The Northern Miner July 27-August 2, 2015 by The Northern Miner Group

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Tables $24.5M bid for Temex Resources JULY 27-AUGUST 2, 2015 • VOL. 101, NO. 24 • SINCE 1915

Commentary 3

Navigating CSR efforts through anti-corruption laws

Defiance Silver 4

Gets good results at San Acacio

Sugar Zone may be even sweeter, Gold stocks that Harte Gold’s Roman says soared in 2015’s H1 BY TRISH SAYWELL

Development is picking up speed at Harte Gold’s (TSX: HRT; USOTC: HRTFF) Sugar Zone deposit, 60 km east of the Hemlo gold camp near Wawa, Ont., with a major financing, recent bulk sampling and toll-milling deals. Harte has signed a letter of intent with Barrick Gold (TSX: ABX; NYSE: ABX) to process a 70,000tonne bulk sample from the Sugar Zone mine at its nearby Hemlo mill, and signed a deal for a gold loan of up to US$6 million from metal merchant Auramet International. The term sheet with Auramet includes an undisclosed working capital facility on top of the loan of physical gold, and a final agreement is expected by the end of August. In May, Harte Gold signed a preliminary agreement with Sudburybased Technica Mining for a $20-million fixed price mining contract, and a final agreement is due before the end of July. Technica expects to mine bulk sampling to begin next January at a rate of 300 tonnes per day. “This will get the project started and cash flowing, and then the plan is to build our own See HARTE, Page 2

HARTE GOLD

Harte Gold president and CEO Stephen G. Roman at the Sugar Zone gold project in Ontario.

Callinex Mines attracts Resource Capital Funds BY TRISH SAYWELL

Max Porterfield, president and CEO of Callinex Mines (TSXV: CNX; US-OTC: CLLXF) thinks he’s got the projects, the people and soon, some of the money, to have a decent shot at making the next meaningful discovery in Manitoba’s prolific Flin Flon belt. The junior owns 100% of two projects that are within 16 km of Hudbay Minerals’ (TSX: HBM; NYSE: HBM) Triple Seven (777) zinc-copper-gold-silver mine and its Flin Flon concentrator, and in June Callinex appointed volcanogenic massive sulphide (VMS) experts Alan Vowles and J.J. O’Donnell to its technical team, both of whom have a history at Hudbay. Callinex has caught the eye of Resource Capital Funds (RCF), a U.S.-headquartered private equity fund that, since 1998, has supported 135 mining and mining-services companies in over 29 commodities and 44 countries. On July 13, Callinex announced

TNM July 27 2015 Issue.indd 1

that it expects RCF will acquire most of its upcoming $3-million, non-brokered private placement that will pay for more exploration at Callinex’s 100%-owned Pine Bay and Flin Flon projects. “As far as I know this will be RCF’s first foray into an earlierstage exploration company — it’s a new direction for them,” Porter field says in a telephone interview with The Northern Miner from his office in Vancouver. “We’re excited to have them, and they bring a lot more to the table and a lot more value-add than just their capital.” Under terms of the planned private placement, Callinex will issue 5 million flow-through shares at 30¢ per share, and another 5 million non-flow-through shares at the same price. The offering is expected to close on July 27. RCF is interested in Callinex for a number of reasons, Porterfield says, including its portfolio of properties that haven’t seen much See CALLINEX, Page 13

profitability and free Several gold producers cash flow for the last four have registered strong financial quarters,” Ogilshare price gains during vie says. the first half of 2015, deThe miner intends to spite price pressure on bump up grades again the yellow metal. The this year, and Ogilvie says spot gold price dipped that “a regional explora0.7% from last year’s tion program, coupled close to end June 30 at with continued success US$1,174 per oz. It has BY SALMA TARIKH at the operation, will act since fallen another as catalysts to further US$68.20 per oz. to finish July 21 at US$1,105.80. However, drive the share price.” Kirkland Lake will adopt a Dethere have been many gold stocks on the rise over the first half of the cember year-end, starting in 2016. The stock closed July 21 at $4.56. year, including the following: Kirkland Lake Gold (TSX: CIBC analyst Cosmos Chiu rates KGI; US-OTC: KGILF) ended the Kirkland as a “sector performer,” half year at $5.63 per share, up 68% with a $6 per share target. Lake Shore Gold (TSX: LSG; since the end of 2014, and up 119% since 2013. In November 2013 the NYSE-MKT: LSG) rose 64% to fincompany focused on better grades ish June at $1.28 per share. The instead of higher tonnage at its Ma- stock had been up 164% since the cassa gold mine in Ontario, leading end of 2013, coinciding with the miner expanding its Bell Creek mill to its recent success. Since that change, CEO George to 3,000 tonnes per day. This bolOgilvie explains the mine’s head stered output and trimmed costs grades are up 36% to 15 grams gold last year at its Timmins West and per tonne. Production in fiscal 2015, Bell Creek gold mines in Ontario. Gold production in the first half ended April, jumped 26% to 154,000 oz. gold over the earlier fiscal year, of 2015 totalled 95,600 oz., reladriving down costs. The firm also tively flat compared to the same reduced its 1,250-person workforce period last year. But preliminary to 1,000 employees. These factors cash costs and all-in sustaining have helped Kirkland “return to costs during the first half are both down 6% to US$551 and US$810 per oz., leading to a revised 2015 cost guidance. Lake Shore now expects costs to come in below its previous forecasts of US$650 to US$750 per oz. for cash costs, and US$950 to

NioCorp CEO provides cash to company BY TRISH SAYWELL

For the second time in less than two months, Mark Smith of NioCorp Developments (TSX: NB; USOTC: NIOBF) has dug into his own pockets for loans to the company he leads. The president, CEO and executive chairman loaned NioCorp US$1.5 million on June 17, and followed up with a US$2-million nonrevolving credit facility on July 1. The funds will help NioCorp refine its Elk Creek niobium project in southeastern Nebraska, and stay on track to complete a feasibility study. “I want to make sure that we don’t slow down any of the studies we’re undertaking to move this project forward,” Smith explains of his personal loans to the company. “In the last year we’ve been going at a feverish pace, and that is all about having confidence in a wonderful orebody and metallurgy that is getting better and better understood every day. Our goal is to develop this project, and we don’t

want to go slow, we want to get this technical work done so that we can do the financing and start construction, and I didn’t want any financial issues to get in the way of that speed, so I’m making sure the company has what it needs financially as we start the financing process.” Smith — who is also NioCorp’s largest shareholder, with an 11.8% stake in the company — says he expects to move Elk Creek into the construction phase of mine development in 2016, once a feasibility study is completed. Elk Creek is the only primary niobium deposit in the U.S. and the highest-grade undeveloped niobium deposit in North America, according to the company, which points out in its literature that the U.S. imports 100% of its niobium needs. Elk Creek also contains titanium and scandium. Indicated resources at Elk Creek measure 80.5 million tonnes grading 0.7% niobium pentoxide (Nb2O 5), 2.7% titanium dioxide

See GOLD STOCKS, Page 11 PM40069240 – PAP Registration #09263

See NIOCORP, Page 14

15-07-22 5:44 PM

JULY 27-AUGUST 2, 2015

THE NORTHERN MINER

Sugar Zone may be even sweeter

REGULAR DEPARTMENTS

COMPANY INDEX

Careers ............................ 11 Editorial ............................. 4 Events................................ 5 Mining Jobs ..................... 15 Meetings ........................... 5 Metal Prices ....................... 7 Professional Directory . 12-13 Stock Tables .................. 6-10

Company Index Asanko Gold .................... 11 Barrick Gold ....................... 1 Callinex Mines ................... 1 Capstone Mining ............. 16 Corona Gold ...................... 3 Dalradian Resources ........ 11 Defiance Silver ................. 16 Detour Gold .................... 11 Eagle Hill Exploration ......... 3 Endeavour Mining ........... 11 Gold Standard Ventures ... 11 Goldcorp ........................... 3 Guyana Goldfields ........... 11 Harte Gold......................... 1 Hudbay Minerals ............... 1 Kirkland Lake Gold ............ 1 Lake Shore Gold ............. 1,3

Largo Resources .............. 14 Molycorp ......................... 14 Newmont Mining ............ 11 NioCorp Developments ..... 1 Oban Mining ..................... 3 OceanaGold .................... 11 Osisko Gold Royalties ........ 3 Roxgold ........................... 11 Ryan Gold ......................... 3 St Andrew Goldfields ......... 2 Teck Resources ................ 16 Temex Resources .......... 3,11

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Our August 10 issue will include a feature section covering mining and exploration activity on Canada’s East Coast.

Harte Gold’s Sugar Zone project

QUEBEC

HARTE GOLD

George Flach, Harte Gold vice-president of exploration, at the Sugar Zone gold project, 60 km east of the Hemlo gold camp in Ontario. HARTE, From Page 1

mill on-site once we complete the permitting,” Harte Gold’s president and CEO Stephen G. Roman says in an interview. “We’ve got an excellent, high-grade deposit sitting there in the Sugar Zone, so we’ve been working hard to get it into production, get cash flow and finance exploration with cash flow, rather than raise money and diluting the company during this period of low share prices.” The Sugar Zone deposit — named after the granular nature of the gold-bearing quartz veins on the property — is 25 km northeast of White River, a town of 500 to 800 people, and an hour’s drive northeast of Wawa. The epithermal deposit is part of the Dayohessarah greenstone belt, which is situated between two larger greenstone belts: the Hemlo greenstone belt to the west and the Kabinakagami greenstone belt to the east. Sugar Zone has an indicated resource of 980,900 tonnes grading 10.3 grams gold per tonne for 319,280 contained oz. gold, and an inferred 580,500 tonnes grading 8.36 grams gold for 155,960 contained oz. gold. “Currently we have about five years of resource drilled,” Roman says. “The drilling is fairly intense in the first 400 metres of depth along a 1 km strike length, and below that, we’ve had deeper drilling extending to 1,000 metres and we still hit the orebody. Since we have indications it extends at depth we think we’re going to have significantly more there than the current resource. These Archean lode gold deposits typically extend to depth, and this one seems no different.”

