The Norther Miner January 4, 2016 Issue

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VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

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

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ALMADEN MINERALS

TERRAX MINERALS

New milling strategy for Ixtaca / 3

DIAMOND FORECAST

Takes aim at Yukon City Gold targets / 11

Relief in the long term? / 16

JANUARY 4-10, 2016 / VOL. 101 ISSUE 47 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Alexco finds silver lining at Keno with Flame & Moth SITE VISIT

| New discoveries in iconic mining district

Mining the unexpected RESOURCE MODELS  |

‘Poor geology’ to blame for production shortcomings

BY MATTHEW KEEVIL mkeevil@northernminer.com KENO CITY, YUKON

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

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here’s a wealth of history in the Yukon’s Keno Hill mining district, and Alexco Resource (TSX: AXR; NYSE-MKT: AXU) is out to prove there’s a lot of silver left to discover across its large land package, 330 km north of Whitehorse. The company shuttered underground operations at its Bellekeno mine two years ago, but new discoveries just might inject life into the famous region in the southern Klondike. Driving through the abandoned mining town of Elsa on the way to Alexco’s site offices, it’s evident just how prolific the historic United Keno Hill mine must have been at its peak. The dilapidated cottages and apartment buildings observe the old township through blank windows, as a mud-stained tour van takes a sharp turn past a crumbling elementary school and community centre. In the 1950s, Elsa hosted the second-largest silver producer in Canada and the fourth-largest in the world. According to the Yukon government, between 1913 and 1989 Keno Hill produced more than 217 million oz. silver and hosted 35 mine sites. The history of the district plays a role in Alexco’s story, since it acquired a 235 sq. km land position surrounding Keno under an agreement with the government, which requires it clean up largescale environmental liabilities left behind by previous operators. The company is a bit of an anomaly in the mining industry, since it isn’t strictly focused on exploration, development and production. Alexco also operates an environmental consulting division that services

W

Alan McOnie, Alexco Resource’s vice-president of exploration, at the Keno Hill polymetallic project in the Yukon.

clients across a number of sectors, including: mining, oil and gas, transportation, government and First Nations. President and CEO Clynton Nauman explains during an interview that the environmental side of Alexco’s business developed from management’s previous experience working with major companies like Rio Tinto (NYSE: RIO), which led to expertise and connections for remediation, permitting and social licence. “We’re a mining company in one regard, but we’re also operating a profitable environmental division with a large — and growing — group of professionals who give us a real strategic advantage,” Nauman says. “We have technologies we’ve applied, and as a result we’re recog-

nized by all levels of government on the environmental side. Keno Hill is a great example of how building those relationships can result in great opportunities in the mining business.” In fact, Alexco’s environmental group has shouldered most of its cash generation during the downturn in the mining sector. The company reported revenue from environmental remediation totalling $15 million in 2014 — with a 33% profit margin — and estimates it has $100 million in backlog environmental contracts, including work at Keno Hill. Alexco recently completed a contract with the U.S. Environmental Protection Agency involving an interim water-treatment facility at the Gold King mine

PHOTO BY MATTHEW KEEVIL

near Silverton, Colo. The abandoned operation was the site of a high-profile spill in August that impacted the Animas River. “Few people are buying our stock based on this profitable environmental business that is, in essence, subsidizing our investment in highgrade silver mining,” Nauman says. “The plan is two build up both businesses alongside each other, but eventually ... we’ll be forced to split things up. It will advance to a point where we’ll be forced to capitalize each unit separately, because our investors will be involved for different reasons,” he adds. But the cash made from the environmental division has helped Alexco stay capitalized in tough

hen the “geological complexity” of their orebodies forced Rubicon Minerals’ (TSX: RMX; NYSE-MKT: RBY) to suspend development production at its Phoenix gold mine in Red Lake, Ont., and Goldcorp (TSX: G; NYSE: GG) to lower production at its Éléonore gold mine in Quebec, it brings to question whether miners today are fully prepared to handle the unexpected when it comes to mine geology. Jean-François Couture, a corporate consultant from SRK Consulting, says the ability of mining companies to predict the nature of their orebody has “evolved tremendously” over the past decade — but a poor geological understanding can weaken or even break any resource model. “We now have tools that are far GEOLOGY / 13 PM40069240

See ALEXCO / 2

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The historic mill building near the Flame & Moth deposit at Alexco Resource’s Keno Hill silver-lead-zinc project in the Yukon.

PHOTO BY MATTHEW KEEVIL

Alexco finds the silver lining at Keno with Flame & Moth ALEXCO From 1

markets, and invest in drilling and mapping at Keno Hill. Vice-president of exploration Alan McOnie says that the company inherited a “metric ton” of historic data when it picked up the property, and that has proven vital, since the region’s mineralization tends to be under cover, with “almost zero” outcrop. Keno Hill is classified as a polymetallic silver-lead-zinc vein district, with characteristics analogous to the Kokanee Range in B.C.; and the Coeur d’Alene district in Idaho. Common characteristics include proximity to crustal-scale faults — affecting thick clastic metasedimentary rocks — and intrusion of felsic rocks that may have heated the hydrothermal system. Alexco has drilled 165,000 metres at Keno since acquiring the land in 2010. Underground exploration work at Bellekeno during its two years of production helped the company get a handle on the structural controls and faulting in the region, which resulted in the discoveries Flame & Moth and Bermingham. “Flame & Moth is pretty central when we talk about the Keno region, but it is also under cover, so it was relatively untouched historically, outside of a bit of prospecting,” McOnie explains while standing outside Alexco’s mill building. The proposed portal for Flame & Moth is mere steps from the mill site, and it seems a stroke of luck

that the company didn’t build any infrastructure directly over the discovery. “It’s extremely important to understand how the deposits form, and so we’ve tried to identify the fault systems, and used the old mining data to determine structural controls. The host rock is significant in that regard, and we have a lot of information from resource drilling and production at Bellekeno that has allowed us to come up with more definitive exploration models,” he continues. Alexco has completed 176 drill holes over 41,000 metres at Flame & Moth since making the discovery four years ago. Mineralization comprises multi-phase quartz and siderite veining, developed within a broad host fault structure. Locally it contains massive galena, sphalerite, pyrite and pyrrhotite, with associated silver sulphosalts, arsenopyrite and chalcopyrite. The company released an updated resource at Flame & Moth in April, which is based on the north- to northeast-striking, moderately southeast-dipping Flame vein that is divided into two segments by a northwest-striking fault. The Flame vein — outlined in the hanging wall of the Mill fault — has been designated as the “Lightning zone,” and the footwall portion termed the “Christal zone.” The combined deposit hosts indicated resources of 1.6 million tonnes grading 506 grams silver per tonne, 0.43 gram gold per tonne, 1.9% lead and 5.4% zinc. Contained silver is

estimated at nearly 27 million oz. “We’re really positioning Keno for the restart of production. The time since our shutdown has been spent on a lot of engineering work and studies based on a promising discovery,” Nauman says. “We’re excited, because Flame & Moth is amenable to much higher capacity than we’d run previously, without compromising our high grades.” Meanwhile, the Bermingham deposit was discovered in 2014 after Alexco cut the “best intercept ever drilled” at Keno when it assayed 6.4 metres of true width grading 5,667 grams silver in hole 14-537. McOnie points to the discovery on the top of nearby Galena Hill, which hosts a historic open pit. Alexco completed 3,000 metres at the target this year. “We were following up on an intercept we had late last year to see if we could understand the controls

and how extensive that mineralization might be, because we see a lot of potential there,” McOnie adds. Bermingham hosts 377,000 indicated tonnes grading 430 grams silver, 1.6% lead and 1.7% zinc. Contained silver is estimated at 5.2 million oz. Alexco released results from drilling on the vein in September, with highlights including: 4 metres grading 7,462 grams silver in hole 15-580; 4.8 metres of 2,357 grams silver in hole 15-582; and 2.4 metres averaging 3,774 grams silver in hole 15-583. And Alexco remains well capitalized to pursue more discoveries next year, while awaiting a bounceback in silver prices. The company hopes to develop a mine plan that will drop its operating costs down to US$15 per oz. silver. Alexco reported cash and equivalents of nearly $6 million at the end

of September, and closed a $4-million hybrid private placement in early December. The company issued 5.7 million f low-through shares priced at 53¢, and 2 million hard shares priced at 48¢. Alexco shares have traded within a 52-week range of 34¢ to 81¢, and closed at 46.5¢ per share at press time. The company has 69.5 million shares outstanding for a $32.3-million market capitalization. “The key concept everyone who comes to visit us should take home with them is the overall scale of the district. We’re talking about a mining trend that runs over 30 km, and covers a huge area,” Nauman says. “We’ve now done much more drilling and have a greater understanding of the geology, so when we go back into production, we’ll do so at a much higher throughput, and subsequently produce even more silver.” TNM

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The proposed portal to Alexco Resource’s Flame & Moth zone at the Keno Hill polymetallic project in the Yukon.  PHOTO BY MATTHEW KEEVIL

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Almaden has new strategy at Ixtaca after mill agreement MINE DEVELOPMENT

| Junior revises PEA on Mexican gold mine

A drill crew working at Almaden Minerals’ Ixtaca gold-silver deposit, 95 km north of Puebla city, Mexico.  ALMADEN MINERALS BY MATTHEW KEEVIL

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mkeevil@northernminer.com VANCOUVER

t’s been a busy 12 months for A l maden Mi nera ls (TSX : AMM; NYSE-MKT: AAU), and it wrapped up the year with an option agreement for mill infrastructure that will drop development capital requirements at its Ixtaca gold-silver deposit, 95 km north of Puebla city, Mexico. The company also engineered a spin-out for its promising portfolio of exploration properties, and locked up a non-brokered private placement that should advance Ixtaca towards production in 2016. In June Almaden announced the creation of Almadex Minerals (TSXV: AMZ; US-OTC: AXDDF), which will hold a 100% interest in the El Cobre project and 21 other exploration assets that the company’s father-son team of Duane and Morgan Poliquin have amassed over 35 years of prospecting and dealmaking in Mexico. Under the spin-out arrangement, shareholders received one “new” share of Almaden and 0.6 of a share in Almadex. The spin-out will start with $3 million in cash and a 2% net smelter return royalty at Ixtaca. Almadex first traded on Aug. 14 with nearly 44 million shares outstanding, and closed at 15¢ per share at press time. “Given that Ixtaca has advanced to the point where we’re nearing development, the timing makes sense for our shareholders. Assuming another company is interested in picking up a more production-ready asset, it’s just easier for everyone if we completed the spin out at this time,” Morgan Poliquin, president and CEO of both companies, explained during an interview. “If we move ahead with financing Ixtaca, on the other hand, we didn’t want to dilute our exploration plays. We have a good amount of capital in the new vehicle, and we’ve focused on creating a strong list of drill-ready targets,” he added. Meanwhile, Almaden has been shopping for a potential mill purchase for Ixtaca for over a year.

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“WE’VE FOCUSED ON THE HIGHGRADE CORE OF THE DEPOSIT IN THE STUDY, BUT THE BIG ELEMENT IS OUR NEW MILL PURCHASE.” MORGAN POLIQUIN PRESIDENT AND CEO, ALMADEN MINERALS

On Oct. 19 the company announced an option agreement for the Rock Creek mill assets, which sit just outside Nome, Alaska. The deal would provide a 7,000-tonne-perday facility that includes a threestage crushing plant, gravity circuit, ball mill, flotation cells and leaching facilities. Rock Creek only operated for several months before the mining operation was shut down in 2008, and it has reportedly been “kept in excellent condition” during care and maintenance. Almaden will pay US$6.5 million under the option, with payments exercisable over three years. The company negotiated low upfront

payments to keep financial flexibility, with only US$750,000 due by the end of 2016. “We had started looking at available mills around 18 months ago, though certainly deteriorating market conditions gave us options, and dropping capital requirements at Ixtaca makes more sense than ever,” Poliquin said. “We’ve dealt with mill acquisitions like this with previous deals, and Rock Creek fits what we were looking for at the project. Obviously, the low upfront payments give us some optionality, in terms of how we proceed here.” On Dec. 9 Almaden released an updated preliminary economic assessment (PEA) that takes into

account a new mine plan and the impact of the mill purchase. The company released a PEA in September 2014 that envisioned a stagedbuild at Ixtaca that would carry a US$244-million capital expense and start out at 7,000 tonnes per day, before expanding to 30,000 tonnes per day. The mine would have produced 130,000 oz. gold and 7.8 million oz. silver annually. Under the new mine plan Ixtaca will remain at 7,000 tonnes per day over a 13-year mine life, and focus on 36 million tonnes of mill feed grading 0.76 gram gold per tonne and 47 grams silver per tonne, for an average head grade of 1.42 grams gold equivalent. Initial capital requirements have been cut to US$100 million, due to the Rock Creek acquisition. Ixtaca is envisioned to crank out 55,660 oz. gold and 3.6 million oz. silver annually at operating costs of US$684 per equivalent oz. gold. Assuming US$1,150 per oz. gold the plan features a US$166-million after-tax net present value at a 5% discount rate, and a 30% internal rate of return. “We’ve focused on the high-grade core of the deposit in the study, but the big element is our new mill purchase,” Poliquin said. “The cost savings are important given current

market dynamics, but I’d also point out that we still have a lot of material in the ground, if we proceed with an expansion.” Ixtaca hosts total measured resources of 30.4 million tonnes grading 1.38 grams gold equivalent for 1.35 million contained oz. Indicated resources include 62 million tonnes of 1.09 grams gold equivalent for 2.2 million contained oz. Around 97% of the material in Almaden’s new PEA falls in the measured and indicated categories, which should give the company a leg up when it boosts its scoping to the prefeasibility level. “There’s been a lot of great work done on the ground in terms of setting us up for that next level of engineering. That’s our goal for the coming year, and I don’t think there are a lot of precious metal projects with so many things moving in the right direction,” Poliquin added. “We’ve also set a great foundation in terms of social licence work with local communities in the form of mine tours and other initiatives, and have had really good conversations with government.” Almaden closed a $3.4-million, non-brokered private placement in late November, wherein it issued 4.5 million units priced at 75¢. Each unit consists of one share and one-half purchase warrant, while a full warrant is exercisable at $1 for 12 months. Almaden trades within a 52-week range of 65¢ to $1.57 per share and last closed at 77¢. There are 73 million shares outstanding for a $56.3-million market capitalization, and it had $4.3-million in working capital in September. TNM

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Workers position a drill rig at at Almaden Minerals’ Ixtaca gold-silver project.  ALMADEN MINERALS

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Top stories of 2015 END OF THE SUPERCYLE

| Macroeconomics rule mining industry's year

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hew, was 2015 a tough year for miners! As we look back and tie a bow around the fourth year of the downturn in commodity prices and the mining sector, we see an industry in defensive mode, spending more time and energy reacting to harsh, global economic forces than charting their own paths forward. BY JOHN CUMMING jcumming@northernminer.com In July, we saw the end of the Commodity Supercyle, as commodity prices represented by the Bloomberg Commodity Index returned to levels last seen in 2002 — or right back to where they were at the start of the much-beloved Supercycle that peaked in 2011. (To be fair, most other industries have limped along in recession or lowgrowth mode since the onset of the global recession in 2008, while the mining industry gained some respite with that freaky boom in 2010–11, fuelled by a still-voracious Chinese demand for raw commodities.) Throughout 2015, economic forecasters returned again and again to the importance of the unexpectedly slower growth in the Chinese economy, which has translated into falling commodity demand and lower commodity prices, pretty much across the board. The depreciation of the Chinese renminbi and the Shanghai stock market crash in June took special prominence in the news. Collapse in oil prices — Add record production to anemic demand, and in the oil sector we got oil prices crashing to 11-year lows of US$37 per barrel in December 2015, down from the long-held US$100 level last seen in mid-2014. Oil consumers reaped the benefits of an unusual market-share showdown between OPEC producers led by Saudi Arabia and U.S. shale-oil producers. Miners had mixed feelings about it all, as they enjoyed lower oil costs, as well as lower labour costs in petro-currencies such as the Canadian dollar, but still got swept up in the massive negative sentiment directed towards the oil sector. A world awash in iron ore — The ramping up of iron ore production at the low-cost mega-mines of Western Australia controlled by BHP Billion and Rio Tinto, plus Vale's Brazilian mines, combined with a fall-off in Chinese steelmaking, resulted in a glut of iron ore on the world stage. Iron ore prices have sunk to the US$40-per-tonne level, taking with it other steel-related products such as nickel, molybdenum and metallurgical coal. Even as high-cost iron ore mines close around the world, Goldman Sachs predicts the iron ore price will stay under US$40 per tonne for the next three years, as China’s slowdown forces the global iron ore industry into a long hibernation. Girls have a new BFF other than diamonds — During the last commodity downturn, consumer demand for diamonds protected the diamond-mining industry from the ravages affecting the rest of the mining sector, but this wasn’t the case in 2015. According to figures from the Antwerp Diamond Centre and Bain & Co., prices for polished and rough diamonds have fallen 12% and 23% since May 2014, and 8% and 15% since the start of 2015. With the biggest diamond miners broadly keeping their production levels steady over the past year, overall revenues for 2015 may be down 15% to 20%. As a consumer product, diamonds are increasignly losing out to luxury items such as smartphones, designer clothing and vacations. Samarco tailings disaster — In terms of areal extent of damage, the Samarco iron ore mine spill in Minas Gerais, Brazil, is one of the worst in history. The Fundao tailings dam at the mine — which is owned by super-majors BHP Billiton and Vale — collapsed on Nov. 5, killing at least 17 people and making 650 homeless. The spill of the equivalent of 20,000 Olympic swimming pools of mud waste has affected more than a dozen riverside towns and cities on its way to the Atlantic Ocean, 500 km downstream, with the cost of environmental damage estimated at US$7 billion. BHP and Vale’s share prices have fallen 30% since the disaster. Lithium gets trendy — Who would’ve guessed the light at the end of the tunnel would be powered by lithium batteries with a heavy graphite component? The junior mining market always needs a fresh story to tell, and a good one comes in the form of a booming market in lightweight lithium batteries for leading-edge products, such as Tesla’s electric sedans and energy storage products. This past year, dozens of lithium and graphite juniors have raised money and carried out substantial work programs around the world, as companies such as Tesla line up crucial battery-component supply for a major rampup in battery production. TNM

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COMPANY INDEX

Adamera Minerals. . . . . . . . . . . . . . . . . . . . 5 Alexco Resource. . . . . . . . . . . . . . . . . . . . . . 1 Almaden Minerals. . . . . . . . . . . . . . . . . . . . 3 Almadex Minerals . . . . . . . . . . . . . . . . . . . . 3 Alrosa. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Barkerville Gold Mines. . . . . . . . . . . . . . . 13 De Beers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Dominion Diamond . . . . . . . . . . . . . . . . . 16 Osisko Gold Royalties. . . . . . . . . . . . . . . . 11 Otis Gold. . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Petra Diamonds . . . . . . . . . . . . . . . . . . . . . 16 Rio Tinto. . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Rubicon Minerals. . . . . . . . . . . . . . . . . . . . . 1 TerraX Minerals. . . . . . . . . . . . . . . . . . . . . 11

The entrance to De Beers’ recently closed Snap Lake diamond mine in the Northwest Territories, as seen in 2009.   YK TIMES

Thank you De Beers, for doing the unthinkable COMMENTARY

| Snap Lake’s development brought widespread benefits to the region

BY GARY VIVIAN Special to The Northern Miner

D

e Beers deserves a huge thank you from northerners for doing what many might believe is the unthinkable. Let me be the first to say it: “Thank you De Beers for Snap Lake.” Lest readers think that I mean closing their mine, I do not. What is quite unthinkable is this: De Beers came to the Northwest Territories in 2005 and brought with them $975 million of their own money to build a diamond mine.

LET’S WORK ON MAKING THE N.W.T. MORE ATTRACTIVE TO FUTURE INVESTMENT — IF WE WANT IT TO COME BACK. They spent that, and went on to spend over $2.3 billion to build and operate the mine. Through their supportive northern business policy, they spent over $1.5 billion with northern businesses and joint ventures. Last year alone, Snap Lake spent $126 million with northern companies, including $50 million with aboriginal businesses and joint ventures. This has helped these companies employ even more people, and generated taxes along the way to governments, including the Tlicho government. Over this period, De Beers employed over 700 people annually. These are some of the highestpaying jobs in the country, with generous northern cost of living allowances, pensions and medical plans. They have provided employees with professional counselling, family support, financial planning support, health coaching, smoking cessation, relationship support, stress management, and alcohol and drug awareness training. The mine provided over 7,000 person years of meaningful employment over the mine life. They

have also invested in training programs on-site and off-site to help more northerners get jobs. Because of Snap Lake, De Beers has provided significant sponsorships and donations to a host of grateful community organizations. In 2014 alone, they spent a quarter of a million dollars to support events, programs and activities in 11 Northwest Territories communities to support arts, culture and heritage programs, as well as a book program to promote literacy. The list reveals De Beers supported a fall fish camp in Gamèti, the Lutsel K’e Dene First Nation Women’s Group, a mother and daughter sewing program in Wekweeti, the NWT SPCA and the Northern Arts and Cultural Centre, to just name a few of the long list of recipients. That’s serious giving back that we often seem to take for granted. De Beers has operated the mine to high environmental standards, and the company has full security for mine reclamation. Check out the facts for yourselves. Read their 2014 Snap Lake Mine Socio-Economic Report on the De Beers website. What’s unthinkable is that they have done all of this despite not turning a profit. Give your head a shake if you think we can convince others to come up here and do this, without making a profit. And now it’s gone. What are we going to do? Well, the first thing to do is to say a loud “Thank you De Beers! We appreciate you and all of your efforts to be great corporate citizens!” And then it’s up to all of us — and the Northwest Territories government and aboriginal governments — to roll up our collective sleeves and start helping investors. Let’s make the Snap Lake shut down a short one. And let’s work on making the Northwest Territories more attractive to future investment — if we want it to come back. TNM — Gary Vivian is a geologist with more than 35 years of experience in mineral exploration. He is president of Aurora Geosciences’ Yellowknife office and president of the NWT & Nunavut Chamber of Mines. This article first appeared on www. miningnorth.com. TNM

2015-12-23 5:57 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 4–10, 2016

On boutique broker dealers and marketcap cut-offs

Vancouver mining community gives back

LETTER TO THE EDITOR  |

A HELPING HAND  |

Reviving the juniors

A

dding to Stephen Masson’s commentary, “How to revive exploration in Manitoba,” (T.N.M., Dec. 28, 2015–Jan. 3, 2016), I believe the loss of the boutique broker dealers that once supported our junior market has been an unintended consequence of flash trading. How many retail brokers have closed? How many closed last week? How many more are stressed? If any of the Canadian stock exchanges would set a market cap cut-off, I believe delistings would slow, and retail trading and liquidity would return.

I BELIEVE THE LOSS OF THE BOUTIQUE BROKER DEALERS THAT ONCE SUPPORTED OUR JUNIOR MARKET HAS BEEN AN UNINTENDED CONSEQUENCE OF FLASH TRADING. A realistic market cap cut-off would do two things. First, it would protect the retail market from the liquidity-seeking algorithm traders during a flash crash, or even from the liquidity created by a news release. Market-cap protection would allow the value-added principle of the news release to come back into play. Successful explorers could trade up to a point where institutions would come back into worthy projects and companies. Second, a market cap cut-off would encourage management to keep discipline to the f loat of a junior and help the share price appreciate without danger from unintended raids, and assist in financing worthy projects without excess dilution. I think a $200- to $400-million market cap cut-off would help Canada regrow a vital part of the resource sector again. Arthur Esian Via the Internet

EVENTS Jan 2 4 -25 Vancouver Resource Investment Conference Vancouver, BC info@ cambridgehouse.com (604) 687-4151; Toll-free: 1-877-363-3356 cambridgehouse.com Jan 2 5 -28 Mineral Exploration Roundup Vancouver, BC info@amebc.ca 604-689-5271; 1-877-689-5554 www.amebc.ca Feb 2 1-24 SME Annual Meeting Pheonix, AZ cs@smenet.org (303) 948-4200 www.smeannualconference.com

5

Industry gets together to donate toys and cash for local families

T

he mining community of B.C. and beyond came together on Dec. 16 to support local families in need during the 11th Annual Toy Drive in Vancouver. About 400 people attended this year’s event, bringing in more than 300 toys and $11,000, according to organizer Heather Kays, who manages corporate communications for Adamera Minerals (TSXV: ADZ). She said the event shows that miners are willing to “dig deep” to support a good cause, despite the depressed industry. “The mining industry has been hit badly over the last few years. But every year I look forward to organizing this event, because when I pick up the phone to call compa-

Representatives of the 17 sponsoring companies at the toy drive in Vancouver last month.

