The Northern Miner January 25-January 31, 2016

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DETOUR, ENDEAVOUR

A look at the players, projects and trends / 11–17

ELDORADO GOLD

Models of operational success / 3

Hits the brakes in Greece / 5

JANUARY 25-31, 2016 / VOL. 101 ISSUE 50 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Peter George fined and sanctioned for QP work

Kaminak boosts confidence in Coffee with new studies YUKON GOLD |

Junior enters 2016 in strong financial position

MISCONDUCT

| Reports written for Barkerville and Rubicon were littered with errors

BY TRISH SAYWELL tsaywell@northernminer.com

T

he Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) has reached a consent order with Peter Thomas George in which he has agreed to pay a $15,000 fine and $20,000 towards APEGBC’s legal costs for a disciplinary proceeding concerning a technical report that he wrote as the designated Qualified Person (QP) in August 2012 about Barkerville Gold Mines’ (TSXV: BGM) Cow Mountain deposit in B.C., and two technical reports he authored in 2011 for Rubicon Minerals (TSX: RMX) about the company’s F2 deposit in Ontario’s Red Lake camp.

“He’s admitted to all the charges, so we did not need to proceed to a public hearing,” Efrem Swartz, APEGBC’s director of legislation, ethics and compliance, told The Northern Miner by telephone from his office in Vancouver. “George’s licence was not revoked, but he must partner with other professional geoscientists to produce mineral resource or reserve estimates.”

Swartz noted that the British Columbia Securities Commission was the complainant in the case against George and that the QP admitted that not only had he demonstrated unprofessional conduct, incompetence or negligence, but that the Barkerville report and the Rubicon reports fell below the standard expected of a reasonably prudent QP and professional geoscientist in similar circumstances.

“Our role is to protect the public interest,” Swartz said, noting that the non-profit organization regulates the engineering and geoscience professions under the Engineers and Geoscientists Act and investigates complaints against members and licensees for failure to meet their professional and ethical obligations.

See PETER GEORGE / 2

A helicopter at Kaminak Gold’s Coffee gold project in the Yukon in August 2015. PHOTO BY MATTHEW KEEVIL

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

I

t’s hard to find a flaw in Kaminak Gold’s (TSXV: KAM; US-OTC: KMKGF) Coffee gold project, 130 km south of Dawson City in the Yukon. The economics of a proposed heapleach operation have held up through falling gold prices, and now the company has proven up its geological and metallurgical assumptions with a new feasibility study that crystallizes development plans at the site.

Kaminak enjoys the twin benefits of good grades and recoverability, with 82% of Coffee’s lifeof-mine material falling under the oxide classification and sitting near surface. The study is based on probable reserves of 46 million tonnes grading 1.45 grams gold per tonne for 2.2 million contained oz. The mine would crank out 1.86 million oz. gold over its decade-long life, assuming 86% gold recoveries.

The plan hasn’t changed much

when compared to a preliminary economic assessment (PEA) published in mid-2014, though Kaminak has made a few adjustments.

First, the new operation features a ridgetop heap-leach model as opposed to the old valley-fill facility idea.

Second, the company plans to access the site along a 214 km, single-lane gravel road that runs north to Dawson City. Previous plans considered piggybacking on Western Copper and Gold’s (TSX: WRN; NYSE-MKT: WRN) proposed southbound access route to its large-scale Casino project.

“There have been some swings and adjustments in terms of costs.

We cut capital expenses due to our plan to connect Coffee via the northern road,” president and CEO Eira Thomas said during a question-and-answer session. The estimated capital savings on the access route is $7 million.

“The movement from the valley-fill to ridgetop model also produced initial savings and the timeline for construction has come down a little bit, so that also added economic benefits,” she said.

Despite some savings on Coffee’s development, however, overall projected costs remain similar to those outlined in the PEA. The company expects initial capital expenditure for construction and commissioning to be $317 million, which compares to $305 million under the previous study.

One thing that has increased is throughput, with average total mining rates jumping from 64,000 tonnes per day to 92,000 tonnes per day. Strip ratio has also risen to 5.8 to 1.

“The detailed geotechnical work that goes along with the feasibility process allowed us to more accurately model the quantity of earthworks and construction items, so these projections are obviously a lot more accurate,” director of mine development Fred Lightner explained.

“Our recent metallurgical test work focused on different degrees of transitional material in the deposits. In the mine plan we have some of that material, which explains why our life-of-mine

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See KAMINAK / 21

COMMENTARY: AME BC'S CEO ON THE STATE OF THE PROVINCE / 4

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JANUARY 25-31, 2016 / THE NORTHERN MINER

Peter George fined and sanctioned for QP work PETER GEORGE From 1

Under the Engineers and Geoscientists Act, the maximum fine permitted is $25,000.

“Specific deterrence (i.e., individual punishment) by way of a fine is only one aspect of an appropriate penalty,” Efrem explained in a later email. “The APEGBC discipline committee agreed to the overall consent order and thought that the conditions on his licence, the mandatory education program and the fine was suitable to protect interest.”

Under the consent order, George is prohibited from performing resource or reserve estimates on his own, but can partner with other professional geoscientists with expertise in mineral resource or reserve estimates provided that the other professional geoscientists take responsibility for the estimates. He is also permitted to prepare geological reports that do not involve resource or reserve estimates, but must complete a course on mineral project reporting under National Instrument (NI) 43-101 offered

by EduMine. (Glacier Media, the Northern Miner’s parent company, owns half of EduMine.)

In the case of Barkerville, the company announced in June 2012 that its Cow Mountain deposit in southeastern B.C. had an indicated resource of 69 million tonnes grading 5.28 grams gold per tonne for 10.6 million contained oz. gold. This was a 2,400% increase from the previous resource estimate in 2006, which put the deposit’s indicated resources at just 431,000 oz. gold.

George’s resource estimate in 2012 also stated that the 6.4 km long trend had the geological potential to host 405 to 684 million tonnes grading 4.11 to 5.49 grams gold, for a total of 65 to 90 million oz. gold.

In June 2013, Barkerville issued another resource estimate that put indicated resources at 17.7 million tonnes grading 2 grams gold for 1.04 million contained oz. gold, and an inferred resource of 49.2 million tonnes grading 2.74 grams gold for 3.94 million oz. gold.

In APEGBC’s consent order, the association noted that the August

2012 Barkerville technical report “lacked information required or reasonably expected” for a technical report, including “sufficient information regarding the geological characteristics of the site and their impact on the resource estimation, including the discussion of the presence or absence of geologically distinct domains within the orebody.”

APEGBC also found that the report lacked “sufficient disclosure of data analysis, including: a basic analysis of the distribution of assay and composite values (i.e., statistics and histograms); an explanation of the value assigned to ‘-1’ composite grades and how they were used during the estimation process; [and] a justification of why ‘one-foot’ composites were created.”

In addition, the technical report lacked “disclosure of plans or sections showing the outline of the mineralized zones, pit outlines and block grade estimates, and representative cross-sections through the deposit showing the location of the mineral resource relative to drill holes, geological units and other important information,” and “an adequate discussion of quality assurance and quality control data, and demonstrable reasons why the data is adequate beyond the author’s bare assurance that the quality of the data is adequate.” This problem, it continued, “relates to the fact that the Barkerville report does not appear to be based on independently verified data, but rather relies on undocumented and/or incomplete data provided by others.”

In terms of George’s resource estimate for Cow Mountain, APEGBC said it was “not adequately modelled or constrained,” and that the report “inappropriately suggests that no capping of high values is warranted.”

APEGBC stated that “the result of capping using the author’s ‘105-2 empirical cap’ was significant, indicating the impact that few assay values had on the total resource estimation ... this further indicates the need for capping and to have carefully justified the use of the ‘10-5-2’ cap.”

Other criticisms were George’s

IN MEMORIAM WATSON, Alexander (Sandy) June 3, 1965 – January 8, 2016 It’s with heavy hearts that we announce the sudden passing of Alexander (Sandy) Watson on January 8th at Mercy Gilbert Hospital surrounded by his family at the young age of 50. Beloved husband to Sandra for 23 years and cherished father of Alexander (18), Taylor (17) and Madison (14), Sandy is survived by his family and sister, Pamela, and predeceased by his mother Glenda (nee. Crabbe) and father, Thomas Alexander Watson.

Born in Montreal (Canada), Sandy spent the latter part of his childhood and young adult life in North Bay, Ontario. After obtaining his B.Eng in Mining Engineering, Sandy began his career at Redpath (MacInstosh) in North Bay and in 1992 Sandra and Sandy were married and moved to Arizona where he pursued a progressive career spanning over 23 years leading to his current role of Vice President – Mining, US & International at Stantec. Together, Sandy and Sandra built a solid and loving family life and foundation for their children.

The love, pride and admiration Sandy felt for his family was very evident to all that knew him. He leaves a legacy of family, love and moral values for his children and future generations.

A natural born leader, mentor, loving husband, devoted father, son, brother/ brother-in-law, uncle, nephew, cousin and friend, Sandy will be deeply missed and fondly remembered by his family, friends and colleagues for his integrity, kindness, generosity and clever wit.

The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively —Bob Marley

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use of one-foot composites derived from subdividing longer assay intervals, contrary to best practice guidelines and industry standards; the failure to use cut-off grades consistent with guidelines and industry standards; the failure to ensure “that each search sphere contains sufficient data points to ensure each block estimate is an interpolation, and not an extrapolation;” the failure “to justify the use of inverse distance to the second power methodology for block grade interpolation, as opposed to the third power or higher”; and the use of a “uniform average specific gravity value of the orebody throughout the site contrary to industry standard.”

In the case of Rubicon Minerals and its F2 deposit in Red Lake, George was responsible as QP for the company’s first resource estimate on F2 completed in January 2011, and an amended resource estimate in March 2011. (The company later released an updated resource estimate that included an estimate of indicated resources for the first time, as well as a positive preliminary economic assessment — prepared by AMC Mining Consultants in June 2011 — and in June 2013, released an updated resource estimate and PEA prepared by SRK Consulting).

In George’s initial polygonal inferred resource estimate on Jan. 11, 2011, he outlined an uncapped (zero to 1,500 metres below surface) resource of 6.2 million tonnes grading 20.1 grams gold for 4 million contained oz. gold, and an initial block model uncapped (zero to 1,500 metres below surface) inferred resource of 5.8 million tonnes grading 17.17 grams for 3.2 million oz. gold.

In March 2011, George amended his first resource based on the polygonal model (uncapped and zero to 1,200 metres below surface) to 5.5 million tonnes grading 20.34 grams for 3.6 million contained oz. gold, and an amended block model inferred resource (uncapped zero to 1,200 metres below surface) to 6 million tonnes grading 16.49 grams gold for 3.2 million contained oz. gold. One difference between the initial and revised resource estimates was the revision to zero to 1,200 metres below surface from the original zero to 1,500 metres below surface.

In the consent order, APEGBC said the Rubicon report in January 2011 was calculated by using an “inappropriate polygonal method,” and having chosen it “with insufficient justification,” used “inappropriately large polygons or ellipses” and both inferred and geologically inferred resource categories, “which is misleading,” and not permitted under NI 43-101 or industry standards.

It noted that the two technical reports “inappropriately suggest that capping is not warranted” and that the result of capping “using the author’s ‘10-5-2’ empirical cap” was significant, indicating the impact that few assay values had on the total resource estimation.

“This further indicates the need for capping and to have carefully justified the use of the ‘10-5-2’ cap … [and provides] an inadequate justification for this cap.”

A geologist examines drill core in early 2015 on a drill platform 244 metres below the surface at Rubicon Minerals’ Phoenix F2 gold deposit in northwestern Ontario. RUBICON MINERALS

Rubicon Minerals (TSX:RMX)

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APEGBC also said the two technical reports did not contain an adequate “application of domain boundaries to control mineralization extrapolation;” and made “inappropriate or insufficiently supported speculation regarding the potential mineralization of the area described in section 17.4.”

APEGBC added that the two reports failed to provide sample statistics and adequately detailed information of the validating block model.

APEGBC noted that George had contravened the association’s code of ethics by “accepting responsibility for a professional assignment when you were not sufficiently qualified by training or experience,” and by “failing to keep yourself informed in order to maintain your competence.”

Rubicon recently announced that a revised geological model and updated resource estimate that contained gold ounces in its updated 2016 indicated resource category plunged 91% from the 2013 resource estimate, while contained gold ounces in the inferred category fell 86%, compared with the earlier estimate.

The company started trial mining the F2 deposit on its Phoenix

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property last year, but the geology was more complex than previously thought, and underground operations stopped in November 2015 so that Rubicon and its independent consultants could analyze geological models.

The revised model and updated resource prepared by SRK Consulting is 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 standalone trial stoping,” Michael Winship, Rubicon’s interim president and CEO, said on a brief conference call on Jan. 11.

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 7.5 million tonnes grading 9.26 grams gold for 2.22 million contained oz. gold in 2013 to 1.52 million tonnes at 6.28 grams gold for 307,000 oz. gold.

On Jan. 12, the New York Stock Exchange suspended trading on Rubicon’s shares and began delisting proceedings.

At press time, Rubicon’s shares on the Toronto Stock Exchange were 2¢ apiece. Over the past year, Rubicon’s shares have traded within a range of 1.5¢ to $1.63 per share. TNM

2016-01-19 8:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER /

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JANUARY 25-31, 2016

Loading a truck at Endeavour Mining’s 55%-owned Ity gold mine in southern Côte d’Ivoire, 480 km northwest of Abidjan. ENDEAVOUR MINING

Endeavour, Detour exit 2015 on a high note GOLD

BY SALMA TARIKH

E

starikh@northernminer.com

ndeavour Mining (TSX: EDV; US-OTC: EDVMF) and Detour Gold (TSX: DGC; USOTC: DRGDF) — two of the gold sector's top share-price performers last year — reported strong fourthquarter and full-year production results in 2015 after markets closed on Jan. 14.

Endeavour delivered 138,147 oz. gold in the fourth quarter, up 15% from the same period in 2014, with a record fourth-quarter output of 51,732 oz. from its Agbaou mine in Côte d’Ivoire. The Tabakoto mine in Mali also “delivered its best quarter since being acquired in 2012,” BMO analyst Andrew Breichmanas writes.

Excluding the Ity mine, which the company acquired on Nov. 27, Endeavour’s four West African gold mines — Agbaou, Nzema, Tabakoto and Youga — churned out 512,259 oz. for 2015, beating the full-year guidance of 475,000 to 500,000 oz. and

| Both miners beat expectations, while operating in different jurisdictions

Breichmanas’ forecast of 490,101 oz.

Including Ity’s 5,689 post-acquisition ounces, Endeavour delivered 517,948 oz., up 11% over 2014.

Martino De Ciccio, vice-president of strategy and investor relations, notes Agbaou was the main reason for the beat, with the mine increasing year-over-year production by 24%, adding that annual production at Tabakoto also improved 20%.

Estimated all-in sustaining costs for 2015 should come in below US$930 per oz. — an 8% year-overyear improvement — with costs expected to decline further this year.

“Since 2013, we continuously increased production and decreased costs,” De Ciccio points out.

The strong 2015 performance has helped Endeavour reduce its net debt 44% to US$143 million, and boost its cash position US$48 million to US$110 million.

Management is guiding 2016 production of 575,000 to 600,000 oz. at all-in sustaining costs of US$875 to US$925 per oz. It anticipates

generating US$100 million of free cash flow this year at a US$1,150 per oz. gold price.

“Production guidance this year was ahead of our expectations, signalling another strong year from Agbaou,” Raymond James analyst Chris Thompson said in an email.

The company is considering advancing its Houndé gold project in Burkina Faso, with a construction decision due in the first half of 2016.

It has a strong cash position, plus US$110 million undrawn from a US$350-million revolving credit facility, and a US$75-million commitment from 30% owner La Mancha Resources.

“However, we are sensitive to companies planning on leveraging up their balance sheets to fund new development — such as Houndé for EDV,” Thompson writes. “As such, whilst we have an ‘outperform’ rating on the company, we expect the stock price performance of EDV to be somewhat muted, unless we see a move up in the gold price.”

Commenting on the company’s share price sensitivity to the gold price, De Ciccio notes that last year the company’s share price increased 80%, outperforming both the gold price and the S&P/TSX Global Gold Index, which each fell by 10%. “Being a low-cost producer gives us a buffer to a decreasing gold price environment, while a strong project pipeline provides a significant upside to the gold price.”

Endeavour closed Jan. 15 up 2.4% at $7.14 per share. BMO’s Breichmanas has a $12.50 target and an “outperform” rating on the stock.

Detour reported record fourthquarter production of 146,417 oz. from its sole producing mine, Detour Lake in Ontario. This brought full-year production to 505,558 oz., beating the midpoint target of the 475,000 to 525,000 oz. guidance, and up 11% from 2014.

Estimated all-in sustaining costs are US$1,040 to US$1,060 oz., at the low end of the annual guidance, with the miner benefitting from the lower Canadian dollar. For the fourth quarter, all-in sustaining costs should fall between US$850 and US$875 per oz.

“We view the fourth-quarter 2015 operational results as good, and expect the stock to do well relative to peers,” Desjardins analyst Michael Parkin notes.

During the fourth quarter, Detour sold 132,209 oz., adding US$28

million to its cash position to end the year at US$161 million, despite the US$16-million inventory build, Parkin says. It has an US$85-million undrawn revolving credit facility.

“Overall, 2015 was a strong year, with mill throughput averaging above nameplate of 55,000 tonnes per day and grades [averaging 0.88 gram gold per tonne] reconciling with the block model,” Haywood Securities analyst Kerry Smith comments.

Sustaining capital for 2015 was US$90 million.

Meanwhile, the miner has kicked off the first phase of its 2016, 40,000-metre program, with five rigs on the Detour Lake property.

Most of the drilling will focus on infilling Zone 58N “to better define the continuity and extent of the high-grade gold mineralization,” it says in a release.

Earlier this year, Detour extended its low-cost electricity contract with the Ontario Power Authority by five years to December 2024.

It will release its 2016 guidance and Detour Lake’s life-of-mine plan on Jan. 25. Smith points out that the plan will include the existing Block A resource, 2 million oz. adjacent to the current Detour pit.

The stock finished Jan. 15 up 6% at $16.25. Smith has $18.75 target, while Desjardins’ Parkin has a $17.50 target on the stock. Both analysts rate Detour as a “buy.” TNM

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In the pit at Detour Gold’s Detour Lake gold mine in Ontario. DETOUR GOLD

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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

E D I T O R IA L Technicals looking good for gold GOLD STOCK RALLY

| Oil-to-gold ratio hitting all-time high in January

W

e’ve had another momentous week in the commodity markets, with oil prices dropping to 13-year lows below US$30 per barrel, copper sliding under US$2 per lb., the Canadian dollar dipping under US70¢ and world stock markets hobbling into the new year in a deep funk. It feels a lot

BY JOHN CUMMING like 2003 all over again. jcumming@northernminer.com The big exception to the commodities slump in January is the spot gold price, which looks to have bottomed at US$1,060 per oz. in late December, and has held its own and even strengthened as January has progressed, to trade at US$1,090 per oz. at press time, or up 3% so far this year, after having breached US$1,100 per oz. mid-month. Gold’s gains look even better in the currencies of leading commodity-exporting countries such as Canada, South Africa and Australia.

Signs that the U.S. Federal Reserve will keep interest rates ultra-low in the face of an ailing global economy also bode well for gold, with the opportunity cost for holding gold bullion minimized.

Equally as refreshing for gold sector investor is that gold-mining stocks are once again living up to the gold bugs’ perennial pitch, having showed nice leverage to gold, with many major gold-mining stocks up 10% or more so far in 2016. The stock action has buried, at least for now, the decoupling of gold bullion prices and gold mining stocks we've seen in recent years.

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But the good technical news doesn’t stop there: so far in January 2016 the oil-to-gold ratio has blown through the roof to an astounding 37.5 barrels per oz. gold, and is shooting towards the highest monthly average level on record since World War II. The January figure is more than double the average over the past 30 years of 17.

Other notable cyclical highs and lows of the modern era are 24.31 in February 2009 at the end of the Great Recession; 6.89, when oil prices peaked in July 2008 at the start of the Great Recession; 8.98 in June 1982 during the recession of the early 1980s; 33.76 in June 1973, during the OPEC oil shock; and 29.91 in January 1946 after World War II. The longest-lasting spike in the oil-to-gold ratio was 16 months during the 1972–73 oil shock and the U.S.'s abandonment of the gold standard.

Today on the world oil stage, of course, there has been the major development of most sanctions having been lifted against Iran, making way for the country to increase its oil production by 500,000 barrels a day in the near-term so that it can regain lost market share. Iran used to export 2.3 million barrels a day, but its crude exports fell to 1 million in 2012, when the international community imposed sanctions on the country in response to the Iranian regime’s rogue nuclear weapons program.

The common view is that Saudi Arabia, as an ultra low-cost producer seeking to retain its market share and regional hegemony, has no intention of scaling back its oil supply to make space for new Iranian oil hitting the market, meaning we can expect the current oversupply of crude oil to grow in the short-term. This would likely result in lower oil prices for longer and, if gold prices keep steady, an extension of the historically high oil-to-gold ratio. TNM

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Jan 25Pgs 1 2 3 4 5 18 19 21 22 24.indd 4

Alamos Gold. . . . . . . . . . . . . . . . 22 Anglo American. . . . . . . . . . . . . 15 Avalon Rare Metals. . . . . . . . . . 15 Baja Mining . . . . . . . . . . . . . . . . 19 Barkerville Gold Mines. . . . . . . . 1 Canadian Zinc. . . . . . . . . . . . . . 15 De Beers . . . . . . . . . . . . . . . . . . . 15 Detour Gold. . . . . . . . . . . . . . . . . 3 Dominion Diamond. . . . . . . . . 15 Dowa Mining. . . . . . . . . . . . . . . 17 Eldorado Gold. . . . . . . . . . . . . . . 5 Endeavour Mining. . . . . . . . . . . . 3 Fortune Minerals. . . . . . . . . . . . 15 Furukawa. . . . . . . . . . . . . . . . . . . 17

Goldcorp. . . . . . . . . . . . . . . . . . . 22 Huckleberry Mines. . . . . . . . . . 17 Imperial Metals . . . . . . . . . . . 17,19 Kaminak Gold. . . . . . . . . . . . . 1,13 Kennady Diamonds. . . . . . . . . . 15 Kinross Gold. . . . . . . . . . . . . . 11,24 Korea Resources. . . . . . . . . . . 18,19 Lorraine Copper . . . . . . . . . . . . 11 Lundin Gold. . . . . . . . . . . . . . . . 24 Lydian International. . . . . . . . . 22 Mitsubishi Materials. . . . . . . . . 17 Mountain Province Diamonds. . . . . . . . . . . . . . . . . 15 NGEx Resources . . . . . . . . . . . . 19

North American Tungsten. . . . . . . . . 15 Rio Tinto. . . . . . . . . . . . . . . . . . . 15 Rockhaven Resources. . . . . . . . 13 Rubicon Minerals . . . . . . . . . . 1,22 Seabridge Gold. . . . . . . . . . . . . . 15 Selwyn Chihong. . . . . . . . . . . . . 15 Sherritt International. . . . . . . . . 18 Skeena Resources. . . . . . . . . . . . 19 Sumitomo. . . . . . . . . . . . . . . . . . 18 Teck Resources. . . . . . . . . 11,15,19 TerraX Minerals. . . . . . . . . . . . . 15 Timmins Gold. . . . . . . . . . . . . . 22 Victoria Gold. . . . . . . . . . . . . 11,21 Western Copper and Gold. . . . . . . . . 1

O P- E D BC explorers need reliable access to land to make discoveries COMMENTARY

B

| Development continues even as commodities prices slump

ritish Columbia’s mineral The problem today is that too exploration and develop- much of the public’s mineral-rich ment industry will continue lands are needlessly becoming to make enormous contributions restricted to explorers without to our economic and social well- properly assessing the lost opbeing, despite the current global portunities and benefits. About downturn in commodity prices 18% of B.C. is closed to mineral and lower investment levels. With exploration and development a world-class cluster of technical, through parks, protected areas legal and financial expertise, the and other designations. Another B.C.-based industry creates thou- 33% is subject to significant and sands of direct and indirect jobs restrictive conditions on mineral and adds millions to government exploration and development. The coffers each year through taxes restrictions in many cases are that help to pay for our roads, unwarranted. schools and health care.

Despite what some would have Lower market prices for criti- you believe, temporary and lowcal commodities produced in impact mineral exploration acB.C., such as steeltivities do not typima k ing coa l a nd cally pose a significant c o p p e r, h a v e n o t threat to the overall stopped the exploecology of an area, ration and developand therefore should ment of new projnot be banned or unects in our province. reasonably restricted.

Since June 2011, for It is possible to

BY GAVIN DIROM example, four mine have a strong and SPECIAL TO proj e c t s h ave re active mineral exploTHE NORTHERN MINER ceived environmenration and developtal assessment cerment industry, and tificates in B.C., and six mines a sustainable, healthy environhave started production. ment where flora and fauna are The companies behind these respected and managed. Furtherprojects rely on venture capital more, environmental assessments from investors who believe not and mine development review only in economic returns, but processes include having strong also the responsible practices commitments to safety and the and government support that protection of the environment. have earned B.C. its reputation And in practice and by regulation, of being one of the best jurisdic- every approved project in B.C. tions in the world in which to do has a reclamation and closure business. plan, including financial assurances in the event of a company going bankrupt. Balance can, and RESTRICTING should, be achieved.

To maximize the value and LAND ACCESS benefits of mineral lands to the SEVERELY HINDERS public and for the future success INVESTMENT IN of the industry, the Association Mineral Exploration British GEOSCIENCES AND for Columbia urges the provincial GRASS-ROOTS government to safeguard the mineral-rich lands in B.C. for EXPLORATION, exploration.

WHICH ARE This includes reaffirming B.C.’s two-zone land-use policy and the CRITICAL TO current science-based land-use SUSTAINING plans clearly describe where THE INDUSTRY exploration can take place. And just as land is continually being AND FUTURE evaluated for closure or restrictive GENERATIONS. measures, re-evaluating land that is closed to exploration should also be carried out.

The province should also put But discovering and develop- in place clear and consistent proing mineral deposits requires cedures for consulting industry reasonable access to large tracts more widely when restrictions to of land with mineral development land access or use by explorers are potential. being considered.

Unfor tunately, t his access As well, there needs to be a has eroded at an alarming rate more formal recognition of the in recent years. B.C.’s hidden mineral exploration and developminera l resources belong to ment value of the land, along with all citizens of the province, but the potential negative impacts access to substantive areas of and consequences of closing it off mineral-rich land is being sig- to exploration. These measures, nificantly and unfairly reduced among others, are fundamenby recent land-use designations tally important not just to B.C.’s and decisions. mineral exploration and develHaving a lack of land access opment industry, but to all the severely hinders investment in citizens of B.C. and our shared geosciences and grass-roots ex- economic growth, and prosperity ploration, which are critical to for generations to come, regardsustaining the industry and future less of where we are in the global generations. market cycle.

Subsurface mineral resources in B.C. are owned and administered — Gavin Dirom is president and by the Crown and managed in CEO of the Association for Mineral the public’s socio-economic and Exploration British Columbia. strategic interest — i.e., for the Please visit www.amebc.ca for greater good. more information. TNM

2016-01-19 8:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER /

JANUARY 25-31, 2016

5

Eldorado halts its Skouries project in Greece GOLD-COPPER

| Shares fall 19% on suspension news, company blames gov’t

The main access portal at Eldorado Gold’s Olympias gold-silver-lead-zinc mine in northern Greece. ELDORADO GOLD

BY SALMA TARIKH

E

starakh@northernminer.com

ldorado Gold (TSX: ELD; NYSE: EGO) is suspending construction at its Skouries gold-copper project due to a lack of government support, and says it will halt its Olympias underground mine if the Ministry of Energy and Environment doesn’t change its tune.

“The fundamental issue is — for reasons I don’t understand fully — we’re not where we need to be with this government,” Paul Wright, president and CEO, said on a conference call.

Although Skouries received an approval on its environmental impact study in 2011, Eldorado has

“IT HAS NOTHING TO DO WITH METAL PRICES.” PAUL WRIGHT PRESIDENT & CEO, ELDORADO GOLD

struggled since 2012 to receive its other permits to advance construction. In March 2015, the ministry blocked Eldorado from completing the processing plant at Skouries, and in August, revoked the technical studies for both Skouries and Olympias, making Eldorado temporarily suspend both projects in the Halkidiki Peninsula and lay off workers.

The miner resumed both projects and began rehiring last October after Greece’s Council of State — the country’s Supreme Court — issued an injunction relief, temporarily reversing the ministry’s decision on the technical studies. The court has yet to make a decision on Skouries’ building permit, which has been delayed for three years.

Jan 25Pgs 1 2 3 4 5 18 19 21 22 24.indd 5

“We have been frustrated for a number of years, as it relates to the building permit … which was revoked and has led to a court action.

We are still awaiting a Council of State decision,” Wright said.

The lack of a permit has hindered construction and increased Skouries’ costs, Wright explained. “It has nothing to do with metal prices … it doesn’t make sense to continue at this low level of efficiency.”

Eldorado has invested over US$300 million at Skouries to date and had more than 600 employees and contractors at site. The company anticipates it will take up to three months to wind down the project and dismiss its workers. Once complete, the estimated holding costs are US$1 million a month.

Wright says activities at Olympias will also be suspended if Eldorado doesn’t receive approval for the installation permit to refurbish the mill by March. Eldorado applied for the permit last December so it could ready the mill to start underground production in early 2017. The ministry has 60 days to issue a permit. If it doesn’t, Eldorado will halt all construction and development, which would dismiss another 500 workers.

Responding to an analyst’s question on whether getting a favourable court ruling on Skouries will be enough to resume construction, Wright said this was “not sufficient,” and that Eldorado would need more government support.

“The government has to come to grips with this investment — this sector. We’re no longer prepared to simply advance our projects under the protective cover of the judiciary and establish our rights to advance under court decisions. That’s not a model we are prepared to operate under anymore.”

Although the company has substantial local support for its projects, Haywood Securities analyst Kerry Smith points out there is a subset of Greece’s slim majority government that is against all development, including mining projects.

A disconnect exists between the Council of State and the government ministries, which appear to dismiss judicial rulings, he explains.

“The issue will be getting the ministry to quit dragging its feet

A SAG mill under construction in 2014 at Eldorado Gold’s Skouries gold-copper project in Greece. ELDORADO GOLD

and expeditiously process permit applications and approvals through the various levels of government,” Smith writes. He remains bullish on the stock, with a “buy” and $6.50 target price.

Given the investment climate in Greece, the company has put spending at its Stratoni underground silver-lead-zinc mine in Halkidiki on hold. It’s assessing a three-year, US$25-million drill program to extend Stratoni’s three-year mine life.

It has also placed its Perama Hill and Sapes projects in Thrace on care and maintenance. Eldorado says it has waited more than two years for the ministry’s approval on Perama’s environmental impact study and for a drilling permit at Sapes.