Roman adds that the orebody comes right to surface so the ramp gets into ore almost immediately. “We’ll be ramping down enough to mine under the crown pillar,” he explains. “The initial plan is to do bulk sampling and if permitting comes on time we expect to have a seamless flow right into commercial operations. So mining will start at 300 tonnes per day, and then in commercial production we’ll bump that up to 600 tonnes per day, or about 70,000 oz. gold a year.” Under its bulk sample agreement with Technica, the contract miner will charge only its costs and then Harte Gold will give it a cut of any profits after the work is completed. “We expect it to be a high-grade, low-cost operation,” Roman says. “The Technica group is very competent. They’re doing a lot of work for a number of companies in northern Ontario and they are very efficient and safe miners.” Over the course of the 12 to 18 months of bulk-sampling, Roman says, Harte will assess Technica’s capabilities and costs in order to plan for longer-term mining of the deposit, including whether to use its own crews. Roman notes that the Sugar Zone deposit is a shear zone hosting a gold-rich quartz vein with mostly free gold — 85% of it recoverable with gravity methods. “That again reduces the cost of milling, because you can get a significant portion of the gold out with a simple gravity installation,” he says. Roman emphasizes that the company doesn’t want to toll mill longer than it has to, however, and says that “there are a number of groups that have indicated they are willing to finance a mill.” He estimates that the mill and mine development

would cost about $30 million. The great thing about the Sugar Zone deposit, he says, is that it’s a continuous, steeply dipping orebody amenable to low-cost mining, with high grade. “In the gold industry today, typical grades for a majority of deposits average around 1 gram gold per tonne,” he says. “This one is 10 grams gold per tonne, so that makes for a profitable operation.” Moreover, he says, the company has staked the entire 30 by 10 km Dayohessarah greenstone belt, which was part of the original Hemlo greenstone belt, and is prospective for further discoveries. In addition to the Sugar Zone, there is Harte’s Wolf zone, 2 km north, where limited drilling has found Hemlo-style rock. “We need to follow up that discovery because we feel that it could get significantly bigger,” Roman says, adding that the company has found anomalous gold on surface continuing from the area where drilling has returned some exceptional grades. The company is also exploring west of the Sugar Zone along the Contact zone, which is the contact

ONTARIO Timmins

•

Rouyn-Noranda

★ Sugar Zone Sudbury •

between sedimentary and volcanic units, hosting a sericitic schist and anomalous gold mineralization similar to the Hemlo deposit, he says. Harte Gold and Corona Gold bought the Sugar Zone property in 1998. Roman and his team took control of the company in January 2009, and acquired 100% ownership in May 2012. The deposit is between the cities of Sault Ste. Marie (311 km south) and Thunder Bay (383 km west). It is close to the Trans-Canada Highway and Highway 631, which

Ottawa

extends north from White River to Highway 11, and passes within 11 km east of the property. A Hydro One electrical transmission line also passes through White River, as well as Canadian Pacific’s transcontinental main line. Elsewhere in Ontario, the company owns the Stoughton–Abitibi property on the Destor–Porcupine fault zone, 110 km east of Timmins, 50 km northeast of Kirkland Lake and 10 km east of St Andrew Goldfields’ (TSX: SAS; US-OTC: STADF) Holloway gold mine.

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TNM July 27 2015 Issue.indd 2

A portal and site lay-down area under development at Harte Gold’s Sugar Zone gold property.

HARTE GOLD

15-07-22 5:44 PM

THE NORTHERN MINER

JULY 27-AUGUST 2, 2015

Lake Shore steps into M&A fray with Temex bid BY MATTHEW KEEVIL

VANCOUVER — Ontario-focused Lake Shore Gold (TSX: LSG; NYSE-MKT: LSG) has been one of the better turnaround stories over the past year, and now the company is looking to grow further. Lake Shore is spending $25 million on exploration this year, and has shifted into merger-andacquisitions mode with a $24.5-million, all-share bid for explorer Temex Resources (TSXV: TME; US-OTC: TMXRF). The acquisition would be convenient, as Temex holds a 60% interest in the Whitney gold project under a joint venture with Goldcorp (TSX: G; NYSE: GG), and the property sits next to Lake Shore’s Bell Creek mine and mill. Whitney hosts 3.2 million measured and indicated tonnes grading 6.85 grams gold per tonne for 708,600 contained oz., and 1 million inferred tonnes of 5.34 grams gold for 170,700 contained oz. Temex also holds a 100% interest in the Juby gold project in Ontario’s Shining Tree area. Resources at Juby sit at 26.6 million tonnes of 1.28 grams gold for 1.1 million oz. in the indicated category, and 96.2 million tonnes of 0.94 gram gold in inferred. Under the proposal, Temex shareholders would receive 0.105 of a Lake Shore share, equating to 13¢ per Temex share based on the closing price at the time of the offer. Lake Shore president and CEO Anthony Makuch notes that his company has “considerable capacity” at Bell Creek, and that adding a resource of Whitney’s “quality and quantity” would make “a lot of sense.” But there’s a hurdle in Lake Shore’s path: rival bidder Oban Mining (TSX: OBM). Oban earlier convinced Temex management to propose a five-way merger to shareholders in early June. The deal has been backed by Sean Roosen and the Osisko Gold Royalties’ (TSX: OR; US-OTC: OKSKF) team, and includes Eagle Hill Exploration (TSXV: EAG; US-OTC: EHECF), Ryan Gold (TSXV: RYG; US-OTC: RYGZF) and Corona Gold (TSX: CRG; US-OTC: CRGAF). Oban is effectively offering Temex shareholders 0.780 of a share in the newly merged entity, or a 35% premium based on Temex’s 15-day, volume-weighted average share price at the time. By comparison, Lake Shore’s is offering a 106% premium relative to the same trading period. At the time of the Oban offer Temex CEO Ian Campbell said on a conference call that “there was no doubt in our mind that this is exactly the right thing to do, and at the right time. [The move] provides liquidity and capital at a time when it’s extremely scarce.” But a month later, Temex called the Lake Shore proposal “superior,” and informed Oban that it has 10 business days to increase its offer. Lake Shore has invested $350 million in the Timmins gold camp over the past three years, and has dropped its operating costs and boosted cash margins. The company reported cash and bullion valued at $82 million in early July, and expects all-in sustaining costs should be below US$950 per oz. this year. Over the past six months Lake Shore cranked out 95,600 oz. and boosted its annual guidance to between 170,000 and 180,000 oz. gold.

TNM July 27 2015 Issue.indd 3

TEMEX RESOURCES

Peter Harvey, senior project geologist, examines core samples at Temex Resources and Goldcorp’s Whitney gold project in Ontario. The knock against the company, however, has always been a relatively short mine life at Bell Creek and the nearby Timmins West mine. Proven and probable reserves

at Bell Creek total 1.8 million tonnes of 4.6 grams gold for 263,600 contained oz., while Timmins West hosts 3.7 million probable tonnes averaging 4.3 grams gold for 510,000 con-

tained oz. The company has measured and indicated resources across its Timmins complex at the Vogel, Marlhill and Gold River targets. Lake Shore has had recent exploration success at its 144 target area, where it hailed a second gold discovery in late June. The company recently tabled intercepts from the newly identified 144 Gap Southwest zone, which were highlighted by 41 metres of 3.3 grams gold in hole 15-115 and 14 metres of 3.22 grams gold in hole 15-125. The new interpretation is that 144 Gap mineralization is contained within a broad zone of hydrothermal alteration and deformation measuring up to 100 metres wide, and is closely associated with syenite intrusions, quartz veining, pyrite, scheelite and/or galena, and multiple occurrences of visible gold. BMO Capital Markets analyst Brian Quast questions whether Lake Shore might be better served focusing on its internal asset base, versus wading into the acquisition market. BMO Research has a stock “underperform” rating on the com-

pany, along with a $1.15-per-share price target. “About [$24 million] in Lake Shore shares is unlikely to make a material difference in estimates,” Quast noted on July 16. “Also, the addition of near-mill ounces at Bell Creek makes sense from an operational perspective. However, it would seem that [the capital] could be used to further develop the current [mine,] just as easily as buying nearby properties, in BMO’s view.” Lake Shore has traded within a 52-week window of 70¢ to $1.40, and jumped 41%, or 35¢ over the past six months, en route to a $1.21-per-share close at press time. The company has 436 million shares outstanding for a $502-million market capitalization. Shares of Temex soared 110% after the offer en route to an 11.5¢ close at press time. The company has moved within a 52-week trading range of 4¢ to 12¢, and has 187 million shares outstanding for a $23.4-million market capitalization. Oban had not yet responded to the lake Shore bid at press time.

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JULY 27-AUGUST 2, 2015

THE NORTHERN MINER

EDITORIAL

EDITOR-IN-CHIEF:

JOHN CUMMING, MSc (Geol) jcumming@northernminer.com

EDITOR, SPECIAL PROJECTS:

ALISHA HIYATE, BA ahiyate@northernminer.com

SENIOR STAFF WRITER:

TRISH SAYWELL, BA, MA, MSc (Jour) tsaywell@northernminer.com

STAFF WRITER:

MATTHEW KEEVIL, BA (Econ and Poli Sci) mkeevil@northernminer.com STAFF WRITER:

LESLEY STOKES, BSc (Geol) lstokes@northernminer.com

STAFF WRITER:

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SALMA TARIKH, BSc (Psych), MA (Jour) starikh@northernminer.com

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ISA CUNANAN, BSc ADRIAN POCOBELLI, (Health Sci and Prof Writing) MA (Engl) icunanan@northernminer.com apocobelli@northernminer.com

EDITORIAL: TOP STORY OF WEEK 29

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Mitsubishi comes clean on WWII slave labour Japan’s Mitsubishi Materials Corp. is showing corporate courage by formally apologizing for using American prisoners of war as forced labour at its mines and industrial complexes during World War II — the first Japanese company to have issued an apology for such misdeeds. A company delegation led by Hikaru Kimura, a senior Mitsubishi exec, made the gesture at a ceremony held July 19 at the Simon Wiesenthal Center’s Museum of Tolerance in Los Angeles. The Associated Press reported that Kimura said through a translator that his company offers a “most remorseful apology” to the about 900 American POWs who suffered “harsh, severe hardships” while forced to work in Mitsubishi mines and industrial plants during the war. In an earlier private ceremony, the Mitsubishi delegation offered deep bows of contrition, and another Mitsubishi board member said the company also needed to apologize for being so slow with its apology. In attendance was former POW, 94-year-old James Murphy of Santa Maria, California, as well as other POWs subjected to such abuses and their family members, including former POW Lester Tenney, 94, who was forced to work at a coal mine run by Mitsui Mining Co. near Omatu, Japan. “This is a glorious day — for 70 years, we wanted this,” Murphy told the AP, stressing the apology “admits to wrongdoing, makes a sincere statement showing deep remorse,” and assures the wrongs will never be repeated. Murphy, who served as a radio operator for the U.S. Army Air Corps, had been shipped to Japan as a POW two and half years after his capture in the Philippines and his survival of the notorious Bataan Death March that killed thousands of captured American and Filipino soldiers. He spent a year at a copper mine near Hanawa with about 500 other POWs, an experience he described as “a complete horror” and “slavery in every way: no food, no medicine, no clothing, no sanitation.” Murphy had been involved in an unsuccessful class-action lawsuit launched against the Japanese government seeking compensation for U.S. POWs who were slave labourers during WWII. This latest apology includes no financial compensation for the former POWs and their families, though Mitsubishi is making a donation to a museum in West Virginia that commemorates U.S. survivors of the Bataan Death March. In a statement released after the apology ceremony, Murphy said if other companies followed suit, it would help provide closure for surviving POWs and build a better relationship between Japan and the U.S., who are already close allies. “Being one of the few surviving workers of that time, I find it to be my duty and responsibility to accept Mr. Kimura’s apology.” Japan’s government had formally apologized for mistreating American WWII POWs in 2009 and again in 2010. The AP notes some 12,000 American prisoners were shipped to Japan and forced to work at more than 50 sites to support Imperial Japan’s war effort, and about 10% died, according to the U.S.-Japan dialogue on POWs, which has spearheaded the effort to get companies to apologize. During WWII, the Mitsubishi conglomerate was linked to six POW camps in Japan that held 2,041 prisoners, of which half were American, according to non-profit research centre Asia Policy Point. At the war’s end, Mitsubishi Materials Corp.’s predecessor Mitsubishi Mining Co. was running four sites that held 876 American POWs. The Japanese government recently won “UNESCO World Heritage” status for 23 historical Japanese industrial sites, and in its application for such a designation, acknowledged that during WWII tens of thousands of South Koreans, Chinese and POWs had been forced to fill labour shortages at mines, factories and other industrial sites in Japan.