2015 TOY DRIVE SPONSORS Adamera Minerals Auryn Resources Inc. Balco Consulting Cambridge House International Entrée Gold Exeter Resources Corp. nies to sponsor, I am always greeted with enthusiasm and a true desire to help,” Kays said. “The event started 11 years ago, with a few companies getting together for an afternoon celebration to collect toys and donations for

To learn more about the event, search #miningfortoys on social media

Formation Metals Integra Gold Investing News Network Mag Silver Nevada Sunrise Gold Pacific Ridge Mining

Primary Capital Publico Serengeti Resources SRK Consulting Starcore International Sunridge Gold

the local community,” she said. This years’ event was sponsored by 18 companies. The toys and cash donations went to the Lower Mainland Christmas Bureau and the Empty Stocking Fund.

These charities work to ensure families in need can celebrate during the holiday season. The drive was held at the local Moose’s Down Under Bar and Grill, which donated the room and food for the evening. TNM

DELIVERING CLEAR VIEWS OF GLOBAL MINING PROJECTS SINCE 1915 Executive Edition Includes: • The Northern Miner weekly newspaper in print and digital edition for easy reading in any situation • Database with detailed profiles of over 2,000 mining companies and over 1,400 mines and advanced projects * • Searchable mining news archives dating back to 1986 • 22 bonus feature supplements • Mining Trends & Developments magazine • 2 issues of Diamonds in Canada magazine • Exploration Trends & Developments Report • Daily mining company stock tables, charts and metal prices

To subscribe call 1-888-502-3456 or visit www.northernminer.com

Mar 6 -9 PDAC 2016 Toronto, ON info@ pdac.ca 416-362-1969 www.pdac.ca May 1 - 4 CIM-AGM Vancouver, BC Contact Chantal Murphy: cmurphy@ cim.org; or email: cim@cim.org (514) 939-2710 www.cim.org Sep 2 6 -28 MineExpo 2016 Las Vegas, NV info@nma.org (202) 463-2639 www.minexpo.com

* Powered by:

Oct 5 - 6 AEMQ XPLOR 2016 Montreal, PQ info@aemq.org 819 762-1599; Toll-free (Quebec): 1 877-762-1599 www.aemq.org

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

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

2015-12-23 5:57 PM


6

WWW.NORTHERNMINER.COM

JANUARY 4–10, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / DECEMBER 18–22 The Toronto stock market ended in positive territory, with the S&P/TSX Composite Index gaining 0.5% to close at 13,082.86. The S&P/ TSX Global Mining Index climbed 4.5% to 43.70, while the S&P/TSX Capped Diversified Metals & Mining Index jumped 14.8% to 344.99. The S&P/TSX Global Gold Index rose 4.4% to 130.88, as the spot gold price added 2% to finish at US$1,072.30 per oz. The February contract for benchmark crude oil fell 1.8% to US$36.40 a barrel, while the loonie stayed relatively flat at US71.72¢. Dominion Diamond advanced $2.75 per share to $14.01, after coming under pressure by activist shareholders. The group, led by K2 & Associates Investment Management, said in an open letter that the Arctic miner’s weak share price resulted from “misguided policies and missed opportunities.” They have asked for a meeting before the new year with the company’s independent directors to discuss changes, including a strategic review. The group collectively owns a 5.4% stake in the diamond miner. The company responded in a news release that it “looks forward to an open dialogue” with the group. New Millennium Iron shares rose 50% to 8¢ after it responded to claims made by a group of dissident shareholders who have requested a special shareholders meeting to replace all of the company’s independent directors. New

Millennium says that the past two years have been hard for the iron ore industry, with price plunging on weak Chinese demand, while supply from Australia and Brazil flooded the market. Despite this, it has transitioned from an explorer to a developer, while preserving capital, adding it has enough financial flexibility to make it through at least 2018. New Millennium has appointed three directors to help develop its taconite properties. It has also formed a special committee that will examine the dissent shareholders’ claims and make any recommendations if necessary. The company’s special meeting of shareholders is set for mid-March 2016. Western Copper and Gold rose 21.5% to 40¢ per share, after announcing that it has submitted the second supplementary inforTSX MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

OceanaGold First Quantum B2Gold Teck Res B Yamana Gold Rubicon Mnrls Barrick Gold Centerra Gold Kinross Gold Eldorado Gold

OGC 29510 2.72 FM 28673 5.24 BTO 18791 1.65 TCKB 18357 5.09 YRI 17646 2.72 RMX 16372 0.15 ABX 14977 10.71 CG 14306 7.45 K 12346 2.72 ELD 11445 4.52

2.56 2.63 + 0.07 4.01 5.12 + 1.25 1.47 1.47 - 0.03 4.41 5.06 + 0.73 2.48 2.56 + 0.05 0.09 0.11 - 0.04 9.81 10.40 + 0.71 6.75 6.79 - 0.28 2.50 2.65 + 0.17 3.97 4.36 + 0.38

mation report for its Casino copper-gold project to the Yukon environmental and socio-economic board. Including the most recent filing, the company’s has submitted over 14,000 pages of information over the past three years of engagement with regulatory agencies and governments. It hopes that the latest report will kick off the assessment’s screening phase. Cameco announced on Dec. 17 that it has

temporarily restricted underground mining at the Rabbit Lake uranium operation in Saskatchewan. After reopening an inactive area of the Eagle Point mine, it discovered a fall of rock in a tunnel, but no groundwater inflow to the mine. As a precaution, it has suspended production from Eagle Point until it finishes a review. The halt should not affect Rabbit Lake’s annual production. Cameco climbed 84¢ to end at $17.09 per share. TNM

TSX GREATEST PERCENTAGE CHANGE

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

Foraco Intl New Milln Iron First Point First Quantum Trevali Mng Loncor Res Namibia Rare E Cardero Res Silver Bear Rs Dominion Diam Victory Nickel Coro Mining Inspiration Mg Fortune Mnrls Rubicon Mnrls Freegold Vent Orvana Mnrls Laramide Res Canarc Res Gabriel Res

Dominion Diam Agnico-Eagle Franco-Nevada Horizns G Bull First Quantum Goldcorp Royal Gold Endeavour Mng Cameco Corp Mag Silver Agrium Horizns G Bear Centerra Gold Altius Mnrls North Am En Pa Uranium Partic Laramide Res Eco Oro Mnls Golden Queen GoGold Res

FAR NML FPX FM TV LN NRE CDU SBR DDC NI COP ISM FT RMX FVL ORV LAM CCM GBU

55 912 304 28673 3894 350 504 135 235 1378 239 326 59 281 16372 2087 886 1329 1120 218

0.24 0.14 0.21 0.09 0.05 0.08 0.05 0.04 0.05 5.24 4.01 5.12 0.43 0.34 0.43 0.03 0.02 0.03 0.05 0.04 0.05 0.10 0.08 0.10 0.03 0.02 0.03 14.29 11.18 14.01 0.03 0.02 0.02 0.03 0.02 0.02 0.07 0.05 0.05 0.02 0.02 0.02 0.15 0.09 0.11 0.07 0.05 0.06 0.16 0.11 0.13 0.32 0.25 0.25 0.06 0.04 0.05 0.15 0.12 0.12

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

61.5 50.0 42.8 32.3 26.8 25.0 25.0 25.0 25.0 24.4 33.3 33.3 30.7 25.0 25.0 21.4 21.2 19.3 18.1 17.2

DDC AEM FNV HGU FM G RGL EDV CCO MAG AGU HGD CG ALS NOA U LAM EOM GQM GGD

1377674 14.01 2851680 36.90 1864615 64.43 3984599 16.80 28672857 5.12 9966091 16.43 21497 50.73 1708752 7.47 5004775 17.09 897417 9.81 2380603 126.66 3557581 11.64 14305961 6.79 234034 9.99 43773 2.45 1022599 5.09 1329382 0.25 162200 0.35 79966 0.69 129745 1.15

+ 2.75 + 1.97 + 1.78 + 1.34 + 1.25 + 1.17 + 0.94 + 0.91 + 0.84 + 0.82 - 2.01 - 1.08 - 0.28 - 0.14 - 0.12 - 0.10 - 0.06 - 0.06 - 0.05 - 0.05

TSX VENTURE EXCHANGE / DECEMBER 18–22 The S&P/TSX Venture Composite Index sits near the lowest point in its history, despite posting marginal gains during trading, as it jumped 3.83 points, en route to a 502.04-point weekly close. In global economic news, China’s government announced it would ease the country’s economic regression, with larger fiscal deficits and stimulus measures. Meanwhile, Statistics Canada reported that Canadian average weekly employee earnings rose 0.5% in October. Gains were fuelled by rising commodity futures, with February contracts for gold bullion gaining 2.1%, or US$22.30, en route to a US$1,073.10 per oz. close, and March contracts for copper rising 3.8%, or US7.8¢, before finishing at US$2.11 per lb. February contracts for West Texas Intermediate crude oil jumped 4.4%, or US$1.54, en route to a US$36.49-per-barrel close. Kennady Diamonds topped the valueadded category after announcing diamondrecovery results from its Kennady North discovery in the Northwest Territories. The company gained 60¢ on 108,326 shares traded, before finishing at $3 per share. On Dec. 17, Kennady reported results from a 0.93-tonne sample recovered during core drilling at its Kelvin North Lobe, which returned a 3.55-carat-per-tonne sample grade

for diamonds of commercial size. Over 2015, the company has processed 14.7 tonnes of core samples from Kelvin North, which have returned an average sample grade of 2.83 carats per tonne. Kennady plans to recover a 500-tonne bulk sample from the North Lobe in early 2016, which could deliver more than 1,200 carats to support revenue modelling for the Kelvin kimberlite. Explorer Equitas Resources had nearly the most shares traded after an exploration update from its Garland nickel project in Labrador. The company saw 4 million shares change hands before it closed up 1¢ at 7¢ per share. Equitas recently completed a five-hole drill program at Garland to test for masTSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Cap-Ex Vent CEV Equitas Res EQT Northern Shiel NRN Equitorial Exp EXX Arctic Star Rs ADD Majestic Gold MJS Minaurum Gold MGG CSO Corsa Coal Copper North M COL Aurion Res AU

4961 4041 3477 2262 2006 1828 1825 1672 1613 1512

0.02 0.08 0.02 0.07 0.02 0.10 0.06 0.03 0.04 0.06

0.01 0.06 0.01 0.05 0.01 0.08 0.05 0.02 0.03 0.05

0.01 - 0.07 + 0.02 + 0.05 - 0.02 0.09 + 0.05 + 0.02 - 0.03 0.06 +

0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.01

sive sulphide systems hosting potentially economic nickel and platinum group metals mineralization, which could be prevalent in the Labrador region. The company reported that hole 15-5 tested the Cominco showing and intersected disseminated pyrrhotite-chalcopyrite-pyrite over a 69-metre interval from surface. Meanwhile, hole 15-4 aimed at geophysical

anomaly Q, which produced a “complex anomalous response that could indicate a good-quality conductor in or near the hole.” Chesapeake Gold was on the rise after releasing an update on a prefeasibility study at its wholly owned Metates gold-silver project in Durango State, Mexico. The company jumped 15¢ on 174,120 shares traded, before finishing at $1.96 per share. TNM

TSX-V GREATEST PERCENTAGE CHANGE

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WEEK VOLUME CLOSE CHANGE

Nikos Expl Plate Res Tearlach Res Amex Expl Argus Metals East Asia Mnls Europn Uran Rs Tembo Gold BCGold Burnstone Vent Reunion Gold Firesteel Res Stelmine Can Sego Res Palmer Res Cap-Ex Vent Silver Mtn Mns Oracle Mng Alexander Nubi Signature Res

Kennady Diam Chesapeake Gld Abitibi Royalt Energold Drill Arianne Phosph Tearlach Res Apogee Silver Largo Res Kilo Goldmines Feronia Nevada Expl Diamcor Mng Avino Silver Ascot Res Karmin Expl Zenyatta Vent EurOmax Res Mason Graphite Marlin Gold Alexander Nubi

NIK PLR TEA AMX AML EAS EUU TEM BCG BVE RGD FTR STH SGZ PMD CEV SMM OMN AAN SGU

43 24 35 517 140 191 231 153 18 214 45 124 10 260 198 4961 11 195 12 10

0.06 0.04 0.14 0.05 0.05 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.01 0.05 0.02

0.03 0.03 0.07 0.03 0.03 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.04 0.02

0.06 0.03 0.14 0.05 0.05 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.04 0.02

+ 200.0 + 200.0 + 170.0 + 150.0 + 150.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 42.8 - 42.8

KDI CKG RZZ EGD DAN TEA APE LGO KGL FRN NGE DMI ASM AOT KAR ZEN EOX LLG MLN AAN

108326 174119 10602 157402 616645 34500 17437 262735 67500 363500 36200 117465 45811 82972 46000 228894 79167 159181 137500 12000

3.00 1.96 3.00 0.40 0.95 0.14 0.21 0.30 0.11 0.19 0.29 0.74 1.19 0.82 0.18 0.86 0.21 0.37 0.16 0.04

+ 0.60 + 0.15 + 0.10 + 0.09 + 0.09 + 0.09 + 0.05 + 0.05 + 0.05 + 0.04 - 0.07 - 0.06 - 0.06 - 0.05 - 0.04 - 0.04 - 0.04 - 0.03 - 0.03 - 0.03

U.S. MARKETS / DECEMBER 18–22 The U.S. Commerce Department reported gross domestic product grew at a 2% annual pace in the third quarter, while U.S. home resales for the month of November posted their steepest decline in five years. Prices for Brent crude for February delivery hit an 11-year low on Dec. 21, before closing at US$36.11 a barrel on Dec. 22. The Dow Jones Industrial Average dipped 0.5% to 17,414.27, and the S&P 500 Index slid 0.1% to 2,038.97. The Philadelphia Gold & Silver Index rose 5% to 45.36. Randgold Resources’ decision to end its conditional investment agreement with AngloGold Ashanti on Sept. 16 to redevelop Anglo’s Obuasi mine in Ghana lifted the company’s shares US$1.63 to US$60.87. Randgold said the plan did not satisfy its internal investment criteria. Analysts at Investec Securities said the decision was a “strong positive,” and “shows that Randgold remains financially disciplined.” BMO Capital Markets has a US$90-per-share target price on the stock. Shares of Compass Minerals gained US99¢ to US$74.93. The company announced that it had signed a definitive agreement to buy a 35% stake in Produquimica Industria e

Jan 4 Pgs 6.indd 6

Comercio S.A., one of Brazil’s leading manufacturers and distributors of specialty plant nutrients. The all-cash transaction is valued at US$120.7 million. BHP Billiton updated investors on the Nov. 5 tailings dam failure in Brazil, raising the number of confirmed dead to 17, and confirming that five of the dead were community members, and 12 were people working in the dams at the time of the catastrophe. Two people who worked in the dams are still missing. BHP and joint-venture partner Vale have hired Cleary Gottlieb Steen & Hamilton, a New York-based law firm, to examine the U.S. MOST ACTIVE ISSUES VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 178787 6.48 6.08 6.42 + 0.30 Alcoa* AA 76761 9.57 9.13 9.56 + 0.41 B2Gold* BTG 73682 1.19 1.05 1.05 - 0.03 Barrick Gold* ABX 51870 7.68 7.02 7.47 + 0.53 Rubicon Mnls* RBY 44475 0.11 0.04 0.08 - 0.03 Consol Energy* CNX 33669 8.49 6.90 8.07 + 1.17 Kinross Gold* KGC 31151 1.95 1.79 1.90 + 0.12 Mosaic* MOS 28124 29.38 26.96 28.70 - 0.14 Goldcorp* GG 25248 11.98 11.05 11.78 + 0.83 Teck Res B* TCK 23928 3.65 3.15 3.62 + 0.51

cause of the breach. BHP said the findings of the external investigation will be made public. The company also said that all those displaced by the breach can be relocated before Dec. 25. In a separate news release, BHP named Flavio Bulcao as its country

director for Brazil. Bulcao will lead the BHP Billiton team based in Belo Horizonte, and support the humanitarian, environmental and operational recovery efforts. BHP and Vale each own 50% of the mine. BHP’s shares closed at US$24.54, up US92¢. TNM

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

Dominion Diam* DDC Tasman Mtls* TAS Denison Mines* DNN Consol Energy* CNX Harmony Gold* HMY Teck Res B* TCK Western Coppr* WRN Peabody Enrgy* BTU Soc Quim&M Ch* SQM Vista Gold* VGZ Uranium Res* URRE Rubicon Mnls* RBY General Moly* GMO Rare Elemt Re* REE Avino Silver* ASM Minas Buenavn* BVN Intl Tower Hi* THM Entree Gold* EGI Mechel* MTL Arch Coal* ACI

810 10.34 8.11 10.06 + 24.6 196 0.22 0.16 0.21 + 20.6 153 0.45 0.37 0.44 + 17.8 33669 8.49 6.90 8.07 + 16.9 15310 0.95 0.80 0.89 + 16.4 23928 3.65 3.15 3.62 + 16.4 300 0.28 0.22 0.27 + 15.1 4966 8.84 7.40 8.49 + 13.3 2774 18.07 16.84 17.95 + 13.0 270 0.33 0.27 0.31 + 11.9 3099 0.52 0.35 0.39 - 26.1 44475 0.11 0.04 0.08 - 25.0 843 0.27 0.20 0.21 - 15.6 480 0.19 0.15 0.16 - 15.4 306 0.92 0.84 0.84 - 6.3 8031 4.40 3.80 3.92 - 6.0 17 0.22 0.20 0.20 - 5.6 64 0.24 0.20 0.22 - 5.5 673 0.91 0.77 0.85 - 4.7 2424 1.00 0.90 0.93 - 4.6

U.S. GREATEST VALUE CHANGE

WEEK VOLUME CLOSE CHANGE

Soc Quim&M Ch* SQM Dominion Diam* DDC Randgold Res* GOLD Agnico-Eagle* AEM Franco-Nevada* FNV Alliance Rs P* ARLP Consol Energy* CNX MDU Res* MDU Cabot Corp* CBT Peabody Enrgy* BTU Agrium* AGU Minas Buenavn* BVN US Silica Hld* SLCA Mosaic* MOS Uranium Res* URRE Vale* VALE North Am En P* NOA Goldfield* GV Avino Silver* ASM Hi-Crush Part* HCLP

2774075 17.95 810068 10.06 2009530 60.87 8232986 26.48 2976387 46.26 1787955 13.48 33669430 8.07 5730334 17.85 1347463 41.02 4965859 8.49 433874 90.85 8030607 3.92 1481395 18.81 28124086 28.70 3098675 0.39 16061620 3.14 13155 1.77 263626 1.47 305806 0.84 209000 5.46

+ 2.07 + 1.99 + 1.63 + 1.43 + 1.33 + 1.17 + 1.17 + 1.11 + 1.01 + 1.00 - 1.36 - 0.25 - 0.18 - 0.14 - 0.14 - 0.09 - 0.07 - 0.06 - 0.06 - 0.05

2015-12-23 5:56 PM


GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JANUARY 4–10, 2016

7

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, December 22, 2015 Precious Metals Price (US$/oz.) Change $1077.00 +7.85 Gold Silver $14.24 +0.50 Platinum $868.00 +25.00 Palladium $558.00 +9.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $8750.00 -135.00 $4693.00 -45.00 $1708.00 -16.00 $1523.00 -9.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 21, 2015 (change from December 14, 2015 in brackets): Aluminium Alloy 14140 (+680) Aluminium 2931725 (+1550) Copper 232175 (-25) Lead 191825 (+60650) Nickel 436584 (+27570) Tin 6085 (+280) Zinc 485025 (-23050)

TSX SHORT POSITIONS

PRODUCER AND DEALER PRICES

TSX WARRANTS

TSX VENTURE WARRANTS

Thermal Coal CAPP: US$43.10 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$43.50 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.90 Coal: CME Group Futures Jan. 2016: US$43.03; Feb. 2016: US$43.33 Cobalt: US$11.29/lb. Copper: US$2.12/lb. Copper: CME Group Futures Jan. 2016: US$2.12/lb.; Feb. 2016: US$2.13/lb Ferro-Chrome: US$1.97/kg Ferro Titanium: US$4.35/kg FerroTungsten: US$22.75/kg Ferrovanadium: US$13.68/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$53.16/tonne Iron Ore Pellets: US$71.04/tonne Lead: US$0.78/lb. Magnesium: US$1.99/kg Manganese: US$1.63/kg Molybdenum Oxide: US$5.44/lb. Phosphate Rock: US$123.00/tonne Potash: US$300.00/tonne Rhodium: Mid-mkt US$660.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$14.31 per oz.; Handy & Harman Fabricated: US$17.88 per oz. Tantalite Ore: : US$132.41/kg Tin: US$6.65/lb. Uranium: U3O8, Trade Tech spot price: US$33.50/lb.; The UX Consulting Company spot price: US$35.80/lb. Zinc: US$0.68/lb. Prices current Dec. 23, 2015

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 (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 Supplied by TMX Group Inc.

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 Supplied by TMX Group Inc.

TSX VENTURE SHORT POSITIONS

Short positions outstanding at Dec.15/15 (with changes from Nov.30/15).

Short positions outstanding at Dec.15/15 (with changes from Nov.30/15).