Wright is confident that Eldorado can develop its growth projects under “a government” in Greece, but admits that “we can’t wait forever.”

Eldorado will evaluate how else it can deploy its strong cash position, sitting at US$450 million at the end of September 2015.

On Jan. 13, Wright met with Energy Minister Panos Skourletis in Athens, who wanted Eldorado to reverse its suspension for talks to continue. “We can’t discuss while being blackmailed,” Skourletis was quoted as saying by Reuters.

The company will provide more details on its Greek assets — with its 2015 operating results and 2016 guidance — in late January.

“As development stalls in Greece, and the stock arguably remains unrewarded for its Chinese exposure, we speculate whether Eldorado’s motivation to meaningfully diversify its geopolitical exposure to other parts of the world may

gain momentum over the course of 2016,” Raymond James’ Phil Russo writes. He has a “market perform” rating and reduced his target price to US$4.75 from US$5.25 per share.

Eldorado Gold, which operates three gold mines in China and two in Turkey, fell 19% on the suspension news to close Jan. 12 at $3.53 per share. It has a 52-week trading window of $3.26 to $9.68. TNM

2016-01-19 8:01 PM

6

WWW.NORTHERNMINER.COM

JANUARY 25–31, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JANUARY 11–15 It was a nasty week on the markets as oil sank below US$30 per barrel for the first time since 2003 and the Canadian dollar dropped below US69¢ for the first time in 13 years, closing at US68.82¢. The S&P/TSX Composite Index dropped 2.99% to finish at 12,073.46, the S&P/ TSX Capped Diversified Metals & Mining Index plunged 14.9% to 255.03 and the S&P/ TSX Global Mining Index lost 7.1% to 39.15.

The copper price was down 3.6%, ending at US$1.94 per lb., while the spot gold price slid 1.4% to US$1,088.80 per oz., sending the S&P/ TSX Global Gold Index down 7.2% to 131.54.

Rubicon Minerals was the most traded stock, falling 82%, or 12¢, to 2.5¢ after the company announced on Jan. 11 that a revised geological model and updated resource estimate showed the F2 deposit is uneconomic, and that the company is evaluating strategic options that could include a sale. Rubicon started trial mining the F2 deposit on its Phoenix property in Ontario’s Red Lake district last year, but underground operations stopped in November. 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. Shares of Royal Gold, which has provided financing for Rubicon, were also down $11.87, or 22.4%, at $41.25

per share. Royal Gold entered a $75-million gold stream with Rubicon in February 2014.

Eldorado Gold’s announcement that it would suspend construction and development at its Skouries gold project in Greece after investing more than US$300 million to date sent the company’s shares down 27.9%, or $1.28, to $3.31. Eldorado said lobbying by anti-development interest groups had contributed to delays of routine permits and licences from a number of government agencies for developing its mining projects in the country. The company noted that its subsidiary, Hellas Gold, received approval for its environmental impact study in 2011, although since 2012 the Ministry of Energy and Environment and other agencies “have not entirely fulfilled their permitting and TSX MOST ACTIVE ISSUES

Rubicon Mnrls First Quantum B2Gold Teck Res Barrick Gold Eldorado Gold Goldcorp Suncor Energy Yamana Gold Potash Corp SK

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

RMX FM BTO TCK.B ABX ELD G SU YRI POT

49187 0.06 0.02 0.03 - 0.12 46496 4.14 2.87 3.09 - 1.15 29764 1.36 1.01 1.06 - 0.28 26616 4.59 3.65 4.49 + 0.04 26364 12.02 10.69 11.49 - 0.43 25506 4.62 3.22 3.31 - 1.28 19466 17.85 14.65 15.01 - 2.67 17084 33.30 30.72 31.22 - 2.03 16622 2.85 2.25 2.27 - 0.56 14358 23.88 21.50 23.70 + 0.91

licensing obligations.” Last year the ministry revoked or suspended certain permits, which management said has negatively impacted the company’s schedule and budget to develop its assets. At Skouries, Eldorado said a building permit to finish the processing plant had been delayed for over three years.

The results of a bulk sample at Peregrine Diamonds’ Chidliak diamond project in Nunavut failed to excite the market, and the

junior’s shares fell 22.2% to 10.5¢. The 814.0 dry tonne bulk sample from the CH-7 kimberlite pipe returned an overall diamond grade of 0.88 carat per tonne. A total 717.65 carats of commercial-size (+1.18 mm) diamonds were recovered, including 53 diamonds one carat or larger and 183 diamonds over 0.50 carat in size. The largest gem quality diamond recovered was a 5.33-carat white/colourless octahedron with no inclusions. TNM

TSX GREATEST PERCENTAGE CHANGE

Era Res Inc Vena Res MDN Inc Stonegate Agri Goldgroup Mng RTG Mining Shore Gold Loncor Res First Point Zazu Metals Rubicon Mnrls Fortune Mnrls Gran Colombia HudBay Mnls LeadFX Inc Amerigo Res Thompson Creek NovaCopper Silver Bull Re Nevada Copper

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ERX VEM MDN ST GGA RTG SGF LN FPX ZAZ RMX FT GCM HBM LFX ARG TCM NCQ SVB NCU

18 490 559 239 585 3 1309 140 122 32 49187 1921 697 9689 37 1105 3789 69 116 170

0.35 0.04 0.03 0.02 0.10 0.48 0.21 0.04 0.06 0.13 0.06 0.03 0.13 4.49 0.25 0.17 0.28 0.36 0.05 0.62

0.10 0.03 0.02 0.00 0.07 0.48 0.17 0.03 0.05 0.12 0.02 0.02 0.00 2.80 0.00 0.10 0.17 0.00 0.04 0.48

0.35 0.04 0.02 0.02 0.10 0.48 0.21 0.04 0.06 0.13 0.03 0.02 0.07 2.94 0.17 0.12 0.18 0.26 0.04 0.48

TSX GREATEST VALUE CHANGE

Agrium Potash Corp SK Era Res Inc Lundin Gold Detour Gold Orocobre RTG Mining Dominion Diam Centamin Mountain Prov Royal Gold Franco-Nevada Seabridge Gld Goldcorp Tahoe Res Suncor Energy Labrador Iron Silver Wheaton HudBay Mnls Eldorado Gold

+ 268.4 + 100.0 + 33.3 + 33.3 + 26.7 + 20.0 + 17.1 + 16.7 + 9.1 + 8.7 - 82.1 - 50.0 - 46.2 - 36.4 - 34.0 - 31.4 - 30.8 - 30.7 - 30.0 - 28.4

VOLUME WEEK (000s) CLOSE CHANGE

AGU POT ERX LUG DGC ORL RTG DDC CEE MPV RGL FNV SEA G THO SU LIF SLW HBM ELD

1824 123.84 14358 23.70 18 0.35 205 4.15 7315 16.25 184 2.37 3 0.48 1617 14.35 136 1.38 379 3.94 51 41.25 3769 65.65 559 9.83 19466 15.01 6173 10.73 17084 31.22 2879 7.17 8717 16.20 9689 2.94 25506 3.31

+ 6.68 + 0.91 + 0.26 + 0.24 + 0.13 + 0.08 + 0.08 + 0.08 + 0.05 + 0.05 - 11.87 - 3.40 - 2.81 - 2.67 - 2.07 - 2.03 - 2.00 - 1.87 - 1.68 - 1.28

TSX VENTURE EXCHANGE / JANUARY 11–15 The S&P/TSX Venture Composite Index is reaching historic lows, falling 5%, or 25.71 points, to a 488.96-point close.

Representatives from the TSX Venture Exchange hosted a town-hall meeting in Montreal, Que., to discuss improvements with industry stakeholders. Key points included reducing administrative and compliance costs, expanding the base of investor financing companies, and diversifying and growing the stock list.

The discussion follows fairly dismal yearend TSX Venture Exchange statistics, with total financings raised in 2015 down 36% in dollar terms and down 19% in number terms, compared to 2014.

Spot gold prices edged down 1.2%, or US$13.06, to a US$1,091.09 per oz. gold close over the trading period, whereas Brent crude slumped 13.9%, or US$4.65, to US$28.90 per barrel, as the lifting of international sanctions on Iran paved the way for increased oil supply amid a global glut.

The CAD/US exchange rate fell 1.4% before levelling off at US69¢ to the loonie. Copper reached multi-year lows before rebounding slightly, down 3% to US$1.96 per lb.

Kennady Diamonds nearly topped the value-added category after updating its Kennady North project in the Northwest Terri-

tories. Shares gained 19¢ on 18,400 traded, before finishing at $3 per share.

The company reported that the Mackenzie Valley Land and Water Board has approved amendments to its Type A land-use permit and Type B water licence, which clears the way for expanded exploration and evaluation programs.

Preparations for the 500-tonne Kelvin North bulk sample are underway, with sampling expected by the end of March 2016. The company also said that the maiden resource for its f lagship Kelvin kimberlite will be released “shortly.”

Integra Gold saw 2.5 million shares change hands before closing down 3¢ to 31¢ per share, after announcing gold discoveries and stepout results at its Triangle zone deposit in the TSX-V MOST ACTIVE ISSUES

Goldrush Res Nexgen Energy Sanatana Diam Xmet Inc Great Bear Res First Mg Fin Standard Toll Eurotin Arian Res Walker River

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

GOD 21980 NXE 15140 STA 14331 XME 6760 GBR 6582 FF 5103 TON 4309 TIN 3949 ARC 3622 WRR 3372

0.03 0.81 0.02 0.01 0.02 0.45 0.01 0.02 0.02 0.04

0.03 0.69 0.01 0.01 0.01 0.38 0.01 0.01 0.01 0.03

0.03 unch 0.00 0.71 - 0.08 0.01 unch 0.00 0.01 unch 0.00 0.01 - 0.01 0.40 - 0.03 0.01 unch 0.00 0.01 - 0.01 0.01 - 0.01 0.04 unch 0.00

prolific Val-d’Or mining camp in Quebec.

New targets returned best intercepts of 15.7 grams gold per tonne over 4.9 metres, whereas step-out drilling on known mineralization returned 11.6 grams gold over 3.4 metres.

The results add to a resource estimate released last November that outlined indicated resources of 627,810 oz. gold within 2.6 million tonnes of 7.4 grams gold, and inferred

resources of 871,530 oz. gold within 3.9 million tonnes of 6.9 grams gold.

Kaminak Gold was the most traded, falling 8¢ to 83¢ per share on 2.5 million shares traded. On Jan. 6 the company released the feasibility study results on its Coffee Gold project in the Yukon Territory, which calculated a $455-million after-tax net present value and 37% internal rate of return. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Malbex Res African Metals Network Expl Karoo Expl Nrthn Lion Regency Gold Omineca Mg &Ml Emgold Mng Avarone Metals NV Gold Tawsho Mng Diamond Fields Freeport Res Kings Bay Gold New Nadina Savant Expl White Pine Res Strike Diamond Cap-Ex Iron RT Minerals

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MBG AFR NET KE.H NL RAU.H OMM EMR AVM NVX TAW DFI FRI KBG NNA SVT WPR SRK CEV RTM

1081 116 39 46 13 27 114 698 72 251 33 106 140 905 95 930 315 1353 88 838

0.40 0.11 0.02 0.02 0.09 0.03 0.06 0.01 0.02 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01

0.03 0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01

0.29 0.11 0.02 0.02 0.09 0.03 0.06 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

TSX-V GREATEST VALUE CHANGE

+ 728.6 + 214.3 + 200.0 + 200.0 + 157.1 + 150.0 + 140.0 + 100.0 + 100.0 + 100.0 - 66.7 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Pac Booker Min BKM Malbex Res MBG Bacanora Mnls BCN Kennady Diam KDI African Metals AFR Diamcor Mng DMI Matachewan Con MCM.A Nrthn Lion NL EOX EurOmax Res Goldsource Min GXS Reservoir Mnls RMC Till Capital TIL ASM Avino Silver Abitibi Royalt RZZ Castle Mtn Mng NCA Eurasian Mnls EMX Titanium Corp TIC Archon Mineral ACS Midland Expl MD ScoZinc Mg SZM

VOLUME WEEK (000s) CLOSE CHANGE

12 1081 49 24 116 61 4 13 101 1349 302 0 74 17 1139 38 223 7 195 711

2.30 0.29 1.74 3.00 0.11 0.87 0.34 0.09 0.40 0.28 3.65 4.77 1.05 2.89 0.22 0.54 0.58 1.74 0.50 0.67

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

0.30 0.26 0.24 0.19 0.08 0.07 0.06 0.06 0.05 0.05 0.40 0.33 0.22 0.19 0.14 0.12 0.11 0.10 0.10 0.10

U.S. MARKETS / JANUARY 11–15 U.S. stocks retreated, continuing the U.S. market's worst-ever start to the calendar year, as oil prices tumbled and investors worried about the health of the Chinese economy.

The Dow Jones Industrial Average fell 2.2% to 15,988.08 and the S&P 500 Index lost 2.2% to finish at 1,880.33, the lowest level since October 2014. The Nasdaq Composite dropped 3.3% to 4,488.42. The spot gold price fell 1.4% to finish at US$1,088.80 per oz. Oil prices settled below US$30 per barrel for the first time in 12 years.

Rare earth elements (REE) explorer Tasman Metals rose 6% to close at US19¢ per share. On Jan. 15, the miner said it would voluntarily delist its shares from the NYSE MKT to reduce listing fees and associated costs, adding its shares were not meeting the minimum share price requirement. While the company intends to list on the OTCQB, it will continue trading on the TSX Venture Exchange. Earlier in the week, Tasman said it was optimistic REE market conditions would improve in 2016. It plans to increase revenue opportunities from its flagship Norra Karr heavy REE project in Sweden, and optimize Norra’s processing flowsheet for REEs. To

Jan 25 Pgs 6.indd 6

lower costs even more, it has withdrawn from the Finnish portfolio of chromite projects.

Tasman ended last November with $2 million in working capital.

Timberline Resources plunged 44% to US12¢ per share. On Jan. 13, the gold explorer and developer announced Steven Osterberg, vice-president of exploration, would become its new president and CEO effective Jan. 21, replacing Kiran Patankar. Osterberg has spent the past four years managing the company’s technical services, which includes advancing Timberline’s Talapoosa project in Nevada through a positive preliminary economic U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 474701 5.42 3.65 4.35 - 1.06 Alcoa* AA 281592 8.29 6.77 6.90 - 1.17 Vale* VALE 139419 2.68 2.21 2.37 - 0.23 Barrick Gold* ABX 123193 8.52 7.44 7.90 - 0.52 Chevron* CVX 77696 86.17 79.69 83.67 + 1.54 Yamana Gold* AUY 66845 2.02 1.55 1.55 - 0.45 CONSOL Energy* CNX 66042 7.72 4.88 4.99 - 2.70 Vale* VALE.P 59473 2.07 1.72 1.80 - 0.21 Teck Res* TCK 58488 3.24 2.56 3.10 - 0.06 Kinross Gold* KGC 53852 1.90 1.48 1.48 - 0.39

assessment, and the Butte Highlands project in Montana through permitting.

Base metal miner Hudbay Minerals fell 36% to US$2.03 per share, after reporting its fourth-quarter 2015 results and 2016 production guidance. CIBC analyst Tom Meyer

notes fourth-quarter copper output of 48,100 tonnes and copper sales of 58,700 tonnes were “weaker than expected,” while zinc production and sales exceeded his estimates. The analyst has a $10 target and “sector perform” rating on the stock. TNM

U.S. GREATEST PERCENTAGE CHANGE

Harmony Gold* Sibanye Gold* DRDGOLD* NACCO Ind* Agrium* Mosaic* Chevron* Potash Corp SK* Gold Fields* TECO Enrgy* Peabody Enrgy* HudBay Mnls* CONSOL Energy* Arch Coal* Eldorado Gold* Cloud Peak En* Alamos Gold* Seabridge Gld* Yamana Gold* Endeavr Silver*

HMY SBGL DRD NC AGU MOS CVX POT GFI TE BTU HBM CNX ACI EGO CLD AGI SA AUY EXK

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

16759 1.73 8356 7.98 1247 2.36 160 44.83 5076 86.66 39368 25.68 77696 86.17 52273 16.43 25692 3.27 9194 27.02 9689 6.69 898 3.18 66042 7.72 11 0.58 28995 3.31 9359 1.83 7394 3.49 4556 9.02 66845 2.02 3531 1.42

1.27 6.57 1.96 41.66 81.06 23.52 79.69 15.02 2.89 26.69 3.75 1.94 4.88 0.58 2.22 1.29 2.52 6.70 1.55 1.09

1.61 7.78 2.27 44.50 85.31 25.47 83.67 16.30 3.14 26.91 3.93 2.03 4.99 0.58 2.28 1.34 2.57 6.78 1.55 1.10

+ 24.8 + 18.6 + 18.2 + 5.2 + 3.1 + 2.2 + 1.9 + 1.3 + 1.3 + 0.9 - 41.1 - 36.0 - 35.1 - 30.9 - 29.8 - 27.2 - 26.1 - 24.3 - 22.5 - 22.0

U.S. GREATEST VALUE CHANGE

Agrium* AGU NACCO Ind* NC Chevron* CVX Sibanye Gold* SBGL Mosaic* MOS DRDGOLD* DRD Harmony Gold* HMY TECO Enrgy* TE Potash Corp SK* POT Gold Fields* GFI Franco-Nevada* FNV Peabody Enrgy* BTU CONSOL Energy* CNX Seabridge Gld* SA Goldcorp* GG Suncor Energy* SU Trecora Res* TREC Tahoe Res* TAHO Silver Wheaton* SLW Agnico Eagle* AEM

VOLUME WEEK (000s) CLOSE CHANGE

5076 85.31 160 44.50 77696 83.67 8356 7.78 39368 25.47 1247 2.27 16759 1.61 9194 26.91 52273 16.30 25692 3.14 5970 45.11 9689 3.93 66042 4.99 4556 6.78 53589 10.32 27260 21.49 263 10.02 7195 7.38 29013 11.15 17169 28.01

+ 2.57 + 2.19 + 1.54 + 1.22 + 0.56 + 0.35 + 0.32 + 0.23 + 0.21 + 0.04 - 3.72 - 2.74 - 2.70 - 2.18 - 2.17 - 2.00 - 1.78 - 1.67 - 1.62 - 1.55

2016-01-19 7:47 PM

GLOBAL MINING NEWS · SINCE 1915

7

THE NORTHERN MINER / JANUARY 25–31, 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 19, 2016 Precious Metals Price (US$/oz.)

Change $1087.00 -7.85 Gold Silver $14.03 +0.15 Platinum $826.00 -45.00 Palladium $490.00 +4.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $8675.00 0.00 $4392.00 +31.00 $1623.00 +25.00 $1500.00 +10.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, January 18, 2016 (change from January 11, 2016 in brackets): Aluminium Alloy 15200 (0) Aluminium 2836025 (-28825) Copper 233550 (-5075) Lead 189700 (-1375) Nickel 433674 (-3366) Tin 6160 (-135) Zinc 444700 (-7775)

TSX SHORT POSITIONS

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.37 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$43.23; Mar. 2016: US$43.33 Cobalt: US$10.88/lb.

Copper: US$1.98/lb.

Copper: CME Group Futures Feb. 2016: US$1.98/lb.; Mar. 2016: US$1.98/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$40.20/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$5.40/lb.

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

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

Silver: Handy & Harman Base: US$14.00 per oz.; Handy & Harman Fabricated: US$17.50 per oz.

Tantalite Ore: : US$122.40/kg Tin: US$6.00/lb.

Uranium: U3O8, Trade Tech spot price: US$34.50/lb.; The UX Consulting Company spot price: US$34.75/lb.

Zinc: US$0.67/lb.

Prices current Jan. 19, 2016

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Jan 15 Jan 14 Jan 13 Jan 12 Jan 11 High Low S&P/TSX Composite 12073.46 12336.03 12170.41 12373.90 12319.25 15527.30 12400.15 S&P/TSXV Composite 488.96 495.37 495.72 500.32 507.32 1050.26 883.52 S&P/TSX 60 709.12 726.10 715.21 728.17 723.44 896.74 709.99 S&P/TSX Global Gold 131.54 130.19 135.11 134.14 136.75 218.90 149.29 S&P/TSX Metals & Mining 255.03 260.00 254.38 262.82 277.19 954.68 691.69

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jan 15, 2016 (with changes from Dec 16, 2015) Largest short positions First Quantum FM 38630676 453176 Lundin Mng LUN 33940279 -581562 Potash Corp SK POT 27679986 967864 New Gold NGD 25244716 -508002 B2Gold BTO 22424089 -2428770 Suncor Energy SU 18416637 -4676257 Yamana Gold YRI 16267025 2862286 Kinross Gold K 15111308 -307945 Barrick Gold ABX 14233661 1561613 Eldorado Gold ELD 11376002 211601 Teck Res TCK.B 11292071 177106 Thompson Creek TCM 8701826 -77411 IAMGOLD IMG 8209088 336704 Torex Gold TXG 7563471 -162178 Argonaut Gold AR 7278733 -12217 Largest increase in short position Yamana Gold YRI 16267025 2862286 Goldcorp G 6848502 1576133 Barrick Gold ABX 14233661 1561613 Lake Shore Gld LSG 5425520 1175620 Potash Corp SK POT 27679986 967864 Largest decrease in short position Platinum Gp Mt PTM 905911 -9114763 Suncor Energy SU 18416637 -4676257 Semafo SMF 897934 -2464570 B2Gold BTO 22424089 -2428770 Rubicon Mnrls RMX 4188466 -2014300

Short positions outstanding as of Jan 15, 2016 (with changes from Dec 16, 2015) Largest short positions Algold Res ALG 100200 100000 Metalex Vent MTX 800 -500 Nevada Expl NGE 450 250 Midland Expl MD 200 0 Alabama Graph ALP 100 -400 Golden Reign GRR 0 -400 Largest increase in short position Algold Res ALG 100200 100000 Nevada Expl NGE 450 250 Midland Expl MD 200 0 Golden Reign GRR 0 -400 Alabama Graph ALP 100 -400 Largest decrease in short position Metalex Vent MTX 800 -500 Golden Reign GRR 0 -400 Alabama Graph ALP 100 -400 Midland Expl MD 200 0 Nevada Expl NGE 450 250

NEW 52-WEEK HIGHS AND LOWS JANUARY 11–15, 2016 18 New Highs Artha Res* Aurania Res Centurion Mnls Detour Gold First Ams Gold Golden Goliath GoldON Res Goldrea Res* Lundin Gold Malbex Res Minnova Corp Niogold Mng Razore Rock Res Slam Explor Slam Explor* Southern Sun Tearlach Res Zadar Vent

124 New Lows

DAILY METAL PRICES Date Jan 18 Jan 15 Jan 14 Jan 13 Jan 12 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1550/1570 1560/1580 1560/1580 1585/1605 1590/1605 Aluminum 1486/1475 1467/1467 1477.50/1470 1452/1451 1456.50/1460 Copper 4359.50/4359.50 4310/4320 4365/4367 4375/4376.50 4354.50/4367 1608/1606 1610/1606 1625/1620 1609.50/1613 1596/1597 Lead Nickel 8495/8560 8375/8405 8345/8375 8250/8285 8175/8190 Tin 13215/13200 13350/13395 13250/13250 13305/13275 13495/13475 1472/1479 1469/1478 1481/1492 1460.50/1479 1453/1466 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1090.45 1081.10 1090.75 1081.80 1094.85 1093.75 1088.40 1088.15 1085.40 Gold PM 1089.20 Silver 13.88 13.80 14.02 13.83 13.88 Platinum 816.00 839.00 835.00 841.00 843.00 Palladium 495.00 492.00 485.0 490.00 470.00

EXCHANGE RATES Date Jan 15 Jan 14 Jan 13 Jan 12 Jan 11 US$ in C$ 1.4536 1.4370 1.4343 1.4261 1.4215 C$ in S$ 0.6880 0.6959 0.6972 0.7012 0.7035 Exchange rates (Quote Media, January 15, 2016)

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

1.0027 0.6304 80.4725 12.5640 11.5525

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

0.4826 4.5278 46.6155 0.6890 835.9538

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

1.4578 0.9160 116.9760 18.2684 16.7868

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

0.7015 6.5849 67.7800 1.0015 1213.4500

Agrium* Alamos Gold Alamos Gold* Alcoa* Alderon Iron Alliance Res* Altius Mnrls Americas Silvr Amerigo Res Argonaut Gold Avalon Rare Mt* Avino Silver* B2Gold B2Gold* Balmoral Res Balmoral Res*

Bear Creek Mng Borneo Res Inv* Buenaventura* Cameco Corp Cameco Corp* Capstone Mng Cliffs Nat Res* Cloud Peak En* Coeur Mng* CONSOL Energy* Contintl Gold* Copper Mtn Mng Critical Elem* Crystal Explor DNI Metals Dundee Prec Mt Eldorado Gold Eldorado Gold* Endeavr Silver Endeavr Silver* Equitorial Ex Falco Res First Quantum Focus Graphite* Freeport McMo* Gear Intl* General Moly* Glencore Plc* Gold Reserve* Gold Resource* Goldcorp Goldcorp* Golden Mnls* GoldON Res* Grenville Gold* Hecla Mining*

Horizon Mnls* HudBay Mnls HudBay Mnls* Impala Platnm* Imperial Metal Intrepid Pots* Irving Res Ivanhoe Mines Ivanhoe Mines* Labrador Iron Lago Dourado* Levon Res Ltd * Lundin Mng Maritime Res Mosaic* Natural Res Pt* Nautilus Mnrls* Nevsun Res Nevsun Res* Noranda Alum* NovaCopper* Nrthn Graphite* Nthn Dynasty* Pilot Gold* Pine Cliff En Platinum Gp Mt Platinum Gp Mt* Potash Corp SK Potash Corp SK* Prominex Res* Rare Element* Reservoir Mnls* Rio Tinto* Royal Gold Royal Gold* Rubicon Mnrls

Rubicon Mnrls* Samex Mng* Scorpio Gold Sherritt Intl Silver Bull Re* Silver Wheaton* Silvercorp Met* Southern Copp* Stillwater Mg* Suncor Energy Suncor Energy* Taseko Mines Taseko Mines* Teck Res Teck Res* Teranga Gold Theia Res Thompson Creek Thompson Creek* Thunderstruck Timmins Gold Timmins Gold* Trecora Res* Troy Res* Turquoise HIl Turquoise HIl* United States S* Uranium Energy* US Precious M* Vale* Vedanta* Walter Energy* Westmoreland* WPC Res Yanzhou Coal* Zena Mng

CANADIAN GOLD MUTUAL FUNDS FundName Jan 15 ($) Jan 08 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 15.01 16.09 -1.08 -6.71 -9.71 2.80 123.87 BMO Prec Mtls Fd A 11.78 12.87 -1.09 -8.44 -6.14 2.40 46.56 6.53 7.18 -0.65 -9.08 -10.12 0.63 BMO ZGD BMO ZJG 4.83 5.54 -0.71 -12.88 -17.04 0.62 CIBC Prec Metal Fd A 8.28 8.86 -0.58 -6.56 -12.33 2.62 43.08 Dyn Prec Metls Fd A 4.19 4.33 -0.14 -3.23 14.01 2.66 142.08 3.75 4.01 -0.27 -6.61 -11.00 0.80 Horizons HEP IGMacGloPrecMetCl A 5.36 5.68 -0.32 -5.64 -7.98 2.75 49.07 8.22 8.86 -0.64 -7.17 -10.54 0.61 407.29 iShares XGD Mac Prec Met Cl A 29.61 31.41 -1.80 -5.73 -8.10 2.51 78.17 NB Prec Met Fd Inv 8.19 8.84 -0.65 -7.35 -5.72 2.46 26.25 RBC GblPreMetFd A 19.60 21.18 -1.59 -7.49 -11.66 2.13 253.76 Sentry PreMetFd A 24.29 26.81 -2.52 -9.39 -6.77 2.92 167.15 Sprott Gold&PrMinFdA 23.59 24.79 -1.20 -4.84 -6.17 3.15 143.18 3.13 3.46 -0.33 -9.42 -23.58 3.21 26.10 Sprott SilverEquCl A TD PreciousMetals-I 24.80 26.49 -1.69 -6.38 -11.20 2.26 100.49

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

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

GLOBAL MINING NEWS · SINCE 1915

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

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

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

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

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

Reprints

905 841 5004 | geotech.ca

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

DOMINION DIAMOND

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

EXPLORATION

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.

Rubicon’s F2 deposit is uneconomic FACING THE MUSIC | New geologic model decimates gold resource

BY TRISH SAYWELL tsaywell@northernminer.com

A

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.

BY SALMA TARIKH starikh@northernminer.com

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

NEXGEN ENERGY

PM40069240

“[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.”