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TNM July 27 2015 Issue.indd 4

C O M M E N TA RY

Fulfilling CSR goals without violating anti-corruption laws

ment of fair market Corporate social responvalue structures, distort sibility (CSR) is increascompetition and deter ingly important to sucinvestment. Environcessful business mentally, corruption operations. Yet CSR inican contribute to envitiatives are often develronmental degradation, oped without attention the exploitation of natuto possible liability under ral resources and insufanti-corruption laws. ficient regulation or CSR once referred priBY MARK N. SILLS AND enforcement to protect marily to a company’s JENNIFER L. EGSGARD the environment. voluntary philanthropic SPECIAL TO THE NORTHERN MINER projects, such as donating to a local charity or building a school. Presenting or preventing While these types of projects are still im- corruption risk? portant, today the term CSR refers more Corruption risk varies depending on the broadly to a corporate responsibility to un- CSR approach a company takes. Corruption derstand and address the various impacts a risk ought to decrease when a company is company’s operations may have on its using the newer concept of CSR embodied stakeholders in the economic, social and in the Guiding Principles. Best practices in environmental spheres, as well as their re- anticorruption compliance require policies, lationships in the workplace, the market- codes of conduct and due diligence to preplace, the supply chain, the community and vent and detect corruption, all of which are the public policy realm. required by the Guiding Principles in reAn example of this newer concept of CSR spect of human rights. The steps required is set out in the widely endorsed UN Guiding by the Guiding Principles can be integrated Principles on Business and Human Rights. into a company’s overall compliance proThese “Guiding Principles” state that busi- cesses, and can dovetail with existing antinesses have a responsibility to respect all corruption policies, procedures and due internationally recognized human rights by diligence. This new “due diligence” apavoiding infringement on the human rights proach to CSR, when followed, can provide of others, conducting due diligence to mon- additional feedback to help companies preitor rights impacts and addressing adverse vent, identify and remediate corruption. human rights impacts that may arise out of In a project-based approach to CSR, comtheir operations. panies need to remain vigilant about corrupCSR and anti-corruption initiatives are tion. CSR projects are often designed to often approached differently both concep- mitigate challenges in getting businesses up tually and within companies, yet they are and running, particularly in developing linked. CSR considers the economic, social countries. Not only must a number of apand environmental impacts of a company’s provals must be obtained from foreign ofoperations, and all of these spheres may be ficials in the regulatory area, but it is also negatively affected by a company’s corrupt often necessary to obtain more community activities. approval — or “social licence” — from afSocially, corruption undermines the rule fected local peoples for proposed projects. of law and the legitimacy of public office, As a result, companies, particularly in the and creates an obstacle to democracy. extractive sector, engage in activities such Economically, corruption depletes na- as investing in local infrastructure (improvtional wealth, leads to the misallocation of ing roads, building hospitals and schools, scarce resources, can hinder the developSee COMMENTARY, Page 5

15-07-22 5:44 PM

THE NORTHERN MINER

and improving water systems), and providing training and support for local projects, charities and initiatives. Similarly, companies in the retail sector are encouraged to contribute to occupational health and safety initiatives in manufacturing countries, while pharmaceutical companies often donate projects or services to contribute to community health. Involvement in these initiatives is often beneficial to local groups, and practically essential in order to establish a business. Without precautions, however, these projects may expose a company to significant corruption risk, as illustrated in the case described below.

in the Blackfire case, it provides a Canadian example of the need for controls to be in place when making payments relating to CSR. In this instance Blackfire stated it believed the money paid to the mayor was to benefit the local community. However, there were apparently no systems in place to track how the funds were actually spent after being directed to the mayor. The company was therefore exposed to liability for bribery. The company also apparently failed to obtain “social licence” from the spending, as it appears that the money benefitted only the corrupt mayor, and was not effective in addressing any local community concerns.

Blackfire’s example

Controls needed

COMMENTARY, From Page 4

Blackfire Exploration Ltd. is a Calgary-based, privately owned junior company with operations in the southern Mexican state of Chiapas. In July 2011, the RCMP executed a search warrant at Blackfire’s Calgary offices, alleging Blackfire paid $20,000 into a local mayor’s personal bank account to “keep the peace and prevent local members of the community from taking up arms against the mine.” According to the RCMP, when the mayor’s requests became more exorbitant and sleazy, including demands for airline tickets and prostitution, the company complained to the Mexican government that they were being subject to extortion. Blackfire, in a 2011 statement, stated that it never knowingly paid bribes to anyone, and that it was under the impression that the money transferred to the mayor was for the benefit of the citizens of the local small town, destined for fair and public works. Blackfire said that when it learned the funds were possibly being used for other purposes it took immediate steps to stop the payments. The mayor subsequently stopped supporting the mine, and protestors took over the site. Ultimately three men, including a Blackfire employee, were arrested for the shooting death of a local anti-mining activist. While charges have not been laid

To make sure that CSR projects remain corruption-free, due diligence and controls are essential. In addition to other anti-corruption

compliance measures, these may include the following steps: • Prepare internal guidelines on CSR spending, and ensure compliance with them so that CSR-related payments are not viewed as reactive or designed to influence specific official action.

diligence on the recipient to confirm: that the recipient is a bona fide organization or charity; that no individuals involved with the recipient are foreign officials, or have a close connection to foreign officials; or if they are, ensure those individuals have no influ-

When the mayor’s requests became more exorbitant and sleazy, the company complained to the Mexican government that they were being subject to extortion. • Ensure that CSR spending is never exchanged for official action or inaction. • Exercise great caution if the payment is being made at the request of a foreign official. Consider: is the foreign official associated with the recipient or beneficiary? Can the foreign official influence decisions regarding your business in that country? • Undertake and document due

OP-ED

MATTERS OF GENERAL INTEREST Fulfilling CSR goals

JULY 27-AUGUST 2, 2015

ence over decisions regarding your business in that country. • Obtain a written agreement from the recipient: restricting the use of funds for agreed-upon stated purposes; requiring that the recipient provide audited financial statements throughout the term of the project; requiring certifications from the recipient regarding their compliance with anti-corruption laws and imple-

mentation of anti-corruption compliance measures; allowing for ongoing monitoring and auditing of the recipient’s use of funds and effectiveness of the project or program, if appropriate; and prohibiting compensation to certain individuals. • Arrange phased payments to the recipient contingent on meeting audited targets, or confirmation that recipient commitments are met before disbursal of funds. • Ensure the CSR spending is performed transparently, and properly booked in company records. — Mark N. Sills and Jennifer L. Egsgard are partners in Sills Egsgard LLP, a Toronto law firm specializing in international trade and investment, and related regulatory compliance issues. Visit www.lexmercantile.com for more information, including the unabridged version of this article, which contains more examples of CSR-related corruption settlements and opinions in the U.S., as well as detailed footnotes.

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JULY 27-AUGUST 2, 2015

THE NORTHERN MINER

MARKET NEWS TORONTO STOCK EXCHANGE Canada’s benchmark index added 109.62 points, or 0.8%, to close the turbulent week at 14,642.84. The S&P/TSX Capped Diversified Metals & Mining Index plunged 6.8% to 614.32, while the S&P/TSX Global Gold Index fell 6.7% to 136.72. The spot gold price sank US$29.50 per oz. to US$1,133.30 in New York. It lost another US$35.60 per oz. to finish July 20 at US$1,097.70. On July 17, Statistics Canada reported the country’s annual inflation rate crept up to 1% in June from 0.9% in May, led by higher food and shelter prices. Canada’s annual core inflation, which excludes volatile consumer items such as food and energy prices, rose 2.3% in June, slightly above the expected 2.2% increase. Earlier in the week, the Bank of Canada cut its key interest rate by 25 basis points to 0.5% to stimulate the sluggish economy. The central bank adjusted this interest rate to keep core inflation at a 2% midpoint. Torex Gold Resources, which is developing its wholly owned Morelos gold property in Mexico’s Guerrero belt, slipped 4.5% to $1.06 per share. Morelos has two projects: the ELG mine, which is under development, and the Media Luna project. On July 21, Torex published a positive preliminary economic assessment on

J U LY 13 -17

Media Luna, including a new inferred resource. The study says the project could produce 313,000 equivalent oz. gold annually for 13 years at pre-production costs of US$482 million. It included 51.5 million inferred tonnes grading 4.48 equivalent oz. gold for 7.42 million equivalent oz. gold. The study pegs Media Luna’s after-tax internal rate of return at 24.6%. Pretium Resources rose 8% to $6.88 per share. On July 15, the company reported a second batch of results from an underground infill drill program at Brucejack’s Valley of Kings deposit in northern B.C. The results confirmed the “style and grade distribution of the gold mineralization in area currently being tested,” the company says. Highlights included 164.54 grams gold per tonne uncut

TSX most active issues VOLUME (000s) HIGH

First Quantum Teck Res B Lundin Mng Barrick Gold B2Gold Yamana Gold Goldcorp Silver Wheaton Kinross Gold Capstone Mng

FM TCKB LUN ABX BTO YRI G SLW K CS

21270 16726 15905 14373 13300 12338 10729 10159 9748 9466

16.16 12.31 5.10 13.92 1.98 3.79 21.78 22.49 2.98 1.24

WEEK LOW CLOSE CHANGE

13.77 11.18 4.63 12.77 1.83 3.41 20.37 19.00 2.65 1.13

15.58 - 0.80 11.25 - 0.82 5.09 + 0.01 12.82 - 0.57 1.92 + 0.02 3.42 - 0.28 20.84 + 0.26 19.17 - 2.54 2.66 - 0.21 1.15 - 0.09

