Geological Survey 6722N Ukraine, State Enterprise Derzhzovnishinform 6429N United Mining Rentals Ltd. 6312N Universal Helicopters 1044 University of British Columbia, Mineral Deposit Research Unit 627 University of Lorraine 1339 University of Toronto 538

Company Booth # University of Waterloo, Department of Earth and Environmental Sciences 945 Veolia Water Technologies 236 VersaDrill Canada 751 VICTAULIC 301 Vision Travel Solutions 6530N Vista Clara Inc. 1226

Company Booth # VP Buildings 704 Wajax Power Systems 6727N Walden Group, The 1152 Waterloo Biofilter Systems Inc. 940 Watts, Griffis and McOuat Limited 901 Weatherhaven 700 West Coast Fishing Club 345

Company Booth # Western Australia, Department of Mines and Petroleum 418 Windigo Catering LP 6409N Wink Vibracore Drill Company Ltd. 1139 Wireline Services Group 307 WorleyParsons Canada 839 WSP Canada Inc. 1216

Company Booth # Xcalibur Airborne Geophysics 450 XN Financial Services 6211N Xploration Services Greenland ApS 6204N XPS Consulting & Testwork Services 615 Yukon, Government of 642 Zonge International Inc. 1038

Proud Sponsors

PLATINUM SPONSORS

IBK Capital Corp. CENTURY SPONSOR

PATRON SPONSORS

MINING COUNTRY SPONSORS

PREMIER SPONSORS

GOLD PLUS SPONSORS

GOLD SPONSORS

BRONZE SPONSORS

Metalor Technologies

RBC Capital Markets

Scotiabank

CONVENTION SPONSORS Avanti Management & Consulting Limited

Black Diamond Group Limited

Prospectors & Developers Association of Canada

Sprott Inc.

2016 PDAC CONVENTION

SPECIAL SUPPLEMENT TO THE NORTHERN MINER, January 18-24, 2016

INVESTORS EXCHANGE

Sponsored by

Mining Investment Show Open to all pass types.

The Investors Exchange is a great opportunity for junior exploration companies, major mining companies, mid-sized producers, stock exchanges, and financial institutions to come face-to-face with individual investors and seek out new business opportunities. If you are interested in exhibiting in the Investors Exchange, please submit a New Exhibitor Application found at www.pdac/convention/exhibitpresentation-opportunities/investors-exchange. Investors Exchange features: • Core Shack • Mining Marketplace

• Prospectors Tent • Tesla Model S Exhibit

For more details, visit www.pdac.ca/convention/programming/investorsexchange

CORPORATE PRESENTATION FORUM FOR INVESTORS Open to all pass types.

Monday, March 7, and Tuesday, March 8 10:00 am - 5:00 pm Sponsored by National Post The Corporate Presentation Forum for Investors is a popular series that features up-to-the-minute information on select exploration and development companies’ current activities and investment potential. Visit www.pdac.ca/convention/programming/corporate-presentation-forumfor-investors for a complete schedule. Presenters as at January 7, 2016: Alamos Gold Inc. Aldridge Minerals Inc. Alloycorp Mining Inc. Almaden Minerals Ltd. Altius Minerals Corp. Amerigo Resources Ltd. Anaconda Mining Inc. Antioquia Gold Inc. Arizona Mining Inc. Atlantic Gold Corporation Aureus Mining Inc. Auryn Resources Inc. Avalon Rare Metals Inc. Avino Silver & Gold Mines Ltd. Azimut Exploration Inc. Azure Minerals Limited B2Gold Corp. Balmoral Resources Ltd. Bear Creek Mining Corp. Canada Zinc Metals Corp. Candente Copper Corp. Carlisle Goldfields Limited Century Global Commodities Corporation Chatham Rock Phosphate Limited China Gold International Resources Corp. Ltd. Claude Resources Inc. Copper Fox Metals Inc. Copper Mountain Mining Corporation Corvus Gold Inc. Denison Mines Corp. Detour Gold Corporation Diamcor Mining Inc. Dundee Precious Metals Inc. Dynasty Metals & Mining Inc. Endeavour Mining Corporation Energold Drilling Corp. Energy Fuels Inc. Entrée Gold Inc. Erdene Resource Development Corp. Eurasian Minerals Inc. Excellon Resources Inc. Exeter Resource Corporation Falco Resources Ltd. Fission Uranium Corp. Focus Ventures Ltd. Foran Mining Corporation Fortuna Silver Mines Inc. Golden Arrow Resources Golden Queen Mining Co. Ltd. GoldQuest Mining Corp. Great Lakes Graphite Inc. Hecla Mining Company Heron Resources Limited Ivanhoe Mines Ltd. Jaguar Mining Inc. Kaminak Gold Corporation Kingsgate Consolidated Limited Kivalliq Energy Corporation Kopy Goldfields AB Lake Shore Gold Corp. Largo Resources Ltd. Lucara Diamond Corp. Luna Gold Corp.