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

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 25–31, 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 11–15, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 588 0.05 0.04 0.04 - 0.01 0.06 0.02 Abacus Mng &Ex V 1814 0.05 0.04 0.04 - 0.01 0.09 0.04 Abcourt Mines V 227 0.05 0.05 0.05 + 0.01 0.07 0.03 ABE Res V 80 0.03 0.03 0.03 - 0.01 0.08 0.03 Aben Res* O 232 0.05 0.04 0.04 - 0.01 100.52 0.03 Aben Res V 18 0.06 0.06 0.06 - 0.02 0.30 0.06 Aberdeen Intl* O 18 0.11 0.08 0.08 - 0.03 0.13 0.07 Aberdeen Intl T 138 0.15 0.00 0.12 - 0.03 0.17 0.11 Abitibi Royalt V 17 3.15 2.86 2.89 - 0.19 5.10 1.53 ABT Holdings* O 299 0.11 0.06 0.11 + 0.05 1.61 0.05 Active Growth V 1233 0.04 0.02 0.03 + 0.02 0.20 0.02 Adamera Mnls V 75 0.02 0.00 0.02 - 0.01 0.05 0.01 Adriana Res V 738 0.12 0.10 0.10 - 0.01 0.19 0.08 Adventure Gold V 57 0.13 0.11 0.13 + 0.01 0.20 0.06 African Gold V 727 0.05 0.00 0.04 - 0.01 0.07 0.03 0.11 + 0.08 0.11 0.02 African Metals V 116 0.11 0.00 African Queen V 637 0.02 0.02 0.02 - 0.01 0.03 0.01 0.41 - 0.05 0.55 0.30 Africo Res T 18 0.42 0.00 Agave Silver V 288 0.03 0.02 0.03 + 0.01 0.04 0.01 40.76 - 1.06 43.70 27.63 Agnico Eagle T 6091 42.24 39.16 Agnico Eagle* N 17169 30.00 27.26 28.01 - 1.55 34.89 21.00 0.02 + 0.01 0.05 0.00 AgriMinco* O 175 0.02 0.00 Agrium T 1824 124.41 115.17 123.84 + 6.68 146.51 114.87 N 5076 86.66 81.06 85.31 + 2.57 116.81 81.06 Agrium* Aida Minerals 10 0.23 0.20 0.20 - 0.03 0.23 0.20 0.09 - 0.02 1.19 0.05 Aim Explor* O 247 0.11 0.05 Alabama Graph* O 220 0.11 0.10 0.11 - 0.01 0.27 0.10 V 1289 0.15 0.14 0.14 - 0.01 0.35 0.14 Alabama Graph Alacer Gold T 3325 2.68 2.28 2.32 - 0.34 3.23 2.22 T 4633 4.94 3.68 3.73 - 1.14 10.31 3.68 Alamos Gold Alamos Gold* N 7394 3.49 2.52 2.57 - 0.91 8.54 2.52 0.12 - 0.00 0.19 0.12 Alberta Star* O 5 0.12 0.00 Alcoa* N 281592 8.29 6.77 6.90 - 1.17 17.10 6.77 0.08 - 0.01 0.42 0.07 Alderon Iron T 388 0.09 0.07 Alderon Iron* O 38 0.05 0.00 0.05 - 0.01 0.33 0.05 0.11 - 0.02 0.26 0.09 Aldrin Res V 175 0.12 0.11 Alexandria Min* O 265 0.02 0.01 0.02 + 0.00 0.05 0.01 0.32 - 0.02 0.68 0.26 Alexco Res* X 456 0.35 0.30 Alexco Res T 307 0.47 0.44 0.45 - 0.03 0.81 0.34 0.08 - 0.01 0.35 0.08 Algold Res V 11 0.09 0.00 Alianza Min* O 51 0.10 0.09 0.09 - 0.01 0.24 0.07 0.14 + 0.01 0.45 0.10 Alianza Min V 61 0.14 0.13 Alix Res V 615 0.06 0.05 0.05 - 0.01 0.09 0.03 12.03 - 1.24 41.11 11.61 Alliance Res* D 2164 13.84 11.61 Alloycorp Mng V 506 0.02 0.01 0.01 - 0.01 0.07 0.01 X 384 0.62 0.56 0.57 - 0.05 1.27 0.48 Almaden Mnls* Almaden Mnls T 86 0.87 0.81 0.83 - 0.05 1.57 0.65 0.17 - 0.01 0.24 0.13 Almadex Min V 279 0.19 0.15 Almonty Ind V 326 0.31 0.26 0.31 + 0.01 0.86 0.23 0.02 0.01 0.01 - 0.00 1.48 0.01 Alpha Nat Res* O 8094 ALQ Gold V 16 0.04 0.00 0.04 + 0.01 0.06 0.03 228 0.20 0.15 0.18 + 0.02 0.25 0.01 Alta Vista Vnt Alternative ER V 170 0.08 0.00 0.07 + 0.01 0.09 0.03 0.03 + 0.01 0.06 0.02 Altiplano Mnls V 176 0.03 0.03 Altius Mnrls T 729 8.90 7.80 7.96 - 0.96 15.47 7.80 2.76 + 0.03 6.38 2.70 Alumina Inc* O 271 3.00 2.70 Am Creek Res V 33 0.03 0.03 0.03 - 0.01 0.10 0.03 116 0.08 0.05 0.06 + 0.01 0.12 0.03 Am CuMo Mng* O Am CuMo Mng V 309 0.12 0.08 0.09 + 0.01 0.15 0.04 O 56 0.01 0.01 0.01 - 0.00 0.04 0.00 Am Manganese* Amalgamated Gd* O 2461 0.00 0.00 0.00 - 0.00 0.03 0.00 0.05 - 0.01 0.18 0.05 Amarc Res V 101 0.07 0.05 Amarillo Gold V 112 0.07 0.06 0.07 + 0.01 0.15 0.04 0.30 - 0.01 2.80 0.29 Amazing OG* O 7 0.30 0.00 Americas Petro V 530 0.20 0.15 0.18 - 0.02 0.33 0.15 0.07 - 0.02 0.27 0.06 Americas Silvr T 2306 0.09 0.06 Amerigo Res* O 17 0.11 0.09 0.09 - 0.03 0.37 0.09 0.12 - 0.06 0.45 0.10 Amerigo Res T 1105 0.17 0.10 Anaconda Mng* O 46 0.04 0.03 0.03 - 0.00 0.06 0.02 T 1136 0.06 0.06 0.06 - 0.01 0.07 0.04 Anaconda Mng Anconia Res V 528 0.02 0.01 0.01 - 0.01 0.03 0.01 0.05 + 0.01 0.10 0.01 Angel Gold V 21 0.05 0.04 Angel Gold* O 10 0.04 0.00 0.04 + 0.02 0.09 0.01 0.49 - 0.01 0.64 0.38 Angkor Gold V 92 0.50 0.45 Anglo American* O 1766 1.97 1.66 1.71 + 0.02 3.93 1.66 21 3.66 3.26 3.41 - 0.02 18.89 3.26 Anglo American* O Anglo-Bomarc V 52 0.20 0.15 0.19 + 0.01 0.30 0.02 8.38 7.25 7.33 - 0.57 13.12 5.64 AngloGold Ash* N 22090 Anthem United V 61 0.23 0.18 0.23 - 0.03 0.47 0.18 V 61 0.09 0.08 0.09 + 0.02 0.10 0.01 Antioquia Gold Antipodes Gold V 218 0.02 0.01 0.02 + 0.01 0.04 0.01 0.21 - 0.01 0.65 0.15 Apogee Silver V 17 0.22 0.21 Applied Mrnls* O 114 0.38 0.23 0.30 + 0.07 0.75 0.16 0.04 - 0.01 0.08 0.03 AQM Copper V 65 0.04 0.00 Aquila Res* O 332 0.12 0.10 0.11 - 0.02 0.19 0.08 0.15 - 0.02 0.24 0.10 Aquila Res T 377 0.17 0.14 Arch Coal* N 11 0.58 0.58 0.58 - 0.26 15.00 0.58 O 17504 0.33 0.11 0.20 + 0.01 14.30 0.11 Arch Coal* Archon Mineral V 7 1.84 1.74 1.74 - 0.10 2.10 1.00 0.02 + 0.01 0.07 0.01 Arctic Star V 1074 0.02 0.01 Arena Mnls V 374 0.22 0.20 0.20 - 0.01 0.29 0.09 Argentex Mng* O 44 0.03 0.01 0.03 + 0.00 0.05 0.01 Argex Titanium* O 18 0.03 0.02 0.03 + 0.00 0.49 0.01 Argonaut Gold T 6631 1.18 0.87 0.91 - 0.27 3.14 0.87 Argonaut Gold* O 1282 0.84 0.60 0.63 - 0.21 2.59 0.60 Arian Res V 3622 0.02 0.01 0.01 - 0.01 0.06 0.01 Arian Silver* O 72 0.08 0.01 0.03 + 0.03 0.51 0.00 Arianne Phosph V 172 0.92 0.82 0.88 - 0.07 1.00 0.68 Arianne Phosph* O 137 0.66 0.57 0.59 - 0.06 0.80 0.56 Arrowstar Res V 42 0.07 0.00 0.07 + 0.01 0.20 0.04 Artha Res* O 100 0.07 0.07 0.07 + 0.00 0.07 0.00 Asanko Gold T 1475 2.25 2.01 2.02 - 0.20 2.55 1.59 Asanko Gold* X 531 1.58 1.38 1.40 - 0.17 1.96 1.25 Ascot Res V 99 0.89 0.80 0.86 - 0.04 2.00 0.80 Asiamet Res V 252 0.04 0.03 0.04 + 0.01 0.04 0.01 Aston Bay V 184 0.15 0.14 0.15 - 0.01 0.20 0.08 Astur Gold V 188 0.02 0.01 0.02 + 0.01 0.04 0.01 ATAC Res V 504 0.37 0.31 0.34 - 0.03 0.78 0.26 Atacama Pac Gd V 13 0.21 0.15 0.15 - 0.05 0.35 0.14 Atalaya Mg plc T 10 2.30 1.86 2.00 - 0.30 3.45 1.20 Athabasca Mnls V 101 0.27 0.22 0.26 - 0.01 1.21 0.20 Athabasca Mnls* O 22 0.20 0.16 0.16 - 0.03 0.95 0.16 Athabasca Nclr V 861 0.03 0.02 0.02 - 0.01 0.05 0.02 Atico Mng V 169 0.25 0.17 0.18 - 0.08 0.65 0.17 Atico Mng* O 151 0.18 0.12 0.12 - 0.05 0.51 0.12 Atlanta Gold* O 2 0.05 0.00 0.05 + 0.02 0.07 0.03 Atlantic Gold V 111 0.36 0.30 0.33 + 0.01 0.38 0.17 Atlatsa Res* O 16 0.02 0.00 0.02 - 0.00 0.23 0.02 Atlatsa Res T 56 0.04 0.03 0.03 - 0.01 0.28 0.03 Atom Energy V 10 0.06 0.06 0.06 + 0.01 0.15 0.03 Aura Silver Rs V 10 0.01 0.01 0.01 - 0.01 0.02 0.01 Aurcana Corp V 541 0.15 0.13 0.13 - 0.01 0.35 0.09 Aurcana Corp* O 31 0.11 0.09 0.09 - 0.02 0.29 0.07 AurCrest Gold V 123 0.02 0.01 0.02 + 0.01 0.04 0.01 AuRico Metals T 569 0.63 0.58 0.58 - 0.07 0.90 0.47 Aurvista Gold V 136 0.04 0.03 0.04 - 0.01 0.09 0.03 Auryn Res* O 83 0.80 0.72 0.72 - 0.07 1.29 0.70 Auryn Res V 248 1.09 1.04 1.08 + 0.03 1.65 0.94 Avala Res V 9 0.04 0.00 0.04 - 0.01 0.09 0.03 Avalon Rare Mt T 1352 0.13 0.11 0.12 - 0.01 0.48 0.11 Avalon Rare Mt* O 481 0.09 0.07 0.08 - 0.00 0.40 0.07 Avarone Metals V 72 0.02 0.01 0.02 + 0.01 0.05 0.01 Avino Silver V 74 1.30 1.05 1.05 - 0.22 2.40 1.05 Avino Silver* X 439 0.93 0.71 0.72 - 0.17 1.97 0.71 Avnel Gold T 543 0.25 0.18 0.20 - 0.05 0.31 0.17 AZ Mining T 99 0.33 0.28 0.29 - 0.03 0.52 0.22 Azimut Expl V 70 0.12 0.00 0.11 + 0.02 0.25 0.10

B B2Gold* X 10148 B2Gold T 29764 Bacanora Mnls V 49 Baja Mng* O 425 Balmoral Res T 882 Balmoral Res* O 318 Bama Gold 21 Bannerman Res T 65 Banro T 1682 Banro* X 5192 Bard Vent V 104 Barkerville Go* O 32 Barkerville Go V 632 Barrick Gold* N 123193 Barrick Gold T 26364

Jan 25 Pgs 8 9.indd 8

0.97 0.70 0.72 - 0.23 2.38 0.70 1.36 1.01 1.06 - 0.28 2.88 1.01 1.78 1.58 1.74 + 0.24 2.05 0.75 0.01 0.00 0.01 - 0.00 0.05 0.00 0.40 0.34 0.36 - 0.04 1.25 0.34 0.29 0.24 0.25 - 0.04 0.98 0.24 0.09 0.00 0.09 - 0.01 0.15 0.07 0.03 0.03 0.03 - 0.01 0.08 0.03 0.30 0.22 0.24 - 0.06 0.47 0.17 0.22 0.15 0.16 - 0.04 0.40 0.14 0.01 0.00 0.01 - 0.01 0.04 0.01 0.17 0.00 0.17 + 0.00 0.30 0.15 0.26 0.23 0.23 - 0.03 0.38 0.20 8.52 7.44 7.90 - 0.52 13.70 5.91 12.02 10.69 11.49 - 0.43 16.54 7.89

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barsele Min V 116 Batero Gold V 242 Battle Mtn Gld V 32 Battle Mtn Gld* O 2 Bayhorse Silvr* O 32 Bayhorse Silvr V 247 Bayswater Uran* O 27 Bayswater Uran V 38 BC Moly V 51 BCM Res V 94 Bear Creek Mng V 292 Bell Copper* O 21 Belmont Res V 53 Belo Sun Mng T 1477 Benton Res V 922 Benz Cap V 41 Big North Grap* O 75 Bison Gold Res V 62 O 1 Bitterroot Res* Bitterroot Res V 13 Black Hills* N 3058 Blue Rvr Res V 695 2 Blue Sky Uran V Bluefire Mng V 202 Borneo Res Inv* O 6914 Bowmore Expl V 104 Bravura Vent 2 Brazil Res V 251 Brixton Mtls* O 3 Brixton Mtls V 56 Bryn Res* O 44 Buenaventura* N 8460

0.13 0.10 0.11 - 0.02 0.20 0.10 0.06 0.06 0.06 + 0.01 0.11 0.06 0.14 0.11 0.14 + 0.03 0.22 0.07 0.10 0.00 0.10 + 0.00 0.16 0.06 0.05 0.03 0.03 - 0.02 0.12 0.03 0.07 0.05 0.06 - 0.01 0.15 0.05 0.01 0.01 0.01 - 0.00 0.04 0.00 0.02 0.02 0.02 + 0.01 0.06 0.01 0.07 0.00 0.05 - 0.02 0.23 0.04 0.19 0.14 0.16 + 0.02 0.23 0.02 0.59 0.50 0.51 - 0.05 1.94 0.50 0.01 0.01 0.01 + 0.00 0.04 0.00 0.04 0.00 0.04 - 0.01 0.09 0.02 0.24 0.23 0.23 - 0.01 0.30 0.15 0.04 0.03 0.04 - 0.01 0.06 0.03 0.05 0.04 0.04 - 0.01 0.45 0.04 0.03 0.02 0.03 + 0.01 0.08 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.02 0.00 0.02 + 0.00 0.05 0.02 0.03 0.00 0.03 - 0.01 0.10 0.03 47.61 45.30 46.20 - 1.26 52.96 36.81 0.05 0.04 0.04 - 0.01 0.05 0.03 0.04 0.00 0.04 - 0.01 0.26 0.04 0.07 0.07 0.07 - 0.02 0.39 0.07 0.00 0.00 0.00 - 0.00 0.30 0.00 0.07 0.05 0.07 - 0.01 0.11 0.03 0.03 0.00 0.03 + 0.01 0.08 0.02 0.48 0.43 0.44 - 0.06 0.85 0.43 0.05 0.04 0.04 - 0.01 0.14 0.03 0.09 0.00 0.06 - 0.03 0.18 0.05 0.00 0.00 0.00 + 0.00 0.03 0.00 4.37 3.76 3.76 - 0.47 12.51 3.76

Cache Expl V 20 Cadan Res V 21 Q 37 Caledonia Mng* Calibre Mng V 282 Calico Res V 154 California Gld V 783 Callinex Mines V 16 Callinex Mines* O 67 Cameco Corp* N 8999 Cameco Corp T 4802 Cameo Res V 704 Camino Mnls* O 1 O 27 CanAlaska Uran* CanAlaska Uran V 157 Canamex Res V 683 Canarc Res* Q 490 Cancana Res V 175 Candente Gold* O 70 V 98 Candente Gold Canex Energy V 179 16 Canoe Mng Vent V Canterra Mnls V 154 Canyon Gold* O 7 Cap-Ex Iron V 88 T 13182 Capstone Mng Cardero Res T 49 Cardero Res* O 65 Caribou King V 375 Carpathian Gld 1387 Carpathian Gld* O 130 Cartier Res V 350 Carube Copper V 319 65 Castle Mtn Mng* O Castle Mtn Mng V 1139 V 225 Catalyst Coppr Caza Gold* O 1 Cda Carbon* O 70 Cda Carbon V 1468 51 Cda Rare Earth* O Cda Strtgc Met * O 8 89 Cda Zinc Mtls V Cdn Intl Mnrls V 66 Cdn Metals 36 Cdn Mng Comp V 149 116 Cdn Silvr Hunt V Cdn Zinc* Q 30 Cdn Zinc T 423 Centamin T 136 V 109 Centenera Mng Centerra Gold T 6635 V 232 Centurion Mnls Cerro Grande* O 144 Cerro Grande 12 Champion Bear V 35 V 29 Chesapeake Gld Chesapeake Gld* O 17 N 77696 Chevron* Chimata Gold V 288 China Gold Int T 960 China Mnls Mng* O 28 Cibolan Gold* O 17 Claude Res T 2123 Claude Res* O 475 Cliffs Nat Res* N 1308 Clifton Mng* O 135 Clifton Star V 361 Clifton Star* O 23 Cloud Peak En* N 9359 CMC Metals V 536 Coeur Mng* N 15038 Colombia Crest* O 15 Colorado Res V 19 Colt Res* O 1 Colt Res V 200 Columbus Gold* O 255 Columbus Gold V 174 Commander Res V 38 Commerce Res V 256 Commerce Res* O 309 Compliance Egy V 198 Comstock Mng* X 325 Comstock Mtls V 1095 Condor Res V 141 Confedertn Mls V 111 Confedertn Mls* O 10 CONSOL Energy* N 66042 Constant Mtl V 223 Contintl Gold* O 204 Contintl Gold T 1546 Contintl Prec* O 9 Contintl Prec T 7 Copper Fox Mtl* O 59 Copper Fox Mtl V 451 Copper Lake Rs V 2020 Copper Mtn Mng* O 25 Copper Mtn Mng T 1209 Copper One V 146 Copper Reef Mg 217 Copperbank Res* O 4 Copperbank Res 12 Cordoba Mnls V 190 Corex Gold V 115 Cornerstone Ca V 287 Corvus Gold T 74 Corvus Gold* O 73 Critical Elem V 541 Critical Elem* O 50 Crown Mining V 82 Crystal Explor V 1450 Crystal Pk Min V 550 Cypress Dev V 27 Cyprium Mng V 248

0.09 0.09 0.09 + 0.01 0.16 0.05 0.06 0.00 0.06 + 0.01 0.10 0.03 0.61 0.54 0.57 - 0.02 0.83 0.48 0.08 0.07 0.07 - 0.01 0.19 0.06 0.13 0.08 0.08 - 0.05 0.19 0.06 0.05 0.04 0.04 - 0.01 0.18 0.02 0.32 0.28 0.32 + 0.01 0.40 0.16 0.21 0.20 0.20 - 0.01 0.32 0.13 11.84 10.57 10.81 - 0.63 17.77 10.57 16.89 15.36 15.72 - 0.49 21.44 15.36 0.08 0.05 0.05 - 0.02 0.10 0.02 0.07 0.00 0.06 - 0.01 0.17 0.05 0.08 0.07 0.08 + 0.00 0.23 0.06 0.13 0.11 0.11 - 0.02 0.28 0.09 0.04 0.03 0.03 - 0.01 0.18 0.03 0.04 0.03 0.04 - 0.00 0.07 0.02 0.22 0.17 0.18 - 0.02 0.32 0.13 0.01 0.01 0.01 - 0.00 0.03 0.01 0.02 0.02 0.02 - 0.01 0.06 0.02 0.03 0.02 0.02 - 0.01 0.27 0.02 0.03 0.00 0.03 - 0.01 0.10 0.02 0.03 0.00 0.03 - 0.01 0.09 0.03 0.50 0.00 0.50 + 0.22 0.54 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.35 0.28 0.31 - 0.04 1.71 0.28 0.12 0.10 0.10 - 0.03 0.45 0.08 0.10 0.06 0.06 - 0.04 0.15 0.05 0.08 0.07 0.07 - 0.01 0.22 0.06 0.02 0.01 0.02 + 0.01 0.02 0.01 0.02 0.01 0.01 + 0.01 0.03 0.00 0.10 0.06 0.08 + 0.01 0.13 0.04 0.07 0.05 0.07 + 0.02 0.21 0.05 0.24 0.18 0.18 - 0.02 0.46 0.14 0.37 0.22 0.22 - 0.14 0.58 0.18 0.13 0.11 0.13 + 0.01 0.32 0.11 0.03 0.01 0.03 + 0.02 0.04 0.01 0.23 0.20 0.20 - 0.02 0.25 0.16 0.34 0.31 0.31 - 0.02 0.36 0.19 0.02 0.01 0.01 - 0.00 0.03 0.01 0.02 0.01 0.01 - 0.00 0.08 0.01 0.14 0.12 0.12 - 0.01 0.33 0.11 0.05 0.04 0.05 + 0.01 0.05 0.01 0.09 0.07 0.09 + 0.02 0.23 0.05 0.11 0.09 0.11 + 0.02 0.15 0.05 0.01 0.01 0.01 + 0.01 0.07 0.01 0.08 0.06 0.07 - 0.00 0.20 0.04 0.11 0.09 0.10 - 0.01 0.24 0.06 1.38 1.28 1.38 + 0.05 1.40 0.96 0.10 0.07 0.07 - 0.03 0.14 0.01 7.70 6.63 6.84 - 0.66 8.67 5.05 0.18 0.11 0.12 + 0.01 0.40 0.04 0.00 0.00 0.00 - 0.00 0.04 0.00 0.01 0.00 0.01 - 0.01 0.05 0.01 0.08 0.07 0.07 - 0.01 0.15 0.05 2.03 1.80 1.87 - 0.08 2.59 1.39 1.44 1.28 1.31 - 0.07 1.96 1.05 86.17 79.69 83.67 + 1.54 112.93 69.58 0.04 0.02 0.03 + 0.01 0.19 0.01 2.21 2.06 2.08 - 0.10 2.58 1.30 0.01 0.00 0.00 - 0.00 0.01 0.00 0.05 0.04 0.05 + 0.00 0.19 0.03 0.92 0.84 0.84 - 0.03 0.97 0.35 0.64 0.58 0.58 - 0.06 0.68 0.28 1.40 0.98 1.15 - 0.18 8.50 0.98 0.11 0.05 0.11 + 0.02 0.25 0.05 0.20 0.14 0.20 + 0.04 0.25 0.07 0.11 0.09 0.11 + 0.01 0.20 0.06 1.83 1.29 1.34 - 0.50 8.69 1.29 0.03 0.02 0.02 - 0.01 0.08 0.02 2.34 1.77 1.90 - 0.42 7.45 1.77 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.00 0.05 - 0.02 0.16 0.05 0.10 0.09 0.09 - 0.00 0.25 0.08 0.14 0.11 0.12 - 0.02 0.30 0.10 0.26 0.23 0.23 - 0.02 0.44 0.23 0.36 0.34 0.35 - 0.01 0.55 0.31 0.02 0.02 0.02 - 0.01 0.04 0.01 0.09 0.07 0.08 - 0.01 0.19 0.07 0.06 0.05 0.05 - 0.01 0.15 0.05 0.06 0.03 0.04 + 0.01 0.40 0.03 0.40 0.37 0.38 - 0.01 1.19 0.35 0.03 0.02 0.02 - 0.01 0.04 0.01 0.03 0.00 0.02 - 0.01 0.07 0.02 0.04 0.04 0.04 + 0.01 0.09 0.02 0.02 0.02 0.02 - 0.01 0.07 0.01 7.72 4.88 4.99 - 2.70 34.56 4.88 0.06 0.00 0.05 - 0.01 0.17 0.05 1.31 0.97 1.05 - 0.28 2.65 0.97 1.89 1.41 1.53 - 0.36 3.28 1.29 0.22 0.20 0.22 + 0.01 0.50 0.18 0.30 0.00 0.30 + 0.01 0.65 0.25 0.08 0.08 0.08 + 0.00 0.30 0.08 0.13 0.12 0.13 - 0.01 0.37 0.11 0.04 0.03 0.03 - 0.01 0.09 0.03 0.28 0.25 0.26 - 0.02 1.42 0.25 0.39 0.35 0.38 - 0.02 1.73 0.35 0.04 0.04 0.04 - 0.01 0.20 0.03 0.03 0.02 0.02 + 0.01 0.04 0.01 0.03 0.00 0.03 - 0.00 0.06 0.02 0.04 0.04 0.04 - 0.01 0.08 0.03 0.14 0.12 0.13 - 0.02 0.25 0.08 0.05 0.04 0.04 - 0.01 0.09 0.03 0.02 0.02 0.02 + 0.01 0.10 0.02 0.50 0.43 0.46 + 0.02 1.14 0.33 0.34 0.30 0.31 - 0.00 0.95 0.25 0.18 0.17 0.17 - 0.02 0.30 0.16 0.13 0.11 0.11 - 0.02 0.23 0.11 0.08 0.05 0.05 - 0.03 0.08 0.03 0.11 0.09 0.09 - 0.02 0.14 0.05 0.21 0.19 0.19 - 0.01 0.37 0.12 0.05 0.04 0.05 + 0.01 0.20 0.02 0.09 0.06 0.09 + 0.01 0.20 0.06

Dajin Res* O 2221 Dajin Res V 1227 Dakota Ter Res* O 19 Daleco Res* O 53 Dalradian Res* O 123 Dalradian Res T 369 Decade Res* O 89

0.11 0.09 0.10 - 0.00 0.13 0.03 0.15 0.13 0.14 - 0.01 0.16 0.04 0.06 0.06 0.06 + 0.01 0.24 0.06 0.03 0.03 0.03 - 0.01 0.10 0.01 0.53 0.46 0.47 - 0.06 0.93 0.46 0.75 0.67 0.69 - 0.05 1.16 0.62 0.01 0.00 0.00 + 0.00 0.05 0.00

C

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Defiance Silvr* O 56 Defiance Silvr V 85 Del Toro Silvr* O 2789 Denison Mines* X 1772 Denison Mines T 2738 Desert Star V 172 Detour Gold T 7315 Diamante Min* O 42 Diamcor Mng V 61 Diamcor Mng* O 48 Diamond Fields V 106 Dios Expl V 166 Discovery Gold* O 2666 Discovery Mnls* O 7641 Discovery Vent V 582 Discovery-Corp V 46 DNI Metals 12 DNI Metals* O 6 203 Dolly Vard Sil* O Dolly Vard Sil V 150 Dominion Diam T 1617 Dominion Diam* N 1804 Double Crn Res* O 4649 DRDGOLD* N 1247 Dundee Prec Mt T 1896 Dunnedin Vent V 531 Duran Vent V 223 DuSolo Fertil V 127 95 Dynacor Gld Mn T DynaResource* O 5 Dynasty Gold V 1429 Dynasty Met&Mn* O 67 T 71 Dynasty Met&Mn Eagle Graphite V 1357 O 61 Eagle Graphite* Eagle Plains V 36 V 439 East Africa Eastern Platin* O 3 Eastfield Res V 45 Eastmain Res T 470 19 Eco Oro Mnls T Edgewater Expl V 176 837 El Capitan Prc* O Elcora Res V 370 N 28995 Eldorado Gold* Eldorado Gold T 25506 Eloro Mnrls V 31 Ely Gold & Mnl V 60 23 Ely Gold & Mnl* O Elysee Dev V 99 Emgold Mng V 698 Emgold Mng* O 17 O 176 Encanto Potash* Endeavour Mng* O 27 T 819 Endeavour Mng Endeavr Silver T 425 N 3531 Endeavr Silver* Energizer Res* O 764 Energy Fuels* X 1780 Energy Fuels T 446 Entree Gold T 64 Entree Gold* X 452 Equitas Res V 2530 Equitorial Ex V 861 T 18 Era Res Inc Erdene Res Dev* O 385 Erin Ventures* O 103 Erin Ventures V 351 101 Eros Res Corp V Eros Res Corp V 101 Ethos Gold V 72 Eurasian Mnls V 38 X 188 Eurasian Mnls* EurOmax Res V 101 89 Europn Uran Rs V Europn Uran Rs* O 100 V 3949 Eurotin Evrim Res V 66 O 19 Excalibur Res* Excellon Res T 166 Excellon Res* O 55 Excelsior Mng V 222 O 168 Excelsior Mng* Exeter Res* X 1089 Exeter Res T 231 Explor Res* O 24 Explor Res V 1195 Fairmont Res V 379 Falco Res V 1169 Firma Holdings* O 29 131 First Ams Gold V First Bauxite V 478 First Majestic T 3464 First Majestic* N 10534 First Mexican V 345 First Mg Fin V 5103 First Point T 122 First Quantum T 46496 Fission 3.0 V 1721 Fission Uran T 4131 Fission Uran* O 1501 Flinders Res* O 119 Flinders Res V 78 Focus Graphite* O 222 Focus Graphite V 430 Focus Vent V 1862 Foran Mng V 324 Formation Mtls* O 47 Formation Mtls T 205 Fortescue Mtls* O 20 Fortuna Silvr* N 1834 Fortuna Silvr T 1249 Fortune Bay T 65 Fortune Mnrls T 1921 Fortune Mnrls* O 20 Forum Uranium V 488 Forum Uranium* O 251 Franco-Nevada* N 5970 Franco-Nevada T 3769 Freeport McMo* N 474701 Freeport Res V 140 Fresnillo plc* O 10 Full Metal Mnl V 8

