The Northern Miner July 11, 2016 Issue

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IMPERIAL METALS

Restarting Mount Polley with rebuilt tailings dam / 5

TOMAGOLD

Teams with Goldcorp in Ontario / 3

AME BC

First Nations fees sting BC juniors / 4

JULY 11-17, 2016 / VOL. 102 ISSUE 22 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Indonesian sale nets Newmont US$1.3B

Pershing pens positive economics at Relief Canyon NEVADA GOLD

| Revived mine could be in production as early as 2017

GOLD

| Miner unloads Batu Hijau, aims to lower risk profile

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

N

ewmont Mining (NYSE: NEM) indicated earlier this year that it was in talks to divest its Indonesian business unit to a consortium of local investors, and on June 30 it hammered out a US$1.3-billion deal with PT Amman Mineral Internasional (PT AMI).

The agreement marks the end of the U.S. company’s often-turbulent investment in Indonesia, which included semi-annual export permit renewals, arbitration claims and potential involvement in building a domestic smelter.

Newmont’s Indonesian crown jewel has been the Batu Hijau copper-gold mine in the southwest region of the island of Sumbawa, which hit production in 1999 and averaged 328,000 oz. attributable annual gold production.

The company agreed to sell its 48.5% stake in PT Newmont Nusa Tenggara (PTNNT) for cash proceeds of US$920 million and contingent payments of US$403 million tied to metal price upside and development of the Elang prospect. Newmont’s joint-venture partner, Japan’s Sumitomo Corp., also agreed to sell its ownership stake.

Indonesian oil and gas outfit PT Medco Energi Internasional has acquired a controlling stake in PT AMI for US$2.6 billion. Medco will be joined in the consortium by an investment firm led by banker Agus Projosasmito, or AP Investment, which received funding from three major Indonesian banks.

“This deal monetizes future cash flows to improve our balance sheet and portfolio, lowers our risk profile and focuses on gold assets in the Americas and Australia,” Newmont president and CEO Gary Goldberg said during a conference call.

“It also allows us to essentially See NEWMONT / 2

A drill rig at Pershing Gold’s past-producing Relief Canyon gold project in Nevada. PERSHING GOLD

BY SALMA TARIKH starikh@northernminer.com

P

ershing Gold (NASDAQ: PGLC) has published a positive preliminary economic assessment (PEA) on the pastproducing Relief Canyon heapleach gold mine near Reno, Nev., showing it could produce 88,500 oz. gold annually over a 5.8-year mine life.

“This is a milestone for us. We had indicated we would get it out in the second quarter, we’re excited to have done that,” the company’s vice-president of investor relations Jack Perkins says. “It shows the quality and low-cost nature of the project, and the leverage to the gold price for our investors.”

The PEA assesses the economics of two mining scenarios at Relief Canyon, including self-mining — where Pershing would use its workforce and equipment — and contract mining.

While the annual production and mine life would stay the same under both scenarios, the costs and

“IT SHOWS THE QUALITY OF THE PROJECT, THE LOWCOST NATURE OF THE PROJECT AND THE LEVERAGE TO THE GOLD PRICE FOR OUR INVESTORS.” JACK PERKINS VICE-PRESIDENT OF INVESTOR RELATIONS, PERSHING GOLD

economics would vary.

Start-up costs are US$22 million for self-mining versus US$12.2 million for contract mining.

Initial capital in both cases includes the cost of building leach pads, plant upgrades, and the optimization and relocation of the crusher facility. The US$10-million difference between the two relates to a down payment to buy equipment for self-mining.

Sustaining costs for self-mining

are US$15.8 million, or 5% less than for contract mining. Both options cover regular maintenance and leach pad space for future production.

Relief Canyon’s start-up requirements are low because there is a fully built and permitted 12,700-tonne-per-day heap-leach processing facility on-site.

“When we originally purchased the assets, we were able to buy the [three] pits and the processing facility for US$20 million as part of the initial asset acquisition in August 2011. They were bought out of bankruptcy,” Perkins says.

Self-mining cash costs and all-in sustaining costs are US$677 per oz. and US$709 per oz., compared to US$772 per oz. and US$804 per oz. for contract mining.

The self-mining option also has better returns. Using a 5% discount rate and a US$1,250 per oz. gold price, it boasts an after-tax net present value (NPV) of US$138 million and 80% internal rate of return (IRR), with a US$181.6-million post-tax net cash flow.

Using the same parameters, con-

PM40069240

See PERSHING / 2

KINCORA COPPER: ADDS TO LAND PACKAGE IN MONGOLIA / 13

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Processing facilities at Pershing Gold’s past-producing Relief Canyon gold project near Elko, Nevada. PERSHING GOLD

Pershing pens positive economics at Relief Canyon PERSHING From 1

tract mining has a US$121.4-million after-tax NPV and 109% IRR, with a US$157.9-million post-tax net cash flow. Self-mining’s lower operating costs could benefit resource expansion with ongoing exploration, Perkins adds.

The mostly oxide resource of 778,000 measured and indicated oz. gold (from 38.5 million tonnes grading 0.68 gram gold per tonne) and 47,500 inferred oz. (from 5.3 million tonnes at 0.31 gram) remains open in three directions, to the west,

east and south.

Pershing will further evaluate the two mining alternatives before making a decision to restart Relief Canyon, Perkins notes. The junior’s board will make an investment decision after receiving state and federal permits for phase one in the third quarter.

Production should start six to nine months after Pershing makes the investment decision and fully finances the project. It is assessing financial options, including equity, debt, royalties and off-take agreements.

PERSHING ANTICIPATES COMPLETING A PREFEASIBILITY STUDY BY THE FOURTH QUARTER. Pershing anticipates completing a prefeasibility study by the fourth quarter. The prefeasibility would not delay the production timeline, Perkins says.

Given the project’s low start-up cost, Roth Capital Partners analyst Joe Reagor says that the prefeasibility study is not needed, and the company would pick the self-mining

option and build “with an eye on first production in the first half of 2017.” Reagor has reiterated his “buy” rating and US$6.25 target.

Euro Pacific Capital analyst Bhakti Pavani forecasts production as soon as the second quarter of 2017. She says Relief Canyon would process 5 million to 6 million tons (4.5 to 5.4 million tonnes) ore to produce

an average 87,582 oz. gold a year.

Pavani bumped her US$6 target to US$6.90 per share. She has a “buy” on the stock.

Located 150 km northeast of Reno, Nev., Relief Canyon is in the southern part of the Pershing gold and silver trend, along the Humboldt Range. The trend hosts a number of gold and silver deposits, including Coeur Mining’s (TSX: CDM; NYSE: CDE) Rochester mine, with Pershing aiming to become its newest producer.

Pershing Gold shares closed June 30 at US$4.29, up 1.6%. TNM

Indonesian asset sale nets Newmont US$1.3B NEWMONT From 1

self-fund our growth pipeline, which is scheduled to add 1 million oz. gold to our annual production over the next two years.”

And risk management was a theme in Newmont’s narrative around the Indonesian sale. The company points out that its gold production from North America and Australia represents 75% of its guidance forecast, and that it expects to have 92% of its reserves in gold.

“Our goal is to build a portfolio of long-life, low-costs assets with technical and socio-political risks we are equipped to manage,” Goldberg said. “We’ve made great strides over the past three years when you look at what we’ve divested versus where we are reinvesting.

The results are improved mine life and production, and lower risk.”

Newmont highlighted that the cash proceeds would be used for more debt repayment, to fund its “highest margin” projects and possibly raise its dividend.

Management also announced on the call that it had also approved the NW Exodus gold project at its Carlin property in Nevada, which would presumably require funding.

Newmont expects to close the Indonesian transaction this quarter following regulatory approvals and other conditions, including: government approval of the PTNNT share transfer, a valid export licence at closing, tax resolvement and no events that would lower

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Batu Hijau’s value.

Newmont has generated $1.9 billion in proceeds from asset sales and lowered net debt 37% since 2013.

The company is advancing four development projects in the U.S., Australia and Suriname, which could add up to 1 million oz. gold production over the next two years.

“From my standpoint we have one of the best ‘in-house’ portfolios in the space. Clearly, our focus is on internal growth at this stage versus acquisitions,” Goldberg said.

“We took the opportunity when the gold price was down to close the deal for the Cripple Creek & Victor mine in Colorado (acquired from AngloGold Ashanti in mid-2015), and that was a good time to be in the marketplace.”

Scotiabank gold analyst Tanya Jakusconek noted that the latest deal valuation was “somewhat lower” than an estimated US$1.7billion net asset value for the Indonesia business unit, but added that “the tensions and various issues with the local government created a prolonged overhang on the shares, which would be removed after completion of the sale.”

Jakusconek has a “sector outperform” rating on Newmont along with a one-year, US$40-per-share price target. Newmont has traded within a 52-week range of US$15.39 to US$40.49 per share, and closed at US$40.30 at press time.

The company has 530.5 million shares outstanding for a US$22billion market capitalization. TNM

Newmont Mining’s 48.5%-owned Batu Hijau copper-gold mine on Sumbawa island in Indonesia. NEWMONT MINING

2016-07-05 7:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 11–17, 2016

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TomaGold tees up second major GOLD

| Junior makes two acquisitions in six months

BY TRISH SAYWELL tsaywell@northernminer.com

W

hat strikes you about David Grondin, the president and CEO of TomaGold (TSXV: LOT), is not just his youth — he has yet to turn 40 — but that he made the jump from a career in finance into the rough and tumble world of mining on the eve of the financial crisis and has managed to not just survive, but prosper.

After making it through the first five years and publicly listing in January 2012, TomaGold drilled a hole on its Monster Lake gold project in Quebec that returned an assay of 237.6 grams gold per tonne over 5.7 metres — a dazzling result that caught the eye of Iamgold (TSX: IMG; NYSE: IAG).

The mid-tier gold producer with six gold mines sprinkled across North America, Africa and South America now owns 50% of TomaGold’s Monster Lake project and recently struck a deal to earn another 25% by spending $10 million over seven years.

A second coup followed on June 23, with Grondin’s announcement that TomaGold is picking up a 39.5% stake in the Sidace Lake gold project in Ontario’s Red Lake gold camp, a property in which Goldcorp (TSX: G; NYSE: GG) owns the other 60.5%.

“One discovery and two joint ventures — not bad, you know, in a very, very, very difficult market,” the bilingual Grondin says in a telephone interview from his office in Montreal. “Some mornings I get up and say, ‘Man, why am I doing this?’ But it’s fun. When it goes well, it’s fun. I’m motivated — I’m highly motivated.”

That motivation has yet to light a fire under the junior’s shares, however, which have traded in a range of 3.5¢ to 14¢ over the last year and closed at 12¢ after the Sidace Lake acquisition. At press time TomaGold’s shares were trading at 11¢.

But Grondin is certain there is hope for the junior’s shareholders — 40% of which are institutional investors from Europe (funds), Asia (mainly funds and family offices based in Hong Kong) and Quebec (Sodémex and Desjardins, among others).

The mining executive describes Iamgold’s interest in the Monster Lake project (it also has 50% stakes in TomaGold’s surrounding properties, Winchester and Lac-à-l’Eau Jaune) as “an endorsement” that brings significant expertise.

After the gold producer struck its first of two option deals in November 2013, “they started to drill and got good grades and geophysics,” Grondin says. “They did an amazing job doing stuff that most juniors would never do because we don’t have the human capacity. They have the manpower, the resources and the specialists on their internal payrolls — they have their own geophysicists who can make decisions on the spot so they don’t have to pay a consultant to come in and look at their results.”

On June 15, TomaGold announced assay results from the joint venture’s 2016 winter drill program (8,100 metres in 21 drill holes), which was completed in April.

Craig MacDougall, Iamgold’s senior vice-president of exploration, noted that the latest drill program returned “encouraging results” from a possible second zone along the main hosting structure called the Monster Lake shear zone and in an area 200 to 400 metres north of the 325-Megane zone.

Highlights from drilling at both zones included 1.2 metres grading 20.16 grams gold per tonne, 4.3

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A drill rig in 2013 at TomaGold’s 45%-owned Monster Lake gold property, 45 km southwest of Chibougamau in Quebec. TOMAGOLD

“SOME MORNINGS I GET UP AND SAY, ‘MAN, WHY AM I DOING THIS?’ BUT IT’S FUN. WHEN IT GOES WELL, IT’S FUN. I’M MOTIVATED — I’M HIGHLY MOTIVATED.” DAVID GRONDIN PRESIDENT AND CEO, TOMAGOLD

metres grading 3.07 grams gold and 1.3 metres averaging 6.72 grams gold per tonne.

When TomaGold picked up the Monster Lake project in 2011, previous operators had drilled 30,200 metres in 224 holes.

Since then and until the end of May, the project, 50 km southwest of Chibougamau in northern Quebec, has seen another 32,400 metres of drilling in 108 holes.

There are five major gold zones over a 4.5 km gold corridor at Monster Lake (52, Megane, 325, Annie and Eratix), and more than 20 drill intersections have returned grades ranging from 10 grams gold per tonne to the 237.6 grams gold drilled at the Annie gold-bearing structure in 2012.

Other intersections since TomaGold started exploring Monster Lake have included 42 grams gold over 7.2 metres, 33.60 grams over 5.9 metres, 48.90 grams over 3.5 metres and 37.10 grams over 4.8 metres.

Elsewhere on the property, at the Lac-à-l’Eau Jaune and Winchester targets, Iamgold flew a Versatile Time Domain Electromagnetic airborne survey that identified several strong conductors that coincide with prominent magnetic anomalies

similar to those observed along the Monster Lake shear zone.

For the rest of the year, the plan is to carry out a follow-up diamond drill program, more geological and structural mapping, and selected geochemical and geophysical surveys.

TomaGold has plans for its latest acquisition, too.

There have been over 90,000 metres of drilling completed on the Sidace Lake property since 1998, and a resource estimate in 2009 was prepared on the two most advanced of six prospects on the property’s 42 mining claims.

The resource outlined 1.4 million tonnes grading 3.21 grams gold for 141,300 contained oz. gold in the indicated category and another 2.1 million tonnes averaging 3.24 grams gold for 218,800 oz. inferred.

The resource was prepared from two block models, each using a 1.5 gram gold cut-off grade and a 35 gram gold high-grade cap, based on a US$800 per oz. gold price and a US dollar to Canadian dollar exchange rate of 1 to 1.2.

Grondin notes that in addition to the resource, which remains open along strike and at depth, there are another four promising exploration targets on the property, about 25 km northeast of Balmertown in the Red Lake mining district.

According to a technical report completed on the property, Sidace Lake has wide, low-grade gold mineralized zones and relatively narrow, high-grade gold mineralization within sericite-quartzsericite schists containing minor quartz veins with accessory pyrite in a complex, sub-vertical box fold.

The report also found that the average grade of the mineralized zones within the quartz-sericite schist was 1.2 grams gold.

Grondin says the next step will be to look at the property data and make an assessment of how best to proceed.

“For Goldcorp it was a dormant project … but now … I have told them that if they’re not drilling, we can suggest a program,” Grondin says. “There are two zones that have mineralization but there are another four zones that need to be drilled … there is potential to increase what we’ve got.”

TomaGold is acquiring its stake in the project from Planet Mining Exploration (TSXV: PXI). Under the deal TomaGold will issue 15 million shares to Planet for 10¢ apiece. It will also pay a finder’s fee to Transcend Capital of 1 million shares, also at a deemed price of 10¢. In addition, the property is subject to a 1% net smelter return royalty (NSR).

The Sidace Lake purchase is TomaGold’s second this year. At the end of May, the junior acquired Obalski, a 3.45 sq. km gold-silvercopper property about 3 km south of Chibougamau.

The property has seven mineralized zones, one 85-metre shaft and two ramps. A total of 230 holes have been drilled on the property for more than 60,000 metres of drilling, most of which was from surface, with initial exploration work beginning in 1928.

In 1965, United Obalski Mining Co. mined 90,093 tons (81,731 tonnes) grading 3 grams gold, 6.2 grams silver and 1.5% copper.

Grondin says he sees the same

scenario at Obalski as he did when he acquired Monster Lake.

“There has been a fair amount of drilling on the Obalksi property, but most of it was shallow,” he says.

“Based on a preliminary review of the data collected … the property has excellent potential for a discovery at depth, and with today’s exploration technologies, we could better target future exploration work.”

For its 100% stake in Obalski, TomaGold will issue 4 million shares and make cash payments totalling $500,000 over four years. The property is also subject to a 3.5% NSR, of which 1.3% can be bought back for $1 million.

This year’s deals on Sidace Lake and Obalski mark a sharp contrast with last year, when Grondin reviewed over 100 deals and couldn’t pull the trigger on any of them.

“You couldn’t raise money, and our stock was under 5¢,” Grondin says.

But the skies appear to be brightening.

“There are easily a good five or 10 assets in Quebec and Ontario that I could buy and have under my umbrella,” Grondin says. “I won’t mention any names now, but there are companies out there that have good assets and their market caps are really, really low … if a good asset comes to my attention, I will see if I can make a deal.” TNM

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E D I T O R IA L

Silver starts to outshine gold

O P- E D AME BC: First Nations access fees for explorers ‘not acceptable'

BREXIT FALLOUT

BRITISH COLUMBIA

| Greenspan goes full gold bug

T

he surging U.S. dollar in the wake of the Brexit vote has set aside for now all that talk of an imminent interest-rate hike by the U.S. Federal Reserve Board.

As lower rates tend to increase the value of precious metals by making

BY JOHN CUMMING them more competitive with yieldjcumming@northernminer.com bearing assets, that has naturally been good for gold prices, which have held above US$1,300 per oz. since the day after the Brexit vote on June 24, even as stock markets around the world pretty much recovered to pre-Brexit levels.

The U.K. pound, meanwhile, has dropped even further to a 31-year low of US$1.30, after trading as high as US$1.50 in midJune.

While gold’s move has been powerful, it’s silver that has caught the eye of many a precious metals investor in recent days.

Tallying the performance of commodities in the first half of the year, a casual observer might be surprised to see that silver was the best performer of all the significant commodities, rising 44% in the past six months to outpace even Brent oil (up 36%) and zinc (36%). (The worst performer of the first half among the commodities was uranium oxide, down 22% to beat out corn and coal, which both declined 9%.)

And that excitement around silver doesn’t even include the first weekend of July, when silver prices soared to a two-year, intraday high of US$21.13 per oz., before easing back at press time to US$19.88 — still up 21% over 30 days, and up more than 50% since the five-and-a-half-year lows last December.

For technical traders, silver emphatically smashed through the long-held resistance level of US$18.50 per oz. on June 30, and has stayed above it ever since.

At the more practical level, market watchers point to Chinese traders, who used the long weekend in the U.S. to buy large amounts of physical silver and place heavy bets on silver in the futures market. As for the traders’ motives, analysts conclude they relate to investors’ desires for safe-haven assets and speculation there will be more monetary easing worldwide.

Half of all silver purchased is used in industrial contexts, and the rest is turned into bars, coins, silverware and jewellery.

With U.S. futures markets closed for the July 4 holiday, the most traded silver futures on the Shanghai Futures Exchange rose for the fourth straight session to hit its 6% daily maximum at opening to reach 4,419 yuan (US$663) a kilogram.

As an indication of the heated trading, the Shanghai Gold Exchange now says that if trading was one-sided during the session’s last five minutes, it will raise to 11% its current 8% daily limit for silver.

It also says it will raise its margin requirement to 13% from 9% due to the “strong upswing of silver prices.”

Now that we’re past the halfway point of 2016, it’s also time for investment funds to recalibrate their holdings.

The broad expectation is that they will find their precious metal assets are underweighted, and will have to go into the market in the third quarter to buy gold and silver assets to rebalance portfolios.

Gold’s reputation even got a lift in recent days from longsuspected gold bug Alan Greenspan, former chairman of the U.S. Federal Reserve Board from 1987 to 2006.

Interviewed on Bloomberg TV after the Brexit vote — which he called a “terrible outcome in all respects” — Greenspan said it was only a matter of time before inf lation takes off in the face of a steady and large increase in the U.S. money supply, and the U.S. would be better off with gold.

“If we went back on the gold standard and we adhered to the actual structure of the gold standard as it existed prior to 1913, we’d be fine,” Greenspan said. “Remember that the period from 1870 to 1913 was one of the most aggressive periods economically that we’ve had in the U.S., and that was a golden period of the gold standard. I’m known as a gold bug and everyone laughs at me, but why do central banks own gold now” if it isn’t important?

“I don’t know when [inf lation] is coming,” Greenspan commented, saying to “wait” and watch for the inevitable surge, and that we are in the “early days of a crisis.” TNM

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

Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . . . . 12 Stock Tables. . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Coeur Mining. . . . . . . . . . . 2 Goldcorp. . . . . . . . . . . . 3,11 Gryphon Minerals. . . . . . 14 High Power Exploration . . . . . . . . . . 13 Iamgold. . . . . . . . . . . . . . . . 3 Imperial Metals . . . . . . . . . 5 Independence Gold. . . . . 11 Kaminak Gold. . . . . . . . . 11 Kincora Copper. . . . . . . . 13

Kinross Gold. . . . . . . . . . . 11 Newmont Mining . . . . . . . 1 Northern Shield Resources. . . . . . . . . . . . 16 Origo Partners. . . . . . . . . 13 Pershing Gold. . . . . . . . . . . 1 Planet Mining Exploration . . . . . . . . . . . 3 PT Amman Mineral Internasional. . . . . . . . . . 1

PT Medco Energi Internasional. . . . . . . . . . 1 Rio Tinto. . . . . . . . . . . . . . 13 South32. . . . . . . . . . . . . . . 16 Sumitomo. . . . . . . . . . . . . . 1 Teranga Gold . . . . . . . . . . 14 TomaGold. . . . . . . . . . . . . . 3 Turquoise Hill Resources. . . . . . . . . . . . 13

| First Nations trying to impose fees for exploring on Crown land?

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

A

policy update put out by the Association for Mineral Exploration British Columbia (AME BC) suggests there’s something amiss in the B.C. junior exploration sector regarding its working relationship with some aboriginal groups in the province.

The organization stated there have been recent occurrences of unspecified First Nation groups approaching exploration companies, along with their contractors and suppliers, demanding up-front payments for accessing permitted work sites on Crown land.

The public update did not disclose any dollar figures, but did state that “the magnitude of the fees demanded can be significant,” and the demands were conveyed under the threat of work interruptions if not provided.

Gavin Dirom, president and CEO of AME BC, tells The Northern Miner during an interview that although he wouldn’t comment on any details, the situation called for the need to “educate and inform the public that such payments are not acceptable or legal practice.

“Though not widespread, demands for payments have been made with no beneficial quid pro quo business benefits,” he says.

“Good governance is founded on law and order, and due process — those mechanisms have built our society over the generations.

Having clarity on sound and best business practices is important because it aims to produce positive outcomes for everyone involved.”

A large part of AME BC’s mandate is to help bridge relationships between the junior exploration sector and aboriginal groups and other communities in the province. The association, founded in 1912, represents thousands of members who are engaged in mineral exploration and development in B.C. and beyond.

Dirom says that making these concerns of its members public will lead to “trust and respect,” and adds that “we wouldn’t have done this if we never had our members raise it as a concern.

We want to be open and transparent about these issues. And it’s important for us and everyone involved to be open to conversation about this, so it can actually create a better understanding and generate positive outcomes for everyone involved.”

According to the update, some First Nations are seeking a fixed percentage of the total exploration program budget from companies, topped with a fixed percentage of gross billing from suppliers or contractors, such as those that provide drilling or helicopter services.

“It is a real and terribly uncomfortable position for an explorer to be in a position where certain parties are trying to coerce them into paying access fees or signing agreements under pressured conditions,” the report states.

Dirom says that the demands also pose a “challenge” for cash-

strapped explorers.

“What sometimes gets lost in all this, is that exploration doesn’t generate any revenue for the prospector or junior,” he says. “They’re too busy trying to attract capital to fund their way towards making a discovery, which can then lead to significant revenue flows. And that’s when the most benefits can be shared with the community, including First Nations.”

AME BC turned to John Rustad, the Minister of Aboriginal Relations and Reconciliation of B.C., to seek clarification on the issue, and place it in a context of any potentially relevant anticorruption and public disclosure laws under securities regulations.

“WE WOULDN’T HAVE DONE THIS IF WE NEVER HAD OUR MEMBERS RAISE IT AS A CONCERN.” GAVIN DIROM PRESIDENT AND CEO, AME BC

The minister responded in a letter: “First Nation assertion of ownership within a geographic area, and associated requests for fees to operate on Crown lands, are not consistent with provincial laws of authority … the province maintains full jurisdiction on Crown lands, and does not view First Nation governments as possessing the authority to require companies to make access payments in return for being allowed to work in their respective territories.”

He stated further that “the province does not support the imposition of revenue-generating processes on Crown lands and for Crown-authorized activities from any third party, and this includes First Nations.”

Dirom says AME BC is pleased the provincial government has provided “clarity about such a sensitive issue,” and by doing so, it “actually reinforces the fact that B.C. has a stable and fair government, and is a safe haven for investment.”

Rustad encourages explorers to “engage with First Nations early and often,” with the objective of establishing good working relationships.

“There are a lot of mutually beneficial agreements that are going on all the time, and they’re making a really positive difference,” Dirom says. “AME BC is fully supportive of the many agreements being implemented and negotiated, and that’s been really positive for many years.” TNM

2016-07-05 7:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 11–17, 2016

5

Imperial Metals to resume Mount Polley operations PERMITTING

| Two years after spill, BC gov't approves rebuilt dam

BY LESLEY STOKES

T

lstokes@northernminer.com VANCOUVER

he B.C. Ministry of Energy and Mines has given Imperial Metals (TSX: III; USOTC: IPMLF) permission to resume full production at its Mount Polley copper-gold mine, 56 km northwest of Williams Lake, B.C., nearly two years after an unprecedented breach at the site’s tailings dam and storage facility.

The new permit authorizes Imperial to process up to 22,000 tonnes per day of ore and use the repaired and strengthened tailings facility to store the waste and water generated from mining.

The decision came after a lengthy review by members of provincial agencies, First Nations, local governments, the community of Likely, the federal Department of Fisheries and Oceans, and Environment Canada. The review concluded that the reinforced tailings facility met engineering standards.

Steve Robertson, vice-president of corporate affairs for Imperial, tells The Northern Miner during a phone interview that the statutory decision marks a milestone for the company.

“We’ve been working towards this for a long time and it’s welcome news — not just for the employees, but for the local community who now have a bit more stability in the economy of the area,” he says.

“It’s also been a great relief to the company considering the tough operating environment right now, as commodity prices have not been favourable.”

The open-pit and underground operation was temporarily shut down after a breach occurred with-

An aerial view of “3 Corner” at Imperial Metals’ tailings storage facility at the Mount Polley project in British Columbia. The completed buttressing to the embankments is seen in the foreground. PROVINCE OF BRITISH COLUMBIA

out warning along a section of the dam’s perimeter embankment in August 2014. The event sent 25 million cubic metres of mine waste and water flowing into the adjacent Polley Lake, through Hazeltine Creek, into Quesnel Lake.

An independent expert investigative and review report, released last January, stated the failure happened because the design of the original facility and subsequent raises did not consider the strength and location of an underlying clay unit.

Robertson says the company has spent $67.4 million on restorative work to date, which included building buttresses along the dam’s perimeter using 2.5 million tonnes of material.

“There was an investigation after

The rehabilitated Lower Hazeltine Creek channel upstream from Quesnel Lake, where tailings from the Mount Polley copper-gold mine spilled in the summer of 2014. PROVINCE OF BRITISH COLUMBIA

Published by:

“WE’VE BEEN WORKING TOWARDS THIS FOR A LONG TIME AND IT’S WELCOME NEWS, NOT JUST FOR THE EMPLOYEES, BUT FOR THE LOCAL COMMUNITY.” STEVE ROBERTSON VICE-PRESIDENT OF CORPORATE AFFAIRS, IMPERIAL METALS

the breach to make sure there was a clear understanding of the subsurface conditions below the dam,” he says. “With those results in hand, the engineers at Golder Associates have gone back and redesigned the facility with buttresses along most of its perimeter, and that has raised the factor of safety for the embankments.”

Imperial has also established an independent tailings review board and appointed a facility overseer at the site.

The company has operated the mine at half capacity since July last year, diverting any water or waste into the existing Springer pit while the tailings facility underwent repair.

Under the restricted permit, the company processed 11,958 tonnes per day, and produced 8 million lb. copper and 15,190 oz. gold between Aug. 5 and Dec. 31 last year.

Between Jan. 1 and the time of the spill the company processed 21,056 tonnes per day to produce 24.5 million lb. copper and 25,901 oz. gold.

Robertson says that with the new

permit in hand, it’ll take “a couple of days to redirect the lines” from the Springer pit back to the facility, but will still “take some time” before the company can resume its normal mine plan.

“There’s still a lot of mineralization beneath the Springer pit, which was in the original mine plan. So we’ll look at ways to potentially get both the water and tailings out of the pit so we can access those resources,” he says. “At this time we’re going to continue mining the ore within the Cariboo pit and some higher-grade material from underground.”

Probable reserves at Mount Polley stand at 86 million tonnes of 0.3% copper and 0.3 gram gold per tonne for 560 million lb. copper and 838,100 oz. gold, assuming US$2.75 per lb. copper, US$1,250 per oz. gold and a US/CAD exchange rate of US95¢.

He says the company is submitting a long-term water management plan for the operation.

“We have a temporary permit to discharge water that’s been treated into Hazeltine Creek and Quesnel

Lake, which is good for another year,” he says. “Over that time we’ll have the longer-term water management plan in place, and that will determine how we’ll go forward for the rest of the mine life.”

In an investigative review released last December, B.C.’s chief mine inspector deemed Imperial not liable for the geotechnical oversight that caused the dam to fail, but said that the company exercised “weak practices” towards the dam’s design and water management at site.

Investigations into the incident concluded that emergency actions could have been more effective if there was less water on the tailings pond.

The repor t recognized t hat Imperial had applied for a water discharge permit in 2006, but for “unknown reasons,” it wasn’t accepted by the Ministry of Environment until 2012.

Under the issued permit, Imperial couldn’t discharge enough water to ease the surplus and sought amendment with the ministry to approve higher discharge. The permit was amended in July 2014, one month before the breach occurred.

“We’re confident that we have very good information to work with because of the team we’ve put together to look at how we deal with water in the long-term,” Robertson says. “As long as we provide good-quality information and keep the local community and First Nation community engaged … I have great confidence we’ll move ahead on this permit in a timely matter.”

He emphasizes that research and monitoring at the site indicate the environment is recovering after the spill.

“Rehabilitation of the impacted areas has gone really well and based on the current test results, we expect no long-term adverse effects from the presence of tailings in the environment,” Robertson says.

Tailings are ground-up rock that has been stripped of ore-bearing minerals during milling and mineral processing. They are stored in ponds to prevent most oxidation of sulphides, which generates acid. At Mount Polley, mineralization is associated with a low-sulphur content and extensive calc-sodic alteration.

The nature of the material prevents the tailings from becoming acidic, and thereby incapable of leaching significant residual metal. TNM

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

Now Available in Spanish

1 2 3 4 5 11 13 14 16_JULY11_Main .indd 5

Order Your Copy Today!

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

2016-07-05 7:36 PM

6

WWW.NORTHERNMINER.COM

JULY 11–17, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / JUNE 27–30 Canadian equities finished in positive territory ahead of the Canada Day long weekend, helped by positive economic data and higher commodity prices. Statistics Canada reported the economy grew 0.1% in April, in line with economists’ expectations, after shrinking in February and March.