Lundin Gold Inc. Mawson Resources Limited McEwen Mining Inc. Midas Gold Corp. Morien Resources Corp. Mundoro Capital Inc. Nautilus Minerals Inc. Nevada Copper Corp. New Gold Inc. New Millennium Iron Corp. NexGen Energy Ltd. Nordgold Noront Resources Ltd. North Arrow Minerals Inc. Northair Silver Corp. Northern Graphite Corporation NovaCopper Inc. Novagold Resources Inc. OceanaGold Corporation Orex Minerals Inc. Orezone Gold Corporation Orvana Minerals Corp. Peruvian Precious Metals Corp. PolyMet Mining Corp. Primero Mining Corp. Randgold Resources Limited Rathdowney Resources Ltd. Red Eagle Mining Corporation Richmont Mines Inc. Riverside Resources Inc. Roxgold Inc. Sabina Gold & Silver Corp. Sandstorm Gold Ltd. SEMAFO Inc. Sherritt International Corp. Sierra Metals Inc. Silver Standard Resources Inc. Silver Wheaton Corp. Skeena Resources Limited Solitario Exploration & Royalty Corp. SQM Stornoway Diamond Corporation Sunridge Gold Corp. Tinka Resources Ltd. Tintina Resources Inc. TMAC Resources Inc. Toro Energy Limited Trevali Mining Corporation UEX Corporation Uranium Energy Corp. Uranium Resources, Inc. Ur-Energy USA Inc. Wellgreen Platinum Ltd. Western Copper and Gold Corporation Western Lithium USA Corporation Western Potash Corp. Wolfden Resources Corporation Zenyatta Ventures Ltd.

INVESTORS EXCHANGE LISTING (AS AT JANUARY 7, 2016) Company Booth # Aberdeen International Inc. 2543 Adventus Exploration Limited 2343 Aeris Resources Limited 3124 African Queen Mines Ltd. 2731 Agnico Eagle Mines Limited 2127 Alabama Graphite Corp. 2514 Alacer Gold Corp. 2339 Alamos Gold Inc. 2722 Alexandria Minerals Corporation 2716 Alexco Resource Corp. 2447 Alianza Minerals Ltd. 2147 Almaden Minerals Ltd. 2829 Altiplano Minerals Ltd. 2709 Altius Minerals Corp. 2435 AME Group 2848 Amerigo Resources Ltd. 2123 Anaconda Mining Inc. 2906 Anglo American 2325 Aquila Resources Inc. 2738 Arctic Star Exploration Corp. 2103 Aston Bay Holdings Ltd. 2106 ATAC Resources Ltd. 2748 Atlantic Gold Corporation 2904 Aurora Mineral Resource Group 2628 Avalon Rare Metals Inc. 2303 Avino Silver & Gold Mines Ltd. 3044 Azimut Exploration Inc. 2433 Azure Minerals Limited 2940 B2Gold Corp. 2733 Balmoral Resources Ltd. 2332 Banro Corporation 2323 Barrick Gold Corporation 2434 Beaufield Resources Inc. 2903 Benton Resources Inc. 2117 BitGold 3131 Brazil Resources Inc. 2529 Cadillac Ventures Inc. 2953 Callinex Mines Inc. 2909 Cameco Corporation 2634 Canada Zinc Metals Corp. 2833 Canadian Securities Exchange 2542 Canadian Zinc Corporation 2727 CanAlaska Uranium Ltd. 2140 Candente Copper Corp. 3031 Canstar Resources Inc. 2642 Canterra Minerals Corp. 2741 Cardero Resource Corp. 2927 Carlisle Goldfields Limited 2504 Carmax Mining Corp. 2349 Cartier Resources Inc. 2306 Carube Copper Corp. 2711 Cassidy Gold Corp. 3034 Centerra Gold Inc. 2944 Century Global Commodities Corporation 2445 Chatham Rock Phosphate Limited 2752 Chilean Metals Inc. 2143 China Gold International Resources Corp. Ltd. 2444 Claude Resources Inc. 3130 Clifton Star Resources Inc. 2537 Columbus Group 2337 Commerce Resources Corp. 2817 Condor Gold Plc 2946 Conroy Gold and Natural Resources plc 2132