0.05 0.04 0.04 - 0.01 0.15 0.04 0.07 0.06 0.06 - 0.01 0.19 0.06 0.01 0.00 0.01 + 0.00 0.04 0.00 0.47 0.39 0.40 - 0.05 0.99 0.35 0.66 0.57 0.58 - 0.05 1.22 0.48 0.16 0.14 0.14 - 0.01 0.22 0.11 17.12 15.14 16.25 + 0.13 17.12 9.08 0.51 0.37 0.42 - 0.07 2.65 0.25 0.87 0.80 0.87 + 0.07 1.45 0.65 0.61 0.58 0.61 + 0.01 1.15 0.46 0.01 0.00 0.01 - 0.01 0.05 0.01 0.09 0.06 0.09 + 0.04 0.10 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.15 0.13 0.14 - 0.01 0.25 0.09 0.04 0.03 0.04 + 0.01 0.14 0.03 0.07 0.00 0.07 - 0.01 0.07 0.07 0.06 0.00 0.05 + 0.01 0.20 0.03 0.13 0.09 0.11 - 0.00 0.25 0.08 0.19 0.00 0.19 + 0.04 0.65 0.11 14.77 13.55 14.35 + 0.08 24.60 9.96 10.30 9.52 9.89 - 0.20 20.30 7.27 0.01 0.01 0.01 + 0.00 0.02 0.01 2.36 1.96 2.27 + 0.35 2.88 1.10 1.26 0.91 0.93 - 0.36 3.76 0.91 0.06 0.04 0.05 - 0.01 0.19 0.04 0.02 0.00 0.02 - 0.01 0.04 0.01 0.06 0.05 0.05 - 0.01 0.26 0.04 1.87 1.70 1.75 - 0.09 2.59 1.30 1.65 1.06 1.25 - 0.40 2.00 1.00 0.01 0.01 0.01 - 0.01 0.03 0.01 0.16 0.15 0.16 + 0.00 0.66 0.13 0.20 0.18 0.18 - 0.03 0.82 0.18 0.03 0.02 0.03 - 0.01 0.10 0.02 0.02 0.02 0.02 - 0.00 0.07 0.01 0.07 0.06 0.06 - 0.01 0.08 0.05 0.05 0.04 0.04 - 0.01 0.10 0.03 0.54 0.52 0.52 - 0.05 1.84 0.47 0.03 0.02 0.02 - 0.01 0.05 0.02 0.37 0.34 0.35 - 0.01 0.62 0.28 0.39 0.36 0.39 + 0.03 0.95 0.34 0.03 0.02 0.02 - 0.01 0.03 0.01 0.06 0.05 0.05 - 0.00 0.16 0.05 0.32 0.25 0.28 - 0.05 0.36 0.08 3.31 2.22 2.28 - 0.97 8.00 2.22 4.62 3.22 3.31 - 1.28 9.68 3.22 0.14 0.00 0.14 + 0.01 0.20 0.06 0.06 0.05 0.06 + 0.01 0.08 0.03 0.04 0.03 0.03 - 0.01 0.07 0.02 0.19 0.18 0.19 + 0.01 0.22 0.17 0.01 0.01 0.01 + 0.01 0.03 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.05 0.04 0.04 + 0.00 0.13 0.03 5.28 4.79 4.94 - 0.61 5.86 4.40 7.82 6.83 7.14 - 0.65 8.40 4.35 1.99 1.58 1.61 - 0.39 3.83 1.58 1.42 1.09 1.10 - 0.31 3.17 1.09 0.07 0.06 0.06 - 0.01 0.13 0.03 2.48 1.86 1.96 - 0.47 5.60 1.84 3.50 2.70 2.86 - 0.59 6.73 2.47 0.29 0.25 0.27 - 0.03 0.66 0.18 0.21 0.17 0.18 - 0.02 0.51 0.08 0.09 0.07 0.07 - 0.02 0.22 0.05 0.05 0.03 0.03 - 0.01 0.20 0.03 0.35 0.10 0.35 + 0.26 1.00 0.09 0.11 0.10 0.10 - 0.01 0.13 0.08 0.06 0.05 0.05 - 0.00 0.08 0.03 0.09 0.07 0.09 + 0.02 0.11 0.04 0.14 0.00 0.10 - 0.01 0.17 0.10 0.14 0.00 0.10 - 0.01 0.17 0.10 0.16 0.14 0.14 - 0.01 0.23 0.11 0.65 0.52 0.54 - 0.12 0.97 0.48 0.46 0.37 0.37 - 0.08 0.81 0.35 0.40 0.30 0.40 + 0.05 0.57 0.20 0.01 0.00 0.01 + 0.01 0.03 0.01 0.01 0.01 0.01 - 0.00 0.02 0.00 0.02 0.01 0.01 - 0.01 0.05 0.01 0.21 0.12 0.12 - 0.09 0.22 0.10 0.00 0.00 0.00 - 0.00 0.04 0.00 0.31 0.25 0.27 - 0.02 0.95 0.20 0.22 0.17 0.19 - 0.03 0.76 0.14 0.24 0.19 0.21 - 0.03 0.39 0.19 0.18 0.13 0.13 - 0.03 0.31 0.13 0.40 0.33 0.34 - 0.05 0.66 0.29 0.52 0.45 0.49 - 0.07 0.82 0.39 0.07 0.05 0.07 - 0.01 0.08 0.03 0.10 0.08 0.09 - 0.02 0.11 0.04 0.04 0.02 0.02 - 0.02 0.20 0.02 0.26 0.21 0.25 + 0.01 0.69 0.21 0.03 0.00 0.03 + 0.00 0.25 0.02 0.27 0.25 0.27 + 0.02 0.27 0.03 0.08 0.04 0.05 + 0.02 0.09 0.03 4.54 3.85 3.96 - 0.55 8.21 3.54 3.22 2.67 2.73 - 0.45 6.63 2.66 0.04 0.03 0.03 - 0.01 0.07 0.02 0.45 0.38 0.40 - 0.03 0.60 0.25 0.06 0.05 0.06 + 0.01 0.10 0.04 4.14 2.87 3.09 - 1.15 19.83 2.87 0.11 0.09 0.09 - 0.01 0.14 0.06 0.76 0.61 0.62 - 0.13 1.38 0.53 0.55 0.42 0.43 - 0.10 1.12 0.39 0.11 0.10 0.10 - 0.02 0.50 0.09 0.17 0.14 0.14 - 0.01 0.50 0.12 0.07 0.05 0.06 - 0.00 0.39 0.05 0.09 0.08 0.08 - 0.01 0.47 0.07 0.07 0.05 0.06 - 0.01 0.27 0.05 0.08 0.06 0.07 - 0.01 0.48 0.06 0.08 0.06 0.07 - 0.01 0.18 0.06 0.11 0.09 0.10 - 0.01 0.22 0.09 1.15 1.07 1.07 - 0.10 2.05 1.07 2.58 2.13 2.15 - 0.37 5.20 2.00 3.62 3.10 3.12 - 0.46 6.30 2.65 0.30 0.00 0.27 - 0.01 0.43 0.26 0.03 0.02 0.02 - 0.02 0.16 0.02 0.02 0.01 0.01 - 0.01 0.13 0.01 0.10 0.06 0.06 - 0.01 0.11 0.04 0.07 0.05 0.05 + 0.00 0.10 0.03 49.40 44.70 45.11 - 3.72 58.84 38.20 69.90 65.01 65.65 - 3.40 74.10 49.96 5.42 3.65 4.35 - 1.06 23.97 3.65 0.01 0.01 0.01 - 0.01 0.02 0.01 10.31 0.00 9.60 - 0.80 14.17 8.70 0.02 0.00 0.02 - 0.01 0.10 0.02

G&S Minerals* O 25 Gabriel Res T 498 Gainey Capital V 282 Galantas Gold V 67 Galway Gold V 272 Galway Mtls* O 22 Galway Mtls V 208 Garibaldi Res V 166 Gear Intl* O 13800 General Moly T 16 General Moly* X 647 Gensource Pot V 73 Geodex Mnrls* O 20 Geologix Ex* O 1194 Getty Copper V 60 GFK Res V 50 Gldn Predator V 19 Glencore Plc* O 5538 Global Gold* O 443 Globex Mng* O 14 GobiMin V 77 GoGold Res T 76 Gold & Slvr Mg* O 157139 Gold Bulln Dev* O 331 Gold Bulln Dev V 1093 Gold Dynamics* O 293 Gold Fields* N 25692 Gold Jub Cap V 242 Gold Mng USA* O 6 Gold Reach Res V 91 Gold Reserve* O 26 Gold Reserve V 4

0.00 0.00 0.00 + 0.00 0.00 0.00 0.21 0.16 0.17 - 0.01 0.86 0.12 0.14 0.10 0.10 - 0.06 0.42 0.10 0.12 0.09 0.09 - 0.03 0.18 0.05 0.07 0.06 0.06 - 0.01 0.12 0.06 0.07 0.07 0.07 + 0.00 0.13 0.06 0.11 0.10 0.11 + 0.01 0.16 0.09 0.13 0.12 0.12 - 0.02 0.20 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.30 0.27 0.27 - 0.04 1.20 0.24 0.21 0.18 0.18 - 0.02 1.00 0.18 0.06 0.06 0.06 - 0.01 0.07 0.04 0.00 0.00 0.00 - 0.00 0.04 0.00 0.02 0.01 0.02 + 0.01 0.04 0.01 0.02 0.02 0.02 - 0.01 0.05 0.02 0.06 0.05 0.05 - 0.01 0.12 0.03 0.11 0.00 0.11 - 0.01 0.15 0.07 2.29 1.99 2.08 - 0.16 9.68 1.99 0.02 0.01 0.01 - 0.00 0.05 0.00 0.18 0.15 0.15 - 0.02 0.25 0.13 0.31 0.28 0.28 - 0.01 0.51 0.27 1.11 0.94 1.04 - 0.04 1.67 0.94 0.00 0.00 0.00 + 0.00 6.50 0.00 0.03 0.02 0.03 + 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.06 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 3.27 2.89 3.14 + 0.04 6.01 2.04 0.09 0.08 0.09 + 0.01 0.24 0.07 0.13 0.07 0.12 + 0.05 0.51 0.05 0.10 0.08 0.08 - 0.01 0.50 0.08 2.55 0.00 2.37 - 0.18 4.24 2.08 3.70 0.00 3.41 - 0.04 5.39 2.48

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

X 2834 Gold Resource* 526 Gold Std Vents V 787 Gold Std Vents* X Goldcorp* N 53589 T 19466 Goldcorp Golden Arrow V 381 V 16 Golden Cariboo 873 Golden Dawn Ml V Golden Hope* O 1 Golden Mnls T 15 Golden Mnls* X 495 O 553 Golden Queen* Golden Queen T 225 Golden Reign V 130 63 Golden Sh Mng V Golden Star T 144 Golden Star* X 2840 Golden Valley V 363 Goldex Res V 187 Goldeye Expl V 120 Goldfields Int* O 1 T 585 Goldgroup Mng O 43 Goldgroup Mng* GoldON Res V 177 V 347 GoldQuest Mng Goldrea Res 13 Goldrea Res* O 12 V 61 Goldrock Mines V 1349 Goldsource Min Goldstar Mnls V 363 V 199 Goldstrike Res GoviEx Uranium 2339 Gowest Gold* O 74 GPM Metals V 183 O 87 Gran Colombia* T 697 Gran Colombia 193 Granite Ck Gld V Graniz Mondal V 100 O 2922 Graphite Corp* Graphite One V 1518 Graphite One* O 356 Great Atlantic V 73 Great Bear Res V 6582 338 Great Lakes Gr* O 580 Great Lakes Gr V Great Panther T 561 X 2001 Great Panther* 73 Great Quest Fe V 311 Great Rock Dev* O V 433 Greencastle Rs Grenville Gold V 5 Grizzly Discvr V 46 Grizzly Gold* O 16 Gungnir Res V 409 Gunpoint Expl V 10 T 1292 Guyana Gldflds 16759 N Harmony Gold* Harte Gold T 1951 33477 Hecla Mining* N Helio Res V 387 Hellix Vent* O 46 O 7 Hemcare Health* Heron Res T 160 Highbank Res V 429 V 32 Highland Copp 116 Highway 50 Gld V O 161 Hochschild Mg* O 6 Homestake Res* V 35 Homestake Res Houston Lake V 559 898 HudBay Mnls* N HudBay Mnls T 9689 Hudson Res V 95 Hudson Res* O 21

1.15 1.26 - 0.32 3.88 1.55 1.15 0.93 0.80 0.86 - 0.07 0.96 0.40 0.65 0.56 0.60 - 0.05 0.69 0.26 10.20 10.32 - 2.17 25.00 12.66 10.20 14.65 15.01 - 2.67 30.95 17.85 14.65 0.17 0.17 - 0.03 0.50 0.20 0.17 0.03 0.01 0.06 0.03 - 0.03 0.03 0.09 0.07 0.09 + 0.02 0.30 0.02 0.08 0.18 - 0.04 0.50 0.18 0.18 0.26 0.28 - 0.02 0.82 0.28 0.00 0.18 0.19 - 0.01 0.67 0.21 0.18 0.48 0.72 - 0.12 1.38 0.84 0.61 0.65 0.96 - 0.23 1.68 1.16 0.87 0.06 0.07 - 0.01 0.13 0.09 0.00 0.09 0.00 0.09 - 0.01 0.09 0.03 0.21 0.23 - 0.02 0.51 0.26 0.22 0.14 0.16 - 0.02 0.42 0.18 0.15 0.07 0.09 - 0.01 0.21 0.10 0.09 0.02 0.03 + 0.01 0.07 0.03 0.00 0.02 0.02 - 0.01 0.06 0.03 0.02 0.01 0.01 + 0.00 0.25 0.01 0.00 0.05 0.10 + 0.02 0.15 0.10 0.07 0.03 0.01 0.13 0.05 - 0.08 0.00 0.03 0.08 + 0.01 0.20 0.08 0.06 0.07 0.14 - 0.02 0.20 0.15 0.14 0.02 0.06 + 0.01 0.10 0.06 0.03 0.00 0.04 + 0.00 0.04 0.04 0.04 0.15 0.21 + 0.01 0.40 0.22 0.19 0.13 0.28 + 0.05 0.29 0.28 0.20 0.01 0.01 - 0.01 0.04 0.02 0.01 0.07 0.13 - 0.02 0.21 0.15 0.13 0.04 0.05 + 0.01 0.35 0.05 0.00 0.04 0.05 - 0.01 0.07 0.06 0.05 0.08 0.12 - 0.02 0.33 0.12 0.12 0.04 0.04 - 0.05 0.44 0.08 0.04 0.06 0.07 - 0.06 0.55 0.13 0.00 0.02 0.01 0.02 + 0.01 0.04 0.01 0.01 0.01 - 0.01 0.06 0.02 0.01 0.00 0.01 - 0.01 0.03 0.02 0.01 0.07 0.08 - 0.01 0.13 0.09 0.08 0.05 0.05 - 0.01 0.11 0.06 0.05 0.03 0.04 - 0.01 0.24 0.04 0.04 0.02 0.01 0.01 - 0.01 0.09 0.01 0.06 0.06 0.06 - 0.00 0.12 0.03 0.09 0.08 0.09 - 0.01 0.15 0.03 0.40 0.63 - 0.07 0.95 0.74 0.62 0.30 0.44 - 0.05 0.78 0.52 0.41 0.16 0.12 0.13 - 0.03 0.66 0.12 0.01 0.01 0.01 - 0.00 0.02 0.00 0.05 0.06 - 0.01 0.09 0.06 0.06 0.04 0.07 - 0.03 0.15 0.07 0.00 0.01 0.04 - 0.01 0.10 0.04 0.04 0.01 0.01 - 0.01 0.05 0.02 0.01 0.01 0.01 - 0.01 0.03 0.02 0.01 0.13 0.02 0.20 0.15 - 0.15 0.15 2.48 3.48 - 0.15 4.48 3.70 3.41 0.53 1.61 + 0.32 3.18 1.73 1.27 0.04 0.08 - 0.02 0.10 0.09 0.07 1.61 1.62 - 0.28 3.54 1.91 1.61 0.02 0.04 + 0.02 0.07 0.04 0.02 0.00 0.00 + 0.00 0.05 0.00 0.00 0.01 0.07 - 0.07 0.80 0.13 0.07 0.07 0.08 - 0.02 0.14 0.09 0.00 0.05 0.09 - 0.01 0.21 0.10 0.09 0.10 0.13 + 0.02 0.39 0.13 0.12 0.08 0.07 0.07 - 0.03 0.40 0.07 0.60 0.62 - 0.07 1.98 0.68 0.60 0.01 0.01 + 0.00 0.02 0.01 0.01 0.01 0.02 - 0.01 0.04 0.03 0.02 0.12 0.16 - 0.01 0.20 0.17 0.14 1.94 10.37 1.14 - 3.18 1.94 2.03 4.49 2.80 2.94 - 1.68 12.61 2.80 0.23 0.43 + 0.01 0.55 0.49 0.00 0.19 0.29 - 0.01 0.44 0.32 0.29

I-Minerals* O 16 I-Minerals V 68 IAMGOLD T 6530 18625 IAMGOLD* N IC Potash* O 57 IDM Mining* O 6 iMetal Res V 24 IMPACT Silver V 356 O 66 Impala Platnm* 10 Imperial Metal* O 73 Imperial Metal T 43 Inca One Gold* O V 881 Independence G Infrastructure* O 211 O 62 Inspiration Mg* Integra Gold* O 401 Integra Gold V 2474 Intgr Egy Sol* O 2007 Intigold Mines V 322 Intl Lithium V 270 Intl Montoro* O 85 Intl Montoro V 344 147053 Intl Star* O Intl Tower Hil* X 1082 75 T Intl Tower Hil Intrepid Pots* N 5674 INV Metals T 285 InZinc Mining V 147 O 119 Ireland* Irving Res 69 O 448 Ivanhoe Mines* Ivanhoe Mines T 2511 J.A.G. Mines V 160 Jaguar Mng V 61 Jaguar Mng* O 17 467 James Rvr Coal* O Jazz Res V 7 Jet Metal V 63 Jet Metal* O 37 V 194 Kaizen Discvry O 10 Kaizen Discvry* O 245 Kaminak Gold* Kaminak Gold V 2467 V 88 Kapuskasing Gd Karmin Expl V 45 Karnalyte Res T 48 Karoo Expl V 46 KAT Expl* O 4889 Katanga Mng T 206 Kennady Diam V 24 Kerr Mines* O 32 Khalkos Expl V 17 Khan Res 306 905 Kings Bay Gold V Kingsmen Res V 14 53852 Kinross Gold* N Kinross Gold T 12816 Kirkland Lk Gd T 4606 Kiska Metals* O 8 Kiska Metals V 32 Kivalliq Enrgy V 924 Klondex Mns T 896 Klondike Gold V 241 Knick Expl V 117 Kootenay Silvr V 270 KWG Res 3335

0.11 0.15 - 0.02 0.28 0.18 0.15 0.14 0.25 + 0.01 0.37 0.25 0.23 1.50 1.97 - 0.38 4.09 2.36 1.95 1.15 1.35 - 0.33 3.39 1.68 1.34 0.03 0.04 - 0.01 0.25 0.05 0.03 0.05 0.06 + 0.01 0.12 0.06 0.05 0.03 0.04 - 0.03 0.10 0.04 0.00 0.12 0.13 - 0.01 0.27 0.13 0.12 1.54 0.02 7.35 1.59 - 1.77 1.54 4.00 3.29 3.35 - 0.36 11.00 3.29 6.25 4.70 4.95 - 0.37 13.69 4.70 0.06 0.06 0.06 - 0.01 0.23 0.06 0.06 0.06 - 0.01 0.11 0.07 0.06 0.01 0.01 + 0.00 0.02 0.01 0.01 0.01 0.01 - 0.01 0.10 0.05 0.01 0.18 0.22 - 0.03 0.29 0.25 0.21 0.23 0.31 - 0.03 0.37 0.34 0.31 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.08 - 0.02 0.32 0.10 0.07 0.02 0.06 - 0.01 0.09 0.08 0.06 0.02 0.02 - 0.01 0.09 0.03 0.02 0.03 0.04 - 0.01 0.10 0.05 0.03 0.00 0.00 + 0.00 0.00 0.00 0.00 0.29 0.19 0.23 - 0.05 0.62 0.18 0.26 0.75 0.06 - 0.35 0.28 0.31 2.42 1.87 2.15 - 0.25 15.09 1.87 0.08 0.11 - 0.01 0.28 0.12 0.11 0.04 0.05 - 0.01 0.15 0.06 0.05 0.15 0.21 + 0.01 0.51 0.28 0.20 0.11 0.15 - 0.05 0.20 0.20 0.00 0.38 0.39 - 0.05 1.08 0.43 0.38 0.55 0.58 - 0.03 1.36 0.61 0.55 0.01 0.03 + 0.01 0.06 0.03 0.02 0.12 0.15 - 0.02 0.65 0.16 0.00 0.07 0.11 - 0.02 0.53 0.11 0.00 0.01 0.01 0.01 - 0.00 0.07 0.01 0.03 0.08 - 0.02 0.23 0.10 0.08 0.04 0.08 - 0.01 0.16 0.11 0.00 0.03 0.07 + 0.02 0.14 0.08 0.06 0.09 0.10 - 0.04 0.32 0.13 0.00 0.08 0.01 0.25 0.08 - 0.08 0.00 0.47 0.58 - 0.08 0.93 0.66 0.56 0.61 0.83 - 0.08 1.15 0.93 0.80 0.02 0.02 - 0.01 0.12 0.03 0.02 0.15 0.22 - 0.03 0.40 0.24 0.19 0.52 0.70 - 0.07 1.33 0.77 0.67 0.01 0.02 + 0.01 0.02 0.02 0.01 0.00 0.00 - 0.00 0.14 0.00 0.00 0.13 0.13 - 0.01 0.35 0.15 0.13 2.35 3.00 + 0.19 5.95 3.01 2.75 0.01 0.02 - 0.01 0.20 0.02 0.02 0.05 0.07 - 0.03 0.12 0.09 0.00 0.34 0.36 - 0.05 0.80 0.41 0.00 0.01 0.01 0.01 - 0.01 0.01 0.01 0.03 0.04 - 0.01 0.18 0.04 0.03 1.35 1.48 - 0.39 3.71 1.90 1.48 1.79 0.49 4.48 2.15 - 2.69 2.15 5.27 4.76 4.85 - 0.41 6.88 4.14 0.01 0.02 + 0.00 0.05 0.02 0.02 0.01 0.02 - 0.01 0.07 0.02 0.00 0.06 0.08 - 0.03 0.17 0.10 0.08 2.30 2.72 - 0.27 3.87 3.02 2.71 0.08 0.13 + 0.02 0.28 0.14 0.11 0.01 0.02 - 0.01 0.03 0.02 0.01 0.17 0.18 - 0.01 0.56 0.19 0.17 0.01 0.02 + 0.01 0.03 0.02 0.02

83 La Quinta Res V 14 Labdr Iron Mns* O Labrador Iron T 2879 Lake Shore Gld T 10748 Lake Shore Gld* X 1842 Lake Victoria* O 11 Lamelee Iron V 261 Lancaster Cap V 33 Lara Expl V 77 Laramide Res T 366 Largo Res V 147 Largo Res* O 49

0.02 0.01 0.01 - 0.01 0.02 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 9.23 6.85 7.17 - 2.00 19.12 6.85 1.23 1.12 1.14 - 0.08 1.38 0.88 0.90 0.78 0.79 - 0.06 1.14 0.69 0.01 0.01 + 0.00 0.09 0.01 0.01 0.01 0.02 - 0.01 0.08 0.02 0.00 0.04 0.12 + 0.01 0.15 0.12 0.07 0.20 0.24 - 0.01 0.45 0.25 0.22 0.15 0.25 - 0.02 0.40 0.28 0.24 0.15 0.23 - 0.05 1.46 0.31 0.21 0.13 0.15 - 0.07 1.13 0.21 0.15

I-J-K

L

2016-01-19 7:57 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 25–31, 2016

9

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

Week

12-month

Exc Volume High Low Last Change High Low

Lateral Gold V 521 Latin Am Mnls V 18 LeadFX Inc T 37 Legend Gold V 52 Lepanto Con Mg* O 473 Levon Res Ltd T 297 Levon Res Ltd * O 29 Lexam VG Gold T 337 Li3 Energy* O 101 Liberty Star* O 18046 Lion One Mtls* O 76 Lion One Mtls V 144 Lithium Corp* O 154 Lithium Expl* O 198 Lithium X Egy V 524 LKA Gold* O 92 Lode-Star Mg* O 87 Lomiko Mtls V 582 Lomiko Mtls* O 123 Loncor Res T 140 Lornex Cap 21 Lorraine Coppr V 479 Lucara Diam T 2116 Luna Gold T 193 Lundin Gold T 205 Lundin Mng T 10240 Lydian Intl T 275 Lydian Intl* O 45 Lynas Corp* O 828

0.08 0.07 0.07 - 0.01 0.36 0.07 0.13 0.00 0.13 - 0.01 0.95 0.05 0.25 0.00 0.17 - 0.09 2.63 0.12 0.03 0.00 0.03 + 0.01 0.14 0.03 0.00 0.00 0.00 - 0.00 0.02 0.00 0.16 0.14 0.15 - 0.01 0.32 0.14 0.09 0.09 0.09 - 0.00 0.15 0.09 0.07 0.07 0.07 - 0.01 0.11 0.05 0.02 0.02 0.02 - 0.00 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.28 0.24 0.27 - 0.00 0.45 0.12 0.41 0.34 0.39 + 0.04 0.60 0.17 0.04 0.03 0.03 - 0.01 0.06 0.02 0.10 0.08 0.09 + 0.01 9.20 0.02 0.44 0.39 0.40 - 0.02 0.57 0.05 0.31 0.25 0.25 - 0.01 0.70 0.10 0.03 0.03 0.03 + 0.01 0.11 0.01 0.04 0.04 0.04 + 0.01 0.09 0.03 0.03 0.02 0.03 - 0.00 0.07 0.02 0.04 0.03 0.04 + 0.01 0.13 0.02 0.25 0.22 0.25 + 0.03 0.30 0.07 0.05 0.00 0.04 - 0.01 0.08 0.04 2.17 2.01 2.11 + 0.05 2.38 1.42 0.06 0.04 0.04 - 0.01 0.43 0.03 4.30 3.80 4.15 + 0.24 4.30 3.46 3.35 3.00 3.13 - 0.22 6.46 3.00 0.26 0.23 0.24 - 0.01 0.60 0.23 0.18 0.17 0.17 - 0.01 0.49 0.17 0.08 0.07 0.07 + 0.00 0.10 0.02

M Macarthur Mnl V 112 0.02 0.02 0.02 + 0.01 0.08 0.01 MacMillan Mnls V 36 0.22 0.00 0.18 - 0.03 0.24 0.05 MAG Silver* X 200 7.05 6.48 6.55 - 0.27 8.65 5.57 MAG Silver T 814 9.85 9.23 9.50 - 0.16 10.80 6.90 Magellan Gold* O 55 0.08 0.06 0.06 - 0.00 0.09 0.03 Magellan Mnrls V 716 0.04 0.00 0.03 - 0.01 0.10 0.03 MagIndustries* O 40 0.04 0.01 0.01 - 0.03 0.20 0.01 Magnum Goldco V 44 0.04 0.03 0.03 - 0.01 0.13 0.02 Magnus Intl* O 5 0.00 0.00 0.00 - 0.00 0.00 0.00 Majestic Gold V 259 0.09 0.08 0.08 - 0.01 0.12 0.04 Makena Res V 726 0.02 0.02 0.02 - 0.01 0.06 0.02 Malbex Res V 1081 0.40 0.03 0.29 + 0.26 0.55 0.05 Mandalay Res T 2790 0.69 0.62 0.62 - 0.04 1.04 0.62 Mangazeya Mng V 68 0.03 0.00 0.03 - 0.01 0.06 0.01 Manitou Gold V 110 0.02 0.02 0.02 - 0.01 0.04 0.01 Marathon Gold T 125 0.17 0.16 0.16 + 0.01 0.38 0.11 Margaux Res V 11 0.20 0.15 0.18 - 0.02 0.30 0.14 Marifil Mines V 14 0.02 0.01 0.01 - 0.01 0.02 0.01 Maritime Res V 34 0.11 0.08 0.09 - 0.01 0.24 0.08 Marlin Gold* O 13 0.14 0.00 0.14 - 0.00 0.73 0.11 Marlin Gold V 10 0.20 0.00 0.20 - 0.05 1.09 0.15 MartinMarietta* N 5203 129.53 119.58 124.69 - 1.44 178.67 104.62 Mason Graphite* O 96 0.25 0.23 0.23 - 0.01 0.52 0.23 Mason Graphite V 405 0.37 0.31 0.33 - 0.03 0.65 0.31 Matachewan Con V 4 0.34 0.00 0.34 + 0.06 0.49 0.17 Matamec Expl* O 31 0.01 0.01 0.01 - 0.00 0.05 0.01 Matamec Expl V 244 0.03 0.02 0.03 + 0.01 0.07 0.02 Matica Ent 399 0.03 0.02 0.02 - 0.01 0.15 0.02 Maudore Mnrls* O 41 0.01 0.00 0.00 + 0.00 0.01 0.00 Mawson Res* O 36 0.14 0.13 0.13 - 0.01 0.27 0.12 Mawson Res T 56 0.20 0.00 0.20 + 0.01 0.30 0.15 Mawson West T 16 0.02 0.00 0.02 - 0.01 0.08 0.01 MAX Res V 86 0.08 0.06 0.06 - 0.01 0.15 0.04 Maya Gold &Sil V 303 0.14 0.12 0.12 - 0.02 0.31 0.10 McEwen Mng* N 4976 1.14 1.03 1.06 - 0.04 1.40 0.65 McEwen Mng T 421 1.60 1.48 1.53 - 0.01 1.75 0.84 MDN Inc T 559 0.03 0.02 0.02 + 0.01 0.08 0.01 Meadow Bay Gd T 130 0.09 0.08 0.08 - 0.01 0.31 0.08 Mechel* N 885 1.57 0.72 1.34 - 0.22 3.76 1.26 Medallion Res* O 279 0.03 0.02 0.03 + 0.00 0.05 0.01 Medinah Mnrls* O 9807 0.02 0.02 0.02 - 0.01 0.05 0.01 Mega Uranium* O 25 0.05 0.04 0.04 + 0.00 0.11 0.04 Megastar Dev V 108 0.03 0.02 0.02 - 0.01 0.06 0.02 Melkior Res V 1313 0.03 0.02 0.03 + 0.01 0.05 0.01 Merrex Gold V 272 0.19 0.16 0.18 + 0.01 0.23 0.07 Merrex Gold* O 69 0.13 0.11 0.12 + 0.01 0.20 0.05 Metalore Res T 4 2.29 0.00 2.15 - 0.15 3.72 2.15 Metals X* O 1 0.69 0.00 0.69 - 0.04 1.25 0.69 Metanor Res V 1727 0.04 0.03 0.03 - 0.01 0.09 0.03 Mexus Gold* O 3415 0.00 0.00 0.00 + 0.00 0.03 0.00 MGX Minerals 101 0.25 0.20 0.22 - 0.01 0.70 0.12 Midas Gold* O 101 0.24 0.19 0.19 - 0.05 0.47 0.19 Midas Gold T 169 0.33 0.27 0.27 - 0.07 0.60 0.26 Midland Expl V 195 0.60 0.50 0.50 - 0.10 0.77 0.45 Midway Gold* O 119 0.00 0.00 0.00 - 0.00 0.77 0.00 Millrock Res* O 29 0.19 0.15 0.15 - 0.03 0.42 0.11 Millstream Min V 4 0.14 0.08 0.08 - 0.06 0.16 0.01 Minaurum Gold V 556 0.06 0.05 0.05 - 0.01 0.10 0.04 Minco Gold* X 404 0.15 0.12 0.12 - 0.03 0.32 0.10 Minco Gold T 105 0.22 0.17 0.18 - 0.03 0.39 0.12 Minco Silver T 100 0.45 0.39 0.41 - 0.04 0.74 0.32 Minco Silver* O 45 0.32 0.27 0.28 - 0.04 0.55 0.26 Minera Alamos V 564 0.09 0.08 0.09 + 0.01 0.21 0.06 Mineral Mtn* O 485 0.02 0.01 0.01 + 0.01 0.05 0.01 MineralRite* O 7500 0.00 0.00 0.00 + 0.00 0.00 0.00 Mines Manage* X 231 0.41 0.34 0.35 - 0.04 0.74 0.11 Mines Manage T 11 0.61 0.45 0.45 - 0.05 0.85 0.17 Minnova Corp V 661 0.48 0.40 0.40 - 0.05 0.48 0.18 Miranda Gold V 300 0.10 0.07 0.07 - 0.01 0.12 0.06 Mirasol Res V 151 0.88 0.80 0.83 - 0.03 1.16 0.72 Mistango River 8 0.01 0.01 0.01 + 0.01 0.07 0.01 Mitsui M’g* O 5 8.84 8.44 8.63 - 1.02 14.63 8.44 Mkango Res V 592 0.03 0.02 0.02 - 0.01 0.16 0.01 Molycorp* O 14174 0.05 0.03 0.05 - 0.01 1.15 0.02 Monarques Res V 297 0.06 0.06 0.06 - 0.01 0.13 0.06 Moneta Porcpn* O 31 0.09 0.08 0.09 + 0.00 0.11 0.04 Montero Mg&Ex V 220 0.02 0.00 0.02 - 0.01 0.06 0.01 Morro Bay V 87 0.01 0.01 0.01 + 0.01 0.07 0.01 Mosaic* N 39368 25.68 23.52 25.47 + 0.56 53.83 23.52 Mountain Prov T 379 3.98 3.79 3.94 + 0.05 5.46 3.38 Mountain Prov* D 223 2.80 2.64 2.70 - 0.05 4.40 2.47 MPH Vent V 62 0.07 0.06 0.07 + 0.01 0.11 0.04 MPH Vent* O 26 0.07 0.04 0.04 - 0.02 0.08 0.04 Mundoro Cap V 364 0.08 0.07 0.07 - 0.01 0.15 0.04 Murchison Min 101 0.01 0.00 0.01 + 0.01 0.04 0.01 Musgrove Mnls V 69 0.14 0.08 0.08 - 0.01 0.20 0.04 Myson Group* O 167 0.02 0.01 0.02 + 0.00 0.29 0.01