The S&P/TSX Composite Index rose 1.2% to 14,064.54, erasing the pain caused the week before by Britain’s unexpected vote to leave the European Union. The S&P/TSX Global Gold Index climbed 3.7% to 252.63, driven by higher gold prices. Spot gold closed July 1 up 2% at US$1,341.90 per oz. gold. The yellow metal, which recently gained momentum, is up 26% from its 2015 close of US$1,061 per oz. gold. The S&P/TSX Global Mining Index and the S&P/TSX Capped Diversified Metals & Mining Index both advanced more than 5% to 62.10 and 584.36. The August contract for crude oil settled July 1 at US$48.99, up 2.8%.

Wellgreen Platinum shares rose nearly 43% to 50¢ after announcing that Electrum Strategic Opportunities and Resource Capital would participate in its previously announced private placement. Electrum, an investment arm of New York-based Electrum Group, will subscribe for 4.36 million shares priced at 30¢ per share, which is over its pro rata entitlement. This will provide $1.3 million in gross proceeds. Private-equity fund Resource

Capital will exercise its pro rata right in full and buy up to 594,987 shares at 30¢ per share for gross proceeds of $178,500. Most of the funds will help develop Wellgreen’s namesake platinum group metals and nickel project in the Yukon.

Nautilus Minerals plunged almost 27% to 11¢ per share, after reporting a funding gap at its copper-gold Solwara 1 project in Papua New Guinea. The company requires “significant additional funding” to build and deploy the seafloor production system for the deep-sea mining project. It is looking for an immediate bridge loan to buy time to secure more project funding. Seafloor production and testing at Solwara 1 was set for early 2018, but now it could happen later. Nautilus cautions that if it cannot line TSX MOST ACTIVE ISSUES

Kinross Gold First Quantum Yamana Gold B2Gold Barrick Gold Teck Res IAMGOLD Lithium Amer Suncor Energy Potash Corp SK

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

K FM YRI BTO ABX TCK.B IMG LAC SU POT

50503 6.83 6.30 6.34 - 0.32 38461 9.32 8.11 9.07 + 0.22 37678 6.93 6.41 6.72 + 0.08 26979 3.28 3.11 3.24 + 0.12 26523 27.83 26.44 27.58 + 0.93 25599 17.09 14.44 17.01 + 1.69 24582 5.79 5.33 5.35 - 0.20 23428 1.14 0.86 1.09 + 0.19 22788 35.89 34.22 35.84 + 0.99 22436 22.18 20.33 21.00 - 0.94

up the required funding, it will have to halt the project.

Kinross Gold was the most traded stock, with 50.5 million shares changing hands. The major provided an update on its Bald Mountain and Round Mountain mines in Nevada.

It says it can boost Bald Mountain’s current 1.1 million oz. gold reserve and extend the mine life by developing two deposits in the near-term. It has increased the mine’s 2016

exploration budget 50% to US$9 million.

At Round Mountain, Kinross continues to benefit from the process solution management heap-leach program, which should produce up to 230,000 equivalent oz. gold over the mine life at low costs. Meanwhile, the expansion scoping study added 2.4 million oz. gold to the pit’s estimated inferred resource. Despite the updates, Kinross fell 32¢ to $6.34 per share. TNM

TSX GREATEST PERCENTAGE CHANGE

Intl Tower Hil Wellgreen Plat Prophecy Coal Exeter Res Tanzania Rlty Kerr Mines Silver Bull Re Cardero Res Yellowhead Mng Almaden Mnls Nautilus Mnrls TVI Pacific Energizer Res Zazu Metals Black Iron Rockwell Diam Horizonte Mnls TMAC Resources Asanko Gold Argex Titanium

ITH WG PCY XRC TNX KER SVB CDU YMI AMM NUS TVI EGZ ZAZ BKI RDI HZM TMR AKG RGX

680 1536 13 776 309 703 3309 110 184 492 4201 626 2315 765 283 84 170 552 12059 1567

1.26 0.85 1.15 0.50 0.35 0.50 2.62 1.81 2.62 1.83 1.16 1.63 0.94 0.62 0.87 0.10 0.08 0.10 0.21 0.15 0.21 0.24 0.19 0.23 0.07 0.06 0.07 2.17 1.66 2.10 0.16 0.11 0.11 0.03 0.02 0.02 0.08 0.07 0.07 0.20 0.17 0.17 0.05 0.04 0.04 0.11 0.11 0.11 0.04 0.04 0.04 17.00 14.55 14.95 5.74 4.65 4.94 0.05 0.04 0.05

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Franco-Nevada Royal Gold Silver Wheaton Teck Res Agnico Eagle Pretium Res Pan Am Silver Tahoe Res Silver Std Res Suncor Energy Agrium TMAC Resources Potash Corp SK Guyana Gldflds Dominion Diam Asanko Gold Sandstorm Gold NovaGold Res Detour Gold Kinross Gold

43.8 42.9 41.6 40.5 33.8 33.3 32.3 27.8 27.3 24.3 26.7 20.0 18.8 12.8 12.5 12.5 12.5 11.8 11.2 10.0

VOLUME WEEK (000s) CLOSE CHANGE

FNV RGL SLW TCK.B AEM PVG PAA THO SSO SU AGU TMR POT GUY DDC AKG SSL NG DGC K

3229 98.24 87 93.05 8868 30.41 25599 17.01 4815 69.14 2854 14.46 3241 21.28 7743 19.35 6045 16.77 22788 35.84 2042 116.89 552 14.95 22436 21.00 12889 9.26 1312 11.43 12059 4.94 2282 5.81 2473 7.91 4067 32.32 50503 6.34

+ 4.19 + 3.12 + 2.72 + 1.69 + 1.63 + 1.47 + 1.45 + 1.33 + 1.15 + 0.99 - 2.69 - 2.00 - 0.94 - 0.85 - 0.66 - 0.62 - 0.47 - 0.44 - 0.35 - 0.32

TSX VENTURE EXCHANGE / JUNE 27–30 The S&P/TSX Venture Composite Index gained 19.65 points, or 2.8%, to a 730.44-point close, on the back of rising commodity prices.

Doubts on whether the U.S. Federal Reserve would raise interest rates drove spot gold up 1.95%, or US$25.6, to US$1,341.35 per oz., whereas comex copper gained 4.72%, or US10¢, to US$2.22 per lb. copper.

Bear Creek Mining was a front-runner in the value-added category, rising 46¢ to a $2.91-per-share close on a lift in gold and silver prices. Shares of the company have risen 393% since Jan. 27, following an update of activities at its Santa Ana silver and Corani silver-lead-zinc projects in Peru. The company is pursuing arbitration against the Peruvian government regarding its Santa Ana project, claiming that it was expropriated without compensation after legislation in 2011 that cancelled the company’s right to own the mineral concessions. Bear Creek is also acquiring permits for a construction decision at its Corani project. A feasibility study released last year envisaged the project with an 18-year mine life, a $660-million aftertax net present value at 5% discount rate and a 20.9% internal rate of return. Total capital required for the operation stands at $664 million.

Metanor Resources saw 19.1 million shares trade hands before closing unchanged at 8¢ per share. The junior gold producer reported intercepts of 8.8 metres of 10.4 grams gold per tonne and 5.7 metres of 5.5 grams gold from underground exploration drilling at its Bachelor Lake gold mine in Quebec’s Val-d’Or region. The company has also drilled a quarter of a planned 60,000-metre exploration campaign at its Moroy gold prospect, located 1 km from the Bachelor Lake mill. Intercepts include 2.4 metres of 4.7 grams gold and 5.1 metres of 3.1 grams gold.

Copper One led the greatest percentage change category, jumping 24¢, or 767%, to a 25¢-per-share close after suspension of its Rivière Doré copper-nickel claims — coverTSX-V MOST ACTIVE ISSUES

Metanor Res Westkam Gold First Mg Fin Orex Expl Noka Res Noram Vent Mammoth Res Pure Nickel Saint Jean Jaguar Mng

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

MTO WKG FF OX NX NRM MTH NIC SJL JAG

19082 11470 10704 10097 8652 7778 7380 6759 6550 6352

0.09 0.08 0.77 0.05 0.15 0.07 0.03 0.04 0.06 0.53

0.07 0.07 0.72 0.03 0.13 0.06 0.01 0.02 0.04 0.42

0.08 unch 0.08 unch 0.76 + 0.04 + 0.15 + 0.07 + 0.02 + 0.02 unch 0.04 - 0.50 +

0.00 0.00 0.04 0.01 0.02 0.01 0.01 0.00 0.01 0.06

ing 600 sq. km in Quebec's Val-d’Or region — was lifted by the Quebec Ministry of Energy and Natural Resources. The ministry suspended the claims in July 2011, pending discussions with stakeholders in the area.

According to the company’s press release, the ministry said there are “no longer any public safety issues that may justify suspension of these claims.” The company plans

to reactivate exploration on the project, targeting nickel-copper mineralization within an unexplored, 80 km mafic-layered intrusive complex.

Shares of Brazil Resources gained 30¢ to $2.35. The company is advancing its Whistler project in Alaska, which hosts the Whistler, Raintree West and Island Mountain porphyry copper-gold-silver deposits. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Copper One Regency Gold Amato Expl CWN M’g Acq Orla Mng Ltd Bullman Mnls Mammoth Res MacDonald Mns Plato Gold Nrthn Iron Morumbi Res Cicada Vents Wolverine Mnls Amador Gold Golden Harp Trueclaim Expl Austin Res BCM Res Caracara Silvr Falcon Gold

CUO RAU.H AMT.H CWN OLA BUL MTH BMK PGC NFE MOC CID WLV AGX.H GHR.H TRM AUT B CSV FG

1692 41 215 16 507 206 7380 101 5599 2246 45 305 482 104 139 346 821 9 1354 120

0.27 0.03 0.07 0.25 0.54 0.09 0.03 0.01 0.03 0.03 0.02 0.01 0.12 0.01 0.23 0.02 0.02 0.25 0.02 0.03

0.03 0.00 0.03 0.00 0.22 0.04 0.01 0.01 0.01 0.02 0.02 0.01 0.07 0.01 0.12 0.02 0.01 0.15 0.01 0.02

0.25 0.03 0.07 0.25 0.50 0.09 0.02 0.01 0.02 0.03 0.02 0.01 0.07 0.01 0.12 0.02 0.02 0.15 0.01 0.02

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 733.3 + 200.0 + 133.3 + 127.3 + 127.3 + 112.5 + 100.0 + 100.0 + 100.0 + 100.0 - 66.7 - 50.0 - 50.0 - 50.0 - 47.8 - 40.0 - 40.0 - 38.8 - 33.3 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Gold Reserve Bear Creek Mng CanAlaska Uran Brazil Res Chesapeake Gld Orla Mng Ltd Cordoba Mnls Kennady Diam Copper One Lara Expl Archon Mineral Golden Harp Era Res Inc Abitibi Royalt Southern Arc Confedertn Mls BCM Res Stakeholdr Gld Bacanora Mnls American Lith

GRZ BCM CVV BRI CKG OLA CDB KDI CUO LRA ACS GHR.H ERX RZZ SA CFM B SRC BCN LI

73 829 2462 3610 376 507 1071 117 1692 809 12 139 32 39 11 771 9 901 228 1499

5.95 2.91 1.35 2.35 5.39 0.50 0.86 4.30 0.25 1.20 1.51 0.12 0.29 8.16 0.40 0.60 0.15 0.36 1.61 0.87

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

0.53 0.46 0.41 0.30 0.29 0.28 0.24 0.23 0.22 0.22 0.15 0.11 0.11 0.10 0.10 0.10 0.10 0.09 0.09 0.08

U.S. MARKETS / JUNE 27–30 U.S. equities largely recovered from the turmoil after the Brexit vote, as diminished prospects of interest rate hikes in the U.S. drove gold and silver prices higher. For the trading period, the S&P 500 Index and Dow Jones Industrial Average finished at 2,098.86 and 17,929.99, both up 3%. The Nasdaq rose 5.4% to 4,842.67. Gold and silver finished at US$1,341.35 and US$18.71, up 1.6% and 5.4%.

Gold and silver companies were among the top value gainers. Franco-Nevada shares rose US$6.29 to US$78.72, Agnico Eagle Mines shares climbed US$3.57 to US$55.60 and Silver Wheaton gained US$3.49 to US$24.78 per share.

Shares of Newmont Mining rose US$3.15 to US$40.34 on the back of surging gold prices and news of a plan to sell its remaining 48.5% stake in the Batu Hijau copper-gold mine in western Sumbawa to a private Indonesian firm for US$1.3 billion. Newmont said payment would be comprised of US$920 million in cash, and contingent payments of US$403 million tied to metal upside and development of the Elang copper-gold project, 60 km east of Batu Hijau. The transaction is expected to close in the third quarter.

6_JULY11_MarketNews.indd 6

Lightweight metals leader Alcoa saw 120.3 million shares change hands before closing up US17¢ to US$9.55-per-share close. The company won a US$470-million contract to supply aluminum sheet and plate to airplanemanufacturer Embraer. More importantly Alcoa plans to split its business into two companies — one that manages its traditional upstream smelting business, and another that serves the aerospace and automotive industries. The companies would be named Alcoa and Arconic, and the separation is due before year-end.

Shares of Pretium Resources gained US17¢ U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 162414 11.50 9.99 11.35 + 0.77 Vale* VALE 132902 5.23 4.32 5.16 + 0.61 Alcoa* AA 120327 9.59 8.95 9.55 + 0.17 Barrick Gold* ABX 109090 22.32 20.19 22.21 + 1.74 Kinross Gold* KGC 75687 5.40 4.87 5.36 + 0.25 United States S* X 75513 18.42 14.80 18.27 + 2.28 Yamana Gold* AUY 74139 5.53 4.91 5.48 + 0.38 Potash Corp SK* POT 67655 17.09 15.64 16.50 - 0.37 Vale* VALE.P 66971 4.12 3.47 4.08 + 0.49 IAMGOLD* IAG 57293 4.49 4.12 4.47 + 0.20

to US$11.69 per share, boosted by a rally in precious metals. The company says construction and development of its underground, high-grade gold Brucejack project in northwestern B.C. is on schedule for commissioning in mid-2017. Tower foundations for the

transmission line are advancing, and the site should be connected to the B.C. power grid by year-end. Collaring of the main portal access has also started, with full enclosure of the mill building expected by the third quarter. TNM

U.S. GREATEST PERCENTAGE CHANGE

Teck Res* Fortuna Silvr* Primero Mng* Vedanta* DRDGOLD* Cloud Peak En* Pretium Res* Silver Wheaton* Alamos Gold* Hecla Mining* Intrepid Pots* Natural Res Pt* NACCO Ind* Potash Corp SK* Agrium* Mosaic* MartinMarietta* Cameco Corp* Alcoa* Dominion Diam*

TCK FSM PPP VEDL DRD CLD PVG SLW AGI HL IPI NRP NC POT AGU MOS MLM CCJ AA DDC

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

47883 14.45 11.04 14.38 + 22.0 6488 7.67 6.03 7.61 + 21.0 10212 2.45 1.93 2.44 + 20.8 1618 8.13 6.74 8.04 + 20.0 2460 6.47 5.14 6.46 + 17.9 4599 2.29 1.81 2.26 + 17.7 8930 11.84 9.80 11.69 + 17.0 38790 24.95 21.34 24.78 + 16.4 13391 9.29 8.03 9.24 + 16.4 43879 5.50 4.60 5.44 + 15.3 9448 1.66 1.35 1.44 - 13.3 255 16.47 14.04 14.46 - 8.2 126 57.12 55.08 56.16 - 3.0 67655 17.09 15.64 16.50 - 2.2 4067 91.96 87.68 90.73 - 1.4 28175 26.87 24.53 26.57 - 1.3 4345 192.40 178.23 189.13 + 0.6 9239 11.05 10.41 10.93 + 0.8 120327 9.59 8.95 9.55 + 1.8 2028 9.51 8.41 9.46 + 2.0

U.S. GREATEST VALUE CHANGE

Franco-Nevada* FNV Agnico Eagle* AEM Silver Wheaton* SLW Newmont Mng* NEM Rio Tinto* RIO Teck Res* TCK United States S* X AngloGold Ash* AU Chevron* CVX Black Hills* BKH NACCO Ind* NC Natural Res Pt* NRP Agrium* AGU Potash Corp SK* POT Mosaic* MOS Intrepid Pots* IPI Cameco Corp* CCJ Mechel* MTL Alcoa* AA Dominion Diam* DDC

VOLUME WEEK (000s) CLOSE CHANGE

3598 78.72 14051 55.60 38790 24.78 44620 40.34 28635 31.57 47883 14.38 75513 18.27 25380 19.04 38185 104.15 2100 64.08 126 56.16 255 14.46 4067 90.73 67655 16.50 28175 26.57 9448 1.44 9239 10.93 207 1.72 120327 9.55 2028 9.46

+ 6.29 + 3.57 + 3.49 + 3.15 + 2.81 + 2.59 + 2.28 + 2.27 + 2.25 + 2.20 - 1.75 - 1.30 - 1.28 - 0.37 - 0.34 - 0.22 + 0.09 + 0.13 + 0.17 + 0.19

2016-07-05 7:31 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / JULY 11–17, 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 PRODUCER AND DEALER PRICES

SPOT PRICES

Thermal Coal CAPP: US$39.50 per short ton Monday, July 4, 2016 Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: Precious Metals Price (US$/oz.)

US$40.50 Gold $1350.75 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.80 Silver $20.36 Coal: CME Group Central Appalachian Futures July 2016: Platinum $1066.00 US$39.50 Aug. 2016: US$39.50 Palladium $611.00 Cobalt: US$10.77/lb.

Copper: US$2.08/lb.

Copper: CME Group Futures July 2016: US$2.11/lb.; Aug. 2016: US$2.11/lb Ferro-Chrome: US$1.77/kg Ferro Titanium: US$3.50/kg FerroTungsten: US$23.12/kg Ferrovanadium: US$14.70/kg LME WAREHOUSE LEVELS Iridium: NY Dealer Mid-mkt US$520/tr oz.

Iron Ore 62% Fe CFR China-S: US$50.60/tonne Iron Ore Fines: US$56.46/tonne Metal stocks (in tonnes) held in London Metal Exchange wareIron Ore Pellets: US$72.89/tonne houses at opening, July 4, 2016 (change from June 27, 2016 Lead: US$0.77/lb. in brackets): Magnesium: US$2.03/kg 11900 (-500) Aluminium Alloy Manganese: US$2.01/kg Aluminium 2375075 (-33900) Molybdenum Oxide: US$7.71/lb.

188400 (-3300) Copper Phosphate Rock: US$115.00/tonne Lead 185150 (-475) Potash: US$269.00/tonne Nickel 378114 (-3678) Rhodium: Mid-mkt US$660.00/tr. oz.

Tin 6050 (-55) Ruthenium: Mid-mkt US$42.00/tr. oz.

442100 (+12325) Zinc Silver: Handy & Harman Base: US$17.53 per oz.; Handy & Harman Fabricated: US$21.91 per oz.

Tantalite Ore : US$191.35/kg Tin: US$7.71/lb.

Uranium: U3O8, Trade Tech spot price: US$28.00; The UX Consulting Company spot price: US$28.00/lb.

Zinc: US$0.90/lb.

Prices current June 21, 2016

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Jun 30, 2016 (with changes from Jun 01, 2016) Largest short positions LUN 44992631 1653014 Lundin Mng Potash Corp SK POT 34541959 -387107 NGD 26974035 197265 New Gold First Quantum FM 25911762 19172441 B2Gold BTO 21443104 1059405 Kinross Gold K 21300718 -3953161 ELD 18266260 10355 Eldorado Gold Suncor Energy SU 17029867 6891965 TXG 13064666 5807682 Torex Gold IAMGOLD IMG 11790640 -52074 Stornoway Diam SWY 10612938 4275831 Detour Gold DGC 10262630 807262 NSU 9126759 3821053 Nevsun Res Argonaut Gold AR 8957082 -49934 Teck Res TCK.B 8823973 -1329063 Largest increase in short position FM 25911762 19172441 First Quantum Suncor Energy SU 17029867 6891965 TXG 13064666 5807682 Torex Gold Primero Mng P 7028000 5117473 HudBay Mnls HBM 8110497 4419540 Largest decrease in short position SSO 3382632 -7737863 Silver Std Res Kinross Gold K 21300718 -3953161 Teck Res TCK.B 8823973 -1329063 U3O8 Corp UWE 75000 -1115000 YRI 6811599 -1054655 Yamana Gold

Short positions outstanding as of Jun 30, 2016 (with changes from Jun 01, 2016) Largest short positions First Mg Fin FF 3883438 3007322 Integra Gold ICG 3005876 1193276 NXE 1158100 90500 Nexgen Energy Noram Vent NRM 1000800 994700 ATC 361900 100000 ATAC Res Rye Patch Gold RPM 351100 349900 Aurcana Corp AUN 240371 190471 Kaminak Gold KAM 236200 115500 BCM 206800 12500 Bear Creek Mng Barkerville Go BGM 154300 138100 IMPACT Silver IPT 146800 54300 Timberline Res TBR 78100 76100 MKA 60600 -33733 Mkango Res Avino Silver ASM 56100 31200 GSV 54900 -38800 Gold Std Vents Largest increase in short position First Mg Fin FF 3883438 3007322 Integra Gold ICG 3005876 1193276 NRM 1000800 994700 Noram Vent Rye Patch Gold RPM 351100 349900 Aurcana Corp AUN 240371 190471 Largest decrease in short position WAF 2500 -397500 West Af Res Roxgold ROG 3999 -110882 GSV 54900 -38800 Gold Std Vents Mkango Res MKA 60600 -33733 Cougar Mnls TKX 0 -30300

DAILY METAL PRICES Daily Metal Prices Date Jul 4 Jul 1 Jun 30 Jun 29 Jun 28 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1525/1550 1525/1550 1520/1550 1525/1550 1525/1550 Aluminum 1652/1662 1644.50/1654 1634.50/1643 1613/1623 1602/1611 4919/4927 4783/4799 4826/4834.50 4779.50/4785 4777/4784.50 Copper Lead 1866.50/1870.50 1814/1820 1779/1784 1733.50/1735.50 1713/1717 10295/10335 9530/9560 9410/9450 9270/9340 9130/9185 Nickel 17965/17800 17415/17300 17050/17000 17045/17000 17065/17025 Tin Zinc 2142/2149 2116/2117 2102/2097 2058.50/2059.50 2046/2045

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)

Gold AM 1348.75 1331.75 1317.00 1317.75 1312.00 Gold PM 1350.75 1340.00 1320.75 1321.50 1309.70 Silver 20.36 19.24 18.36 18.21 17.57 Platinum 1066.00 1039.00 999.00 997.00 975.00 Palladium 611.00 598.00 589.00 582.00 568.00

EXCHANGE RATES Date US$ in C$ C$ in US$

Jun 30 Jun 29 Jun 28 Jun 27 Jun 24 1.2924 1.2936 1.3024 1.3075 1.3002 0.7737 0.7732 0.7677 0.7646 0.7692

Exchange rates (Quote Media, June 30, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.0383 0.6967 79.8450 14.1452 11.4006 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5812 5.1411 52.2275 0.7552 891.3710 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3424 0.9004 103.1900 18.2788 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7511 6.6481 67.5035 0.9761 1152.4100

TSX WARRANTS Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov 20/15 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.8 to Dec 10/15 MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Newmarket Gold (NMI.WT) - Wt buys 4.07 sh @ $9.17 to Mar 24/16 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 Royal Nickel (RNX.WT) - Wt buys sh @ $0.8 to Jul 11/16 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Vista Gold (VGZ.WT.U) - Wt buys sh @ $5 to Oct 22/15 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17

Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 20/16 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Monarques Gold (MQR.WT) - Wt buys sh @ $0.2 to Dec 14/15 NexGen Energy (NXE.WT) - Wt buys sh @ $0.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15 Oceanic Iron Ore (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Jul 1 Jun 30 Jun 29 Jun 28 Jun 27 High Low S&P/TSX Composite N/A 14064.54 14036.74 13842.69 13689.79 15527.30 12400.15 S&P/TSXV Composite N/A 730.44 721.10 707.25 702.85 1050.26 883.52 S&P/TSX 60 N/A 817.65 816.56 805.84 796.31 896.74 709.99 S&P/TSX Global Gold N/A 252.63 249.12 245.32 249.18 218.90 149.29 S&P/TSX Metals & Mining N/A 584.36 577.09 554.59 535.20 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS JUNE 27–30, 2016 280 New Highs Buenaventura* Acacia Mining* Advance Gold Africo Res Agnico Eagle Agnico Eagle* Alamos Gold Alamos Gold* Alchemist Mng Aldershot Res* Alexco Res Alexco Res* Almaden Mnls Almaden Mnls* Altan Nev Mnls Amato Expl Anaconda Mng Angel Gold Angel Gold* AngloGold Ash* Antioquia Gold* Antipodes Gold Argonaut Gold Argonaut Gold* Armor Mnrls Asante Gold* AsiaBaseMetals Astorius Res Atacama Pac Gd* Athena Silver* Augustine Vent Aurion Res Aurvista Gold* Auryn Res* Avino Silver* B2Gold B2Gold* Balmoral Res Balmoral Res* Barisan Gold* Barrick Gold* Bear Creek Mng Bitterroot Res* Black Hills*

Excalibur Res Canadian Zeol Exeter Res Canadian Zeol* Exeter Res* CanAlaska Uran Finlay Minrls CanAlaska Uran* Firesteel Res Candente Coppr First Majestic Cardero Res* First Majestic* Cassius Vents Fjordland Exp Cataca Res* Flinders Res Cava Res Flinders Res* Chalice Gold M* Fortuna Silvr Chesapeake Gld Fortuna Silvr* Chesapeake Gld* Franco-Nevada Chevron* Franco-Nevada* Chieftain Mtls Fresnillo plc* Clear Mtn Res Galena Intl Rs CMC Metals GGL Res* CMC Metals* Giyani Gold Coeur Mng* Giyani Gold* Colombia Crest Global Mnrls Colombian Mins GMV Minerals Colorado Res* GobiMin Comstock Mtls Gold Fields* Comstock Mtls * Gold Resource* Contintl Gold Gold Std Vents* Contintl Gold* Goldcliff Res Copper North M* Goldex Res Copper One Goldrea Res Coronet Mtls Goldrea Res* Coronet Mtls* Goldrock Mines Crown Mining* GoldTrain Res CWN M’g Acq Gowest Gold Defiance Silvr Gowest Gold* Detour Gold GPM Metals Dolly Vard Sil Graniz Mondal Dolly Vard Sil* Greencastle Rs DRDGOLD* Hawkeye East Africa Gld&Di* Emgold Mng* Hecla Mining* Eskay Mng Heron Res Ethos Gold Hochschild Mg* Ethos Gold* Homestake Res Evolving Gold Homestake Res* Evolving Gold* IAMGOLD*

Independence G Independence G* Integra Gold Integra Gold* Intl Tower Hil Intl Tower Hil* Jaguar Mng Jaguar Mng* Jayden Res* Kaminak Gold Kaminak Gold* Latin Am Mnls Latin Am Mnls* Libero Mg Corp Lion One Mtls Lithium Amer Lithium Amer* Loncor Res Lonmin plc* Lowell Copper Luna Gold* Magellan Gold* Makena Res Makena Res* Mammoth Res Mandalay Res Manitou Gold Marathon Gold Mason Graphite* Mawson Res* McEwen Mng McEwen Mng* Medgold Res Meryllion Res Mesa Expl* Midas Gold Midas Gold* MillenMin Vent Milner Con Slv Mines Manage* Minnova Corp Mitchell Res Natan Res Nevado Res

New Oroperu Newmont Mng* Nighthawk Gold NovaGold Res* Nrthn Iron Nunavik Nickel NV Gold OceanaGold OceanaGold* Oceanus Res* Oremex Silver* Orex Expl Orezone Gold* Oriental Non F Orla Mng Ltd Orosur Mng Osisko Gold * Paget Mrnls Palamina Corp* Pan Am Silver Pan Am Silver* Paramount Gold* Patriot Gold* Pershimco Res Philippine Mtl Pistol Bay Mng Pitchblack Res* Plato Gold Premier Gold M Pretium Res Pretium Res* Prime Meridian* Prophecy Coal Prosper Gold PUF Vent Inc Pure Nickel Pure Nickel* Q-Gold Res QMC Quantum Ml Quartz Mtn Res Randgold Res* Red Pine Expl Redhill Res

Resource Cap Resource Cap* Rio Novo Gold Rio Novo Gold* Riverside Res Riverside Res* Rochester Res Rockcliff Cop Rockhaven Res Roughrider Exp Royal Gold Royal Gold* Rye Patch Gold Rye Patch Gold* Sandstorm Gold Sandstorm Gold* Sarama Res Semafo Signal Expl Silver Bull Re Silver Bull Re* Silver Std Res Silver Std Res* Silver Wheaton Silver Wheaton* Sona Res* Sparton Res Strategic Metl Strongbow Expl Tahoe Res Tahoe Res* Tantalex Res Tanzania Rlty Tanzania Rlty* Tarku Res Tartisan Res Teck Res Teck Res* Terraco Gold Terrax Mnrls* Thor Expl Thunder Mtn Gd TomaGold Troy Enrgy

United Silver* Uravan Mnrls USCorp* Vista Gold Vista Gold* Wellgreen Plat Wellgreen Plat* West Af Res West Melville Western Copper Western Copper* Western Uran* Westkam Gold* Wolverine Mnls* Xtra-Gold Res Xtra-Gold Res* Yamana Gold* Zephyr Mnls Zephyr Mnls*

21 New Lows Avarone Metals* California Gld* Cameco Corp Cdn Metals CIM Intl Grp GoviEx Uranium* Icon Explor* Inter-Rock Mnl Jaxon Mnls* K92 Mng Inc* Mawson Res* Mesa Expl* Nautilus Mnrls Nautilus Mnrls* Nevada Egy Mtl Nevada Egy Mtl* Nickel One Res* NQ Explor Platinex Scientific Mts Sego Res

CANADIAN GOLD MUTUAL FUNDS Fund Jun 30 ($) AGF Prec Mtls Fd MF 27.36 BMO Prec Mtls Fd A 21.86 BMO ZGD 12.60 BMO ZJG 10.25 13.92 CIBC Prec Metal Fd A Dyn Prec Metls Fd A 8.12 Horizons HEP 33.26 IGMacGloPrecMetCl A 10.45 iShares XGD 15.78 Mac Prec Met Cl A 58.92 15.57 NB Prec Met Fd Inv RBC GblPreMetFd A 37.59 47.96 Sentry Pre Met Fd A Sprott Gold&PrMinFdA 45.16 Sprott SilverEquCl A 7.37 TD PreciousMetals-I 46.40

Jun 23 ($) 25.42 20.43 11.47 9.69 12.64 7.53 30.65 9.55 14.19 53.40 14.34 34.74 44.06 41.50 6.52 42.30