Company Booth # Constantine Metal Resources Ltd. 2911 Continental Precious Minerals Inc. 2448 Copper Fox Metals Inc. 2713 Copper North Mining Corp. 3033 Copperzone Resources Limited 3036 Coro Mining Corp. 2928 Corporativo Minero Minas de Mexico, S.a.p.i. de C.v. 2715 Corvus Gold Inc. 2326 Critical Elements Corporation 2753 Crocodile Gold Corp. 2533 Defiance Silver Corp. 2744 Detour Gold Corporation 2231 DGR Global 2745 Diamcor Mining Inc. 2316 Dundee Precious Metals Inc. 2649 Dynacor Gold Mines Inc. 3047 Dynasty Gold Corp. 2832 Dynasty Metals & Mining Inc. 2146 Eagle Plains Resources Ltd. 2319 Earthmetrix Inc. 2932 Eastmain Resources Inc. 2338 Ecuador Gold & Copper Corp. 3125 EDM - Empresa de Desenvolvimento Mineiro, S.A. 2834 Eldorado Gold Corporation 2732 Endeavour Mining Corporation 2310 Energizer Resources Inc. 2510 Energold Corp. 2516 Energy Fuels Inc. 2245 Entrée Gold Inc. 2712 Erdene Resource Development Corp. 2112 Eros Resources Corp. 2148 Esan Eczacibasi 2539 Eurasian Minerals Inc. 2651 Everton Resources Inc. 2149 Evrim Resources Corp. 3040 Exeter Resource Corporation 2545 Explor Resources Inc. 2122 Falco Resources Ltd. 2130 Fission Uranium Corp. 2641 Focus Graphite Inc. 2726 Focus Ventures Ltd. 2108 Fortune Minerals Limited 2837 Forum Uranium Corp. 2825 Geomega Resources Inc. 3019 Global Geoscience Ltd. 2109 Globex Mining Enterprises Inc. 2718 Gold Jubilee Capital Corp. 2308 Goldcorp Inc. 2313 Golden Arrow Resources 2923 Golden Minerals Company 2706 Golden Predator Mining Corp. 2650 Golden Star Resources Limited 2305 Goldgroup Mining Inc. 2151 GoldQuest Mining Corp. 2844 Goldsource Mines Inc. 3014 Gowest Gold Ltd. 2824 Great Lakes Graphite Inc. 2949 Grizzly Discoveries Inc. 3020 Harte Gold Corp. 2820 Hecla Mining Company 2437 Heron Resources Limited 2153 HudBay Minerals Inc. 2907 Hudson Resources Inc. 2648