Largest short positions First Quantum FM 38177500 Lundin Mining LUN 34521841 PotashCorp POT 26712122 New Gold NGD 25752718 B2Gold BTO 24852859 Kinross Gold K 15419253 Yamana Gold YRI 13404739 Barrick Gold ABX 12672048 Eldorado Gold ELD 11164401 Teck Resources TCK.B 11114965 Platinum Group Metals PTM 10020674 Paramount Resources POU 9073976 Iamgold IMG 7872384 Torex Gold TXG 7725649 Argonaut Gold AR 7290950 Largest increase in short position 10020674 Platinum Group Metals PTM First Quantum FM 38177500 Agnico Eagle Mines AEM 3191411 Semafo SMF 3362504 Iamgold IMG 7872384 Largest decrease in short position Teck Resources TCK.B 11114965 Lundin Mining LUN 34521841 Detour Gold DGC 6072450 Yamana Gold YRI 13404739 New Gold NGD 25752718

Largest short positions Arctic Star Exploration ADD 1833000 East Asia Minerals EAS 1049000 Majestic Gold MJS 948000 Silver Range Res. SNG 650000 Gold Reserve GRZ 613600 Maya Gold & Silver MYA 460500 GTA Res. and Mining GTA 400000 Nemaska Lithium NMX 315274 Fjordland Exploration FEX 300000 Gensource Potash GSP 280000 Nexgen Energy NXE 273500 Wealth Minerals WML 250000 Purepoint Uranium PTU 218700 Zenyatta Ventures ZEN 201316 Golden Dawn Minerals GOM 170000 Largest increase in short position 1833000 Arctic Star Exploration ADD East Asia Minerals EAS 1049000 Majestic Gold MJS 948000 Silver Range Res. SNG 650000 Maya Gold & Silver MYA 460500 Largest decrease in short position Nexgen Energy NXE 273500 Nemaska Lithium NMX 315274 First Mining Finance FF 89600 Viscount Mining VML 20000 Graphite One Res. GPH 300

2448003 -5529175 -2286602 -3223593 -759757 -594218 -3811439 -1880467 -290489 -10385327 9605074 285534 1290211 377564 -26611 9605074 2448003 1569464 1436571 1290211 -10385327 -5529175 -4017517 -3811439 -3223593

1833000 1049000 744000 650000 21100 460500 400000 -552370 300000 280000 -2440308 250000 208100 -88384 166000 1833000 1049000 744000 650000 460500 -2440308 -552370 -156000 -142000 -140000

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Date Dec 17 Dec 16 Dec 15 Dec 14 Dec 11 High Low TSX Composite 13034.38 13024.30 13009.93 13.166.08 12919.57 15524.75 12617.66 501.59 501.30 496.95 498.21 495.75 707.95 494.28 S&P/TSX-Ven Comp S&P TSX 60 767.97 767.24 767.25 778.34 763.55 905.09 744.37 Global Gold 131.75 129.17 125.39 132.96 126.93 195.63 114.48 TSX Metals & Mining 331.27 320.82 300.50 310.49 298.40 832.42 295.54 Gold & Silver XAU 45.33 44.54 43.21 46.70 44.68 83.22 42.72 Arca Gold Bugs 111.88 109.25 106.11 114.18 109.19 211.23 101.28

DAILY METAL PRICES Date Dec 21 Dec 18 Dec 17 Dec 16 Dec 15 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1595/1605 1580/1590 1580/1595 1565/1580 1560/1580 Aluminum 1509/1505 1507/1499.50 1482/1474 1477.50/1477.50 1477/1476 Copper 4690/4701.50 4649/4652 4549.50/4550 4582/4586 4585/4600 Lead 1718/1708 1668/1665 1634.50/1640 1675/1680 1714/1719 Nickel 8700/8810 8650/8710 8600/8650 8670/8720 8640/8690 Tin 14555/14550 14625/14625 14640/14600 14745/14625 14595/14600 Zinc 1503/1524.50 1497/1513 1461/1482.50 1479/1496 1499/1519 PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1071.15 1055.25 1065.85 1065.75 1069.15 Gold PM 1078.75 1062.50 1049.40 1075.25 1061.50 Silver 14.20 13.82 14.08 13.74 13.74 Platinum 873.00 852.00 848.00 876.00 852.00 Palladium 558.00 553.00 568.00 573.00 558.00

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Dec 21 Dec 18 Dec 17 Dec 16 Dec 15 US$ in C$ 1.3990 1.3882 1.3970 1.3805 1.3728 C$ in US$ 0.7148 0.7204 0.7158 0.7244 0.7284

NEW 52-WEEK HIGHS AND LOWS DECEMBER 18–22, 2015 15 New Highs Endeavour Mng First Lithium Frontline Gold Gold Std Vnt Gold Std Vnt* Golden Share M Honey Badger E Inter-Rock Mnl Lucara Diam Minsud Res Noram Vent Randsburg Intl Sabina Gd&Slvr St Andrew Gldf TAD Mnl Expl

285 New Lows Actus Mnls Adamera Mnls Adex Mining Advance Gold African Gold G Aguila Am Res Alderon Iron O Alexandria Mnl Alita Res Alloycorp Almonty Ind Altai Res Altan Rio Mnls Altima Res AM Gold Amarc Res Amerigo Res Anaconda Mng Anconia Res Anglo-Can Mng Apogee Silver Arctic Star Rs Arcturus Res Argex Titanium Astorius Res Astur Gold Atico Mng Auramex Res Aurvista Gold Avino Silver* Axmin Inc Azimut Expl Azincourt Res Baja Mng Balmoral Res Bandera Gold Bard Vent Barisan Gold Barker Mnrls Batero Gold Bayswater Uran Beaufield Res Belvedere Res Benton Cap Bitterroot Res Bold Vent Brionor Res Buccaneer Gold Bullman Mnls Burnstone Vent Cadillac Vent Canada Rare Ea Canadn Arrow Canaf Group Canamex Res Canterra Mnls Cap-Ex Vent Caracara Silvr

Castle Peak Mg Catalyst Coppr Caza Gold Chiboug Ind Mn China Mnls Mng Cloud Peak En* CMC Metals Colorado Res Compass Mnls* Compliance Eny Constant Mtl R Copper North M Corsa Coal CVR Partners* Dalton Res Ltd Darnley Bay Diamcor Mng Diamond Fields Discovery Harb Discovery-Corp DNI Metals Dynasty Met&Mn East Asia Mnls Eastfield Res Emgold Mng Equitorial Exp Eurasian Mnls* Europn Uran Rs Everton Res Excalibur Res Fairmont Res Fancamp Expl Fieldex Expl Firesteel Res Firestone Vent First Point Fjordland Exp Foran Mng Forsys Metals Fortune Mnrls Freegold Vent Freeport McMo* Frontline Gold Gabriel Res Galane Gold Gem Intl Res General Moly* Geodex Mnrls Geologix Ex Geomega Res Getty Copper GGL Res Gold Finder Ex Gold Reach Res Goldcliff Res Golden Band Golden Star* Goldex Res Goldeye Expl Grande Portage Gray Rock Res Great Quest Me Groundstar Res GTA Res & Mng Handa Copper Hansa Res Heatherdale Rs Highway 50 Gld Hinterland Mtl Hunt Mng Huntington Exp IMPACT Silver Imperial Metal Independence G Intl Vestr Res Intrepid Pots*

Ivanhoe Mines J.A.G. Mines Jiulian Res Katanga Mng Kazax Mnls Kestrel Gold Khan Res Kiska Metals Kootenay Gold Laurion Mnl Ex Legend Gold Lincoln Mng Loncor Res Lowell Copper Lucky Mnls MacDonald Mns Majescor Res Makena Res Mandalay Res Maracote Intl Marifil Mines Marlin Gold Matamec Expl Maudore Minls MDN Inc Meadow Bay Gd Mega Uranium Melior Res Mesa Expl Metalcorp Metalore Res Metanor Res Micrex Devel Minas Buenavn* Mindoro Res Mineral Mtn Rs Mines Managem* Mines Managmnt Miranda Gold Monarques Res Monster Mng Mosaic* Mountain Boy M MPVC Mustang Minls Namibia Rare E Nebu Res Network Expl Nevado Res Noble Mnl Expl Nomad Ventures Northern Abiti Northern Dyn* Northern Freeg Northern Gld M Northern Iron Northern Shiel Northern Sup R Northisle C&G NQ Expl NuLegacy Gold NV Gold Opawica Expl Oracle Mng Orca Gold Orestone Mng Oroco Res Orvana Mnrls Pac Ridge Expl Palmer Res Pan Global Res Pelangio Expl Peregrine Diam Philippine Mtl Pilot Gold Pinetree Cap

Plate Res Platinum Gp M* Platinum Gp Mt Plato Gold Polaris Minls QMC Quantum Ml Quartz Mtn Res Quest Rare Mnl Rambler Mg&Mtl Randsburg Intl Rare Elemnt Rs Rare Elemt Re* Redhill Res Redstar Gold Redstar Res Reliance Res Reunion Gold Rio Tinto* RJK Explor RockBridge Res Rodinia Lithm Rubicon Mnls* Rubicon Mnrls Rugby Mng Rupert Res Sable Res Sama Res Sanatana Diam Scorpio Mining Sego Res Serengeti Res SGX Res Sherritt Intl Silver Bear Rs Silver Bull Re Silver Mtn Mns Silver Pursuit Silvercorp Mtl Source Expl SouthGobi Res Spanish Mtn Gd Stelmine Can Stonegate Agri Strategic Res StrikePoint Gd Sultan Mnrls Superior Coppr Sutter Gold TAD Mnl Expl Taipan Res Tasca Res Tawsho Mng Teras Res Thor Expl Timberline Res Titanium Corp Trueclaim Expl TVI Pacific Typhoon Expl Uranium Res* US Energy* Vena Res Verde Potash Victory Nickel Victory Res Victory Vent Vior Mining VMS Vent VVC Expl West Kirkland Western Coppr* White Pine Res Wolverine Mnls Xtierra Zimtu Capital

For daily mining news, visit www.northernminer.com

EXCHANGE RATES (Bank of Canada, December 21, 2015) Currency Aus $ Euro Japan Mex P SA Rand UK £ In C$ 1.0033 1.5276 0.01156 0.08150 0.09257 2.0853 In US$ 0.7172 1.0919 0.00826 0.05826 0.06617 1.4906 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.$

Jan 4 Pgs 7.indd 7

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

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

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres

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

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

2015-12-23 5:56 PM


8

WWW.NORTHERNMINER.COM

JANUARY 4–10, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: DECEMBER 18–22, 2015 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V 8389 0.06 0.05 0.05 - 0.01 0.09 0.03 Abcourt Mines V 575 0.05 0.05 0.05 0.00 0.07 0.03 ABE Res V 360 0.03 0.03 0.03 0.00 0.08 0.03 Aben Res V 163 0.07 0.06 0.06 - 0.02 0.30 0.06 Aberdeen Intl T 200 0.12 0.12 0.12 - 0.01 0.19 0.11 Abitibi Royalt V 106 3.24 2.85 3.00 + 0.10 5.10 1.53 Actus Mnls V 1300 0.02 0.02 0.02 0.00 0.11 0.02 Adamera Mnls V 2990 0.02 0.01 0.01 - 0.01 0.05 0.01 Adex Mining V 480 0.01 0.01 0.01 0.00 0.02 0.01 Adriana Res V 2754 0.11 0.10 0.10 0.00 0.19 0.08 Advance Gold V 317 0.01 0.01 0.01 0.00 0.04 0.01 10 0.03 0.03 0.03 - 0.01 0.07 0.03 African Gold G V African Metals V 58 0.05 0.05 0.05 0.00 0.11 0.02 African Queen V 20 0.02 0.02 0.02 0.00 0.03 0.01 Agnico-Eagle* N 82329 27.11 25.32 26.48 + 1.43 34.89 21.00 Agnico-Eagle T 28516 37.82 35.35 36.90 + 1.97 43.70 25.24 Agrium* N 4338 93.13 88.80 90.85 - 1.36 116.77 86.60 T 23806 129.78 123.94 126.66 - 2.01 146.51 106.91 Agrium 800 0.05 0.03 0.05 + 0.02 0.11 0.03 Aguila Am Res V Alabama Graph V 1987 0.18 0.16 0.17 0.00 0.35 0.14 2.48 - 0.05 3.23 1.99 Alacer Gold T 26810 2.67 2.44 Alberta Star V 176 0.02 0.02 0.02 0.00 0.05 0.02 Alcoa* N 767609 9.57 9.13 9.56 + 0.41 17.10 7.81 Alderon Iron O T 3189 0.11 0.09 0.10 - 0.01 0.58 0.09 Aldershot Res V 50 0.02 0.02 0.02 + 0.01 0.05 0.01 Aldridge Minls V 690 0.14 0.13 0.13 - 0.02 0.21 0.12 Aldrin Res V 12514 0.10 0.10 0.10 - 0.01 0.26 0.09 Alexander Nubi V 120 0.05 0.04 0.04 - 0.03 0.20 0.04 Alexandria Mnl V 5064 0.03 0.02 0.02 - 0.01 0.06 0.02 Alexco Res T 2395 0.50 0.45 0.50 + 0.06 0.81 0.34 Alexco Res* X 4141 0.36 0.31 0.35 + 0.04 0.68 0.26 Alita Res V 5325 0.06 0.06 0.06 - 0.01 0.30 0.06 Alix Res V 1320 0.05 0.04 0.05 0.00 0.09 0.03 13.50 12.00 13.48 + 1.17 43.65 11.93 Alliance Rs P* Q 17879 Alloycorp V 2995 0.01 0.01 0.01 0.00 0.07 0.01 Almaden Mnls* X 2867 0.65 0.56 0.63 + 0.05 1.11 0.48 Almaden Mnls T 819 0.90 0.79 0.90 + 0.10 1.57 0.65 Almonty Ind V 932 0.28 0.23 0.26 + 0.01 0.86 0.23 Alphamin Res V 2531 0.19 0.17 0.18 0.00 0.32 0.11 Altai Res V 222 0.06 0.05 0.05 0.00 0.12 0.05 Altan Rio Mnls V 3490 0.02 0.01 0.01 - 0.01 0.05 0.01 Altima Res V 40 0.01 0.01 0.01 - 0.01 0.04 0.01 Altiplano Mnls V 50 0.03 0.03 0.03 + 0.01 0.06 0.02 Altius Mnrls T 2340 10.54 9.77 9.99 - 0.14 15.47 9.46 Alto Vent V 70 0.02 0.02 0.02 0.00 0.10 0.02 8.17 7.66 8.13 + 0.36 17.44 7.01 Alum Cp China* N 1899 Am Creek Res V 6534 0.04 0.03 0.03 0.00 0.10 0.03 AM Gold V 39 0.03 0.03 0.03 0.00 0.06 0.03 Amarc Res V 960 0.06 0.05 0.06 0.00 0.18 0.05 Amarillo Gold V 1426 0.08 0.06 0.06 - 0.01 0.15 0.04 Amato Expl V 35 0.01 0.01 0.01 0.00 0.03 0.01 American Manga V 2697 0.02 0.02 0.02 0.00 0.05 0.01 American Vanad V 4010 0.09 0.08 0.09 + 0.01 0.29 0.05 Amerigo Res T 1564 0.19 0.17 0.18 + 0.01 0.45 0.17 Amex Expl V 5173 0.05 0.03 0.05 + 0.03 0.09 0.02 Anaconda Mng T 5915 0.04 0.04 0.04 0.00 0.07 0.04 Anconia Res V 930 0.02 0.01 0.01 0.00 0.03 0.01 Anfield Nickel V 112 0.60 0.60 0.60 - 0.02 0.96 0.52 0.08 - 0.01 0.30 0.05 Anfield Res V 215 0.08 0.08 Angel Gold V 170 0.04 0.03 0.03 0.00 0.10 0.01 Angkor Gold V 440 0.47 0.41 0.47 - 0.02 0.64 0.38 Anglo-Bomarc V 45 0.18 0.12 0.18 - 0.01 0.30 0.02 Anglo-Can Mng V 299 0.01 0.01 0.01 0.00 0.02 0.01 AngloGold Ash* N 90075 7.22 6.63 6.98 + 0.53 13.12 5.64 Antioquia Gold V 170 0.09 0.06 0.09 + 0.02 0.10 0.01 Antofagasta Gd V 4137 0.27 0.25 0.25 0.00 0.29 0.09 Apogee Silver V 174 0.21 0.16 0.21 + 0.05 0.65 0.16 AQM Copper V 3500 0.04 0.04 0.04 + 0.01 0.08 0.03 Aquila Res T 1461 0.19 0.16 0.16 - 0.02 0.24 0.09 Arch Coal* N 24242 1.00 0.90 0.93 - 0.05 19.50 0.80 V 9 1.49 1.49 1.49 - 0.01 2.09 0.95 Archon Mineral Arctic Star Rs V 20063 0.02 0.01 0.02 0.00 0.07 0.01 Arcturus Res V 141 0.02 0.01 0.01 0.00 0.03 0.01 Argentex Mng V 1850 0.03 0.03 0.03 - 0.01 0.08 0.02 Argentum Silvr V 55 0.02 0.02 0.02 0.00 0.06 0.02 Argex Titanium T 40411 0.05 0.03 0.04 - 0.01 0.60 0.03 Argonaut Gold T 19325 1.31 1.19 1.21 + 0.01 3.14 1.14 Argus Metals V 1404 0.05 0.03 0.05 + 0.03 0.11 0.02 Arianne Phosph V 6166 0.97 0.83 0.95 + 0.09 0.98 0.58 Armistice Res T 1354 0.34 0.29 0.32 0.00 0.52 0.22 Aroway Mnls V 3310 0.02 0.01 0.01 0.00 0.09 0.01 Arrowstar Res V 395 0.06 0.06 0.06 0.00 0.20 0.04 ASA (Bermuda)* N 3114 7.31 6.88 7.12 + 0.27 12.31 6.73 2.03 + 0.03 2.55 1.57 Asanko Gold T 25652 2.17 2.01 Asanko Gold* X 254 1.54 1.44 1.46 + 0.02 1.94 1.26 Ascot Res V 829 0.90 0.82 0.82 - 0.05 2.00 0.81 Ashburton Vent V 6682 0.02 0.02 0.02 - 0.01 0.03 0.01 200 0.03 0.03 0.03 0.00 0.08 0.03 Asian Minl Res V 0.01 0.00 0.05 0.01 Astorius Res V 400 0.01 0.01 Astur Gold V 3765 0.02 0.01 0.02 + 0.01 0.08 0.01 Atac Res V 2278 0.31 0.28 0.30 + 0.02 0.78 0.26 Athabasca Mnls V 1858 0.29 0.25 0.27 - 0.01 1.21 0.20 Atico Mng V 400 0.29 0.27 0.28 + 0.01 0.67 0.27 Atlanta Gold V 285 0.07 0.07 0.07 0.00 0.20 0.05 Augen Gold V 48 0.04 0.04 0.04 - 0.02 0.20 0.03 Augyva Mng V 85 0.09 0.09 0.09 - 0.02 0.15 0.07 Aura Mnls T 1059 0.08 0.08 0.08 0.00 0.12 0.06 Aura Silver Rs V 1718 0.02 0.01 0.02 + 0.01 0.02 0.01 Auramex Res V 500 0.01 0.01 0.01 0.00 0.02 0.01 Aurania Res V 12 0.33 0.33 0.33 + 0.01 0.45 0.30 Aurcana Corp V 1786 0.13 0.11 0.12 + 0.01 0.35 0.09 AurCrest Gold V 3100 0.02 0.02 0.02 0.00 0.04 0.01 Aureus Mng T 725 0.14 0.11 0.14 + 0.03 0.83 0.09 Aurion Res V 15122 0.06 0.05 0.06 + 0.01 0.08 0.03 Aurvista Gold V 3630 0.04 0.03 0.04 0.00 0.09 0.03 Avala Res V 270 0.04 0.04 0.04 + 0.01 0.09 0.03 Avalon Rare Mt T 10062 0.14 0.13 0.13 0.00 0.48 0.11 1.19 - 0.06 2.40 1.15 Avino Silver V 458 1.30 1.17 Avino Silver* X 3058 0.92 0.84 0.84 - 0.06 1.97 0.84 Avnel Gold T 160 0.24 0.21 0.24 + 0.01 0.31 0.15 Avrupa Mnls V 200 0.11 0.10 0.11 + 0.02 0.40 0.07 Axmin Inc V 1699 0.01 0.01 0.01 0.00 0.03 0.01 Azimut Expl V 203 0.12 0.10 0.11 - 0.01 0.25 0.10 Azincourt Res V 85 0.04 0.04 0.04 0.00 0.36 0.04

B B2Gold* X 736823 B2Gold T 187914 Bacanora Mnls V 92 Baja Mng V 6383 Balmoral Res T 10058 Bandera Gold V 200 Banks Island G V 626 Bannerman Res T 200 Banro T 3315 Banro* X 6980 Bard Vent V 10 Barisan Gold V 1268 Barker Mnrls V 1310 Barkerville Go V 12673 Barrick Gold* N 518701

Jan 4 Pgs 8 9.indd 8

1.19 1.05 1.05 - 0.03 2.38 0.98 1.65 1.47 1.47 - 0.03 2.88 1.30 1.60 1.52 1.52 - 0.04 2.05 0.66 0.02 0.02 0.02 0.00 0.06 0.02 0.44 0.40 0.42 + 0.02 1.25 0.40 0.01 0.01 0.01 0.00 0.05 0.01 0.02 0.02 0.02 0.00 0.28 0.02 0.03 0.03 0.03 0.00 0.08 0.03 0.24 0.23 0.24 + 0.01 0.47 0.14 0.17 0.16 0.17 + 0.01 0.40 0.12 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 + 0.01 0.14 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.24 0.22 0.24 + 0.01 0.40 0.20 7.68 7.02 7.47 + 0.53 13.70 5.91

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barrick Gold T 149765 Batero Gold V 3953 Bayswater Uran V 1012 BCGold V 183 Bear Creek Mng V 2911 Beaufield Res V 1125 Bellhaven Cp&G V 295 Belo Sun Mng T 920 Belvedere Res V 1535 Benton Cap V 311 Benton Res V 1120 BHP Billi-BBL* N 86670 BHP Billi-BHP* N 147773 Big North Grap V 840 Bison Gold Res V 230 Bitterroot Res V 342 Black Iron T 6065 Blue Rvr Res V 2542 Bluestone Res V 20 BMO Jr Gld ETF T 1325 Bold Vent V 1180 Bonterra Res V 760 Bowmore Expl V 30 Bravada Gold V 160 Brazil Res V 3480 Brionor Res V 30 Buccaneer Gold V 90 Bullman Mnls V 310 Burnstone Vent V 2144

10.71 9.81 10.40 + 0.71 16.54 7.89 0.07 0.06 0.06 0.00 0.11 0.06 0.02 0.01 0.02 0.00 0.06 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.64 0.58 0.61 + 0.04 1.94 0.56 0.04 0.03 0.04 + 0.01 0.06 0.03 0.07 0.04 0.04 - 0.02 0.45 0.03 0.23 0.22 0.23 + 0.01 0.30 0.15 0.01 0.01 0.01 0.00 0.15 0.01 0.02 0.02 0.02 0.00 0.04 0.02 0.04 0.04 0.04 0.00 0.06 0.03 22.04 21.22 21.93 + 0.92 48.87 20.36 24.63 23.86 24.54 + 0.92 50.22 23.21 0.02 0.02 0.02 - 0.01 0.45 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.15 0.03 0.04 0.03 0.03 0.00 0.06 0.02 0.04 0.04 0.04 0.00 0.05 0.03 0.06 0.06 0.06 0.00 0.14 0.05 5.15 4.95 5.01 + 0.08 7.65 4.45 0.02 0.02 0.02 - 0.01 0.06 0.02 0.20 0.18 0.19 0.00 0.43 0.09 0.07 0.07 0.07 + 0.01 0.11 0.03 0.04 0.03 0.03 - 0.01 0.07 0.02 0.50 0.46 0.49 + 0.01 0.85 0.43 0.01 0.01 0.01 - 0.01 0.03 0.01 0.02 0.02 0.02 - 0.01 0.04 0.02 0.03 0.03 0.03 - 0.01 0.14 0.03 0.01 0.01 0.01 + 0.01 0.04 0.01

Cabot Corp* N 13474 Cache Expl V 415 Cadan Res V 2838 Cadillac Vent V 1385 Caledonia Mng T 438 Calibre Mng V 9385 Calico Res V 4263 Callinex Mines V 244 Cameco Corp* N 54162 Cameco Corp T 50047 Camino Mnls V 90 Canada Carbon V 3974 Canada Rare Ea V 2510 Canada Zinc Mt V 5741 Canadn Arrow V 11055 Canadn Int Mnl V 3421 Canadn Mining V 945 Canadn Zinc T 8353 Canaf Group V 1150 Canamex Res V 10 Canarc Res T 11198 Canasil Res V 3040 Cancana Res V 55 Candente Coppr T 1682 CaNickel Mng T 101 Canoe Mng Vnt V 28 Canstar Res V 360 Canterra Mnls V 1103 Cantex Mn Dev V 188 Canyon Copper V 342 Cap-Ex Vent V 49608 Capstone Mng T 59469 Caracara Silvr V 2030 Cardero Res T 1351 Caribou King R V 2444 Carlisle Goldf T 823 Carmax Mng V 132 Cassidy Gold V 30 Castillian Res V 100 Castle Peak Mg V 150 Catalyst Coppr V 1238 Caza Gold V 126 CB Gold V 524 Centamin T 3687 Centerra Gold T 143059 Central Fund* X 34320 Central Fund T 1575 Central Gold-T T 33 Central GoldT* X 3665 Champion Iron T 3805 Chesapeake Gld V 1741 Chiboug Ind Mn V 271 Chilean Gold V 390 Chimata Gold V 420 China Gold Int T 9406 China Mnls Mng V 3060 Claude Res T 17307 Cliffs Nat Rs* N 143279 Clifton Star V 923 Cloud Peak En* N 24779 CMC Metals V 4220 Coeur Mng* N 66176 Colibri Res V 337 Colombian Mins V 780 Colonial Coal V 1065 Colorado Res V 1157 V 1835 Colt Res V 3046 Columbus Gold Commander Res V 3059 Commerce Res V 1040 Compass Mnls* N 3899 V 171 Compliance Eny Comstock Mng* X 7407 Comstock Mtls V 500 Condor Res V 472 Confedertn Mls V 1373 Cons Woodjam C V 209 Consol Energy* N 336694 Constant Mtl R V 930 Contintl Gold T 17380 Contl Precious T 99 Copper Ck Gold V 40 Copper Fox Mtl V 2096 Copper Mtn Mng T 6211 Copper North M V 16127 Coral Gold V 391 Corazon Gold V 185 Cordoba Mnls V 960 Corex Gold V 1700 Cornerstone Ca V 4875 Coro Mining T 3257 Corsa Coal V 16715 Corvus Gold T 450 Crazy Horse Rs V 204 Critical Elem V 6127 Crown Gold V 495 Currie Rose Rs V 28 CVR Partners* N 2024 Cypress Dev V 687