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 1.94 7.63 53.94 2.80 183.87 1.16 5.63 56.88 2.40 67.89 0.90 7.70 59.03 0.63 87.61 0.53 5.46 64.95 0.60 64.40 1.28 10.14 42.58 2.62 58.46 0.59 7.84 67.32 2.66 384.78 2.16 6.99 53.90 0.80 0.97 10.15 65.08 2.76 87.23 1.59 11.21 60.83 0.61 676.80 5.51 10.33 66.46 2.51 124.69 1.23 8.58 61.26 2.46 39.57 2.85 8.20 63.61 2.13 405.97 3.90 8.85 61.18 2.92 229.07 3.06 7.32 58.37 3.19 235.71 0.68 10.37 75.43 3.23 61.07 4.10 9.69 55.46 2.26 151.01

GLOBAL MINING NEWS · SINCE 1915 Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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.$

7_JULY11_MMMM.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

Re-Publishing License Own your moment in the press with a Re-Publishing License for any article printed in The Northern Miner or posted on our website. Basic Re-Publishing License cost: $525

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

2016-07-05 6:37 PM

8

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JULY 11–17, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: JUNE 27–30, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 770 0.19 0.16 0.18 + 0.01 0.28 0.03 Abcourt Mines V 1306 0.11 0.10 0.11 + 0.01 0.11 0.03 O 44 0.08 0.08 0.08 - 0.00 0.09 0.02 Abcourt Mines* Aben Res* O 20 0.12 0.11 0.12 + 0.00 100.52 0.03 0.14 - 0.01 0.21 0.06 Aben Res V 115 0.15 0.13 Aberdeen Intl* O 66 0.14 0.12 0.13 - 0.01 0.16 0.07 0.17 - 0.01 0.24 0.10 Aberdeen Intl T 188 0.18 0.17 Abitibi Royalt V 39 8.49 8.06 8.16 - 0.10 8.49 1.53 0.69 + 0.04 0.81 0.05 ABT Holdings* O 3 0.70 0.00 Acacia Mining* O 4 6.25 5.47 6.25 + 0.78 6.25 2.40 Acme Res Inc V 60 0.07 0.05 0.05 - 0.02 0.07 0.02 Active Growth V 139 0.07 0.05 0.05 - 0.01 0.10 0.02 O 271 0.09 0.07 0.07 + 0.01 0.10 0.01 Adamera Mnls* Adriana Res V 269 0.12 0.11 0.11 - 0.01 0.15 0.08 0.07 + 0.01 0.10 0.01 Advance Gold V 186 0.10 0.05 African Gold V 866 0.09 0.08 0.09 + 0.01 0.11 0.03 African Queen V 2268 0.12 0.10 0.10 - 0.02 0.14 0.01 Africo Res T 508 1.05 0.99 1.03 + 0.03 1.05 0.30 0.07 + 0.01 0.07 0.01 Agave Silver* O 11 0.07 0.05 Agave Silver V 7 0.08 0.00 0.08 - 0.01 0.09 0.01 Agnico Eagle* N 14051 55.72 51.32 55.60 + 3.57 55.72 21.00 Agnico Eagle T 4815 69.80 67.10 69.14 + 1.63 69.80 27.63 T 2042 118.42 114.91 116.89 - 2.69 139.99 104.70 Agrium N 4067 91.96 87.68 90.73 - 1.28 108.94 79.94 Agrium* 156 0.10 0.08 0.10 + 0.02 0.12 0.03 Aguila Amer Gd V Aim Explor* O 27 0.10 0.06 0.06 - 0.00 0.20 0.04 O 50 0.13 0.12 0.13 + 0.00 0.21 0.08 Alabama Graph* Alacer Gold T 4216 3.15 2.97 3.08 - 0.01 3.57 2.08 Alamos Gold T 5760 11.41 10.54 11.11 + 0.77 11.41 3.27 Alamos Gold* N 13391 9.29 8.03 9.24 + 1.30 9.29 2.27 0.09 + 0.02 0.11 0.01 Alba Minerals V 54 0.10 0.08 Alberta Star* O 6 0.20 0.18 0.18 - 0.02 0.21 0.12 Alchemist Mng 500 0.10 0.06 0.10 + 0.05 0.10 0.01 Alcoa* N 120327 9.59 8.95 9.55 + 0.17 11.50 6.14 0.10 + 0.01 0.20 0.05 Alderon Iron* O 50 0.10 0.00 Alderon Iron T 134 0.12 0.11 0.12 + 0.01 0.25 0.07 O 250 0.04 0.04 0.04 + 0.02 0.04 0.00 Aldershot Res* Aldershot Res V 955 0.04 0.03 0.04 + 0.01 0.04 0.01 Aldever Res V 1745 0.11 0.09 0.09 - 0.01 0.30 0.09 0.06 - 0.01 0.20 0.06 Aldever Res* O 33 0.08 0.06 Aldridge Mnrls V 275 0.25 0.00 0.24 - 0.01 0.27 0.12 0.09 - 0.00 0.15 0.06 Aldrin Res* O 30 0.09 0.09 Aldrin Res V 67 0.13 0.11 0.12 - 0.02 0.16 0.08 V 570 0.07 0.06 0.07 + 0.02 0.10 0.04 Alexander Nubi Alexandria Min* O 105 0.05 0.04 0.05 + 0.01 0.06 0.01 Alexandria Min V 4692 0.07 0.06 0.07 + 0.01 0.07 0.02 1.88 + 0.53 1.88 0.22 Alexco Res* X 4615 1.88 1.31 Alexco Res T 1490 2.16 1.72 2.10 + 0.33 2.16 0.35 Algold Res V 2136 0.34 0.30 0.32 - 0.03 0.40 0.07 0.15 + 0.00 0.17 0.07 Alianza Min* O 20 0.15 0.14 Alianza Min V 26 0.19 0.18 0.19 - 0.01 0.22 0.10 V 1693 0.11 0.09 0.11 - 0.01 0.18 0.04 Alix Res Alliance Res* D 1476 16.14 13.95 15.97 + 0.45 26.18 9.95 Alloycorp Mng V 187 0.08 0.07 0.08 + 0.02 0.35 0.05 2.10 + 0.41 2.17 0.65 Almaden Mnls T 492 2.17 1.66 Almaden Mnls* X 4101 1.83 1.27 1.66 + 0.37 1.83 0.48 Almadex Min* O 424 0.32 0.28 0.30 - 0.02 0.36 0.01 0.40 - 0.02 0.46 0.13 Almadex Min V 374 0.42 0.37 Almonty Ind V 94 0.31 0.30 0.31 - 0.01 0.86 0.21 0.02 0.01 0.02 + 0.00 0.31 0.01 Alpha Nat Res* O 4025 Alphamin Res V 1171 0.28 0.26 0.28 + 0.03 0.28 0.14 Alset Energy V 1539 0.53 0.41 0.46 + 0.03 0.84 0.02 141 0.05 0.04 0.05 + 0.01 0.25 0.02 Alta Vista Vnt Altair Res Inc V 1306 0.32 0.24 0.25 - 0.06 0.70 0.06 0.05 0.01 0.02 + 0.01 0.05 0.01 Altan Nev Mnls V 3673 Alternative ER V 15 0.08 0.00 0.06 - 0.02 0.08 0.03 O 8 0.05 0.00 0.05 + 0.01 0.06 0.02 Alternative ER* Altitude Res V 23 0.07 0.07 0.07 - 0.01 0.21 0.02 Altius Mnrls T 340 10.80 9.77 10.80 + 0.65 14.78 7.39 Alto Vent V 2177 0.07 0.04 0.07 + 0.03 0.09 0.02 3.97 + 0.12 4.73 2.70 Alumina Inc* O 391 4.00 3.62 ALX Uranium V 1173 0.10 0.08 0.08 - 0.02 0.15 0.06 ALX Uranium* O 66 0.07 0.06 0.06 - 0.01 0.10 0.03 Am Creek Res V 1304 0.11 0.09 0.09 - 0.01 0.12 0.03 0.12 0.11 0.12 + 0.01 0.16 0.06 Am CuMo Mng V 1148 Am CuMo Mng* O 115 0.09 0.08 0.09 - 0.01 0.12 0.04 0.20 - 0.06 0.45 0.07 AM Gold V 95 0.28 0.00 Am Manganese V 2092 0.05 0.03 0.05 + 0.01 0.07 0.01 O 149 0.04 0.03 0.04 + 0.01 0.05 0.01 Am Manganese* Amador Gold* O 0 0.00 0.00 0.00 - 0.00 0.01 0.00 Amador Gold V 104 0.01 0.01 0.01 - 0.01 0.02 0.01 0.08 + 0.01 0.11 0.04 Amarc Res V 363 0.08 0.07 Amarillo Gold V 172 0.31 0.28 0.31 - 0.01 0.41 0.04 0.07 + 0.04 0.07 0.01 Amato Expl V 215 0.07 0.03 Amazing OG* O 181 1.06 0.60 0.60 - 0.10 1.18 0.29 Amer Vanadium* O 649 0.02 0.01 0.01 - 0.01 0.08 0.00 V 617 0.03 0.02 0.03 + 0.01 0.10 0.02 Amer Vanadium American Lith V 1499 0.93 0.80 0.87 - 0.08 1.62 0.05 Americas Petro V 1615 0.23 0.20 0.23 + 0.01 0.33 0.15 0.37 + 0.02 0.40 0.09 Americas Silvr T 8523 0.38 0.33 Americas Silvr* O 1719 0.32 0.25 0.32 + 0.04 0.32 0.04 Amerigo Res* O 150 0.12 0.11 0.11 - 0.00 0.35 0.07 Anconia Res V 335 0.07 0.06 0.07 + 0.01 0.08 0.01 Andes Gold* O 428 0.01 0.00 0.01 + 0.00 1.00 0.00 Anfield Nickel V 247 1.32 1.25 1.30 - 0.02 1.79 0.52 Anfield Res* O 1 0.16 0.00 0.16 - 0.01 0.20 0.06 Angel Gold* O 218 0.11 0.09 0.11 + 0.03 0.11 0.01 Angel Gold V 796 0.15 0.11 0.12 + 0.01 0.15 0.01 Angkor Gold V 40 0.45 0.44 0.45 + 0.01 0.60 0.38 Anglo American* O 366 5.04 4.08 4.99 + 0.52 5.76 1.57 Anglo American* O 10 10.00 8.33 10.00 + 0.79 13.93 3.13 AngloGold Ash* N 25380 19.08 16.92 19.04 + 2.27 19.08 5.64 Antioquia Gold V 49 0.10 0.08 0.09 - 0.01 0.11 0.04 O 23 0.08 0.07 0.07 - 0.00 0.08 0.03 Antioquia Gold* Antipodes Gold V 24 0.04 0.00 0.03 + 0.01 0.04 0.01 Antofagasta* O 3 6.13 5.76 6.13 + 0.37 10.45 5.24 O 25 0.26 0.21 0.21 - 0.05 0.45 0.08 Apogee Silver* Apogee Silver V 34 0.30 0.00 0.28 - 0.06 0.58 0.11 0.22 - 0.04 0.30 0.01 Appia Energy 36 0.22 0.18 Applied Mrnls* O 85 0.19 0.13 0.19 + 0.04 0.56 0.11 Aquila Res* O 284 0.19 0.15 0.15 - 0.02 0.20 0.09 Aquila Res T 241 0.24 0.20 0.20 - 0.02 0.27 0.12 Arch Coal* O 217 0.31 0.29 0.29 - 0.01 10.35 0.11 Archon Mineral V 12 1.66 1.51 1.51 - 0.15 2.10 1.30 Arctic Star V 845 0.02 0.02 0.02 + 0.01 0.10 0.01 Arcus Dev Grp V 239 0.06 0.05 0.06 + 0.01 0.06 0.01 0.26 - 0.01 0.34 0.15 Arena Mnls V 909 0.27 0.23 Argentex Mng* O 197 0.09 0.06 0.08 + 0.01 0.10 0.01 Argentex Mng V 454 0.10 0.08 0.10 + 0.02 0.13 0.02 Argex Titanium* O 783 0.04 0.03 0.03 - 0.00 0.15 0.01 Argex Titanium T 1567 0.05 0.04 0.05 - 0.01 0.19 0.02 Argonaut Gold T 4211 3.93 3.51 3.80 + 0.18 3.93 0.78 Argonaut Gold* O 152 3.09 2.69 3.02 + 0.23 3.09 0.53 Argus Metals V 17 0.08 0.07 0.07 - 0.01 0.11 0.02 0.01 - 0.01 0.42 0.00 Arian Silver* O 504 0.02 0.01 Arianne Phosph V 316 0.99 0.90 0.94 - 0.04 1.25 0.68 Arianne Phosph* O 246 0.77 0.69 0.71 - 0.03 0.98 0.52 Armor Mnrls V 13 0.60 0.50 0.60 + 0.10 0.60 0.12 Asanko Gold T 12059 5.74 4.65 4.94 - 0.62 5.82 1.77 Asanko Gold* X 8623 4.41 3.58 3.90 - 0.38 4.53 1.27 Asante Gold 67 0.20 0.18 0.20 + 0.08 0.20 0.05 Ascot Res V 180 1.20 1.12 1.20 + 0.05 1.80 0.80 Ashburton Vent* O 226 0.03 0.03 0.03 - 0.00 0.06 0.00 AsiaBaseMetals V 90 0.30 0.25 0.30 + 0.01 0.30 0.04 Asiamet Res V 190 0.04 0.04 0.04 - 0.01 0.08 0.01 Aston Bay V 409 0.40 0.34 0.40 + 0.03 0.49 0.10 Astorius Res V 66 0.07 0.06 0.07 + 0.01 0.07 0.01 ATAC Res V 1688 0.84 0.78 0.83 + 0.03 0.88 0.26 Atacama Pac Gd* O 29 0.33 0.23 0.33 + 0.11 0.33 0.09 Atacama Pac Gd V 1433 0.48 0.30 0.40 + 0.10 0.49 0.14 O 14 0.19 0.18 0.18 - 0.01 0.46 0.12 Athabasca Mnls* Athabasca Mnls V 205 0.27 0.23 0.27 + 0.02 0.64 0.15 Athena Silver* O 170 0.15 0.09 0.14 + 0.05 0.15 0.02 Atico Mng* O 25 0.37 0.33 0.37 - 0.00 0.47 0.12 Atico Mng V 79 0.48 0.44 0.48 + 0.01 0.60 0.16 Atlanta Gold V 15 0.08 0.00 0.08 - 0.01 0.11 0.05 Atlantic Gold V 959 0.72 0.65 0.72 + 0.05 0.73 0.17 Atlatsa Res T 62 0.11 0.10 0.10 + 0.01 0.13 0.03 0.08 + 0.00 0.11 0.02 Atlatsa Res* O 127 0.08 0.07 Atom Energy V 71 0.04 0.03 0.03 - 0.01 0.12 0.03 Augustine Vent 492 0.14 0.08 0.13 + 0.05 0.14 0.03 Aura Mnls T 190 0.25 0.22 0.22 - 0.01 0.31 0.06 Auramex Res V 46 0.02 0.00 0.02 - 0.01 0.03 0.01 Aurania Res V 91 0.60 0.55 0.55 - 0.05 0.60 0.30 Aurcana Corp* O 262 0.27 0.20 0.26 + 0.04 0.32 0.07 Aurcana Corp V 719 0.33 0.26 0.33 + 0.06 0.41 0.09

8-10_JULY11_StockTables.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

AurCrest Gold V 650 Aureus Mng* O 34 Aureus Mng T 11393 AuRico Metals T 1315 AuRico Metals * O 274 Aurion Res V 575 Aurvista Gold V 515 Aurvista Gold* O 129 Auryn Res* O 441 Austin Res V 821 Avalon Adv Mat* O 230 Avalon Adv Mat T 993 Avarone Metals* O 38 Avarone Metals 615 Avino Silver* X 4314 Avino Silver V 522 Avnel Gold T 616 Avrupa Mnls V 515 AXE Expl V 2745 Axmin Inc V 118 Axmin Inc* O 195 AZ Mining T 1677 Azarga Uranium T 215 O 8 Azarga Uranium* Azimut Expl V 111 Azincourt Uran* O 6 Azincourt Uran V 138 Azteca Gold* O 330

0.03 0.03 0.03 - 0.01 0.05 0.01 0.06 0.06 0.06 - 0.01 0.36 0.03 0.08 0.07 0.08 + 0.01 0.55 0.05 1.03 0.93 1.02 + 0.07 1.15 0.47 0.84 0.71 0.80 + 0.08 0.90 0.34 0.30 0.25 0.30 + 0.08 0.30 0.04 0.15 0.12 0.14 + 0.02 0.16 0.03 0.11 0.10 0.11 + 0.01 0.11 0.02 2.65 2.15 2.65 + 0.47 2.65 0.70 0.02 0.01 0.02 - 0.01 0.04 0.01 0.18 0.15 0.17 - 0.01 0.26 0.07 0.23 0.20 0.21 - 0.02 0.33 0.10 0.06 0.05 0.05 - 0.00 0.09 0.05 0.08 0.07 0.08 + 0.01 0.14 0.02 2.69 2.12 2.64 + 0.37 2.69 0.71 3.18 2.82 3.15 + 0.20 3.29 1.03 0.32 0.30 0.31 - 0.01 0.36 0.18 0.12 0.11 0.11 - 0.01 0.17 0.07 0.04 0.03 0.03 - 0.01 0.04 0.01 0.03 0.00 0.03 + 0.01 0.03 0.01 0.02 0.02 0.02 + 0.01 0.06 0.00 1.74 1.33 1.66 + 0.04 1.85 0.22 0.33 0.30 0.31 - 0.01 0.40 0.24 0.26 0.24 0.24 - 0.02 0.29 0.18 0.42 0.39 0.40 - 0.01 0.44 0.10 0.05 0.04 0.04 - 0.01 0.07 0.02 0.06 0.05 0.06 + 0.01 0.09 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00

B2Gold* X 22066 T 26979 B2Gold Bacanora Mnls V 228 Baja Mng V 303 Baja Mng* O 35 Balmoral Res* O 679 Balmoral Res T 2027 Bannerman Res* O 276 Banro* X 5570 Banyan Gold V 115 Bard Vent V 52 O 299 Barkerville Go* Barkerville Go V 1388 Barrick Gold T 26523 109090 Barrick Gold* N Barsele Min* O 35 Barsele Min V 375 Batero Gold V 134 26 Battle Mtn Gld* O Battle Mtn Gld V 238 Bayhorse Silvr* O 45 Bayhorse Silvr V 425 V 2536 Bayswater Uran Bayswater Uran* O 41 BCM Res V 9 Bear Creek Mng V 829 Beaufield Res V 1066 O 122 Beaufield Res* Bell Copper V 184 Bellhaven Cp&G* O 42 V 172 Bellhaven Cp&G Belmont Res V 2564 Belo Sun Mng T 2250 Belvedere Res V 144 Berkeley Egy* O 9 Besra Gold* O 526 Big North Grap V 91 Bison Gold Res V 12 Bitterroot Res* O 33 Bitterroot Res V 313 Black Hills* N 2100 Black Iron T 283 Black Mam Mtls V 42 131 Blind Crk Res V Blue Rvr Res V 2085 187 Blue Sky Uran V Bluestone Res V 7 Bold Vent V 72 BonTerra Res* O 15 BonTerra Res V 968 Borneo Res Inv* O 67951 Bowmore Expl V 85 Brakpan Vents 7 Bravada Gold V 105 Bravada Gold* O 57 Bravo Multinat* O 3316 Bravura Vent 47 Brazil Res V 3610 O 113 BrightRock Gld* Britannia Mng* O 59 Brixton Mtls* O 59 Brixton Mtls V 195 Brunswick Res V 23 Bryn Res* O 16 Buenaventura* N 10886 Bullfrog Gold* O 245 Bullion Gld Res V 10 Bullman Mnls V 206 Burey Gold* O 380

2.83 2.38 2.80 + 0.39 2.83 0.60 3.28 3.11 3.24 + 0.12 3.28 0.86 1.66 1.50 1.61 - 0.09 2.04 1.16 0.02 0.02 0.02 - 0.01 0.03 0.01 0.01 0.01 0.01 + 0.00 0.03 0.00 0.75 0.61 0.75 + 0.13 0.75 0.23 0.92 0.79 0.88 + 0.08 0.92 0.33 0.03 0.02 0.03 + 0.00 0.04 0.01 0.32 0.28 0.32 + 0.02 0.39 0.15 0.09 0.06 0.07 - 0.02 0.09 0.02 0.03 0.02 0.03 + 0.01 0.03 0.01 0.53 0.46 0.53 + 0.03 0.53 0.15 0.65 0.60 0.63 - 0.02 0.69 0.20 27.83 26.44 27.58 + 0.93 27.86 7.89 22.32 20.19 22.21 + 1.74 22.32 5.91 0.54 0.49 0.54 + 0.01 0.58 0.05 0.75 0.65 0.75 + 0.08 0.84 0.08 0.16 0.14 0.14 - 0.02 0.18 0.05 0.46 0.41 0.46 + 0.03 0.52 0.06 0.60 0.54 0.58 + 0.02 0.68 0.09 0.10 0.10 0.10 + 0.00 0.14 0.03 0.15 0.12 0.14 + 0.01 0.20 0.05 0.06 0.03 0.05 + 0.02 0.06 0.01 0.04 0.02 0.04 + 0.02 0.05 0.00 0.25 0.15 0.15 - 0.10 0.32 0.02 2.98 2.35 2.91 + 0.46 2.98 0.50 0.13 0.11 0.12 - 0.01 0.14 0.03 0.10 0.09 0.10 + 0.01 0.10 0.02 0.06 0.04 0.06 - 0.01 0.07 0.01 0.22 0.18 0.18 - 0.02 0.27 0.02 0.30 0.21 0.24 - 0.02 0.40 0.03 0.09 0.06 0.08 + 0.01 0.12 0.02 0.90 0.81 0.87 + 0.03 1.05 0.15 0.07 0.06 0.06 - 0.02 0.09 0.01 0.47 0.44 0.47 - 0.04 0.55 0.31 0.00 0.00 0.00 + 0.00 0.02 0.00 0.03 0.00 0.03 - 0.01 0.06 0.02 0.13 0.10 0.11 - 0.02 0.38 0.10 0.04 0.03 0.03 + 0.00 0.05 0.02 0.05 0.04 0.04 + 0.01 0.10 0.03 64.50 61.14 64.08 + 2.20 64.50 36.81 0.05 0.04 0.04 - 0.01 0.06 0.03 0.11 0.09 0.09 - 0.02 0.12 0.02 0.07 0.00 0.07 + 0.01 0.08 0.03 0.05 0.04 0.04 - 0.01 0.08 0.03 0.19 0.12 0.19 - 0.02 0.31 0.04 0.13 0.00 0.13 + 0.01 0.17 0.05 0.05 0.04 0.05 + 0.01 0.06 0.02 0.27 0.25 0.27 - 0.01 0.37 0.08 0.37 0.33 0.35 - 0.01 0.51 0.09 0.00 0.00 0.00 - 0.00 0.00 0.00 0.15 0.13 0.15 + 0.02 0.15 0.03 0.04 0.00 0.03 - 0.01 0.06 0.02 0.39 0.30 0.36 - 0.02 0.40 0.02 0.29 0.23 0.26 - 0.03 0.31 0.01 0.04 0.02 0.02 + 0.00 0.10 0.02 0.23 0.22 0.23 + 0.01 0.25 0.02 2.46 2.16 2.35 + 0.30 2.49 0.38 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 + 0.00 0.01 0.00 0.58 0.51 0.52 - 0.05 0.76 0.03 0.76 0.61 0.68 - 0.07 0.98 0.05 0.03 0.02 0.03 + 0.01 0.04 0.01 0.01 0.00 0.01 - 0.00 0.01 0.00 12.55 10.72 12.38 + 1.06 12.55 3.30 0.08 0.06 0.07 + 0.01 0.08 0.01 0.08 0.08 0.08 - 0.01 0.15 0.05 0.09 0.04 0.09 + 0.05 0.09 0.03 0.06 0.04 0.04 - 0.00 0.06 0.04

Cache Expl V 216 Cadan Res V 36 Cadillac Vent V 809 Caledonia Mng* Q 116 Caledonia Mng T 93 Calibre Mng V 948 Calico Res* O 53 Calico Res V 346 California Gld* O 25 California Gld V 27 Callinex Mines* O 509 Callinex Mines V 616 Cameco Corp* N 9239 Cameco Corp T 5079 Cameo Res V 828 Camino Mnls* O 1 Camino Mnls V 273 Can-Cal Res* O 51 Canadian Zeol V 1317 Canadian Zeol* O 58 CanAlaska Uran V 2462 CanAlaska Uran* O 744 Canamex Res* O 341 Canarc Res* Q 1616 Canarc Res T 1370 Canasil Res V 1114 Cancana Res V 27 Candelaria Mg V 279 Candente Coppr T 610 Candente Gold V 583 CaNickel Mng* O 3 CaNickel Mng V 128 Canoe Mng Vent V 203 Canstar Res V 324 Canterra Mnls V 221 Cantex Mn Dev V 366 Canyon Gold* O 252 Cap-Ex Iron V 529 Capstone Mng T 8567 Caracara Silvr V 1354 Cardero Res T 110 Cardero Res* O 26 Carlin Gold V 200 Carpathian Gld* O 270 Cartier Iron 453 Castle Mtn Mng V 2586 Castle Peak Mg V 636 Cava Res V 64 Caza Gold V 44 CB Gold V 36 Cda Carbon* O 60 Cda Carbon V 618 Cda Rare Earth V 308 Cda Rare Earth* O 34 Cda Strtgc Met V 1091

0.13 0.11 0.11 - 0.02 0.16 0.06 0.07 0.06 0.06 - 0.01 0.09 0.03 0.04 0.04 0.04 - 0.01 0.04 0.01 1.02 0.94 0.98 + 0.03 1.12 0.48 1.32 1.23 1.25 + 0.02 1.45 0.66 0.15 0.13 0.15 + 0.01 0.16 0.06 0.10 0.09 0.10 + 0.02 0.12 0.05 0.13 0.12 0.13 + 0.01 0.16 0.06 0.48 0.45 0.45 - 0.03 0.55 0.45 0.67 0.60 0.67 + 0.05 1.80 0.20 0.31 0.26 0.30 - 0.00 0.44 0.17 0.40 0.34 0.36 - 0.02 0.54 0.23 11.05 10.41 10.93 + 0.09 14.79 10.31 14.27 13.62 14.19 + 0.08 19.32 13.62 0.06 0.05 0.05 - 0.01 0.10 0.02 0.14 0.00 0.14 + 0.03 0.15 0.05 0.18 0.14 0.18 + 0.05 0.21 0.07 0.06 0.06 0.06 - 0.01 0.08 0.03 0.34 0.27 0.31 + 0.04 0.34 0.07 0.25 0.21 0.25 + 0.04 0.25 0.06 1.55 0.90 1.35 + 0.41 1.55 0.09 1.20 0.69 1.02 + 0.38 1.20 0.06 0.05 0.04 0.05 + 0.00 0.05 0.02 0.09 0.06 0.08 + 0.02 0.12 0.03 0.09 0.08 0.08 - 0.01 0.15 0.04 0.44 0.40 0.44 + 0.04 0.44 0.03 0.18 0.16 0.18 + 0.01 0.29 0.13 0.20 0.12 0.19 + 0.02 0.21 0.06 0.13 0.10 0.12 + 0.01 0.13 0.03 0.05 0.04 0.05 + 0.01 0.05 0.01 0.07 0.05 0.05 - 0.02 0.09 0.01 0.09 0.07 0.07 - 0.02 0.14 0.03 0.04 0.03 0.03 - 0.01 0.09 0.02 0.10 0.08 0.10 + 0.02 0.12 0.03 0.06 0.05 0.06 + 0.01 0.07 0.03 0.10 0.05 0.09 + 0.01 0.10 0.03 0.12 0.08 0.12 + 0.05 0.54 0.02 0.06 0.05 0.06 + 0.01 0.06 0.01 0.86 0.68 0.85 + 0.15 1.25 0.27 0.02 0.01 0.01 - 0.01 0.02 0.01 0.24 0.19 0.23 + 0.05 0.26 0.08 0.18 0.15 0.17 + 0.02 0.18 0.05 0.04 0.03 0.04 + 0.01 0.04 0.01 0.06 0.05 0.05 - 0.01 0.07 0.00 0.10 0.07 0.07 - 0.02 0.10 0.01 0.76 0.69 0.75 + 0.07 0.78 0.18 0.05 0.04 0.05 - 0.01 0.05 0.01 0.12 0.06 0.07 - 0.03 0.15 0.04 0.07 0.05 0.05 + 0.01 0.07 0.02 0.13 0.11 0.11 - 0.02 0.15 0.03 0.22 0.22 0.22 - 0.00 0.28 0.18 0.30 0.27 0.28 - 0.02 0.42 0.23 0.03 0.03 0.03 - 0.01 0.04 0.02 0.02 0.02 0.02 - 0.00 0.03 0.01 0.12 0.10 0.10 - 0.01 0.13 0.03