US$100 million once the agreement closes and US$75 million after capital spending is 60% complete, expected by mid-2016. Under the terms, Royal Gold will receive 6.5% of Rainy River’s gold production until it reaches 230,000 oz., and 3.3% thereafter, plus 60% of the project’s silver output until it has 3.1 million oz., and 30% thereafter. Upon delivery, it will pay New Gold 25% of the metal’s spot price.

over 13.8 metres, with 3,424 grams gold uncut over half a metre, and 259.48 grams gold uncut over 10 metres, with 4,980 grams gold over half a metre. Pretium has finished 9,000 metres of the 40,000-metre infill program. New Gold shares finished relatively flat at $3.32. On July 20, the company agreed to sell a precious metals stream on its Rainy River project in Ontario to Royal Gold for US$175 million. Royal Gold will provide

TSX greatest percentage change VOLUME (000s) HIGH

Champion Iron Cardero Res Tanz Roy Exp Redhawk Res Century Iron M Golden Mnls Laramide Res Corvus Gold Taseko Mines Armistice Res Fortune Mnrls Canarc Res Bannerman Res Stockport Expl Freegold Vent Prophecy Coal North Am Pall Paladin Energy New Milln Iron Timmins Gold

CIA CDU TNX RDK FER AUM LAM KOR TKO AZ FT CCM BAN SPT FVL PCY PDL PDN NML TMM

526 121 321 35 10 46 788 169 1859 65 7159 939 1170 237 131 2641 2695 2943 445 4320

0.19 0.02 0.52 0.07 0.34 0.50 0.30 0.72 0.76 0.39 0.05 0.09 0.05 0.04 0.14 0.08 0.05 0.25 0.11 0.71

TSX greatest value change

WEEK LOW CLOSE CHANGE

0.11 0.02 0.41 0.05 0.34 0.41 0.24 0.64 0.58 0.33 0.03 0.05 0.04 0.03 0.11 0.05 0.04 0.20 0.09 0.55

0.19 0.02 0.51 0.07 0.34 0.48 0.29 0.72 0.73 0.39 0.03 0.06 0.04 0.03 0.11 0.06 0.04 0.21 0.10 0.58

+ + + + + + + + + + -

72.7 33.3 24.3 18.1 17.2 15.8 13.7 12.5 12.3 11.4 50.0 35.2 30.0 25.0 25.0 20.0 20.0 19.6 17.3 17.1

Horizns G Bear Silver Std Res Goldcorp Uranium Partic Contintl Gold Royal Cdn Mint Tanz Roy Exp Champion Iron Corvus Gold Taseko Mines Agrium Silver Wheaton Franco-Nevada Potash Cp Sask Dominion Diam Royal Gold Cameco Corp Alamos Gold Imperial Metal Agnico-Eagle

HGD SSO G U CNL MNT TNX CIA KOR TKO AGU SLW FNV POT DDC RGL CCO AGI III AEM

TSX VENTURE EXCHANGE The S&P/TSX Venture Composite Index declined for a fourth week, as it closed down 1.9%, or 12.17 points, at 628.81 points. Markets were hit by falling commodity prices, while Statistics Canada reported that foreign investors reduced their holdings of Canadian securities by $5.4 billion in May, with most being divestments in equities. Gold miners were hit particularly hard after August contracts for bullion tumbled 2.6%, or US$29.60, en route to a US$1,131.80 per oz. close. Meanwhile, September contracts for West Texas Intermediate crude oil fell 1.7%, or US89¢, before finishing at US$51.21 per barrel, and September contracts for copper lost 1.2%, or US3¢, en route to a US$2.50 per lb. close. Explorer Temex Resources had a busy week following a second bid for its gold portfolio in northeastern Ontario. The company jumped 83%, or 5¢, on 14.5 million shares traded before finishing at 11¢ per share. On July 16 Temex announced a $24.5-million, all-share bid from producer Lake Shore Gold. The company has a 60% interest in the Whitney gold project under a joint venture with Goldcorp, and the property sits next to Lake Shore’s Bell Creek mine and mill. Under the proposal, Temex shareholders would

TNM July 27 2015 Issue.indd 6

WEEK CLOSE

2123826 1318543 10729424 725751 2194186 87003 320840 525959 168959 1859189 1703542 10158892 2901395 8368287 1661120 17743 5177186 3227131 182622 4219779

13.35 7.76 20.84 5.49 3.05 15.75 0.51 0.19 0.72 0.73 130.93 19.17 57.97 36.50 16.50 76.72 17.00 6.13 9.26 35.40

CHANGE

+ + + + + + + + + + -

0.80 0.29 0.26 0.22 0.14 0.11 0.10 0.08 0.08 0.08 3.57 2.54 2.33 2.28 1.45 1.39 1.38 1.23 1.14 1.04

J U LY 13 -17 receive 0.105 of a Lake Shore share. The situation could escalate into a bidding war, since Oban Mining had previously received Temex’s approval to offer shareholders a chance to join a five-company merger. Oban’s offer represented a 35% premium based on Temex’s 15-day, volume-weighted average share price at the time. Lake Shore is offering a 106% premium relative to the same trading period. NexGen Energy also experienced heavy trading after releasing drill results from a 25,000-metre mid-year program at its Rook I uranium property in Saskatchewan’s Athabasca basin. The company saw nearly 7 million of its shares change hands, as it lost 9%, or 7¢, before finishing at 74¢ per share.

TSX-V most active issues VOLUME (000s) HIGH

Malbex Res Laurion Mnl Ex Chalice Diam Metanor Res Integra Gold Abcourt Mines Phoenix Gold CMC Metals True Gold Mng Noka Res

MBG LME COD MTO ICG ABI PXA CMB TGM NX

18284 7700 6847 5250 4477 3577 3139 2877 2823 2706

0.06 0.03 0.08 0.07 0.32 0.04 0.01 0.05 0.24 0.06

WEEK LOW CLOSE CHANG E

0.03 0.02 0.07 0.05 0.26 0.03 0.01 0.05 0.21 0.04

0.05 + 0.02 0.03 0.00 0.07 + 0.01 0.06 - 0.01 0.28 - 0.05 0.04 0.00 0.01 0.00 0.05 - 0.01 0.22 - 0.03 0.05 0.00

On July 16 NexGen reported that hole 1549c2 intersected 73.5 metres of mineralization, including 23 metres of off-scale radioactivity in the A2 shear, which extends high-grade mineralization up-plunge to the northeast. Meanwhile, hole 15-48c1 intersected 61 metres of mineralization, including 5.8 metres of off-scale radioactivity. Beleaguered Pacific Booker Minerals is

hitting historic lows amidst permitting delays at its Morrison copper-gold project, 65 km northeast of Smithers, B.C. Shares tumbled 33%, or 76¢, to $1.55 per share. Pacific Booker won a second chance at permitting Morrison via a court case, but the the project will undergo more review. Pacific Booker announced on July 13 that it is consulting professional advisors.

TSX-V greatest percentage change VOLUME (000s) HIGH

Manado Gold Nebu Res Xtierra Northern Lion AM Gold Valterra Res Mountain Boy M Canadn Orebods Senator Minls Ultra Lithium Gresval Cap Pac Booker Min Lions Gate Eng SGX Res Xmet North Am Tung Golden Goliath Currie Rose Rs Latin Am Mnls MacDonald Mns

MDO NBU XAG NL AMG VQA MTB CO SNR ULI CRV BKM LG SXR XME NTC GNG CUI LAT BMK

575 70 794 36 244 100 45 63 14 45 40 118 380 114 2052 1026 564 16 1525 355

0.06 0.03 0.01 0.01 0.06 0.01 0.01 0.06 0.17 0.01 0.01 5.67 0.02 0.01 0.02 0.02 0.01 0.01 0.02 0.01

TSX-V greatest value change

WEEK LOW CLOSE CHANGE

0.02 0.02 0.01 0.01 0.04 0.01 0.01 0.01 0.11 0.01 0.01 2.21 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

0.06 0.03 0.01 0.01 0.06 0.01 0.01 0.06 0.17 0.01 0.01 2.31 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

+ 450.0 + 150.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 66.6 - 55.4 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

VOLUME

Senator Minls Zimtu Capital Great Atlantic Manado Gold Golden Hope Grizzly Discvr AM Gold Goldbank Mng Canadn Orebods RPT Uranium Pac Booker Min Bacanora Mnls Diamcor Mng Kennady Diam Titanium Corp Bellhaven Cp&G Abitibi Royalt Zenyatta Vent Chesapeake Gld Gold Std Vnt

SNR ZC GR MDO GNH GZD AMG GLB CO RPT BKM BCN DMI KDI TIC BHV RZZ ZEN CKG GSV

U.S. M ARKETS Strong earnings reports and relief after the parliament in Greece voted for austerity measures lifted all three major indexes in the U.S. The Dow Jones Industrial Average gained 1.8% to finish at 18,086.45, the S&P 500 Index rose 2.4% to 2,126.64 and the Nasdaq Composite Index jumped 4.3% to 5,210.14. Plunging precious metal prices drove down the Philadelphia Gold & Silver Index by 8.2% to 54.20. The gold price dropped for the fifth week, finishing at a fiveyear low of US$1,133.30 per oz., while platinum slid below US$1,000 per oz. for the first time in six years, and palladium fell to its lowest level since November 2012. Shares of Energy Fuels jumped US44¢, or 11%, to US$4.43, after the State of Wyoming approved a major revision to the mining permit for the company’s Sheep Mountain project, including surface and underground mining expansion. The conventional uranium project was formerly operated by Western Nuclear from the 1950s to the 1980s, but was shut down due to low uranium prices. With an indicated resource of 30.3 million lb. uranium (from 12.9 million tons

VOLUME

14000 900522 244200 574700 60730 433500 244385 30000 63200 46500 117712 366267 24206 134638 214455 20920 11825 517673 11234 195004

WEEK CLOSE

0.17 0.32 0.14 0.06 0.50 0.08 0.06 0.07 0.06 0.33 2.31 1.30 1.04 5.00 1.32 0.25 2.86 1.37 1.90 0.54

CHANGE

+ + + + + + + + + + -

0.09 0.09 0.07 0.05 0.04 0.04 0.03 0.03 0.03 0.03 2.87 0.29 0.20 0.19 0.18 0.15 0.13 0.11 0.10 0.09

J U LY 13 -17 [11.7 million tonnes] averaging 0.1% U3O8), Sheep Mountain is one of the largest uranium development projects in the U.S. The company is awaiting an environmental impact statement (EIS) from the Bureau of Land Management (BLM). The BLM issued a draft EIS in January 2015, and Energy Fuels expects operational approval by mid-2016. Now it is evaluating processing options, such as permitting and building a heap-leach facility, or using a third-party milling facility. Rio Tinto’s shares rose to US$40.35 from US$39.14. The miner reported that its global iron ore production rose 9% in the year’s

U.S. most active issues VOLUME (000s) HIGH

Alcoa* AA 158745 11.13 Freeport McMo* FCX 115500 18.12 Peabody Enrgy* BTU 93059 1.84 Barrick Gold* ABX 62716 11.00 Cliffs Nat Rs* CLF 49148 3.84 Kinross Gold* KGC 40874 2.36 Goldcorp* GG 40205 17.12 Teck Res B* TCK 35740 9.68 Arch Coal* ACI 31500 0.39 Silver Wheatn* SLW 31301 17.77

WEEK LOW CLOSE CHANGE

10.39 16.00 1.52 10.05 3.06 2.08 16.09 8.75 0.27 14.93

10.63 - 0.47 16.74 - 1.66 1.60 - 0.27 10.11 - 0.46 3.30 - 0.56 2.11 - 0.16 16.44 + 0.26 8.89 - 0.71 0.27 - 0.08 15.12 - 2.22

second quarter from the same quarter in 2014; bauxite production, 5%; and hard coking coal, 15%. Mined copper, however, was down 19%; semi-soft and thermal coal, 5%; and titanium dioxide slag, 19%. Fortuna Silver Mines fell 11.7% to

US$3.01 per share, despite outperformance at its San Jose mine in Mexico making up for lower silver production at its Caylloma mine in Peru. The company reiterated its annual production guidance of 6.5 million oz. silver and 35,300 oz. gold.