N-O NACCO Ind* N 160 Napier Vent V 62 Natural Res Pt* N 2719 Nautilus Mnrls T 426 Nautilus Mnrls* O 396 Navy Res V 37 Nemaska Lith V 2734 Nemaska Lith* O 71 Network Expl V 39 Nevada Clean M* O 39 Nevada Copper T 170 Nevada Expl * O 26 Nevada Sunrise V 407 Nevada Zinc V 130 Nevsun Res* X 1248 Nevsun Res T 5911 New Colombia* O 1291 New Gold T 5179 New Gold* X 23844 New Gold* O 64 New Jersey Mng* O 384 New Nadina V 95 New Pac Metals T 4 Newmac Res* O 2 Newmarket Gold* O 121 Newmarket Gold T 738 Newmont Mng* N 48310 Nexgen Energy V 15140 Nexgen Energy* O 175 Nexus Gold V 188 NGEx Res* O 125 Nicola Mg Inc* O 138 Niocorp Dev T 610 Niocorp Dev* O 856 Niogold Mng* O 398 Niogold Mng V 2573

Jan 25 Pgs 8 9.indd 9

44.83 41.66 44.50 + 2.19 62.96 40.04 0.24 0.23 0.23 - 0.01 0.35 0.11 1.09 0.84 0.86 - 0.24 9.80 0.84 0.31 0.27 0.28 - 0.02 0.55 0.24 0.23 0.18 0.20 - 0.02 0.44 0.18 0.21 0.18 0.18 - 0.03 0.23 0.06 0.46 0.40 0.43 - 0.03 0.48 0.15 0.33 0.28 0.28 - 0.04 0.34 0.13 0.02 0.00 0.02 + 0.01 0.05 0.01 0.03 0.00 0.00 - 0.03 0.05 0.00 0.62 0.48 0.48 - 0.19 2.03 0.48 0.22 0.20 0.21 + 0.01 0.61 0.08 0.20 0.15 0.16 - 0.03 0.49 0.13 0.28 0.24 0.27 - 0.01 0.44 0.19 2.53 2.27 2.33 - 0.17 4.36 2.27 3.59 3.27 3.36 - 0.20 5.35 3.27 0.01 0.01 0.01 + 0.00 0.02 0.00 3.37 2.90 2.91 - 0.44 5.93 2.52 2.40 2.00 2.00 - 0.38 4.91 1.90 0.04 0.04 0.04 - 0.01 0.83 0.03 0.09 0.08 0.09 - 0.00 0.12 0.02 0.01 0.01 0.01 - 0.01 0.03 0.01 0.20 0.00 0.19 - 0.01 0.30 0.14 0.05 0.00 0.05 - 0.01 0.20 0.04 1.01 0.92 0.94 - 0.08 2.45 0.61 1.46 1.33 1.38 - 0.07 1.75 0.80 18.24 16.38 17.70 - 0.31 27.90 15.39 0.81 0.69 0.71 - 0.08 0.89 0.31 0.59 0.48 0.50 - 0.06 0.70 0.27 0.09 0.08 0.09 + 0.01 0.14 0.08 0.48 0.48 0.48 - 0.00 0.85 0.37 0.06 0.05 0.05 - 0.00 0.07 0.03 0.59 0.52 0.56 + 0.02 1.90 0.51 0.41 0.37 0.41 + 0.03 1.51 0.37 0.31 0.26 0.26 + 0.03 0.33 0.18 0.46 0.37 0.38 + 0.05 0.46 0.24

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nippon Dragon V 1033 Noka Res V 262 Noranda Alum* O 815 Nord Res* O 188 Noront Res V 349 North Am Nickl V 133 North Am Pall* O 8 North Arrow Mn V 611 Northair Silvr V 799 Northcliff Res T 93 Northquest V 457 Norvista Cap V 68 Nouveau Monde V 379 NovaCopper* X 730 NovaCopper T 69 NovaGold Res* X 10162 NovaGold Res T 2315 Novo Res V 120 Novo Res* O 207 NRG Metals V 799 0.03 Nrthn Freegold* O 0.02 Nrthn Graphite V 327 Nrthn Graphite* O 330 Nrthn Lion V 13 Nrthn Superior V 816 Nrthn Vertex V 721 Nthn Dynasty* X 1243 Nthn Dynasty T 833 NuLegacy Gold* O 407 NV Gold V 251 NX Uranium* O 413 O.T. Mining* O 4 OceanaGold T 9587 OceanaGold* O 1 Oceanic Iron O V 38 Oceanus Res V 38 Odin Mng & Exp V 13 Olivut Res V 30 Olivut Res* O 14 Omineca Mg &Ml V 114 Orbite Tech T 3105 Orbite Tech* O 128 Orca Gold V 280 Orefinders Res V 1335 Oremex Silver* O 43 Orezone Gold* O 41 Orezone Gold V 141 Organic Potash 401 Original Sixtn* O 2 Oro East Mg* Q 490 Oroco Res V 181 Oroco Res* O 233 Orocobre T 184 Oronova Res V 1 Orosur Mng T 678 Orsu Metals T 273 Orvana Mnrls T 27 Orvana Mnrls* O 14 Osisko Gold T 1371 Otis Gold* O 313 OZ Minerals* O 11

0.11 0.08 0.08 - 0.03 0.15 0.03 0.05 0.04 0.05 - 0.01 0.26 0.03 0.35 0.14 0.21 - 0.14 27.51 0.14 0.00 0.00 0.00 - 0.00 0.01 0.00 0.37 0.32 0.32 - 0.04 0.67 0.25 0.10 0.09 0.09 - 0.02 0.28 0.08 2.84 0.00 2.74 - 0.09 149.96 2.74 0.26 0.16 0.16 - 0.04 1.34 0.16 0.06 0.05 0.06 + 0.01 0.09 0.04 0.10 0.09 0.10 + 0.01 0.24 0.06 0.23 0.22 0.22 - 0.01 0.32 0.07 0.13 0.12 0.12 - 0.01 0.16 0.08 0.14 0.13 0.14 + 0.01 0.24 0.07 0.27 0.17 0.20 - 0.05 0.74 0.17 0.36 0.00 0.26 - 0.12 0.93 0.24 4.28 3.66 3.79 - 0.45 4.60 2.65 6.03 5.27 5.51 - 0.46 6.34 3.42 0.68 0.64 0.64 - 0.06 1.46 0.40 0.48 0.45 0.48 - 0.01 1.20 0.29 0.05 0.03 0.03 - 0.03 0.12 3 0.02 0.00 0.02 - 0.02 0.08 0.23 0.18 0.19 - 0.02 0.89 0.18 0.17 0.12 0.13 - 0.03 0.70 0.12 0.09 0.00 0.09 + 0.06 0.16 0.03 0.02 0.02 0.02 - 0.01 0.04 0.02 0.25 0.17 0.17 - 0.02 0.30 0.09 0.30 0.21 0.24 - 0.04 0.72 0.21 0.41 0.31 0.36 - 0.04 0.83 0.31 0.07 0.06 0.06 - 0.00 0.14 0.06 0.01 0.01 0.01 + 0.01 0.17 0.01 0.02 0.00 0.02 + 0.00 0.19 0.02 0.03 0.00 0.03 - 0.00 0.14 0.03 3.07 2.64 2.69 - 0.32 3.18 1.79 2.26 2.05 2.05 - 0.05 2.39 1.43 0.10 0.09 0.10 - 0.01 0.26 0.08 0.20 0.18 0.18 - 0.02 0.35 0.14 0.41 0.41 0.41 + 0.01 0.50 0.21 0.13 0.10 0.10 - 0.01 0.17 0.08 0.09 0.06 0.06 + 0.00 0.14 0.05 0.06 0.00 0.06 + 0.04 0.11 0.01 0.43 0.39 0.41 - 0.02 0.53 0.20 0.30 0.27 0.28 - 0.01 0.40 0.16 0.15 0.13 0.15 + 0.01 0.43 0.13 0.02 0.01 0.02 + 0.01 0.06 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.20 0.16 0.20 + 0.01 0.48 0.16 0.29 0.22 0.25 - 0.04 0.61 0.22 0.01 0.00 0.01 - 0.01 0.09 0.01 0.20 0.00 0.20 + 0.20 0.29 0.00 0.03 0.02 0.02 - 0.02 0.09 0.01 0.02 0.02 0.02 + 0.01 0.06 0.01 0.02 0.01 0.02 + 0.00 0.05 0.01 2.39 2.16 2.37 + 0.08 2.80 1.33 0.04 0.00 0.04 + 0.01 0.04 0.03 0.17 0.12 0.12 - 0.02 0.24 0.10 0.02 0.02 0.02 - 0.01 0.06 0.01 0.14 0.12 0.12 - 0.01 0.49 0.11 0.10 0.09 0.09 + 0.01 0.40 0.08 14.83 13.80 13.92 - 0.67 18.85 12.39 0.08 0.05 0.07 + 0.00 0.10 0.01 2.32 0.00 2.32 - 0.05 3.81 2.30

Pac Booker Min V 12 Pac Booker Min* X 3 Pac North West V 52 Paladin Energy T 1085 Palamina Corp V 6 Palladon Vent* O 790 Pan Am Silver* D 11441 Pan Am Silver T 1539 Pangolin Dia V 499 Panoro Mnrls V 321 Paramount Gold* X 106 Parlane Res V 171 Passprt Potash* O 535 Patriot Gold* O 66 Peabody Enrgy* N 9689 Peat Res V 446 Pele Mtn Res V 1128 Pele Mtn Res* O 7 Peregrine Diam T 2564 Perseus Mng T 2032 Pershimco Res V 657 Pershing Gold* D 359 Pershing Res* O 162 Peruvian Prc M* O 617 Peruvian Prc M V 1939 Petaquilla Mnl* O 24 Petro One Engy V 56 Phoenix Metals* O 63 Phoscan Chem T 1314 Pilot Gold T 497 Pilot Gold* O 336 Pine Cliff En V 1817 Pinecrest Res V 24 Pistol Bay Mng V 105 PJX Res V 72 Planet Mng V 148 Plateau Uran V 208 Plateau Uran* O 72 Platinum Gp Mt* X 2759 Platinum Gp Mt T 1865 Playfair Mng V 62 Polaris Mater T 68 PolyMet Mng* X 1202 PolyMet Mng T 90 Potash Corp SK T 14358 Potash Corp SK* N 52273 Potash Ridge T 325 Potash Ridge* O 34 Precipitate Gl V 50 Premier Gold M T 1358 Pretium Res* N 3974 Pretium Res T 2443 Primero Mng T 3106 Primero Mng* N 3555 Probe Metals V 66 Probe Metals* O 28 Prophecy Coal* O 35 Prospect Glob* O 22 PUF Vent Inc 4214 PUF Vent Inc* O 50 Puma Expl V 269 Pure Energy V 1111 Pure Energy* O 360 Pure Gold Mg* O 16 Pure Nickel V 120 Q-Gold Res V 94 QMC Quantum Ml V 180 Quaterra Res* O 184 Quaterra Res V 43

2.34 2.08 2.30 + 0.30 6.90 1.02 1.61 1.48 1.50 + 0.09 5.76 1.04 0.02 0.00 0.02 + 0.01 0.04 0.01 0.24 0.21 0.22 - 0.02 0.41 0.15 0.09 0.00 0.07 - 0.02 0.11 0.06 0.00 0.00 0.00 + 0.00 0.41 0.00 6.97 5.94 6.06 - 0.86 12.05 5.85 9.83 8.48 8.83 - 0.94 15.06 7.77 0.04 0.03 0.04 + 0.01 0.08 0.03 0.13 0.10 0.12 + 0.01 0.25 0.09 1.12 1.01 1.05 - 0.03 1.85 0.87 0.09 0.07 0.09 + 0.02 0.23 0.01 0.00 0.00 0.00 + 0.00 0.27 0.00 0.09 0.08 0.09 + 0.01 0.13 0.02 6.69 3.75 3.93 - 2.74 123.45 3.75 0.02 0.02 0.02 + 0.01 0.03 0.01 0.05 0.03 0.04 - 0.01 0.09 0.03 0.03 0.02 0.03 + 0.00 0.07 0.02 0.13 0.11 0.11 - 0.03 0.39 0.11 0.38 0.33 0.34 - 0.04 0.48 0.23 0.13 0.10 0.13 + 0.02 0.26 0.09 3.56 3.12 3.23 - 0.25 7.45 3.04 0.04 0.03 0.03 - 0.00 0.15 0.01 0.03 0.03 0.03 + 0.00 0.10 0.02 0.06 0.04 0.05 + 0.01 0.16 0.03 0.00 0.00 0.00 - 0.00 0.09 0.00 0.03 0.00 0.03 + 0.01 0.16 0.02 0.00 0.00 0.00 - 0.00 0.04 0.00 0.27 0.25 0.26 - 0.02 0.33 0.25 0.30 0.25 0.26 - 0.02 1.27 0.24 0.21 0.17 0.19 - 0.01 1.05 0.17 0.90 0.82 0.85 - 0.05 1.65 0.82 0.06 0.04 0.04 - 0.02 0.50 0.04 0.02 0.00 0.02 - 0.01 0.09 0.01 0.15 0.14 0.14 - 0.01 0.29 0.14 0.04 0.03 0.04 + 0.01 0.06 0.02 0.41 0.36 0.39 - 0.01 0.69 0.24 0.29 0.23 0.26 + 0.00 0.57 0.18 0.14 0.11 0.12 - 0.01 0.60 0.11 0.20 0.16 0.17 - 0.02 0.74 0.16 0.04 0.00 0.03 - 0.01 0.08 0.01 1.51 1.30 1.34 - 0.17 2.83 1.26 0.82 0.68 0.71 - 0.11 1.37 0.55 1.16 0.99 1.03 - 0.12 1.75 0.76 23.88 21.50 23.70 + 0.91 47.10 21.50 16.43 15.02 16.30 + 0.21 37.60 15.02 0.08 0.07 0.07 - 0.01 0.17 0.03 0.06 0.06 0.06 - 0.01 0.13 0.02 0.08 0.07 0.07 - 0.01 0.21 0.06 2.75 2.54 2.56 - 0.18 2.92 1.65 5.48 4.56 4.61 - 0.79 7.54 4.26 7.70 6.62 6.68 - 0.94 9.05 5.57 3.64 2.91 2.98 - 0.63 6.06 2.56 2.58 2.01 2.05 - 0.52 5.02 1.93 0.38 0.38 0.38 - 0.02 0.56 0.33 0.27 0.25 0.26 - 0.02 0.42 0.25 0.03 0.02 0.03 + 0.01 0.07 0.01 0.08 0.00 0.06 + 0.01 0.14 0.02 0.05 0.03 0.04 + 0.01 0.12 0.03 0.03 0.02 0.02 - 0.01 0.05 0.02 0.04 0.03 0.03 - 0.01 0.17 0.03 0.60 0.54 0.57 - 0.01 1.03 0.18 0.43 0.37 0.39 - 0.03 0.77 0.17 0.08 0.08 0.08 - 0.00 0.28 0.01 0.01 0.01 0.01 - 0.01 0.02 0.01 0.02 0.01 0.01 - 0.01 0.06 0.01 0.01 0.01 0.01 - 0.00 0.03 0.01 0.06 0.04 0.04 - 0.02 0.11 0.03 0.08 0.06 0.07 - 0.01 0.15 0.04

Rackla Mtls* O 1 Radisson Mng V 132 Rambler Ml &Mg V 238 Randgold Res* D 3804 Rapier Gold V 329 Raptor Res* O 2265 Rare Element* X 445 Razore Rock Res 5 RB Energy* O 55 Red Eagle Mng* O 81 Red Eagle Mng V 97 Red Moon Potsh V 42 Red Pine Expl V 826 Red Rock Enrgy V 159 Redstar Gold V 225 Regency Gold V 27 Regulus Res V 81 Remington Res V 76 Renaissance Gd* O 77 Renaissance Gd V 53 Renforth Res 827

0.04 0.04 0.04 - 0.00 0.05 0.03 0.13 0.12 0.12 - 0.01 0.15 0.09 0.06 0.05 0.05 - 0.01 0.39 0.05 64.47 59.96 62.12 - 1.66 85.84 54.88 0.06 0.05 0.06 + 0.01 0.08 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.15 0.12 0.13 - 0.02 1.06 0.12 0.08 0.00 0.08 + 0.07 0.08 0.01 0.01 0.00 0.01 + 0.00 0.04 0.00 0.21 0.20 0.20 - 0.02 0.29 0.18 0.30 0.28 0.28 - 0.02 0.36 0.25 0.03 0.00 0.03 + 0.01 0.09 0.02 0.04 0.03 0.04 - 0.01 0.18 0.03 0.02 0.01 0.02 + 0.01 0.06 0.01 0.04 0.03 0.03 - 0.01 0.06 0.03 0.03 0.00 0.03 + 0.02 0.04 0.01 0.21 0.20 0.20 - 0.01 0.54 0.19 0.04 0.02 0.03 + 0.01 0.05 0.01 0.12 0.11 0.12 + 0.02 0.27 0.08 0.15 0.13 0.13 - 0.07 0.33 0.11 0.03 0.01 0.03 + 0.02 0.06 0.01

P-Q

R

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Reservoir Mnls* O 68 Reservoir Mnls V 302 Revelo Res V 84 Richmont Mines T 712 Richmont Mines* X 1187 32 Rio Novo Gold T Rio Silver V 227 Rio Tinto* O 4 Rio Tinto* N 35403 Rio Tinto* O 1 O 33 Riverside Res* Riverside Res V 138 Robex Res V 390 Rochester Res V 28 Rock Tech Lith V 74 Rockcliff Cop V 153 Rockex Mng 223 V 195 Rockhaven Res Rockridge Cap V 7 Rockshield Cap 2 Rockwell Diam T 6 Rogue Res* O 66 Rogue Res V 191 Rokmaster Res V 1536 Romios Gold Rs V 32 Roughrider Exp V 26 Roxgold V 1266 Royal Gold T 51 Royal Gold* D 8623 Royal Nickel T 829 RT Minerals V 838 RTG Mining T 3 Rubicon Mnrls* X 43122 Rubicon Mnrls T 49187 Rupert Res V 113 353 Rye Patch Gold V Rye Patch Gold* O 97

2.88 2.52 2.52 - 0.33 4.29 2.52 4.07 3.65 3.65 - 0.40 5.09 3.65 0.05 0.05 0.05 - 0.01 0.14 0.04 5.16 4.50 4.53 - 0.50 5.27 3.14 3.69 3.10 3.11 - 0.44 3.75 2.27 0.08 0.08 0.08 + 0.01 0.16 0.07 0.02 0.02 0.02 - 0.01 0.04 0.01 25.18 23.44 24.85 - 0.15 49.45 23.44 25.56 23.23 23.62 - 1.45 50.07 23.23 27.71 27.34 27.34 - 1.02 50.94 27.34 0.10 0.08 0.08 - 0.03 0.26 0.08 0.15 0.12 0.13 - 0.02 0.31 0.12 0.08 0.07 0.07 - 0.01 0.12 0.05 0.03 0.03 0.03 - 0.01 0.15 0.03 0.07 0.05 0.06 - 0.01 0.10 0.03 0.03 0.02 0.02 - 0.01 0.09 0.02 0.05 0.02 0.04 - 0.01 0.15 0.01 0.15 0.13 0.14 + 0.01 0.27 0.10 0.05 0.00 0.05 - 0.01 0.10 0.04 0.07 0.00 0.07 - 0.02 0.14 0.06 0.13 0.00 0.13 + 0.01 0.28 0.11 0.07 0.06 0.07 + 0.01 0.10 0.01 0.10 0.08 0.09 - 0.01 0.16 0.02 0.02 0.01 0.02 - 0.01 0.05 0.01 0.03 0.03 0.03 + 0.01 0.05 0.02 0.06 0.06 0.06 - 0.01 0.18 0.05 0.77 0.71 0.76 + 0.02 0.84 0.51 53.50 40.27 41.25 - 11.87 95.64 40.27 37.86 27.70 28.38 - 9.21 77.20 27.70 0.18 0.15 0.16 - 0.03 0.59 0.15 0.01 0.01 0.01 - 0.01 0.03 0.01 0.48 0.48 0.48 + 0.08 0.79 0.33 0.07 0.03 0.03 - 0.07 1.35 0.03 0.06 0.02 0.03 - 0.12 1.63 0.02 0.03 0.02 0.02 - 0.01 0.08 0.02 0.15 0.13 0.14 - 0.01 0.20 0.11 0.11 0.09 0.09 - 0.01 0.16 0.08

Sabina Gd&Slvr T 933 Sabina Gd&Slvr* O 210 Sage Gold V 232 Saint Jean* O 15 Saint Jean V 78 Salazar Res V 924 Sama Res V 65 Samex Mng* O 82 San Gold Corp* O 184 Sandspring Res* O 36 Sandspring Res V 224 Sandstorm Gold T 1213 Sandstorm Gold* X 3878 Santa Fe Gold* O 527 63 Santa Fe Mtls V Santacruz Silv* O 11 Santacruz Silv V 280 Sarissa Res* O 884 Saturn Mnrls V 1474 Savant Expl V 930 Scandium Int M* O 70 Scorpio Gold V 629 ScoZinc Mg V 711 559 Seabridge Gld T Seabridge Gld* N 4556 Search Mnls V 342 Searchlight* O 335 Secova Mtls V 305 Sego Res V 207 Select Sands V 289 Semafo T 8568 Senator Mnrls V 7 Sennen Potash V 225 Sherritt Intl T 4330 Shore Gold T 1309 Sibanye Gold* N 8356 Sienna Res V 498 Sierra Iron Or V 43 Sierra Metals T 6 227409 Sierra Res* O Signature Res V 360 392 Silver Bull Re* O Silver Bull Re T 116 Silver Dragon* O 589 Silver Falcon* O 1991 Silver Grail V 130 Silver Predatr V 187 Silver Range V 135 Silver Spruce V 194 Silver Std Res T 3137 Silver Std Res* D 7757 Silver Wheaton T 8717 Silver Wheaton* N 29013 Silvercorp Met T 1724 Silvercorp Met* O 1184 Silvermet V 18 SinoCoking Cl* D 228 Sirios Res V 328 Skeena Res V 225 Sky Ridge V 78 Slam Explor V 609 SnipGold V 36 Solitario Ex&R T 30 Solitario Ex&R* X 178 Sonoro Mtls V 1190 Source Gold* O 542 Southern Arc V 7 Southern Arc* O 23 Southern Copp* N 9865 Southern Silvr V 176 Southern Sun V 335 SouthGobi Res T 91 Spanish Mtn Gd V 311 Sparton Res* O 192 St Andrew Gldf T 5394 St Andrew Gldf* O 65 St Augustine T 320 Stakeholdr Gld V 12 Standard Metal* O 318 Stans Energy V 208 Stans Energy* O 107 Star Minerals 1709 Starcore Intl T 199 Sterling Grp* O 128 Stillwater Mg* N 8444 Stina Res 21 Stina Res* O 46 Stonegate Agri* O 45 Stonegate Agri T 239 Stornoway Diam T 1570 Strategic Metl V 147 Strike Diamond V 1353 Strikepoint Gd V 437 Strongbow Expl V 55 Sulliden Mng T 260 Suncor Energy T 17084 Suncor Energy* N 27260 Sunridge Gold* O 920 Sunridge Gold V 961 Suparna Gold V 259 Sutter Gold* O 59 Syrah Res* O 5

0.68 0.57 0.62 - 0.06 0.80 0.30 0.48 0.40 0.43 - 0.06 0.57 0.24 0.06 0.04 0.06 + 0.01 0.14 0.03 0.02 0.02 0.02 - 0.01 0.04 0.01 0.04 0.04 0.04 - 0.01 0.06 0.01 0.06 0.05 0.06 + 0.01 0.16 0.03 0.11 0.10 0.11 - 0.01 0.26 0.09 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.03 0.00 0.11 0.10 0.11 - 0.00 0.18 0.09 0.17 0.14 0.16 - 0.02 0.44 0.13 3.82 3.22 3.25 - 0.53 5.30 2.88 2.70 2.21 2.23 - 0.45 4.40 2.20 0.00 0.00 0.00 + 0.00 0.18 0.00 0.02 0.02 0.02 - 0.01 0.03 0.01 0.09 0.07 0.07 - 0.00 0.34 0.06 0.12 0.09 0.10 - 0.02 0.43 0.09 0.01 0.00 0.00 + 0.00 0.02 0.00 0.17 0.12 0.14 + 0.01 0.24 0.10 0.01 0.01 0.01 - 0.01 0.03 0.01 0.12 0.08 0.09 - 0.03 0.17 0.06 0.07 0.00 0.05 - 0.02 0.19 0.05 0.75 0.00 0.67 - 0.10 1.25 0.66 12.71 9.72 9.83 - 2.81 13.55 4.34 9.02 6.70 6.78 - 2.18 9.89 3.31 0.06 0.06 0.06 + 0.01 0.13 0.03 0.19 0.11 0.18 + 0.07 0.45 0.06 0.04 0.00 0.04 - 0.01 0.09 0.03 0.02 0.01 0.01 - 0.01 0.03 0.01 0.42 0.33 0.34 - 0.08 0.50 0.05 4.23 3.86 3.94 - 0.30 4.49 2.46 0.07 0.07 0.07 + 0.01 0.17 0.03 0.11 0.10 0.10 - 0.02 1.35 0.10 0.68 0.53 0.59 - 0.08 3.24 0.53 0.21 0.17 0.21 + 0.03 0.30 0.13 7.98 6.57 7.78 + 1.22 11.56 4.07 0.02 0.02 0.02 + 0.01 0.04 0.01 0.37 0.27 0.29 - 0.05 0.62 0.15 1.26 1.08 1.08 - 0.16 1.68 0.84 0.00 0.00 0.00 + 0.00 0.01 0.00 0.02 0.02 0.02 - 0.02 0.04 0.01 0.03 0.03 0.03 - 0.00 0.16 0.03 0.05 0.04 0.04 - 0.02 0.30 0.04 0.03 0.02 0.02 - 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.02 0.02 0.02 - 0.01 0.06 0.02 0.02 0.01 0.02 + 0.01 0.04 0.01 0.04 0.00 0.04 - 0.01 0.11 0.02 0.08 0.00 0.08 + 0.01 0.10 0.02 7.43 6.33 6.40 - 0.95 10.56 5.22 5.28 4.38 4.40 - 0.81 8.02 4.12 18.17 15.54 16.20 - 1.87 29.86 14.62 12.89 10.84 11.15 - 1.62 24.22 10.84 0.74 0.66 0.69 - 0.04 2.00 0.65 0.52 0.46 0.47 - 0.04 1.63 0.46 0.04 0.04 0.04 + 0.01 0.10 0.02 0.62 0.46 0.48 - 0.08 3.70 0.26 0.11 0.08 0.09 - 0.02 0.13 0.07 0.07 0.06 0.06 - 0.01 0.13 0.06 0.15 0.00 0.11 - 0.01 0.15 0.03 0.09 0.00 0.09 + 0.04 0.09 0.01 0.06 0.05 0.05 - 0.02 0.11 0.04 0.65 0.00 0.61 - 0.05 1.18 0.57 0.48 0.41 0.44 - 0.04 0.94 0.40 0.05 0.04 0.04 - 0.01 0.19 0.04 0.01 0.00 0.01 - 0.00 2.00 0.00 0.41 0.00 0.41 + 0.01 1.00 0.24 0.28 0.28 0.28 + 0.00 0.29 0.22 24.31 21.95 22.71 - 1.36 33.31 21.95 0.06 0.04 0.04 - 0.02 0.13 0.03 0.15 0.10 0.15 + 0.05 0.15 0.02 0.39 0.25 0.29 - 0.10 1.25 0.24 0.03 0.03 0.03 + 0.01 0.05 0.02 0.03 0.00 0.02 + 0.01 0.03 0.00 0.47 0.43 0.43 - 0.04 0.48 0.21 0.32 0.30 0.30 - 0.03 0.34 0.17 0.13 0.10 0.11 - 0.03 0.17 0.07 0.10 0.00 0.10 - 0.05 2.80 0.04 0.04 0.04 0.04 + 0.00 1.31 0.01 0.02 0.02 0.02 - 0.01 0.13 0.01 0.01 0.01 0.01 - 0.00 0.10 0.01 0.02 0.01 0.01 + 0.01 0.04 0.01 0.28 0.25 0.27 + 0.01 0.66 0.25 0.01 0.01 0.01 - 0.00 0.03 0.01 7.19 5.85 5.96 - 1.20 15.07 5.85 0.15 0.00 0.12 - 0.01 0.19 0.12 0.12 0.09 0.11 + 0.01 0.20 0.04 0.02 0.01 0.02 - 0.00 0.05 0.01 0.02 0.00 0.02 + 0.01 0.05 0.02 0.76 0.69 0.70 - 0.05 0.85 0.50 0.29 0.25 0.26 - 0.03 0.37 0.24 0.02 0.01 0.01 - 0.01 0.15 0.01 0.01 0.00 0.01 - 0.01 0.08 0.01 0.08 0.07 0.08 + 0.01 0.18 0.05 0.25 0.23 0.24 - 0.02 0.40 0.19 33.30 30.72 31.22 - 2.03 40.93 30.72 23.62 21.26 21.49 - 2.00 33.49 21.26 0.19 0.18 0.19 + 0.01 0.21 0.10 0.28 0.26 0.28 + 0.01 0.28 0.13 0.02 0.01 0.01 - 0.01 0.06 0.01 0.03 0.02 0.03 + 0.01 0.13 0.02 2.90 2.37 2.37 - 0.53 3.57 1.81

Tahoe Res T 6173 Tahoe Res* N 7195 Takara Res V 386 Taku Gold 4 Talon Metals T 26 Tamino Mnrls* O 18900 Tantalex Res 100 Tanzania Rlty T 212 Tanzania Rlty* X 312 Taseko Mines T 602 Taseko Mines* X 1417 Tasman Metals* X 341 Tasman Metals V 120