Company Booth # Hunt Mining Corp. 2823 IAMGOLD Corporation 2522 Iberian Minerals Ltd. 2931 Impact Silver Corp. 2505 Imperial Metals Corporation 3123 Indento Pvt. Ltd. 2150 Integra Gold Corp. 2506 International Millennium Mining Corp. 3128 International Tower Hill Mines Ltd. 3029 INTL FCStone 2350 Ironstone Resources Ltd. 2714 Jaguar Mining Inc. 2430 Kaminak Gold Corporation 2432 Kesselrun Resources Ltd. 2536 KGHM International Ltd. 2131 Khalkos Exploration Inc. 2340 Kingsgate Consolidated Limited 2632 Kinross Gold Corporation 2913 Klondex Mines Limited 2835 Klondike Strike Inc. 2348 Kopy Goldfields AB publ 3012 Lake Shore Gold Corp. 2747 Lara Exploration Ltd. 2700 Largo Resources Ltd. 2836 Laurion Mineral Exploration Inc. 3025 Levon Resources Ltd. 2345 Lexam VG Gold Inc. 2849 Lumina Group, The 2704 Luna Gold Corp. 3041 Lundin Group of Companies, The 2515 MANAGEM Group 2105 Mandalay Resources Corp. 2301 Manex Resource Group Inc. 2451 Marathon Gold Corporation 2241 Mariana Resources Ltd. 2708 Marifil Mines Limited 3028 Marlin Gold Mining Ltd. 3042 Matamec Explorations Inc. 2831 Mawson Resources Limited 2941 Maya Gold & Silver Inc. 2812 McEwen Mining Inc. 2851 Merrex Gold Inc. 3132 Metals Creek Resources Corp. 2725 Midland Exploration Inc. 3018 Minaurum Gold Inc. 3122 Minco Mining Group 2113 Minco plc. 2736 Minera Alamos Inc. 2633 Minerx Inc. 2322 Mirasol Resources Ltd. 2114 MISSISSAUGA MINING & EXPLORATION Cameroon S.A.R.L. (MMEC) 2552 MMG Resources Inc. 2924 Moneta Porcupine Mines Inc. 2702 Montero Mining & Exploration Ltd. 2647 Monument Mining Limited 3050 Morien Resources Corp. 2822 Moydow Resources Limited 2532 Mundoro Capital Inc. 2530 Murchison Minerals Ltd. 2111 Nautilus Minerals Inc. 2846 New Gold Inc. 2314 New Millennium Iron Corp. 2141 Newmont Mining Corporation 2912

INVESTORS EXCHANGE LISTING (AS AT JANUARY 7, 2016) SESSION A

SESSION B

Sunday, March 6 and Monday, March 7

Tuesday, March 8 and Wednesday, March 9

Company

Booth #

Adventure Gold Inc. 2215A Aldridge Minerals Inc. 2620A Alto Ventures Ltd. 2622A AQM Copper Inc. 2425A Asante Gold Corporation 2418A Aurania Resources Ltd. 2417A Auryn Resources Inc. 2421A Avannaa Resources Limited 2217A Copper Mountain Mining Corporation 2420A First Mining Finance Corp. 2415A First Point Minerals Corp. 2223A Foran Mining Corporation 2616A Formation Metals Inc. 2416A Golden Share Mining Corporation 2624A Gossan Resources Limited 2615A Houston Lake Mining Inc. 2613A INV Metals Inc. 2618A

Company

Booth #

Ivanhoe Mines Ltd. 2414A Kaizen Discovery Inc. 2621A Kombat Copper Inc. 2221A Miranda Gold Corp. 2412A Montan Mining Corp. 2614A Nevada Copper Corp. 2617A Nevsun Resources Ltd. 2423A Olivut Resources Ltd. 2419A Renaissance Gold Inc. 2625A Riverside Resources Inc. 2413A Sidex 2213A Solitario Exploration & Royalty Corp. 2422A Sudbury Platinum Corp. 2623A Tamaka Gold Corporation 2219A Wolfden Resources Corporation 2612A Zenyatta Ventures Ltd. 2619A

Company

Activos Mineros de Colombia Alloycorp Mining Inc. Arizona Mining Inc. Aureus Mining Inc. Chesapeake Gold Corporation Fancamp Exploration Ltd. Funding Portal, The Happy Creek Minerals Ltd. High Power Exploration Lorraine Copper Corp. Midas Gold Corp. Nemaska Lithium Inc. Silvercorp Metals Inc. Talmora Diamond Inc. Wesdome Gold Mines Ltd.