U.S. greatest percentage change VOLUME (000s) HIGH

US Energy* Tanz Roy Exp* Taseko Mines* Northern Dyn* Dejour Enterp* Timberline Rs* OM Group* Golden Mnls* Avalon Rare M* Compass Mnls* Pac Booker Mn* Atlatsa Res* Arch Coal* SinoCoking Cl* Timmins Gold* McEwen Mng* Comstock Mng* Mines Managem* Natural Rs Pt* General Moly*

USEG TRX TGB NAK DEJ TLR OMG AUMN AVL CMP PBM ATL ACI SCOK TGD MUX LODE MGN NRP GMO

U.S. greatest value change

WEEK LOW CLOSE CHANGE

568 0.64 0.37 2107 0.41 0.32 1840 0.59 0.45 306 0.36 0.32 132 0.13 0.11 47 0.61 0.49 4110 35.00 34.25 347 0.39 0.33 869 0.20 0.17 357 84.72 80.93 36 4.38 1.79 632 0.11 0.06 31500 0.39 0.27 1427 1.60 1.11 891 0.57 0.44 1250 0.96 0.78 850 0.62 0.50 232 0.53 0.30 439 3.73 3.02 468 0.71 0.58

0.51 0.40 0.58 0.36 0.12 0.55 34.54 0.38 0.19 84.53 1.81 0.06 0.27 1.27 0.48 0.78 0.53 0.41 3.09 0.59

+ + + + + + + + + + -

31.1 26.9 8.4 7.2 6.1 5.7 3.2 3.0 2.7 2.4 56.3 40.0 23.6 21.6 19.2 18.5 18.4 18.0 16.4 16.5

Compass Mnls* OM Group* Goldcorp* US Energy* Silver Std Re* Tanz Roy Exp* Cabot Corp* Taseko Mines* Timberline Rs* Northern Dyn* Agrium* Hi-Crush Part* US Silica Hld* Randgold Res* Pac Booker Mn* Silver Wheatn* Consol Energy* Rio Tinto* BHP Billi-BHP* BHP Billi-BBL*

CMP OMG GG USEG SSRI TRX CBT TGB TLR NAK AGU HCLP SLCA GOLD PBM SLW CNX RIO BHP BBL

VOLUME

WEEK CLOSE

356511 4109972 40205141 568248 6492938 2106639 3177847 1840323 46849 306406 660251 522558 2209087 2580764 36444 31301489 28631543 4236453 18559114 4948259

84.53 34.54 16.44 0.51 6.12 0.40 37.86 0.58 0.55 0.36 103.22 25.77 24.35 64.16 1.81 15.12 19.64 39.14 39.47 38.05

CHANGE

+ + + + + + + + + + -

2.02 1.08 0.26 0.12 0.12 0.09 0.05 0.05 0.03 0.02 3.62 3.20 2.86 2.39 2.34 2.22 2.15 1.90 1.82 1.82

15-07-22 5:44 PM

THE NORTHERN MINER

STOCK TABLES

MINING STOCKS listed on NORTH AMERICAN EXCHANGES Trading: July 6-10, 2015

(100s) Stock

Exc Volume

Week High

Low

Last

12-month Change

High Low

A Abacus Mng&Ex Abcourt Mines ABE Res Aben Res Aberdeen Intl Abitibi Royalt Abzu Gold Acme Res Adamera Mnls Adanac Moly Adex Mining Adriana Res Advance Gold African Gold G African Metals Africo Res Aftermath Silv Agnico-Eagle* Agnico-Eagle Agrium* Agrium Aguila Am Res Alabama Graph Alacer Gold Alamos Gold* Alamos Gold Alberta Star Alberta Star D Alcoa* Alder Res Alderon Irn O* Alderon Iron O Aldridge Minls Aldrin Res Alexander Nubi Alexandria Mnl Alexco Res Alexco Res* Alix Res Alliance Mng Alliance Rs P* Alloycorp Almaden Mnls* Almaden Mnls Almonty Ind Alpha Gold Alpha Nat Res* Alphamin Res Altai Res Altan Nev Mnls Altan Rio Mnls Altima Res Altiplano Mnls Altitude Res Altius Mnrls Alto Vent Alum Cp China* Am Creek Res AM Gold Amarc Res Amarillo Gold American Manga American Vanad Amerigo Res Amex Expl Anaconda Mng Anconia Res AndeanGold Anfield Nickel Anfield Res Angel Gold Angkor Gold Anglo Pac Grp Anglo-Bomarc Anglo-Can Mng AngloGold Ash* Antioquia Gold Antofagasta Gd Apogee Silver AQM Copper Aquila Res Arch Coal* Arctic Hntr Ur Arctic Star Rs Arcus Dev Grp Argentex Mng

V 4746 V 35774 V 4550 V 3764 T 6235 V 118 V 590 V 200 V 770 V 26 V 2289 V 5073 V 206 V 10358 V 30 T 98 V 22 N 104356 T 42197 N 6602 T 17035 V 20 V 13146 T 24788 N 57997 T 32271 V 4646 V 256 N 1587445 V 123 X 189 T 1102 V 1054 V 2139 V 200 V 24628 T 1957 X 6231 V 3751 V 380 Q 14455 V 11921 X 4852 T 592 V 35 V 779 N 232793 V 1230 V 870 V 160 V 190 V 7912 V 700 V 185 T 3397 V 94 N 5999 V 1110 V 2443 V 225 V 1920 V 651 V 1128 T 1235 V 4020 T 1050 V 1000 V 5105 V 501 V 14 V 482 V 800 T 1 V 80 V 20 N 116517 V 8849 V 1065 V 425 V 960 T 1870 N 314998 V 75 V 9521 V 2465 V 1100

0.06 0.05 0.06 0.04 0.03 0.04 0.04 0.03 0.04 0.03 0.02 0.02 0.13 0.12 0.13 3.15 2.86 2.86 0.03 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04 0.19 0.18 0.18 0.02 0.01 0.02 0.12 0.10 0.11 0.02 0.02 0.02 0.05 0.04 0.05 0.08 0.06 0.06 0.35 0.35 0.35 0.01 0.01 0.01 30.10 27.74 27.96 38.07 35.22 35.40 108.92 101.33 103.22 137.48 128.84 130.93 0.07 0.07 0.07 0.20 0.17 0.19 3.00 2.78 2.84 5.90 4.72 4.84 7.32 6.02 6.13 0.04 0.03 0.03 0.20 0.20 0.20 11.13 10.39 10.63 0.01 0.01 0.01 0.20 0.17 0.17 0.24 0.22 0.22 0.18 0.18 0.18 0.15 0.13 0.15 0.09 0.09 0.09 0.05 0.04 0.04 0.46 0.40 0.43 0.37 0.31 0.34 0.09 0.08 0.08 0.02 0.02 0.02 25.23 24.01 24.69 0.04 0.03 0.03 0.84 0.75 0.76 1.04 0.97 0.98 0.68 0.67 0.68 0.06 0.05 0.05 0.31 0.20 0.25 0.20 0.18 0.18 0.07 0.06 0.07 0.02 0.01 0.02 0.03 0.03 0.03 0.02 0.01 0.02 0.05 0.05 0.05 0.16 0.12 0.16 14.78 13.90 14.03 0.04 0.04 0.04 11.04 8.66 10.36 0.05 0.04 0.05 0.06 0.04 0.06 0.10 0.09 0.09 0.07 0.06 0.06 0.02 0.01 0.02 0.09 0.08 0.09 0.44 0.37 0.42 0.04 0.03 0.04 0.05 0.05 0.05 0.01 0.01 0.01 0.02 0.01 0.02 0.80 0.70 0.72 0.11 0.11 0.11 0.06 0.06 0.06 0.60 0.55 0.59 1.90 1.90 1.90 0.20 0.15 0.20 0.01 0.01 0.01 8.97 8.03 8.10 0.07 0.05 0.07 0.23 0.21 0.21 0.34 0.26 0.28 0.06 0.05 0.05 0.16 0.15 0.16 0.39 0.27 0.27 0.03 0.03 0.03 0.04 0.03 0.03 0.02 0.01 0.02 0.03 0.03 0.03

+ + + + + + + + + + +

0.00 0.09 0.03 0.00 0.08 0.03 0.00 0.10 0.03 0.00 0.06 0.02 0.00 0.20 0.11 0.13 5.10 1.94 0.01 0.35 0.02 0.01 0.06 0.03 0.00 0.10 0.03 0.01 0.20 0.15 0.01 0.02 0.01 0.01 0.19 0.10 0.01 0.08 0.02 0.01 0.15 0.04 0.01 0.29 0.03 0.04 0.45 0.31 0.00 0.06 0.01 0.47 42.41 21.65 1.04 45.92 25.05 3.62 116.77 82.04 3.57 146.51 92.81 0.00 0.18 0.03 0.01 0.35 0.14 0.01 3.11 1.77 0.85 10.55 4.72 1.23 11.26 6.02 0.00 0.10 0.02 0.00 0.23 0.16 0.47 17.75 10.39 0.00 0.05 0.01 0.02 1.49 0.17 0.03 1.61 0.22 0.01 0.37 0.16 0.01 0.33 0.12 0.00 0.28 0.06 0.00 0.08 0.04 0.02 1.53 0.34 0.00 1.44 0.26 0.01 0.30 0.03 0.00 0.06 0.01 0.16 53.84 23.67 0.00 0.10 0.03 0.09 1.64 0.75 0.06 1.80 0.92 0.00 0.79 0.52 0.00 0.06 0.03 0.04 4.16 0.20 0.05 0.32 0.11 0.01 0.12 0.06 0.00 0.07 0.01 0.01 0.07 0.02 0.00 0.08 0.01 0.01 0.06 0.02 0.01 0.30 0.09 0.67 15.47 9.86 0.01 0.10 0.04 1.80 17.44 8.66 0.01 0.10 0.03 0.03 0.13 0.02 0.02 0.18 0.06 0.01 0.15 0.04 0.00 0.04 0.01 0.01 0.62 0.05 0.02 0.48 0.23 0.00 0.12 0.03 0.00 0.09 0.04 0.01 0.10 0.01 0.00 0.04 0.01 0.09 1.10 0.70 0.02 0.76 0.10 0.01 0.10 0.02 0.01 0.64 0.29 0.15 3.48 1.00 0.01 0.30 0.02 0.00 0.02 0.01 0.71 18.69 7.45 0.02 0.07 0.01 0.01 0.25 0.09 0.02 0.98 0.18 0.01 0.15 0.05 0.00 0.19 0.09 0.08 3.62 0.27 0.00 0.06 0.02 0.01 0.20 0.03 0.01 0.05 0.01 0.00 0.09 0.02