12.91 10.69 10.73 - 2.07 19.45 9.66 9.16 7.35 7.38 - 1.67 16.13 7.32 0.05 0.04 0.05 + 0.01 0.06 0.01 0.02 0.00 0.02 - 0.01 0.10 0.02 0.14 0.13 0.14 + 0.01 0.25 0.08 0.00 0.00 0.00 - 0.00 0.02 0.00 0.05 0.03 0.04 + 0.03 0.09 0.01 0.45 0.39 0.41 - 0.02 0.83 0.32 0.32 0.27 0.29 - 0.01 0.68 0.25 0.45 0.35 0.37 - 0.08 1.22 0.35 0.32 0.23 0.25 - 0.06 0.95 0.23 0.19 0.16 0.19 + 0.01 0.79 0.15 0.25 0.23 0.25 + 0.01 0.99 0.21

S

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tawsho Mng V 33 Tearlach Res V 30 N 58488 Teck Res* Teck Res T 30 T 26616 Teck Res TECO Enrgy* N 9194 Telson Res V 33 Tembo Gold V 770 Teranga Gold T 5517 Teras Res* O 20 Teras Res V 448 Terraco Gold V 757 Terrax Mnrls V 80 Teslin Rvr Res V 416 Teslin Rvr Res* O 52 Teuton Res V 70 160 Texas Rare Eth* O Thompson Creek* N 4144 T 3789 Thompson Creek Thunderstruck V 221 Till Capital V 0 Till Capital* D 3 Timberline Res* X 1064 V 161 Timberline Res Timmins Gold* X 2703 Timmins Gold T 2779 Tinka Res V 132 Tinka Res* O 114 Tintina Res V 72 Tintina Res* O 38 Tirex Res* O 61 Tirex Res V 182 Titanium Corp V 223 T 50 TMAC Resources TNR Gold V 169 Tonogold Res* O 168 Torex Gold T 6401 Torex Gold* O 432 Transition Mtl V 84 Treasury Metal T 147 N 263 Trecora Res* Trevali Mng T 3972 Trevali Mng* O 345 TriMetals Mng* O 176 TriMetals Mng* O 22 TriMetals Mng T 332 O 322 Trio Resources* TriStar Gold V 6 TriStar Gold* O 262 Troy Res* O 36 True Gold Mng* O 455 True North Gem V 306 Tsodilo Res V 9 O 943 Tungsten Corp* Turquoise HIl* N 13494 Turquoise HIl T 6517 TVI Pacific* O 340 Typhoon Expl V 249

0.03 0.01 0.01 - 0.02 0.03 0.01 0.16 0.08 0.08 - 0.06 0.16 0.02 3.24 2.56 3.10 - 0.06 16.40 2.56 7.01 5.69 6.95 - 0.17 22.64 5.69 4.59 3.65 4.49 + 0.04 20.58 3.65 27.02 26.69 26.91 + 0.23 27.23 17.60 0.10 0.00 0.09 + 0.01 0.14 0.01 0.01 0.01 0.01 - 0.01 0.06 0.01 0.51 0.42 0.44 - 0.09 0.82 0.42 0.02 0.02 0.02 + 0.00 0.11 0.02 0.05 0.04 0.04 - 0.01 0.14 0.04 0.11 0.09 0.11 + 0.02 0.17 0.07 0.31 0.26 0.27 - 0.03 0.44 0.23 0.27 0.23 0.25 - 0.02 0.34 0.20 0.19 0.18 0.18 - 0.01 0.23 0.18 0.05 0.04 0.05 + 0.01 0.20 0.04 0.18 0.16 0.16 - 0.01 0.44 0.10 0.20 0.14 0.15 - 0.04 1.63 0.14 0.28 0.17 0.18 - 0.08 2.04 0.17 0.02 0.02 0.02 - 0.01 0.11 0.02 4.77 0.00 4.77 - 0.33 8.00 4.31 3.97 0.00 3.97 + 0.32 6.23 3.50 0.19 0.08 0.12 - 0.07 0.78 0.08 0.27 0.16 0.16 - 0.10 0.91 0.16 0.13 0.09 0.10 - 0.02 1.27 0.09 0.18 0.13 0.14 - 0.04 1.53 0.13 0.13 0.11 0.11 - 0.02 0.43 0.10 0.10 0.07 0.08 - 0.02 0.34 0.07 0.08 0.07 0.07 - 0.02 0.11 0.04 0.06 0.05 0.05 - 0.01 0.09 0.03 0.15 0.07 0.09 - 0.05 0.28 0.05 0.20 0.11 0.13 - 0.07 0.35 0.07 0.72 0.58 0.58 - 0.11 1.55 0.58 6.20 6.06 6.10 - 0.10 6.25 4.85 0.03 0.02 0.02 - 0.01 0.03 0.01 0.02 0.01 0.01 - 0.01 0.13 0.01 1.39 1.22 1.23 - 0.14 1.65 0.85 0.98 0.85 0.86 - 0.11 1.38 0.67 0.12 0.10 0.10 - 0.02 0.27 0.06 0.42 0.36 0.39 - 0.01 0.62 0.25 11.95 9.54 10.02 - 1.78 16.50 9.54 0.43 0.34 0.35 - 0.08 1.24 0.25 0.27 0.24 0.24 - 0.05 1.03 0.18 0.05 0.04 0.05 + 0.01 0.10 0.03 0.09 0.00 0.09 + 0.01 0.15 0.07 0.07 0.06 0.07 + 0.01 0.13 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.18 0.00 0.16 - 0.02 0.22 0.10 0.13 0.11 0.11 - 0.03 0.18 0.09 0.14 0.13 0.13 - 0.01 0.62 0.13 0.19 0.17 0.18 - 0.01 0.21 0.11 0.17 0.16 0.16 - 0.01 0.20 0.07 0.68 0.00 0.63 - 0.05 1.15 0.57 0.00 0.00 0.00 - 0.00 0.00 0.00 2.13 1.64 1.80 - 0.34 4.74 1.64 3.01 2.39 2.60 - 0.44 5.80 2.39 0.01 0.00 0.01 + 0.01 0.03 0.00 0.04 0.03 0.03 - 0.01 0.08 0.03

U3O8 Corp* O 150 UC Res* O 5 259 Ucore Rare Mtl* O UEX Corp T 1614 Ultra Lithium V 86 Umbral Enrgy 815 V 200 Unigold United Res Hdg* O 346 256 United States A* X United States S* N 51540 Unity Energy V 130 Ur-Energy* X 1317 Ur-Energy T 220 Uracan Res V 124 Uracan Res* O 12 Uragold Bay Rs V 2612 Uranium Energy* X 5674 Uranium Res* D 1022 Uranium Valley V 15 Uravan Mnrls V 155 US Energy* D 346 US Precious M* O 27297 US Rare Earths* O 141 US Tungsten* O 44 USCorp* O 58 Vale* N 59473 Vale* N 139419 O 639 Vanadiumcorp* Vanadiumcorp V 938 Vantex Res V 500 N 1693 Vedanta* Vena Res T 490 Vendetta Mng V 153 Victoria Gold V 1847 Viscount Mng V 199 Visible Gold M V 587 Vista Gold* X 401 Vista Gold T 43 VMS Vent V 451 VVC Expl V 1432

0.02 0.01 0.02 - 0.00 0.06 0.01 0.02 0.00 0.00 - 0.02 0.03 0.00 0.18 0.16 0.16 - 0.01 0.35 0.15 0.16 0.14 0.15 - 0.01 0.32 0.11 0.13 0.09 0.12 + 0.03 0.35 0.05 0.03 0.02 0.02 - 0.02 0.07 0.02 0.15 0.00 0.14 - 0.02 0.25 0.08 0.03 0.02 0.03 + 0.00 0.11 0.02 0.32 0.20 0.23 - 0.08 1.65 0.20 7.30 6.43 6.89 - 0.15 27.68 6.43 0.17 0.16 0.16 - 0.01 0.20 0.05 0.70 0.55 0.57 - 0.10 1.08 0.45 0.98 0.81 0.83 - 0.14 1.35 0.60 0.04 0.00 0.03 - 0.02 0.05 0.01 0.02 0.01 0.02 + 0.00 0.04 0.00 0.06 0.05 0.05 - 0.01 0.07 0.02 1.06 0.68 0.72 - 0.28 3.00 0.68 0.54 0.38 0.38 - 0.12 1.94 0.35 0.05 0.00 0.04 - 0.01 0.10 0.04 0.06 0.05 0.05 - 0.01 0.17 0.04 0.17 0.14 0.15 - 0.00 1.77 0.11 0.01 0.00 0.00 - 0.01 0.20 0.00 0.10 0.00 0.03 - 0.02 5.00 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.01 0.00 0.00 - 0.00 0.02 0.00 2.07 1.72 1.80 - 0.21 7.77 1.72 2.68 2.21 2.37 - 0.23 9.14 2.21 0.03 0.02 0.03 + 0.01 0.05 0.01 0.05 0.04 0.04 + 0.01 0.06 0.02 0.02 0.02 0.02 + 0.01 0.03 0.01 5.02 4.07 4.10 - 0.55 14.43 4.07 0.04 0.03 0.04 + 0.02 0.10 0.02 0.07 0.06 0.06 - 0.01 0.17 0.05 0.17 0.16 0.16 + 0.01 0.24 0.11 0.50 0.43 0.46 - 0.01 0.63 0.16 0.05 0.04 0.04 - 0.01 0.27 0.04 0.33 0.27 0.28 - 0.04 0.45 0.24 0.45 0.40 0.40 - 0.05 0.56 0.31 0.07 0.00 0.06 - 0.01 0.30 0.05 0.03 0.02 0.02 + 0.01 0.04 0.01

WAI Cap Invest V 215 Walter Energy* O 1742 War Eagle Mg V 60 Wealth Mnrls V 210 Wealth Mnrls* O 13 Wellgreen Plat* O 119 Wellgreen Plat T 246 Wesdome Gold T 889 38 West High Yld V West Kirkland V 221 Western Copper T 241 Western Copper* X 237 Western Graphi* O 6534 Western Lith T 2566 Western Lith* O 1017 Western Pac Rs* O 140 Western Potash T 812 Western Uran 11 Westhaven Vent V 132 Westminster Rs V 413 Westmoreland* D 2065 WestMountain* O 23 White Mtn Engy* O 127 White Pine Res V 315 Whitehaven Coa* O 40 Wildcat Expl V 53 Wolfden Res V 264 X-Terra Res V 86 Xander Res V 180 Ximen Mng V 138 XLI Tech Inc* O 1213 Xtra-Gold Res T 193 Yamana Gold T 16622 Yamana Gold* N 66845 Yanzhou Coal* N 199 Yellowhead Mng T 31 Yorbeau Res T 889 Zadar Vent V 1268 Zazu Metals T 32 Zenyatta Vent* O 36 Zenyatta Vent V 219 Zeox Corp* O 15 Zephyr Mnls V 38 Zinco Mng V 97

0.03 0.02 0.03 + 0.01 0.10 0.02 0.02 0.01 0.02 + 0.00 1.31 0.01 0.02 0.00 0.01 - 0.01 0.04 0.01 0.18 0.15 0.17 + 0.01 0.42 0.10 0.11 0.11 0.11 - 0.01 0.33 0.09 0.15 0.14 0.14 - 0.00 0.57 0.12 0.22 0.19 0.19 - 0.02 0.70 0.16 1.32 1.20 1.21 - 0.13 1.40 0.89 0.23 0.00 0.22 - 0.01 0.43 0.14 0.04 0.04 0.04 - 0.01 0.08 0.04 0.37 0.31 0.31 - 0.07 0.75 0.30 0.27 0.21 0.21 - 0.05 0.65 0.21 0.00 0.00 0.00 - 0.00 0.02 0.00 0.34 0.28 0.33 + 0.02 0.96 0.26 0.24 0.20 0.22 + 0.00 0.81 0.18 0.01 0.01 0.01 + 0.00 0.06 0.00 0.20 0.19 0.19 - 0.01 0.34 0.18 2.25 0.00 2.00 - 0.08 5.00 2.00 0.06 0.04 0.04 - 0.02 0.12 0.04 0.03 0.02 0.03 + 0.01 0.10 0.01 5.17 4.00 4.29 - 0.67 32.25 4.00 0.05 0.04 0.04 - 0.01 0.42 0.04 0.16 0.12 0.13 + 0.00 0.46 0.12 0.01 0.00 0.01 - 0.01 0.09 0.01 0.35 0.00 0.35 - 0.05 1.24 0.35 0.06 0.05 0.05 - 0.02 0.08 0.02 0.10 0.09 0.09 - 0.01 0.22 0.05 0.08 0.06 0.06 - 0.01 0.30 0.06 0.39 0.32 0.37 + 0.03 0.41 0.18 0.04 0.03 0.04 - 0.01 0.22 0.02 1.25 0.91 1.11 + 0.21 1.50 0.14 0.24 0.22 0.22 - 0.02 0.30 0.12 2.85 2.25 2.27 - 0.56 5.65 1.89 2.02 1.55 1.55 - 0.45 4.68 1.42 4.37 3.87 3.93 - 0.46 12.24 3.87 0.05 0.04 0.04 - 0.01 0.18 0.03 0.08 0.06 0.07 - 0.01 0.17 0.04 0.07 0.05 0.05 - 0.01 0.07 0.01 0.13 0.12 0.13 + 0.01 0.35 0.09 0.52 0.48 0.48 - 0.06 2.20 0.47 0.77 0.67 0.73 - 0.02 2.61 0.63 0.00 0.00 0.00 + 0.00 0.01 0.00 0.15 0.13 0.13 - 0.02 0.20 0.08 0.08 0.05 0.05 - 0.02 0.08 0.01

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2016-01-19 7:57 PM

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JANUARY 25–31, 2016 / THE NORTHERN MINER

BID-ASK — JANUARY 11–15, 2016

STOCK

37 Capital One Acme Res Corp Acme Res Inc Advance Gold Aftermath Slvr Aguila Amer Gd Alba Minerals Alberta Star Alchemist Mng Alderon Iron* Alexander Nubi Allante Potash Almo Capital Alpha Nat Res* Altair Gold Alturas Mnrls Amanta Res Amer Vanadium AMI Res Anfield Res Anglo Pac Grp APAC Res Inc Appalaches Res Appia Energy Arak Res Arco Res Arcus Dev Grp Ardonblue Vent Argentum Silvr Armor Mnrls Arrowhead Gold Artha Res Asante Gold Asbestos Corp Asher Res Asia Now Res AsiaBaseMetals Astar Mnls Astorius Res Ateba Res Atlantic Ind Atlatsa Res* Auramex Res Austin Res Avalon Rare Mt* Balto Res Bandera Gold Banks Island Barker Mnrls BE Res Bearing Res Belvedere Res BHK Mining Big Bar Res Big Wind Cap Bird River Res Black Widow Rs Blackheath Res Blind Crk Res Bluenose Gold Boss Power Braveheart Res Brunswick Res Buccaneer Gold Bullman Mnls Burnstone Vent Cairo Res Canstar Res Caracara Silvr Carrie Arran Cartier Iron Cascade Res Cascadero Copp Cassidy Gold Castle Res Cdn Platinum Celeste Mng Celtic Minrls Century Global Cerro Mng Chinapintza Mg Cicada Vents Claim Post Res Clear Mtn Res CMX Gold & Sil CNRP Mng Comet Inds Cons Westview Copper Ck Gold Cougar Mnls Crestwell Res Cresval Cap CWN M’g Acq Dawson Gold Delrand Res Desert Gold Deveron Res Duncan Park H DV Res E-Energy Vent Elissa Res Emerge Res Emerita Res Empire Rock Enfield Expl Excalibur Res Expedition Mng Far Res Fieldex Expl Finore Mng Fire River Gol Firesteel Res Firestone Vent First Idaho Frontline Gold G4G Res

12-MONTH

EXC BID ASK LAST HIGH

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

0.20 0.35 0.02 0.05 0.02 0.03 0.01 0.02 ... 0.01 0.04 0.05 0.01 0.03 0.20 0.22 0.03 0.05 ... 0.40 0.04 0.07 0.01 0.10 0.08 0.13 0.23 0.24 0.17 0.23 0.01 0.01 0.01 0.02 0.09 0.09 0.04 0.05 0.08 0.10 1.07 1.30 0.05 0.10 0.01 0.01 0.01 ...

0.03 0.04 0.03 0.04 0.02 0.02 0.05 0.10 0.02 0.03 0.12 0.35 0.03 0.04 0.13 0.15 0.10 0.14 0.21 0.29 0.02 0.02 0.01 0.02 0.04 0.09 0.09 0.15 0.01 0.02 ... 0.01 ... 0.02 ... ...

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

0.02 0.03 0.05 0.02 0.02 0.11 0.18 0.05 0.06 0.01 0.02 0.17 0.20 0.02 0.04 0.01 0.02 0.02 0.03 0.03 0.05 0.01 0.01 0.13 0.20 0.04 0.05 ... 0.01 0.05 ...

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

0.01 0.22 0.34 0.01 0.01 0.01 0.02 ... 0.01 0.01 0.01 0.01 0.01 ...

0.10 0.01 0.03 1.35 1.75 0.23 0.40 0.07 0.10 0.05 0.06 0.12 0.13 0.03 0.06 0.12 0.25 0.12 0.15 0.11 0.20 0.09 0.15 0.25 0.27 0.01 0.01 0.04 0.05 ... 0.01 0.13 0.14 0.05 0.07 0.03 0.04 0.09 0.12 0.01 0.06 0.01 0.01 0.16 0.20 0.02 0.04 0.01 0.01 ... 0.04 0.03 0.07 0.01 0.01 0.01 0.01 0.06 0.12 ... 0.01 0.05 0.07

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0.20 0.51 0.02 0.04 0.02 0.06 0.02 0.04 0.01 0.03 0.04 0.11 0.01 0.04 0.20 0.23 0.03 0.08 0.14 0.52 0.04 0.20 0.01 0.07 0.09 0.16 0.24 4.16 0.16 0.60 0.01 0.01 0.01 0.09 0.23 0.05 0.06 0.08 0.30 1.07 2.05 0.10 0.11 0.01 0.01 0.01 0.05 0.03 0.10 0.03 0.09 0.02 0.04 0.05 0.07 0.02 0.06 0.12 0.17 0.03 0.08 0.12 0.20 0.14 0.15 0.27 0.30 0.02 0.08 0.02 0.03 0.04 0.14 0.09 0.16 0.01 0.05 0.01 0.01 0.01 0.01 0.06 0.45 0.01 0.02 0.01 0.03 0.09 0.40 0.01 0.01 0.01 0.05 0.01 0.17 0.01 0.02 0.35 0.03 0.04 0.01 0.15 0.04 0.18 0.10 0.10 0.01 0.05 0.04 0.08 0.02 0.08 0.15 0.30 0.05 0.07 0.01 0.04 0.17 0.30 0.02 0.09 0.01 0.06 0.02 0.04 0.03 0.14 0.01 0.04 0.13 0.26 0.05 0.10 0.01 0.01 0.05 0.07 0.03 0.16 0.02 0.05 0.03 0.05 0.02 0.05 0.03 0.15 0.01 0.01 0.01 0.01 0.01 0.21 0.40 0.01 0.04 0.01 0.02 0.01 0.02 0.01 0.07 0.01 0.03 0.10 0.11 0.01 0.01 1.35 1.75 0.22 0.64 0.07 0.10 0.05 0.15 0.13 0.16 0.06 0.06 0.20 0.50 0.12 0.15 0.11 0.75 0.09 0.50 0.24 0.32 0.01 0.03 0.04 0.06 0.01 0.01 0.14 0.25 0.05 0.07 0.03 0.07 0.09 0.15 0.01 0.17 0.01 0.05 0.18 0.20 0.02 0.05 0.01 0.04 0.01 0.04 0.09 0.75 0.01 0.08 0.01 0.01 0.06 0.15 0.01 0.01 0.05 0.10

LOW

STOCK

0.14 0.01 0.02 0.01 0.01 0.03 0.01 0.16 0.01 0.12 0.04 0.01 0.09 0.20 0.06 0.01

Galena Intl Rs Gem Intl Res Genius Props Gespeg Cop Res GFM Res Gitennes Expl Giyani Gold Global Cop Grp God’s Lake Res Gold Mtn Mng Gold Ridge Exp Golden Brg Dev Golden Harp Golden Peak Mn Golden Secret Goldrush Res Goldstream Mnl GoldTrain Res Grande Portage Gravis Energy Gray Rock Res Great Thunder Greatbanks Res Green Arrow Green Valley M Greenock Res Greenshield Ex Greywacke Expl GWR Res Hadley Mng Hard Creek Ni HFX Holding Highbury Proj Highvista Gold HiHo Silver Homeland Egy Horizonte Mnls Icon Explor IEMR Res IGC Res Indico Res Indigo Expl Inform Res Inter-Rock Mnl Interconnect Intl Samuel Ex Iron South Mng Jaxon Mnls Jet Gold Jiulian Res Jubilee Gold Kermode Res Kesselrun Res Kestrel Gold La Imperial Lakeside Mnrls Leo Res Lions Bay Cap Lions Gate Mtl Logan Res Lovitt Res Maccabi Vent Mag Copper Mahdia Gold Mainstream Mnl Mammoth Res Manado Gold Masuparia Gold MaxTech Vent McLaren Res Mega Copper Menika Mining Metallum Res Metalo Manuf Mezzotin Mnrls Midasco Cap Midnight Star MillenMin Vent Milner Con Slv Mineral Hill Minfocus Expl Minsud Res Mitchell Res Moag Copper Montana Gold Montego Res Morumbi Res Mountainstar Mukuba Res Namibia Rare E Natan Res Nevado Res New Destiny Mg New Era Mnrls New Klondike New World Res Newlox Gold Newstrike Res Next Gen Mtls Nickel North Nikos Expl Niocan Inc Nitinat Mnls NovX21 NQ Expl NSS Res Inc Odyssey Res Open Gold Oracle Mng Orofino Mnrls Otterburn Res Oxford Res Pac Arc Res Pac Coal Res Pac Imperial Pac Link Mng

0.05 0.01 0.05 1.00 0.05 0.01 0.01 0.02 0.03 0.01 0.05 0.02 0.06 0.03 0.01 0.08 0.13 0.02 0.01 0.04 0.09 0.01 0.01 0.01 0.06 0.01 0.01 0.08 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.06 0.01 0.02 0.01 0.08 0.04 0.01 0.15 0.02 0.01 0.02 0.03 0.01 0.08 0.03 0.01 0.05 0.01 0.02 0.02 0.01 0.02 0.01 0.01 0.15 0.01 0.01 0.01 0.01 0.01 0.09 0.01 1.00 0.22 0.04 0.03 0.07 0.01 0.11 0.03 0.05 0.08 0.09 0.01 0.03 0.01 0.06 0.04 0.03 0.04 0.01 0.01 0.08 0.02 0.01 0.01 0.03 0.01 0.01 0.05 0.01 0.03

12-MONTH

EXC BID ASK LAST HIGH LOW

V V C V V V V V C V V V V V V V V C V C V V V V V V V C V C V V V V C V T V V V V V V V V V V V V V V V V V C V C V C V V C C C V V V V C C V V V C V V C V V V V V V C C C V C V T V V V V V V C V C V V V V V V C V V V V V V V V V V

0.03 0.05 0.05 0.07 0.05 0.13 0.03 0.04 0.02 0.11 ... 0.01 0.08 0.09 0.05 0.05 0.05 0.10 0.03 0.04 0.01 0.04 0.08 0.12 0.04 0.06 0.05 0.08 0.03 0.09 0.03 0.03 ... 0.01 ... 0.01 ... 0.01 0.01 ...

0.02 0.03 0.01 0.02 0.01 0.02 0.07 0.09 ...

0.01 0.08 0.10 0.02 0.12 0.01 ...

0.04 0.05 0.01 0.05 0.01 0.02 0.04 0.09 0.14 0.20 0.17 0.17 ... 0.01 ... 0.01 0.02 0.05 0.02 0.03 ... 0.01 0.01 0.01 0.04 0.05 0.01 0.02 0.01 0.03 0.03 0.07 0.05 0.14 0.01 0.02 0.05 0.09 0.03 0.04 0.04 0.05 0.02 0.04 0.22 2.50 ... 0.01 0.03 0.04 0.02 0.02 0.01 0.05 ... 0.01 0.01 0.10 0.01 0.02 0.02 0.06 0.05 0.06 0.03 0.10 0.10 0.11 0.03 0.04 0.01 0.01 ...

0.01 0.01 0.01 0.03 0.03 0.03 0.04 0.07 0.10 0.01 0.01 0.03 0.04 0.12 0.15 0.11 0.13 0.35 0.40 0.01 0.01 0.11 0.20 0.08 0.15 0.01 0.02 0.02 0.03 0.14 0.14 0.01 0.02 0.09 0.12 0.02 0.03 ... 0.09 0.04 0.05 0.11 0.16 0.03 0.03 0.09 0.13 0.01 0.01 0.04 0.05 ... 0.01 0.01 0.01 ...

0.01 0.12 0.15 0.01 0.01 0.02 0.03 0.02 0.04 0.03 0.03 0.02 0.03 0.01 0.01 0.04 0.06 0.08 0.12 0.05 0.07 0.02 0.02 0.01 0.01 ... ...

0.02 0.04 0.01 0.01 0.01 0.01 0.07 0.12 0.19 0.25 0.02 0.03 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.03

0.03 0.04 0.06 0.15 0.06 0.13 0.03 0.05 0.02 0.03 0.01 0.01 0.09 0.16 0.06 0.08 0.05 0.10 0.03 0.12 0.01 0.02 0.08 0.18 0.04 0.07 0.06 0.09 0.04 0.04 0.03 0.03 0.01 0.02 0.01 0.01 0.01 0.02 0.01 0.01 0.02 0.04 0.02 0.03 0.01 0.14 0.10 0.10 0.01 0.01 0.10 0.10 0.02 0.05 0.01 0.01 0.04 0.08 0.01 0.12 0.02 0.13 0.09 0.15 0.15 0.33 0.17 0.28 0.01 0.02 0.01 0.01 0.02 0.07 0.03 0.04 0.01 0.01 0.01 0.02 0.04 0.16 0.01 0.02 0.03 0.03 0.07 0.07 0.07 0.15 0.01 0.30 0.05 0.10 0.03 0.06 0.04 0.13 0.02 0.04 0.50 0.50 0.01 0.02 0.03 0.06 0.02 0.07 0.01 0.01 0.01 0.03 0.01 0.11 0.01 0.05 0.02 0.12 0.05 0.06 0.05 0.05 0.10 0.14 0.03 0.15 0.01 0.02 0.01 0.01 0.07 0.03 0.08 0.03 0.09 0.07 0.22 0.01 0.01 0.03 0.05 0.12 0.15 0.12 0.13 0.35 0.40 0.01 0.01 0.12 0.12 0.08 0.10 0.01 0.02 0.02 0.07 0.14 0.01 0.04 0.09 0.09 0.02 0.05 0.08 0.18 0.04 0.05 0.13 0.25 0.03 0.07 0.10 0.30 0.01 0.02 0.04 0.22 0.01 0.01 0.01 0.06 0.01 0.03 0.13 0.29 0.01 0.02 0.02 0.12 0.02 0.08 0.03 0.08 0.02 0.06 0.01 0.03 0.06 0.15 0.09 0.14 0.07 0.09 0.02 0.09 0.01 0.02 0.20 0.20 0.02 0.04 0.01 0.01 0.07 0.07 0.20 0.20 0.03 0.04 0.01 0.01 0.02 0.12 0.01 0.01 0.01 0.01

0.01 0.05 0.02 0.02 0.02 0.01 0.05 0.04 0.01 0.02 0.01 0.06 0.03 0.04 0.02 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.01 0.04 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.10 0.14 0.01 0.01 0.02 0.02 0.01 0.01 0.02 0.01 0.01 0.01 0.05 0.05 0.05 0.01 0.03 0.02 0.40 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.02 0.10 0.03 0.01 0.01 0.01 0.03 0.02 0.01 0.02 0.05 0.08 0.35 0.01 0.05 0.08 0.01 0.02 0.01 0.05 0.01 0.07 0.02 0.11 0.02 0.09 0.01 0.04 0.01 0.01 0.01 0.04 0.01 0.01 0.02 0.02 0.02 0.01 0.02 0.04 0.03 0.02 0.01 0.20 0.02 0.01 0.05 0.01 0.01 0.01 0.01 0.01

STOCK

Pac Potash Paget Mrnls Palisades Vent Pan Global Res Pantheon Vent Para Resources Parallel Mng Pedro Res Phoenix Gold Pitchblack Res Platinex Plato Gold PNG Gold Polar Res Portex Mnrls Prism Res Prize Mng Prospero Silvr Quartz Mtn Res Rainmaker Res Rainy Mtn Royl Randsburg Intl Red Hut Red Tiger Mng Redhawk Res Regal Res Reliance Res Reliant Gold Resolve Vent Reva Res Rheingold Expl Rhyolite Res Richmond Mnls Rockland Mnls Rodinia Lithm Rojo Res Rome Res Romulus Res RosCan Mrnls Ross River Rotation Mnls Rouge Res Royal Sapphire Rugby Mng Running Fox Rs Saville Res Savoy Vent Scavo Res Serabi Gold Shamrock Ent Signal Expl Silver Fields Silver Phoenix Silver Pursuit Slater Mng Sniper Res Sokoman Iron SolidusGold Sona Res Sonora Gld & S Spruce Ridge R Stroud Res Sunrise Res Sunset Cove Mg Superior Mng TAD Mineral Talmora Diamd Tanzania Mnls Taranis Res Tarku Res Telferscot Res Terreno Res Teryl Res Corp Themac Res Thunder Mtn Gd Tiller Res Tolima Gold Tower Res Tres-Or Res Tri Origin Exp Tri-River Vent Trident Gold Trigen Res Trio Gold Corp Troy Enrgy Troymet Expl True Zone Res Trueclaim Expl Tumi Res UC Res Universal Vent Vangold Res Vanstar Mng Rs Vela Minerals Velocity Mnrls Vendome Res Venerable Vent Victory Res Viking Gold Volcanic Mtls Wabi Expl WCB Res West Melville West Red Lake Westridge Res Whistler Gold White Metal Rs Winston Res Wolfeye Res Wolverine Mnls Worldwide Res Xiana Mng Xmet Inc Xtierra Zara Res Zonte Mtls

12-MONTH

EXC BID ASK LAST HIGH LOW

V V V V V V V V V V V V V V C V V V V V V V V V T C V V V V C V V V V V V V V V V V V V V V V C T C V V C V V V V V V V V V V V V V C V V V C V V V V V V V V V V V V V V V C V V V V V V V V V V V V V C V V C V V V C V V V V V V C V

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

0.01 0.03 0.15 0.03 0.09 0.03 0.05 0.05 0.06 0.01 0.02 0.01 0.02 0.15 ...