Booth #

2419B 2215B 2414B 2413B 2422B 2417B 2223B 2425B 2421B 2418B 2213B 2412B 2415B 2423B 2217B

2016 PDAC CONVENTION

SPECIAL SUPPLEMENT TO THE NORTHERN MINER, January 18-24, 2016

PROSPECTORS TENT BOOTHS

3402 3404 3406 3408 3410 3412 3414

_'-_" Clear

2213 2412

20'

112 114

118

2433 2632

2633 2832

2833 3032

3033 3232

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2112

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2115 2314

30'

144

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149 150

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253 Investors Exchange Entrance

Core Shack: Session B Booths Only 2612B-2624B

20'

2901 3100

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2505 2704

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2713 2912

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3113

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Sponsored by

2917 3116

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Water Program

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3118

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3321 2123 2322

2132

2323 2522 20'

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20'

2133 2332

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2144

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2147 2346

20'

3129 3328

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3141

2543 2742

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20'

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2939 3138

2539 2738

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2927 3126

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Tesla

3123 3322

3137 3336

2537 2736

2141 2340

2923 3122

2937 3136

2337 2536

2140

2152

2723 2922

2523 2722 2525 2724

136

146

247

Core Shack: Session A & Session B Booths Only

3339

60' 50'

20'

2130

40'

145

2508

2319 2518

20'

Mining Marketplace 4-Day Booths

Please note: Floor plan is subject to change

2110

2122

30'

20'

2443 2642

2109 2308

2139 2338

249

2243 2442

2108

2127 2326

40'

245

3041

Investors Exchange: Session A & Session B Booths Only

100'

Trade Show Entrance O/H DOOR

243

2841 3040

2307 2506

2126

130

137

240

2641 2840

2107 2306

20'

239

2441 2640

2106

126

131 20'

236

2241 2440

2305 2504

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128

20'

Media Partners

2233 2432

2105 2304

2124

129

Aisle 2600

Aisle 2200 UP

3031 3230

2104

124

Aisle 100

Aisle 200

60'

251

2831 3030

EXHIBIT HALLS F & G - SOUTH BUILDING Metro Toronto Convention Centre Toronto, Canada

3229

20'

MARCH 6 - 9, 2016

20'

122

125

3025 3224

2631 2830

Aisle 3100

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2825

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2823 3022

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Aisle 2100

216

3021 3220

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2103 2302

2114

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UP UP

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113 20'

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108

111

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223

2423 2622

2301 2500

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217

2223 2422

20'

PDAC 2016 INVESTORS EXCHANGE

40'

211

2621 2820

Shoe Shine

2100

30'

109

Trade Show Entrance

20'

208

Trade Show Entrance

203

2421 2620

100

3019 3218

2221 2420

2231 2430

Investors Exchange Entrance

101

2819 3018

2419 2618

2237

Investors Exchange Entrance

2619 2818

2219 2418

Aisle 2700

_'-_" Clearance

3017 3216

2417 2616

Aisle 2500

HANGING SIGN

_'-_" Clearance

2817 3016

2217 2416

UP HANGING SIGN

2617 2816

2615 2814

Ceiling Height = 13'-8"

TT6 TT5 TT4 TT3 TT2

L L

3015 3214

2415 2614

2429 2628

TT1

WALL SIGN _'-_" Clear

3014

2215 2414

Main Escalators from Level 700

3013 3212

_'-_" Clear

20'

WALL SIGN

2813 3012

2613 2812

_'-_" Clear

Aisle 2400

CafĂŠ

WALL SIGN

2413 2612

Aisle 3000

WALL SIGN

3418 3420 3422 3424 3426

Aisle 2800

Investors Exchange Entrance

2016 PDAC CONVENTION

SPECIAL SUPPLEMENT TO THE NORTHERN MINER, January 18-24, 2016

Sponsored by

CORE SHACK Open to all pass types.

For a ‘hands-on’ approach to learning about the latest discoveries, visit the Core Shack located in the Investors Exchange. Selections of deposits from around the world are highlighted along with maps, charts and technical information.