41.36 39.55 41.02 + 1.01 48.00 30.70 0.12 0.10 0.10 - 0.02 0.16 0.05 0.06 0.04 0.05 + 0.01 0.12 0.03 0.02 0.01 0.01 - 0.01 0.11 0.01 0.80 0.70 0.74 0.00 1.06 0.62 0.08 0.07 0.08 + 0.02 0.19 0.06 0.09 0.08 0.08 0.00 0.19 0.06 0.34 0.31 0.34 + 0.01 0.40 0.16 12.37 11.68 12.25 + 0.59 17.77 11.26 17.23 16.32 17.09 + 0.84 21.44 15.46 0.09 0.08 0.09 + 0.02 0.26 0.05 0.33 0.30 0.32 + 0.01 0.34 0.18 0.03 0.03 0.03 0.00 0.11 0.03 0.13 0.11 0.13 + 0.02 0.33 0.11 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.04 0.04 0.00 0.05 0.01 0.11 0.10 0.10 - 0.01 0.18 0.05 0.11 0.09 0.11 + 0.02 0.24 0.06 0.04 0.04 0.04 - 0.01 0.09 0.04 0.03 0.03 0.03 0.00 0.18 0.03 0.06 0.04 0.05 - 0.01 0.10 0.03 0.06 0.05 0.06 + 0.01 0.07 0.03 0.15 0.15 0.15 0.00 0.32 0.13 0.04 0.03 0.04 + 0.01 0.13 0.03 0.03 0.03 0.03 + 0.01 0.23 0.03 0.03 0.03 0.03 - 0.01 0.24 0.02 0.05 0.04 0.04 - 0.01 0.10 0.03 0.04 0.03 0.04 0.00 0.09 0.03 0.05 0.03 0.05 + 0.02 0.06 0.03 0.02 0.02 0.02 0.00 0.12 0.01 0.02 0.01 0.01 - 0.01 0.04 0.01 0.42 0.35 0.41 + 0.06 2.15 0.31 0.01 0.01 0.01 0.00 0.01 0.01 0.10 0.08 0.10 + 0.02 0.45 0.08 0.08 0.06 0.07 - 0.01 0.22 0.05 0.50 0.46 0.50 + 0.02 0.64 0.16 0.03 0.03 0.03 0.00 0.07 0.02 0.02 0.02 0.02 - 0.01 0.05 0.01 0.06 0.06 0.06 + 0.01 0.14 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.14 0.11 0.13 - 0.01 0.32 0.11 0.03 0.03 0.03 - 0.01 0.09 0.03 0.07 0.07 0.07 + 0.02 0.14 0.03 1.35 1.25 1.33 + 0.08 1.40 0.92 7.45 6.75 6.79 - 0.28 8.67 5.04 10.35 9.95 10.29 + 0.36 13.73 9.84 14.44 13.90 14.33 + 0.49 16.89 13.13 54.08 53.72 53.72 + 1.50 57.25 45.02 38.88 37.68 38.50 + 0.92 46.73 37.25 0.16 0.14 0.16 0.00 0.23 0.07 1.97 1.81 1.96 + 0.15 2.59 1.39 0.04 0.02 0.03 0.00 0.05 0.02 0.03 0.03 0.03 - 0.01 0.08 0.02 0.04 0.04 0.04 0.00 0.19 0.01 2.17 2.00 2.09 + 0.03 2.58 1.30 0.01 0.01 0.01 0.00 0.01 0.01 0.77 0.73 0.76 + 0.02 0.82 0.27 1.66 1.45 1.59 0.00 9.39 1.42 0.15 0.15 0.15 + 0.02 0.25 0.07 2.28 1.95 2.09 - 0.05 10.21 1.95 0.03 0.02 0.02 0.00 0.08 0.02 2.68 2.50 2.61 + 0.12 7.45 2.34 0.08 0.03 0.08 + 0.03 0.23 0.02 0.03 0.03 0.03 0.00 0.13 0.02 0.04 0.04 0.04 - 0.01 0.15 0.03 0.07 0.05 0.06 - 0.01 0.16 0.05 0.15 0.13 0.15 + 0.02 0.30 0.05 0.38 0.35 0.35 - 0.01 0.55 0.31 0.03 0.02 0.03 + 0.01 0.04 0.01 0.09 0.08 0.08 + 0.01 0.22 0.07 75.38 71.53 74.93 + 0.99 95.68 71.53 0.06 0.04 0.05 - 0.01 0.40 0.04 0.46 0.40 0.42 + 0.01 1.19 0.35 0.02 0.02 0.02 0.00 0.04 0.01 0.03 0.03 0.03 + 0.01 0.07 0.02 0.04 0.03 0.03 0.00 0.09 0.02 0.03 0.03 0.03 0.00 0.09 0.02 8.49 6.90 8.07 + 1.17 35.80 6.30 0.06 0.05 0.06 0.00 0.17 0.05 1.76 1.48 1.76 + 0.26 3.28 1.29 0.30 0.29 0.30 + 0.02 0.71 0.25 0.07 0.07 0.07 0.00 0.10 0.03 0.14 0.12 0.12 - 0.01 0.37 0.11 0.51 0.47 0.48 + 0.01 1.73 0.38 0.04 0.03 0.03 0.00 0.09 0.03 0.09 0.07 0.09 + 0.02 0.20 0.06 0.24 0.24 0.24 + 0.04 0.38 0.12 0.17 0.16 0.16 - 0.01 0.25 0.08 0.05 0.04 0.04 - 0.01 0.09 0.03 0.03 0.02 0.02 0.00 0.11 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 0.03 0.02 0.02 - 0.01 0.20 0.02 0.45 0.39 0.40 - 0.01 1.14 0.33 0.01 0.01 0.01 0.00 0.03 0.01 0.20 0.18 0.20 + 0.02 0.30 0.16 0.08 0.05 0.08 + 0.01 0.08 0.03 0.01 0.01 0.01 0.00 0.02 0.01 7.57 7.11 7.41 - 0.02 16.12 7.11 0.06 0.04 0.04 - 0.02 0.22 0.02

C

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Dajin Res V 10661 Dalradian Res T 3950 Dalton Res Ltd V 735 Darnley Bay V 860 Decade Res V 2880 Defiance Silvr V 417 Denison Mines T 23401 Denison Mines* X 1530 Desert Gold V 1504 Detour Gold T 27185 Diagnos V 7731 Diamcor Mng V 1174 Diamond Fields V 2730 Dios Expl V 80 Discovery Harb V 43 Discovery Vent V 2468 Discovery-Corp V 200 DNI Metals V 1990 Dolly Vard Sil V 262 Dominion Diam* N 8100 Dominion Diam T 13776 Doubleview Cap V 1462 Dundee Prec Mt T 6127 Duran Vent V 5286 Durango Res V 675 Dynacor Gold M T 1158 Dynasty Gold V 110 Dynasty Met&Mn T 1101 Eagle Plains V 180 East Asia Mnls V 1906 Eastern Platin T 4494 Eastfield Res V 20 Eastmain Res T 2161 Eco Oro Mnls T 1622 Ecuador G & C V 835 Edgewater Expl V 391 Eldorado Gold* N 38909 Eldorado Gold T 114449 Electra Gold V 8060 Eloro Minls V 20 Ely Gold & Mnl V 180 Emgold Mng V 235 Encanto Potash V 11100 Endeavour Mng T 17087 Endeavr Silver T 1495 Endeavr Silve* N 2321 Energizer Res T 4293 Energold Drill V 1574 Energy Fuels T 2545 Entourage Mtls V 2090 Entree Gold* X 635 Entree Gold T 132 Equitas Res V 40407 Equitorial Exp V 22617 Erdene Res Dev T 2295 Erin Ventures V 2570 Eskay Mng V 1184 Ethos Gold V 1800 Eurasian Minls V 266 Eurasian Mnls* X 1295 EurOmax Res V 791 Europn Uran Rs V 2313 Eurotin V 10 Everton Res V 7405 Evrim Res V 265 Excalibur Res C 935 Excellon Res T 3553 Excelsior Mng V 907 Exeter Res* X 422 Exeter Res T 452 Explor Res V 2635 Faircourt Gold T 266 Fairmont Res V 661 Falco Res V 8538 Fancamp Expl V 6100 Feronia V 3635 Fieldex Expl V 6460 Finlay Minrls V 100 Firebird Res V 300 Firesteel Res V 1240 Firestone Vent V 2658 First Bauxite V 235 First Lithium V 1020 First Majesti* N 25597 First Majestic T 32250 First Mexican V 2035 First Point T 3044 First Quantum T 286728 Fission 3.0 V 8625 Fjordland Exp V 115 Flinders Res V 385 Focus Graphite V 2307 Focus Vnt V 970 Foraco Intl T 545 Foran Mng V 11691 Formation Mtls T 1956 Forsys Metals T 2135 Fortuna Silver T 4343 Fortuna Silvr* N 11073 Fortune Bay T 1071 Fortune Mnrls T 2808 V 738 Forum Uranium Franco-Nevada* N 29763 Franco-Nevada T 18646 Freegold Vent T 20869 Freeport McMo* N 1787872 Frontline Gold V 125

0.15 0.14 0.15 + 0.02 0.16 0.04 0.76 0.68 0.74 + 0.07 1.16 0.62 0.11 0.08 0.11 + 0.02 0.31 0.08 0.02 0.01 0.01 0.00 0.08 0.01 0.01 0.01 0.01 0.00 0.09 0.01 0.07 0.07 0.07 + 0.01 0.19 0.06 0.63 0.52 0.62 + 0.09 1.22 0.48 0.45 0.37 0.44 + 0.07 1.02 0.35 0.10 0.09 0.09 - 0.01 0.90 0.08 14.95 14.07 14.69 + 0.45 16.86 7.75 0.05 0.04 0.05 + 0.01 0.11 0.04 0.80 0.65 0.74 - 0.06 1.45 0.65 0.02 0.01 0.02 + 0.01 0.05 0.01 0.07 0.06 0.07 + 0.01 0.10 0.04 0.01 0.01 0.01 0.00 0.11 0.01 0.16 0.14 0.15 0.00 0.25 0.09 0.03 0.03 0.03 - 0.01 0.14 0.03 0.08 0.06 0.07 - 0.01 0.22 0.06 0.13 0.13 0.13 + 0.01 0.65 0.11 10.34 8.11 10.06 + 1.99 20.30 7.27 14.29 11.18 14.01 + 2.75 24.60 9.96 0.10 0.09 0.09 - 0.01 0.19 0.07 1.39 1.25 1.27 - 0.04 3.76 1.14 0.03 0.02 0.02 0.00 0.04 0.01 0.04 0.04 0.04 - 0.01 0.08 0.03 1.80 1.67 1.75 + 0.05 2.59 1.30 0.01 0.01 0.01 - 0.01 0.03 0.01 0.21 0.19 0.20 + 0.01 0.82 0.19 0.05 0.05 0.05 0.00 0.08 0.05 0.01 0.01 0.01 + 0.01 0.03 0.01 0.82 0.79 0.81 + 0.01 2.26 0.61 0.03 0.02 0.03 0.00 0.05 0.02 0.35 0.33 0.33 + 0.01 0.62 0.20 0.41 0.34 0.35 - 0.06 0.95 0.27 0.02 0.02 0.02 - 0.01 0.07 0.01 0.02 0.02 0.02 0.00 0.03 0.01 3.25 2.86 3.12 + 0.28 7.99 2.45 4.52 3.97 4.36 + 0.38 9.68 3.26 0.10 0.09 0.09 - 0.01 0.14 0.04 0.10 0.10 0.10 + 0.01 0.20 0.05 0.05 0.05 0.05 - 0.01 0.08 0.03 0.01 0.01 0.01 0.00 0.03 0.01 0.07 0.06 0.07 + 0.01 0.16 0.05 7.63 6.50 7.47 + 0.91 7.63 3.80 2.06 1.94 1.97 + 0.06 3.83 1.64 1.47 1.39 1.42 + 0.05 3.16 1.25 0.08 0.08 0.08 0.00 0.14 0.03 0.40 0.32 0.40 + 0.09 1.32 0.31 3.30 2.74 3.24 + 0.53 8.00 2.47 0.07 0.06 0.06 - 0.01 0.22 0.03 0.24 0.20 0.22 - 0.01 0.51 0.08 0.30 0.29 0.30 - 0.02 0.66 0.18 0.08 0.06 0.07 + 0.01 0.22 0.05 0.07 0.05 0.05 - 0.01 0.20 0.05 0.16 0.14 0.15 0.00 0.17 0.09 0.09 0.08 0.08 - 0.01 0.11 0.04 0.09 0.07 0.08 + 0.01 0.20 0.01 0.16 0.14 0.14 0.00 0.23 0.11 0.63 0.56 0.57 + 0.02 0.97 0.52 0.43 0.38 0.43 + 0.03 0.81 0.38 0.30 0.21 0.21 - 0.04 0.57 0.17 0.01 0.01 0.01 + 0.01 0.03 0.01 0.02 0.02 0.02 0.00 0.05 0.01 0.01 0.01 0.01 0.00 0.05 0.01 0.14 0.12 0.12 0.00 0.22 0.10 0.01 0.01 0.01 0.00 0.05 0.01 0.27 0.22 0.24 + 0.02 1.15 0.20 0.23 0.21 0.21 - 0.02 0.39 0.19 0.36 0.33 0.35 + 0.02 0.66 0.29 0.49 0.45 0.48 + 0.02 0.82 0.39 0.08 0.07 0.07 - 0.01 0.09 0.04 2.73 2.61 2.71 + 0.09 4.38 2.42 0.03 0.02 0.02 - 0.01 0.24 0.02 0.25 0.23 0.25 0.00 0.69 0.21 0.03 0.02 0.02 - 0.01 0.05 0.02 0.19 0.15 0.19 + 0.04 0.45 0.07 0.01 0.01 0.01 0.00 0.04 0.01 0.03 0.03 0.03 0.00 0.03 0.02 0.02 0.02 0.02 + 0.01 0.05 0.01 0.01 0.01 0.01 - 0.01 0.08 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.04 0.04 0.04 - 0.01 0.09 0.03 0.45 0.40 0.40 0.00 0.45 0.18 3.40 3.06 3.30 + 0.25 7.15 2.66 4.74 4.27 4.61 + 0.33 8.55 3.54 0.05 0.04 0.04 - 0.01 0.07 0.02 0.05 0.04 0.05 + 0.02 0.10 0.04 5.24 4.01 5.12 + 1.25 19.83 3.75 0.09 0.07 0.08 0.00 0.14 0.06 0.01 0.01 0.01 0.00 0.04 0.01 0.17 0.16 0.17 + 0.02 0.50 0.12 0.09 0.08 0.09 0.00 0.53 0.07 0.12 0.11 0.11 - 0.01 0.27 0.10 0.24 0.14 0.21 + 0.08 0.77 0.13 0.08 0.07 0.08 + 0.01 0.48 0.07 0.12 0.10 0.12 + 0.02 0.22 0.09 0.11 0.09 0.10 - 0.01 0.36 0.09 3.33 3.16 3.18 + 0.02 6.30 2.65 2.39 2.26 2.27 - 0.01 5.25 2.00 0.28 0.27 0.28 + 0.01 0.43 0.26 0.02 0.02 0.02 - 0.01 0.16 0.02 0.05 0.05 0.05 - 0.01 0.12 0.04 47.26 45.08 46.26 + 1.33 58.84 38.20 66.03 62.95 64.43 + 1.78 74.10 49.96 0.07 0.05 0.06 - 0.02 0.24 0.05 6.48 6.08 6.42 + 0.30 23.81 6.08 0.01 0.01 0.01 + 0.01 0.01 0.01

Gabriel Res T 2177 Galane Gold V 2534 Galway Gold V 469 Galway Mtls V 90 GAMCO Glb Gld* X 22984 Garibaldi Res V 6810 Gem Intl Res V 120 General Moly* X 8431 Gensource Pot V 650 Geodex Mnrls V 20 Geodrill T 42 Geologix Ex T 4807 Geomega Res V 3409 Getty Copper V 560 GGL Res V 10 Glen Eagle Res V 1484 Global Hunter V 170 Globex Mng T 26 GMV Minerals V 1060 Gobimin V 40 GoGold Res T 1297 Gold Bulln Dev V 3228 Gold Fields* N 127332 Gold Finder Ex V 585

0.15 0.12 0.12 - 0.03 0.86 0.12 0.04 0.03 0.04 0.00 0.22 0.03 0.08 0.07 0.07 0.00 0.12 0.05 0.10 0.10 0.10 0.00 0.16 0.09 4.72 4.58 4.65 + 0.05 7.85 4.46 0.16 0.13 0.13 - 0.03 0.21 0.05 0.06 0.05 0.06 + 0.01 0.26 0.05 0.27 0.20 0.21 - 0.04 1.00 0.20 0.06 0.06 0.06 + 0.01 0.07 0.04 0.01 0.01 0.01 0.00 0.06 0.01 0.56 0.55 0.55 + 0.02 0.99 0.46 0.02 0.02 0.02 0.00 0.05 0.02 0.07 0.06 0.07 0.00 0.29 0.06 0.03 0.02 0.03 + 0.01 0.06 0.02 0.02 0.02 0.02 0.00 0.06 0.02 0.06 0.06 0.06 - 0.01 0.15 0.03 0.03 0.03 0.03 0.00 0.06 0.02 0.25 0.24 0.24 - 0.01 0.37 0.16 0.10 0.09 0.09 - 0.02 0.26 0.05 0.34 0.34 0.34 + 0.01 0.51 0.27 1.19 1.10 1.15 - 0.05 1.67 0.95 0.04 0.03 0.04 + 0.01 0.06 0.02 2.85 2.61 2.80 + 0.16 6.01 2.04 0.02 0.02 0.02 + 0.01 0.07 0.02

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Gold Mtn Mng V 14000 701 Gold Reach Res V Gold Reserve V 81 10169 X Gold Resource* V 2915 Gold Std Vnt Gold Std Vnt* X 3829 Goldcliff Res V 300 T 99660 Goldcorp 252482 Goldcorp* N Golden Arrow R V 1065 Golden Band V 1450 Golden Dawn Ml V 8738 V 281 Golden Goliath Golden Hope V 52 Golden Mnls T 207 Golden Mnls* X 1765 V 96 Golden Predatr Golden Queen T 799 Golden Reign R V 3396 160 Golden Share M V Golden Star T 2669 28607 Golden Star* X Golden Tag V 1380 805 Golden Val Min V Goldex Res V 61 Goldeye Expl V 4137 Goldfield* X 2636 T 8717 Goldgroup Mng V 4570 GoldQuest Mng V 145 Goldrock Mines Goldrush Res V 4100 V 960 Goldsource Min Goldstar Mnls V 462 V 3246 Goldstrike Res Gonzaga Res V 460 Gossan Res V 140 Gowest Gold V 811 T 288 Gran Colombia V 1011 Grande Portage Graphite One R V 8980 347 Gray Rock Res V Great Atlantic V 362 30 Great Bear Res V X 5400 Great Panther* Great Panther T 1327 Great Quest Me V 7417 V 150 Greencastle Rs Gresham Res V 5367 V 5813 Groundstar Res 168 GTA Res & Mng V T 12087 Guyana Gldflds GWR Res V 1920 Handa Copper V 63 Hansa Res V 670 Happy Ck Minls V 1410 153098 N Harmony Gold* Harte Gold T 6834 Harvest Gold V 74 V 2662 Heatherdale Rs 180563 Hecla Mining* N Helio Res V 710 Hi-Crush Part* N 2090 Highbank Res V 2425 Highland Res V 500 270 Highway 50 Gld V Hinterland Mtl V 1092 V 209 Homestake Res Honey Badger E V 5700 Horizns G Bear T 35575 Horizns G Bull T 39845 Houston Lake V 4140 HudBay Minls T 57781 468 HudBay Mnls* N Hudson Res V 1300 Hunt Mng V 75 V 8748 Huntington Exp

0.03 0.03 0.03 - 0.01 0.12 0.02 0.12 0.09 0.10 - 0.01 0.50 0.09 2.48 3.50 + 0.01 5.39 3.64 3.43 1.99 2.09 + 0.08 3.88 2.15 2.00 0.91 0.87 0.88 + 0.01 0.91 0.40 0.67 0.63 0.64 + 0.01 0.67 0.26 0.01 0.01 0.00 0.02 0.01 0.01 15.05 16.43 + 1.17 30.95 16.71 15.43 10.87 11.78 + 0.83 25.00 11.98 11.05 0.23 0.20 0.22 0.00 0.50 0.18 0.01 0.01 0.00 0.01 0.01 0.01 0.10 0.09 0.10 - 0.01 0.30 0.02 0.01 0.01 0.00 0.02 0.01 0.01 0.08 0.24 - 0.01 0.64 0.24 0.24 0.26 0.29 - 0.01 0.82 0.31 0.28 0.19 0.21 + 0.01 0.67 0.22 0.20 0.07 0.11 0.00 0.15 0.11 0.11 0.65 0.69 - 0.05 1.68 0.79 0.67 0.08 0.07 0.08 0.00 0.13 0.05 0.09 0.09 0.09 0.00 0.09 0.03 0.20 0.24 + 0.01 0.51 0.26 0.21 0.14 0.17 - 0.00 0.42 0.18 0.14 0.02 0.02 - 0.01 0.08 0.02 0.02 0.10 0.09 0.09 - 0.01 0.21 0.07 0.02 0.02 0.00 0.08 0.02 0.02 0.02 0.02 0.00 0.06 0.02 0.02 1.20 1.47 - 0.06 2.85 1.55 1.44 0.05 0.05 - 0.01 0.24 0.06 0.05 0.07 0.15 + 0.02 0.20 0.15 0.14 0.15 0.21 0.00 0.40 0.22 0.21 0.01 0.03 + 0.01 0.03 0.03 0.02 0.13 0.22 + 0.02 0.26 0.22 0.19 0.01 0.02 - 0.01 0.04 0.02 0.02 0.05 0.14 + 0.04 0.21 0.14 0.10 0.02 0.02 0.00 0.15 0.02 0.02 0.02 0.02 0.00 0.05 0.02 0.02 0.05 0.07 - 0.01 0.10 0.08 0.07 0.12 0.15 + 0.01 0.60 0.15 0.12 0.01 0.01 0.00 0.02 0.01 0.01 0.09 0.08 0.08 0.00 0.13 0.07 0.02 0.02 0.02 - 0.01 0.04 0.02 0.03 0.04 0.00 0.30 0.04 0.04 0.03 0.03 0.03 + 0.01 0.09 0.02 0.30 0.45 + 0.00 0.78 0.47 0.45 0.40 0.63 + 0.01 0.95 0.65 0.63 0.19 0.12 0.16 - 0.01 0.80 0.12 0.05 0.06 - 0.01 0.09 0.06 0.06 0.46 0.74 0.00 0.95 0.76 0.73 0.03 0.04 0.00 0.10 0.04 0.03 0.03 0.03 0.03 0.00 0.10 0.03 2.19 3.00 + 0.16 4.48 3.22 2.87 0.01 0.04 - 0.01 0.08 0.05 0.04 0.04 0.04 - 0.01 0.12 0.05 0.04 0.01 0.01 - 0.01 0.03 0.01 0.01 0.11 0.09 0.11 + 0.02 0.17 0.08 0.53 0.89 + 0.13 3.18 0.95 0.80 0.04 0.08 - 0.01 0.10 0.09 0.08 0.01 0.02 0.00 0.06 0.02 0.02 0.01 0.02 0.00 0.05 0.02 0.01 1.77 1.99 + 0.06 3.54 2.04 1.93 0.02 0.03 + 0.01 0.07 0.03 0.02 5.71 5.21 5.46 - 0.05 40.38 5.09 0.05 0.07 + 0.01 0.23 0.07 0.06 0.10 0.11 - 0.01 0.40 0.12 0.11 0.07 0.07 0.07 - 0.02 0.42 0.07 0.01 0.01 - 0.01 0.02 0.02 0.01 0.01 0.02 0.00 0.04 0.02 0.02 0.04 0.03 0.03 + 0.01 0.04 0.01 12.45 11.22 11.64 - 1.08 20.06 8.50 17.46 15.77 16.80 + 1.34 44.30 13.75 0.10 0.14 - 0.01 0.20 0.15 0.14 5.27 4.75 5.19 + 0.49 12.61 4.50 3.77 3.40 3.72 + 0.36 10.37 3.23 0.22 0.41 + 0.03 0.55 0.45 0.37 0.02 0.02 - 0.02 0.40 0.02 0.02 0.01 0.01 0.00 0.02 0.01 0.01