0.36 0.57 0.05 0.07 0.01 0.02 0.02 0.04 ... 0.01 0.02 0.24 0.02 0.03 0.03 0.05 0.01 0.01 0.01 0.03 0.04 0.07 0.01 0.02 0.01 0.02 0.02 0.02 ... 0.01 0.01 0.02 0.01 0.01 ... 0.01 ... 0.01 ... 0.04 ... 0.01 0.04 0.05 0.02 0.03 0.01 0.01 0.03 0.04 0.01 0.02 0.01 0.02 0.05 0.12 0.04 0.07 ... 0.01 0.01 0.02 0.02 0.03 0.02 0.03 0.05 0.17 0.01 0.01 0.03 0.04 ...

0.01 0.02 0.26 0.01 0.02 0.01 0.01 0.02 0.03 0.05 0.09 0.01 0.02 0.40 0.45 ... 0.01 0.05 0.05 0.03 0.03 0.06 0.16 ... 0.01 0.01 0.02 0.04 0.05 0.01 0.01 0.04 0.05 0.04 0.06 0.02 0.03 0.04 0.05 0.02 0.03 0.01 0.02 0.02 0.09 0.02 0.03 0.01 0.05 0.22 0.29 0.02 0.03 0.01 0.02 0.03 0.05 0.01 0.01 ... 0.01 0.05 0.15 0.07 0.08

0.05 0.45 0.01 0.01 0.05 0.31 0.01 0.03 0.10 0.13 0.09 0.18 0.04 0.07 0.01 0.09 0.01 0.04 0.06 0.20 0.01 0.01 0.01 0.02 0.01 0.02 0.03 0.08 0.01 0.01 0.07 0.10 0.02 0.05 0.07 0.25 0.01 0.04 0.13 0.34 0.03 0.09 0.01 0.01 0.01 0.06 0.04 0.17 0.05 0.10 0.07 0.14 0.01 0.02 0.02 0.06 0.04 0.06 0.04 0.10 0.05 0.05 0.11 0.20 0.04 0.14 0.02 0.06 0.01 0.05 0.04 0.15 0.05 0.07 0.09 0.24 0.01 0.02 0.01 0.01 0.05 0.15 0.03 0.06 0.03 0.10 0.05 0.18 0.01 0.02 0.02 0.13 0.16 0.36 0.54 0.07 0.10 0.01 0.04 0.02 0.04 0.01 0.03 0.01 0.10 0.02 0.05 0.05 0.06 0.01 0.07 0.01 0.02 0.04 0.23 0.01 0.06 0.01 0.03 0.02 0.06 0.01 0.01 0.01 0.06 0.01 0.06 0.01 0.01 0.01 0.01 0.01 0.04 0.01 0.06 0.05 0.15 0.02 0.18 0.01 0.05 0.03 0.08 0.02 0.02 0.01 0.03 0.12 0.12 0.04 0.13 0.01 0.01 0.01 0.05 0.02 0.03 0.02 0.04 0.07 0.17 0.01 0.02 0.03 0.11 0.01 0.02 0.02 0.04 0.02 0.03 0.01 0.03 0.03 0.05 0.05 0.18 0.02 0.03 0.45 0.45 0.01 0.02 0.05 0.08 0.03 0.08 0.06 0.20 0.01 0.03 0.01 0.02 0.05 0.09 0.01 0.01 0.04 0.12 0.04 0.06 0.02 0.20 0.04 0.15 0.02 0.06 0.01 0.04 0.02 0.02 0.03 0.05 0.01 0.08 0.25 0.35 0.03 0.08 0.01 0.08 0.03 0.10 0.01 0.07 0.01 0.09 0.10 0.10 0.07 0.15

0.03 0.01 0.03 0.01 0.03 0.06 0.03 0.01 0.01 0.05 0.01 0.01 0.01 0.03 0.01 0.04 0.01 0.05 0.01 0.09 0.02 0.01 0.01 0.02 0.04 0.03 0.01 0.01 0.04 0.02 0.02 0.11 0.04 0.02 0.01 0.04 0.01 0.07 0.01 0.01 0.05 0.03 0.02 0.04 0.01 0.01 0.26 0.06 0.01 0.02 0.01 0.01 0.02 0.02 0.01 0.01 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.02 0.01 0.03 0.01 0.01 0.05 0.04 0.01 0.01 0.01 0.01 0.05 0.01 0.03 0.01 0.02 0.01 0.01 0.02 0.05 0.01 0.23 0.01 0.04 0.02 0.05 0.01 0.01 0.02 0.01 0.04 0.01 0.02 0.03 0.01 0.01 0.01 0.02 0.01 0.03 0.02 0.01 0.03 0.01 0.01 0.04 0.02

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GLOBAL MINING NEWS

11

THE NORTHERN MINER / JANUARY 25–31, 2016

BC, YUKON & NWT SPECIAL FOCUS

Victoria’s Eagle truly ‘shovel ready’ SITE VISIT

Teck inks deal with Lorraine Copper

| Fully permitted Yukon gold project seeks financing

PROPERTY REQUITAL |

Teck to swap project stake for shares in junior

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

I

open-pit and nearby waste-rock facility, as well as the site of the valley-leach system the company modelled from Kinross Gold’s (TSX: K; NYSE: KGC) Fort Knox heap-leach mine in Alaska’s Fairbanks mining district.

Victoria amended its Eagle feasibility study in mid-2015, but the filing was more of a regulatory requirement than a change to the

t’s been over a decade since Teck Resources (TSX: TCK.B; NYSE: TCK) first optioned the Lorraine copper-gold project in north-central B.C. from Lorraine Copper (TSXV: LCC), but now the major is set to relinquish its 51% interest in the property to its junior partner, provided certain conditions are met.

“It’s hard on us to be a listed junior with a project where nothing is happening, so Teck has put together their concept on how we can move the project forward, and it involved converting their direct interest into shares,” William Morton, president and CEO of Lorraine Copper, tells The Northern Miner at his company’s headquarters in Vancouver.

“The kicker is that we have to raise $2 million by end of February to close the deal, and even though the market is tough, we know there are still lumps of money out there that need to be invested, so we’re optimistic,” he adds.

Under the agreement announced last December, Teck could have 18.8 million shares, or a 33% stake, in Lorraine Copper once the junior completes the equity raise, along with a 2-to-1 stock consolidation.

“Taking big positions in juniors

See VICTORIA / 12

See LORRAINE / 14

Victoria Gold president and CEO John McConnell at Victoria Gold’s Eagle gold project in the Yukon. PHOTO BY MATTHEW KEEVIL

BY MATTHEW KEEVIL

W

mkeevil@northernminer.com MAYO, YUKON

hen it comes to visiting mine sites in northern Ca nada t here a ren’t too many that boast better access than Victoria Gold’s (TSXV: VIT; US-OTC: VITFF) Dublin Gulch property, which is reached via a civilized, 80 km drive along mostly paved roads from the small town of Mayo in the central Yukon.

The company has been de-risking the project since 2009, and its 100-person, all-season exploration camp looks ready to transition into a full-blown construction and development site at a moment’s notice.

Pulling into Dublin Gulch on a chilly afternoon, however, it is readily apparent that Victoria isn’t operating at full capacity. The company came close to scoring financing for a heap-leach development on its Eagle deposit in 2013, but plummeting gold prices have forced management to pull back, preserve a healthy capital position and measure its options.

“There are a few important elements that separate us from a lot of the junior resource companies you’ll run into on the market these days. We have a strong cash position and haven’t raised money in over four years,” president and CEO John McConnell says while handing out hard hats and safety vests. “That takes Eagle through to the feasibility stage and working through the entire permit process.

Jan 25 11-17_Special Sec.indd 11

We also enjoy infrastructure advantages, as we’re one of the few projects in the Yukon you can reach by car.”

Victoria was awarded its wateruse licence in late 2015, which marked the end of a permitting journey that took the company nearly five years. Government approval means that Eagle is ready for production pending an answer to the all-important question on financing.

Victoria’s mine plan involves a $400-million development that would make doré from a conventional open-pit operation with a three-stage crushing plant, in-valley heap leach facility and carbon-inleach adsorption-desorption gold recovery plant.

The operation would produce 212,000 oz. gold annually over a 10-year mine life at all-in sustaining costs of US$729 per oz. Assuming US$1,325 per oz. gold, the operation would feature a US$227-million after-tax net present value and an 18% internal rate of return. The numbers might look a bit grim, but Victoria’s study assumes a US92¢ Canadian dollar, which means foreign exchange would go a long way in offsetting lower gold prices.

“The issue facing us is clearly how a junior company in the current market can finance this project.

We’d made quite a bit of progress around three years ago at higher gold prices, and many of those lenders are still in play. Unfortunately there’s still a financial gap there, which we’d typically fill through the equity markets,” McConnell adds.

“Given the state of the equity en-

vironment, however, it just doesn’t seem possible right now. We’ve looked at selling a royalty or stream, and we definitely have interest in the project from some gold producers. I’m reasonably optimistic we can arrange a financing later this year to start construction in early 2017,” he adds.

McConnell steers a pickup truck up a steep cut on the way to the top of the Eagle deposit, and points out the location of Victoria’s proposed

Geotech_AD_NorthernMiner_CDNPrairies2015.pdf 1 2015-11-03 3:02:47 PM

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12

JANUARY 25–31, 2016 / THE NORTHERN MINER

BC, YUKON & NWT

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Looking down at Haggart Creek Road from atop Victoria Gold’s Eagle gold deposit in the Yukon. PHOTO BY MATTHEW KEEVIL

Victoria’s Eagle now ‘shovel ready’ VICTORIA From 11

Trucks at Victoria Gold’s Eagle gold property. PHOTO BY MATTHEW KEEVIL

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Jan 25 11-17_Special Sec.indd 12

mine design. The company’s development plan is well established and based on probable reserves of 91.6 million tonnes grading 0.78 gram gold per tonne for 2.3-million contained oz.

Gold mineralization at Eagle occurs in extensional quartz veins that are most abundant on the hanging and footwall contacts of the narrowest part of the Dublin Gulch granodiorite near its western limits. Subordinate quantities of mineralization occur in quartz veins within nearby metasediments. Several other showings occur on the property, with most showing similar characteristics to Eagle.

There isn’t much opportunity to re-engineer the Eagle mine plan in light of lower gold prices, but Victoria can leverage exploration potential across Dublin Gulch’s larger 345-sq.-km property package.

“A year ago I asked our geological team to go through all of our targets and run a ranking process. Very quickly we saw the Olive area rise to the top of our list because there were historic results there, and it’s right on surface, 3 km from the main Eagle deposit,” McConnell points out while driving back to Victoria’s site office.

“We invested in a significant amount of drilling there [in mid2015], but more importantly it allowed us to do a lot of metallurgical work. We knew that the mineralization at Olive was different with a lot more sulphides in the system, but it turns out it is still amenable to heap leaching,” he continues.

Victoria says Olive and the neighbouring Shamrock deposit could form a single, near-surface zone that boosts Eagle’s overall economics due to higher grades.

The company drilled the area in 2014, with assay highlights including: 96 metres grading 1.22 grams gold from 27 metres deep in hole 14-586C, 99.8 metres of 1.02 grams gold from 46 metres in hole 14-588C and 90 metres of 1.18 grams gold from surface in hole 14-600C. Assuming a higher-grade starter pit could be delineated at the Olive-

“I’M REASONABLY OPTIMISTIC WE CAN ARRANGE A FINANCING LATER THIS YEAR TO START CONSTRUCTION IN EARLY 2017.”

JOHN MCCONNELL PRESIDENT & CEO, VICTORIA GOLD

Shamrock zone, payback could accelerate on initial development costs and give a better overall return on investment.

“Olive could make a material difference at Eagle due to its grades,” McConnell says, and points out an area populated by sparse trees that could become an Olive-Shamrock open pit.

“Since it is near-surface we’re likely also looking at a really low stripping ratio, and it won’t require much additional capital investment, since we can roll it into our main mine plan,” he adds.

I n late December Vic tor ia completed a $3.6-million nonbrokered private placement that will fuel exploration efforts at

Olive-Shamrock later this year.

The company issued 17.6-million f low-through shares priced at 17¢, and 3.4 million flow-through shares priced at 18¢. McConnell says a “high demand” for the financing helped Victoria increase the placement from its original $1.8-million gross value.

With the financing, Victoria can incorporate Olive-Shamrock into an updated feasibility study by yearend, while keeping a $12-million cash position.

The company's shares have traded within a 52-week window of 11¢ to 23¢ per share, and closed at 15.5¢ at press time. Victoria has 361 million shares outstanding for a $56-million market capitalization.

“We definitely have a nice position in terms of our leverage to gold price, but we aren’t simply waiting around for markets to bounce back. Everything we do, and the money we spend, is geared towards de-risking the project and creating a shovel-ready scenario,” McConnell says. “After receiving our water rights we are essentially completely de-risked in terms of permitting, and the camp and site infrastructure we’ve developed will allow us to start construction tomorrow, if we obtain financing.” TNM

Camp offices at Victoria Gold’s Eagle gold project in the Yukon. PHOTO BY MATTHEW KEEVIL

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More gold for Rockhaven at Klaza ADDING OUNCES

| Junior doubles gold resource at Klaza, aims for economic study

Drilling at Rockhaven Resources' Klaza gold-silver project, 50 km west of the town of Carmacks in the Yukon. ROCKHAVEN RESOURCES

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

W

ith over 20 million historical oz. of placer gold scoured out of the gravel creeks across the northern latitudes of the Yukon Territory, Matthew Turner, president, CEO and director of Rockhaven Resources (TSXV: RK), says there’s plenty of gold left to discover — and not all of it is entrained at surface.

The company has seen a 53% increase in the gold resource estimate for its Klaza project, 8 km from the historical Mt. Nansen mine and 50 km west of the town of Carmacks, where gold is confined to narrow, parallel-trending veins that carve through the rolling hillside.

“We’re pleased with the resource upgrade, considering we used the same methodology as our previous estimate and doubled the gold ounces,” he says. “We’re the highestgrade, plus 1 million oz. gold deposit ever discovered in the Yukon, and we’re quite sure it’s only going to get better.”

Resources at Klaza stand at 9.4 million tonnes at 4.48 grams gold and 89 grams silver for a total of 1.4 million oz. gold and 27 million oz. silver, assuming optimistic prices of US$1,300 oz. gold and US$20 oz. silver.

The deposit comes with lead and zinc credits, which amount to 155 million lb. lead at 0.8% lead and 198 million lb. zinc at 0.95% zinc.

The upgrade incorporated 13,700 metres of drilling from last year, along with the Eastern BRX zone — one of nine structurally controlled mineralization zones traced from surface along open-ended strike lengths ranging between 250 metres and 2.4 km.

“Our cost-per-discovery ounce is pretty fantastic, considering we only did $3.2-million worth of drilling last year,” Turner adds. “And there’s still lots of room for expansion on those high-grade mineralized zones.”

Drill results at the Western BRX, Klaza and Eastern BRX zones last year returned high-grade hits of 14.88 grams gold per tonne and 162 grams silver per tonne over 2 metres, 9.12 grams gold and 90.5 grams silver over 1.9 metres, and 4.08 grams gold and 63.5 grams silver over 2.4 metres.

The mineralization at the property is like a carbonate-base metals gold system, which Turner describes as a low-sulphidation epithermal

Jan 25 11-17_Special Sec.indd 13

deposit.

Epithermal deposits are divided between high- and low-sulphidation types, Turner notes, the latter occurring when metal-rich magma interacts with groundwater.

“But Klaza has substantial depth extent, which is unusual for epithermal systems,” he adds.

“They usually extend 200 to 300 metres deep, but Klaza is down below 500 metres and it’s still open, which is fairly strange for this type of deposit.”

Historically, finding the bedrock source for the placer gold in the Yukon has always been an enigma for explorers, and it wasn’t until Underworld Resources, since acquired by Kinross Gold (TSX: K; NYSE: KGC), found the White Gold deposit in 2008 that explorers got hot on its trail.

Exploration spending surged to $300 million from below $10 million in the early 2000s, unveiling

“WE’RE THE HIGHEST-GRADE, PLUS 1 MILLION OZ. GOLD DEPOSIT EVER DISCOVERED IN THE YUKON, AND WE’RE QUITE SURE IT’S ONLY GOING TO GET BETTER.” MATTHEW TURNER PRESIDENT, CEO AND DIRECTOR, ROCKHAVEN RESOURCES

Holding mineralized drill core from Rockhaven Resources' Klaza gold-silver project in the Yukon. ROCKHAVEN RESOURCES

discoveries such as Kaminak Gold’s (TSXV: KAM; US-OTC: KMKGF) Coffee deposit, 30 km south of White Gold, which hosts probable reserves of 46 million tonnes grading 1.45 grams gold for 2.2 million contained oz. gold.

“It’s amazing — the more in detail people look the more unique deposits pop up, especially in the cordillera where there are so many rock types and potential ore hosts,” Turner says. “There’s such great potential to make major discoveries here, and it’s a great place to work.”

Working in the remote reaches of Canada’s north makes access an issue for any aspiring miner, but Turner says he has no pressing concerns.

“One the best things going for us compared to the other projects is that we’re road accessible from the Klondike Highway and a short drive away from Whitehorse,” he says. “For an advanced project in the Yukon, it’s one of the best located.”

This year the company will pursue an economic study on the deposit, Turners says, and move ahead on permitting and environmental work. He reckons this is “the best use of the money for the markets we’re in.”

“We’ll look at financing, and it’s hard to say what kind of reaction we’ll get, there are so many variables,” he adds. “We’ve focused on expanding the resource, and next year we’ll build the project up even more.”

Rockhaven will take part in the coreshack at this year’s Mineral Exploration Roundup held Jan. 25–28 in Vancouver, B.C., and hosted by the Association for Mineral Exploration British Columbia.

Rockhaven has traded within a 52-week range of 10¢ to 26¢ per share, and closed at 13¢ at press time. The company has 105.2 million shares outstanding for a $13.7-million market capitalization. TNM

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Teck inks deal with Lorraine Copper LORRAINE From 11

Examining maps at Lorraine Copper’s office, from left: Paul Way, business development manager; Glen Garratt, vice-president of exploration; and William Morton, president and CEO. LORRAINE COPPER

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is a formula for smart business, and traditionally this is how Teck, Noranda and other companies operated,” Morton says. “Once the project got really serious — like with Equity Silver Mines and Endako, for example — Placer Dome made them wholly owned subsidiaries and took all the other shareholders out in a friendly transaction.”

Teck first optioned Lorraine in 2005, and poured $9-million worth of exploration into the ground exploring for copper-gold porphyry deposits similar to Imperial Metals’ Mount Polley deposit, or Galore Creek Mining’s Galore Creek deposit.

In later programs, Teck performed geophysical surveys and drill-tested the bullseye anomalies at prospects outside the property’s shallow resource at the Lower, Upper Main and Bishop zones, which hold 6.4 million indicated tonnes at 0.6% copper and 0.2 gram gold, and 28.8 million inferred tonnes at 0.5% copper and 0.19 gram gold.

Morton says this broad-brush exploration tactic was a logical approach to “quickly identify a big system,” but he’s confident that Teck only scratched the surface.

“There’s no question that induced polarization (IP) surveys are useful, but the mineralization is not necessarily restricted to one set of IP conditions — all parts of the anomaly need to be drill-tested,” he says, noting a 0.7% copper intercept over 180 metres at the Boundary prospect found along the dead flanks of an anomaly. “Teck did a great job on the project and they were just beginning to figure this out when market circumstances forced them to shelve it.”

In an emailed response, a Teck spokesperson said that at the end of the 11-year partnership, Lorraine “did not align with Teck’s current copper exploration portfolio, though it remains a promising property. Through this agreement, Teck has a residual interest in Lorraine, and exposure to any upside as the project advances.”

The biggest opportunity for Morton is to “double or triple” the resource at the Lower, Upper and Bishop zones — a northwesttrending cluster of porphyry deposits that link up at 200 to 300 metres depth, according to Teck’s deep IP survey in 2007.

“There are a number of holes left out of the resource that were well mineralized because the stepouts were too large, and you just couldn’t join the dots,” he says, pointing out a 159.2-metre drill hole intercept at 0.6% copper and 0.30 gram gold per tonne beneath

the Lower Main zone that never got followed up.

“And that’s part of the opportunity we have here, because we can rapidly adjust the mineral resource as soon as we drill more holes and connect the dots.”

Morton mentions an opportunity to drill deeper at its regional targets, considering many of the historic drill holes never reached the deep IP targets. He offers the Too Good prospect as an example, which lights up in geophysics from 300 to 500 metres depth over an open-ended length of 2.5 km.

“Ourselves and the other previous operators saw no particular merit in drilling deep holes, so we shut down holes at less than 200 metres,” he says. “Then New Afton came along and demonstrated the viability of developing an underground mine, so we see this as our chance to explore deeper and test the anomalies that Teck spotted in their geophysics.”

New Afton, owned and operated

by New Gold (TSX: NGD; NYSE: NGD), is an underground goldcopper porphyry mine located 10 km from Kamloops, B.C., which began commercial production in 2012.

The orebody there plunges more than 1 km deep and averages 100 metres wide and 350 metres tall, boasting total measured and indicated resources of 73 million tonnes at 0.75 gram gold and 0.9% copper, for a total 1.8 million oz. gold and 1.4 billion lb. copper.

“Something that has high tonnages can be painful for large companies, because these alkalic systems can morph all over the place, and you easily miss them,” Morton says. “It seems like we’ve passed the point in the industry where bigger is better, and we feel there’s a growing appetite for deposits that have good grade with lower throughput, and a lot smaller capital cost. That’s what makes Lorraine attractive to us.”

Morton says that once the company completes the financing, it would embark on a 3,500-metre drill program to expand the resource and turn the drill over to its most prospective regional targets, such as Too Good or Slide.

“For Teck to have a substantial position in our company is an endorsement to this project,” he says.

“We’ve enjoyed working with them over the years and welcome them as a significant shareholder in the company.”

Lorraine Copper has traded within a 52-week range of 3¢ to 8¢ per share, and closed at 4¢ at press time. The company has 45.7 million shares outstanding for a $1.8-million market capitalization. TNM

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The Upper Main zone (exposed in the cliffs) and the Lower Main zone (indicated by the drill roads in the timber) at Lorraine Copper’s namesake copper project in northcentral British Columbia. LORRAINE COPPER

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THE NORTHERN MINER / JANUARY 25–31, 2016

Optimism remains for investment in Northwest Territories GEOLOGIC POTENTIAL

| Pamela Strand on which projects are gaining momentum in NWT

BY LESLEY STOKES

T

lstokes@northernminer.com VANCOUVER

he Northwest Territories, which has led Canada in diamond and tungsten production, became a single-commodity producer in late 2015 after North American Tungsten (CVE: NTC) closed its Cantung Mine, 300 km from Watson Lake, Yukon, due to plummeting tungsten prices.

Shortly thereafter, De Beers put on care and maintenance Snap Lake, Canada’s only underground diamond mine, 220 km northeast of Yellowknife, as its parent company Anglo American (USOTC: NGLOY) said it would sell or shelve its unprofitable assets to curb costs.

Pa mela St ra nd, d i rec tor of Mineral Resources for the Government of the Northwest Territories, says that while companies worldwide face growing economic pressures, there’s still good momentum for some projects in the territory.

“THIS IS WHERE YOU CAN EXPECT TO FIND GIANT, WORLD-CLASS DEPOSITS.” PAMELA STRAND DIRECTOR OF MINERAL RESOURCES, GOVERNMENT OF THE NORTHWEST TERRITORIES

“We have a wealth of natural resources that can be developed,” she tells The Northern Miner during a phone interview. “We recognize that companies are under pressure, but we have a number of things within our power to move those projects forward.”

Strand notes that in early 2013, the federal government devolved its management of public land, water and resource to the territorial government, giving northerners more control over their economic and political destiny.

“Devolution is relatively new, and presents a huge opportunity for the territories,” she says. “Our economy is based largely on resource development, so with a transfer of those powers, future development decisions are made in the North by the people of the North … if you come here, you can meet with the people who are the decision makers, so it’s positive for everyone.”

These decisions include support for the fully permitted Sable k imberlite pipe at Dominion Diamond’s (TSX: DDC; NYSE: DDC) Ekati diamond mine, 300 km northeast of Yellowknife, which is scheduled for development later this year, she says.

The deposit, along with the nearby Jay kimberlite, could add 11 years of mine life with extended to 2033.

Rio Tinto (NYSE: RIO; LSE: RIO) and Dominion have also advanced development of their A-21 pipe at the Diavik diamond mine, 300 km northeast of Yellowknife, which will add proven and probable reserves of 3.7 million tonnes at 2.7 carats per tonne for 10 million carats.

“The Slave geological province is an old craton with deep mantle roots, and that has allowed for the preservation of diamonds,” Strand says, explaining why so

Jan 25 11-17_Special Sec.indd 15

A driller at Kennady Diamonds’ Kennady North diamond project in the Northwest Territories.

many kimberlite pipes are found in Canada’s North.

“There are 300 known kimberlites here and there are still more to be found, and junior companies such as Kennady Diamonds provide proof of that.”

For the past three years, owner and operator Kennady Diamonds (TSXV: KDI; US-OTC: KDIAF) has outlined a unique, high-grade kimberlite pipe at its Kennady North project, located at the feet of the Gahcho Kué diamond mine, which is being developed by partners De Beers and Mountain Province Diamonds (TSX: MPV; NASDAQ: MDM), 280 km east of Yellowknife.

Kennady plans to recover a 500-tonne bulk sample from its flagship Kelvin pipe early this year, building on a previous 443-tonne bulk sample that returned 2.02 carats per tonne.

Although diamonds are often the focus for northern explorers, Strand says there are plenty of other mineral targets.

“On the Fraser Index, we rank fourth out of the 122 worldwide ju-

risdictions for geological potential, so this is where you can expect to find giant, world-class deposits,” she says, listing Seabridge Gold’s (TSX: SEA; NYSE: SA) Courageous Lake gold project and Selw yn Chihong’s Selwyn advanced zinclead project as examples.

“If Selwyn came online right now it’d be the third-largest zinc producer in the world, and by the time it does, it’ll likely be the top producer,” she says, as resources diminish at the Red Dog mine, operated by Teck Resources (TSX: TCK.B; NYSE: TCK) in northwestern Alaska.

The proposed Selwyn mine, located in eastern Yukon and extending into the Northwest Territories, has open-pittable, indicated resources of 186 million tonnes grading 5.2% zinc and 1.8% lead for a metal content of 21.3 billion lb. zinc and 7.3 billion lb. lead.

Inferred resources add another 238 million tonnes grading 4.5% zinc and 1.4% lead, for a metal content of 23.5 billion lb. zinc and 7.2 billion lb. lead.

KENNADY DIAMONDS

Strand says that Courageous Lake, 100 km southwest of Diavik, is the “13th largest unmined gold deposit in the world,” with proven and probable reserves of 91.1 million tonnes at 2.2 grams gold for a total of 6.46 million oz. gold, using US$1,244 per oz. gold.

Close to home, Strand says, is TerraX Minerals’ (TSXV: TXR) Yellowknife City Gold project located outside Yellowknife's city limits — a lode gold property that targets the major extensions that host the historically mined 7.6 million oz. gold Giant and 5.5 million oz. gold Con deposits.

“TerraX has done an extremely technical and systematic approach to the greenstone belt,” she says.

“The property has been locked up for decades, so it’s been exciting to see results.”

Other advanced projects primed for development include Fortune Minerals’ (TSX: FT) gold-cobaltbismuth-copper NICO project, Avalon Rare Metals’ (TSX: AVL) rare earth Nechalacho project and Canadian Zinc’s (TSX: CZN)

zinc-lead Prairie Creek project, which have all been placed on hold while the owners focus on southern-based projects.

“Avalon’s rare earth deposit is an important one because China controls the heavy rare earth production in the world, and we expect these metals to be in short demand globally, it’s just a matter of time,” she says.

Natural Resources Canada estimated that $93 million was spent in 2015 on exploration and deposit appraisals in the northern territory, down $8.7 million, or 9%, from 2014 expenses. The estimate places the region in seventh place out of the 12 Canadian jurisdictions surveyed.

The depressed metal markets have also impacted land acquisitions, with the amount of land covered by mineral tenure falling from 19.8% to the current 2% since 2005.

Strand says that to promote investment in the Northwest Territories, the territorial government has implemented a “Mining Incentive Scheme” that gives companies cash incentives to explore the region, along with offering explorers extra assessment credits.

“Any mineral rights holder can get 1.5 times their expenditures in exploration credit,” she says.

“Manitoba has the same incentive right now, and the Yukon is looking at one in the coming year. It encourages early-stage exploration.”

The department is also executing regional-scale, multi-year projects to boost mineral exploration.

“World-class geoscience is also important, and our geological sur vey created an innovative, multi-year project over the Slave geological province to look regionally at the glacial history and permafrost conditions,” she says.

“We’re hoping that will help us with the next wave of diamond and metal exploration, but also provide us with permafrost and geotechnical information towards decisions like infrastructure and climate change.” TNM

•

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Water flows through Hell’s Gate, a well-known narrowing in British Columbia’s Fraser River. PHOTO BY JONATHAN RODGERS

Tapped resources: Water use and its impact on mining in Canada SMSJ_Sept SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC

LEGAL COMMENTARY

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

| BC government is changing water-use legislation

in B.C. and Alberta.

This increased scrutiny of the impacts of mining operations on surface and groundwater could have broad implications for mining and energy projects, including curtailing project development through

BY KAREN MACMILLAN the refusal to issue or renew water AND KHALED ABDEL-BARR licences on terms that make mining SPECIAL TO THE NORTHERN MINER projects feasible.

A recent example includes a crutiny of water-use policies Northwest Territories mining projand regulations, and concern ect where the regulator has warned that provincial governments the project proponent that it could across Canada need to better regulate lose one of its water licences for Authorized industrial water use, have become failure to comply with requirements Toyota Landcruiser more prominent in recent years, for spring water sampling. Other Dealer particularly after the recent droughts examples from the energy sector should also be considered highly relevant to Canada’s miners. Of note is the British Columbia government’s 2015 decision to cancel Authorized Authorized Toyota a pre-existing water licence related Toyota Landcruiser Landcruiser Dealer Dealer to fracking activities after the government’s determination that the original issuance was based on poor science and that the proponent did not properly consult with the INTRODUCING THE NEWEST affected First Nations.

MID-RANGE UTILITY VEHICLE In some Canadian jurisdictions, the statutory regime is catching INTRODUCING THE NEWEST up with the increasing concerns MID-RANGE UTILITY VEHICLE around water use by the natural resource sector. For example, in B.C., the provincial government passed a Water Sustainability Act in May 2014 that introduces the first substantial changes to the FIVE TON province’s water-use laws in over FIVE TON FIVE YEAR WARRANTY 100 years.