B

C

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Cda Zinc Mtls V 599 0.22 0.18 0.20 + 0.02 0.24 0.10 Cdn Intl Mnrls V 770 0.05 0.05 0.05 + 0.01 0.13 0.01 Cdn Metals 81 0.32 0.00 0.27 - 0.02 0.44 0.06 Cdn Platinum V 376 0.02 0.01 0.02 + 0.01 0.02 0.01 Cdn Zinc T 2036 0.29 0.25 0.27 - 0.01 0.34 0.06 Cdn Zinc* Q 615 0.23 0.20 0.22 + 0.01 0.26 0.04 Centamin T 404 2.30 2.15 2.28 + 0.17 2.30 1.07 Centaurus Diam* O 99 0.24 0.20 0.21 - 0.04 0.34 0.01 Centenera Mng V 264 0.24 0.19 0.23 - 0.02 0.29 0.02 Centerra Gold T 3406 7.77 7.33 7.70 + 0.09 8.67 5.51 Centurion Mnls V 534 0.07 0.06 0.06 - 0.01 0.18 0.04 Cerro Grande* O 453 0.03 0.02 0.02 - 0.00 0.05 0.00 Cerro Grande 84 0.04 0.03 0.03 + 0.01 0.05 0.01 Cerro Mng V 9 0.01 0.00 0.01 - 0.01 0.03 0.01 Chalice Gold M* O 20 0.14 0.14 0.14 + 0.03 0.14 0.08 Champion Bear V 230 0.10 0.08 0.08 - 0.02 0.15 0.03 Champion Iron* O 48 0.19 0.17 0.18 - 0.01 0.23 0.09 Champion Iron T 351 0.23 0.20 0.22 - 0.01 0.30 0.11 O 194 4.31 3.88 4.24 + 0.31 4.31 1.05 Chesapeake Gld* Chesapeake Gld V 376 5.55 5.01 5.39 + 0.29 5.55 1.39 N 38185 105.00 99.52 104.15 + 2.25 105.00 69.58 Chevron* Chiboug Ind Mn V 767 0.09 0.08 0.08 + 0.01 0.15 0.03 0.16 - 0.05 0.23 0.03 Chieftain Mtls V 27 0.23 0.16 Chilean Metals* O 20 0.11 0.11 0.11 - 0.01 0.12 0.00 0.03 + 0.01 0.07 0.01 Chimata Gold V 216 0.03 0.03 China Gold Int T 1530 2.39 2.30 2.34 - 0.04 2.72 1.52 80 0.01 0.00 0.01 + 0.00 0.01 0.00 China Mnls Mng* O Cibolan Gold* O 35 0.06 0.05 0.06 - 0.00 0.15 0.03 0.01 - 0.01 0.02 0.01 Cicada Vents V 305 0.01 0.01 CIM Intl Grp 55 1.20 1.12 1.12 - 0.04 1.50 1.12 0.07 - 0.01 0.18 0.06 CKR Carbon V 734 0.09 0.07 Claim Post Res V 263 0.04 0.03 0.04 + 0.01 0.06 0.01 25 0.30 0.22 0.23 + 0.04 0.40 0.10 Clear Mtn Res V Clifton Mng* O 516 0.14 0.11 0.11 - 0.02 0.18 0.05 2.29 1.81 2.26 + 0.34 4.79 1.08 Cloud Peak En* N 4599 CMC Metals* O 1 0.10 0.10 0.10 + 0.02 0.10 0.07 N 27012 11.34 9.63 11.26 + 1.31 11.34 1.62 Coeur Mng* Colibri Res V 22 0.20 0.16 0.16 - 0.03 0.21 0.02 V 1190 0.02 0.01 0.02 + 0.01 0.02 0.01 Colombia Crest Colombian Mins V 184 0.10 0.07 0.08 - 0.01 0.10 0.02 0.13 + 0.02 0.18 0.02 Colonial Coal V 438 0.13 0.11 Colorado Res* O 77 0.39 0.30 0.39 + 0.07 0.39 0.02 0.47 + 0.05 0.48 0.05 Colorado Res V 1515 0.48 0.40 Colt Res* O 50 0.04 0.04 0.04 - 0.02 0.18 0.04 V 4204 0.07 0.06 0.06 - 0.01 0.23 0.06 Colt Res Columbus Gold* O 545 0.53 0.46 0.50 - 0.00 0.58 0.23 T 498 0.66 0.61 0.63 - 0.02 0.75 0.31 Columbus Gold Commerce Res* O 453 0.06 0.05 0.06 - 0.00 0.10 0.04 X 2031 0.38 0.34 0.37 + 0.01 0.70 0.33 Comstock Mng* Comstock Mtls V 398 0.28 0.20 0.27 + 0.09 0.28 0.05 68 0.19 0.14 0.19 + 0.05 0.20 0.10 Comstock Mtls * O Condor Res V 85 0.11 0.08 0.09 - 0.02 0.12 0.02 V 771 0.07 0.00 0.60 - 0.10 0.90 0.20 Confedertn Mls Confedertn Mls* O 55 0.05 0.05 0.05 - 0.44 0.60 0.13 0.03 - 0.01 0.04 0.01 Conquest Res V 289 0.03 0.03 Cons Westview* O 1 0.23 0.00 0.23 + 0.07 0.23 0.16 V 20 0.06 0.06 0.06 + 0.02 0.09 0.02 Cons Woodjam CONSOL Energy* N 26983 16.58 13.36 16.40 + 1.82 21.86 4.54 2.90 + 0.33 2.94 0.88 Contintl Gold* O 145 2.94 2.22 Contintl Gold T 3215 3.72 3.10 3.63 + 0.29 3.72 1.28 0.33 + 0.03 0.38 0.25 Contintl Prec T 2 0.33 0.00 Copper Fox Mtl* O 147 0.11 0.08 0.11 + 0.01 0.17 0.08 30 0.05 0.04 0.05 + 0.01 0.09 0.03 Copper Lake Rs V Copper Mtn Mng* O 97 0.41 0.37 0.37 - 0.02 0.90 0.23 0.50 0.47 0.49 + 0.01 1.17 0.33 Copper Mtn Mng T 1069 Copper North M* O 35 0.12 0.12 0.12 + 0.01 0.12 0.10 0.25 + 0.22 0.27 0.03 Copper One V 1692 0.27 0.03 Copperbank Res* O 330 0.04 0.03 0.04 - 0.00 0.06 0.01 0.32 + 0.01 0.38 0.05 Coral Gold V 636 0.33 0.28 Corazon Gold V 106 0.23 0.00 0.23 + 0.03 0.30 0.18 0.86 + 0.24 1.00 0.10 Cordoba Mnls V 1071 0.96 0.57 Cornerstone Ca* O 148 0.04 0.03 0.04 + 0.00 0.06 0.01 V 188 0.04 0.03 0.04 + 0.01 0.04 0.01 Cornerstone Mt Coronet Mtls V 1406 0.47 0.28 0.47 + 0.18 0.47 0.03 0.37 + 0.14 0.39 0.02 Coronet Mtls* O 884 0.39 0.22 Corsa Coal V 195 0.07 0.06 0.07 + 0.01 0.11 0.02 1.09 + 0.20 1.12 0.33 Corvus Gold T 305 1.09 0.89 Corvus Gold* O 120 0.88 0.68 0.86 + 0.15 0.89 0.25 0.48 - 0.01 0.82 0.06 Cougar Mnls V 62 0.48 0.46 Crazy Horse Res V 435 0.02 0.00 0.02 - 0.01 0.07 0.01 0.51 + 0.04 0.58 0.10 Critical Elem* O 14 0.51 0.46 Crown Mining V 88 0.17 0.11 0.17 + 0.06 0.20 0.03 15 0.34 0.25 0.25 - 0.09 0.34 0.20 Cruz Cap Corp* O Crystal Pk Min V 345 0.35 0.31 0.34 + 0.01 0.42 0.13 76 0.27 0.23 0.27 + 0.01 0.32 0.11 Crystal Pk Min* O Currie Rose Rs V 636 0.02 0.02 0.02 - 0.01 0.03 0.01 16 0.25 0.00 0.25 + 0.14 0.25 0.11 CWN M’g Acq V Cyclone Uran* O 126 0.00 0.00 0.00 + 0.00 0.01 0.00 0.11 - 0.00 0.16 0.01 Cypress Dev* O 65 0.11 0.10 Cypress Dev V 192 0.15 0.13 0.15 + 0.01 0.20 0.02 0.07 + 0.01 0.19 0.06 Cyprium Mng V 458 0.07 0.07

D-F Dajin Res V 1603 Dajin Res* O 2438 Dakota Ter Res* O 40 Daleco Res* O 25 Dalradian Res* O 883 Dalradian Res T 3125 Damara Gold V 290 Danakali* O 390 Debut Dmds 81 Decade Res V 1287 Decade Res* O 225 Defiance Silvr* O 209 Defiance Silvr V 1351 Denison Mines* X 1519 Desert Star V 91 Detour Gold T 4067 Diamante Min* O 11 Diamcor Mng V 88 Diamcor Mng* O 57 Dios Expl V 107 Discovery Harb V 30 DNI Metals 217 DNI Metals* O 57 Dolly Vard Sil V 932 Dolly Vard Sil* O 315 Dominion Diam* N 2028 Dominion Diam T 1312 Double Crn Res* O 3006 Doubleview Cap V 407 DRDGOLD* N 2460 Dundee Prec Mt T 4103 Duran Vent V 1910 Durango Res V 1025 DuSolo Fertil V 935 Dynacor Gld Mn T 267 Dynasty Gold V 45 Dynasty Met&Mn* O 171 Eagle Graphite* O 168 Eagle Plains V 724 East Africa V 1657 Eastern Platin* O 84 Eastern Platin T 138 Eastfield Res V 104 Eastmain Res T 2269 Eco Oro Mnls T 139 Ecuador Gold V 13 El Capitan Prc* O 687 El Nino Vent* O 89 Elcora Res V 92 Eldorado Gold* N 34190 Eldorado Gold T 21003 Electra Stone V 2906 Eloro Mnrls V 20 Ely Gold & Mnl V 332 Ely Gold & Mnl* O 158 Elysee Dev V 146 Emerita Res V 1000 Emgold Mng V 505 Emgold Mng* O 39 Empire Rock V 120 Encanto Potash* O 41 Encanto Potash V 2834 Endeavour Mng T 2156 Endeavour Mng* O 180

0.20 0.17 0.19 - 0.01 0.30 0.06 0.15 0.13 0.15 + 0.00 0.24 0.04 0.12 0.00 0.10 - 0.02 0.20 0.05 0.04 0.03 0.04 + 0.01 0.10 0.01 0.85 0.73 0.83 + 0.01 1.04 0.45 1.10 0.97 0.98 - 0.08 1.32 0.62 0.05 0.04 0.04 - 0.01 0.12 0.04 0.35 0.28 0.34 + 0.06 0.35 0.17 0.03 0.02 0.02 - 0.01 0.03 0.01 0.12 0.09 0.10 - 0.02 0.13 0.01 0.08 0.07 0.08 - 0.01 0.10 0.00 0.29 0.23 0.29 + 0.04 0.29 0.04 0.40 0.31 0.38 + 0.06 0.40 0.06 0.56 0.50 0.55 + 0.01 0.72 0.35 0.06 0.05 0.05 - 0.02 0.16 0.03 34.23 31.88 32.32 - 0.35 34.23 10.62 0.44 0.30 0.42 - 0.02 0.85 0.17 1.17 1.10 1.17 + 0.05 1.30 0.65 0.90 0.86 0.90 + 0.05 1.03 0.46 0.13 0.11 0.12 - 0.01 0.19 0.05 0.03 0.00 0.03 + 0.01 0.06 0.01 0.06 0.04 0.06 + 0.01 0.10 0.04 0.04 0.03 0.04 + 0.00 0.10 0.03 0.74 0.45 0.63 + 0.19 0.74 0.11 0.56 0.34 0.48 + 0.14 0.56 0.08 9.51 8.41 9.46 + 0.19 14.17 7.27 12.15 10.94 11.43 - 0.66 18.17 9.96 0.01 0.01 0.01 - 0.00 0.02 0.01 0.10 0.09 0.09 - 0.01 0.18 0.06 6.47 5.14 6.46 + 0.98 6.47 1.10 3.11 2.97 3.08 + 0.03 3.47 0.84 0.12 0.10 0.11 + 0.01 0.20 0.07 0.12 0.10 0.11 - 0.01 0.21 0.03 0.04 0.03 0.04 + 0.01 0.22 0.03 2.17 1.98 2.10 + 0.08 2.32 1.30 0.02 0.02 0.02 - 0.01 0.03 0.01 0.10 0.10 0.10 - 0.01 0.50 0.08 0.05 0.03 0.05 + 0.01 0.07 0.01 0.17 0.16 0.17 + 0.01 0.17 0.05 0.21 0.17 0.19 + 0.02 0.21 0.03 0.83 0.76 0.82 + 0.01 1.25 0.47 1.08 0.96 1.06 + 0.07 1.65 0.61 0.04 0.03 0.03 - 0.01 0.05 0.02 0.64 0.59 0.61 - 0.01 0.67 0.28 0.31 0.28 0.30 + 0.01 0.70 0.25 0.44 0.33 0.33 - 0.02 0.48 0.10 0.05 0.04 0.04 - 0.00 0.10 0.03 0.04 0.03 0.03 - 0.01 0.04 0.00 0.43 0.37 0.37 - 0.02 0.75 0.15 4.74 4.26 4.71 + 0.31 5.16 1.87 5.94 5.60 5.81 + 0.08 6.65 2.67 0.06 0.05 0.05 - 0.01 0.13 0.04 0.31 0.29 0.29 - 0.02 0.33 0.09 0.13 0.11 0.12 - 0.01 0.17 0.04 0.11 0.08 0.11 + 0.01 0.12 0.02 0.26 0.23 0.24 - 0.02 0.27 0.17 0.08 0.07 0.08 - 0.01 0.17 0.02 0.04 0.02 0.04 + 0.01 0.04 0.01 0.03 0.01 0.03 + 0.02 0.03 0.00 0.24 0.00 0.23 + 0.03 0.27 0.04 0.08 0.07 0.07 - 0.02 0.14 0.03 0.11 0.10 0.10 - 0.01 0.18 0.05 22.49 20.88 21.93 + 0.60 22.83 4.35 17.39 16.06 17.17 + 0.82 17.75 4.40

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

12972 N Endeavr Silver* Endeavr Silver T 1641 V 112 Endurance Gold Energizer Res T 2315 O 637 Energizer Res* Energy Fuels* X 1169 Energy Fuels T 468 Engold Mines V 492 Ensurge* O 87 Entree Gold T 63 Entree Gold* X 372 Equitas Res* O 675 Equitorial Ex V 1141 32 V Era Res Inc 493 Erdene Res Dev T 26 Erdene Res Dev* O Erin Ventures V 744 Eskay Mng V 236 Ethos Gold* O 233 Ethos Gold V 579 Eurasian Mnls V 68 X 173 Eurasian Mnls* Eureka Res V 220 EurOmax Res V 105 O 46 EurOmax Res* 15 Europn Uran Rs V Everest Vent V 9 Everton Res V 544 Everton Res* O 51 Evolving Gold 275 O 14 Evolving Gold* O 1522 Excalibur Res* Excalibur Res 1201 Excellon Res T 926 Excellon Res* O 273 O 59 Excelsior Mng* Excelsior Mng V 283 Exeter Res* X 4375 Exeter Res T 776 O 23 Expedition Mng* Explor Res* O 253 Explorex Res 100 Fairmont Res V 691 Falco Res V 988 Falcon Gold V 120 Fancamp Expl V 33 Far Res 604 Fieldex Expl V 368 Finlay Minrls V 118 Finore Mng 376 Firesteel Res V 250 Firestone Vent V 704 O 38 Firma Holdings* 11541 O First Colombia* First Majestic T 5085 First Majestic* N 30330 V 10704 First Mg Fin First Mg Fin * O 8355 First Point T 480 First Quantum T 38461 602 V Fission 3.0 Fission Uran T 2150 Fission Uran* O 1380 Fjordland Exp V 4327 Flinders Res* O 155 Flinders Res V 349 V 1365 Focus Graphite O 329 Focus Graphite* Focus Vent V 836 T 1727 Formation Mtls Forsys Metals T 2162 O 7 Fortescue Mtls* Fortuna Silvr T 3617 Fortuna Silvr* N 6488 Fortune Bay T 89 O 849 Fortune Mnrls* O 1282 Forum Uranium* V 753 Forum Uranium 19 Fox River Res* O N 3598 Franco-Nevada* Franco-Nevada T 3229 Freegold Vent T 513 Freeport McMo* N 162414 9 Fresnillo plc* O Frontline Gold V 650 13 Full Metal Mnl V Fura Emeralds V 238

1.00 4.07 + 0.29 4.28 4.12 3.60 1.46 5.08 + 0.17 5.36 5.15 4.72 0.02 0.07 + 0.01 0.08 0.07 0.06 0.03 0.07 - 0.02 0.13 0.08 0.07 0.03 0.06 + 0.00 0.10 0.06 0.05 1.81 2.39 + 0.03 4.71 2.41 2.20 2.47 2.91 - 0.17 6.09 3.08 2.87 0.02 0.05 + 0.01 0.08 0.05 0.04 0.01 0.03 + 0.00 0.09 0.03 0.03 0.25 0.39 + 0.02 0.53 0.40 0.37 0.17 0.31 + 0.02 0.40 0.31 0.28 0.02 0.07 + 0.01 0.17 0.07 0.05 0.02 0.04 - 0.01 0.13 0.05 0.04 0.50 0.29 0.29 - 0.11 0.50 0.09 0.33 0.28 0.32 - 0.01 0.55 0.11 0.25 0.24 0.24 - 0.01 0.42 0.08 0.04 0.05 + 0.01 0.11 0.05 0.04 0.01 0.24 + 0.02 0.24 0.24 0.19 0.09 0.31 + 0.04 0.31 0.31 0.26 0.13 0.40 + 0.09 0.40 0.40 0.33 0.48 1.06 + 0.01 1.34 1.10 0.87 0.35 0.84 + 0.01 1.03 0.85 0.80 0.04 0.09 - 0.01 0.13 0.10 0.09 0.21 0.43 - 0.04 0.62 0.47 0.41 0.15 0.31 - 0.02 0.46 0.33 0.31 0.22 0.00 0.22 + 0.01 0.27 0.05 0.09 0.88 + 0.01 0.95 0.88 0.88 0.01 0.07 + 0.01 0.08 0.07 0.06 0.00 0.05 - 0.01 0.07 0.05 0.04 0.04 0.39 + 0.07 0.50 0.50 0.35 0.02 0.29 - 0.01 0.38 0.38 0.26 0.00 0.05 + 0.01 0.06 0.05 0.03 0.01 0.07 + 0.02 0.07 0.07 0.06 0.20 1.23 + 0.04 1.40 1.29 1.07 0.14 1.00 + 0.06 1.13 1.04 0.82 0.12 0.29 + 0.01 0.31 0.29 0.27 0.19 0.37 - 0.02 0.40 0.38 0.34 0.29 1.32 + 0.42 1.44 1.44 0.90 0.39 1.63 + 0.47 1.83 1.83 1.16 0.09 0.09 - 0.02 0.22 0.11 0.00 0.03 0.12 + 0.01 0.18 0.12 0.10 0.05 0.12 + 0.01 0.19 0.12 0.12 0.02 0.19 + 0.02 0.23 0.20 0.16 0.21 0.96 + 0.03 1.25 1.04 0.92 0.01 0.01 0.05 0.02 - 0.03 0.02 0.02 0.05 + 0.01 0.05 0.05 0.00 0.02 0.11 + 0.02 0.15 0.11 0.09 0.01 0.02 - 0.01 0.05 0.03 0.02 0.02 0.05 + 0.02 0.05 0.05 0.04 0.01 0.04 - 0.01 0.06 0.04 0.04 0.01 0.03 + 0.01 0.03 0.03 0.02 0.01 0.05 + 0.01 0.06 0.05 0.04 0.02 0.04 + 0.00 0.25 0.05 0.04 0.00 0.00 + 0.00 0.00 0.00 0.00 17.55 + 0.57 17.60 3.50 17.60 15.87 14.80 + 1.73 14.95 2.40 14.95 12.08 0.77 0.72 0.76 + 0.04 0.84 0.25 0.63 0.55 0.63 + 0.08 0.67 0.19 0.04 0.09 - 0.01 0.10 0.09 0.08 9.32 8.11 9.07 + 0.22 16.50 2.15 0.10 0.08 0.09 - 0.01 0.12 0.06 0.53 0.69 + 0.01 1.10 0.70 0.65 0.39 0.53 + 0.02 0.85 0.54 0.50 0.01 0.03 0.17 + 0.12 0.17 0.09 0.09 0.46 + 0.07 0.48 0.48 0.35 0.12 0.58 + 0.11 0.62 0.62 0.47 0.07 0.10 - 0.01 0.30 0.12 0.10 0.04 0.09 + 0.01 0.23 0.09 0.07 0.05 0.09 + 0.01 0.24 0.09 0.08 0.09 0.52 + 0.05 0.63 0.52 0.41 0.05 0.06 - 0.01 0.22 0.06 0.05 1.00 2.76 + 0.21 2.80 2.76 2.53 2.65 9.03 + 0.86 9.12 9.12 7.91 2.00 7.61 + 1.32 7.67 7.67 6.03 0.25 0.38 + 0.07 0.43 0.38 0.00 0.01 0.08 + 0.01 0.11 0.08 0.00 0.03 0.06 - 0.03 0.14 0.08 0.06 0.04 0.09 - 0.02 0.20 0.11 0.08 0.04 0.04 0.04 + 0.01 0.04 0.02 38.20 78.72 + 6.29 78.96 78.96 70.53 49.96 98.24 + 4.19 98.94 98.94 92.49 0.05 0.20 + 0.02 0.27 0.21 0.19 3.52 18.12 11.50 9.99 11.35 + 0.77 23.64 0.00 23.30 + 4.05 23.64 8.70 0.01 0.03 + 0.01 0.03 0.03 0.03 0.06 0.06 0.06 - 0.01 0.07 0.02 0.08 0.13 - 0.01 0.25 0.14 0.12

G&S Minerals* O 94 Gabriel Res T 576 Galane Gold V 457 Galantas Gold V 270 O 52 Galantas Gold* 549 Galena Intl Rs V Galway Gold V 140 Galway Mtls* O 1 Galway Mtls V 603 29 Garibaldi Res * O 228 V Gem Intl Res General Moly* X 465 Genesis Mtls V 80 V 1098 Gensource Pot O 22 Geologix Expl* Geologix Expl V 1031 Geomega Res V 168 309 Gespeg Cop Res V Getty Copper V 144 GFK Res V 123 GGL Res V 13 Gitennes Expl V 159 Giyani Gold* O 152 O 67 Gldn Predator* Gldn Predator V 643 222 Glen Eagle Res V Glencore Plc* O 1423 54 Global Cop Grp V Global Gold* O 45 Global Hunter V 60 Global Mnrls V 1 O 1 GlobalMin Vent* Globex Mng* O 23 Globex Mng T 565 O 31 GMV Minerals* GMV Minerals V 248 V 65 GobiMin GoGold Res T 1784 Gold & Silver* O 1199 38 Gold Bulln Dev* O Gold Bulln Dev V 1039 O 82 Gold Dynamics* 29347 Gold Fields* N 237 Gold Jub Cap V Gold Lakes* O 4633 Gold Mng USA* O 2058 328 Gold Mtn Mng V 199 Gold Reach Res V Gold Reserve* O 242 Gold Reserve V 73 X 5144 Gold Resource* Gold Std Vents* X 3474 944 Gold Std Vents V Goldbelt Emp V 245 T 18360 Goldcorp Goldcorp* N 43839 Golden Arrow V 1412 66 Golden Dawn Ml* O Golden Dawn Ml V 2840 Golden Eagle* O 45 O 329 Golden Goliath* V 1706 Golden Goliath Golden Harp V 139 Golden Hope V 119 Golden Hope* O 49 Golden Matrix* O 10180 Golden Mnls* X 6673 Golden Mnls T 627

0.00 0.00 - 0.00 0.00 0.00 0.00 0.12 0.47 + 0.03 0.48 0.47 0.43 0.03 0.05 - 0.01 0.12 0.06 0.05 0.07 0.12 - 0.04 0.18 0.15 0.11 0.06 0.08 - 0.04 0.13 0.12 0.08 0.15 0.09 0.13 + 0.06 0.15 0.02 0.04 0.06 - 0.01 0.10 0.06 0.06 0.06 0.10 - 0.00 0.12 0.10 0.10 0.09 0.15 + 0.02 0.18 0.16 0.13 0.08 0.07 0.08 + 0.01 0.13 0.03 0.15 0.12 0.12 - 0.02 0.15 0.04 0.15 0.36 - 0.01 0.71 0.38 0.32 0.05 0.18 + 0.01 0.23 0.18 0.17 0.04 0.08 + 0.01 0.12 0.08 0.08 0.01 0.08 + 0.02 0.08 0.08 0.05 0.02 0.09 + 0.01 0.09 0.09 0.08 0.06 0.18 + 0.01 0.23 0.18 0.15 0.05 0.03 0.05 + 0.01 0.05 0.02 0.02 0.02 + 0.01 0.04 0.03 0.02 0.03 0.13 + 0.05 0.14 0.13 0.09 0.01 0.04 - 0.01 0.04 0.04 0.00 0.01 0.03 - 0.01 0.04 0.04 0.03 0.02 0.10 + 0.05 0.11 0.11 0.08 0.06 0.70 - 0.05 0.79 0.76 0.70 0.07 0.94 - 0.03 1.03 1.02 0.90 0.12 0.10 0.11 - 0.01 0.16 0.03 1.95 4.11 + 0.39 7.81 4.13 3.49 0.05 0.04 0.04 - 0.01 0.06 0.04 0.00 0.02 - 0.00 0.05 0.02 0.02 0.01 0.04 + 0.01 0.07 0.04 0.03 0.03 0.19 + 0.01 0.30 0.19 0.00 0.07 0.07 - 0.03 0.18 0.07 0.00 0.13 0.34 + 0.06 0.38 0.34 0.28 0.17 0.40 + 0.03 0.51 0.41 0.36 0.06 0.24 - 0.02 0.26 0.26 0.24 0.05 0.31 - 0.02 0.35 0.35 0.29 0.27 0.48 + 0.03 0.48 0.48 0.45 0.94 1.23 + 0.05 1.65 1.29 1.12 0.01 0.01 0.01 + 0.00 1560.00 0.00 0.07 0.05 0.05 - 0.01 0.11 0.01 0.09 0.08 0.09 + 0.01 0.16 0.02 0.00 0.00 - 0.00 0.01 0.00 0.00 2.04 5.18 + 0.54 5.25 5.25 4.42 0.17 0.13 0.15 - 0.01 0.28 0.07 0.03 1.11 + 0.57 1.25 1.13 0.48 0.02 0.01 0.01 + 0.00 0.19 0.01 0.14 0.10 0.12 + 0.01 0.18 0.02 0.19 0.15 0.19 + 0.02 0.21 0.08 2.19 4.45 + 0.26 5.90 4.64 3.86 3.06 5.95 + 0.53 8.00 6.01 5.23 1.14 3.90 + 0.45 3.94 3.94 3.19 1.95 1.68 1.95 + 0.17 1.95 0.26 2.43 2.19 2.40 + 0.09 2.45 0.40 0.02 0.05 + 0.01 0.10 0.07 0.04 13.55 24.72 + 0.83 25.35 24.97 23.41 19.68 + 1.30 20.24 9.46 19.83 17.95 0.17 0.77 + 0.06 0.83 0.78 0.68 0.14 0.13 0.13 - 0.01 0.14 0.06 0.20 0.18 0.19 + 0.01 0.21 0.07 0.00 0.02 - 0.00 0.03 0.02 0.00 0.00 0.05 + 0.02 0.10 0.05 0.03 0.01 0.06 + 0.01 0.14 0.06 0.05 0.03 0.12 - 0.11 0.28 0.23 0.12 0.16 0.21 - 0.01 0.64 0.25 0.18 0.12 0.16 - 0.01 0.50 0.18 0.16 0.00 0.00 0.00 - 0.00 3000.00 0.00 0.13 0.88 + 0.33 0.94 0.90 0.50 0.19 0.84 + 0.14 1.22 0.85 0.67

G-H

2016-07-05 6:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 11–17, 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

Golden Peak Mn V 48 Golden Queen* O 460 Golden Queen T 93 Golden Reign V 1382 Golden Secret V 262 Golden Sh Mng V 88 Golden Star T 366 Golden Star* X 10004 Golden Sun* O 32 Golden Tag V 170 Golden Valley V 2422 Goldex Res V 105 Goldeye Expl V 395 Goldgroup Mng T 3199 Goldgroup Mng* O 3330 GoldON Res V 13 GoldQuest Mng V 1910 Goldrea Res 409 Goldrea Res* O 53 Goldrock Mines V 3892 Goldsource Min* O 672 Goldsource Min V 1849 Goldstar Mnls V 33 Goldstream Mnl V 204 Goldstrike Res V 2259 GoldTrain Res 3 Gossan Res V 101 O 330 GoviEx Uranium* Gowest Gold V 5532 Gowest Gold* O 620 GPM Metals V 1066 Gran Colombia T 2050 O 111 Gran Colombia* Grande Portage* O 60 V 45 Grande Portage Graniz Mondal V 149 O 83 Graphite Corp* Graphite One* O 784 Graphite One V 3750 Great Atlantic V 854 156 Great Lakes Gr* O Great Panther T 2223 X 9448 Great Panther* Great Quest Fe V 103 Great Quest Fe* O 9 Great Rock Dev* O 0 Great Thunder V 262 O 264 Great Western* Green Swan Cap V 493 Green Valley M V 397 V 156 Greencastle Rs Grizzly Discvr V 185 Grizzly Gold* O 184 GTA Res & Mng V 291 V 404 Guerrero Vents Gungnir Res V 464 Gungnir Res* O 162 Gunpoint Expl V 58 Guyana Gldflds T 12889 Happy Ck Mnrls V 387 Harmony Gold* N 26158 Harte Gold T 5025 V 188 Hawkeye Gld&Di Hawkeye Gld&Di* O 80 Heatherdale Rs V 164 Hecla Mining* N 43879 Hellix Vent* O 348 Hemcare Health* O 4 Heron Res T 176 Highbank Res V 798 V 120 Highland Copp Highway 50 Gld* O 20 Hinterland Mtl V 1320 Hochschild Mg* O 139 Homestake Res* O 41 V 5704 Homestake Res Horizonte Mnls T 170 Houston Lake V 178 HudBay Mnls T 8676 HudBay Mnls* N 1226 Hudson Res* O 39 Hudson Res V 51 Hunt Mng V 50

0.07 0.07 0.07 + 0.02 0.09 0.05 1.32 1.20 1.29 + 0.02 1.56 0.48 1.71 1.55 1.63 - 0.05 2.00 0.65 0.30 0.26 0.26 - 0.02 0.34 0.07 0.54 0.48 0.50 - 0.07 0.67 0.02 0.21 0.00 0.21 + 0.01 0.26 0.03 0.85 0.81 0.83 + 0.02 1.05 0.21 0.70 0.61 0.69 + 0.06 0.84 0.14 0.00 0.00 0.00 - 0.00 0.00 0.00 0.07 0.06 0.07 + 0.01 0.09 0.02 0.28 0.25 0.25 - 0.05 0.32 0.07 0.90 0.65 0.85 + 0.20 0.90 0.10 0.05 0.04 0.05 + 0.02 0.06 0.02 0.29 0.24 0.28 + 0.03 0.30 0.05 0.23 0.19 0.22 + 0.03 0.24 0.03 0.22 0.18 0.22 + 0.02 0.36 0.03 0.48 0.44 0.47 + 0.01 0.50 0.09 0.12 0.09 0.09 + 0.01 0.12 0.02 0.08 0.07 0.08 + 0.01 0.08 0.02 1.20 1.04 1.20 + 0.15 1.20 0.15 0.38 0.35 0.36 - 0.02 0.39 0.11 0.49 0.47 0.48 - 0.01 0.49 0.13 0.04 0.04 0.04 + 0.01 0.07 0.01 0.01 0.01 0.01 + 0.01 0.01 0.01 0.20 0.17 0.19 + 0.02 0.34 0.07 0.12 0.00 0.12 + 0.01 0.20 0.08 0.03 0.00 0.03 - 0.01 0.05 0.02 0.10 0.08 0.08 - 0.02 0.10 0.08 0.17 0.11 0.16 + 0.06 0.17 0.05 0.12 0.08 0.12 + 0.04 0.12 0.04 0.45 0.39 0.43 + 0.02 0.45 0.08 0.11 0.10 0.10 + 0.01 0.31 0.06 0.09 0.07 0.09 + 0.01 0.26 0.04 0.07 0.00 0.07 - 0.00 0.07 0.02 0.10 0.08 0.09 + 0.01 0.14 0.04 0.05 0.03 0.05 + 0.02 0.05 0.01 0.01 0.01 0.01 + 0.00 0.02 0.00 0.09 0.07 0.09 + 0.01 0.14 0.05 0.11 0.09 0.10 - 0.01 0.18 0.07 0.06 0.06 0.06 - 0.01 0.14 0.03 0.06 0.05 0.06 - 0.00 0.09 0.04 2.24 1.92 2.14 + 0.09 2.82 0.40 1.76 1.46 1.72 + 0.14 2.25 0.30 0.16 0.14 0.14 - 0.02 0.54 0.11 0.11 0.09 0.09 - 0.02 0.43 0.09 0.00 0.00 0.00 + 0.00 0.02 0.00 0.10 0.09 0.10 + 0.01 0.24 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.07 0.07 - 0.02 0.14 0.01 0.03 0.02 0.02 - 0.01 0.05 0.01 0.13 0.11 0.13 + 0.02 0.13 0.05 0.06 0.05 0.06 + 0.01 0.10 0.01 0.20 0.14 0.20 + 0.04 0.20 0.01 0.08 0.06 0.08 + 0.02 0.08 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.04 0.04 0.04 - 0.01 0.05 0.01 0.04 0.02 0.04 + 0.01 0.04 0.00 0.30 0.00 0.27 - 0.03 0.30 0.13 9.65 8.92 9.26 - 0.85 10.35 2.48 0.18 0.16 0.17 + 0.01 0.19 0.08 3.92 3.35 3.89 + 0.27 4.19 0.53 0.30 0.27 0.29 + 0.04 0.35 0.05 0.08 0.08 0.08 - 0.01 0.10 0.03 0.07 0.06 0.07 + 0.01 0.07 0.06 0.05 0.04 0.04 - 0.01 0.05 0.01 5.50 4.60 5.44 + 0.72 5.50 1.45 0.03 0.02 0.03 + 0.01 0.06 0.00 0.07 0.07 0.07 - 0.03 0.50 0.02 0.16 0.13 0.14 + 0.01 0.16 0.07 0.06 0.06 0.06 + 0.01 0.21 0.04 0.09 0.00 0.09 + 0.01 0.18 0.07 0.19 0.17 0.19 + 0.00 0.19 0.05 0.07 0.05 0.06 + 0.01 0.12 0.01 2.64 2.18 2.64 + 0.31 2.64 0.59 0.13 0.12 0.12 - 0.00 0.13 0.01 0.18 0.15 0.18 + 0.02 0.18 0.01 0.04 0.04 0.04 - 0.01 0.06 0.02 0.30 0.28 0.29 - 0.01 0.40 0.13 6.29 5.51 6.17 + 0.19 10.50 2.26 4.96 4.21 4.88 + 0.28 8.14 1.56 0.31 0.28 0.30 - 0.03 0.41 0.26 0.42 0.36 0.40 - 0.03 0.55 0.34 0.25 0.15 0.25 + 0.06 0.35 0.02