I-Minerals V 267 40121 Iamgold* N T 44060 Iamgold IBC Adv Alloys V 1464 IC Potash T 4307 IMPACT Silver V 1060 Imperial Metal T 4055 Inca One Res V 11781 V 1580 Independence G Indico Res V 280 Indigo Expl V 100 Inspiration Mg T 590 Integra Gold V 5733 V 10 Inter-Rock Mnl Intigold Mines V 650 95 Intl Bethl Mng V Intl Lithium V 495 Intl Montoro R V 2690 Intl Northair V 4530 167 Intl Tower Hi* X 167 T Intl Tower Hil Intl Vestr Res V 1635 Intrepid Pots* N 14505 INV Metals T 965 94 ISh COMEX G Tr T Ivanhoe Mines T 50800 J.A.G. Mines V 1280 Jaguar Mng V 2464 Jaxon Mnls V 760 V 60 Jet Gold Jiulian Res V 20 Kaminak Gold V 5170 Karmin Expl V 460 Karnalyte Res T 237 Katanga Mng T 3833 Kazax Mnls V 1900 Kennady Diam V 1083 Kesselrun Res V 700 Kestrel Gold V 356 Khan Res C 576 V 675 Kilo Goldmines V 1255 Kincora Copper 123460 Kinross Gold T 311506 Kinross Gold* N Kirkland Lk Gd T 13320 Kiska Metals V 3287 Kivalliq Enrgy V 2797 Klondex Mns T 3668 Klondike Gold V 3521 Klondike Silv V 139 Knick Expl V 1680 Kobex Mnls V 1085 V 2540 Kombat Copper V 4551 Kootenay Gold

0.14 0.22 - 0.01 0.37 0.23 0.22 1.16 1.38 + 0.04 3.39 1.45 1.33 1.50 1.93 + 0.08 4.09 2.02 1.86 0.08 0.07 0.07 + 0.01 0.15 0.06 0.04 0.06 - 0.01 0.31 0.07 0.05 0.13 0.13 0.00 0.28 0.14 0.13 5.75 4.75 5.68 + 0.34 13.69 4.75 0.11 0.10 0.10 0.00 0.29 0.09 0.06 0.06 0.00 0.11 0.06 0.06 0.02 0.04 + 0.01 0.16 0.04 0.04 0.01 0.01 0.00 0.02 0.01 0.01 0.04 0.05 - 0.02 0.25 0.07 0.05 0.18 0.32 + 0.01 0.37 0.32 0.31 0.01 0.07 + 0.04 0.07 0.07 0.07 0.03 0.08 - 0.02 0.32 0.08 0.07 0.03 0.03 0.03 0.00 0.10 0.02 0.02 0.08 + 0.02 0.09 0.08 0.06 0.04 0.03 0.04 + 0.01 0.10 0.03 0.04 0.05 0.00 0.10 0.07 0.05 0.22 0.20 0.20 - 0.01 0.62 0.19 0.30 0.28 0.28 - 0.01 0.75 0.26 0.02 0.01 0.01 - 0.01 0.12 0.01 3.09 2.63 3.09 + 0.21 15.09 2.63 0.08 0.12 + 0.01 0.28 0.12 0.11 14.57 14.22 14.53 + 0.41 15.78 13.20 0.59 0.61 0.00 1.36 0.63 0.59 0.01 0.01 - 0.01 0.06 0.02 0.01 0.12 0.17 + 0.01 0.65 0.18 0.16 0.01 0.03 0.00 0.06 0.04 0.03 0.03 0.05 + 0.02 0.13 0.05 0.04 0.02 0.02 - 0.01 0.04 0.02 0.02 0.61 0.79 + 0.01 1.15 0.81 0.77 0.15 0.18 - 0.04 0.40 0.22 0.18 0.52 0.72 - 0.04 1.33 0.76 0.70 0.13 0.14 + 0.01 0.39 0.15 0.13 0.01 0.01 - 0.01 0.06 0.02 0.01 2.35 3.00 + 0.60 5.95 3.00 2.50 0.01 0.03 + 0.01 0.06 0.03 0.02 0.01 0.01 0.00 0.07 0.02 0.01 0.34 0.34 - 0.02 0.80 0.36 0.34 0.04 0.11 + 0.05 0.14 0.11 0.07 0.02 0.03 + 0.01 0.04 0.03 0.03 1.79 2.65 + 0.17 4.48 2.72 2.50 1.35 1.90 + 0.12 3.71 1.95 1.79 5.08 4.75 4.96 + 0.17 6.88 2.83 0.01 0.02 0.00 0.07 0.02 0.01 0.06 0.10 + 0.02 0.19 0.10 0.09 1.80 2.84 + 0.12 3.87 2.89 2.72 0.08 0.11 0.00 0.28 0.11 0.09 0.01 0.02 0.00 0.05 0.02 0.02 0.01 0.02 0.00 0.03 0.02 0.02 0.46 0.56 + 0.03 0.65 0.56 0.52 0.02 0.03 + 0.01 0.11 0.03 0.03 0.18 0.19 - 0.01 0.56 0.20 0.18

I-J-K

2015-12-23 5:56 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 4–10, 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

L La Quinta Res V 400 Labdr I-Ore Ro T 14989 Lago Dourado M V 557 Lake Shore Gd* X 4460 Lake Shore Gld T 63943 Lara Expl V 1648 Laramide Res T 13293 Largo Res V 2627 Latin Am Mnls V 2094 Laurion Mnl Ex V 1970 Legend Gold V 135 Letho Res V 95 Lexam VG Gold T 2856 Lincoln Mng V 140 Lion One Mtls V 343 Lomiko Mtls V 6264 Loncor Res T 3500 Lorraine Coppr V 1280 Los Andes Copp V 944 Lowell Copper V 110 Lucara Diam T 15952 Lucky Mnls V 2800 Luna Gold T 587 Lundin Mng T 107309 Lydian Intl T 3260

0.02 0.02 0.02 0.00 0.02 0.01 10.49 9.91 10.34 + 0.22 19.85 9.56 0.06 0.06 0.06 + 0.01 0.15 0.05 0.83 0.75 0.81 + 0.07 1.14 0.60 1.16 1.04 1.12 + 0.09 1.38 0.70 0.25 0.24 0.25 + 0.01 0.45 0.20 0.32 0.25 0.25 - 0.06 0.41 0.15 0.30 0.23 0.30 + 0.05 1.85 0.15 0.01 0.01 0.01 0.00 0.10 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.03 0.03 0.03 0.00 0.14 0.03 0.08 0.08 0.08 0.00 0.14 0.05 0.07 0.06 0.07 + 0.01 0.11 0.05 0.03 0.02 0.02 - 0.01 0.09 0.02 0.36 0.34 0.36 + 0.02 0.60 0.17 0.04 0.04 0.04 + 0.01 0.09 0.03 0.03 0.02 0.03 + 0.01 0.13 0.02 0.05 0.04 0.04 - 0.01 0.08 0.04 0.10 0.06 0.10 + 0.02 0.23 0.05 0.21 0.20 0.21 + 0.01 0.50 0.20 2.38 2.28 2.37 + 0.08 2.38 1.42 0.07 0.06 0.06 - 0.01 0.14 0.06 0.05 0.05 0.05 0.00 0.43 0.03 3.96 3.60 3.91 + 0.40 6.46 3.37 0.28 0.24 0.28 - 0.01 0.62 0.23

MacDonald Mns V 772 MacMillan Mnls V 49 Mag Silver T 8974 Mag Silver* X 215 Magellan Minls V 900 Majescor Res V 87 Majestic Gold V 18277 Major Drilling T 5788 Makena Res V 2810 Malbex Res V 11500 Mandalay Res T 6134 Manitou Gold V 100 Manson Creek V 214 Maracote Intl V 10 Marathon Gold T 4670 Marifil Mines V 2210 Marlin Gold V 1375 Mason Graphite V 1591 Masuparia Gold V 260 Matamec Expl V 2891 Maudore Minls V 70 Mawson Res T 8 Mawson West T 1590 Maya Gold & Si V 3859 MBAC Fertilizr T 5209 McEwen Mng* N 22959 McEwen Mng T 5245 MDN Inc T 3636 MDU Res* N 57303 Meadow Bay Gd T 970 Mechel* N 6727 Medallion Res V 3906 Mega Copper V 20 Mega Uranium T 34734 Melior Res V 5966 Melkior Res V 3924 Merrex Gold V 1030 Mesa Expl V 42 Mesabi Trust* N 3404 Metalcorp V 480 Metalex Vent V 1216 Metallis Res V 20 Metalore Res T 17 Metals Ck Res V 645 Metanor Res V 12573 Micrex Devel V 5260 Midas Gold T 7937 Midland Expl V 315 Midnight Sun M V 250 Migao T 399 Millrock Res V 288 Millstream Min V 195 Minas Buenavn* N 80306 Minaurum Gold V 18245 Minco Gold* X 936 Minco Gold T 96 Minco Silver T 1038 Mindoro Res V 2520 Mineral Mtn Rs V 774 Mines Managem* X 6752 Mines Managmnt T 321 Minsud Res V 50 Miranda Gold V 2114 Mirasol Res V 173 Monarques Res V 4690 Moneta Porcpn T 3658 Monster Mng V 330 Monument Mng V 815 N 281240 Mosaic* Mountain Boy M V 700 Mountain Prov T 2407 MPH Vent V 290 MPVC V 8265 Mundoro Cap V 4230 Mustang Minls V 450

0.01 0.01 0.01 0.00 0.02 0.01 0.19 0.17 0.17 - 0.05 0.24 0.05 9.90 9.08 9.81 + 0.82 11.00 6.90 7.08 6.50 7.04 + 0.58 9.17 5.60 0.04 0.04 0.04 + 0.01 0.10 0.04 0.03 0.03 0.03 0.00 0.06 0.03 0.10 0.08 0.09 + 0.01 0.12 0.03 4.51 3.90 4.43 + 0.05 7.49 3.75 0.02 0.02 0.02 - 0.01 0.06 0.02 0.03 0.03 0.03 0.00 0.06 0.01 0.68 0.64 0.64 - 0.04 1.04 0.64 0.02 0.02 0.02 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.01 0.01 0.01 - 0.01 0.20 0.01 0.14 0.13 0.13 - 0.01 0.38 0.11 0.01 0.01 0.01 0.00 0.02 0.01 0.19 0.15 0.16 - 0.03 1.09 0.15 0.39 0.35 0.37 - 0.03 0.65 0.35 0.03 0.03 0.03 + 0.01 0.09 0.03 0.03 0.02 0.03 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.18 0.18 0.18 0.00 0.30 0.15 0.02 0.02 0.02 0.00 0.08 0.01 0.13 0.11 0.13 + 0.02 0.31 0.10 0.03 0.02 0.03 0.00 0.17 0.01 1.07 0.93 1.04 + 0.11 1.40 0.65 1.48 1.30 1.45 + 0.15 1.71 0.84 0.02 0.01 0.01 0.00 0.08 0.01 17.91 16.63 17.85 + 1.11 24.58 16.15 0.08 0.08 0.08 - 0.01 0.31 0.08 0.91 0.77 0.85 - 0.04 1.88 0.51 0.03 0.03 0.03 0.00 0.07 0.01 0.03 0.03 0.03 - 0.01 0.05 0.02 0.06 0.05 0.06 + 0.01 0.17 0.05 0.02 0.01 0.02 0.00 0.12 0.01 0.02 0.02 0.02 0.00 0.05 0.01 0.17 0.14 0.15 + 0.02 0.23 0.06 0.02 0.02 0.02 0.00 0.04 0.02 4.49 3.91 4.23 + 0.22 18.59 3.90 0.01 0.01 0.01 0.00 0.01 0.01 0.06 0.06 0.06 0.00 0.12 0.04 0.03 0.03 0.03 0.00 0.14 0.01 2.45 2.39 2.39 - 0.06 3.72 2.39 0.07 0.06 0.07 + 0.01 0.28 0.05 0.04 0.03 0.04 0.00 0.09 0.03 0.01 0.01 0.01 0.00 0.05 0.01 0.34 0.28 0.30 + 0.04 0.60 0.26 0.52 0.50 0.50 + 0.01 0.77 0.45 0.14 0.13 0.14 + 0.02 0.19 0.08 0.58 0.56 0.57 - 0.02 1.15 0.50 0.21 0.19 0.21 + 0.04 0.50 0.15 0.10 0.09 0.10 + 0.01 0.16 0.01 4.40 3.80 3.92 - 0.25 12.51 3.80 0.06 0.05 0.05 + 0.01 0.10 0.04 0.16 0.12 0.15 - 0.01 0.34 0.10 0.21 0.17 0.20 - 0.01 0.39 0.12 0.38 0.36 0.37 - 0.01 0.74 0.32 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 - 0.01 0.06 0.02 0.26 0.11 0.18 + 0.02 0.74 0.11 0.34 0.17 0.23 0.00 0.85 0.17 0.09 0.09 0.09 0.00 0.09 0.05 0.07 0.06 0.06 - 0.02 0.12 0.06 0.83 0.77 0.83 + 0.03 1.16 0.72 0.07 0.06 0.06 0.00 0.13 0.06 0.13 0.11 0.13 + 0.02 0.15 0.04 0.01 0.01 0.01 0.00 0.01 0.01 0.10 0.10 0.10 + 0.01 0.16 0.08 29.38 26.96 28.70 - 0.14 53.83 26.96 0.01 0.01 0.01 0.00 0.02 0.01 3.97 3.61 3.90 + 0.28 5.46 3.38 0.09 0.09 0.09 0.00 0.11 0.04 0.02 0.01 0.01 - 0.01 0.10 0.01 0.06 0.05 0.05 0.00 0.19 0.04 0.01 0.01 0.01 0.00 0.02 0.01

Namibia Rare E T 5040 Natural Rs Pt* N 4412 Nautilus Minls T 222 Nebu Res V 140 Nemaska Lith V 6143 Network Expl V 50 Nevada Clean M V 110 Nevada Copper T 311 Nevada Expl V 362 Nevada Sunrise V 2275 Nevado Res V 440 Nevsun Res T 19323 Nevsun Res* X 5338 New Carolin Gd V 2730 New Dimen Res V 14 New Gold T 46435 New Gold* X 91311 New Millennium V 13020 New Milln Iron T 9116 New Nadina V 360 New Oroperu Rs V 505 New Pac Metals T 242 Newmac Res V 210 Newmont Mng* N 198719 Newport Expl V 280 Newstrike Res V 250

0.05 0.04 0.05 + 0.01 0.22 0.04 1.12 1.00 1.09 + 0.02 10.51 1.00 0.30 0.27 0.28 + 0.01 0.55 0.24 0.01 0.01 0.01 0.00 0.05 0.01 0.41 0.39 0.41 + 0.02 0.45 0.15 0.01 0.01 0.01 0.00 0.05 0.01 0.04 0.03 0.04 0.00 0.06 0.03 0.65 0.59 0.64 + 0.04 2.03 0.56 0.36 0.27 0.29 - 0.07 0.94 0.05 0.20 0.18 0.20 + 0.02 0.49 0.13 0.01 0.01 0.01 0.00 0.06 0.01 3.56 3.39 3.48 + 0.09 5.35 3.32 2.55 2.43 2.51 + 0.07 4.36 2.41 0.05 0.04 0.04 - 0.01 0.08 0.02 0.05 0.05 0.05 0.00 0.09 0.04 3.29 3.11 3.13 + 0.01 6.04 2.52 2.37 2.23 2.25 + 0.01 5.12 1.90 0.11 0.09 0.11 0.00 0.36 0.07 0.09 0.05 0.08 + 0.03 0.27 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.12 0.12 0.12 - 0.02 0.20 0.07 0.20 0.18 0.18 - 0.02 0.21 0.14 0.10 0.08 0.08 - 0.02 0.29 0.06 18.25 17.48 17.80 + 0.19 27.90 15.39 0.22 0.20 0.22 + 0.01 0.49 0.19 0.03 0.03 0.03 0.00 0.08 0.02

M

N-O

Jan 4 Pgs 8 9.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

NGEx Res T 626 Nighthawk Gold V 3710 Nikos Expl V 430 Niogold Mng V 2905 Nippon Dragon V 737 Noble Mnl Expl V 540 Noka Res V 1857 Nomad Ventures V 385 Noram Vent V 830 Nordex V 120 Noront Res V 2194 Nortec Mnls V 40 North Am En P* N 131 North Am En Pa T 437 North Am Nickl V 190 North Am Pall T 178 North Arrow Mn V 125 Northcliff Res T 126 Northern Abiti V 40 Northern Dyn* X 2054 Northern Dyn M T 384 Northern Freeg V 95 Northern Gld M V 2010 Northern Graph V 1258 Northern Iron V 79 Northern Shiel V 34770 Northern Sun M V 136 Northern Sup R V 5324 Northern Vertx V 275 Northisle C&G V 1973 Northquest V 7200 NovaCopper T 297 NovaCopper* X 1841 NovaGold Res T 14992 NovaGold Res* X 65703 NQ Expl V 490 NSX Silver V 840 NuLegacy Gold V 3863 Nunavik Nickel V 18 NV Gold V 5515 Oban Mng T 4368 OceanaGold T 295097 Oceanic Iron O V 400 Oceanus Res V 511 Odin Mng & Exp V 50 Olivut Res V 70 Olympic Res V 205 Omineca Mg&Mtl V 885 Opawica Expl V 1259 Opta Minls T 24 Oracle Mng V 1950 Orbit Garant D T 205 Orbite Alumnae T 53601 Orca Gold V 11016 Orestone Mng V 495 Orex Expl V 512 Orex Minls V 515 Orezone Gold T 195 Oroco Res V 6162 Orocobre T 1178 Orosur Mng T 638 Orvana Mnrls T 8863 Otis Gold V 500

0.61 0.55 0.61 + 0.07 1.18 0.44 0.05 0.05 0.05 0.00 0.32 0.04 0.06 0.03 0.06 + 0.04 0.15 0.02 0.32 0.28 0.30 + 0.03 0.43 0.22 0.11 0.10 0.11 + 0.01 0.15 0.03 0.01 0.01 0.01 0.00 0.02 0.01 0.04 0.04 0.04 0.00 0.26 0.03 0.01 0.01 0.01 + 0.01 0.07 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 0.09 0.09 0.09 - 0.01 0.39 0.06 0.42 0.38 0.40 - 0.01 0.67 0.25 0.02 0.02 0.02 0.00 0.04 0.02 1.82 1.67 1.77 - 0.07 3.44 1.60 2.62 2.31 2.45 - 0.12 3.95 2.10 0.11 0.11 0.11 - 0.01 0.28 0.08 4.03 3.97 3.97 - 0.03 188.00 3.85 0.20 0.17 0.20 + 0.02 1.34 0.17 0.10 0.09 0.10 + 0.01 0.24 0.06 0.01 0.01 0.01 0.00 0.02 0.01 0.30 0.28 0.29 + 0.01 0.72 0.28 0.42 0.40 0.40 0.00 0.83 0.37 0.04 0.04 0.04 0.00 0.11 0.04 0.02 0.01 0.01 0.00 0.03 0.01 0.22 0.19 0.20 - 0.03 0.89 0.18 0.01 0.01 0.01 - 0.01 0.05 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.11 0.10 0.11 - 0.01 0.30 0.03 0.02 0.02 0.02 0.00 0.04 0.02 0.20 0.13 0.20 0.00 0.26 0.09 0.02 0.02 0.02 0.00 0.06 0.02 0.23 0.23 0.23 - 0.01 0.32 0.07 0.45 0.42 0.44 + 0.01 0.93 0.39 0.34 0.30 0.32 + 0.02 0.74 0.30 6.26 5.68 6.00 + 0.46 6.34 3.10 4.47 4.07 4.33 + 0.35 4.60 2.65 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 + 0.01 0.07 0.02 0.12 0.08 0.10 0.00 0.17 0.08 0.04 0.04 0.04 0.00 0.18 0.04 0.02 0.01 0.01 - 0.01 0.17 0.01 1.20 1.10 1.13 + 0.01 3.40 1.09 2.72 2.56 2.63 + 0.07 3.15 1.70 0.10 0.09 0.09 - 0.01 0.30 0.08 0.18 0.16 0.17 0.00 0.35 0.14 0.35 0.35 0.35 0.00 0.50 0.21 0.13 0.10 0.12 - 0.02 0.17 0.08 0.14 0.13 0.14 0.00 0.32 0.03 0.05 0.03 0.03 0.00 0.11 0.01 0.01 0.01 0.01 0.00 0.03 0.01 1.30 1.07 1.30 + 0.05 2.13 0.25 0.01 0.01 0.01 - 0.01 0.07 0.01 0.74 0.65 0.68 - 0.04 1.49 0.62 0.45 0.34 0.43 + 0.07 0.53 0.20 0.16 0.14 0.15 0.00 0.43 0.14 0.01 0.01 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.00 0.02 0.01 0.14 0.13 0.13 + 0.01 0.34 0.11 0.27 0.26 0.27 + 0.02 0.61 0.22 0.02 0.02 0.02 0.00 0.06 0.02 2.04 1.91 1.92 + 0.09 2.88 1.33 0.11 0.10 0.10 - 0.01 0.24 0.10 0.16 0.11 0.13 - 0.04 0.49 0.11 0.10 0.09 0.09 - 0.01 0.14 0.02

Pac Bay Mnrls V 30 Pac Booker Min V 89 Pac Booker Mn* X 48 Pac Iron Ore V 30 Pac North West V 860 Pac Ridge Expl V 11 Paladin Energy T 5726 Palmer Res V 1980 Pan Am Silver T 12882 Pan Am Silver* Q 70262 Pan Global Res V 20 Panoro Minls V 290 Peabody Enrgy* N 49658 Pelangio Expl V 2589 Pele Mtn Res V 3280 Peregrine Diam T 11249 Perseus Mng T 7088 Pershimco Res V 6547 Peruvian Prc M V 900 Philippine Mtl V 1859 Pilot Gold T 9872 Pinecrest Res V 276 Pinetree Cap T 7296 Planet Mng V 230 Plate Res V 241 Platinum Gp M* X 3519 Platinum Gp Mt T 43786 Plato Gold V 1420 Playfair Mng V 701 Polaris Minls T 4026 PolyMet Mng* X 6632 PolyMet Mng T 256 Potash C Sask* N 222053 Potash Cp Sask T 85533 Precipitate Gl V 770 Premier Gold M T 11254 27644 Pretium Res* N Pretium Res T 12683 Prime Merid Rs V 275 Primero Mng T 13311 Primero Mng* N 11201 Probe Mines V 158 T 55582 Prophecy Coal Prospero Silve V 50 Puma Expl V 4160 Purepoint U V 1824 QMC Quantum Ml V 100 QMX Gold V 779 Quartz Mtn Res V 400 Quaterra Res V 3570 Quest Rare Mnl T 2744

0.09 0.07 0.09 + 0.01 0.10 0.02 2.15 1.95 2.01 + 0.01 6.90 1.02 1.62 1.44 1.45 0.00 5.75 1.04 0.26 0.26 0.26 - 0.02 0.39 0.10 0.02 0.02 0.02 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.04 0.02 0.25 0.23 0.23 - 0.02 0.41 0.15 0.01 0.01 0.01 - 0.01 0.05 0.01 9.24 8.77 9.13 + 0.42 15.06 7.77 6.62 6.28 6.56 + 0.32 12.05 5.85 0.01 0.01 0.01 0.00 0.08 0.01 0.11 0.11 0.11 0.00 0.30 0.09 8.84 7.40 8.49 + 1.00 129.30 7.06 0.02 0.01 0.02 0.00 0.05 0.01 0.04 0.03 0.03 0.00 0.09 0.03 0.14 0.12 0.14 + 0.02 0.39 0.12 0.34 0.32 0.32 - 0.02 0.48 0.18 0.12 0.10 0.10 0.00 0.26 0.09 0.03 0.03 0.03 0.00 0.16 0.03 0.02 0.01 0.01 0.00 0.05 0.01 0.29 0.24 0.28 + 0.04 1.27 0.24 0.06 0.05 0.06 + 0.01 0.50 0.05 0.05 0.04 0.04 0.00 0.21 0.04 0.03 0.03 0.03 + 0.01 0.06 0.02 0.04 0.03 0.03 + 0.02 0.21 0.03 0.15 0.13 0.14 - 0.01 0.60 0.13 0.21 0.18 0.19 - 0.02 0.74 0.18 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 0.00 0.08 0.01 1.49 1.26 1.45 + 0.02 2.83 1.26 0.89 0.80 0.85 + 0.04 1.37 0.55 1.20 1.11 1.19 + 0.07 1.75 0.76 17.84 16.90 17.63 + 0.43 37.60 16.65 24.86 23.63 24.55 + 0.54 47.10 22.89 0.09 0.09 0.09 0.00 0.21 0.07 2.67 2.50 2.59 + 0.04 2.92 1.63 5.20 4.95 5.07 + 0.14 7.56 4.26 7.26 6.91 7.08 + 0.20 9.05 5.57 0.08 0.08 0.08 + 0.02 0.19 0.05 3.42 3.09 3.18 + 0.14 6.06 2.56 2.45 2.21 2.29 + 0.12 5.02 1.93 0.38 0.37 0.37 0.00 0.56 0.17 0.05 0.03 0.04 + 0.01 0.08 0.02 0.06 0.06 0.06 - 0.03 0.25 0.05 0.04 0.03 0.03 0.00 0.17 0.03 0.04 0.03 0.03 0.00 0.07 0.02 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 + 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.08 0.07 0.07 - 0.01 0.15 0.04 0.07 0.06 0.07 + 0.01 0.29 0.06