SESSION A Sunday, March 6 and Monday, March 7 9:00 am – 5:00 pm ATAC Resources Ltd., Rackla gold project, Keno City, Yukon, Canada Barrick Gold Corporation, Alturas gold discovery, El Indio Belt, Chile Canada Zinc Metals Corp., Cardiac Creek Zn-Pb-Ag deposit, Mackenzie, British Columbia, Canada Erdene Resource Development Corp., Bayan Khundii gold discovery, Bayan Undur, Bayan Khonger, Mongolia Goldcorp Inc., H.G. Young gold discovery & Borden gold project, Balmertown & Chapleau, Ontario, Canada GoldQuest Mining Corp., Romero Au-Cu project, Hondo Valle, San Juan, Dominican Republic Goldstrike Resources Ltd., Plateau gold property, Mayo, Yukon, Canada MAG Silver Corp., Juanicipio Ag, Au, Pb, Zn, Cu epithermal vein project, Fresnillo, Zacatecas, Mexico Midas Gold Corp., Stibnite gold project, Valley County, Idaho, USA Mineral Exploration Network Ltd., Extremadura W, Au, Sb project, Logrosan, Extremadura, Spain Premier Gold Mines Limited, Hasaga gold property, Red Lake, Ontario, Canada Primero Mining Corp., San Dimas gold mine, Tayoltita, Durango, Mexico Richmont Mines Inc., Island gold mine, Dubreuilville, Ontario, Canada Rockcliff Copper Corporation, Talbot Cu, Au, Zn, Ag property, Snow Lake, Manitoba, Canada Skeena Resources Limited, Spectrum gold property, Vancouver, British Columbia, Canada Stornoway Diamond Corporation, Renard diamond project, James Bay Region, Quebec, Canada Transition Metals Corp., Sunday Lake platinum project, Thunder Bay, Ontario, Canada Votorantim Metals Canada Inc., Murray Brook Zn, Pb, Cu, Ag, Au deposit, Bathurst, New Brunswick, Canada Yamana Gold Inc., Monument Bay Au-W project, Manitoba, Canada

SESSION B Tuesday, March 7, 9:00 am – 5:00 pm Wednesday, March 8, 9:00 am – 12 noon Agnico Eagle Mines Limited, Amaruq gold & El Barqueño Au-Ag projects, Kivalliq Region, Nunavut, Canada & Guachinango, Jalisco, Mexico

Americas Silver Corporation, San Rafael Zn, Ag, Pb project, Cosala, Sinaloa, Mexico

Lundin Mining Corporation, Eagle East magmatic Ni-Cu-Co-PGE discovery, Michigamme Township, Michigan, USA

Anaconda Mining Inc., Point Rousse gold project, Baie Verte, Newfoundland, Canada

Mawson Resources Limited, Rompas-Rajapalot gold project, Ylitornio, Finland

Arizona Mining Inc., Hermosa North West Zn, Pb, Ag, Cu project, Patagonia, Arizona, USA

NovaCopper Inc., Arctic Cu, Au, Ag, Pb, Zn project, Ambler Mining District, Alaska, USA

Avalon Rare Metals Inc., Duck Pond Sn-Zn deposit, Yarmouth, Nova Scotia, Canada

Rathdowney Resources Ltd., Olza Zn-Pb-Ag project, Rokitno, Silesia, Poland

Barkerville Gold Mines Ltd., Cariboo gold project, Wells, British Columbia, Canada

Redstar Gold Corp., Shumagin Au-Ag project, Unga Island, Alaska, USA

Defiance Silver Corp., San Acacio silver deposit, Zacatecas, Mexico

Sirios Resources Inc., Cheechoo gold project, James Bay, Quebec, Canada

Eurasian Minerals Inc., Akarca Au-Ag project, Mustafakemalpaşa, Bursa, Turkey

Stellar Mining Company, Toropunto Cu, Au, Ag, Zn, Pb, Mo discovery, Pamparomas district, Ancash Region, Peru

Explorateurs-Innovateurs de Quebec Inc., Opemiska Au-Cu property, Chapais, Quebec, Canada