(100s) Stock

JULY 27-AUGUST 2, 2015

Exc Volume

Argentum Silvr Argex Titanium Argonaut Gold Argus Metals Arian Silver Arianne Phosph Armistice Res Aroway Mnls ASA (Bermuda)* Asanko Gold Asanko Gold* Ascot Res Ashburton Vent Asher Res Asian Minl Res Astorius Res Astur Gold Atac Res Athabasca Mnls Atico Mng Atlanta Gold Atlatsa Res* Atna Res Ltd Augen Gold Augyva Mng Aura Mnls Aura Silver Rs Aurcana Corp AurCrest Gold Aureus Mng Aurion Res Aurvista Gold Avala Res Avalon Rare M* Avalon Rare Mt Avino Silver Avino Silver* Avnel Gold Avrupa Mnls Azimut Expl Azincourt Res

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

514 10400 35058 646 1864 1425 645 13550 4792 12213 1076 729 1620 1840 1034 30 1025 1991 377 917 1745 6316 12390 140 1890 2572 13626 5866 74 424 776 1340 572 8694 4283 362 2464 823 195 276 2244

Week High

Low

Last

0.03 0.19 1.82 0.03 0.51 0.95 0.39 0.02 9.74 2.28 1.79 1.80 0.02 0.04 0.05 0.02 0.02 0.47 0.64 0.60 0.11 0.11 0.11 0.02 0.12 0.10 0.02 0.24 0.01 0.52 0.05 0.05 0.04 0.20 0.25 1.38 1.08 0.24 0.10 0.18 0.05

0.03 0.16 1.67 0.02 0.46 0.88 0.33 0.02 9.17 2.11 1.64 1.65 0.01 0.03 0.05 0.02 0.02 0.42 0.54 0.50 0.07 0.06 0.09 0.02 0.09 0.09 0.01 0.19 0.01 0.46 0.04 0.04 0.03 0.17 0.22 1.27 1.00 0.23 0.10 0.16 0.04

0.03 0.16 1.71 0.03 0.50 0.91 0.39 0.02 9.19 2.20 1.75 1.70 0.02 0.03 0.05 0.02 0.02 0.45 0.58 0.52 0.10 0.06 0.10 0.02 0.09 0.09 0.02 0.20 0.01 0.50 0.05 0.05 0.03 0.19 0.24 1.33 1.05 0.24 0.10 0.16 0.04

12-month Change

+ + + + + + + -

0.00 0.03 0.03 0.01 0.00 0.06 0.04 0.01 0.39 0.02 0.03 0.04 0.00 0.01 0.00 0.01 0.01 0.02 0.03 0.05 0.01 0.04 0.01 0.00 0.04 0.00 0.00 0.04 0.00 0.05 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.02 0.02 0.00 0.01

Stock

0.15 0.82 5.28 0.11 0.78 1.05 0.55 0.26 15.36 2.95 2.76 2.40 0.04 0.11 0.08 0.09 0.36 1.32 3.15 0.82 0.40 0.45 0.17 0.13 0.15 0.17 0.04 0.72 0.07 0.83 0.08 0.11 0.40 0.48 0.51 2.60 2.45 0.31 0.40 0.36 0.36

Bowmore Expl Bravada Gold Brazil Res Brixton Mtls Burnstone Vent

V V V V V

Cabot Corp* Cache Expl Caledonia Mng Calibre Mng Calico Res Callinex Mines Cameco Corp* Cameco Corp Camino Mnls Canada Carbon Canada Rare Ea Canada Zinc Mt Canadn Int Mnl Canadn Mining Canadn Orebods Canadn Plat Canadn Zinc Canaf Group Canamex Res Canarc Res Canasil Res Cancana Res Candente Coppr Candente Gold CaNickel Mng Cannon Pnt Res Canoe Mng Vnt Canstar Res Canterra Mnls Cantex Mn Dev Canuc Res Cap-Ex Vent Capstone Mng Caracara Silvr Cardero Res Caribou King R Carlin Gold Carlisle Goldf Carmax Mng Carpathian Gld Cascadero Copp Cassidy Gold Castillian Res Castle Peak Mg Catalyst Coppr Cavan Vent Caza Gold CB Gold Centamin Centerra Gold Central Fund* Central Fund Central Gold-T Central GoldT* Centurion Mnls Century Iron M Chalice Diam Challenger Dee Champion Bear Champion Iron Chesapeake Gld Chilean Gold China Gold Int China Mnls Mng Claim Post Res Claude Res Cliffs Nat Rs* Clifton Star Cloud Peak En* CMC Metals Codrington Res Coeur Mng* Colombia Crest Colombian Mins Colonial Coal Colorado Res Colt Res Columbus Gold Comet Inds Commander Res

0.03 0.12 1.24 0.02 0.37 0.51 0.22 0.02 9.17 1.50 1.26 0.80 0.01 0.03 0.03 0.02 0.02 0.41 0.54 0.45 0.05 0.06 0.06 0.02 0.07 0.06 0.01 0.19 0.01 0.27 0.03 0.03 0.03 0.16 0.20 1.24 1.00 0.11 0.10 0.14 0.04

B B2Gold* B2Gold Bacanora Mnls Baja Mng Balmoral Res Bama Gold Bandera Gold Banks Island G Bannerman Res Banro Banro* Banyan Gold Bard Vent Barisan Gold Barker Mnrls Barkerville Go Baroyeca Go&Si Barrick Gold* Barrick Gold Batero Gold Bayswater Uran Bear Creek Mng Beaufield Res Bell Copper Bellhaven Cp&G Belmont Res Belo Sun Mng Belvedere Res Benton Cap Benton Res Berkwood Res BHP Billi-BBL* BHP Billi-BHP* Big North Grap BioteQ Env Bison Gold Res Bitterroot Res Black Iron Blue Rvr Res Blue Sky Uran BMO Jr Gld ETF Bold Vent Bonterra Res Boss Power

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

96986 132995 3662 4671 4393 506 610 1218 11699 14127 77950 616 60 8917 460 6182 10 627161 143729 2531 942 1992 1615 102 209 260 12301 870 1671 4795 15927 49482 185591 105 1860 169 835 14040 200 1762 539 4340 3078 50

1.57 1.98 1.53 0.03 0.75 0.07 0.01 0.13 0.05 0.43 0.34 0.05 0.03 0.04 0.01 0.28 0.01 11.00 13.92 0.11 0.02 0.97 0.04 0.03 0.32 0.06 0.23 0.05 0.03 0.05 0.01 38.56 39.91 0.03 0.03 0.02 0.01 0.03 0.04 0.07 6.09 0.04 0.20 0.17

1.44 1.83 1.16 0.02 0.66 0.06 0.01 0.12 0.04 0.38 0.30 0.03 0.02 0.03 0.01 0.21 0.01 10.05 12.77 0.09 0.02 0.87 0.04 0.03 0.25 0.05 0.20 0.04 0.02 0.04 0.01 36.17 37.06 0.03 0.03 0.01 0.01 0.03 0.04 0.05 5.60 0.04 0.15 0.17

1.54 1.92 1.30 0.03 0.66 0.06 0.01 0.12 0.04 0.41 0.32 0.04 0.02 0.03 0.01 0.26 0.01 10.11 12.82 0.09 0.02 0.92 0.04 0.03 0.25 0.05 0.21 0.05 0.02 0.04 0.01 38.05 39.47 0.03 0.03 0.01 0.01 0.03 0.04 0.06 5.60 0.04 0.16 0.17

+ + + + + + + + + -

0.01 0.02 0.29 0.01 0.07 0.00 0.00 0.01 0.02 0.02 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.46 0.57 0.01 0.00 0.05 0.01 0.02 0.15 0.01 0.02 0.01 0.00 0.00 0.01 1.82 1.82 0.00 0.00 0.01 0.00 0.00 0.01 0.01 0.29 0.01 0.04 0.01

(100s)

High Low

2.97 3.17 2.05 0.07 1.98 0.48 0.05 0.54 0.09 0.51 0.48 0.10 0.06 0.20 0.03 0.50 0.03 19.49 21.14 0.12 0.10 5.20 0.09 0.04 0.50 0.11 0.30 0.18 0.04 0.07 0.10 67.77 70.05 1.00 0.06 0.04 0.04 0.17 0.07 0.30 9.01 0.07 0.43 0.30

1.39 1.65 0.56 0.02 0.66 0.05 0.01 0.09 0.04 0.13 0.12 0.02 0.01 0.03 0.01 0.11 0.01 10.04 11.67 0.06 0.02 0.87 0.04 0.01 0.15 0.03 0.11 0.04 0.02 0.03 0.01 36.17 37.06 0.03 0.02 0.01 0.01 0.02 0.03 0.05 4.95 0.03 0.09 0.15

Exc Volume

Week High

Low

Last

300 754 2389 245 2435

0.07 0.03 0.60 0.13 0.02

0.07 0.02 0.52 0.10 0.02

0.07 0.02 0.56 0.12 0.02

N 31778 V 550 T 1881 V 5447 V 1155 V 3861 N 91584 T 51771 V 20 V 11394 V 6420 V 1380 V 788 V 1402 V 632 V 18240 T 13455 V 9500 V 2361 T 9386 V 575 V 1061 T 11851 T 1595 T 123 V 13590 V 872 V 500 V 4122 V 536 V 264 V 220 T 94658 V 1000 T 1207 V 3682 V 1500 T 3072 V 3606 T 24470 V 1290 V 200 V 391 V 1000 V 306 V 2630 V 1167 V 4271 T 1058 T 20133 X 49302 T 3182 T 31 X 2000 V 1835 T 100 V 68465 V 2219 V 419 T 5259 V 112 V 1530 T 15031 V 8300 V 1950 T 29249 N 491481 V 2155 N 23380 V 28766 V 251 N 129622 V 300 V 305 V 1182 V 3393 V 6578 V 2188 V 2 V 306