Rackla Mtls V 443 Radisson Mng V 1045 Radius Gold V 714 Rainy Mtn Royl V 50 Rambler Mg&Mtl V 775 Randgold Res* Q 20095 Randsburg Intl V 586 Range Engy Res C 1000 Rapier Gold V 875 Rare Elemnt Rs T 1116 Rare Elemt Re* X 4803 Rathdowney Res V 1301 Red Eagle Mng V 1445 Red Pine Expl V 4135

0.06 0.06 0.06 - 0.01 0.13 0.05 0.12 0.11 0.12 0.00 0.15 0.08 0.08 0.07 0.07 - 0.01 0.11 0.06 0.03 0.03 0.03 0.00 0.09 0.02 0.07 0.06 0.06 - 0.01 0.43 0.06 61.45 59.18 60.87 + 1.63 85.84 54.88 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.03 0.03 + 0.01 0.10 0.01 0.06 0.04 0.06 + 0.02 0.08 0.02 0.26 0.22 0.22 - 0.04 1.31 0.22 0.19 0.15 0.16 - 0.03 1.06 0.15 0.17 0.16 0.16 - 0.01 0.35 0.11 0.27 0.25 0.27 + 0.03 0.36 0.23 0.06 0.04 0.04 - 0.02 0.18 0.03

P-Q

R

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Redhawk Res T 220 Redhill Res V 1550 Redstar Gold V 4440 Redstar Res V 200 Reliance Res V 500 Remington Res V 250 Renaissnc Gold V 694 Reservoir Capt V 385 Reservoir Mnls V 572 Reunion Gold V 450 Reva Res V 80 Richmont Mines T 2116 Richmont Mine* X 3682 Rio Novo Gold T 8960 Rio Tinto* N 39822 Riverside Res V 1310 RJK Explor V 380 Robex Res V 7430 Rock Tech Lith V 349 RockBridge Res V 70 Rockhaven Res V 315 Rockwell Diam T 2900 Rodinia Lithm V 1675 Rogue Iron Ore V 7872 Rokmaster Res V 120 Rome Res V 1028 Romios Gold Rs V 315 Roxgold V 3931 Royal Cdn Mint T 588 Royal Gold T 214 Royal Gold* Q 29292 Royal Nickel T 1929 RPT Uranium V 760 Rubicon Mnls* X 444753 Rubicon Mnrls T 163721 Rugby Mng V 4880 Running Fox Rs V 75 Rupert Res V 30 Rusoro Mng V 779 Russell Metals T 8814 Rye Patch Gold V 2304

0.05 0.05 0.05 0.00 0.10 0.04 0.04 0.04 0.04 + 0.01 0.24 0.04 0.04 0.03 0.04 + 0.01 0.06 0.03 0.02 0.02 0.02 0.00 0.10 0.02 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 0.00 0.05 0.01 0.17 0.15 0.16 - 0.01 0.34 0.14 0.37 0.31 0.31 - 0.03 0.62 0.24 4.10 4.05 4.08 - 0.01 5.09 3.66 0.01 0.01 0.01 - 0.01 0.10 0.01 0.07 0.06 0.07 + 0.01 0.10 0.02 4.27 4.06 4.17 + 0.11 4.55 3.07 3.05 2.91 2.97 + 0.05 3.68 2.27 0.10 0.08 0.09 - 0.01 0.16 0.07 28.39 27.32 28.26 + 0.74 50.06 27.32 0.15 0.14 0.14 - 0.01 0.33 0.14 0.01 0.01 0.01 0.00 0.01 0.01 0.08 0.07 0.08 + 0.01 0.12 0.05 0.04 0.04 0.04 - 0.01 0.10 0.03 0.01 0.01 0.01 - 0.01 0.03 0.01 0.16 0.16 0.16 + 0.02 0.27 0.10 0.13 0.13 0.13 0.00 0.28 0.11 0.02 0.01 0.02 0.00 0.05 0.01 0.09 0.08 0.08 0.00 0.16 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.04 0.02 0.04 + 0.02 0.10 0.01 0.04 0.03 0.04 + 0.01 0.05 0.02 0.74 0.67 0.72 + 0.02 0.84 0.48 16.11 15.72 16.01 + 0.38 17.41 14.48 51.42 49.83 50.73 + 0.94 95.64 45.92 36.99 35.57 36.41 + 0.84 77.20 34.42 0.19 0.18 0.19 + 0.01 0.59 0.15 0.20 0.18 0.20 + 0.03 0.41 0.17 0.11 0.04 0.08 - 0.03 1.35 0.04 0.15 0.09 0.11 - 0.04 1.63 0.09 0.06 0.04 0.05 - 0.01 0.19 0.04 0.01 0.01 0.01 0.00 0.02 0.01 0.03 0.03 0.03 0.00 0.08 0.03 0.06 0.05 0.05 0.00 0.07 0.02 15.77 15.16 15.41 0.00 27.95 14.36 0.14 0.13 0.13 + 0.01 0.20 0.11

Sabina Gd&Slvr T 14736 Sable Res V 387 Sage Gold V 140 Saint Jean Car V 3713 Salazar Res V 459 Sama Res V 1270 Samco Gold V 150 San Marco Res V 20 Sanatana Diam V 4500 Sandspring Res V 2164 Sandstorm Gld* X 25573 Sandstorm Gold T 5856 Santa Fe Metls V 1630 Santacruz Silv V 11635 Sarama Res V 430 Satori Res V 93 Saturn Minls V 1726 Savant Expl V 105 Scorpio Gold V 987 Scorpio Mining T 16879 Seabridge Gld* N 13884 Seabridge Gold T 3602 Search Mnls V 300 Secova Mtls V 2263 Sego Res V 2600 Semafo T 43487 Senator Minls V 160 Sennen Res V 1640 Sentry Sl PrmM T 629 Serabi Gold T 90 Serengeti Res V 200 SG Spirit Gold V 513 SGX Res V 2030 Sherritt Intl T 41400 Shore Gold T 3611 Sierra Iron Or V 291 Sierra Metals T 830 Signature Res V 100 Silver Bear Rs T 2346 Silver Bull Re T 1150 Silver Grail R V 20 Silver Mtn Mns V 110 Silver Predatr V 500 Silver Pursuit V 10 Silver Spruce V 305 Silver Std Res T 6609 Silver Std Re* Q 33117 Silver Wheatn* N 114623 Silver Wheaton T 38474 Silvercorp Mtl T 17764 Sirios Res V 1413 Skeena Res V 390 Skyharbour Res V 4204 Slam Exploratn V 40 SnipGold V 295 SNS Silver V 2435 Soc Quim&M Ch* N 27740 Solitario Ex&R T 85 Solitario Ex&* X 495 Sona Res V 300 Sonoro Mtls V 204 Source Expl V 510 Southern Arc V 163 Southern Silvr V 271 SouthGobi Res T 166 Spanish Mtn Gd V 644 Sparton Res V 467 Sprott Ph Silv T 586 Sprott Res T 4894 St Andrew Gldf T 14129 St Augustine T 345 St-Georges Plt C 2500 Stans Energy V 1602 Starcore Int V T 633 Stellar Pac Vt V 40 Stelmine Can V 100 Stillwater Mg* N 56498 Stonegate Agri T 1133 Stornoway Diam T 5136 Strategic Metl V 2165 Strategic Res V 378 Stratton Res V 10 Strike Graph V 1433 StrikePoint Gd V 2061 Strongbow Expl V 10 Sulliden Mng C T 709 Sultan Mnrls V 770 SunCoke Engy* N 25716 Sunridge Gold V 14838 Superior Coppr V 8350

0.78 0.71 0.78 + 0.07 0.78 0.29 0.02 0.01 0.01 - 0.01 0.05 0.01 0.04 0.04 0.04 0.00 0.17 0.04 0.05 0.04 0.04 0.00 0.06 0.01 0.07 0.05 0.05 - 0.01 0.16 0.03 0.15 0.09 0.13 + 0.03 0.28 0.09 0.03 0.03 0.03 0.00 0.80 0.03 0.02 0.02 0.02 - 0.01 0.10 0.02 0.02 0.01 0.02 + 0.01 0.08 0.01 0.15 0.13 0.14 - 0.02 0.44 0.13 2.75 2.54 2.61 + 0.07 4.40 2.20 3.85 3.52 3.64 + 0.10 5.30 2.88 0.01 0.01 0.01 - 0.01 0.03 0.01 0.12 0.10 0.10 + 0.01 0.43 0.10 0.07 0.07 0.07 0.00 0.12 0.05 0.05 0.04 0.04 - 0.01 0.25 0.02 0.14 0.13 0.13 - 0.01 0.24 0.10 0.01 0.01 0.01 + 0.01 0.03 0.01 0.07 0.07 0.07 - 0.01 0.19 0.05 0.13 0.10 0.10 - 0.01 0.27 0.10 8.57 7.84 8.20 + 0.43 9.89 3.31 11.95 10.93 11.41 + 0.56 12.60 4.34 0.05 0.05 0.05 - 0.01 0.13 0.03 0.05 0.04 0.04 - 0.01 0.09 0.03 0.02 0.01 0.01 - 0.01 0.03 0.01 3.78 3.51 3.58 + 0.04 4.49 2.46 0.10 0.07 0.07 + 0.02 0.17 0.02 0.11 0.10 0.10 - 0.01 1.35 0.10 2.14 2.09 2.13 + 0.05 3.49 2.00 0.07 0.07 0.07 0.00 0.10 0.06 0.02 0.02 0.02 - 0.01 0.07 0.02 0.07 0.06 0.07 0.00 0.38 0.05 0.01 0.01 0.01 0.00 0.02 0.01 0.74 0.63 0.71 + 0.08 3.25 0.63 0.20 0.18 0.18 0.00 0.30 0.13 0.30 0.26 0.30 + 0.02 0.62 0.08 1.08 0.97 1.08 + 0.04 2.13 0.84 0.02 0.02 0.02 - 0.02 0.04 0.01 0.03 0.02 0.03 + 0.01 0.10 0.02 0.05 0.04 0.04 0.00 0.30 0.04 0.02 0.02 0.02 0.00 0.06 0.02 0.01 0.01 0.01 - 0.01 0.04 0.01 0.01 0.01 0.01 0.00 0.04 0.01 0.02 0.02 0.02 0.00 0.06 0.02 0.06 0.05 0.06 0.00 0.10 0.02 7.44 6.97 7.06 + 0.05 10.56 4.86 5.32 5.00 5.07 + 0.04 8.02 4.12 12.68 12.04 12.52 + 0.58 24.22 11.03 17.71 16.82 17.44 + 0.79 29.86 14.62 0.71 0.66 0.67 + 0.01 2.00 0.66 0.11 0.09 0.10 - 0.01 0.13 0.06 0.08 0.07 0.07 - 0.01 0.13 0.06 0.04 0.03 0.04 + 0.01 0.07 0.02 0.04 0.02 0.03 - 0.01 0.06 0.01 0.05 0.05 0.05 - 0.02 0.11 0.04 0.48 0.46 0.47 0.00 0.50 0.05 18.07 16.84 17.95 + 2.07 26.40 12.65 0.66 0.65 0.66 + 0.04 1.18 0.57 0.50 0.44 0.45 + 0.01 1.00 0.40 0.02 0.01 0.02 + 0.01 0.06 0.01 0.06 0.05 0.06 + 0.01 0.19 0.04 0.02 0.02 0.02 - 0.01 0.10 0.02 0.34 0.32 0.34 + 0.02 1.00 0.25 0.06 0.05 0.06 + 0.01 0.13 0.03 0.29 0.24 0.28 - 0.02 1.25 0.24 0.03 0.02 0.03 + 0.01 0.05 0.02 0.03 0.03 0.03 + 0.01 0.04 0.01 5.52 5.36 5.48 + 0.21 7.43 5.23 0.52 0.43 0.47 + 0.04 1.99 0.40 0.45 0.43 0.44 + 0.02 0.45 0.21 0.11 0.09 0.10 - 0.01 0.17 0.07 0.02 0.02 0.02 + 0.01 0.05 0.01 0.02 0.02 0.02 0.00 0.13 0.01 0.34 0.27 0.31 + 0.03 0.66 0.25 0.02 0.02 0.02 0.00 0.14 0.01 0.01 0.01 0.01 - 0.01 0.05 0.01 8.88 8.45 8.74 + 0.25 15.37 8.16 0.02 0.02 0.02 0.00 0.06 0.02 0.71 0.69 0.71 + 0.02 0.85 0.46 0.30 0.26 0.30 + 0.04 0.37 0.24 0.02 0.02 0.02 - 0.01 0.08 0.02 0.12 0.12 0.12 + 0.03 0.15 0.06 0.02 0.02 0.02 + 0.01 0.15 0.01 0.01 0.01 0.01 0.00 0.08 0.01 0.07 0.07 0.07 - 0.02 0.18 0.05 0.25 0.22 0.24 0.00 0.49 0.19 0.01 0.01 0.01 0.00 0.02 0.01 3.79 3.41 3.76 + 0.25 20.00 2.83 0.26 0.25 0.25 0.00 0.28 0.13 0.02 0.01 0.01 0.00 0.05 0.01

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Sutter Gold V 10 0.04 0.04 0.04 0.00 0.15 0.04

T TAD Mnl Expl V 4008 Tahoe Res* N 11269 Tahoe Res T 20119 Taipan Res V 339 Tajiri Res V 10 Takara Res V 5998 Talon Metals T 134 Tanz Roy Exp T 892 Tanz Roy Exp* X 3339 Tasca Res V 312 Taseko Mines* X 12484 Taseko Mines T 4643 Tasman Metals V 2189 Tasman Mtls* X 1958 Tawsho Mng V 30 Tearlach Res V 345 Teck Res A T 55 Teck Res B* N 239279 Teck Res B T 183567 Tembo Gold V 1530 Teranga Gold T 45193 Teras Res V 2975 Terraco Gold V 5623 Terrax Minls V 3590 Teuton Res V 50 Theia Res V 40 Themac Res V 100 Thompson Creek T 6843 Thompson Crk* N 15670 Thor Expl V 1950 Timberline Res V 76 Timberline Rs* X 638 Timmins Gold* X 4490 Timmins Gold T 12032 Tinka Res V 1053 Tintina Res V 107 Tirex Res V 1061 Titanium Corp V 3311 TNR Gold V 130 TomaGold V 6042 Torex Gold T 53159 Treasury Metal T 381 Tres-Or Res V 300 Trevali Mng T 38944 Tri Origin Exp V 5725 Tribute Res V 310 TriMetals Mng T 3450 Troymet Expl V 320 True Gold Mng V 7456 True North Gem V 1178 Trueclaim Expl V 50 Tsodilo Res V 25 Turquoise HIl* N 22695 Turquoise Hill T 55256 TVI Pacific T 6679 Typhoon Expl V 1180

0.01 0.01 0.01 0.00 0.01 0.01 8.69 8.14 8.44 + 0.37 16.13 7.33 12.11 11.36 11.80 + 0.50 19.45 9.66 0.08 0.07 0.08 + 0.01 3.05 0.07 0.01 0.01 0.01 - 0.01 0.04 0.01 0.05 0.04 0.05 + 0.01 0.06 0.01 0.12 0.12 0.12 - 0.01 0.28 0.08 0.40 0.38 0.38 0.00 1.02 0.32 0.29 0.27 0.27 - 0.00 0.91 0.25 0.01 0.01 0.01 0.00 0.05 0.01 0.37 0.32 0.33 - 0.01 1.13 0.31 0.50 0.45 0.47 - 0.01 1.30 0.43 0.31 0.23 0.29 + 0.04 0.99 0.21 0.22 0.16 0.21 + 0.04 0.79 0.15 0.01 0.01 0.01 0.00 0.03 0.01 0.14 0.07 0.14 + 0.09 0.14 0.02 8.08 7.02 7.92 + 0.86 22.64 6.41 3.65 3.15 3.62 + 0.51 16.40 3.04 5.09 4.41 5.06 + 0.73 20.58 4.25 0.02 0.02 0.02 + 0.01 0.06 0.01 0.50 0.48 0.48 - 0.01 0.82 0.39 0.04 0.04 0.04 - 0.01 0.14 0.04 0.11 0.10 0.11 + 0.01 0.17 0.07 0.27 0.25 0.25 - 0.02 0.44 0.23 0.05 0.05 0.05 + 0.01 0.20 0.04 0.09 0.09 0.09 + 0.04 0.20 0.05 0.01 0.01 0.01 0.00 0.03 0.01 0.35 0.29 0.32 + 0.01 2.07 0.23 0.25 0.21 0.22 - 0.01 1.79 0.18 0.03 0.02 0.03 0.00 0.07 0.02 0.37 0.31 0.34 + 0.01 0.91 0.31 0.26 0.22 0.23 + 0.01 0.80 0.20 0.14 0.12 0.13 + 0.00 1.27 0.12 0.20 0.17 0.18 + 0.01 1.53 0.17 0.13 0.11 0.12 0.00 0.43 0.10 0.07 0.07 0.07 + 0.01 0.11 0.04 0.15 0.09 0.14 + 0.04 0.35 0.07 0.81 0.66 0.70 0.00 1.55 0.66 0.02 0.02 0.02 + 0.01 0.03 0.01 0.05 0.04 0.05 0.00 0.13 0.04 1.31 1.18 1.26 + 0.08 1.65 0.85 0.42 0.36 0.38 - 0.02 0.62 0.25 0.02 0.02 0.02 - 0.01 0.03 0.01 0.43 0.34 0.43 + 0.09 1.24 0.25 0.03 0.02 0.02 - 0.01 0.04 0.01 0.03 0.03 0.03 0.00 0.12 0.02 0.08 0.06 0.07 + 0.01 0.13 0.04 0.02 0.01 0.02 + 0.01 0.03 0.01 0.24 0.21 0.21 - 0.02 0.29 0.15 0.17 0.15 0.16 0.00 0.20 0.07 0.02 0.02 0.02 0.00 0.06 0.02 0.62 0.62 0.62 - 0.11 1.19 0.57 2.52 2.30 2.51 + 0.17 4.73 2.28 3.50 3.19 3.49 + 0.24 5.80 3.17 0.01 0.01 0.01 0.00 0.03 0.01 0.04 0.03 0.03 - 0.01 0.08 0.03

U3O8 Corp T 4186 Ucore Rare Mtl V 3334 UEX Corp T 11097 Ultra Lithium V 173 Unigold V 627 Unity Energy V 100 Ur-Energy T 1786 Ur-Energy* X 18014 Uracan Res V 12060 Uragold Bay Rs V 4290 Uranium Ener* X 4937 Uranium Partic T 10225 Uranium Res* Q 30986 Uranium Valley V 18 Uravan Minls V 272 US Energy* Q 8812 US Silica Hld* N 14813 Vale* N 160616 ValGold Res V 359 Vantex Res V 2830 Vena Res T 363 Vendetta Mng V 740 Verde Potash T 3057 Victoria Gold V 6617 Victory Nickel T 2392 Victory Res V 5505 Victory Vent V 1200 Vior Mining V 220 Viscount Mng V 500 Visible Gold M V 102 Vista Gold T 398 Vista Gold* X 2702 VMS Vent V 4370 Vulcan Mnrls V 1303 VVC Expl V 6243

0.03 0.03 0.03 0.00 0.07 0.02 0.27 0.24 0.25 0.00 0.44 0.20 0.16 0.14 0.16 + 0.02 0.32 0.11 0.10 0.08 0.09 + 0.01 0.35 0.05 0.12 0.10 0.12 + 0.02 0.25 0.08 0.19 0.18 0.19 + 0.04 0.20 0.05 0.90 0.78 0.87 + 0.01 1.35 0.60 0.65 0.55 0.63 + 0.01 1.07 0.45 0.04 0.01 0.02 + 0.01 0.06 0.01 0.04 0.03 0.04 + 0.01 0.07 0.02 1.02 0.98 1.01 + 0.03 2.99 0.90 5.25 5.07 5.09 - 0.10 5.69 4.82 0.52 0.35 0.39 - 0.14 2.02 0.35 0.05 0.05 0.05 0.00 0.10 0.04 0.11 0.10 0.11 + 0.01 0.17 0.04 0.15 0.11 0.14 + 0.01 1.77 0.11 19.63 17.70 18.81 - 0.18 40.17 13.50 3.33 3.05 3.14 - 0.09 9.14 3.00 0.02 0.02 0.02 0.00 0.02 0.01 0.02 0.02 0.02 0.00 0.03 0.01 0.02 0.02 0.02 0.00 0.12 0.02 0.08 0.07 0.08 - 0.01 0.17 0.05 0.20 0.17 0.17 - 0.02 0.60 0.17 0.15 0.14 0.15 + 0.01 0.24 0.10 0.03 0.02 0.02 - 0.01 0.30 0.02 0.03 0.02 0.02 - 0.01 0.09 0.02 0.02 0.01 0.01 - 0.01 0.03 0.01 0.05 0.04 0.05 + 0.01 0.13 0.04 0.51 0.50 0.50 0.00 0.63 0.16 0.05 0.05 0.05 - 0.01 0.27 0.04 0.45 0.39 0.42 + 0.04 0.56 0.31 0.33 0.27 0.31 + 0.03 0.45 0.24 0.05 0.05 0.05 0.00 0.30 0.05 0.02 0.02 0.02 0.00 0.04 0.02 0.02 0.01 0.02 0.00 0.04 0.01

Wallbridge Mng T 7990 Waseco Res V 232 WCB Res V 4420 Wealth Minls V 7168 Wescan Goldfie V 10 Wesdome Gold T 3786 40 West High Yld V West Kirkland V 3905 Westcore Energ V 450 Western Copper T 3960 Western Coppr* X 3003 Western Lithiu T 34648 Western Potash T 8941 Western Troy C V 50 Westhaven Vent V 200 Westkam Gold V 291 White Pine Res V 6510 Wildcat Expl V 10 Wolfden Res V 12093 Wolverine Mnls V 950 WPC Res V 315 Xtierra V 530 Xtra-Gold Res T 255 Yamana Gold* N 85201 Yamana Gold T 176462 Yanzhou Coal* N 4651 Yellowhead Mng T 885 Zadar Vent V 1350 Zazu Metals T 268 Zenyatta Vent V 2288 Zephyr Mnls V 810 Zimtu Capital V 113 Zinco Mng V 3450 Zonte Mtls V 2685

0.03 0.03 0.03 0.00 0.06 0.02 0.03 0.03 0.03 0.00 0.06 0.02 0.05 0.04 0.05 + 0.02 0.25 0.02 0.17 0.15 0.15 - 0.01 0.42 0.05 0.03 0.03 0.03 0.00 0.06 0.01 1.30 1.24 1.26 + 0.03 1.40 0.89 0.24 0.24 0.24 + 0.04 0.43 0.11 0.05 0.04 0.04 0.00 0.08 0.04 0.02 0.02 0.02 + 0.01 0.04 0.01 0.40 0.33 0.40 + 0.07 0.75 0.30 0.28 0.22 0.27 + 0.04 0.65 0.22 0.39 0.30 0.31 + 0.02 0.96 0.26 0.22 0.19 0.19 - 0.01 0.34 0.18 0.01 0.01 0.01 0.00 0.02 0.01 0.05 0.05 0.05 0.00 0.12 0.05 0.02 0.02 0.02 0.00 0.05 0.02 0.01 0.01 0.01 0.00 0.09 0.01 0.04 0.04 0.04 0.00 0.08 0.02 0.10 0.08 0.09 + 0.01 0.23 0.05 0.03 0.02 0.02 - 0.01 0.10 0.02 0.05 0.04 0.04 - 0.01 0.08 0.04 0.01 0.01 0.01 0.00 0.09 0.01 0.23 0.21 0.21 - 0.02 0.30 0.10 1.94 1.81 1.83 + 0.03 4.84 1.43 2.72 2.48 2.56 + 0.05 5.79 1.89 4.73 4.35 4.69 + 0.19 12.24 4.19 0.05 0.04 0.04 0.00 0.18 0.03 0.02 0.02 0.02 0.00 0.04 0.01 0.13 0.10 0.10 - 0.01 0.35 0.09 0.95 0.85 0.86 - 0.04 2.61 0.63 0.11 0.11 0.11 + 0.02 0.20 0.08 0.14 0.13 0.13 - 0.01 0.38 0.13 0.02 0.02 0.02 + 0.01 0.08 0.01 0.10 0.07 0.10 + 0.01 0.15 0.02