Sudbury Platinum Corp., Aer-Kidd Ni, Cu, Pt, Pd, Au project, Sudbury, Ontario, Canada

Foran Mining Corporation, Bigstone Cu-Zn deposit, Flin FlonCreighton, Saskatchewan, Canada

TerraX Minerals Inc., Yellowknife City Au, Ag, Pb, Zn, Mo project, Yellowknife, Northwest Territories, Canada

Freegold Ventures Limited, Shorty Creek Cu, Au, Mo, Ag porphyry project, Livengood, Alaska, USA

TMAC Resources Inc., Hope Bay gold project, Hope Bay, Nunavut, Canada

Ivanhoe Mines Ltd., Kipushi zinc project, Kipushi, Haut-Katanga, Democratic Republic of Congo

Torex Gold Resources Inc., Media Luna Au, Cu, Ag deposit, Balsas Sur, Guerrero, Mexico

Kaminak Gold Corporation, Coffee gold project, Dawson City, Yukon, Canada

Wolfden Resources Corporation, Rice Island Ni-Cu deposit, Snow Lake, Manitoba, Canada

Kootenay Silver Inc., La Negra silver discovery, Sonora, Mexico

For more details, visit www.pdac.ca/convention/programming/core-shack

INVESTORS EXCHANGE LISTING - continued from page B12

Company Booth # NioGold Mining Corporation 2905 Nordgold 2107 Nordic Mining ASA 2531 Noront Resources Ltd. 2631 North American Nickel 3043 North Arrow Minerals Inc. 2707 Northair Silver Corp. 2703 Northern Graphite Corporation 2115 Northern Shield Resources Inc. 3037 Nouveau Monde Mining Enterprises Inc. 2830 NovaCopper Inc. 3021 Novagold Resources Inc. 2901 OceanaGold Corporation 2841 Orbite Technologies Inc. 3046 Orefinders Resources Inc. 2324 Orezone Gold Corporation 2519 Orvana Minerals Corp. 2243 Osisko Gold Royalties Ltd. 2640 Pacific Stock Transfer Co. 2742 Palamina Corp. 2723 Pan Asia Mining Corp. 2842 Pasinex Resources Ltd. 2814 Pavey Ark Minerals Inc. 2751 Pelangio Exploration Inc. 2237 Pele Mountain Resources Inc. 2302

Company Booth # Pershing Gold Corporation 2646 Plateau Uranium Inc. 3127 Playfair Mining Ltd. 2353 PolyMet Mining Corp. 2705 Premier Gold Mines Limited 2523 Primero Mining Corp. 2501 Probe Metals Inc. 2847 Purepoint Uranium Group Inc. 2636 Quaterra Resources Inc. 2331 Radisson Mining Resources Inc. 2908 Rambler Metals and Mining PLC 2629 Randgold Resources Limited 2902 Randsburg International Gold Corp. 2124 Rare Element Resources Ltd. 2910 Red Eagle Mining Corporation 2142 Red Metal Resources Ltd. 2538 Red Pine Exploration Inc. 2512 Redstar Gold Corp. 2645 Regulus Resources Inc. 2925 Renforth Resources Inc. 2507 Resource Capital Funds 2730 Revelo Resources Corp. 2644 Richardson GMP - The Horwood Team 2739 Richmont Mines Inc. 2449 Rio Tinto 2100

Company Booth # Rockcliff Copper Corporation 2816 Rockex Mining Corporation 3048 Rogue Resources Inc. 2929 Romios Gold Resources Inc. 2828 Roxgold Inc. 2635 Royal Nickel Corporation 2549 Royal Road Minerals 2342 S2 Resources Ltd. 2922 Sabina Gold & Silver Corp. 2843 Salazar Resources Ltd. 2945 Sandstorm Gold Ltd. 2850 Sattva Capital Corp. 2813 Savary Gold Corp. 2550 Scandium International Mining Corp. 2818 SEMAFO Inc. 2724 Sherritt International Corp. 2312 Shore Gold Inc. 2330 Sierra Metals Inc. 2441 SIKA Resources Inc. 2637 Silver Wheaton Corp. 2311 SilverCrest Metals Inc. 2446 Sirios Resources Inc. 3045 Sonoro Metals Corp. 2328 Sprott Group of Companies 3049 SQM 2840