37.91 0.08 1.02 0.14 0.10 0.31 14.20 17.92 0.18 0.26 0.05 0.23 0.02 0.08 0.06 0.01 0.15 0.08 0.06 0.09 0.05 0.29 0.08 0.04 0.12 0.13 0.04 0.04 0.06 0.05 0.02 0.03 1.24 0.01 0.02 0.18 0.01 0.26 0.04 0.02 0.03 0.04 0.14 0.01 0.22 0.02 0.05 0.04 1.20 7.38 11.66 14.75 51.71 41.10 0.03 0.34 0.08 0.20 0.09 0.19 2.07 0.04 2.02 0.01 0.02 0.70 3.84 0.17 4.15 0.05 0.09 5.82 0.01 0.05 0.08 0.09 0.23 0.42 1.15 0.03

12-month Change

+ +

High Low

0.00 0.01 0.00 0.01 0.01

0.13 0.10 0.99 0.33 0.04

0.04 0.02 0.48 0.09 0.01

0.05 0.00 0.01 0.01 0.01 0.00 1.11 1.38 0.01 0.02 0.01 0.01 0.00 0.00 0.03 0.00 0.01 0.00 0.00 0.03 0.01 0.01 0.00 0.01 0.00 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.09 0.00 0.01 0.02 0.00 0.02 0.00 0.00 0.01 0.00 0.03 0.00 0.02 0.00 0.02 0.01 0.02 0.44 0.30 0.12 0.84 0.20 0.01 0.05 0.01 0.01 0.01 0.08 0.10 0.00 0.20 0.00 0.01 0.03 0.56 0.01 0.21 0.01 0.04 0.59 0.00 0.01 0.00 0.00 0.02 0.01 0.10 0.01

58.66 0.27 1.20 0.20 0.19 0.40 21.67 23.26 0.26 0.32 0.11 0.57 0.09 0.24 0.13 0.01 0.39 0.09 0.25 0.11 0.09 0.32 0.29 0.06 0.75 0.25 0.24 0.07 0.14 0.09 0.04 0.08 3.11 0.02 0.10 0.45 0.03 0.42 0.12 0.04 0.07 0.06 0.20 0.05 0.60 0.05 0.12 0.14 1.38 7.92 14.85 16.89 57.25 47.97 0.13 0.55 0.08 0.20 0.20 0.38 3.90 0.09 3.50 0.01 0.13 0.78 18.41 0.25 17.69 0.08 0.16 9.30 0.01 0.24 0.20 0.25 0.30 0.55 1.85 0.05

36.55 0.05 0.54 0.06 0.08 0.16 13.16 16.73 0.03 0.17 0.04 0.20 0.01 0.05 0.01 0.01 0.11 0.06 0.05 0.03 0.03 0.15 0.06 0.02 0.11 0.10 0.02 0.03 0.05 0.03 0.02 0.01 1.04 0.01 0.01 0.04 0.01 0.13 0.03 0.01 0.01 0.02 0.01 0.01 0.15 0.02 0.03 0.03 0.80 3.96 10.90 12.52 42.50 37.22 0.02 0.23 0.01 0.04 0.07 0.07 1.77 0.02 1.30 0.01 0.02 0.19 3.06 0.06 3.91 0.04 0.04 3.37 0.01 0.04 0.07 0.06 0.05 0.31 1.00 0.02

C 36.55 0.08 0.98 0.12 0.08 0.25 13.16 16.78 0.18 0.24 0.04 0.20 0.01 0.07 0.01 0.01 0.11 0.08 0.05 0.05 0.04 0.25 0.06 0.03 0.11 0.10 0.03 0.03 0.05 0.04 0.02 0.02 1.13 0.01 0.02 0.15 0.01 0.23 0.03 0.02 0.02 0.03 0.04 0.01 0.18 0.02 0.04 0.04 1.13 6.59 11.15 14.24 51.34 40.32 0.02 0.34 0.07 0.17 0.07 0.11 1.84 0.04 1.57 0.01 0.02 0.64 3.06 0.16 3.91 0.05 0.07 4.84 0.01 0.05 0.08 0.06 0.18 0.39 1.15 0.02

37.86 0.08 1.00 0.13 0.10 0.30 13.41 17.00 0.18 0.24 0.05 0.23 0.01 0.07 0.06 0.01 0.14 0.08 0.05 0.06 0.05 0.27 0.07 0.03 0.11 0.12 0.03 0.03 0.06 0.05 0.02 0.02 1.15 0.01 0.02 0.17 0.01 0.24 0.03 0.02 0.03 0.03 0.04 0.01 0.18 0.02 0.05 0.04 1.17 6.76 11.30 14.32 51.34 40.57 0.02 0.34 0.07 0.17 0.09 0.19 1.90 0.04 1.84 0.01 0.02 0.69 3.30 0.17 3.95 0.05 0.07 4.89 0.01 0.05 0.08 0.09 0.22 0.41 1.15 0.03

+ + + + + + + + + + + + + + + + + + + + + + +

(100s) Stock

Week

Exc Volume

High

Low

Last

Commerce Res V 8679 Compass Mnls* N 3565 Compliance Eny V 1960 Comstock Mng* X 8499 Comstock Mtls V 3105 Condor Res V 1472 Confedertn Mls V 8094 Conquest Res V 120 Cons Richland V 50 Cons Woodjam C V 77 Consol Energy* N 286315 Constant Mtl R V 1935 Contintl Gold T 21941 Contl Precious T 21 Copper Ck Gold V 201 Copper Fox Mtl V 8009 Copper Mtn Mng T 45865 Copper North M V 4309 Copper One V 7787 Coral Gold V 450 Corazon Gold V 102 Cordoba Mnls V 955 Corex Gold V 2266 Cornerstone Ca V 18389 Coro Mining T 9582 Coronado Res V 97 Coronet Mtls V 282 Corsa Coal V 466 Cortez Gold V 90 Corvus Gold T 1689 Cougar Mnls V 610 Crazy Horse Rs V 5626 Cresval Cap V 400 Critical Elem V 6631 Crocodile Gold T 9120 Currie Rose Rs V 157 CVR Partners* N 1198 Cypress Dev V 211

0.08 84.72 0.01 0.62 0.04 0.06 0.05 0.01 0.02 0.05 21.86 0.16 3.08 0.35 0.07 0.21 1.14 0.05 0.02 0.08 0.28 0.17 0.05 0.04 0.03 0.27 0.03 0.11 0.29 0.72 0.08 0.03 0.01 0.24 0.30 0.01 12.75 0.06

0.08 0.08 80.93 84.53 0.01 0.01 0.50 0.53 0.03 0.03 0.05 0.05 0.04 0.05 0.01 0.01 0.02 0.02 0.05 0.05 19.41 19.64 0.14 0.15 2.74 3.05 0.31 0.31 0.06 0.07 0.17 0.20 0.93 0.99 0.05 0.05 0.01 0.02 0.08 0.08 0.28 0.28 0.16 0.16 0.04 0.04 0.02 0.03 0.03 0.03 0.25 0.25 0.03 0.03 0.10 0.11 0.29 0.29 0.64 0.72 0.05 0.05 0.02 0.02 0.01 0.01 0.22 0.23 0.27 0.28 0.01 0.01 12.13 12.62 0.05 0.05

Dajin Res V Dalradian Res T Dalton Res Ltd V Darnley Bay V Decade Res V Defiance Silvr V Dejour Enterp T Dejour Enterp* X Denison Mines T Denison Mines* X Desert Star V Detour Gold T Diagnos V Diamcor Mng V Diamond Fields V Dios Expl V Discovery Harb V Discovery Vent V Discovery-Corp V DNI Metals V Dolly Vard Sil V Dominion Diam* N Dominion Diam T Doubleview Cap V Duncan Park H V Dundee Prec Mt T Duran Vent V DV Res V Dynacor Gold M T Dynasty Gold V Dynasty Met&Mn T Eagle Hill Exp V Eagle Plains V East Asia Mnls V Eastern Platin T Eastfield Res V Eastmain Res T Eco Oro Mnls T Ecuador G & C V Edgewater Expl V El Tigre Silvr V Eldorado Gold* N Eldorado Gold T Electra Gold V Elissa Res V Eloro Minls V Ely Gold & Mnl V

0.08 1.00 0.19 0.02 0.04 0.16 0.18 0.13 0.91 0.72 0.14 15.03 0.09 1.28 0.03 0.05 0.06 0.18 0.10 0.14 0.19 14.16 17.96 0.18 0.01 2.59 0.02 0.04 2.02 0.03 0.62 0.85 0.06 0.02 1.64 0.03 0.49 0.65 0.03 0.02 0.09 4.20 5.30 0.12 0.17 0.14 0.05

12-month Change

High Low

+ +

0.01 2.02 0.00 0.12 0.01 0.01 0.01 0.00 0.00 0.01 2.15 0.02 0.14 0.04 0.01 0.02 0.18 0.01 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.02 0.00 0.01 0.01 0.08 0.02 0.00 0.01 0.01 0.02 0.01 0.17 0.00

0.31 97.43 0.05 1.68 0.05 0.17 0.12 0.02 0.05 0.08 45.58 0.25 4.24 0.75 0.09 0.37 3.15 0.09 0.10 0.26 0.38 0.81 0.10 0.14 0.09 1.26 0.30 0.30 1.00 1.50 0.45 0.05 0.02 0.40 0.36 0.02 19.26 0.45

0.07 79.29 0.01 0.50 0.01 0.03 0.03 0.01 0.02 0.02 19.41 0.10 1.61 0.30 0.02 0.10 0.93 0.05 0.01 0.07 0.07 0.08 0.04 0.02 0.02 0.25 0.02 0.10 0.20 0.60 0.03 0.01 0.01 0.16 0.13 0.01 8.52 0.05

0.01 0.05 0.01 0.01 0.01 0.02 0.01 0.01 0.12 0.10 0.02 0.59 0.00 0.20 0.01 0.00 0.01 0.00 0.02 0.00 0.02 1.02 1.45 0.04 0.00 0.09 0.00 0.02 0.16 0.00 0.04 0.08 0.00 0.01 0.12 0.01 0.02 0.06 0.01 0.01 0.01 0.24 0.34 0.03 0.01 0.01 0.00

0.11 1.16 0.50 0.18 0.25 0.19 0.36 0.33 1.53 1.40 0.26 16.37 0.11 1.45 0.05 0.10 0.11 0.42 0.15 0.60 1.40 20.30 24.60 0.25 0.03 5.70 0.04 0.07 2.59 0.03 1.77 1.00 0.09 0.05 2.26 0.05 0.62 0.95 0.08 0.08 0.50 8.59 9.68 0.15 0.25 0.25 0.13