I-Minerals V 31 I-Minerals* O 10 IAMGOLD* N 57293 IAMGOLD T 24582 IC Potash T 509 IC Potash* O 118 Iconic Mnls V 339 Idaho North* O 41 IDM Mining V 1737 IDM Mining* O 135 IMPACT Silver V 988 Impala Platnm* O 311 Imperial Metal* O 9 Imperial Metal T 220 Inca One Gold* O 66 Inception Mng * O 21 Independence G* O 161 V 771 Independence G Inform Res V 238 Inspiration Mg* O 2 Inspiration Mg 7 Intact Gold V 5254 Intact Gold* O 12 Integra Gold* O 2015 Integra Gold V 5094 183 Intl Bethl Mng V Intl Lithium* O 499 Intl Lithium V 1113 Intl Montoro V 380 Intl Montoro* O 171 Intl Samuel Ex V 243 Intl Tower Hil* X 5261 Intl Tower Hil T 680 Intrepid Pots* N 9448 INV Metals* O 28 INV Metals T 428 Inventus Mg V 213 InZinc Mining V 104 InZinc Mining* O 25 Ireland* O 377 Irving Res* O 11 Irving Res 31 Itoco Mg Corp* O 74 Ivanhoe Mines* O 483 Ivanhoe Mines T 3613 J.A.G. Mines V 33 Jaguar Mng* O 2723 Jaguar Mng V 6352 Jaxon Mnls* O 89 Jayden Res* O 78 Jet Metal* O 21 Joshua Gold* O 1 K92 Mng Inc* O 392 K92 Mng Inc V 1513 Kaizen Discvry V 787 Kaminak Gold V 3437 Kaminak Gold* O 637 Karmin Expl V 7 Kennady Diam V 117 Kermode Res V 328 Kerr Mines* O 35 Kerr Mines T 703 Kesselrun Res V 430 Khalkos Expl V 40 Khan Res 135 Kilo Goldmines V 130 Kingsmen Res* O 7 Kinross Gold T 50503 Kinross Gold* N 75687 Kirkland Lk Gd* O 125 Kirkland Lk Gd T 3659 Kiska Metals* O 193

0.29 0.27 0.29 + 0.01 0.37 0.16 0.23 0.21 0.23 + 0.02 0.28 0.14 4.49 4.12 4.47 + 0.20 4.49 1.15 5.79 5.33 5.35 - 0.20 5.79 1.50 0.07 0.06 0.07 + 0.01 0.23 0.04 0.05 0.05 0.05 - 0.00 0.19 0.03 0.33 0.25 0.28 - 0.06 0.45 0.03 0.10 0.10 0.10 + 0.00 0.10 0.06 0.23 0.19 0.22 + 0.04 0.24 0.07 0.18 0.14 0.18 + 0.03 0.19 0.04 0.79 0.67 0.78 + 0.07 0.80 0.11 3.63 2.92 3.58 + 0.52 4.24 1.45 4.79 4.56 4.71 + 0.11 8.01 2.81 6.43 5.92 6.37 + 0.37 10.45 3.92 0.04 0.04 0.04 - 0.00 0.15 0.03 0.61 0.00 0.60 - 0.06 0.66 0.20 0.26 0.20 0.24 + 0.01 0.26 0.04 0.34 0.27 0.31 - 0.01 0.34 0.06 0.02 0.01 0.01 - 0.01 0.03 0.01 0.03 0.01 0.03 + 0.02 0.10 0.01 0.07 0.00 0.05 + 0.03 0.10 0.02 0.10 0.08 0.09 + 0.01 0.18 0.02 0.08 0.07 0.08 + 0.03 0.14 0.05 0.68 0.53 0.68 + 0.11 0.68 0.18 0.82 0.70 0.80 + 0.08 0.82 0.23 0.03 0.02 0.02 - 0.01 0.10 0.02 0.19 0.15 0.15 - 0.04 0.55 0.01 0.25 0.18 0.22 - 0.03 0.38 0.03 0.03 0.02 0.02 - 0.01 0.08 0.02 0.02 0.01 0.01 - 0.01 0.04 0.01 0.09 0.07 0.09 + 0.01 0.15 0.05 0.99 0.65 0.92 + 0.28 0.99 0.18 1.26 0.85 1.15 + 0.35 1.26 0.26 1.66 1.35 1.44 - 0.22 11.70 0.65 0.35 0.00 0.35 - 0.04 0.58 0.08 0.55 0.44 0.54 + 0.02 0.80 0.08 0.33 0.28 0.33 + 0.04 0.35 0.02 0.13 0.12 0.13 + 0.01 0.13 0.04 0.09 0.09 0.09 - 0.01 0.10 0.03 0.27 0.21 0.23 - 0.04 0.39 0.13 0.13 0.00 0.12 + 0.00 0.15 0.09 0.18 0.16 0.17 + 0.01 0.20 0.11 0.24 0.14 0.21 - 0.03 1.10 0.08 0.83 0.71 0.83 + 0.08 0.89 0.36 1.02 0.93 1.01 + 0.04 1.13 0.53 0.03 0.02 0.03 + 0.01 0.03 0.01 0.39 0.32 0.38 + 0.05 0.39 0.07 0.53 0.42 0.50 + 0.06 0.53 0.12 0.06 0.05 0.05 - 0.01 0.06 0.05 0.07 0.07 0.07 + 0.01 0.07 0.01 0.01 0.01 0.01 - 0.01 0.12 0.00 0.06 0.06 0.06 - 0.06 0.30 0.04 0.95 0.75 0.90 + 0.06 1.03 0.75 1.09 0.98 1.09 + 0.02 1.33 0.87 0.23 0.19 0.20 - 0.01 0.28 0.08 2.70 2.51 2.70 + 0.12 2.70 0.61 2.15 1.92 2.12 + 0.14 2.15 0.47 0.29 0.23 0.29 + 0.06 0.38 0.15 4.30 4.05 4.30 + 0.23 5.24 2.35 0.02 0.02 0.02 - 0.01 0.02 0.01 0.07 0.05 0.07 + 0.02 0.09 0.01 0.10 0.08 0.10 + 0.03 0.12 0.02 0.27 0.23 0.25 - 0.02 0.35 0.02 0.13 0.12 0.12 - 0.01 0.26 0.05 0.84 0.83 0.84 + 0.01 0.88 0.34 0.12 0.11 0.12 + 0.01 0.17 0.04 0.08 0.07 0.07 - 0.01 0.09 0.02 6.83 6.30 6.34 - 0.32 7.49 1.79 5.40 4.87 5.36 + 0.25 5.82 1.31 8.60 8.09 8.40 + 0.05 9.61 3.12 11.19 10.50 10.64 - 0.15 12.34 4.49 0.07 0.06 0.07 - 0.01 0.09 0.01

I-J-K

8-10_JULY11_StockTables.indd 9

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Kiska Metals V 548 Kivalliq Enrgy V 713 Klondex Mns T 1930 Klondike Gold V 464 Klondike Gold* O 10 Klondike Silv* O 28 Knick Expl V 120 Kombat Copper V 795 Komet Resource V 31 Kootenay Silvr V 1436

0.09 0.07 0.09 - 0.01 0.12 0.01 0.09 0.08 0.09 + 0.01 0.10 0.06 4.79 4.46 4.69 + 0.11 4.93 2.56 0.28 0.25 0.28 + 0.01 0.42 0.08 0.21 0.21 0.21 + 0.00 0.32 0.06 0.05 0.05 0.05 - 0.00 0.06 0.01 0.05 0.04 0.04 - 0.01 0.05 0.01 0.07 0.06 0.06 - 0.01 0.10 0.02 0.45 0.42 0.45 - 0.01 0.50 0.29 0.42 0.38 0.40 + 0.01 0.50 0.17

Labrador Iron T 571 Lago Dourado V 35 Lakeside Mnrls V 344 Lara Expl V 809 Largo Res T 150 Largo Res* O 59 880 Latin Am Mnls V Latin Am Mnls* O 20 Lepanto Con Mg* O 3971 Levon Res Ltd T 1057 Levon Res Ltd * O 180 342 Lexam VG Gold* O Lexam VG Gold T 644 Li3 Energy* O 636 Liberty Star* O 33494 Lincoln Mng V 55 179 Lion One Mtls V Lion One Mtls* O 107 Lions Gate Mtl 15 Lithium Amer* O 4102 Lithium Amer T 23428 Lithium Corp* O 304 Lithium Expl* O 9719 LKA Gold* O 21 Logan Res V 22 Loncor Res* O 28 Loncor Res T 171 Lone Star Gold* O 1071 O 21 Lonmin plc* Lorraine Coppr V 97 Lowell Copper V 442 Lucara Diam T 7893 Luna Gold T 218 Luna Gold* O 190 Lundin Gold T 2013 Lundin Mng T 11013 Lupaka Gold V 953 Lydian Intl T 2891 Lydian Intl* O 147 Lynas Corp* O 164

12.49 11.53 12.41 + 0.34 17.44 6.85 0.15 0.11 0.11 - 0.04 0.15 0.05 0.02 0.00 0.02 + 0.01 0.02 0.01 1.28 0.88 1.20 + 0.22 1.35 0.20 0.49 0.44 0.47 - 0.01 0.81 0.11 0.38 0.00 0.33 - 0.04 0.62 0.08 0.22 0.12 0.20 + 0.08 0.22 0.05 0.12 0.08 0.12 + 0.04 0.12 0.06 0.00 0.00 0.00 + 0.00 0.02 0.00 0.30 0.25 0.29 + 0.02 0.34 0.09 0.24 0.19 0.24 + 0.04 0.26 0.07 0.21 0.17 0.20 + 0.00 0.23 0.04 0.27 0.22 0.24 - 0.01 0.29 0.05 0.02 0.02 0.02 - 0.00 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.06 0.07 - 0.01 0.10 0.02 0.86 0.74 0.85 + 0.07 0.86 0.24 0.66 0.58 0.65 + 0.04 0.69 0.18 0.06 0.05 0.05 - 0.02 0.06 0.01 0.87 0.66 0.84 + 0.15 0.87 0.34 1.14 0.86 1.09 + 0.19 1.14 0.26 0.10 0.07 0.08 + 0.01 0.13 0.02 0.00 0.00 0.00 - 0.00 0.45 0.00 0.40 0.32 0.40 + 0.07 0.53 0.10 0.10 0.00 0.10 - 0.05 0.15 0.04 0.14 0.12 0.14 + 0.05 0.15 0.01 0.20 0.16 0.20 + 0.04 0.20 0.02 0.01 0.00 0.00 + 0.00 0.01 0.00 3.00 0.00 2.80 + 0.17 167.50 0.55 0.10 0.08 0.09 + 0.01 0.13 0.04 0.39 0.24 0.33 + 0.09 0.39 0.12 3.98 3.24 3.48 - 0.22 4.37 1.42 0.21 0.18 0.20 + 0.02 0.21 0.03 0.17 0.14 0.17 + 0.01 0.17 0.02 5.99 5.25 5.53 - 0.17 6.51 3.46 4.46 4.10 4.36 + 0.18 5.26 2.98 0.17 0.14 0.17 + 0.03 0.22 0.04 0.41 0.37 0.38 - 0.01 0.55 0.19 0.31 0.29 0.31 - 0.00 0.42 0.13 0.05 0.03 0.04 - 0.00 0.10 0.02

L

M Macarthur Mnl* O 406 0.08 0.06 0.06 - 0.02 0.14 0.02 V 101 0.01 0.01 0.01 + 0.01 0.01 0.01 MacDonald Mns Magellan Gold* O 166 0.35 0.18 0.25 + 0.03 0.35 0.04 Majescor Res V 299 0.10 0.07 0.07 - 0.03 0.15 0.02 Majestic Gold V 130 0.07 0.07 0.07 - 0.01 0.12 0.04 O 80 0.06 0.05 0.05 - 0.01 0.08 0.03 Majestic Gold* Makena Res* O 187 0.04 0.00 0.04 + 0.02 0.04 0.01 0.04 + 0.01 0.05 0.01 Makena Res V 5241 0.05 0.03 Malbex Res V 25 0.37 0.33 0.37 + 0.03 0.55 0.20 Mammoth Res V 7380 0.03 0.01 0.02 + 0.01 0.03 0.01 Mandalay Res T 1968 1.25 1.12 1.19 + 0.02 1.25 0.59 V 161 0.05 0.04 0.04 - 0.01 0.06 0.01 Mangazeya Mng Manitou Gold V 343 0.11 0.08 0.11 + 0.03 0.11 0.02 Marathon Gold T 949 0.53 0.49 0.52 + 0.01 0.53 0.11 0.30 + 0.04 0.31 0.08 Maritime Res V 155 0.30 0.25 Marlin Gold* O 51 0.48 0.41 0.43 + 0.03 0.52 0.10 Marlin Gold V 172 0.63 0.52 0.52 - 0.05 0.68 0.15 189.13 + 1.21 193.87 108.31 MartinMarietta* N 4345 192.40 178.23 Mason Graphite V 504 0.78 0.71 0.77 + 0.01 0.82 0.30 Mason Graphite* O 83 0.64 0.54 0.64 + 0.06 0.64 0.21 O 36 0.04 0.03 0.03 - 0.01 0.06 0.01 Matamec Expl* Matica Ent 4115 0.02 0.01 0.01 - 0.01 0.06 0.01 O 5 0.00 0.00 0.00 - 0.00 0.01 0.00 Maudore Mnrls* Mawson Res* O 8 0.24 0.00 0.21 - 0.01 0.24 0.12 Mawson Res T 4 0.30 0.26 0.29 + 0.01 0.30 0.16 Maya Gold &Sil V 968 0.16 0.14 0.16 + 0.01 0.26 0.10 21987 4.14 3.49 4.12 + 0.51 4.14 0.65 McEwen Mng* N McEwen Mng T 2471 4.99 4.57 4.94 + 0.25 4.99 0.84 MDN Inc V 202 0.07 0.06 0.06 - 0.01 0.08 0.01 Meadow Bay Gd T 1007 0.09 0.07 0.09 + 0.01 0.24 0.06 84 0.07 0.05 0.06 + 0.01 0.17 0.04 Meadow Bay Gd* O Mechel* N 207 1.74 1.53 1.72 + 0.13 2.48 1.23 Medallion Res* O 97 0.03 0.03 0.03 - 0.01 0.04 0.01 0.16 + 0.03 0.25 0.05 Medgold Res V 3019 0.25 0.13 Medinah Mnrls* O 6497 0.01 0.01 0.01 + 0.00 0.03 0.01 0.05 + 0.01 0.05 0.02 Mega Copper V 8 0.05 0.05 Mega Uranium T 958 0.15 0.14 0.15 + 0.01 0.20 0.05 O 265 0.12 0.10 0.11 - 0.01 0.15 0.04 Mega Uranium* Megastar Dev V 61 0.04 0.04 0.04 + 0.01 0.08 0.02 Melior Res V 642 0.04 0.03 0.03 - 0.01 0.09 0.01 Melkior Res V 673 0.04 0.04 0.04 - 0.01 0.06 0.01 Merrex Gold V 234 0.24 0.22 0.22 - 0.01 0.31 0.10 Merrex Gold* O 161 0.19 0.18 0.18 - 0.00 0.24 0.10 Meryllion Res 146 0.03 0.02 0.02 + 0.01 0.03 0.01 0.06 + 0.04 0.06 0.01 Mesa Expl* O 10 0.06 0.00 Mesa Expl V 84 0.09 0.07 0.09 + 0.01 0.11 0.01 Metallis Res V 33 0.26 0.21 0.23 - 0.03 0.28 0.01 Metals Creek V 151 0.15 0.14 0.15 - 0.01 0.20 0.05 Metals Creek* O 318 0.13 0.11 0.12 - 0.01 0.14 0.05 Mexus Gold* O 5225 0.05 0.05 0.05 + 0.00 0.07 0.00 MGX Minerals 107 0.20 0.17 0.19 + 0.01 0.70 0.08 Micrex Dev V 67 0.03 0.02 0.02 - 0.01 0.03 0.01 0.81 + 0.18 0.84 0.16 Midas Gold* O 2014 0.84 0.61 Midas Gold T 2491 0.93 0.79 0.92 + 0.10 0.93 0.25 Midland Expl V 35 0.91 0.85 0.90 - 0.01 0.91 0.45 Midnight Sun V 148 0.10 0.09 0.10 - 0.02 0.24 0.08 Midway Gold* O 867 0.01 0.00 0.00 + 0.00 0.01 0.00 Millrock Res* O 53 0.37 0.33 0.37 + 0.01 0.38 0.11 Milner Con Slv V 538 0.04 0.02 0.04 + 0.01 0.04 0.02 Minaurum Gold V 95 0.12 0.09 0.10 - 0.02 0.14 0.04 0.27 - 0.01 0.40 0.10 Minco Gold* X 851 0.28 0.25 Minco Gold T 181 0.37 0.33 0.34 - 0.03 0.55 0.12 Minco Silver T 408 1.27 1.13 1.26 + 0.08 1.48 0.32 Minco Silver* O 229 1.07 0.87 1.07 + 0.16 1.16 0.26 Minera Alamos V 56 0.14 0.13 0.14 + 0.02 0.18 0.07 Mineral Hill V 141 0.26 0.23 0.25 - 0.02 0.40 0.11 Mineral Mtn V 98 0.33 0.27 0.33 - 0.01 0.37 0.08 Mines Manage* X 1136 1.19 1.00 1.18 + 0.13 1.19 0.11 1.40 + 0.07 1.45 0.17 Mines Manage T 49 1.44 1.32 Minfocus Expl V 45 0.03 0.03 0.03 + 0.01 0.05 0.01 Minnova Corp V 195 0.85 0.70 0.80 + 0.10 0.85 0.18 Mirasol Res V 374 2.40 2.28 2.38 + 0.04 2.49 0.72 Mitchell Res V 96 0.07 0.00 0.07 + 0.03 0.07 0.01 Molycorp* O 2108 0.03 0.03 0.03 + 0.00 0.15 0.02 Monarques Res* O 13 0.31 0.27 0.27 - 0.04 0.32 0.04 Monarques Res V 1437 0.42 0.34 0.35 - 0.06 0.45 0.06 Moneta Porcpn* O 216 0.19 0.16 0.16 - 0.01 0.22 0.05 Moneta Porcpn T 1255 0.23 0.21 0.22 - 0.01 0.27 0.07 Monster Mng V 7 0.08 0.08 0.08 - 0.01 0.30 0.05 Montan Mg V 625 0.03 0.03 0.03 - 0.01 0.17 0.02 Montana Gold 213 0.09 0.06 0.09 + 0.02 0.09 0.02 V 112 0.05 0.00 0.05 + 0.01 0.08 0.01 Montero Mg&Ex Morumbi Res V 45 0.02 0.02 0.02 - 0.04 0.06 0.02 Mosaic* N 28175 26.87 24.53 26.57 - 0.34 46.94 22.02 Mountain Boy V 463 0.05 0.04 0.04 - 0.01 0.05 0.01 Mountain Prov T 672 6.22 5.93 5.97 - 0.19 6.60 3.38 Mountain Prov* D 182 4.79 4.54 4.60 - 0.15 5.10 2.47 Mundoro Cap V 23 0.13 0.13 0.13 - 0.01 0.18 0.04 Mustang Mnrls V 979 0.02 0.01 0.02 + 0.01 0.02 0.01 MX Gold* O 1005 0.19 0.15 0.18 + 0.00 0.23 0.07 MX Gold V 5673 0.24 0.20 0.22 - 0.01 0.29 0.10 Myson Group* O 337 0.03 0.01 0.01 - 0.01 0.18 0.00

N-O NACCO Ind* N 126 Namibia Rare E T 54 Napier Vent V 41 Napier Vent* O 41 Natan Res V 81 Natural Res Pt* N 255 Nautilus Mnrls T 4201

57.12 55.08 56.16 - 1.75 61.29 40.04 0.11 0.00 0.09 + 0.01 0.17 0.04 0.30 0.28 0.30 + 0.03 0.34 0.15 0.23 0.22 0.23 + 0.02 0.26 0.19 0.25 0.00 0.25 + 0.02 0.25 0.05 16.47 14.04 14.46 - 1.30 37.30 5.00 0.16 0.11 0.11 - 0.04 0.47 0.11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Nautilus Mnrls* O 2781 Nemaska Lith* O 242 Nemaska Lith V 4113 34 Nevada Clean M V Nevada Copper T 318 Nevada Egy Mtl* O 1102 Nevada Egy Mtl V 1532 329 Nevada Expl * O Nevada Expl V 229 Nevada Sunrise* O 422 Nevada Sunrise V 852 Nevado Res V 590 Nevsun Res* X 3992 Nevsun Res T 3358 New Carolin Gd V 1640 New Carolin Gd* O 171 New Colombia* O 4325 New Dimen Res* O 60 New Dimen Res V 82 New Gold T 11494 29343 New Gold* X New Gold* O 115 217 New Jersey Mng* O New Milln Iron T 243 New Nadina V 38 New Oroperu V 31 New Pac Metals* O 5 New World Res V 33 NewCastle Gold* O 70 T 2123 Newmarket Gold Newmarket Gold* O 449 Newmont Mng* N 44620 Newport Expl V 108 V 3152 Nexgen Energy Nexgen Energy* O 493 483 Next Gen Mtls NGEx Res T 106 NGEx Res* O 10 Nickel One Res V 446 Nicola Mg Inc* O 114 Nicola Mg Inc V 4114 Nighthawk Gold V 1946 Nikos Expl V 269 Niocorp Dev* O 257 Niocorp Dev T 496 Noka Res V 8652 Noram Vent V 7778 O 29 Noranda Alum* Noront Res V 990 22 North Am Nickl* O North Am Pall T 6 8 North Am Pall* O North Arrow Mn V 358 568 North Springs* O Northern Uran V 145 O 18 Northn Empire* Northn Empire V 729 Northquest V 108 Norvista Cap V 90 Nouveau Monde V 750 NovaCopper* X 1324 NovaCopper T 80 NovaGold Res T 2473 X 19794 NovaGold Res* Novo Res* O 116 NovX21* O 85 NRG Metals V 145 NRG Metals* O 32 Nrthn Freegold* O 49 Nrthn Freegold V 243 V 438 Nrthn Graphite Nrthn Iron V 2246 Nrthn Lion V 34 Nrthn Shield V 1944 Nrthn Superior V 39 Nrthn Vertex V 284 Nrthn Vertex* O 15 Nthn Dynasty T 975 Nthn Dynasty* X 667 Nthrn Sphere 12 Nubian Res V 21 NuLegacy Gold* O 1477 NuLegacy Gold V 2806 Nunavik Nickel V 148 NV Gold V 55 O.T. Mining* O 188 OceanaGold T 15205 OceanaGold* O 22 26 Oceanic Iron O V Oceanus Res* O 763 Oceanus Res V 1976 Odin Mng & Exp V 97 17 Odin Mng & Exp* O Olivut Res* O 24 Olivut Res V 82 Omineca Mg &Ml V 928 Opawica Expl V 402 Orbite Tech T 1621 Orbite Tech* O 129 Orca Gold V 159 Orca Gold* O 41 Oremex Silver V 275 Oremex Silver* O 15 Orex Expl V 10097 Orezone Gold* O 423 Orezone Gold V 2611 57 Oriental Non F Orla Mng Ltd V 507 Oro East Mg* O 135 Oroco Res V 1055 Oroco Res* O 58 Orocobre T 493 Oroplata Res* O 1929 Orosur Mng T 1668 Orvana Mnrls* O 41 Orvana Mnrls T 896 Osisko Gold T 1839 Osisko Gold * O 95 Otis Gold* O 507 Otis Gold V 731 OZ Minerals* O 3

0.12 0.08 0.09 - 0.03 0.37 0.08 1.08 1.00 1.04 - 0.04 1.50 0.13 1.41 1.30 1.33 - 0.07 1.97 0.16 0.03 0.03 0.03 - 0.01 0.06 0.02 0.62 0.56 0.62 + 0.03 1.49 0.45 0.11 0.09 0.10 - 0.01 0.20 0.06 0.14 0.12 0.13 + 0.01 0.26 0.01 0.33 0.28 0.32 + 0.01 0.61 0.08 0.43 0.37 0.39 - 0.01 0.94 0.05 0.25 0.21 0.25 + 0.02 0.28 0.09 0.31 0.27 0.28 - 0.02 0.37 0.13 0.07 0.05 0.06 + 0.01 0.07 0.01 3.12 2.78 3.02 + 0.22 3.80 2.27 3.88 3.64 3.79 + 0.16 4.81 3.27 0.11 0.10 0.11 + 0.01 0.15 0.04 0.09 0.07 0.09 + 0.01 0.12 0.03 0.02 0.01 0.02 - 0.00 0.05 0.00 0.11 0.00 0.11 - 0.03 0.14 0.03 0.14 0.13 0.14 - 0.03 0.19 0.04 5.86 5.39 5.65 - 0.12 6.25 2.52 4.79 4.10 4.75 + 0.32 4.85 1.76 0.08 0.07 0.07 - 0.01 0.28 0.03 0.12 0.09 0.11 - 0.01 0.12 0.02 0.08 0.07 0.07 - 0.01 0.15 0.05 0.14 0.00 0.11 + 0.02 0.18 0.05 0.48 0.36 0.48 + 0.05 0.48 0.09 0.30 0.29 0.29 - 0.01 0.32 0.11 0.11 0.09 0.09 - 0.02 0.11 0.01 0.59 0.53 0.59 + 0.06 0.61 0.14 3.95 3.66 3.80 - 0.07 4.10 0.80 3.04 2.80 3.00 + 0.03 3.14 0.61 40.49 36.78 40.34 + 3.15 40.49 15.39 0.36 0.33 0.34 - 0.01 0.38 0.19 2.67 2.30 2.66 + 0.17 2.86 0.56 2.08 1.75 2.06 + 0.13 2.25 0.41 0.13 0.10 0.13 + 0.04 0.18 0.01 0.92 0.88 0.90 - 0.03 1.09 0.44 0.72 0.00 0.71 - 0.00 0.83 0.37 0.09 0.07 0.08 - 0.01 0.18 0.07 0.13 0.11 0.12 - 0.00 0.14 0.03 0.17 0.14 0.17 - 0.01 0.20 0.05 0.39 0.28 0.34 + 0.07 0.39 0.04 0.09 0.07 0.09 + 0.01 0.19 0.02 0.70 0.60 0.69 + 0.07 0.87 0.37 0.87 0.79 0.86 + 0.05 1.14 0.51 0.15 0.13 0.15 + 0.02 0.21 0.03 0.07 0.06 0.07 + 0.01 0.12 0.01 0.07 0.05 0.06 + 0.01 6.30 0.02 0.33 0.29 0.33 + 0.02 0.51 0.28 0.06 0.05 0.06 + 0.01 0.18 0.05 5.20 4.85 5.19 + 0.01 20.00 3.85 4.02 3.70 3.89 + 0.19 15.20 2.71 0.22 0.17 0.19 + 0.02 0.50 0.12 0.47 0.30 0.40 - 0.07 40.00 0.10 0.02 0.02 0.02 - 0.01 0.05 0.01 0.13 0.13 0.13 - 0.00 0.15 0.04 0.17 0.15 0.16 - 0.02 0.22 0.06 0.26 0.26 0.26 + 0.01 0.35 0.07 0.16 0.14 0.15 - 0.01 0.24 0.08 0.34 0.29 0.32 + 0.03 0.38 0.12 0.54 0.44 0.52 + 0.03 0.86 0.15 0.66 0.58 0.65 + 0.03 1.08 0.20 8.56 7.72 7.91 - 0.44 8.86 3.42 6.80 5.91 6.79 + 0.39 6.80 2.65 0.85 0.70 0.84 + 0.08 1.00 0.29 0.02 0.01 0.01 - 0.00 0.03 0.00 0.10 0.08 0.10 + 0.01 0.18 0.02 0.07 0.06 0.06 - 0.01 0.11 0.01 0.17 0.13 0.17 + 0.04 0.20 0.02 0.21 0.19 0.21 + 0.03 0.28 0.04 0.50 0.41 0.50 + 0.03 0.63 0.16 0.03 0.02 0.03 + 0.02 0.03 0.01 0.09 0.08 0.09 + 0.01 0.16 0.03 0.18 0.17 0.18 + 0.01 0.23 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 0.42 0.38 0.42 + 0.04 0.47 0.13 0.35 0.30 0.35 + 0.03 0.42 0.15 0.41 0.38 0.40 + 0.01 0.67 0.28 0.34 0.29 0.34 + 0.04 0.53 0.20 0.48 0.34 0.34 - 0.14 0.53 0.10 0.04 0.04 0.04 - 0.01 0.10 0.01 0.30 0.25 0.30 + 0.02 0.32 0.06 0.38 0.33 0.36 + 0.01 0.39 0.08 0.27 0.08 0.14 + 0.06 0.27 0.03 0.13 0.09 0.13 + 0.03 0.13 0.03 0.05 0.04 0.05 + 0.00 0.09 0.02 5.19 4.77 4.93 + 0.15 5.19 1.79 3.95 3.68 3.93 + 0.33 3.95 1.43 0.24 0.00 0.24 + 0.01 0.25 0.08 0.22 0.19 0.22 + 0.03 0.26 0.17 0.30 0.24 0.29 + 0.01 0.35 0.14 0.70 0.64 0.69 - 0.01 0.85 0.21 0.57 0.53 0.57 + 0.02 0.58 0.17 0.30 0.25 0.25 + 0.00 0.30 0.05 0.39 0.27 0.37 + 0.10 0.42 0.08 0.09 0.07 0.07 - 0.03 0.11 0.01 0.12 0.12 0.12 - 0.01 0.15 0.02 0.31 0.30 0.31 + 0.01 0.53 0.20 0.24 0.23 0.24 - 0.00 0.40 0.15 0.34 0.32 0.34 + 0.04 0.35 0.12 0.25 0.25 0.25 + 0.01 0.27 0.08 0.05 0.04 0.05 + 0.01 0.06 0.01 0.10 0.03 0.07 + 0.02 0.10 0.00 0.05 0.03 0.04 + 0.01 0.05 0.01 0.93 0.78 0.93 + 0.07 0.93 0.16 1.19 1.00 1.14 + 0.04 1.19 0.22 0.40 0.39 0.40 + 0.02 0.40 0.27 0.54 0.22 0.50 + 0.28 0.54 0.08 0.02 0.01 0.02 - 0.00 0.06 0.00 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.00 0.03 + 0.01 0.03 0.01 4.66 4.13 4.62 + 0.03 4.84 1.33 1.67 1.28 1.40 - 0.09 1.70 0.25 0.25 0.20 0.22 - 0.01 0.25 0.10 0.18 0.14 0.18 + 0.04 0.24 0.07 0.22 0.19 0.22 + 0.01 0.30 0.11 17.15 16.49 16.89 + 0.12 17.65 12.39 13.62 12.68 13.50 + 0.58 13.62 8.88 0.14 0.10 0.12 + 0.02 0.15 0.04 0.16 0.13 0.16 + 0.02 0.19 0.05 4.27 3.87 4.27 + 0.15 4.42 2.29