Company Booth # St. Andrew Goldfields Ltd. 2139 Starcore International Mines Ltd. 2126 Stornoway Diamond Corporation 2938 Strategic Exploration Group 2346 Sulliden Mining Capital Inc. 2553 Tasman Metals Ltd. 2939 Tau Capital Corp. 2502 Teck Resources Limited 2509 TerraX Minerals Inc. 2304 Timberline Resources Corporation 2527 Timmins Gold Corp. 2933 Tinka Resources Ltd. 2937 Tintina Resources Inc. 2145 TMAC Resources Inc. 2500 TMX Group 2917 Transition Metals Corp. 2344 Treasury Metals Inc. 2104 Tres-Or Resources Ltd. 2233 Trevali Mining Corporation 2118 Tri Origin Exploration Ltd. 2503 TriMetals Mining Inc. 3030 True North Gems Inc. 2518 Ucore Rare Metals Inc. 2110 UEX Corporation 2429 Unigold Inc. 2440

Company Booth # Uranium Energy Corp. 2528 Ur-Energy USA Inc. 2443 Vale 2307 VanadiumCorp Resource Inc. 2551 Vendetta Mining Corp. 2743 Vista Gold Corp. 2235 Wallbridge Mining Company Limited 2442 Wellgreen Platinum Ltd. 2643 Western Copper and Gold Corporation 2133 Western Lithium USA Corporation 2630 Western Potash Corp. 2125 Zephyr Minerals Ltd. 2526 Zimtu Capital Corp. 2819

2016 PDAC CONVENTION

SPECIAL SUPPLEMENT TO THE NORTHERN MINER, January 18-24, 2016

MINING MARKETPLACE

PROSPECTORS TENT

Open to all pass types.

Company

For the second year, PDAC is offering Trade Show eligible companies an opportunity to apply for exhibit space in a feature area located in the Investors Exchange.

1Mine Integrated Planning 3222 AME BC 3143 Astrium Services B.C. SAS 3328 Avenza Systems Inc. 3212 BV International, LLC 3216 CC Corporate Counsel Profesional Corporation 3148 Denver Gold Group 3144 ECO Technologies 3136 GeoShack 3145 German Pavilion Federal Ministry for Economic Affairs and Energy (BMWi) 3336, 3339 Hazleton Pumps International 3150 Helicopter Transport Services 3214 Kingston Process Metallurgy Inc. 3138 Matawa First Nations - Four Rivers 3140 Medisys Corporate Health LP 3151 Merjent 3137 Mill Man Steel, Inc. 3141 Minmetals Exploration Canada Ltd. 3149 Mongolia, Embassy of 3330 NeoMetals s.a.s. 3230 Northern Miner, The 3142 NSERC Cdn Field Robotics Network 3326 Orix Geoscience Inc. 3139 SciAps INC. 3147 SCR Mining and Tunnelling L.P. 3146

If you are interested in exhibiting in Mining Marketplace, please submit a New Exhibitor Application found at www.pdac.ca/convention/ exhibit-presentation-opportunities/miningmarketplace

Open to all pass types.

Booth #

Creativity, curiosity and tenacity Get back to the heart of the industry with a visit to the Prospectors Tent. Located in the Investors Exchange, self-employed and independent prospectors will be there to discuss their maps, samples and claim results with attendees. Exhibitors as at January 7, 2016: Karl Bjorkman, 3420 Donald Brown, 3402 Salomon Calderon, 3404 Tom Drivas, 3414 Michael Feinstein, 3418 Marc Forget, 3015 O. Jay Gatten, 3424 Pierre Gaucher, 3410 Jason LeBlanc, 3412 David A. Mako, 3013 T. Gavin Maloney, 3017 Carl E. Nelson, 3406 Gordon Salo, 3408 John Shurko, 3426 John Stephens, 3422

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