U-V

W-Z

2015-12-23 5:56 PM


10

WWW.NORTHERNMINER.COM

JANUARY 4–10, 2016 / THE NORTHERN MINER

BID-ASK — DECEMBER 18–22, 2015 STOCK

12-MONTH

12-MONTH

EXC BID ASK LAST HIGH

LOW

STOCK

Acme Res V 0.02 0.03 0.02 0.06 Adanac Moly V 0.18 1.51 0.18 0.20 Adventure Gold V 0.10 0.14 0.14 0.20 Aegean Metals V 0.03 0.05 0.03 0.11 Afferro Mng V 1.10 2.50 1.57 2.40 Africo Res T 0.44 0.49 0.50 0.55 Aftermath Silv V 0.01 0.01 0.01 0.02 AgriMinco V 0.01 0.01 0.01 0.01 T 5.02 5.07 5.03 10.31 Alamos Gold Alder Res V 0.01 0.01 0.01 0.05 Allana Potash T 0.50 0.50 0.50 0.50 V 0.01 0.01 0.01 0.06 Alliance Mng Allied Gold T 2.25 2.29 2.25 3.70 Allied Nevada T 0.16 0.16 1.08 4.45 Allied Nevada* X 0.86 0.86 0.86 6.70 Alpha Gold V 0.04 0.06 0.04 0.06 V 5.55 5.68 5.45 7.60 Alpha Mnls Altair Vent V 0.12 0.15 0.11 0.60 Altan Nev Mnls V 0.01 0.01 0.01 0.03 V 0.08 0.10 0.08 0.21 Altitude Res Alturas Minls V 0.01 0.01 0.01 0.01 V 0.04 0.04 0.04 0.07 Am Cons Minls Amador Gold V 0.01 0.01 0.01 0.01 T 0.20 0.29 0.21 1.72 Amara Mng Amcol Intl* N 45.74 45.75 45.74 47.09 American Bonan T 0.02 0.02 0.02 0.06 AMI Res V 0.04 0.05 0.04 0.06 V 0.01 0.02 0.02 0.04 AndeanGold Anglo Pac Grp T 0.01 1.44 1.50 2.05 V 0.04 0.05 0.04 0.09 Arco Res Arctic Hntr Ur V 0.03 0.03 0.03 0.06 Arcus Dev Grp V 0.02 0.02 0.02 0.04 Armadillo Res C 0.01 0.05 0.02 0.02 V 0.01 0.02 0.02 0.08 Asher Res AsiaBaseMetals V 0.04 0.09 0.05 0.14 V 0.09 0.20 0.09 0.16 Astar Mnls Aston Bay V 0.15 0.19 0.16 0.20 V 0.15 0.15 0.15 0.45 Atacama Pac Gd Atna Res Ltd T 0.01 0.01 0.05 0.12 T 3.15 3.50 3.55 4.18 Augusta Res AuRico Gold* N 2.87 2.88 2.86 4.69 AuRico Gold T 3.58 3.73 3.58 5.12 Azumah Res T 0.02 0.03 0.02 0.11 V 0.07 0.20 0.06 0.23 Bama Gold Banyan Gold V 0.03 0.04 0.03 0.10 Baroyeca Go&Si V 0.01 0.01 0.01 0.01 Bayfield Vent V 0.24 0.25 0.24 0.41 V 0.06 0.10 0.05 0.10 BCM Res BE Res V 0.05 0.08 0.35 0.35 V 0.03 0.04 0.04 0.06 Bear Lake Gold Bearclaw Cap V 0.02 0.03 0.03 0.05 Bearing Res V 0.01 0.04 0.03 0.04 Belmont Res V 0.03 0.04 0.03 0.09 Berkwood Res V 0.01 0.01 0.01 0.05 Besra Gold T 0.02 0.02 0.02 0.07 V 0.05 0.05 0.05 0.09 Black Isle Res Black Widow Rs V 0.02 0.02 0.02 0.08 Blackstone Ven V 0.02 0.02 0.01 0.20 Blind Crk Res V 0.05 0.06 0.05 0.07 V 0.46 0.49 0.47 0.95 Blue Gold Mng Blue Sky Uran V 0.04 0.05 0.05 0.26 Bonaparte Res V 0.05 0.12 0.05 0.11 Bralorne Gold V 0.19 0.19 0.20 0.45 V 0.10 0.10 0.11 0.25 Brazilian Gold Brixton Mtls V 0.07 0.09 0.09 0.22 Calvista Gold T 1.09 1.10 1.09 1.10 Canada Fluorsp V 0.35 0.35 0.35 0.35 V 0.01 0.01 0.01 0.01 Canadn Plat Canadn Silvr H V 0.01 0.01 0.01 0.07 C 0.01 0.02 0.01 0.05 Cancor Mines Cangold V 0.03 0.04 0.03 0.15 V 0.18 0.19 0.19 0.25 Cannon Pnt Res Canuc Res V 0.05 0.08 0.05 0.35 V 0.03 0.04 0.03 0.07 Cariboo Rose Carlin Gold V 0.01 0.01 0.01 0.02 Cascadero Copp V 0.03 0.04 0.03 0.05 Cavan Vent V 0.02 0.02 0.02 0.04 V 2.40 2.49 2.40 3.49 Cayden Res Central Iron O V 0.01 0.01 0.01 0.01 Centurion Mnls V 0.09 0.13 0.09 0.40 Chalice Diam V 0.07 0.07 0.07 0.08 Chalice Gold M T 0.10 0.12 0.11 0.15 Champion Bear V 0.06 0.08 0.06 0.15 Channel Res V 0.04 0.06 0.05 0.09 CIC Energy T 1.99 2.00 1.99 2.45 Citation Res V 0.07 0.08 0.07 0.10 Claim Post Res V 0.01 0.01 0.01 0.09 Clear Mtn Res V 0.01 0.01 0.01 0.03 Cline Mng T 0.01 0.01 0.01 0.84 CMQ Res V 0.02 0.04 0.02 0.05 Coalspur Mines T 0.02 0.02 0.02 0.08 Cobriza Mtls V 0.12 0.13 0.12 0.16 Coeur Mng T 12.03 12.64 12.09 20.14 Colombia Crest V 0.01 0.01 0.01 0.01 Colossus Minls T 0.02 0.02 0.04 3.40 Columbus Expl V 0.01 0.05 0.19 0.20 Comet Inds V 1.25 1.75 1.22 1.75 Conquest Res V 0.01 0.01 0.01 0.02 Cons Richland V 0.01 0.02 0.01 0.04 Contintl Nickl V 0.40 0.90 0.40 1.12 Copper One V 0.04 0.05 0.05 0.30 Coronado Res V 0.24 0.40 0.18 1.30 Coronet Mtls V 0.06 0.08 0.08 0.39 Cortez Gold V 0.18 0.32 0.32 1.00 Cougar Mnls V 0.05 0.05 0.05 0.30 Creso Expl V 0.12 0.12 0.12 0.13 Cresval Cap V 0.03 0.04 0.03 0.06 Crosshair Eny* X 0.02 0.03 0.02 0.26 Cuervo Res C 0.01 0.01 0.01 0.01 Curis Res T 0.68 0.72 0.70 0.99 Darwin Res V 0.05 0.05 0.05 0.20 Desert Star V 0.11 0.13 0.11 0.22 Diamonds North V 0.02 0.03 0.02 0.08 Dominion Mnls* Q 0.08 0.18 0.01 0.09 Dorex Minls V 0.01 0.02 0.02 0.10 Duluth Metals T 0.45 0.45 0.45 1.00 Dunav Res V 0.01 0.02 0.02 0.14 Duncan Park H V 0.01 0.01 0.01 0.03 DV Res V 0.04 0.07 0.05 0.06 E-Energy Vent V 0.01 0.01 0.01 0.01 Eagle Hill Exp V 0.60 0.65 0.65 0.93 Eagle Mtn Gold V 0.14 0.17 0.13 0.42 Eastern Merid V 0.03 0.07 0.05 0.07 El Nino Vent V 0.01 0.02 0.02 0.04 El Tigre Silvr V 0.03 0.04 0.04 0.26 Elemental Mnls T 0.18 0.25 0.20 0.55 Elgin Mng T 0.41 0.42 0.42 0.45 Elissa Res V 0.14 0.14 0.14 0.25 Emerick Res V 0.11 0.13 0.11 0.30 Endurance Gold V 0.02 0.03 0.03 0.08 Esperanza Res V 1.01 1.03 1.01 1.70 Estrella Gold V 0.03 0.04 0.03 0.08 Eureka Res V 0.05 0.08 0.05 0.16 Evolving Gold C 0.06 0.08 0.06 0.10 Extorre Gold M T 4.27 4.28 4.27 11.27 Falcon Gold V 0.01 0.01 0.01 0.11 Ferrum Am Mng V 0.01 0.02 0.01 0.04

0.02 0.00 0.06 0.00 0.00 0.30 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.03 0.00 0.06 0.01 0.07 0.01 0.00 0.01 0.00 0.00 0.00 0.01 0.01 1.00 0.03 0.02 0.01 0.01 0.02 0.04 0.09 0.08 0.14 0.05 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.00 0.02 0.35 0.00 0.02 0.02 0.02 0.01 0.00 0.02 0.01 0.10 0.04 0.00 0.04 0.00 0.00 0.00 0.05 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.05 0.02 0.01 0.02 0.02 0.00 0.01 0.04 0.00 0.08 0.05 0.00 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.10 1.00 0.01 0.01 0.00 0.03 0.23 0.04 0.00 0.03 0.00 0.01 0.00 0.00 0.00 0.00 0.11 0.00 0.00 0.02 0.00 0.00 0.01 0.03 0.01 0.00 0.00 0.04 0.01 0.00 0.00 0.00 0.06 0.10 0.02 0.00 0.00 0.02 0.02 0.00 0.01 0.01

First Nickel T 0.01 0.01 0.01 0.03 Freeport Res V 0.01 0.01 0.01 0.02 T 0.13 0.14 0.13 0.35 Frontier Rr Er Full Metal Mnl V 0.02 0.03 0.02 0.10 Galantas Gold V 0.09 0.13 0.09 0.18 Galore Res V 0.01 0.02 0.01 0.03 Gentor Res V 0.02 0.03 0.03 0.10 Geocom Res* Q 0.05 0.09 0.02 0.03 Geomark Expl V 0.96 1.00 0.98 1.00 Georox Res V 0.03 0.04 0.03 0.14 V 0.04 0.05 0.05 0.17 GFK Res Gitennes Expl V 0.01 0.01 0.01 0.01 V 0.08 0.08 0.09 0.20 Giyani Gold Global Ur Fund T 1.64 1.67 1.64 2.05 Gold Canyon V 0.34 0.34 0.34 0.42 Goldbank Mng V 0.05 0.08 0.05 0.09 V 0.04 0.05 0.04 0.07 Golden Harp V 0.05 0.08 0.08 0.09 Golden Peak Mn GoldMountain* Q 0.04 0.05 0.05 0.35 C 0.03 0.06 0.03 0.10 Goldrea Res Granite Ck Gld V 0.01 0.02 0.01 0.04 Green Swan Cap V 0.01 0.02 0.02 0.05 V 0.01 0.01 0.01 0.01 Green Valley M Grenville Gold V 0.07 0.12 0.09 0.15 Grizzly Discvr V 0.06 0.06 0.06 0.10 Gryphon Gold T 0.01 0.01 0.01 0.13 GTO Res V 0.10 0.16 0.11 0.11 Gunpoint Expl V 0.17 0.24 0.13 0.20 Guyana Prec Mt V 0.11 0.13 0.11 0.33 Hawkeye Gld&Di V 0.03 0.04 0.04 0.08 Highbury Proj V 0.12 0.20 0.15 0.33 Highvista Gold V 0.12 0.15 0.17 0.28 HiHo Silver C 0.01 0.01 0.01 0.02 Horizonte Mnls T 0.02 0.04 0.02 0.07 Hornby Bay Mnl V 0.03 0.04 0.03 0.10 ICN Res V 0.06 0.07 0.06 0.30 Iconic Mnls V 0.04 0.04 0.03 0.09 V 0.01 0.01 0.01 0.01 IEMR Res Inform Res V 0.01 0.01 0.03 0.03 T 0.16 0.20 0.15 0.60 Inova Res Inter-Citic Mn T 2.04 2.05 2.04 2.05 V 0.41 0.41 0.41 0.55 Intl Enexco Intl Millm Mng V 0.01 0.02 0.04 0.04 T 2.80 2.83 2.83 4.92 Intl Minls Crp Intl Samuel Ex V 0.10 0.10 0.01 0.30 Intrepid Mns T 0.25 0.26 0.26 0.31 Iron South Mng V 0.05 0.09 0.05 0.10 V 0.04 0.04 0.04 0.14 Iron Tank Res Jasper Mng V 0.03 0.05 0.03 0.07 V 0.11 0.15 0.15 0.23 Jazz Res Kermode Res V 0.01 0.01 0.01 0.02 V 0.01 0.01 0.01 0.02 Kettle River Khalkos Expl V 0.08 0.09 0.09 0.12 T 0.15 0.16 0.15 0.40 Kimber Res Kings Bay Gold V 0.01 0.01 0.01 0.01 KWG Res V 0.02 0.03 0.02 0.09 Labdr Iron Mns T 0.02 0.02 0.02 0.14 T 0.01 0.01 0.02 0.28 Lachlan Star Liberty Silver T 0.05 0.08 0.04 0.13 T 0.46 0.49 0.47 0.49 Lipari Energy Lithium Americ T 0.29 0.30 0.30 0.49 V 1.15 1.18 1.15 1.46 Lithium One V 0.03 0.05 0.05 0.06 Logan Res V 0.07 0.20 0.08 0.15 Long Harbour E Lornex Cap V 0.10 0.18 0.10 0.20 MagIndustries T 0.10 0.04 0.13 0.26 Magma Metals T 0.09 0.09 0.09 0.28 C 0.01 0.17 0.01 0.02 Mahdia Gold Mammoth Res V 0.01 0.01 0.01 0.07 V 0.01 0.01 0.03 0.08 Manado Gold Margaret Lk Di V 0.08 0.12 0.10 0.26 V 0.11 0.14 0.11 0.24 Maritime Res Marklnd AGF PM T 5.86 8.25 5.82 10.41 V 0.08 0.09 0.08 0.20 Max Res McChip Res V 0.62 0.75 0.70 1.11 V 0.47 0.49 0.49 0.52 McVicar Res Mega Precs Mtl V 0.08 0.09 0.08 0.13 Megastar Dev V 0.02 0.03 0.03 0.06 Menika Mining V 0.12 0.15 0.14 0.15 Mercator Mnls T 0.01 0.01 0.03 0.12 Messina Minls V 0.06 0.10 0.06 0.13 Midasco Cap V 0.40 1.02 0.12 0.12 Midway Gold T 0.13 0.13 0.09 1.30 Midway Gold* X 0.07 0.08 0.04 1.17 Milner Con Slv V 0.02 0.03 0.02 0.07 Minemakers T 0.10 0.30 0.13 0.13 Minera IRL T 0.07 0.08 0.08 0.15 Mineral Depost T 5.00 5.09 4.75 6.95 Mineral Hill V 0.05 0.05 0.14 0.14 Minfocus Expl V 0.01 0.01 0.01 0.04 Mirabela Nickl T 0.02 0.02 0.02 0.62 Mkango Res V 0.02 0.03 0.02 0.19 Moly Mines T 0.06 0.07 0.06 0.15 Montero Mg&Ex V 0.02 0.03 0.02 0.06 Mountain Lake V 0.32 0.35 0.32 0.82 Murgor Res V 0.02 0.02 0.02 0.03 Musgrove Mnls V 0.07 0.12 0.07 0.20 New Dawn Mng T 0.10 0.16 0.13 1.10 New Destiny Mg V 0.01 0.01 0.01 0.03 New World Res V 0.02 0.03 0.02 0.12 Newcrest Mng T 12.10 12.90 12.11 31.00 Newmont Mng T 26.37 26.90 26.25 44.66 Newstrike Cap V 0.66 0.70 0.70 1.22 Nitinat Mnls V 0.05 0.07 0.07 0.09 NMC Res V 0.17 0.17 0.19 0.19 Noble Metal Gr V 0.01 0.01 0.01 0.01 North Am Pot D V 0.01 0.01 0.01 0.01 North Am Tung V 0.01 0.01 0.01 0.06 North Country V 0.11 0.12 0.11 0.14 Northern Lion V 0.04 0.09 0.07 0.16 NSGold V 0.04 0.07 0.07 0.11 Nubian Res V 0.01 0.02 0.01 0.03 Nuinsco Res T 0.01 0.01 0.01 0.03 V 0.01 0.01 0.01 0.01 NWM Mng NWT Uranium V 0.02 0.02 0.05 0.05 Orefinders Res V 0.02 0.02 0.01 0.07 Oremex Silver V 0.02 0.03 0.03 0.03 Orko Silver V 1.94 1.99 1.99 2.63 Orofino Mnls V 0.07 0.11 0.07 0.20 Oronova Res V 0.04 0.06 0.03 0.04 Orsa Vent V 0.10 0.10 0.10 0.15 Otterburn Res V 0.09 0.25 0.20 0.20 Pac Arc Res V 0.01 0.01 0.01 0.01 Pac Coal Res V 0.01 0.02 0.02 0.13 Pac Imp Mines V 0.01 0.01 0.01 0.01 V 0.04 0.06 0.05 0.20 Pac Potash Pac Rim Mining T 0.07 0.08 0.07 0.11 Paget Mnls V 0.01 0.01 0.01 0.01 Pantheon Vent V 0.11 0.11 0.10 0.13 Paragon Minls V 0.06 0.07 0.06 0.12 Parallel Mng V 0.03 0.08 0.04 0.07 Paramount Gold T 1.20 1.20 1.52 1.88 Parlane Res V 0.07 0.08 0.07 0.23 PC Gold V 0.08 0.08 0.09 0.10 Peat Res V 0.01 0.02 0.01 0.03 Penteco Res V 0.05 0.06 0.05 0.06 Petaquilla Mnl T 0.03 0.03 0.03 0.31

Jan 4 Pgs 10.indd 10

EXC BID ASK LAST HIGH LOW

0.00 0.01 0.00 0.02 0.05 0.01 0.03 0.00 0.00 0.03 0.03 0.01 0.05 0.00 0.00 0.03 0.03 0.04 0.00 0.02 0.01 0.01 0.01 0.04 0.03 0.00 0.00 0.13 0.08 0.02 0.10 0.11 0.01 0.02 0.03 0.00 0.03 0.01 0.01 0.00 0.00 0.00 0.04 0.00 0.05 0.00 0.05 0.02 0.02 0.03 0.01 0.00 0.05 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.04 0.00 0.00 0.00 0.01 0.01 0.01 0.07 0.10 0.00 0.04 0.57 0.00 0.00 0.02 0.05 0.00 0.00 0.05 0.00 0.00 0.02 0.06 0.00 0.00 0.12 0.01 0.00 0.01 0.00 0.01 0.00 0.00 0.04 0.00 0.01 0.01 0.00 0.00 0.00 0.03 0.00 0.01 0.01 0.01 0.00 0.03 0.03 0.01 0.00 0.00 0.05 0.01 0.02 0.00 0.05 0.03 0.00 0.20 0.01 0.01 0.01 0.03 0.00 0.01 0.03 0.00 0.03 0.00 0.03 0.00 0.01 0.00 0.00

STOCK

12-MONTH

EXC BID ASK LAST HIGH LOW

Phoenix Gold V 0.01 0.01 0.01 0.04 Pitchstone Exp V 0.09 0.09 0.09 0.21 PJX Res V 0.16 0.20 0.16 0.29 Plata Latina M V 0.02 0.03 0.02 0.12 V 0.01 0.01 0.01 0.01 Platinex PMI Gold T 0.48 0.50 0.48 0.72 V 0.01 0.01 0.01 0.02 PNG Gold Polar Star Mng T 0.01 0.02 0.01 0.17 C 0.01 0.02 0.02 0.03 Portage Mnls Portola Res V 0.20 0.01 0.20 0.20 T 0.74 0.76 0.76 2.60 Premier Roy Proam Expl V 0.01 0.02 0.01 0.02 Providence Res V 0.04 0.09 0.05 0.12 PVR Partners* N 27.44 27.46 27.44 29.22 Q-Gold Res V 0.01 0.02 0.01 0.06 Quia Res V 0.01 0.01 0.01 0.04 Rainy River Rs T 3.37 3.37 3.42 6.10 Ratel Grp T 0.37 0.40 0.40 0.79 REBgold V 0.13 0.14 0.16 0.16 T 0.02 0.02 0.01 0.11 Red Cresc Res Red Moon Potsh V 0.03 0.04 0.03 0.09 Red Rock Enrgy V 0.01 0.01 0.01 0.06 Red Tiger Mng V 0.03 0.04 0.03 0.17 Redzone Res V 0.09 0.19 0.09 0.50 Regal Res C 0.01 0.07 0.07 0.15 Regulus Res V 0.22 0.24 0.24 0.54 Reliant Gold V 0.01 0.02 0.02 0.06 Remo Res V 0.05 0.11 0.05 0.12 Resolve Vent V 0.05 0.07 0.04 0.07 T 0.56 0.65 0.57 1.42 Revett Mnls Revolver Res V 0.06 0.14 0.03 0.23 Rhino Res* N 0.28 0.29 0.27 2.91 Rhyolite Res V 0.07 0.20 0.11 0.20 Richmond Mnls V 0.04 0.05 0.04 0.14 Ridgemont Ir O V 0.02 0.02 0.02 0.28 T 3.47 3.51 3.48 3.99 Rio Alto Mng Rio Alto Mng* N 2.46 2.48 2.47 3.18 Rio Silver V 0.02 0.03 0.02 0.04 Roca Mines V 0.03 0.03 0.03 0.03 V 0.03 0.04 0.03 0.15 Rochester Res Rockcliff Res V 0.03 0.03 0.03 0.07 Rockex Mng T 0.03 0.04 0.04 0.30 Rockgate Cap T 0.30 0.35 0.30 0.53 Rockland Mnls V 0.02 0.02 0.02 0.06 Rockridge Cap V 0.06 0.09 0.05 0.18 Romarco Mnrls T 0.46 0.48 0.46 0.82 Romulus Res V 0.08 0.29 0.09 0.24 Rotation Mnls V 0.01 0.20 0.05 0.15 Royal Coal V 0.03 0.01 0.01 0.21 V 0.01 0.01 0.01 0.03 RT Minerals RX Gold & Silv V 0.23 0.24 0.24 0.60 Ryan Gold V 0.11 0.12 0.12 0.16 Sandstorm Mt&E V 1.20 1.37 1.36 3.54 Saville Res V 0.02 0.03 0.02 0.13 Senior Gld Prd T 4.78 4.88 4.78 7.48 Sienna Res V 0.01 0.02 0.02 0.04 Silver Range R V 0.03 0.04 0.03 0.11 Silvercorp Mt* N 0.65 0.65 0.65 1.81 SilverCrest M* X 0.83 1.11 0.86 1.64 SilverCrest Mn T 1.33 1.43 1.40 1.97 Silvermet V 0.03 0.03 0.03 0.10 Silvermex Res T 0.50 0.55 0.53 0.88 Silvore Fox Ml V 0.01 0.02 0.01 0.09 Sirocco Mng T 0.34 0.36 0.35 0.89 Slater Mng V 0.02 0.05 0.05 0.06 Sniper Res V 0.01 0.01 0.01 0.07 Softrock Mnrl V 0.01 0.02 0.02 0.03 Soltoro V 0.30 0.30 0.32 0.34 Sonora Gld & S V 0.01 0.02 0.02 0.03 Southern Hemis V 0.04 0.06 0.04 0.20 Spruce Ridge R V 0.01 0.02 0.02 0.06 Stakeholdr Gld V 0.05 0.08 0.01 2.80 Standard Graph V 0.01 0.01 0.01 0.04 Strata Mnls V 0.01 0.01 0.01 0.12 Stratabd Mnr V 0.01 0.01 0.01 0.03 Stroud Res V 0.01 0.01 0.01 0.01 Sunset Cove Mg V 0.01 0.01 0.01 0.06 Sunward Res T 0.17 0.18 0.18 0.24 Suparna Gold V 0.01 0.02 0.01 0.06 Tanzania Mnls V 0.01 0.01 0.01 0.07 Taranis Res V 0.04 0.05 0.04 0.15 Temex Res V 0.12 0.12 0.12 0.13 Teryl Res Corp V 0.01 0.02 0.02 0.02 Thelon Cap V 0.10 0.10 0.05 0.17 Thunder Mtn Gd V 0.05 0.11 0.12 0.12 Tiger Intl V 0.12 0.20 0.20 0.26 Tigray Res V 0.09 0.13 0.10 0.15 Tiller Res V 0.04 0.07 0.04 0.13 Tintina Mines V 0.09 0.12 0.05 0.05 Tolima Gold V 0.01 0.01 0.01 0.01 Transition Mtl V 0.11 0.13 0.13 0.27 Q 0.05 0.05 0.01 0.11 Trend Mng* Tri-River Vent V 0.05 0.07 0.07 0.17 TriAusMin T 0.06 0.07 0.07 0.08 Trio Gold Corp V 0.01 0.01 0.01 0.02 Troy Res T 0.43 0.44 0.43 1.27 UC Res V 0.01 0.02 0.02 0.03 T 0.01 0.01 0.02 0.14 United Silver Uranerz Energy T 1.41 1.44 1.44 1.70 Uranium One T 2.85 2.86 2.85 2.86 US SIlver & Go T 0.34 0.35 0.35 0.67 Vaaldiam Mng T 0.26 0.27 0.26 0.27 Valterra Res V 0.01 0.01 0.01 0.02 Vangold Res V 0.01 0.01 0.01 0.02 Vanstar Mng Rs V 0.05 0.05 0.05 0.08 Vendome Res V 0.01 0.01 0.01 0.03 Venerable Vent V 0.01 0.02 0.01 0.03 T 0.10 0.10 0.15 0.95 Veris Gold Viking Gold V 0.01 0.01 0.01 0.01 Virginia Engy V 0.05 0.07 0.05 0.10 Virginia Mines T 14.65 15.22 14.99 17.20 Volcanic Mtls V 0.04 0.05 0.04 0.12 Volta Res T 0.33 0.34 0.33 0.57 Walter Energy* N 0.16 0.17 0.16 6.84 Walter Energy T 7.10 7.82 7.15 21.20 War Eagle Mg V 0.02 0.03 0.02 0.04 Waymar Res V 0.09 0.13 0.10 0.20 West Af Iron O V 0.02 0.03 0.02 0.10 West Cirque Rs V 0.23 0.26 0.26 0.54 Western Areas T 3.75 8.54 4.00 6.11 Western Melv M V 0.04 0.05 0.04 0.15 Western Pac Rs V 0.01 0.01 0.01 0.11 Westminster Rs V 0.02 0.02 0.02 0.10 Westridge Res V 0.01 0.02 0.01 0.04 T 0.22 0.23 0.23 0.72 WGI Heavy Mnl Whetstone Mnls V 0.01 0.01 0.01 0.04 Williams Creek V 0.01 0.01 0.01 0.11 Windarra Minls V 0.05 0.07 0.06 0.09 Windstorm Res V 0.04 0.05 0.05 0.19 Witwatersrand T 1.08 1.18 1.08 1.50 World Vent* Q 0.01 0.51 0.02 0.10 Xemplar Energy V 0.02 0.02 0.02 0.05 Xinergy T 0.02 0.02 0.02 0.48 Xmet V 0.01 0.01 0.01 0.07 Zena Mng V 0.07 0.10 0.07 0.12