Pac Bay Mnrls V 73 Pac Booker Min* O 3 Pac Booker Min V 8 Pac Iron Ore V 3 Pac North West* O 38 Pac Ridge Expl V 91 Pac Topaz V 116 Paget Mrnls V 76 Paladin Energy T 2628 Palamina Corp V 132 Palamina Corp* O 103 Palisades Vent V 149 Pan Am Silver* D 21691 Pan Am Silver T 3241 Pancontinental* O 546 Pancontinental V 639 Panex Res* O 2858 Pangolin Dia V 3033 Panoro Mnrls V 88 Parallel Mng V 404 Paramount Gold* X 238 Parlane Res V 118 Passprt Potash* O 8 Patriot Gold* O 3916 Peabody Enrgy* O 2721 Pelangio Expl V 692 Pelangio Expl* O 303 Pele Mtn Res* O 64 Peregrine Diam T 1918 Pershimco Res V 675 Pershing Gold* D 1720 Pershing Res* O 148 Peruvian Prc M* O 54 Petra Diamonds* O 5

0.07 0.06 0.07 + 0.02 0.10 0.03 0.99 0.00 0.99 + 0.22 4.39 0.45 1.15 1.02 1.15 + 0.13 5.67 0.63 0.16 0.00 0.16 - 0.02 0.39 0.11 0.05 0.03 0.05 + 0.00 0.06 0.00 0.08 0.00 0.08 + 0.02 0.10 0.02 0.17 0.16 0.17 + 0.02 0.29 0.06 0.08 0.06 0.06 - 0.01 0.08 0.01 0.20 0.18 0.20 + 0.01 0.27 0.15 0.19 0.16 0.16 - 0.03 0.19 0.06 0.15 0.12 0.15 + 0.03 0.15 0.08 0.06 0.05 0.05 - 0.01 0.08 0.03 17.55 14.32 17.40 + 2.13 17.55 5.38 21.33 18.78 21.28 + 1.45 21.33 7.77 0.03 0.02 0.02 - 0.00 0.03 0.00 0.04 0.03 0.03 - 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.17 0.12 0.13 - 0.04 0.22 0.03 0.20 0.17 0.18 + 0.01 0.21 0.09 0.12 0.09 0.12 + 0.02 0.12 0.05 1.71 1.45 1.71 + 0.16 1.71 0.93 0.12 0.12 0.12 - 0.01 0.21 0.01 0.01 0.00 0.01 + 0.00 0.27 0.00 0.23 0.19 0.23 + 0.03 0.23 0.03 1.83 1.32 1.55 - 0.05 41.10 0.55 0.06 0.05 0.06 + 0.01 0.06 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 0.03 0.02 0.03 + 0.00 0.04 0.02 0.23 0.18 0.23 + 0.03 0.26 0.09 0.25 0.21 0.23 - 0.01 0.25 0.09 4.50 4.05 4.39 + 0.18 6.15 3.04 0.05 0.03 0.05 + 0.02 0.07 0.02 0.04 0.03 0.04 + 0.00 0.10 0.02 1.52 0.00 1.52 - 0.15 2.41 0.86

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Philippine Mtl V 25 Pilot Gold* O 380 Pilot Gold T 1386 18 Pine Cliff En* O Pine Cliff En T 4760 Pinecrest Res V 39 Pitchblack Res* O 1 PJX Res V 218 Planet Mng V 140 Plate Res V 270 Plateau Uran V 236 Plateau Uran* O 27 Platinum Gp Mt* X 4575 821 Platinum Gp Mt T Plato Gold V 5599 Polaris Mater T 241 PolyMet Mng T 32 PolyMet Mng* X 385 Portage Res* O 3159 Potash Corp SK* N 67655 Potash Corp SK T 22436 Potash Ridge T 3820 Potash Ridge* O 188 Precipitate Gl V 480 Premier Gold M T 3202 Pretium Res* N 8930 Pretium Res T 2854 Prime Meridian* O 100 V 42 Prime Meridian Primero Mng T 6647 10212 Primero Mng* N Probe Metals V 363 Probe Metals* O 244 Prophecy Coal T 13 Prophecy Coal* O 2 Prosper Gold V 961 Prospero Silvr V 7 PUF Vent Inc 706 Puma Expl V 1674 Pure Energy* O 1876 Pure Energy V 2831 Pure Gold Mg* O 375 Pure Gold Mg V 1990 Pure Nickel* O 65 Purepoint Uran V 2052 Q-Gold Res V 446 145 QMC Quantum Ml V QMX Gold V 613 QMX Gold* O 88 Quartz Mtn Res V 59 Quaterra Res* O 569 Quest Rare Mnl* O 14 Quinto Real V 21

0.12 0.09 0.10 + 0.05 0.12 0.01 0.60 0.52 0.60 + 0.06 0.64 0.06 0.75 0.67 0.74 + 0.02 0.83 0.22 0.72 0.62 0.67 + 0.06 1.06 0.51 0.96 0.79 0.93 + 0.15 1.44 0.61 0.23 0.21 0.22 - 0.01 0.25 0.03 0.06 0.06 0.06 + 0.01 0.08 0.03 0.20 0.16 0.20 + 0.04 0.23 0.13 0.06 0.05 0.06 + 0.01 0.08 0.02 0.05 0.05 0.05 - 0.01 0.11 0.03 0.33 0.29 0.31 - 0.02 0.45 0.24 0.24 0.23 0.24 + 0.01 0.35 0.18 3.98 3.20 3.96 + 0.90 4.40 0.96 4.64 4.18 4.34 + 0.37 5.25 1.35 0.03 0.01 0.02 + 0.01 0.03 0.01 1.18 1.12 1.15 - 0.01 2.29 1.11 1.03 1.00 1.01 - 0.02 1.71 0.76 0.81 0.75 0.79 + 0.01 1.28 0.55 0.00 0.00 0.00 + 0.00 0.01 0.00 17.09 15.64 16.50 - 0.37 31.28 14.64 22.18 20.33 21.00 - 0.94 39.45 20.03 0.32 0.27 0.27 - 0.03 0.50 0.03 0.25 0.20 0.20 - 0.04 0.38 0.02 0.31 0.28 0.30 + 0.01 0.37 0.06 3.84 3.55 3.83 + 0.18 3.84 1.65 11.84 9.80 11.69 + 1.70 11.84 4.00 14.54 12.84 14.46 + 1.47 14.54 5.57 0.12 0.12 0.12 + 0.03 0.12 0.05 0.15 0.11 0.11 - 0.01 0.18 0.05 2.70 2.53 2.69 + 0.06 5.25 1.94 2.45 1.93 2.44 + 0.42 4.15 1.41 1.15 1.06 1.13 - 0.01 1.26 0.33 0.95 0.81 0.95 + 0.07 0.95 0.24 2.62 1.81 2.62 + 0.77 7.50 1.00 1.47 0.00 1.43 - 0.01 1.57 1.25 0.39 0.25 0.33 + 0.08 0.39 0.06 0.15 0.14 0.14 - 0.02 0.17 0.05 0.08 0.02 0.06 - 0.01 0.24 0.04 0.07 0.06 0.07 - 0.01 0.12 0.03 0.57 0.45 0.56 + 0.06 0.91 0.18 0.69 0.59 0.69 + 0.05 1.15 0.22 0.58 0.51 0.55 + 0.00 0.60 0.05 0.74 0.66 0.70 - 0.01 0.76 0.07 0.02 0.01 0.01 + 0.00 0.02 0.00 0.08 0.07 0.07 - 0.01 0.13 0.02 0.14 0.10 0.12 + 0.04 0.14 0.01 0.05 0.03 0.05 + 0.01 0.05 0.01 0.07 0.06 0.07 + 0.01 0.11 0.01 0.04 0.04 0.04 + 0.01 0.08 0.01 0.05 0.00 0.05 + 0.01 0.05 0.01 0.05 0.05 0.05 - 0.00 0.11 0.04 0.12 0.00 0.12 + 0.00 0.20 0.03 0.14 0.00 0.14 + 0.01 0.16 0.01

R Rackla Mtls V 150 0.14 0.00 0.14 + 0.02 0.14 0.05 Rackla Mtls* O 10 0.09 0.08 0.08 - 0.02 0.11 0.03 Rainmaker Res V 209 0.10 0.07 0.07 - 0.03 0.34 0.07 Rainy Mtn Royl V 10 0.05 0.05 0.05 - 0.01 0.08 0.03 Randgold Res* D 8175 118.04 104.27 117.61 + 16.44 118.04 54.88 Randgold Res* O 1 106.65 0.00 106.65 + 7.75 106.65 57.00 Raptor Res* O 930 0.00 0.00 0.00 - 0.00 0.00 0.00 Rare Element* O 577 0.11 0.09 0.11 + 0.01 0.48 0.06 Rathdowney Res V 747 0.25 0.20 0.20 - 0.05 0.26 0.11 Red Eagle Mng V 2013 0.74 0.66 0.74 + 0.03 0.89 0.25 282 0.63 0.51 0.63 + 0.08 0.91 0.18 Red Eagle Mng* O Red Hut V 144 0.13 0.08 0.13 + 0.05 0.15 0.01 0.19 0.12 0.19 + 0.07 0.19 0.03 Red Pine Expl V 2962 Red Tiger Mng V 71 0.10 0.07 0.08 + 0.01 0.10 0.02 0.65 + 0.15 0.65 0.06 Redhill Res V 83 0.65 0.50 Regency Gold V 41 0.03 0.00 0.03 + 0.02 0.05 0.01 Regulus Res V 241 1.30 1.19 1.29 + 0.04 1.44 0.19 Renaissance Gd* O 89 0.36 0.29 0.33 + 0.03 0.38 0.08 Renaissance Gd V 194 0.48 0.38 0.46 + 0.04 0.48 0.11 0.03 + 0.01 0.05 0.01 Renforth Res 890 0.03 0.02 Resolve Vent V 60 0.17 0.00 0.14 - 0.03 0.30 0.04 0.08 - 0.02 0.11 0.02 Resource Cap V 187 0.11 0.08 Resource Cap* O 66 0.08 0.05 0.06 + 0.01 0.08 0.02 Reunion Gold V 1233 0.02 0.00 0.02 + 0.01 0.03 0.01 Revelo Res V 879 0.09 0.08 0.08 - 0.02 0.14 0.04 Rhyolite Res V 170 0.20 0.18 0.20 - 0.01 0.23 0.09 Richmond Mnls V 11 0.06 0.06 0.06 - 0.01 0.14 0.03 Richmont Mines* X 1703 9.50 8.75 9.49 + 0.61 9.59 2.27 Richmont Mines T 1460 12.24 11.45 11.99 + 0.44 12.47 3.14 Rio Novo Gold T 634 0.19 0.16 0.19 + 0.03 0.19 0.07 Rio Novo Gold* O 75 0.14 0.12 0.14 + 0.02 0.14 0.06 Rio Tinto* N 28635 31.67 27.74 31.57 + 2.81 41.69 21.89 Rio Tinto* O 3 30.71 27.85 30.71 + 1.66 40.80 21.90 Rise Res Inc* O 22 0.16 0.14 0.16 + 0.02 0.25 0.08 Rise Res Inc 66 0.19 0.15 0.19 + 0.01 0.23 0.11 0.42 + 0.12 0.43 0.12 Riverside Res V 804 0.43 0.36 Riverside Res* O 162 0.33 0.27 0.33 + 0.09 0.33 0.08 Robex Res V 997 0.13 0.10 0.12 + 0.01 0.17 0.05 Rochester Res V 7 0.10 0.00 0.10 + 0.03 0.10 0.03 Rock Tech Lith* O 46 0.24 0.22 0.24 + 0.03 0.27 0.02 Rock Tech Lith V 167 0.34 0.29 0.34 + 0.04 0.38 0.03 Rockcliff Cop V 647 0.06 0.05 0.06 + 0.01 0.06 0.02 Rockex Mng 28 0.11 0.00 0.11 + 0.02 0.75 0.02 V 734 0.25 0.20 0.24 + 0.04 0.25 0.10 Rockhaven Res Rockridge Cap V 166 0.29 0.20 0.29 + 0.01 0.57 0.05 0.06 - 0.01 0.14 0.06 Rockshield Cap 35 0.07 0.06 Rockwell Diam* O 28 0.09 0.08 0.09 + 0.01 0.20 0.05 Rockwell Diam T 84 0.11 0.11 0.11 - 0.02 0.25 0.07 180 0.09 0.08 0.09 + 0.01 0.10 0.02 Romios Gold Rs V Romios Gold Rs* O 345 0.08 0.06 0.06 - 0.01 0.08 0.01 Rouge Res V 1816 0.58 0.50 0.55 - 0.04 0.60 0.03 Roughrider Exp V 95 0.15 0.12 0.12 - 0.01 0.15 0.05 Roxgold* O 312 1.16 1.08 1.13 - 0.02 1.19 0.42 Roxgold V 2929 1.55 1.41 1.53 + 0.08 1.55 0.54 Royal Gold T 87 93.13 88.76 93.05 + 3.12 93.13 35.46 Royal Gold* D 4339 74.85 68.00 74.47 + 5.30 74.85 24.68 0.31 - 0.01 0.50 0.10 Royal Nickel* O 92 0.32 0.30 Royal Nickel T 1558 0.42 0.39 0.42 + 0.01 0.63 0.12 Royal Sapphire V 18 0.06 0.00 0.06 - 0.01 0.07 0.02 Royal Std Mnrl* O 109 0.00 0.00 0.00 - 0.00 0.00 0.00 RT Minerals V 14 0.19 0.18 0.18 - 0.01 0.30 0.05 0.30 - 0.03 0.38 0.03 Rugby Mng V 1451 0.31 0.28 Running Fox Rs V 78 0.03 0.03 0.03 - 0.01 0.03 0.01 Rupert Res V 535 0.80 0.73 0.80 + 0.06 0.87 0.02 Rusoro Mng* O 85 0.11 0.10 0.11 - 0.00 0.13 0.02 Rye Patch Gold* O 803 0.37 0.31 0.37 + 0.04 0.37 0.08 Rye Patch Gold V 912 0.46 0.41 0.46 + 0.03 0.46 0.11

S Sabina Gd&Slvr T 3391 O 1152 Sabina Gd&Slvr* Sage Gold V 373 Sage Gold* O 50 Saint Jean V 6550 Salazar Res V 217 Sama Res V 96 San Marco Res V 37 Sandspring Res* O 405 Sandspring Res V 915 Sandstorm Gold T 2282 Sandstorm Gold* X 12009 Santa Fe Gold* O 15690 Santacruz Silv V 2737 Sarama Res V 1044 Sarissa Res* O 2965 Satori Res V 152 Saturn Mnrls V 2130 Savant Expl V 131 Savary Gold* O 225 Savary Gold V 1586 Scandium Int M* O 1155 Scorpio Gold V 832 ScoZinc Mg V 9 Seabridge Gld T 635 Seabridge Gld* N 5263 Search Mnls V 109 Searchlight* O 279 Sego Res V 146 Select Sands V 862 Semafo T 11105 Senator Mnrls V 17

1.16 1.06 1.11 - 0.01 1.87 0.32 0.91 0.81 0.89 + 0.02 1.55 0.24 0.07 0.06 0.07 + 0.01 0.09 0.03 0.06 0.04 0.06 + 0.01 0.07 0.03 0.06 0.04 0.04 - 0.01 0.07 0.02 0.12 0.11 0.12 + 0.01 0.16 0.03 0.13 0.08 0.10 - 0.03 0.20 0.07 0.16 0.15 0.15 + 0.01 0.18 0.02 0.49 0.43 0.49 + 0.04 0.52 0.08 0.62 0.56 0.57 - 0.01 0.66 0.11 6.41 5.68 5.81 - 0.47 6.41 2.82 4.92 4.35 4.64 - 0.19 4.92 1.94 0.02 0.00 0.02 + 0.01 0.09 0.00 0.42 0.38 0.42 + 0.01 0.63 0.09 0.23 0.16 0.23 + 0.05 0.23 0.05 0.00 0.00 0.00 - 0.00 0.02 0.00 0.14 0.11 0.13 + 0.01 0.14 0.02 0.11 0.09 0.10 - 0.01 0.22 0.09 0.02 0.01 0.01 - 0.01 0.02 0.01 0.09 0.07 0.07 - 0.02 0.11 0.06 0.13 0.09 0.13 + 0.01 0.15 0.02 0.15 0.12 0.13 - 0.02 0.17 0.06 0.10 0.08 0.09 - 0.01 0.13 0.05 0.75 0.70 0.75 + 0.05 1.25 0.40 19.84 18.15 18.97 + 0.24 19.93 4.34 15.22 13.87 14.91 + 0.51 15.50 3.31 0.10 0.08 0.08 - 0.01 0.11 0.04 0.11 0.01 0.10 - 0.02 0.42 0.01 0.03 0.03 0.03 - 0.01 0.05 0.01 0.32 0.22 0.28 + 0.04 0.49 0.20 6.69 6.11 6.20 - 0.21 6.69 2.46 0.48 0.45 0.45 - 0.03 0.50 0.04

2016-07-05 6:01 PM

10

WWW.NORTHERNMINER.COM

JULY 11–17, 2016 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Sennen Potash V 41 Serengeti Res V 225 Sherritt Intl T 1537 Shore Gold T 461 Sibanye Gold* N 7550 Sibanye Gold* O 1 Sienna Res* O 106 187 Sierra Iron Or V Sierra Metals* O 13 Sierra Metals T 201 Signal Expl V 13 Signature Res V 735 Silver Bear Rs T 2464 Silver Bull Re* O 3864 Silver Bull Re T 3309 Silver Dragon* O 331 Silver Falcon* O 20514 Silver Grail V 90 Silver Hill* O 2 Silver Predatr V 470 Silver Shield 321 Silver Spruce V 136 Silver Spruce* O 30 Silver Std Res* D 14628 Silver Std Res T 6045 Silver Wheaton T 8868 Silver Wheaton* N 38790 Silvercorp Met T 2705 Silvercorp Met* O 1262 SinoCoking Cl* D 251 Sirios Res V 1269 Sirios Res* O 869 Skeena Res* O 331 Skeena Res V 1945 Sky Ridge V 17 Skyharbour Res V 163 Slam Explor* O 20 Slam Explor V 336 Solitario Ex&R T 32 Solitario Ex&R* X 523 Sona Res V 1064 Sonora Gld & S V 185 Sonoro Mtls V 119 Source Expl V 123 Southern Arc V 11 Southern Copp* N 6070 Southern Silvr* O 238 Southern Silvr V 740 Spanish Mtn Gd* O 209 Sparton Res V 854 Sparton Res* O 129 St Augustine T 209 Stakeholdr Gld* O 4 Stakeholdr Gld V 901 Standard Graph* O 27 Standard Graph V 2185 Standard Metal* O 58 Standard Toll* O 1 Stans Energy* O 197 Stans Energy V 143 Star Gold* O 3 Starr Peak Exp V 157 Stellar Africa V 58 Stelmine Can V 60 Sterling Grp* O 130 Stillwater Mg* N 7729 Stina Res* O 24 Stockport Expl V 171 Stornoway Diam T 6512 Stratabd Mnr V 1101

0.11 0.00 0.11 - 0.02 0.28 0.09 0.09 0.08 0.08 - 0.01 0.11 0.02 0.81 0.75 0.80 + 0.04 2.23 0.53 0.20 0.18 0.18 - 0.01 0.25 0.13 14.62 12.46 14.29 + 1.18 16.63 4.07 3.30 3.30 3.30 - 0.07 3.67 1.28 0.17 0.14 0.17 + 0.01 0.19 0.01 0.32 0.25 0.27 - 0.01 0.50 0.22 1.04 0.97 1.04 + 0.05 1.40 0.69 1.37 1.21 1.31 + 0.03 1.80 0.84 0.30 0.30 0.30 + 0.13 0.30 0.01 0.05 0.04 0.05 + 0.01 0.09 0.01 0.28 0.25 0.27 + 0.01 0.32 0.02 0.19 0.11 0.17 + 0.05 0.19 0.02 0.21 0.15 0.21 + 0.05 0.21 0.04 0.03 0.03 0.03 + 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.07 0.07 0.07 - 0.02 0.11 0.02 0.60 0.60 0.60 - 0.00 1.05 0.10 0.08 0.07 0.07 - 0.01 0.09 0.01 0.09 0.08 0.09 - 0.01 0.17 0.01 0.07 0.06 0.06 - 0.01 0.10 0.03 0.06 0.04 0.04 - 0.01 0.08 0.02 13.66 11.43 13.58 + 1.56 13.66 3.66 16.88 14.98 16.77 + 1.15 16.88 5.28 30.67 27.93 30.41 + 2.72 30.67 14.51 24.95 21.34 24.78 + 3.49 24.95 10.04 2.99 2.75 2.94 + 0.09 3.10 0.60 2.30 2.10 2.27 + 0.07 2.45 0.41 0.33 0.28 0.30 - 0.03 1.60 0.26 0.41 0.38 0.39 - 0.02 0.51 0.07 0.30 0.29 0.29 - 0.04 0.39 0.07 0.08 0.07 0.07 + 0.01 0.09 0.04 0.10 0.09 0.10 + 0.01 0.13 0.06 0.30 0.27 0.27 - 0.03 0.30 0.03 0.05 0.05 0.05 + 0.01 0.06 0.02 0.06 0.06 0.06 - 0.01 0.08 0.01 0.09 0.07 0.09 + 0.02 0.12 0.01 0.72 0.00 0.70 + 0.05 0.82 0.57 0.60 0.52 0.60 + 0.04 0.65 0.40 0.07 0.05 0.05 - 0.01 0.09 0.01 0.07 0.05 0.07 + 0.01 0.08 0.01 0.09 0.08 0.09 - 0.01 0.13 0.04 0.03 0.03 0.03 - 0.01 0.05 0.01 0.40 0.00 0.40 - 0.10 1.00 0.24 26.99 25.01 26.44 + 0.88 31.31 21.55 0.37 0.30 0.37 + 0.02 0.39 0.02 0.47 0.39 0.46 + 0.02 0.49 0.03 0.08 0.06 0.08 + 0.01 0.08 0.01 0.06 0.05 0.06 + 0.01 0.06 0.01 0.04 0.03 0.04 + 0.01 0.04 0.00 0.11 0.10 0.10 - 0.01 0.14 0.07 0.35 0.30 0.30 - 0.03 0.46 0.05 0.46 0.00 0.36 - 0.09 0.62 0.04 0.07 0.07 0.07 + 0.01 0.09 0.00 0.10 0.07 0.08 - 0.01 0.13 0.01 0.18 0.11 0.16 + 0.04 0.90 0.01 0.00 0.00 0.00 - 0.01 0.08 0.00 0.02 0.01 0.01 - 0.01 0.04 0.01 0.03 0.02 0.03 + 0.01 0.05 0.01 0.06 0.06 0.06 - 0.00 0.15 0.01 0.08 0.00 0.08 - 0.01 0.19 0.05 0.04 0.03 0.04 - 0.01 0.05 0.01 0.09 0.08 0.09 + 0.01 0.20 0.05 0.03 0.03 0.03 + 0.00 0.04 0.01 12.42 10.17 12.25 + 1.60 12.84 4.99 0.14 0.13 0.13 - 0.01 0.19 0.06 0.04 0.04 0.04 + 0.01 0.06 0.01 0.98 0.93 0.95 - 0.03 1.08 0.65 0.02 0.01 0.01 - 0.01 0.02 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Strategic Metl V 535 Stratton Res V 122 Stria Lithium V 196 Strikepoint Gd V 200 Strongbow Expl V 590 Sulliden Mng T 69 Suncor Energy T 22788 Suncor Energy* N 20117 Sunridge Gold* O 186 Sunvest Mnrls V 33 Sutter Gold V 163 Sutter Gold* O 135 Syrah Res* O 9

0.59 0.45 0.56 + 0.09 0.59 0.24 0.39 0.33 0.38 + 0.01 0.40 0.07 0.12 0.09 0.11 + 0.03 0.18 0.02 0.21 0.18 0.18 - 0.04 0.55 0.05 0.25 0.14 0.20 + 0.05 0.25 0.05 0.40 0.00 0.38 - 0.03 0.45 0.19 35.89 34.22 35.84 + 0.99 40.35 27.32 28.62 26.13 28.22 + 1.37 30.70 18.71 0.03 0.02 0.02 - 0.00 0.29 0.01 0.12 0.00 0.12 + 0.03 0.55 0.01 0.08 0.07 0.08 - 0.01 0.16 0.04 0.07 0.05 0.05 - 0.01 0.13 0.02 4.90 4.46 4.56 - 0.34 4.90 1.81

Tahoe Res* N 12785 Tahoe Res T 7743 Tajiri Res V 97 Takara Res V 494 Taku Gold 831 Talon Metals T 853 V 784 Tanager Energy Tantalex Res 1087 Tanzania Rlty T 309 Tanzania Rlty* X 3501 Taranis Res V 34 Tarku Res V 333 Tartisan Res 260 Tasca Res V 31 Taseko Mines T 414 Taseko Mines* X 1320 O 137 Tasman Metals* Teck Res T 25599 Teck Res* N 47883 Teck Res T 11 TECO Enrgy* N 41971 Telson Res V 17 Tembo Gold* O 318 Teranga Gold T 5626 Teras Res V 248 Terraco Gold V 2481 Terrax Mnrls* O 146 Terrax Mnrls V 464 Terreno Res V 236 Teryl Res Corp* O 32 Teslin Rvr Res V 221 Teuton Res V 265 Teuton Res* O 54 O 1987 Thompson Creek* Thor Expl V 982 Thunder Mtn Gd* O 247 Thunder Mtn Gd V 19 Thunderstruck V 44 Till Capital V 5 Till Capital* D 20 Timberline Res* O 406 Timberline Res V 89 Timmins Gold T 6312 Timmins Gold* X 10075 Tinka Res* O 166 Tintina Res* O 59 Tintina Res V 144 Tirex Res V 785 Tirex Res* O 73 Titanium Corp V 36 TMAC Resource* O 52 TMAC Resources T 552 TNR Gold V 223 Toachi Mg Inc V 150

15.65 13.98 15.63 + 1.77 15.65 6.48 19.48 18.21 19.35 + 1.33 19.48 9.45 0.04 0.04 0.04 + 0.01 0.06 0.01 0.05 0.04 0.04 - 0.01 0.06 0.02 0.14 0.11 0.11 + 0.02 0.22 0.02 0.10 0.09 0.10 + 0.01 0.15 0.07 0.10 0.08 0.09 - 0.01 0.10 0.02 0.10 0.04 0.10 + 0.05 0.10 0.01 0.94 0.62 0.87 + 0.22 0.94 0.24 0.83 0.47 0.75 + 0.25 0.83 0.17 0.10 0.07 0.10 + 0.04 0.12 0.03 0.10 0.06 0.10 + 0.03 0.10 0.02 0.10 0.05 0.08 + 0.03 0.10 0.01 0.12 0.08 0.08 - 0.02 0.12 0.00 0.63 0.55 0.63 - 0.01 0.88 0.35 0.52 0.41 0.52 + 0.03 0.70 0.23 0.24 0.19 0.19 - 0.01 0.53 0.06 17.09 14.44 17.01 + 1.69 17.09 3.65 14.45 11.04 14.38 + 2.59 14.45 2.56 18.05 15.69 18.05 + 0.87 18.05 5.69 27.68 27.64 27.64 - 0.02 27.83 17.79 0.20 0.17 0.17 - 0.03 0.25 0.04 0.05 0.03 0.04 - 0.00 0.05 0.01 1.17 1.08 1.15 + 0.02 1.25 0.38 0.16 0.14 0.15 - 0.01 0.16 0.03 0.16 0.13 0.16 + 0.02 0.16 0.07 0.37 0.31 0.37 + 0.03 0.37 0.17 0.43 0.41 0.42 + 0.01 0.46 0.23 0.06 0.06 0.06 + 0.01 0.08 0.02 0.01 0.01 0.01 - 0.00 0.01 0.00 0.35 0.31 0.34 - 0.01 0.43 0.20 0.27 0.22 0.24 + 0.01 0.33 0.04 0.20 0.17 0.17 - 0.01 0.25 0.03 0.46 0.39 0.46 + 0.05 0.75 0.07 0.14 0.06 0.11 + 0.05 0.14 0.02 0.14 0.09 0.12 - 0.01 0.15 0.02 0.15 0.10 0.15 + 0.05 0.15 0.07 0.04 0.00 0.04 + 0.01 0.05 0.01 4.50 0.00 4.25 + 0.15 6.60 3.28 3.66 3.15 3.20 - 0.16 5.43 2.76 0.45 0.40 0.45 + 0.06 0.78 0.08 0.58 0.52 0.58 + 0.07 0.75 0.16 0.49 0.44 0.48 + 0.03 0.71 0.11 0.48 0.33 0.48 + 0.13 0.57 0.07 0.18 0.15 0.18 + 0.00 0.22 0.07 0.09 0.06 0.08 + 0.00 0.09 0.03 0.11 0.08 0.11 + 0.01 0.11 0.04 0.12 0.09 0.09 - 0.03 0.22 0.07 0.10 0.06 0.08 - 0.02 0.17 0.05 0.44 0.41 0.41 - 0.02 1.55 0.31 13.07 11.29 12.00 - 1.04 13.63 9.26 17.00 14.55 14.95 - 2.00 17.73 4.85 0.08 0.05 0.06 - 0.02 0.09 0.01 0.38 0.35 0.35 - 0.03 0.43 0.03

T

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

TomaGold V 4976 Tombstone Expl* O 1258 Torex Gold* O 1230 Torex Gold T 14961 Tower Res V 1003 Transatlan Mng V 825 Transition Mtl V 40 Trecora Res* N 172 Tres-Or Res V 428 Trevali Mng* O 989 Trevali Mng T 4897 TriMetals Mng T 1017 TriMetals Mng* O 159 TriMetals Mng* O 126 Trio Gold Corp V 2496 TriStar Gold V 3738 TriStar Gold* O 66 Troy Res* O 17 Troymet Expl V 685 True North Gem V 2620 Trueclaim Expl V 346 Tudor Gold V 74 Turquoise HIl T 6016 Turquoise HIl* N 13992 TVI Pacific* O 20 TVI Pacific T 626 Tyhee Gold* O 301 Typhoon Expl V 127