FIVE YEAR WARRANTY The new statute, which came into Sales Sales && Rental Rental && Service ServiceSales & Rental & Service Phone: force on Jan. 1, 2016, extends the Phone: (705) (705) 476-4500 476-4500 Phone: (705) 476-4500 Email: Email: mtsales@millertechnology.com mtsales@millertechnology.com Email: mtsales@millertechnology.com Website: water-use regime from surface water Website: www.millertechnology.com www.millertechnology.com Website: www.millertechnology.com (lakes and streams) to groundwater Sales & Rental & Service (which is pumped from wells); reguPhone: (705) 476-4500 lates water use in times of scarcity Email: mtsales@millertechnology.com to address impacts of droughts and Website: www.millertechnology.com other water shortages; provides for a

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Jan 25 11-17_Special Sec.indd 16

more comprehensive consideration of environmental issues relating to water use; and allows for the prioritization of certain water uses for environmental, domestic and animal purposes.

While B.C. undergoes some of the most significant changes to water-use legislation in recent years, other Canadian jurisdictions are also moving forward with changes impacting water use. Federal Bill S-6, the Yukon and Nunavut Regulatory Improvement Act (YNRIA), amended both the Yukon Environmental and Socio-economic Assessment Act and the Nunavut Waters and Nunavut Surface Rights Tribunal Act after receiving royal assent on June 18, 2015.

One of the most important and controversial changes made by the YNRIA is the ability for the federal minister to give binding policy directives to the Yukon Environmental and Socio-economic Assessment Board.

Opponents of this change argue that it shifts the power balance in favour of the federal government in negotiations between First Nations and the governments of Yukon and Canada.

Notably, a federal power to make policy directives is not unique to the YNRIA: the same legislative power exists in the Northwest Territories’ Mackenzie Valley Resource Management Act, which governs the decision-making boards that regulate the use of land and water and conduct environmental assessments of proposed developments in the Mackenzie Valley.

Though water use is largely provincially regulated, there is also a complicated network of federal legislation with the potential to

IN SOME CANADIAN JURISDICTIONS, THE STATUTORY REGIME IS CATCHING UP WITH THE INCREASING CONCERNS AROUND WATER USE BY THE NATURAL RESOURCE SECTOR. significantly impact the regulation of water use, including: the Fisheries Act, Fish Protection Act, Canadian Environmental Assessment Act, Navigation Protection Act, National Energy Board Act and Species at Risk Act. Constitutionally, the provincial governments have jurisdiction over water use while the federal government has jurisdiction over fisheries, navigation, federal lands (including lands administered under the Indian Act) and international relations, as well as responsibilities for agriculture, health and the environment.

This division of powers often results in overlapping legislation, and water-use regulation is a clear example of this overlap.

Jurisdictional rights to regulate water use can be further impacted by complex historical agreements between the federal government and certain provinces, and by a growing body of Canadian constitutional and aboriginal law.

As water use becomes an increas-

ingly central environmental and social issue, mining companies may be compelled to place greater investment in water management.

Particular attention must be paid to the evolving network of law and legislation, both at the provincial and federal levels, to ensure that they meet their obligations in connection with water use in the development and operation of mining projects.

Acquiring and maintaining a realtime understanding of the shifting statutory requirements and limitations imposed by water-licencing regulations will be essential in successfully navigating the issue of project-related water use. It’s an issue that appears to be emerging as a primary one for the development and operation of successful mining projects in Canada.

— Based in Vancouver, Karen MacMillan is a partner at Lawson Lundell LLP. She practises corporate and commercial law with an emphasis on commercial arrangements in the mining sector, including advising on asset-level purchase and sale transactions, joint ventures, royalty agreements, procurement matters and construction and engineering.

She can be reached at kmacmillan@ lawsonlundell.com.

Khaled Abdel-Barr is a partner at Lawson Lundell. Based in Vancouver, his practice includes corporate/ commercial and mining law, and he advises on a range of miningrelated matters domestically and internationally. He can be reached at kabdelbarr@lawsonlundell.com.

Lawson Lundell is a leading western Canadian business law firm with offices in Vancouver, Calgary and Yellowknife. Visit www.lawsonlundell.com for more information. TNM

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THE NORTHERN MINER / JANUARY 25–31, 2016

Imperial suspends open pit at Huckleberry in BC COPPER

| Debt-free but money-losing mine to be idled, despite years of low-grade reserves in the ground

An aerial view of Imperial Metals’ 50%-owned Huckleberry open-pit copper mine in west-central British Columbia, which was suspended this month. HUCKLEBERRY MINES

BY LESLEY STOKES

S

lstokes@northernminer.com VANCOUVER

teve Robertson, spokesperson for Huckleberry Mines and vice-president of corporate affairs for Imperial Metals (TSX: III; US-OTC: IPMLF), says there’s value left in the ground at the openpit Huckleberry copper mine, 88 km from Houston in west-central B.C., but the mine’s owners have suspended operations to “preserve the resource” as copper prices deteriorate.

Imperial is a 50% shareholder in Huckleberry Mines and owner and operator of the mine site, while Japanese partners Mitsubishi Materials, Dowa Mining and Furukawa own the remaining 50%.

“The copper price has continued to drop, so the mine has operated at a greater and greater loss,” Robertson tells The Northern Miner during a phone interview. “But

the mine carries no debt at this time, and that provides the flexibility to suspend operations and stay healthy, so the project can go back into operation when prices recover.”

Imperial says the partners mined an average 20,000 tonnes of ore per day since 1997 from the open-pit porphyry deposit, and there are enough reserves to last through 2022.

As of December 2014, total reserves at the mine stood at 42.2 million tonnes grading 0.3% copper, using a 0.2% copper cut-off.

The mine produced 33.6 million lb. copper over the nine months ending Sept. 30 in 2015, up 32.8% during the same period in 2014.

“Huck leberr y is later in its mine life, so it’s a higher-cost producer. As such, there’s always an eye on cutting costs where possible, and we’ve worked on that for several months,” Rober tson says. “But at t his time we felt it was prudent to shut

down the pit and allow the mill to process stockpile, which will give the company time to see if there’s any clear direction in the copper price, either upward or downwards.”

Robertson adds that there’s “enough stockpile to process for quite some time,” but predicts the company will reassess the operation in another 10 to 12 weeks.

“One of the things to keep in mind is that there’s been significant movement in the Canadian dollar over the past year,” he adds.

“Those fluctuations buffered the drop in commodity price, and so the movement in the dollar will also have a big impact on the financial viability of the mine.”

Since January 2015, the London Metal Exchange’s three-month copper contract at press time has dropped 21.3%, or US$1,183, to US$4,367 per tonne, having touched its lowest level since April 2009.

The dramatic fall in metal prices

has been largely driven by China’s slowing economic growth and falling currency, which dropped 5.7% against the U.S. dollar in the last six months.

In Canada, the loonie has fallen 22.9% to 0.72¢ against the U.S. dol lar during t he sa me time, weighted down by plummeting crude oil prices.

“There’s not a lot of flexibility

in the operation at Huckleberry because it’s a large, low-grade deposit that doesn’t have a lot of heterogeneity,” Robertson says.

“The big part of the story is that there’s still value, and by being responsible today, we can preserve the resource and exploit it at a future date for the benefit of the company, employees and the community.” TNM

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Jan 25 11-17_Special Sec.indd 17

2016-01-19 7:46 PM

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JANUARY 25-31, 2016 / THE NORTHERN MINER

Sherritt hit by low nickel prices at Ambatovy WRITEDOWN

| Mine partners face US$2.4B impairment at US$8.50 per lb. nickel

S

herritt International (TSX: S) is bracing for a $1.6-billion non-cash impairment at its Ambatovy nickel-cobalt mine in Madagascar due to lower nickel prices, months after it cancelled its quarterly dividend for 2015 and 2016 to reduce costs.

Nickel — which is used to make stainless steel — has had its price hammered by oversupply and lower demand since the Chinese slowdown. The spot nickel price recently closed at US$3.74 per lb., down 43.5% over the past year.

Sherritt has a 40% stake in the Ambatovy mine and is the operator. Its partners are Japan’s Sumitomo (32.5%) and Korea Resources (27.5%).

Using a long-term nickel price of US$8.50 per lb., the firms anticipate a total after-tax impairment of US$2.4 billion at Ambatovy.

“We used a combination of analysts’ consensus and economic forecasts to determine the longterm nickel price,” Sherritt’s media relations representative Scott Tabachnick says.

Sherritt International’s Ambatovy nickel-cobalt mine in Madagascar. SHERRITT INTERNATIONAL

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The last time the spot nickel price traded above US$8 per lb. was in September 2014.

For the year ended 2015, Sherritt’s share of loss totals $1.6 billion, including $1.3 billion on its 40% stake in Ambatovy’s impairment, and $300 million on the “incremental carrying value of investments” related to mineral rights acquired from Dynatec, a previous owner of Ambatovy, in 2007.

The minera l rights are a lso part of Ambatov y, Tabachnick says.

He notes that the writedown is non-cash and “won’t affect the cash flow.”

In 2015, Ambatovy’s 100% nickel and cobalt production was 47,271 tonnes and 3,464 tonnes, up 28% and 19% from 2014.

In December the mine ran at 85% of its design capacity, compared to an average 79% annually. Its full-year design capacity is 60,000 tonnes of nickel and 5,600 tonnes of cobalt.

“We achieved phenomenal results in terms of ramp-up and operational success,” Tabachnick says.

Meanwhile, Sumitomo reported it would take a 77-billion yen ($938-million) writedown on its 32.5% share in Ambatovy, citing low nickel prices in the last three months of 2015.

It also withdrew its earnings guidance for the fiscal year ending in March 2016.

“There is a possibility that we may post impairment losses in additional projects,” it said in a release.

Regarding Sherritt’s price forecasts for nickel, Tabachnick says the company “plans for various scenarios,” and that “for this type of market we need to be prepared for any eventuality, and not just rely on when the nickel price might change.”

CIBC analyst Tom Meyer estimates that 65% of the nickel produced globally is losing money at current spot prices. Meyer says “production curtailments will soon work through the market to support nickel prices.”

Meyer has a $2 target and an “outperform” rating on shares of Sherritt.

The stock touched a 52-week low on Jan. 13 of 53¢, down 83.6% from the $3.23 high reached last May. At press time on Jan. 18, it traded at 64¢ per share.

Sherritt’s fourth quarter and full-year financials should be out on Feb. 10. TNM

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2016-01-19 8:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER /

JANUARY 25-31, 2016

19

Baja says commercial production is around the corner at Boleo MEXICO

T

The camp at Skeena Resources’ GJ copper-gold property in northwestern British Columbia. SKEENA RESOURCES

Skeena grows GJ’s resource in BC COPPER & GOLD

S

| Company pitches project as ‘inexpensive, long-term call option’ on metal prices

keena Resources (TSXV: SKE; US-OTC: SKREF) has updated the resource estimate for the Donnelly and North Donnelly copper-gold deposits on its GJ property, in the prolific Golden Triangle of northwestern B.C. The junior acquired the 383 sq. km GJ property last October from joint-venture partners Teck Resources (TSX: TCK.B; NYSE: TCK) and NGEx Resources (TSX: NGQ; US-OTC: NGQRF).

NGEx — a reincarnation of Canadian Gold Hunter (CGH) and Curator Resources — held a 49% in GJ, while Teck was the majority owner.

The Donnelly and North Donnelly deposits now host 133.7 million measured and indicated tonnes at 0.3% copper and 0.36 gram gold per tonne for 940.2 million lb. copper and 1.56 million oz. gold, using a 0.2% copper cut-off.

Compared to CGH’s 2007 resource of 123 million indicated tonnes at 0.3% copper and 0.35 gram gold for 852 million lb. copper and 1.39 million oz. gold, contained copper and gold have increased 10.4% and 12%. Tonnage has improved 9%, at the same cut-off.

Skeena notes that all the measured material — 213.95 lb. copper and 341,000 oz. gold — is

within the Main Donnelly zone, explaining the increase in indicated resource came from upgrading inferred to indicated within the Main Donnelly zone, and adding the North Donnelly zone.

The latter zone was not part of the 2007 resource.

The two deposits also contain 53.7 inferred tonnes at 0.3% copper and 0.33 gram gold for 312.5 million lb. copper and 570,000 oz. gold.

Compared to the 2007 inferred resource, tonnage has climbed 234%, and contained copper and gold have grown 200% and 280%.

The new resource estimate, which has an effective date of Sept.

9, 2015, includes 126 holes (35,000 metres) in the Main Donnelly zone, and 46 holes (11,000 metres) in the Donnelly zone.

CGH did most of this drilling bet ween 20 04 a nd 20 07, while three of the holes drilled

by Teck between 2011 and 2013 intersected the deposits, with two hitting the Main Donnelly zone and the other hitting the Donnelly zone.

The two zones are 340 metres wide, with a 1.6 km strike length, and an average 200-metre depth below surface.

While Skeena points out that developing the deposits at GJ is

“not favourable” at current metal prices, it says the deposits are an “inexpensive long-term call option on copper and gold prices, with low holding costs.”

It adds that the current resource’s grade is comparable to Imperial Metals’ (TSX: III; USOTC: IPMLF) large Red Chris copper-gold mine, 25 km away.

Imperial started the mine last February, with a 301.5-million-

“[GJ AND SPECTRUM] FORM THE FOUNDATION OF A DISTRICT-SCALE DEVELOPMENT PROJECT, LOCATED CLOSE TO ELECTRICAL POWER AND ROADS IN A MINING-FRIENDLY JURISDICTION.” WALTER COLES PRESIDENT AND CEO, SKEENA RESOURCES

tonne reserve at 0.4% copper and 0.274 gram gold.

The GJ property — which includes the GJ deposit — is next to Skeena’s high-grade, gold-rich Spectrum deposit, where the junior drilled 17,400 metres in 61 holes last year.

A resource estimate for Spectrum is due in March.

Walter Coles, Skeena’s president and CEO, said in a release that the deposits at GJ and Spectrum are all open for expansion and “form the foundation of a district-scale development project, located close to electrical power and roads in a miningfriendly jurisdiction.”

The junior closed its financing without completing the last $1.3-million tranche, raising $4.8 million in December 2015.

It ended Jan. 14 flat at 6¢ per share, within a 52-week window Skeena Resources’ adjacent Spectrum and GJ projects in northwestern British Columbia. of 5.5¢ to 12.5¢. TNM

Jan 25Pgs 1 2 3 4 5 18 19 21 22 24.indd 19

| Cobalt and zinc sulphate circuits are being commissioned

om Ogryzlo has been working hard to resuscitate Baja Mining (TSXV: BAJ) and its copper-cobalt-zinc Boleo project in Mexico since he was named interim CEO in May 2012 — a post he still holds to this day.

The mechanical engineer, who has developed many multimilliondollar mining projects, initially hoped to set things right at the deeply troubled project within a year, and to start production no later than the first quarter of 2014.

But Boleo, reeling from hundreds of millions of dollars in cost overruns, has been hit by a perfect storm of other problems too, including class-action lawsuits, equipment and labour delays, and the need for a new mine plan to deal with difficult ground conditions.

By mid-2013 it was clear that roof instability posed major problems due to historic underground workings and the softness of the ore, with its high clay content in the deposit’s seven near-surface mineralized seams, or mantos.

Baja also had to negotiate a funding solution with its Korean partners, which cut the company’s stake in the project to 49% from 70%, and then down to 10%.

In April 2015, Baja announced that production ramp-up delays meant that further funding of up to US$200 million to finance the operations for the rest of the year was needed, and that it had reached a non-binding agreement in principle with Korea Resources (Kores) on an equity dilution formula that would result in dilution reducing Baja’s ownership by 1% for each $100-million cash call made.

Kores holds the dominant share in a consortium of five Korean companies that now own 90% of the project.

Baja also had to contend with other issues in 2015. In September, access to the Boleo site was briefly restricted by the Muncipality of Mulege, which said it was entitled to construction permit-related payments.

Access was later restored and the plant resumed normal operations.

Plant personnel also addressed process and equipment issues, which became apparent when copper production ramped up.

At the same time, the company has continued to evaluate new underground mining methods, with some crews advancing ac-

BAJA ESTIMATES IT PRODUCED 7,319 TONNES OF COPPER IN 2015, FAR BELOW AN EARLIER ESTIMATE OF 20,000 TONNES. cess tunnels in three mines at the manto level, and contract miners undertaking trials using short-wall mining techniques.

In November, the company reported that surface mining still provides most of the material delivered to the stockpiles, and that 140 miners on three production shifts were employed underground.

The company also said underground mining conditions remained “constrained by difficult ground conditions, availability of experienced personnel and equipment,” and that underground production averaged 450 tonnes per day.

At the time it forecasted this number would increase to 1,000 tonnes per day before the end of 2015, with the delivery of more equipment.

Late last year the company also reached an $11-million settlement on class-action litigation, which will be covered by Baja’s insurers.

The settlement was made without any admission of liability.

In a press release, Ogryzlo said resolving the litigation “will remove a heavy burden that Baja has carried for the past three and a half years,” and help the company “seek much broader opportunities for creating value for its shareholders.”

Baja kicked off 2016 with news that test work on samples taken from Cinto Colorado tailings, next to the Boleo mine site, yielded positive results, and showed that the tailings are suitable for leaching.

It also forecast copper production for 2015 of 7,319 tonnes, down from an earlier forecast at the end of April 2015 of 20,000 tonnes. Baja says the cobalt and zinc sulphate circuits are being commissioned and commercial production is targeted for February 2016.

In January 2015, Baja said it hoped to start up the cobalt-zinc circuits by July, and ramp up production by October. TNM

The cobalt solvent extraction and zinc sulphate production facilities at Baja Mining’s Boleo copper-cobalt-zinc project in Mexico. BAJA MINING

2016-01-19 8:01 PM

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Kaminak boosts confidence in Coffee with new studies

The camp at Kaminak Gold’s Coffee gold project in the Yukon last August. PHOTO BY MATTHEW KEEVIL KAMINAK From 1

recoveries have come down a little bit ... the bulk of the deposit remains oxides, however, and further incorporation of transitional material during later life would require a pushback and likely higher gold prices,” he added.

Coffee would produce an average 193,000 oz. gold per year over its life-of-mine at an all-in sustaining cost of US$550 per oz. Assuming a US$1,150 per oz. gold price — and a US78¢ Canadian dollar — the project would generate a $455-million after-tax net present value at a 5% discount rate and a 37% internal rate of return. Annual after-tax

Jan 25Pgs 1 2 3 4 5 18 19 21 22 24.indd 21

free cash flow is estimated at $93 million.

As Lightner noted, Kaminak could tap into gold ounces in Coffee’s transitional material, but the company figures there is enough blue sky on its 150 sq. km property to keep an oxide-driven heap-leach operation humming well beyond 10 years.

“By that point we’ll have found our next million ounces of nearsurface oxide material, since we’ll have had a chance to test more than 25 km of geochemical anomalies situated proximal to the main orebody,” Thomas said.

“Now that the heavy lifting on the study has been done, we’re

looking forward to turning our minds back to our exploration initiatives. We recognize that this is a market that has not been paying for exploration so we’re not intending to go crazy, but because of where our project is located, and our facilities, it’s cost-effective to explore,” she continued.

Kaminak’s discoveries have been made by hunting for gold-in-soil anomalies to generate drill targets. The regional Dawson Range was not glaciated during the ice age, so erosion and deposition of till or outwash sediments did not occur over the property. The presence of undisturbed surface material has made soil-sampling

a “highly effective and low-cost exploration tool,” with a 90% success rate in drilling underlying bedrock targets.

Kaminak is setting a loose timeline that would see Coffee in production by 2019.

That assumes a permitting turnaround of two years and a hybrid debt-equity financing package.

By compa rison, Victoria Gold (TSXV: VIT; US-OTC: VITFF) received its final major water licence for a heap-leach operation at its Eagle gold project — located in central Yukon — in early December. The regulatory process took three years.

“We’re living in a serious com-

modity downturn, with many companies facing dire circumstances,” Thomas said. “We have 24 months of permitting in front of us, so we can think about what financing might look like. We feel confident because we have a project that works in the current gold-price environment, and we have a fairly modest capital requirement.”

Kaminak shares have traded within a 52-week window of 61¢ to $1.15, and closed at 92¢ per share at press time.

The company reported $28.5 million in cash at the end of October, and has 171.2 million shares outstanding for a $157.5-million market capitalization. TNM

2016-01-19 8:01 PM

22

WWW.NORTHERNMINER.COM

JANUARY 25-31, 2016 / THE NORTHERN MINER

The biggest gold losers in 2015 UNDERPERFORMERS

BY SALMA TARIKH

L

starikh@northernminer.com

ast year was another tough year for gold companies, with the spot metal price sliding 10% to finish 2015 at US$1,061 per oz.

While some miners thrived in the low gold price environment, others collapsed, with more than a few voluntarily delisting their stock.

Like always, some companies held on, despite wiping out much of their market value.

Rubicon Minerals (TSX: RMX; US-OTC: RBYCF) plunged 89.3%, losing a buck to exit 2015 at 12¢ per share. In November, it temporarily suspended underground mining at its Phoenix gold deposit in Ontario’s Red Lake district and dismissed 310 workers, or 87% of its staff. The junior explained that it discovered Phoenix’s F2 gold deposit was more “geologically complex” than it thought. Consequently, it stopped operations to improve its 2013 geological model, develop a resource estimate and implement a plan.

| Stocks that bled red amid last year's weak market conditions

On Jan. 11, the firm noted that its revised geological model and updated resource estimate reduced tonnes, grade and gold ounces at F2, making it suspend all work related to the implementation plan. The deposit has an estimated 413,000 oz., compared to 3.3 million oz. previously. The stock collapsed on the recent news to 5¢ in mid-day trading.

The junior expects to take a huge impairment in its year-end 2015 financial results. It is assessing strategic alternatives, including a merger, asset sale, financing options and capital restructuring.

Timmins Gold (TSX: TMM; NYSE-MKT: TGD) shares steadily declined 83.3%, or 95¢, to exit the year at 19¢ per share. On Nov. 2, Timmins said it would stop mining the San Francisco heap-leach gold mine in Mexico’s Sonora state in mid-2016, instead of 2022, due to low gold prices. Heap-leach operations should continue until early 2017.

It will need a gold price of higher than US$1,300 per oz. to consider restarting its sole mine.

Lydian International’s flagship Amulsar gold project in Armenia. LYDIAN INTERNATIONAL

Other major events in 2015 include replacing former CEO Bruce Bragagnolo with Mark Backens in October; buying Goldcorp’s (TSX: G; NYSE: GG) processing plant and infrastructure to cut development costs at its Ana Paula gold project; and closing the $140-million acquisition of

Newstrike Capital for Ana Paula.

Timmins expects a feasibility study for Ana Paula by mid-2016, with BMO analyst Brian Quast saying the project’s key hurdle would be financing. He has a speculative “underperform” rating on the stock.

Buenaventura (NYSE: BVN), Peru’s largest publicly traded pre-

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Jan 25Pgs 1 2 3 4 5 18 19 21 22 24.indd 22

cious metals company, fell US$5.28, or 55.2%, to finish at US$4.28 per share.

The company operates or owns an interest in several mines in the country, including the Orcopampa, La Zanja, Yanacocha and Coimolache gold deposits.

Sebastian Cruz, an analyst at Lima-based Kallpa Securities, notes the miner has “difficulty generating cash at current prices of gold and silver, because both metal costs exceed the current international price.”

He adds that Buenaventura’s leverage in the last quarter increased 3.5 times (measured in terms of net debt/earnings before interest, taxes, depreciation and amortization), likely making it hard to finance its upcoming Tambomayo and San Gabriel projects.

Despite this, Cruz remains bullish on the stock, with a US$9.55 target price and a “hold” rating.

Alamos Gold (TSX: AGI) lost 45.2% of its value to end 2015 at $4.55 per share, despite pushing its market cap to over $1 billion by merging with AuRico Gold and hitting its operational targets at the Young-Davidson gold mine in northern Ontario.

“Alamos has exited a transition year and we expect a better 2016,” Desjardins analyst Michael Parkin writes. He says the company will stay a relatively high-cost producer based on a “fully baked” all-in sustaining cost. Parkin estimates Alamos will produce 432,400 oz. gold this year at all-in sustaining costs of US$1,210 per equivalent oz. gold.

The analyst notes that the miner has ample cash — US$268 million at year-end 2015 — to weather the low gold price and developing its projects. Parkin has a “speculative buy” and a $6 target on the stock.

On Jan. 7, the miner closed its $28.5-million acquisition of Carlisle Goldfields to consolidate the Lynn Lake gold camp in Manitoba.

Lydian International (TSX: LYD; US-OTC: LYDIF) fell 42.6% in the past year to close 2015 at 27¢ per share, despite making headway at its fully held Amulsar gold project in Armenia.

In December, Lydian lined up a US$325-million construction and financing package for Amulsar from Orion Mine Finance and Resource Capital Funds. The package includes a US$60-million stream, an US$80-million equity raise, a US$160-million term loan and a US$25-million cost overrun facility.

A month earlier it revised Amulsar’s mine plan, bringing down anticipated start-up costs 13% to US$370 million and all-in sustaining costs down 17% to US$585 per oz., without sacrificing production.

Once up and running, the proposed decade-long mine could churn out 211,000 oz. annually. TNM

2016-01-19 8:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 25–31, 2016

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

Economic Geologist Whitehorse, YT Online Reference No: 63004

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Lead Electrician (Certified) Northern Quebec Online Reference No: 62839

Working with the maintenance engineering department, you will be responsible for providing greater technical focus on asset life cycle management.

This position is responsible for tracking exploration and mining activity in Yukon; liaising with mineral industry personnel; updating and managing databases of Yukon mineral occurrences, archived core, and exploration activity; conducting mineral potential and metallogenic studies for scientific inquiry and planning purposes; and, reviewing industry assessment reports submitted under the Quartz Mining Act.

Occupational Health and Safety Inspector – Electrical/Mechanical Ontario, Canada Online Reference No: 62998

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

Sr. Engineer, Mine McArthur River Operations, SK Online Reference No: 62945 Working with the McArthur River team, you will be responsible for providing mine engineering expertise and leadership to an underground uranium mine

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.

Whitehorse, YT Director, Compliance Monitoring & Inspections Online Reference No: 62940 This high-impact opportunity leading the planning, development and management of effective and integrated client support and inspection services for the Department of Energy, Mines and Resources (EMR) would suit a strategic-minded leader and seasoned natural resource administrator looking to further his or her leadership career in a spectacular setting.

Procurement Specialist Saskatoon, SK Online Reference No: 62993

In this role you will source a range of materials, equipment and services, conduct RFQ’s/RFP’s and interact closely with internal and external stakeholders. In your work, you will be contributing to value creation from procurement activities, acting as a service provider to our partners in Saskatchewan operations, as well as participating in continuous improvement of processes and procedures

President & CEO Vancouver,BC,Canada 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.

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.

One listing is all you need Print Edition.

Circulated to TNM 20K+ readership + 4 INDUSTRY JOB BOARDS

CANADIAN Mining Journal

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

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.

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

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

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

Jan 25_2016_ pg 15.indd 23

2016-01-19 6:32 PM

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WWW.NORTHERNMINER.COM

JANUARY 25-31, 2016 / THE NORTHERN MINER

Lundin, Ecuador gov't agree to advance Fruta del Norte GOLD

| Former Kinross asset back on track to pour gold in 2020

BY MATTHEW KEEVIL

I

mkeevil@northernminer.com VANCOUVER

t ha s t a ken ha l f a yea r of negot iat ions for Lundin Gold (TSX: LUG; US-OTC: FTMNF) to come to a financial agreement with the government of Ecuador to develop its f lagship Fruta del Norte high-grade underground gold deposit, 80 km east of the city of Loja. On Jan. 14 the company revealed a deal that could put it on track to meet a production target at the project by early 2020.

When Lundin picked up Fruta for US$240 million from Kinross Gold (TSX: K; NYSE: KGC) in mid-2015, Ecuador’s taxation and mining law seemed to threaten the deposit from being economically developed.

Pe r h a p s t h e m a i n r e a s o n Kinross unloaded the project was a 70% windfall tax on mining that torpedoed the producer’s attempts at developing the project in 2011.

Under Lundin’s new exploitation agreement, the government of Ecuador will tax the difference between net smelter revenue and what revenue would be using the base price at a 70% rate. The base price — determined on a monthly basis — will equal the trailing 10-year average of the daily price of gold or silver.

In addition to the gold price requirement, Lundin can recoup the cumulative investment in Fruta before any tax is needed, including US$280 million spent on the project before the company’s involvement.

Af ter ta k ing into account a 5% net smelter return royalty at Fruta it seems unlikely the windfall tax will come into play unless gold moves above US$1,550 per oz.

The camp at Lundin Gold’s Fruta del Norte gold project in Ecuador. LUNDIN GOLD

“We came to this agreement after around six months of negotiation, which, when taken in conjunction with the existing rules and regulations, establishes a f iscal regime and operating regime for the project,” president and CEO Ron Hochstein said during a conference call. “This also opens up the door for project financing, and is the first of many milestones to come.”

Lundin has agreed to advance $65 million in royalty payments

to Ecuador, with US$25 million due on executing the agreement.

The balance of the payment will be due in two equal disbursements on the first and second anniversaries of signing, which Lundin figures should happen by mid-year.

The total benefit received by the government cannot be less than 50% of the free cash f low from the operation.

In the event that the amount of money received is less than

50%, the company needs to pay an annual sovereign adjustment under Ecuadorian law.

“I don’t t h i n k t here’s been too much of a change in recent months in terms of Ecuador’s attitude towards mining in light of oil prices,” Hochstein added.

“It’s been something we noticed early with the formation of the mining ministr y one year ago, and if you listen to the speeches by the vice-president ... you’ ll hea r t hat what he’s say i ng is

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Jan 25Pgs 1 2 3 4 5 18 19 21 22 24.indd 24

pro-mining. We’ve signed this agreement and there’s no turning back. We’re committed to building a mining industr y in the countr y.”

BMO Capital Markets analyst Br ia n Qua st ha s a n “out perform” rating on Lundin and a $4.50 -per-sha re price ta rget, and noted that “the government of Ecuador has been viewed by many investors as the elephant in the room, impeding what we view as a world-class asset.” BMO Research speculates that the exploitation permit represents a “significant step to help alleviate such concerns.”

Fruta hosts indicated resources of 23.5 million tonnes grading 9.59 grams gold per tonne and 12.9 grams silver per tonne, for nearly 7.3 million contained oz. gold and 10 million contained oz. si lver. Inferred resources total 14.5 million tonnes of 5.46 grams gold and 11.3 grams silver.

The next milestones include a feasibility study expected to be completed by late April and the upcoming exploitation permitting in mid-June.

“We prioritized completing the exploitation agreement so that our feasibility study could be completed and efforts to finance development could move a head in earnest,” Hochstein said. “Financing negotiations a re a l re ady u nder w ay a long with non-disclosure agreements signed with multiple institutions, and we’ll accelerate those talks in 2016, with the goal of having the project funded by year-end. We’re looking at different structures, but I can say with confidence that we’ve had quite a lot of interest.”

Lundin Gold shares have traded within a 52-week window of $3.46 to $4.15, and jumped nearly 9%, or 33¢, on news of the agreement, en route to a $4.15-pershare close at press time.

The company has 101.3 million shares outstanding for $405-million market capitalization. TNM

2016-01-19 8:01 PM