0.01 0.00 0.13 0.01 0.01 0.00 0.01 0.00 0.00 0.20 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.40 0.00 0.00 0.02 0.01 0.02 0.06 0.03 0.00 0.01 0.04 0.04 0.00 0.06 0.00 0.11 0.03 0.00 0.00 0.00 0.01 0.00 0.03 0.00 0.00 0.00 0.02 0.04 0.00 0.07 0.05 0.00 0.01 0.00 0.00 0.00 0.02 0.00 0.01 0.02 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.02 0.01 0.01 0.00 0.01 0.00 0.01 0.05 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.00 0.01 0.00 0.05 0.12 0.00 0.04 0.02 0.01 0.06 0.00 0.05 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.04 0.01 0.01 0.00 0.01 0.03 0.00 0.04 0.00 0.00 0.00 0.01 0.00 0.02 0.00 0.00 0.03 0.01 0.01 0.01 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.02 0.00 0.01 0.06

2015-12-23 5:57 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 4–10, 2016

11

TerraX lines up new gold targets for 2016 EXPLORATION

| TerraX drills gold horizon, expands land position at Yellowknife City gold project

Al Sexton (left), project manager, and Joseph Campbell, TerraX Minerals’ president and CEO, at the Yellowknife City gold project in the Northwest Territories.  BY LESLEY STOKES

T

lstokes@northernminer.com VANCOUVER

here’s certainly no lack of highgrade gold targets for TerraX Minerals (TSXV: TXR) to shoot for at its Yellowknife City gold project, located in a district it refers to as “Canada’s last undeveloped high-grade gold camp,” 15 km from Yellowknife, N.W.T. The company has spent the past year at its Northbelt property drilling the northeastern-trending shear zones Crestaurum and Barney,

which are extensions of the major structures that host the 7.6 million oz. gold Giant and 5.5 million oz. gold Con deposits. The 41-drill hole program aimed to build a resource estimate at the historically explored North, Central and South zones, which are shallow, high-grade ore shoots that pinch and swell over a 1.4 km strike length along the Crestaurum shear. But Joseph Campbell, president, CEO and director of TerraX, says drilling intercepted a horizon of mineralization in a parallel-trending structure above the Central zone,

Prospectors sampling at a historic trench at TerraX Minerals’ Southbelt gold property near Yellowknife in July 2015.  TERRAX MINERALS

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

and the results show the untapped potential for the underexplored, 94.9 sq. km property. “We backed up the drill rig further east so that we could test the main shear zone at a greater depth, and we hit the zone right at the drill collars — it was just fortuitous,” he tells The Northern Miner during a phone interview, noting that the intercept graded 40.52 grams gold per tonne over 1.4 metres. “We pulled the data on it to see whether it has any legs, and we’ve identified that this hanging wall structure has some pretty good continuity,” he adds. The company traced the new structure in surface imagery data for 150 metres north from the Central zone to the North lode, where intercepts returned 2.9 metres at 6.01 grams gold and 2.5 metres at 4.72 grams gold. Similar mineralization was hit above the South lode, 500 metres south of the Central zone, and although Campbell adds that it could be the same structure, more drilling is needed to complete the interpretation. Best intercepts include 0.5 metre at 15.65 grams gold and 0.7 metre at 18.25 grams gold. TerraX is also faced with another puzzle at its Hebert-Brent prospect — an 80-metre wide zone of alteration and replacement-style mineralization at surface that trends in-line with the Barney shear. Drilling returned intercepts of 10.4 metres at 3.61 grams gold and 6.7 metres at 2.7 grams gold. “What we’ve been chasing is not any different than what you’d look for in the Val-d’Or or Timmins gold camps, which are the classic Archean, lode gold vein systems hosted within shear zones,” he says. “Hebert-Brent is quite a different target for us, it’s more along the lines of a replacement-style deposit, more akin to what you’d see in the Hemlo camp.” After acquiring another 16.7 sq. km package of land south of the Con mine in September, Campbell says that TerraX now owns the “lion’s share” of the highly prospective Yellowknife greenstone belt — an arcuate-trending slab of Archean

TERRAX MINERALS

“WHAT WE’VE BEEN CHASING IS NOT ANY DIFFERENT THAN WHAT YOU’D LOOK FOR IN THE VAL-D’OR OR TIMMINS GOLD CAMPS.” JOSEPH CAMPBELL PRESIDENT AND CEO, TERRAX MINERALS

rock that was incised by shears and faults, crammed with gold. The belt had been a hot spot for mining since 1945, but was abandoned in the late 1990s due to plummeting gold markets. Once the Con and Giant mines stopped producing in 2003 and 2004, Campbell says the greenstone belt fell into the “backwater of the industry,” and any exploration was brought to a standstill. “There hasn’t been a lot of exploration really since the 1940s,” he says. “At Northbelt, there’s been work done up to the mid-1990s, but until we showed up, none of it had been touched for almost 20 years.” The only historical, non-National Instrument 43-101 resource estimate on the property exists for the Central zone, which stands at 145,150 tonnes of 7.54 grams gold and drilled to 150 metres deep. Since it acquired the ground in 2013, TerraX has been infilling and stepping out on known mineralization across the shear zone, with drill results this year returning 4.2 metres at 12.29 grams gold, and 10.8 metres at 3.49 grams gold at the South lode. “We didn’t have a great amount of success on the Central zone [this year], we’ve basically shown that the high-grade lode is pretty discrete, so we didn’t have much expansion,” he says. “But at the South shoot we’ve increased our strike extensions and dip length to 400 metres and 150 metres deep, and there’s more opportunity to expand on that.” Although the company has diligently drilled the high-grade ore zones to prepare for a resource estimate, Campbell says that the company will consider its options in the new year. “We’re a bit reluctant to nail down

the resource, because there’s always the impression given by the industry that once you do your resource that’s all you got,” he says. “But all of these zones are wide open, and we’re still exploring them, so the decision to do a resource estimate will be based on whether we have a critical mass of resources.” He says the company is fully funded to “branch out” and explore its lesser-known, unexplored targets, after completing a non-brokered private placement in June that totalled $5.2 million, which includes a $2.5-million placement with Osisko Gold Royalties (TSX: OR; US-OTC: OKSKF). Campbell has his eyes on the Sam Otto and Mispickel gold showings at its adjoining Walsh Lake property — a 26.9 sq. km land package it acquired under a joint-venture agreement in 2013. Channel sampling at surface for the showings returned 5 metres of 1.9 grams gold, and 6 metres of 7.29 grams gold. The company also plans to follow up on the Pinto and AES showings, which returned channel samples of 2 metres at 7.15 grams gold and 1 metre of 4.76 grams gold. Both prospects are located next to the Barney shear at its Northbelt property. “AES is hosted within the most prominent structure on the property and is the continuation of zones that were mined by Giant, yet it’s never been drilled to any extent in the past,” he says. “It’s obviously a high probability target for us and now that we have the funding, we can finally put some holes into it.” TerraX has traded within a 52week range of 23¢ to 44¢, and closed at 25¢ per share at press time. The company has 67.5 million shares outstanding for a $16.3-million market capitalization. TNM

2015-12-23 5:57 PM


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Mining the unexpected GEOLOGY From 1

more powerful than they ever were,” he tells The Northern Miner during a phone interview from his office in Toronto. “Aspects of projects are a lot less overlooked, geology is more scrutinized and models are built by multidisciplinary teams, rather than just one person operating out of their basement.” He says if you carry out a forensic investigation on a failed project, for example, “it’d find a ton of causes and not just the geological ones. But in the case where the resource model is blamed for the inability to deliver what was expected, it’s usually because of poor geology.” And unexpected geology is what Rubicon found soon after starting preliminary production at its Phoenix mine this year — an operation designed on a preliminary economic assessment (PEA) completed in 2013. Trial mining during July and August delivered material grading 4.29 grams gold per tonne, which was in line with the predictions made in the PEA. As the operation continued into September, the mining stopes highlighted enough “spatial variability” of the orebody that Rubicon suspended operations in November, effective until a new geological model is developed. Goldcorp announced a similar situation in September at its Éléonore deposit, where locally intense folding and faulting of the vein-hosted orebody resulted in less-than-expected production from the mine. As a result, Goldcorp revised its gold production guidance to between 250,000 and 270,000 oz. gold — down from 290,000 to 300,000 oz. gold — and is working to improve stope design to counter the unexpected dilution. Couture says variability and continuity between sampling points are critical in narrow-vein deposits. “Any situation where you need to be selective there’s always risk that ore and geology may not be as predictable in front of the headings underground,” he says. “With more infill and definition drilling you can reduce that risk to a level

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

Workers pour doré at Rubicon Minerals’ Phoenix gold mine in mid-2015, shortly before the company suspended the mine to “enhance its geological model.”   RUBICON MINERALS

that’s bearable, or you go forward and learn from experience.” The most critical part in any geological model, he says, is how the orebody is defined between observation points — whether it’s boreholes, a trench, an underground tunnel or samples from outcrops at surface. To draw data into the empty space, he says, all aspects of the geology must be considered, including structures, distribution of alteration and mineralogy that either affect or control the mineralization. Once a suitable level of confidence is reached, modellers like those at SRK Consulting use geostatistics to map the distribution of grade in the orebody, and build a resource block model that supports mine design and planning. “Geostatistics is just a technique to try to see a reason in a cloud of data,” he says. “But it can be completely wrong if it’s based on the wrong geological interpretation.” He says that a tighter density of boreholes is often needed when gold mineralization is nuggety, and confined to narrow vein systems cutting through barren country rock — like many deposits in the Abitibi region of Ontario and Quebec. “You want the resource model

“ASPECTS OF PROJECTS ARE A LOT LESS OVERLOOKED … AND MODELS ARE BUILT BY DYNAMIC TEAMS, RATHER THAN JUST ONE PERSON OPERATING OUT OF THEIR BASEMENT.” JEAN-FRANÇOIS COUTURE CORPORATE CONSULTANT, SRK CONSULTING

to be a bit more conservative than reality to allow some flexibility to the mining team, and still achieve what is expected,” Couture says. “But you don’t want it make it so conservative that it kills the project — it has to be realistic.” But understanding whether or not the model published in a National Instrument 43-101 technical report is correct poses a challenge for the average non-technical investor. “It takes a fairly experienced technical person to recognize good from bad, so when sophisticated investors such as banks or funds make an investment to acquire an asset or participate in one, they hire groups like SRK to audit the technical work that was prepared by other persons, just to confirm that the geology and mining projections are reasonable,”

he adds. He says that depending on the author, experience and intent of the technical report, resource numbers can be expressed differently. “There’s a set of rules on how a company can disclose technical aspects about a project, but there are no compulsory rules to satisfy the requirements. It’s just a disclosure,” he says. Regardless, Couture says that resource models today are superior to what was done in the past, and regulators such as the B.C. Securities Commission or the Ontario Securities Commission are quick to f lag any unrealistic estimates that come through the newswires. One such occasion occurred in 2012 when the CEO at the time of Barkerville Gold Mines (TSXV:

BGM), Frank Callaghan announced a 10.6 million oz. gold resource at Cow Mountain, southeastern B.C., in 69 million indicated tonnes grading 5.28 grams gold — an eyebrowraising 2,400% increase from the previous resource estimate in 2006. The press release also stated that the 6.4 km long trend has the “geological potential” to host 405 million to 684 million tonnes grading 4.11 to 5.49 grams gold, for 65 to 90 million oz. gold. In response to the news, the BCSC slapped a cease-trade order on the company, which stayed in effect until Barkerville revised the resource estimate the following year to 1.04 million oz. in 17.7 million indicated tonnes grading 2 grams gold and 3.94 million oz. gold in 49.2 million inferred tonnes at 2.74 grams gold. Since then, more drill-outs have raised the resource to 35.8 million indicated tonnes at 2.4 grams gold for 2.8 million oz. gold, plus 27.5 million inferred tonnes at 2.3 grams gold for 2 million oz. gold, using a 0.5 gram gold cut-off. The resource was modelled using a technique called “multiple-indicator kriging” — a commonly used geostatistical tool in the industry — which estimates the grade within a block based on down-hole assay data. But considering mineralization at Cow Mountain is contained within a number of rod-shaped, plunging structures in deformed sedimentary rocks, the company is working towards building an improved geological model to guide any further resource estimations. “During the early stages of any project the geological model is preliminary, but by the time it gets to an economic analysis it definitely needs a geology model that integrates the entire volume of rock, and not just the mineralization. But often the geology model is not done, or if its done, it’s too general,” Couture says. “You have to be careful, because sometimes you hear more about the bad stories than the good ones,” he adds. “There are plenty of cases where companies mine higher-thanexpected grades, and that doesn’t make the news.” TNM

2015-12-23 5:57 PM


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Otis Gold CEO anticipates ‘exciting’ results at Kilgore GOLD EXPLORATION

| Junior keeps drills turning in Idaho after three financings in 2015 BY MATTHEW KEEVIL

E

Otis Gold geologist Mitch Bernardi (left) reviewing drill plans with US Forest Service personnel at the Kilgore gold project, 50 km northeast of the town of Dubois, Idaho.  OTIS GOLD

mkeevil@northernminer.com VANCOUVER

xplorer Otis Gold (TSXV: OOO; US-OTC: OGLDF) hasn’t let tepid market conditions impact its vision for an open-pit, heap-leach gold mine at its Kilgore project, 50 km northeast of the town of Dubois, Idaho. The company raised over $2 million this year, and has put the proceeds towards a 3,200-metre step-out drill program it hopes will lay the foundation for an aggressive exploration campaign in 2016. Kilgore is a volcanic-hosted epithermal gold deposit related to a zoned-epithermal hot-spring system in volcanic rocks of Miocene age. The project hosts a small, relatively low-grade indicated resource of 25 million tonnes grading 0.59 gram gold per tonne for 300,000 contained oz. Meanwhile, inferred resources total 18 million tonnes of 0.46 gram gold for another 300,000 oz. “Things have gone pretty well for us, given the truly challenging

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state of capital markets. We’ve completed three financings [in 2015] at what I would classify as competitive terms in reference to premiums and warrants,” president and CEO Craig Lindsay said during an interview. “It’s worth noting that we’ve had success with non-traditional investors. There’s just no interest in the mining space on the retail side, and the institutional money has dried up. In fact, we’ve kept our heads down and have increased our ownership stake in the company,” he added. Otis has closed three financings this year for gross proceeds of $2.6 million. The most recent was a $500,000 non-brokered private placement, wherein it issued 4.2 million shares priced at 12¢ each in November. The company’s story isn’t entirely uncommon, given the lack of retail and/or institutional money. Lindsay says that with director Roger Norwich’s return, Otis has tapped into a small pool of “high net-worth” individuals in the U.K. to move Kilgore to production, without pillaging the company’s share structure. The relationship isn’t quite a “private-equity deal,” but it is an example of a small group of wealthy shareholders backing a mining deal single-handedly. After the arrangement, Otis’ top-10 investors accounted for 65% of its outstanding share base. “We’ve had these individual highnet worth investors — who typically already own some stake in our company — opting for friendly financings that maintain share structure and market value,” Lindsay said. “It is effectively private equity. They’re getting actively involved, and don’t want to be destructive to our existing shareholders. Some people are scratching their heads in terms of how we’d done these financings at a premium, with virtually no warrants.” Otis put part of its capital toward building access roads into the emerging North Target and Crab Claw areas, which represent a potential northern expansion at Kilgore. The company extended the strike length of the deposit by 150 metres north in 2011, when it cut 114 metres of 0.89 gram gold in hole 258. Otis wrapped up a 19-hole, stepout drill program in early December that tested gold-in-soil anomalies found at North Target and Crab Claw during field sampling. “We’re excited about the results of the program, because we’re hopeful we can enhance Kilgore’s grade profile and show the size potential we’ve always believed has been there. On the heels of this drilling, we can rationalize a much more extensive exploration program that could change the entire complexion of our story,” Lindsay said. “We’ll move towards a preliminary economic assessment next year, but what we’ve also discussed is moving Kilgore into the permitting phase. So as we update the resource and move ahead with engineering, we’ll look to file a plan of operation for our mine,” he added. “There’s plenty of companies shopping in the gold space, and we have a project with a competitive strip ratio and proven metallurgy that could lead to a run-of-mine, heap-leach scenario.” Otis has traded within a 52-week window of 2¢ to 14¢, and closed at 9.5¢ per share at press time. T he compa ny has 108 mi llion shares outstanding for a $10.3-million market capitalization, and reported working capital of nearly $1.4 million at the end of September. TNM

2015-12-23 5:57 PM


GLOBAL MINING NEWS

THE NORTHERN MINER / JANUARY 4–10, 2016

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Metallurgist McArthur Lake Operations Online Reference No: 62799 You will be responsible for providing technical expertise to process operations and establishing operational guidelines and control parameters for uranium milling, water treatment, slurry transport and for ensuring regulatory requirements are met. Your duties will include daily troubleshooting of plant operations, establishing operational set-points, metallurgical accounting and continuously improving process operations and control.

Environment Technician Rabbit Lake Operations Online Reference No: 62791 You will be responsible for carrying out environmental compliance monitoring activities such as collecting, preparing and shipping environmental samples, data entry and synthesis, and report preparation. You will be required to conduct environmental site inspections and assist in wildlife management activities and programs, as well as assist with environmental emergency response and providing support during environmental events.

Senior Finance Manager Ontario, Canada Online Reference No: 62781 The Senior Finance Manager is responsible for all financial accounting and related functions as well as administration processes for J.S. Redpath Limited. This includes all Canadian and International projects as well as Global Raisebore Business and Global Insurance managed by Canadian operations management.

Geoscientist Intern – Precambrian Geoscience Ontario, Canada Online Reference No: 62713 Are you interested in building your geological mapping skills and contributing to an organization that provides opportunities for personal growth, continuous learning and work-life balance? If so, then consider an internship with our team at the Ontario Geological Survey (OGS). This position will focus on Precambrian bedrock mapping.

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

MJobs jan 4_2016_ pg 15.indd 15

2015-12-21 11:53 AM


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Dominion Diamond’s majority-owned Ekati diamond mine in the Lac de Gras region of the Northwest Territories.

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Short-term challenges remain for diamond sector ANTWERP & BAIN REPORT

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he long-term outlook for the diamond market is positive — with demand expected to outpace supply starting in 2019 — but in the short-term, the outlook remains challenging, the Antwerp World Diamond Centre and Bain & Co. state in their annual report on the industry. A “mild decline” this year in consumer demand for diamond jewellery in Greater China led to a drop in demand for polished and rough diamonds, which caused prices for polished and rough diamonds to fall 12% and 23% since May 2014, and 8% and 15% since the start of 2015. “Despite a generally solid performance in 2014, the second half of that year and the first half of 2015 have been characterized by a degree of uncertainty in the diamond industry,” the report says. “The primary source of this uncertainty is China’s slowing GDP growth.” In the first nine months of 2015, diamond jewellery retailers in Greater China posted a 9% year-on-year drop in sales, driven in part by the depreciation of the Chinese yuan, which took a toll on spending, and the June stock market crash, which took a toll on consumer confidence, the report states. Tourist numbers in Hong Kong and Macau were also low, with some of the traffic diverting to Europe and Japan. Challenges facing the industry include boosting demand for diamonds from sources other than jewellery, combating undisclosed synthetic diamonds and sustaining long-term demand in developed markets, and among a new generation of consumers. “Little is known of the diamond consumption patterns of a new generation of consumers,” the report states. In addition, according to separate

| Long-term still looks favourable

studies by Bain, “luxury items are forfeiting their aspirational and status appeal in developed markets.” One priority for the industry next year will be to “restore the midmarket segment’s profitability,” which declined in 2014 and 2015 because of deteriorating demand for polished diamonds and excess inventories in the middle segment. Scarcer financing for the mid-market segment “compelled the most troubled players to unload inventory at lower prices, further pushing down the prices of polished stones,” the report states, and by the second half of 2014, “major producers were reducing rough pricing in reaction to weaker demand from the middle market.” The top-five rough producers Petra Diamonds (LSE: PDL), Dominion Diamond (TSX: DDC; NYSE: DDC), Rio Tinto (NYSE: RIO; LSE: RIO), De Beers and Alrosa kept their 2013 production levels in 2014 and 2015. Revenue for rough diamond producers as a whole, however, is expected to decline between 15% and 20% this year. Accumulated jewellery stocks and reduced demand for polished diamonds, meanwhile, ate away at the cutting and polishing industry, forcing many players out of the

market. The report estimates that the average operating margin in 2015 deteriorated to close to zero, with some participants suffering operating losses of 5% or more. “The coming years may see significant consolidation and operational efficiencies,” the study warns, noting that the most cost-efficient countries (India and China) gained market share in value terms, while higher-cost countries that focus on better-quality stones (Belgium, Israel and the U.S.), posted declines in polished revenues “as volumes of large stones migrated to India.” (India now cuts and polishes more than 40% of diamonds that are bigger than 1 carat.) The report also states that diamond recycling won’t have an impact on demand in the near future, although it could become a bigger factor in the longer term. In terms of industry fundamentals, the report estimates that demand for rough diamonds over the next 15 years will grow at an average rate of 3–4% a year, with supply declining 1–2%, creating a gap starting by 2019. New mines could add up to 20 million carats a year until 2021, before decreasing to 5 million carats by 2030. TMN

A conveyor moves material at Lucara Diamond’s Karowe diamond mine in Botswana.   LUCARA DIAMOND

2015-12-23 5:57 PM


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