0.16 0.12 0.15 + 0.04 0.16 0.04 0.02 0.01 0.01 + 0.00 0.02 0.01 1.87 1.64 1.83 + 0.15 1.93 0.67 2.32 2.13 2.31 + 0.13 2.40 0.85 0.05 0.05 0.05 + 0.01 0.07 0.01 0.05 0.04 0.04 - 0.01 0.15 0.03 0.19 0.18 0.18 - 0.01 0.19 0.06 10.70 9.79 10.63 + 0.51 16.50 8.17 0.05 0.04 0.05 + 0.01 0.05 0.01 0.47 0.37 0.43 + 0.04 0.75 0.18 0.57 0.49 0.56 + 0.05 0.97 0.25 0.33 0.29 0.30 + 0.01 0.36 0.04 0.25 0.22 0.25 + 0.03 0.28 0.03 0.27 0.20 0.27 + 0.02 0.32 0.06 0.02 0.01 0.02 - 0.01 0.02 0.01 0.31 0.28 0.30 - 0.02 0.40 0.10 0.24 0.22 0.23 - 0.01 0.32 0.10 0.42 0.41 0.41 + 0.04 0.56 0.13 0.04 0.03 0.04 + 0.01 0.05 0.01 0.10 0.08 0.10 - 0.01 0.20 0.07 0.02 0.02 0.02 - 0.01 0.04 0.01 1.50 1.30 1.49 + 0.09 1.51 0.03 4.45 4.02 4.37 + 0.17 4.77 2.30 3.50 3.07 3.48 + 0.25 3.70 1.55 0.02 0.01 0.02 + 0.00 0.03 0.00 0.03 0.02 0.02 - 0.01 0.04 0.01 0.01 0.00 0.00 - 0.00 0.01 0.00 0.10 0.08 0.09 - 0.01 0.12 0.03

U3O8 Corp* O 407 628 Ucore Rare Mtl* O UEX Corp T 1596 Ultra Lithium V 153 Umbral Enrgy 2717 V 197 Unigold Unigold* O 7 United Res Hdg* O 81 United Silver* O 1487 United States A* X 247 United States S* N 75513 Ur-Energy* X 1116 Ur-Energy T 125 Uracan Res V 688 Uracan Res* O 344 Uragold Bay Rs V 2965 Uranium Energy* X 4879 Uranium Hunter* O 8190 847 Uranium Res* D Uravan Mnrls V 2528 US Energy* D 106 US Precious M* O 3972 US Rare Earths* O 54 US Tungsten* O 87 USCorp* O 2045 N 132902 Vale* Vale* N 66971 Valencia Vent V 24 Valley High Mg* O 974 Valterra Res V 520 O 72 Vanadiumcorp* Vanadiumcorp V 417 Vantex Res V 431 Vedanta* N 1618 Vena Res V 278 Vendetta Mng V 178 Venture Mnrls* O 49 Verde Potash T 88 Veris Gold* O 78

0.03 0.02 0.02 - 0.01 0.04 0.01 0.32 0.27 0.32 + 0.00 0.35 0.15 0.24 0.19 0.23 + 0.01 0.29 0.11 0.22 0.00 0.21 - 0.03 0.35 0.05 0.05 0.04 0.05 + 0.01 0.10 0.02 0.40 0.35 0.39 + 0.05 0.42 0.08 0.31 0.29 0.31 + 0.03 0.31 0.06 0.03 0.03 0.03 - 0.00 0.09 0.01 0.01 0.00 0.01 + 0.01 0.01 0.00 0.25 0.20 0.21 - 0.03 0.83 0.16 18.42 14.80 18.27 + 2.28 21.49 6.15 0.62 0.53 0.60 + 0.04 0.82 0.44 0.77 0.70 0.77 + 0.05 1.02 0.60 0.07 0.00 0.05 - 0.02 0.08 0.01 0.06 0.03 0.05 + 0.01 0.06 0.00 0.18 0.13 0.16 + 0.01 0.23 0.02 0.96 0.81 0.94 + 0.08 1.60 0.65 0.00 0.00 0.00 - 0.00 0.00 0.00 1.78 1.45 1.70 + 0.09 16.08 1.39 0.34 0.19 0.31 + 0.09 0.34 0.05 1.84 1.70 1.75 - 0.02 4.86 0.67 0.02 0.01 0.02 + 0.01 0.15 0.00 0.16 0.12 0.12 - 0.08 1.50 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.03 0.01 0.02 + 0.01 0.03 0.00 5.23 4.32 5.16 + 0.61 6.26 2.13 4.12 3.47 4.08 + 0.49 4.90 1.55 0.09 0.00 0.09 - 0.01 0.40 0.08 0.01 0.00 0.01 + 0.00 0.01 0.00 0.04 0.03 0.04 + 0.01 0.04 0.01 0.05 0.00 0.05 + 0.01 0.05 0.01 0.05 0.04 0.05 + 0.01 0.06 0.02 0.04 0.03 0.03 - 0.01 0.04 0.01 8.13 6.74 8.04 + 1.34 10.40 3.52 0.06 0.04 0.04 - 0.01 0.07 0.04 0.10 0.09 0.09 - 0.01 0.14 0.05 0.03 0.03 0.03 - 0.00 0.04 0.01 0.34 0.30 0.32 + 0.01 0.48 0.13 0.01 0.00 0.00 + 0.00 0.03 0.00

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Victoria Gold V 4805 Virginia Enrgy V 348 O 27 Virginia Enrgy* Viscount Mng V 286 21961 Vista Gold* X Vista Gold T 1213 Volcanic Mtls V 71 Voltaic Min V 61 VVC Expl V 277

0.11 0.51 + 0.03 0.54 0.52 0.46 0.04 0.05 + 0.01 0.10 0.05 0.00 0.02 0.03 + 0.01 0.08 0.04 0.03 0.16 0.73 - 0.04 0.91 0.77 0.71 0.24 1.85 + 0.28 2.09 2.09 1.65 0.31 2.47 + 0.46 2.73 2.73 2.15 0.04 0.15 + 0.01 0.15 0.15 0.14 0.03 0.34 + 0.01 0.52 0.35 0.33 0.01 0.04 - 0.01 0.05 0.04 0.04

Walker Lane* O 28 Walker River V 1635 T 88 Wallbridge Mng O 1961 Walter Energy* 9 War Eagle Mg V Wealth Mnrls V 604 Wealth Mnrls* O 51 O 1043 Wellgreen Plat* Wellgreen Plat T 1536 V 91 Wescan Gldflds T 2290 Wesdome Gold 319 V West Af Res 79 West High Yld V West Kirkland V 1319 West Melville V 84 59 West Red Lake* O 593 West Red Lake X 803 Western Copper* T 704 Western Copper 300 Western Pac Rs V 193 Western Pac Rs* O T 598 Western Potash 170 Western Troy C V Western Uran 9 Western Uran* O 13 O 355 Westkam Gold* V 3365 Westminster Rs Westmoreland* D 827 O 20 WestMountain* 321 White Mtn Engy* O O 3 Whitehaven Coa* Wildcat Expl V 271 O 20 Wincash Apolo* Wolfden Res V 749 V 482 Wolverine Mnls X-Terra Res V 279 Xander Res V 78 Ximen Mng V 1963 Ximen Mng* O 26 XLI Tech Inc* O 2565 V 393 Xtierra Xtra-Gold Res T 41 O 60 Xtra-Gold Res* Yamana Gold T 37678 74139 Yamana Gold* N Yanzhou Coal* N 106 T 184 Yellowhead Mng Yorbeau Res* O 6 Yorbeau Res T 2223 Zadar Vent V 2282 357 O Zadar Vent * Zazu Metals T 765 Zenyatta Vent V 185 O 27 Zenyatta Vent* Zephyr Mnls* O 19 Zephyr Mnls V 95 Zimtu Capital V 31 Zonte Mtls V 104

0.19 0.27 - 0.03 0.95 0.30 0.19 0.02 0.05 - 0.01 0.08 0.06 0.05 0.02 0.08 - 0.01 0.10 0.08 0.07 0.01 0.07 - 0.01 0.20 0.10 0.07 0.02 0.00 0.02 - 0.01 0.03 0.01 0.14 0.83 - 0.01 1.06 0.84 0.68 0.10 0.68 + 0.04 0.83 0.68 0.52 0.12 0.42 + 0.14 0.43 0.43 0.27 0.16 0.50 + 0.15 0.50 0.50 0.35 0.02 0.05 - 0.02 0.10 0.09 0.05 0.89 1.98 - 0.06 2.12 2.12 1.90 0.22 0.19 0.19 + 0.01 0.22 0.05 0.27 0.22 0.22 + 0.03 0.39 0.17 0.04 0.13 + 0.02 0.14 0.13 0.11 0.08 0.40 + 0.12 0.45 0.45 0.24 0.20 0.19 0.19 - 0.02 0.26 0.02 0.26 0.24 0.26 - 0.01 0.34 0.01 0.20 0.90 + 0.15 0.97 0.97 0.70 0.29 1.10 + 0.13 1.12 1.12 0.92 0.02 0.02 0.02 + 0.01 0.03 0.01 0.02 0.01 0.01 - 0.01 0.02 0.00 0.17 0.17 + 0.01 0.34 0.18 0.17 0.04 0.03 0.04 + 0.01 0.05 0.01 1.20 2.35 + 0.58 5.00 2.35 0.00 1.19 1.76 + 0.31 2.67 2.67 1.45 0.01 0.05 + 0.01 0.07 0.07 0.05 0.01 0.08 + 0.01 0.18 0.09 0.07 10.04 8.44 10.00 + 0.62 19.08 3.44 0.04 0.15 + 0.06 0.20 0.15 0.09 0.11 0.07 0.11 + 0.04 0.40 0.07 0.25 0.74 + 0.04 0.91 0.74 0.74 0.02 0.09 + 0.02 0.16 0.10 0.08 0.06 0.07 - 0.01 0.25 0.10 0.07 0.05 0.14 - 0.03 0.19 0.16 0.13 0.07 0.07 - 0.07 0.38 0.12 0.07 0.06 0.23 + 0.03 0.25 0.23 0.17 0.20 0.40 - 0.05 0.46 0.45 0.40 0.02 0.06 - 0.01 0.15 0.07 0.06 0.01 0.04 - 0.01 0.11 0.05 0.04 0.02 1.50 0.00 - 0.04 0.03 0.04 0.01 0.04 + 0.01 0.04 0.04 0.02 0.18 0.55 + 0.05 0.55 0.55 0.51 0.12 0.41 + 0.03 0.43 0.43 0.38 1.89 6.72 + 0.08 7.01 6.93 6.41 1.38 5.48 + 0.38 5.53 5.53 4.91 3.66 6.47 + 0.42 6.76 6.49 6.23 0.03 0.07 + 0.02 0.10 0.07 0.06 0.04 0.08 - 0.00 0.08 0.08 0.08 0.06 0.09 - 0.01 0.16 0.10 0.09 0.01 0.13 + 0.01 0.26 0.13 0.11 0.09 0.08 0.09 - 0.04 0.20 0.06 0.09 0.17 - 0.03 0.33 0.20 0.17 0.63 0.71 + 0.03 1.78 0.72 0.67 0.47 0.56 + 0.05 1.33 0.56 0.51 0.15 0.27 + 0.03 0.27 0.27 0.24 0.08 0.34 + 0.04 0.35 0.35 0.26 0.12 0.24 + 0.01 0.38 0.24 0.23 0.02 0.08 - 0.03 0.15 0.08 0.08

W-Z

BID-ASK — JUNE 27–30, 2016

STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One Acme Res Corp Afrasia Mnls African Metals Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Alexandra Cap Almo Capital Alpha Nat Res* ALQ Gold Altiplano Mnls Amanta Res AMI Res Anglo Pac Grp Anthem United APAC Res Inc AQM Copper Arch Coal* Arco Res Arrowhead Gold Artha Res Asbestos Corp Astar Mnls Ateba Res Atlantic Ind Atlatsa Res* Aurgent Gold Balto Res Bandera Gold Banks Island Baroyeca Go&Si BCGold BE Res Bearing Res Benz Cap Bethpage Cap BHK Mining Big Bar Res Bird River Res Black Bull Res BlackEagle Dev Bluenose Gold Boss Power Brionor Res Cairo Res Canuc Res Cariboo Rose Carrie Arran Cascade Res Cassidy Gold Celtic Minrls Century Global Chantrell Vent Chinapintza Mg Cliffs Nat Res* Clydesdale Res CMX Gold & Sil Comet Inds Compliance Egy Copper Reef Mg Crestwell Res Cresval Cap Cricket Res Delrand Res Desert Gold Deveron Res DGS Mnls E-Energy Vent EastCoal Inc Enfield Expl European Metal Fire River Gol Firebird Res First Bauxite First Idaho Freeport Res

8-10_JULY11_StockTables.indd 10

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

0.06 1.63 0.15 0.20 0.01 0.03 0.02 0.03 0.03 0.08 0.03 0.05 0.06 0.09 0.09 0.11 ... 0.01 0.01 0.03 0.06 0.15 0.15 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.03 ...

0.03 0.03 0.09 0.10 0.10 0.14 0.23 0.24 0.24 4.16 0.06 0.09 0.06 0.07 0.16 0.20 0.16 0.22 0.01 0.02 0.01 0.07 0.09 0.08 0.08 0.50 1.50 1.48 1.90 0.20 0.29 0.22 0.43 0.05 0.12 0.05 0.11 0.09 0.12 0.10 0.15 ... ...

0.58 15.00 0.06 0.08 0.06 0.08 0.01 ...

0.03 0.05 0.13 0.15 0.12 0.20 0.19 0.30 0.18 0.30 0.10 ...

0.10 0.15 ... 0.01 0.01 0.01 0.01 0.05 0.01 0.01 ... ...

0.06 0.45 0.05 0.11 0.11 0.11 0.01 0.03 0.01 0.03 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.17 0.01 0.02 0.02 0.02 0.05 0.07 0.05 0.13 ... 0.34 0.35 0.01 0.05 0.03 0.02 0.04 0.02 0.12 0.06 0.10 0.10 0.10 0.03 0.04 0.04 0.10 0.08 0.50 0.10 0.10 0.03 0.09 0.05 0.07 ...

0.01 0.01 0.04 ...

0.04 0.04 0.01 0.03 0.01 0.03 0.17 0.20 0.17 0.17 0.03 0.04 0.04 0.04 0.24 0.39 0.30 0.30 0.23 0.29 0.25 0.30 0.06 0.08 0.07 0.08 0.05 ...

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

0.01 0.25 0.29 0.23 0.36 0.12 0.15 0.15 0.18 0.01 0.02 0.01 0.01 1.45 3.20 1.43 7.17 0.01 0.02 0.01 0.08 ...

0.10 0.10 0.10 1.32 1.75 1.32 1.75 0.03 0.03 0.03 0.25 0.02 0.03 0.03 0.04 0.04 0.10 0.13 0.14 0.04 0.05 0.04 0.06 0.01 0.04 0.01 0.03 0.45 0.80 0.45 0.60 0.09 0.15 0.14 0.35 0.20 0.22 0.24 0.31 0.04 0.09 0.04 0.06 ... 0.01 0.01 0.01 0.01 0.01 0.01 ... ...

0.01 0.01 ... 0.01 0.01 0.01 0.03 0.07 0.09 0.75 0.03 0.03 0.03 0.05 0.04 0.05 0.05 0.08 0.06 0.13 0.05 0.12 0.02 0.03 0.02 0.09

LOW

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0.05 0.01 0.01 0.02 0.01 0.08 0.16 0.12 0.03 0.05 0.20 0.03 0.04

G4G Res V General Moly T GFM Res V Global Cobalt V God’s Lake Res C V Golden Band Gonzaga Res V Gravis Energy C Gray Rock Res V Green Arrow V Greenshield Ex V Grenville Gold V Greywacke Expl C V Group Ten Mtls Hard Creek Ni V Harvest Gold V HFX Holding V Highbury Proj V Highvista Gold V HiHo Silver C Homeland Egy V IGC Res V Interconnect V Intigold Mines V Jasper Mng V Jazz Res V Jet Gold V Jet Metal V Jiulian Res V Jubilee Gold V Kairos Cap V Karoo Expl V Kenna Res V Kestrel Gold V Kitrinor Mtls V La Imperial C Lateral Gold V Leeta Gold V Legend Gold V Leo Res C Lions Bay Cap V Lucky Mnls V Lund Enterpr V MacMillan Mnls V Mag Copper C MAG Silver* X Mainstream Mnl V Manado Gold V Match Capital V MaxTech Vent C Mazarin V McLaren Res C Metallum Res V Mezzotin Mnrls V Midasco Cap V Midnight Star C Minsud Res V Mistango River C Moag Copper C Montego Res C Morgan Res V Mountain Lake C Murchison Min C Navis Res Corp C Nebu Res V Network Expl V New Klondike V Newlox Gold C Newmac Res V Newstrike Res V Norsemont Cap C North Am Tung V NSGold V NSS Res Inc C Open Gold V Oracle Mng V Organic Potash C Orofino Mnrls V

0.03 1.07 0.14 0.03 0.03 0.58 0.03 0.03 0.01 0.13 0.09 0.01 0.01 0.06 0.02 0.01 0.01 0.01 0.01 0.03 0.01 0.03 0.03 0.10 0.02 0.03 0.01 0.17 0.01 0.08 0.05 0.03 0.05 0.02 0.01 0.15 0.06 0.01 0.98 0.01 0.09 1.15 0.03 0.01 0.08 0.01 0.01 0.10 0.08 0.17 0.03 0.01 0.01 0.01 0.03 0.01 0.03 0.05 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.07 0.10 0.08 0.11 0.40 0.54 0.51 0.79 0.02 0.10 0.02 0.03 0.02 0.02 0.02 0.08 0.05 ...

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

0.04 0.04 0.03 0.03 0.03 0.06 0.03 0.03 0.03 0.08 0.04 0.12 0.04 0.05 0.04 0.06 0.04 0.15 0.18 ...

0.20 0.20 ... 0.16 0.17 ... 0.02 0.01 0.01 ... 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.09 0.14 0.09 0.10 0.06 0.08 0.06 0.22 0.05 0.08 0.06 0.08 0.11 0.15 0.11 0.23 0.04 0.08 0.06 0.06 0.10 0.10 0.09 0.15 0.02 0.05 0.02 0.03 0.52 0.60 0.57 0.61 0.02 0.04 0.02 0.03 0.01 0.02 0.01 0.02 0.10 0.15 0.12 0.17 0.02 0.02 0.02 0.07 0.01 0.02 0.01 0.02 0.01 0.03 0.01 0.01 0.11 0.16 0.14 0.18 0.04 0.10 0.04 0.05 0.04 0.05 0.04 0.06 0.01 0.03 0.01 0.01 0.01 0.03 0.01 0.01 0.05 0.06 0.06 0.13 0.08 0.10 0.08 0.14 0.21 0.27 0.27 0.30 0.01 0.02 0.01 0.05 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.01 0.01 0.03 0.08 0.01 0.04 0.01 0.01 0.24 0.38 0.25 0.26 0.02 0.03 0.02 0.03 ... 0.01 0.01 0.01 0.03 0.06 0.12 0.01 0.01 0.01 0.01 0.07 0.09 0.07 0.13 0.06 0.15 0.06 0.10 0.06 ...

0.06 0.09 0.02 0.04 0.02 0.07 ... ...

0.08 0.12 0.07 0.10 0.10 0.13 0.01 0.01 0.01 0.03 ... 0.01 0.01 0.01 0.03 0.04 0.04 0.04 0.01 0.02 0.01 0.03 0.01 0.02 0.01 0.03 0.17 0.23 0.17 0.22 0.01 0.01 0.01 0.02 0.03 0.03 0.03 0.06 0.07 0.12 0.07 0.15 0.05 0.06 0.05 0.08 0.25 0.28 0.25 0.31 ...

0.01 0.01 0.02 0.07 0.10 0.07 0.10 ... ...

0.20 0.20 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.01 0.06 0.02 0.09 0.19 0.48 0.25 0.25

0.03 0.22 0.02 0.01 0.01 0.01 0.01 0.02 0.03 0.01 0.06 0.01 0.01 0.01 0.01 0.01 0.10 0.01 0.01 0.01 0.05 0.06 0.02 0.08 0.03 0.04 0.01 0.30 0.01 0.01 0.08 0.01 0.01 0.01 0.07 0.03 0.02 0.01 0.01 0.05 0.02 0.08 0.01 6.12 0.02 0.01 0.05 0.01 0.01 0.01 0.07 0.06 0.06 0.01 0.08 0.09 0.01 0.01 0.01 0.00 0.01 0.02 0.01 0.02 0.05 0.02 0.07 0.01 0.03 0.20 0.01 0.01 0.05

STOCK

Oxford Res Pac Arc Res Pac Cascade Pan Global Res Pantheon Vent Pasinex Res Pedro Res Phoenix Gold Phoenix Metals PNG Gold Prize Mng Rapier Gold Rare Element* Ravencrest Res Razore Rock Res Red Rock Enrgy Redzone Res Remington Res Remo Res Revolver Res Rheingold Expl Rift Valley River Wild Exp Rodinia Lithm Romulus Res Ross River Rotation Mnls RTG Mining Rubicon Mnrls* Santa Fe Mtls Saville Res Savoy Vent Scavo Res Serabi Gold SG Spirit Gold SGX Res Shamrock Ent Silver Phoenix Silver Pursuit Sniper Res SouthGobi Res Spruce Ridge R Squire Mg Ltd Strata Mnls Sunrise Res Sunset Cove Mg Swift Res Talmora Diamd Tanzania Mnls Tearlach Res Telferscot Res Teryl Res Corp Theia Res Tiger Intl Tiller Res Tintina Mines Tri-River Vent Trigen Res True Grit Res UC Res United Coal Universal Vent Vangold Res Vatic Vent Vela Minerals Velocity Mnrls Venerable Vent Wabi Expl Westridge Res Weststar Res Whistler Gold Whitemud Res Wolfeye Res Xmet Inc Zara Res Zena Mng Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

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

0.02 0.03 0.03 0.02 0.03 0.03 0.05 0.01 0.02 0.01 0.02 0.02 0.03 0.02 0.04 0.11 0.11 0.10 0.08 0.10 0.08 0.08 0.07 0.12 0.07 0.09 ... 0.01 0.01 0.02 0.19 0.20 0.21 0.21 0.01 0.02 0.02 0.02 0.01 0.02 0.02 0.05 0.06 0.07 0.06 0.10 0.11 0.16 0.15 0.89 0.02 ...

0.02 0.02 ...

0.05 0.05 0.08 0.01 0.03 0.01 0.04 0.11 0.25 0.12 0.30 0.06 0.08 0.05 0.05 0.09 0.15 0.09 0.10 0.20 0.25 0.20 0.27 0.03 0.10 0.04 0.05 0.01 0.04 0.01 0.04 0.01 ...

0.01 0.01 0.02 0.02 0.01 0.05 0.11 0.16 0.15 0.16 ...

0.01 0.01 0.01 0.09 0.40 0.04 0.04 0.51 0.60 0.51 0.70 ... ...

0.03 1.35 0.01 0.01 0.01 0.03 0.02 0.02 0.02 0.04 ... ...

0.16 0.36 0.57 0.36 0.54 0.08 0.09 0.09 0.09 0.11 ...

0.09 0.20 0.02 0.02 0.02 0.05 0.03 0.05 0.05 0.05 0.01 0.24 0.10 0.10 0.07 0.08 0.08 0.13 0.01 0.01 0.01 0.07 0.25 0.32 0.25 0.81 0.04 0.04 0.04 0.06 0.10 0.14 0.10 0.19 0.01 0.02 0.01 0.05 0.01 0.02 0.01 0.05 0.01 0.01 0.01 0.02 0.04 0.06 0.04 0.06 0.01 ...

0.01 0.01 0.01 0.01 0.01 0.02 0.08 0.15 0.08 0.16 0.01 0.02 0.02 0.02 0.01 0.02 0.02 0.02 0.12 0.20 0.16 0.16 0.13 0.25 0.13 0.25 0.03 0.07 0.03 0.07 0.07 0.17 0.07 0.12 0.03 0.07 0.03 0.17 0.06 0.20 0.06 0.07 0.01 0.05 0.01 0.04 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ...

0.45 0.45 0.01 0.02 0.02 0.02 0.11 0.14 0.12 0.24 0.04 0.07 0.05 0.08 0.15 0.19 0.15 0.20 0.01 0.04 0.02 0.02 0.04 0.05 0.05 0.06 0.01 0.02 0.01 0.02 0.04 0.06 0.06 0.06 0.02 0.28 0.02 0.02 0.01 0.02 0.01 0.03 0.25 ...

0.25 0.25 0.01 0.02 0.01 0.02 0.01 0.02 0.01 0.10 0.07 0.09 0.07 0.10 0.05 0.07 0.05 0.08

0.01 0.01 0.01 0.03 0.01 0.01 0.02 0.01 0.02 0.02 0.06 0.01 0.01 0.01 0.06 0.01 0.04 0.07 0.01 0.01 0.01 0.01 0.07 0.01 0.02 0.33 0.03 0.01 0.01 0.26 0.04 0.05 0.01 0.01 0.01 0.02 0.01 0.21 0.01 0.10 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.05 0.12 0.02 0.03 0.03 0.03 0.01 0.01 0.42 0.01 0.04 0.02 0.05 0.01 0.03 0.01 0.01 0.01 0.01 0.25 0.01 0.01 0.05 0.01

2016-07-05 6:01 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 11–17, 2016

11

Drillers at Independence Gold’s Boulevard gold project in the Yukon’s White Gold region, 135 km south of Dawson City. INDEPENDENCE GOLD

Goldcorp takes stake in Independence Gold

INVESTMENT

BY LESLEY STOKES

T

lstokes@northernminer.com

humbing through a feasibility report on Kaminak Gold’s (TSXV: KAM; USOTC: KMKGF) Coffee gold project in the Yukon, it’s easy to see why Goldcorp (TSX: G; NYSE: GG) — just six weeks after tabling a friendly $520-million bid for Kaminak — has scooped up a 19.9% position in junior gold explorer Independence Gold (TSXV: IGO).

Vancouver-based Independence holds the 185 sq. km Boulevard gold project, which is referenced in the Kaminak report as hosting mineralization that’s likely a nextof-kin to Coffee’s multimillionounce, structurally controlled gold deposit.

Boulevard falls along the western edge of Kaminak’s land holdings and is 135 km south of Dawson City in the Yukon Territory — a historic placer mining town in the heart of the Klondike gold fields.

“Goldcorp looked at our land holdings and recognized the property’s potential to host a similar discovery to Coffee,” Randy Turner, Independence Gold’s president and CEO, told The Northern Miner.

“We’re pleased to welcome Goldcorp as our shareholder and we see their investment as a validation of our exploration results.”

Under the terms of the private placement, Goldcorp will inject $2 million into Independence in exchange for 10.9 million f lowthrough shares, which would bring the junior’s working capital up to $7 million.

Exploration on the property has so far outlined two zones of structurally hosted gold: SunriseSunset and Denali, located 8 km southwest and 8 km west of the Coffee project.

The Denali zone is marked by a gold- and arsenic-in-soil anomaly

1 2 3 4 5 11 13 14 16_JULY11_Main .indd 11

| Junior holds ground next to Kaminak’s Coffee gold project in the Yukon

measuring 700 metres long, and Sunrise-Sunset has a similar Vshaped anomaly, with one side measuring 1.5 km long and the other measuring 1 km long.

Last year, exploration focused on the Sunrise-Sunset gold zone, where reverse-circulation (RC) drilling returned 3.1 metres of 15 grams per tonne gold and 4.6 metres of 1.63 grams gold. The program was designed to follow up on an earlier intercept of 12.2 metres of 7.23 grams gold.

This year, the company plans to drill 1,500 metres of RC at Denali, where previous drill intercepts returned 3.1 metres of 3.33 grams gold and 6.1 metres of 4.25 grams gold.

It has also budgeted 2,000 metres of rotary air-blast drilling on a variety of other greenfield projects in

the district, along with trenching, mapping and soil sampling. The program’s total cost is $1.5 million.

Kendra Johnston, head of corporate development for Independence, said during a phone interview that the drill program at Denali aims to “address some unanswered questions” about the controls to mineralization.

The prospect falls along strike of west-trending structures related to the Big Creek-Coffee Creek fault system that also hosts Coffee’s Latte and Double Double deposits, and its Americano and Americano West prospects.

“We’ve mapped structures to t he edge of our proper t y and you can easily draw a dotted line to where Kaminak had mapped theirs,” she said. “But the differ-

A drill site at Independence Gold’s Boulevard gold property in the Yukon. INDEPENDENCE GOLD

“GOLDCORP LOOKED AT OUR LAND HOLDINGS AND RECOGNIZED THE PROPERTY’S POTENTIAL TO HOST A DISCOVERY SIMILAR TO COFFEE.” RANDY TURNER PRESIDENT AND CEO, INDEPENDENCE GOLD

ence is that Coffee is hosted primarily within felsic gneisses and schists, whereas mineralization at our property is found entirely in the schists, so the rheological controls that drove and concentrated the gold wouldn’t necessarily be the same.”

According to Kaminak’s feasibility study, gold-rich fluids powered through the west-trending fault system and dropped much of its

base-metal and silica content at Boulevard before migrating upwards into Coffee’s domain.

The fluids veered off into a series of north-trending, strike-slip fault splays and precipitated gold.

The splays host most of Coffee’s resource, which stands at 63.7 million indicated tonnes averaging 1.45 grams gold for 3 million oz. gold, and 52.4 million inferred tonnes of 1.31 grams gold for another 2.2 million oz. gold.

These mineralizing events occurred during the mid-Cretaceous period — almost 100 million years after another gold event linked to the 20 million oz. of placer gold dredged out of the Klondike gold fields.

The only significant hard-rock gold deposit related to the earlier event is Kinross Gold’s (TSX: K; NYSE: KGC) Golden Saddle deposit, 95 km south of Dawson City, which contains 9.8 million inferred tonnes of 2.67 grams gold for 840,000 oz. gold.

“When Golden Saddle was discovered and gold hit US$1,800 an oz., everyone loved the Yukon,” Turner said. “Now, with the price of gold moving back and Kaminak being taken over by Goldcorp, everyone loves the Yukon again. It’s a great mining jurisdiction with a lot of discovery potential.”

Independence Gold has traded within a 52-week range of 25¢ and 5¢ per share, and closed at 24¢ per share at press time. The company has 43.8 million shares outstanding for a $10-million market capitalization. TNM

2016-07-05 7:33 PM

12

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2016-07-05 5:59 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 11–17, 2016

13

Kincora eyes massive land position in Mongolia’s South Gobi COPPER

| Junior gets help from Friedland’s High Power Exploration

Trenching at Kincora Copper’s Bronze Fox copper-gold property, 140 km from the Oyu Tolgoi mine in Mongolia. KINCORA COPPER

BY MATTHEW KEEVIL

K

mkeevil@northernminer.com VANCOUVER

incora Copper (TSXV: KCC; US-OTC: BZDLF) hopes that a renewed sense of political stability in Mongolia will reinvigorate investor interest, and it is doubling down on the country with a deal that gives the junior one of the largest land positions in the prospective South Gobi region.

In May Kincora struck an agreement with Robert Friedland’s privately held High Power Exploration (HPX) to consolidate over 1,500 sq. km of exploration licences along strike from Turquoise Hill Resources (TSX: TRQ; NYSE: TRQ) and Rio Tinto’s (NYSE: RIO) Oyu Tolgoi copper-gold mine.

The transaction also gives Kincora access to HPX’s exploration expertise and “one of the world’s largest” regional geological and geophysical databases.

“The tough markets definitely helped get the consolidation over the line, so to speak, and the recent moves by the government regarding Oyu Tolgoi, and foreign investment generally, definitely improved investor perception of the country,” Kincora president and CEO Sam Spring said during an interview.

“It took some time for the government to work through the details,

“THE RECENT MOVES BY [MONGOLIA’S] GOVERNMENT REGARDING OYU TOLGOI, AND FOREIGN INVESTMENT GENERALLY, DEFINITELY IMPROVED INVESTOR PERCEPTION OF THE COUNTRY.” SAM SPRING PRESIDENT AND CEO, KINCORA COPPER

but most of these issues have been resolved regarding the mining law, and exploration licences are being issued again for the first time in around five years.”

Under the deal, Kincora will issue a 59 million shares and 29.5 million warrants to HPX subsidiary High Power Ventures (HPV), which would own 12% of Kincora.

Friedland’s involvement is significant due to his primary role in the Oyu Tolgoi discovery, which fuelled the rise of the first iteration of his initial Ivanhoe Mines vehicle.

Meanwhile, Kincora is revising its capital structure and balance sheet. In early June, the company announced a 10-to-1 share rollback and $4-million private placement.

The first $2 million will consist of 5.3 million post-consolidated shares priced at 37.5¢ each.

There is also a debt conversion with China-based private equity firm Origo Partners. Under the

A sandstorm in 2014 near the camp at Kincora Copper’s Bronze Fox copper-gold property in Mongolia. KINCORA COPPER

1 2 3 4 5 11 13 14 16_JULY11_Main .indd 13

arrangement, $2 million in outstanding notes will be converted into Kincora shares under the same terms as the private placement.

“We’ve essentially received support from our largest shareholder, who has allowed us to clean up our balance sheet,” Spring said.

“W hen you ta ke our recent moves in entirety, we’re really trying to recapitalize and restructure to have a nice, clean corporate vehicle that has the right team and technology to get to work on this newly consolidated and, quite frankly, exciting land package,” he said. “For HPX … they value retaining exposure to these assets as well, so everyone keeps skin in the game.”

The company reported that it has “firm commitments” to complete the financial requirements of the Origo loan note conversion, the private placement and the merger with HPX. Kincora’s next step is a desktop review of the new data acquired in the merger, which covers “at least” [six] advanced porphyry prospects and one epithermal gold target, including what it classifies as “the most significant, untested complex in the [Oyu Tolgoi] belt.”

HPX subsidiaries have spent over US$25 million on the portfolio since 2007.

Kincora spent the 2015 field season working on its Bronze Fox property in Mongolia, where hole F47 cut 18 metres of 0.6% copper equivalent from 29 metres deep.

Previous drilling by Ivanhoe east of this zone returned intersections of both high and lower-grade gold and copper in a “favourable porphyry setting both due to depth of the system.”

“We did a nice drill program at Bronze in 2014 that hit a lot of

smoke,” Spring continued. “We were limited at the time since one of our licences was being reviewed, but last year we resolved that and spent time reviewing the data, and getting out in the field to go over the surface geology. We’ll look for something a bit closer to surface that could be de-risked more efficiently. We’ve been keen to get out there and do trenching that would lead into that shallower drilling.”

Kincora shares has traded within a 52-week range of 1¢ to 5¢, and closed at 3.5¢ at press time. The company has 314 million pre-consolidated shares outstanding for an $11-million market capitalization.

It hopes to complete the private

placement and equity restructuring early in the third quarter.

HPV has rights to maintain its ownership percentages with more capital raises.

“It really wasn’t so long ago that major miners and strategic groups were keen on getting a foothold in the South Gobi, and we were having a lot of conversations,” Spring said. “The rocks haven’t changed and now there really aren’t too many companies that have managed to survive the downturn … we’re seeing some positive momentum now, and there’s potential for the South Gobi to really rival some of the major copper belts in South America.” TNM

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14

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JULY 11–17, 2016 / THE NORTHERN MINER

Teranga tables friendly US$63M bid for Gryphon Minerals WEST AFRICA

BY MATTHEW KEEVIL

T

mkeevil@northernminer.com VANCOUVER

eranga Gold (TSX: TGZ; ASX: TGZ) aims to expand its production profile in West Africa, and it found an opportunity in Australia-based Gryphon Minerals (ASX: GRY) and the fully permitted Banfora gold project in southwestern Burkina Faso.

On June 19, t he compa nies announced a friendly, all-share agreement worth US$63 million.

Under the deal, Gryphon investors would receive 0.169 of a share in Teranga.

| Miner looks to acquire Banfora gold project in Burkina Faso

The offer represents a 45% premium over Gry phon’s 20-day, volume-weighted average share price at the time of signing.

Teranga expects to issue 68 million shares for the acquisition, which is scheduled to close in early October.

Teranga’s sole operation is the Sabodala carbon-in-leach (CIL) open-pit gold mine, 650 km southeast of Dakar, Senegal, which cranked out 70,727 oz. gold in the first quarter at all-in sustaining cash costs of US$824 per oz. gold.

Bringing Banfora into production could boost Teranga’s annual output to between 275,000 and 325,000 oz. gold by mid-2019,

at an estimated US$900 per oz. all-in sustaining cash cost.

“The acquisition aligns with our goal to diversify and grow within West Africa, and we now have the potential to increase our gold production 50% starting in mid-2019,” Teranga president and CEO Richard Young said during a conference call.

“Senega l a nd Burk ina Faso share many characteristics, including language and currency, and they’re both mining-friendly jurisdictions where we expect to have strong government support. I always liken mining to real estate because location is everything, and both countries

are really under-explored and highly prospective,” he added.

Teranga intends to optimize a 2-million-tonne-per-year CIL operation at Banfora that was modelled in a feasibility study released in early 2013.

The mine would require capital expenses of US$208 million, and crank out 151,000 oz. gold annually over an eight-year mine life.

The plan is based on reserves of 16.7 million tonnes grading 1.95 grams gold per tonne for 1.05 million contained oz. gold.

Banfora does have greater property-wide upside, however, with measured and indicated resources consisting of 72 million tonnes

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Commentary

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

Barrick investors revolt against $11.9m bonus

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

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

By Gwen Preston in vancouver and trish saywell in toronto

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion MEXICdollar overrun at its O Commentary El Tigre Silver flagship development project in Rainforest reclamation Sees a bright future Chile, taken a $3.8-billion charge done right in Brazil in old tailings on a highly criticized acquisition, 4 20 changed its11-15 chief executive officer $3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915 and seen its share price sliced in half.

So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of But Barrick founder and chairBy Gwen Preston in vancouver man Peter Munk vigorously deand trish saywell in toronto $11.9 million.

In the last year Barrick Gold fended Barrick’s decision at the The group of seven Canadian (ABX-T, ABX-N) has announced a company’s annual general meeting multi-billion dollar overrun at its on April 24. pension funds and one interna“I convinced the board,” he told flagship development project in Chile, taken a $3.8-billion charge the standing-room-only crowd at tional investment fund say the on a highly criticized acquisition, the Metro Toronto Convention signing bonus, which would bring changed its chief executive officer Centre. “If you want to give anyand seen its share price sliced in one hell, give it to me.”

Thornton’s total compensation Munk argued that the new parhalf.

So it was no great surprise that adigm of mounting resource nafor 2012 to $17 million, is a Canaeight funds who are invested in the tionalism requires a brand-new dian record. gold major formally protested the approach to government concompany’s decision to offer co- tacts. And he said that the chal“This compensation is inconchairman John Thornton an “un- lenges of protecting the compasistent with the governance prinprecedented” signing bonus of ny’s assets — “90% of which, to the tune of $40 billion, are in 23 $11.9 million. ciple of pay-for-performance The group of seven Canadian different countries” — meant that the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada. pension funds and one interna- the company needed someone of and is therefore disproportiontional investment fund say the Thornton’s exceptional calibre ate setstheawestern troubling precesigning bonus, which would bring and “unique credentials,” leverSleeper was one of the lowest-cost Sleeperand lies within Site ViSit Thornton’s total compensation age and access to some of the gold mines in the world, and Para- reaches the northern Nevada capital mardentof in Canadian for 2012 to $17 million, is a Cana- world’s most important power mount believes the old mine has a rift, specifically along the SlumBy matthew keevil kets,” the consists group said in a brokers. dian record. bering Hills, which of WINNEMUCCA, NEV. — For Nev- robust future.

“We believe that pay should be ada-based explorer Paramount “This compensation is inconSipping coffee inside Para- Mesozoic meta-sedimentary rocks As a group these funds sistent with the governance prin- tailored to achievements, that pay Gold and Silver (PZG-T, PZG-X), mount’s headquarters in the min- ofstatement. the Auld Lang Syne group and ciple of pay-for-performance should come after performance,” there’s a lot to be said for making ing town of Winnemucca, vice- Cretaceous granitic intrusions. collectively manage over $900 and is therefore disproportion- Munk said. “It was hard to have something old new again. In mid- president of exploration Glen van Mineralization at Sleeper falls into billion in assets. ate and sets a troubling prece- someone paid on performance if he 2010 the company picked up the Treek, who joined Paramount four main categories, including: TSX-V:RRI

Pages

Newstrike

Knowledge is Golden™ www.rivres.com

11-15

Capital’s

Ana Paula

gold project

in Mexico’s

Four muy silver stockcaliente picks Guerrero

gold belt.

Endeavour Bradford Silver’s shares his Cooke recipe

PICKS,

Barrick investors revolt against $11.9m bonus

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

BY ALISHA

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

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

5, 2013

NEWSTRIKE

CAPITAL

Page 14

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

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

Hindespite almost four copa leader (AEM-T, Agnico-Eagle budget Mexico’s purchase years. derelated derachieving in revitalAEM-N), of said violence frequent drugMines Mining silver sector. of a third protests. gold — companies and they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining got hooked’ repeat panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a versity. and high-potential ing to Silver growing in result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s Uniof So how land packages. ologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chammergers such success?

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

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

paramount orchestrates a golden revival at Sleeper An Evolution

in High-Grade

Silver

ExcellonResources.com

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

Mexico’s

• Market Excellon

TNM April

29 2013

Issue.indd

11

Yet to be

Resources

Inc. 20 Victoria

Street,

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

Ontario,

Highest

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

Producer

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

5:28 PM

Photo by MAtthew Keevil

dent in Canadian capital markets,” the group said in a statement. As a group these funds collectively manage over $900 billion in assets.

would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3

Edgewater uncovers gold at Corcoesto in Galicia Site ViSit

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1 2 3 4 5 11 13 14 16_JULY11_Ma n ndd 14

&

By matthew keevil

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

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

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

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

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

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

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

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

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

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Edgewater uncovers gold at Corcoesto in Galicia

4

Sees a bright future in old tailings

Pages Newstrike

Site ViSit

By matthew keevil

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

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

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

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

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

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

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

MEXICO

11-15

Capital’s

Ana Paula

gold project

in Mexico’s

Four muy silver stockcaliente picks Guerrero

PICKS,

TSX-V:RRI

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

5, 2013

NEWSTRIKE

CAPITAL

11-15

SilverCrest

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

Endeavour Bradford Silver’s shares his Cooke recipe

Knowledge is Golden™ www.rivres.com

gold belt.

BY ALISHA

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

20

Page 14

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

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

Hindespite almost four a leader cop(AEM-T, Agnico-Eagle budget Mexico’s purchase years. derelated derachieving in revitalAEM-N), of said violence frequent drugMines Mining silver sector. of a third protests. companies and gold — they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining repeat got hooked’ panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a and high-potential ing to Silver growing in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s of So how land packages.

Uniologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in such success? chammergers Mexico tions been instrumental Ge- discovery near-term metal such demand geology and acquisitop s achieve ( is the Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. silver with producing Mining’s of top-10, a n d de- Resources His colleagues takeover See ENDEAVOUR, goldfirst time countries must agree of Cerro in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security N) bestingMines (CDM-T,Coeur year, have fallen Although it. Mexico risk First CDEsilver hard (FR-T, attracted US$30 was tradingthis AG-N) Majestic Silver in Silver US$1,657per oz. and at (OK-V). its bid for Orko gold per oz.

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

paramount orchestrates a golden revival at Sleeper An Evolution

in High-Grade

Silver

ExcellonResources.com

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

Mexico’s

• Market Excellon

TNM April

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street, Suite

Valued

Ag; 3.11%

Discovery

900, Toronto,

Ontario,

Highest

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

Page 12

Producer

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

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

11

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

Commentary

Rainforest reclamation done right in Brazil

By Gwen Preston in vancouver and trish saywell in toronto

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

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

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

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

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

By matthew keevil

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

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

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

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

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

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

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

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

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

Using historic data and a few drill

Site ViSit

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

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

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

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

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

By matthew keevil

See EdGEwatEr, Page 18

in Mexico’s

STOCK

Excellon

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street,

PICKS,

in High-Grade

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

Ontario,

Guerrero

TSX-V:RRI

Knowledge is Golden™ www.rivres.com

gold belt.

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

5, 2013

NEWSTRIKE

CAPITAL

11-15

Page 14

Silver

ExcellonResources.com

Mexico’s

Highest

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

11

Producer

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

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

Site ViSit By matthew keevil

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

By Gwen Preston

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

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

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

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

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

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

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

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

gold project

Endeavour Bradford Silver’s shares his Cooke recipe

An Evolution

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

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

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

B2Gold hits new EdgewaterPhoto uncovers

by MAtthew Keevil gold at developing Otjikoto mine in Galicia

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

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

Ana Paula

BY ALISHA

SilverCrest

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

paramount orchestrates a golden revival at Sleeper

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

Site ViSit

MEXICO

11-15

Capital’s

Four muy silver stockcaliente picks

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

20

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

BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — is excellent, any other Endeavour spending EndeavourAs founder are incredibly and the and T, EXK-N), president try in 2012,Latin American than food Silver ton are friendly is likely With theseis delicious.” a big part Godfrey Wala company Bradford Cooke(EDRaccording counbased to come.

Earlier producers SNL Metals to Halifaxsuperlatives, sulting that leads At least this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern concapturing sums up sat down two mines Peter Mexican (FVI-T, total an idea into with Cooke Capstone worldwideabout 6% of FSM-N), Silver in Mexicowhy he is still Megaw silver of erations large and profitable the metals to get ton, Alta., how a rural kid working after in just per; and Mining (CS-T),silver; explorationnon-ferrous cades, opeight from Hinbecame With the $21.5 billion. despite almost four izing Mexico’s a leader cop(AEM-T, Agnico-Eagle budget purchase years. derelated derachieving in revitalof said AEM-N), violence frequent drugMining silver sector. of a third Mines protests. and companies gold — mine, un- ‘I they are plans to pected Endeavour Megaw, anti-mining have got hooked’ repeat panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand with its The attraction MAG in geology in his final year of a versity. and high-potential ing to Silver growing in result output is an expert (MAG-T, of ber. the Mexican 2010, accordThe marketsat Queen’s Uniis partly of So how land packages. ologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in such success? chammergers Mexico tions been instrumental Genear-term metal such demand geology and acquisitop s achieve ( is the discovery Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several in the cracked v e r p r o d u Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s deof top-10, a n d His colleagues See ENDEAVOUR, Resources takeover goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur it. Mexico fallen year, risk First CDEsilver hard (FR-T, attracted US $30 was tradingthis AG-N) Majestic Silver in Silver US$1,657per oz. a nd at (OK-V). its bid for Orko go ld And more per oz.

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

Barrick investors revolt against $11.9m bonus In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price sliced in half.

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

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

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

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El Tigre Silver

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

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

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

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

5:28 PM

Photo by MAtthew Keevil

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

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

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

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El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

MEXICO

11-15

Capital’s

Ana Paula

gold project

in Mexico’s

Four muy silver stockcaliente picks Guerrero

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

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

Endeavour Bradford Silver’s shares his Cooke recipe

Knowledge is Golden™ www.rivres.com

gold belt.

BY ALISHA

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

20

Page 14

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

BY GWEN litically, support for VANCOUVER PRESTON more exploration mining the MAG SILVER pothe people geology is — As founder CEO of any other Endeavour spending Endeavour are incrediblyexcellent, and the and T, EXK-N), president try in 2012,Latin American than food Silver ton are friendly is likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDRcounto come. based Earlier producers SNL Metals to Halifaxsuperlatives, that At least leads this year, of the answer. sulting small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern sums concapturing sat down two mines into Peter Mexican (FVI-T, up why total an idea with Cooke Megaw Capstone worldwideabout 6% of FSM-N), Silver he silver of erations large and profitable the to get in Mexico after is still working metals ton, Alta., how a rural kid in just per; and Mining (CS-T),silver; explorationnon-ferrous almost from Hin- cades, despite became opeight With the $21.5 billion. izing Mexico’s four dea leader cop(AEM-T, Agnico-Eagle budget purchase years. in revital- related violence frequent derachieving of silver sector. of a third Mining said they AEM-N), gold Mines drugprotests. and companies unmine, plans to pected — have are considering Endeavour ‘I got Megaw, anti-mining repeat panding to invest were International hooked’ the process potentially president Mexico $7.6 billion exexects in their portfolio in — and In 1976, Cooke Exploration Development of silver majorattract the attention Mexico. what they 2012, more than in of projwas of a B.Sc. and co-founderand with its The attraction MAG of a in geology in his final year and high-potential ing to the spent in 2010, double growing Silver result at Queen’s output versity. The is an expert (MAG-T, of Mexican accordis partly of So how land packages. ber. Recent markets Uniologists mining the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chamsuch success? mergers Mexico tions been instrumental Gemetal geology such demand and acquisitop s achieve near-term grads ( is the discovery Bradford il includedM & A ) a c t world’s that job offers were Cooke of several cracked v e r p r o d u in the posits Primero i v i t y h a s and at Christmas.flooded with cer (P-T, PPP-N) the list there. silver producing Mining’s of top-10, a n d deHis colleagues See ENDEAVOUR, Resources takeover goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur it. Mexico fallen year, risk First CDEsilv er hard (FR-T, attracted this US $ 30 wa s tra AG-N) Majestic Silver in p Silver di ng US$1,657 er oz . an at (OK-V). its bid for Orko d g ol And more per oz. d 2012, M&A compared at the end at of to US$17 and See MEXICO,

paramount orchestrates a golden revival at Sleeper An Evolution

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

PM40069240 – PAP Registration #09263

Site ViSit By matthew keevil

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

Edgewater uncovers gold at Corcoesto in Galicia Site ViSit

By matthew keevil

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

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

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

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

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

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

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

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

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

B2Gold hits new gold at developing Otjikoto mine

By Gwen Preston

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

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

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

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

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

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

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

Using historic data and a few drill

See B2GoLd, Page 3

“WE BELIEVE THERE ARE GOING TO BE MORE DEPOSITS DISCOVERED HERE, SIMILAR TO SABODALA, AND IT’S GOING TO BE A VERY NICE OPERATION FOR US.”

5:28 PM

Photo by MAtthew Keevil

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

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

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

See B2GoLd, Page 3

R CHARD YOUNG PRES DENT AND CEO TERANGA GOLD

See ParaMount, Page 2 PM40069240 – PAP Registration #09263

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

grading 1.5 grams gold for 3.5 million contained oz. gold.

Resource and reser ve statements were ca lcu lated u nder Australia’s Joint Ore Reserves Committee guidelines, and are derived from the four main prospect areas, namely: the Nogbele, Fourkoura, Samavogo and Stinger deposits.

Banfora ores are non-refractory and typically free-milling, with a high gold recovery by cyanidation leach and low to moderate reagent consumption. Gryphon’s design assumes 92% gold recoveries.

“Miners tend to like a single large pit, so the concept of having multiple pits tends to be viewed as not exactly ideal. That’s where we come in, because we’re very comfortable with that,” Young said. “When we sat down and looked at the project there are a number of targets with a material amount of drilling, and they just needed the capital to continue with the programs. We believe there’s going to be more deposits discovered here, similar to Sabodala, and it’s going to be a very nice operation for us.”

Scotiabank analyst Ovais Habib called the transaction a “prudent move for Teranga,” and noted it “adds diversification, scale and another growth project with reasonable [capital expense] requirements.” Scotiabank maintains a “sector perform” rating on the company along with a one-year price target of $1 per share.

Teranga has traded within a 52-week range of 38¢ to $1.23 per share, and closed at $1.07 at press time. The company has 392 million shares outstanding for a $389-million market capitalization, and would have an US$80-million cash balance after acquiring Gryphon.

In connection with the transaction, Teranga’s largest shareholder, Tablo Corp., has agreed to keep its 13% anti-dilution right by subscribing for a $9-million equity placement.

“The great thing about our situation is that Sabodala is generating a lot of free cash f low, and we have a strong cash balance that gives us a lot of f lexibility,” Young said.

“We don’t have any concern in terms of financing development at Banfora, and that’s one of the primary reasons the Gry phon board is so supportive of this transaction. We have the balance sheet to support the development, and beyond that I’d say we have strong cornerstone investors if we need to raise equity moving ahead.” TNM

2016 07 05 7 32 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / JULY 4–10, 2016

15

www.northernminerjobs.com Financial Controller Rouyn-Noranda, Québec, Canada

Mineral Exploration and Development Program Specialist Sudbury, Ontario, Canada

Lab Manager Langley, BC. Canada

Financial Controller wanted for junior mining company operating

The lab manager’s job will be to schedule the staffs’ time to ensure efficient

near Rouyn-Noranda and expected to start production within the next

use of lab equipment. You will train lab technicians and assistants on the

Mineral Exploration and Development with the Ministry of Northern

few months.

correct use of lab equipment, as well as ensuring that employees follow

Development and Mines is seeking a strong team leader to join the Mineral

industry standards and safety regulations for handling and disposing of test

Development and Lands Branch as Mineral Exploration and Development

samples.

Program Specialist.

Regional Director, Northern Region Sudbury, Ontario, Canada

Artisanal Gold Programme Officer Ottawa, Canada

Mineral Exploration and Development Consultant Timmins, On. Canada

As Regional Director in the Operations Division of the Ministry of Labour,

Partnership Africa Canada (PAC) is a global leader in developing innovative

Are you looking for an exciting opportunity in one of Canada’s most prolific

you will lead the delivery of occupational health and safety and employment

approaches to strengthen natural resource governance in high-risk and

and active mining areas? If so, consider this exceptional opportunity with

standards programs for the Northern Region, which includes North Bay,

conflict regions. For 30 years, PAC has collaborated with partners to promote

the Ministry of Northern Development and Mines.

Sault Ste. Marie, Sudbury, Thunder Bay and Timmins.

policy dialogue and solutions for sustainable development. The Just Gold

Playing a key role in the monitoring and stimulation of exploration, you will

project aims to develop an independent, equitable and sustainable system

lead and deliver the mineral exploration and development program, guiding

that brings legal, conflict-free and traceable gold from artisanal mine sites

components through the regulatory process.

in the Democratic Republic of Congo to international markets.

Mine Planning Engineer / Technician British Columbia, Canada

Regional Manager Industrial Minerals, Exploration & Development Canada

Chief Mining Engineer Nevada, USA

Reporting to the Director Competence Center Materials – Canada Region,

In this role, you will use your expertise to provide complex specialist

The Chief Mining Engineer is responsible for the development and

this position is responsible for leading the Mineral Exploration & Resource

underground planning services that support quarterly and annual

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Development team as well as the development, planning and execution of

projections. Your responsibilities will encompass all aspects of the mine’s

and exploitation of economically minable ore reserves. Oversees the

exploration projects on schedule, on budget, in alignment with the

value chain, from mining reserves and resources to the production of

development of holistic long and short range mine plans including mine

Company’s exploration strategy and in close coordination with internal and

quality ore for processing.

services, infrastructure, and production. Supervises all technical personnel related to Mine Engineering, including contractors.

external stakeholders.

Mine Technologist Timmins, ON. Canada

Geotechnical Engineer Rainy River, Ontario,

Sr. Engineer, Maintenance McArthur River Saskatchewan, Canada

Lake Shore Gold Corporation is seeking a Mine Technologist to support the Engineering department at our

Do you want to be part of the development and start-up of one of Canada’s

Timmins Mine site. General duties will include assisting in the long and short

Reporting to the chief engineer, maintenance in the maintenance engineer-

premier mining operations? We are looking for dynamic individuals to join

range designs for all three mines within the Timmins West Complex.

ing department, your knowledge of equipment and mechanical design will

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you will supervise a team of maintenance technologists and provide technical design and planning expertise for capital and expense projects on site.

Mine Operations Manager Wells, BC, Canada

RECRUIT SMARTER WITH MINING JOBS

Roles and Responsibilities: Leader for the safe and sustainable development

The Northern Miner’s new section dedicated to recruiting in mining

of the Bonanza Ledge Mine operations; Responsible of the achievement of the production and profitability objectives; Managing the complete mining operations of the Bonanza Ledge Mine (contract mining and milling operations); Assessing the feasibility and the potential for commercial benefits of new sites; Managing budgets; Training and supervising staff.

British Columbia Securities Commission Vancouver, BC. Canada

As the Senior Geologist/Engineer you will conduct in-depth reviews and analysis of technical reports and other scientific or technical disclosure,

One listing is all you need Print Edition. Circulated to TNM 20K+ readership

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4 INDUSTRY JOB BOARDS CANADIAN Mining Journal

including disclosure of resources and reserves. You will work with and provide expert advice to Commission staff, as well as interface with public companies and the mining industry on securities related matters.

EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND S TA R T R E C R U I T I N G S M A R T E R T O D AY

For full job details visit www.northernminerjobs.com and enter the Job Name in the search field

15-JULY11_NEW-MiningJobs.indd 15

2016-07-05 6:03 PM

16

WWW.NORTHERNMINER.COM

JULY 11–17, 2016 / THE NORTHERN MINER

Northern Shield, South32 team up LABRADOR TROUGH

| ‘Fertile’ gabbros enriched in PGMs and nickel found at Huckleberry

BY MATTHEW KEEVIL

A

mkeevil@northernminer.com VANCOUVER

commitment to ore mineralogy is paying off for junior Northern Shield Resources (TSXV: NRN) at its greenfield Huckleberry copper-nickel discovery in the southern Labrador Trough. On June 7, the company struck an option agreement wherein Australia-based mega-miner South32 could earn a 70% interest in the project via $5 million in exploration expenses over three years.

Under the deal, South32 can earn a half stake for $2.5 million spent over two years, and increase that to 70% by spending another $2.5 million over the third year.

Northern Shield’s interest would be free-carried to completion of a preliminary economic assessment (PEA), and South32 has a first right of refusal on the junior’s neighbouring Séquoi property.

The two properties lie 100 km north of Schefferville, Que. “We didn’t strictly want to negotiate that they would carry us through to the PEA because we wanted benchmarks,” president and CEO Ian Bliss said during an interview. “It’s especially important early on that money is spent, and during these preliminary stages we will continue to manage the project.

That also helps South32, because they need to become more familiar with the Labrador Trough region.”

Northern Shield staked Huckleberry in mid-2014, but didn’t make a discovery until late last year, when sampling on a gossanous outcrop located at the contact between an olivine melagabbro and porphyritic gabbro returned eye-opening assays, including: 1.3% copper and 0.54 gram platinum-palladium per tonne; and 1.2% copper and 0.59 gram platinum-palladium per tonne.

T he u nderly i ng geolog y is dominated by a thick sequence of glomeroporphyritic gabbro, which is intruded by various other mafic phases, including the olivine melagabbro. The principal mineralized target lies in the western part of the property and includes the Discovery zone, where 58 samples average 1.2% copper, 0.2% nickel and 0.83 gram platinum group metals and gold.

“Initially we wanted to backtrack on the government data and chemically fingerprint ultramafic intrusions up and down the Labrador Trough. We identified ‘fertile’ gabbros that are enriched in platinum group elements and nickel, and the greatest concentration of these tar-

At the Huckleberry copper-nickel project in the southern Labrador Trough, from left: Ian Bliss, Northern Shield Resources’ president and CEO; Mirek Wozga, senior manager of resource evaluation with South32; and project geologist Gabriela Murray. NORTHERN SHIELD RESOURCES

“[HUCKLEBERRY’S] HIGH COPPER-NICKEL RATIOS [INDICATE] A SEGREGATED MAGMATIC SYSTEM … THAT’S WHERE YOU FIND GIANT DEPOSITS.”

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gets was right around Huckleberry,” Bliss continued.

“Late in the season our chief geologist, Christine Vaillancourt, was in helicopter and saw a massive gossan on the side of this ridge.

She figured somebody must have done fieldwork there, but due to bad weather they had to land and grabbed some samples. Needless to say we realized it was a discovery, and subsequent work indicated the potential extent of the mineralization,” he said.

In addition to the good grades, Huckleberry has size potential.

Northern Shield’s geological modelling indicates mineralization at the property may have resulted from a “dynamic, violent, episodic and long-lived” magmatic history.

The company has identified various characteristics associated with “large-scale” deposits, including: magmatic breccias throughout the intrusion, flow-banding in some of the ultramafic layers and multiple mineralization phases.

“One of the critical things with

Geologists on the Discovery zone at Northern Shield Resources’ Huckleberry coppernickel property in the Labrador Trough. NORTHERN SHIELD RESOURCES

1 2 3 4 5 11 13 14 16_JULY11_Main .indd 16

S U B S C R I P T I O N

Huckleberry are those high coppernickel ratios, because they indicate you’re dealing with a segregated magmatic system,” Bliss said. “You generally only see that when the magma cools extremely slowly, and so either it’s a massive magma chamber that’s hot, or there’s been a constant influx of hot magma into the system. Both are good scenarios, because that’s where you find giant deposits.”

The ultimate project is likely beyond that of a junior, but Northern Shield will remain operator through the 70% earn-in. The companies plan three weeks of outcrop sampling at Huckleberry, followed by an airborne electromagnetic survey.

Bliss said South32 hopes to drill as “soon as practically possible.”

Northern Shield was careful to keep Séquoi segregated from the main deal. The property covers a large, multi-lobed magnetic anomaly that is interpreted to be a f lat-lying, dish-shaped maficultramafic intrusion possibly related to Huckleberry, and part of a feeder system.

“On a regional scale we’re right on the transition from a gravity high to a gravity low, and when you look at analogous nickel belts they’re all similarly positioned,” Bliss said. “That tends to indicate deep-penetrating graben structures, so it’s in the right terrain.

There’s also a huge swath of highly anomalous nickel-copper in lakebottom sediments collected by the Quebec government in that part of the Labrador Trough. Somewhere there’s a source, and we believe we’re in the right area based on our interpretation of the glaciation.”

There’s virtually no outcrop at Séquoi due to low-lying terrain, so Northern Shield will fly airborne magnetics this year to line up drill targets. Fieldwork at Huckleberry was underway at press time.

Northern Shield has traded within a 52-week range of 1¢ to 22¢ per share, and last closed at 17¢. The company has 177.3 million shares outstanding for a $31-million market capitalization. TNM

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2016-07-05 7:32 PM