0.04 0.46 0.17 0.02 0.03 0.07 0.13 0.11 0.80 0.63 0.12 6.02 0.04 0.90 0.01 0.03 0.02 0.09 0.05 0.06 0.15 12.80 14.35 0.08 0.01 2.31 0.01 0.03 1.41 0.01 0.56 0.29 0.06 0.01 0.79 0.03 0.17 0.14 0.02 0.01 0.08 3.78 4.81 0.05 0.06 0.04 0.03

+ + + + + -

+ + + + -

D-F 12317 11373 210 620 15142 14507 677 1316 73911 4222 873 43133 5282 242 226 150 375 11741 1330 1427 15 5614 16611 9720 736 12768 151 60 1782 2770 779 1577 955 16082 5752 1100 8222 591 4604 1310 186 34121 73694 10469 359 20 3080

0.06 0.07 0.87 0.91 0.17 0.19 0.02 0.02 0.03 0.03 0.13 0.15 0.14 0.16 0.11 0.12 0.80 0.80 0.63 0.64 0.12 0.12 13.70 13.78 0.06 0.08 1.04 1.04 0.02 0.03 0.05 0.05 0.05 0.06 0.14 0.17 0.08 0.08 0.12 0.13 0.18 0.19 12.80 13.00 16.30 16.50 0.11 0.13 0.01 0.01 2.35 2.37 0.02 0.02 0.04 0.04 1.80 1.85 0.02 0.02 0.56 0.59 0.79 0.81 0.06 0.06 0.01 0.02 1.48 1.49 0.03 0.03 0.41 0.43 0.54 0.54 0.02 0.03 0.02 0.02 0.08 0.08 3.78 3.85 4.81 4.88 0.09 0.09 0.15 0.15 0.14 0.14 0.04 0.04

+ + + + + + + + + +

METALS, MINING AND MONEY MARKETS SPOT PRICES

PRODUCER AND DEALER PRICES

COURTESY OF SCOTIABANK

Tuesday, July 21, 2015 Precious Metals Gold Silver Platinum Palladium Base Metals Nickel Copper Lead Zinc

Price (US$/oz.) $1108.00 $14.75 $983.00 $611.00

Change -45.20 -0.53 -46.00 -39.00

Price (US$/tonne) $11695.00 $5461.00 $1786.00 $2037.50

Change -5.00 -19.00 -27.00 -15.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, July 20, 2015 (change from July 13, 2015 in brackets): Aluminium Alloy 13320 (-300) Aluminium 3520725 (-12750) Copper 339775 (+8325) Lead 216800 (+45825) Nickel 453306 (-1590) Tin 7325 (+140) Zinc 453325 (-5025)

Thermal Coal CAPP: US$41.03 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$54.90 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$10.00 Coal: CME Group Futures Aug. 2015: US$41.13; Sept. 2015: US$43.08 Cobalt: US$14.17/lb. Copper: US$2.46/lb. Copper: CME Group Futures Aug. 2015: US$2.48/lb.; Sept. 2015: US$2.48/lb Ferro-Chrome: US$2.09/kg FerroTungsten: US$29.54/kg Ferrovanadium: US$22.10/kg Iridium: NY Dealer Mid-mkt US$525/tr oz. Iron Ore 62% Fe CFR China-S: US$51.90/tonne Iron Ore Fines: US$60.04/tonne Iron Ore Pellets: US$85.02/tonne Lead: US$0.82/lb. Magnesium: US$2.21/kg Manganese: US$1.78/kg Molybdenum Oxide: US$5.81/lb. Phosphate Rock: US$115/tonne Potash: US$307.00/tonne Rhodium: Mid-mkt US$850.00/tr. oz. Ruthenium: Mid-mkt US$45.00/tr. oz. Silver: Handy & Harman Base: US$14.87 per oz.; Handy & Harman Fabricated: US$18.29 per oz. Tantalite Ore: : US$170.28/kg Tin: US$7.02/lb. Uranium: U3O8, Trade Tech spot price: US$36.25/lb.; The UX Consulting Company spot price: US$36.25/lb. Zinc: US$0.92/lb. Prices current July 21, 2015

FOR DAILY MINING NEWS, VISIT WWW.NORTHERNMINER.COM

TNM July 27 2015 Issue.indd 7

DAILY METAL PRICES Date July 20 July 17 July 16 July 15 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1700/1715 1710/1725 1710/1725 1720/1735 Aluminum 1636/1682 1663/1702 1663.50/1708 1674/1717.50 Copper 5424/5445 5463/5489 5529.50/5545.50 5596/5620 Lead 1800.50/1815 1824/1835 1824/1840 1856/1871 Nickel 11460/11490 11415/11450 11415/11465 11730/11775 Tin 15480/15450 15650/15675 14800/14800 14745/14675 Zinc 2027/2036 2052.50/2065 2050/2062 2095/2102

1720/1735 1652.50/1692.50 5502/5525 1808/1818 11380/11445 14550/14525 2014.50/2024

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1115.00 1143.00 1145.10 Gold PM 1104.60 1132.80 1144.40 Silver 14.84 15.01 14.93 Platinum 981.00 998.00 1005.00 Palladium 609.00 621.00 632.00

1153.20 1157.40 15.28 1030.00 664.00

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.$

1154.75 1147.40 15.31 1019.00 652.00

July 14

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

15-07-22 5:44 PM

JULY 20-26, 2015

THE NORTHERN MINER

(100s) Stock

Exc Volume

Emed Mining Emgold Mng Encanto Potash Endeavour Mng Endeavr Silver Endeavr Silve* Energizer Res Energold Drill Energy Fuels Entourage Mtls Entree Gold* Entree Gold Equitas Res Equitorial Exp Erdene Res Dev Erin Ventures Eskay Mng Ethos Gold Eurasian Minls Eurasian Mnls* Eureka Res EurOmax Res Europn Uran Rs Eurotin Everton Res Evolving Gold Evrim Res Excalibur Res Excellon Res Excelsior Mng Exeter Res* Exeter Res Explor Res Faircourt Gold Fairmont Res Falco Res Falcon Gold Fancamp Expl Feronia Ferrum Am Mng Fieldex Expl Finlay Minrls Firebird Res Firestone Vent First Bauxite First Lithium First Majesti* First Majestic First Mexican First Nickel First Point First Quantum Fission 3.0 Fjordland Exp Flinders Res Focus Graphite Focus Vnt Foraco Intl Foran Mng Formation Mtls Forsys Metals Fortuna Silver Fortuna Silvr* Fortune Bay Fortune Mnrls Forum Uranium Franco-Nevada* Franco-Nevada Freegold Vent Freeport McMo* Frontier Rr Er Frontline Gold Full Metal Mnl

T 1717 V 721 V 18618 T 43346 T 3600 N 5888 T 11500 V 866 T 3090 V 743 X 726 T 207 V 23475 V 1755 T 398 V 3132 V 880 V 1844 V 230 X 1877 V 220 V 240 V 1218 V 250 V 3375 C 914 V 256 C 1046 T 2344 V 8893 X 701 T 1020 V 5810 T 472 V 1500 V 4399 V 1300 V 1243 V 429 V 1000 V 1000 V 10 V 58 V 348 V 2300 V 1771 N 40837 T 15596 V 2000 T 745 T 1290 T 212703 V 14417 V 634 V 6652 V 8971 V 2565 T 331 V 1262 T 4898 T 125 T 16052 N 17726 T 250 T 71587 V 1672 N 37814 T 29013 T 1306 N 1155002 T 177 V 170 V 14

Week High

Low

Last

0.09 0.01 0.10 0.61 2.59 2.04 0.11 0.71 5.50 0.08 0.31 0.44 0.09 0.10 0.15 0.05 0.14 0.14 0.61 0.50 0.09 0.49 0.01 0.02 0.05 0.05 0.16 0.02 0.50 0.39 0.48 0.60 0.09 3.60 0.09 0.41 0.05 0.04 0.11 0.02 0.01 0.02 0.02 0.01 0.08 0.30 4.94 6.25 0.02 0.01 0.07 16.16 0.12 0.03 0.25 0.21 0.23 0.27 0.17 0.14 0.18 4.68 3.72 0.32 0.05 0.07 48.69 61.56 0.14 18.12 0.21 0.01 0.04

0.08 0.01 0.09 0.59 2.22 1.75 0.09 0.65 4.88 0.06 0.28 0.35 0.07 0.07 0.13 0.05 0.13 0.13 0.58 0.46 0.08 0.40 0.01 0.02 0.03 0.04 0.15 0.01 0.45 0.32 0.42 0.54 0.07 3.49 0.07 0.37 0.04 0.03 0.10 0.02 0.01 0.02 0.02 0.01 0.06 0.28 4.42 5.62 0.02 0.01 0.07 13.77 0.09 0.03 0.18 0.16 0.21 0.23 0.15 0.10 0.17 4.18 3.27 0.30 0.03 0.06 45.39 57.73 0.11 16.00 0.19 0.01 0.04

0.09 0.01 0.09 0.60 2.23 1.76 0.09 0.65 5.07 0.06 0.28 0.35 0.08 0.09 0.14 0.05 0.14 0.14 0.61 0.47 0.09 0.49 0.01 0.02 0.04 0.05 0.16 0.02 0.47 0.33 0.45 0.55 0.08 3.54 0.08 0.40 0.04 0.04 0.11 0.02 0.01 0.02 0.02 0.01 0.08 0.29 4.43 5.62 0.02 0.01 0.07 15.58 0.10 0.03 0.20 0.18 0.22 0.25 0.16 0.12 0.18 4.32 3.41 0.31 0.03 0.06 45.71 57.97 0.11 16.74 0.21 0.01 0.04

12-month Change

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

Stock

0.00 0.00 0.01 0.01 0.19 0.16 0.01 0.03 0.44 0.02 0.01 0.06 0.00 0.03 0.02 0.01 0.00 0.01 0.01 0.01 0.01 0.04 0.01 0.00 0.01 0.02 0.01 0.02 0.02 0.03 0.03 0.06 0.00 0.04 0.02 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.01 0.29 0.36 0.00 0.00 0.01 0.80 0.01 0.01 0.07 0.03 0.00 0.05 0.00 0.01 0.01 0.21 0.23 0.01 0.03 0.01 1.78 2.33 0.04 1.66 0.01 0.01 0.01

0.16 0.03 0.16 1.00 7.06 6.44 0.31 1.81 9.00 0.22 0.51 0.66 0.14 0.26 0.19 0.10 0.20 0.21 0.97 0.89 0.16 0.57 0.04 0.12 0.11 0.21 0.45 0.10 1.47 0.39 0.87 0.93 0.09 5.08 0.30 0.78 0.25 0.07 0.91 0.05 0.04 0.05 0.03 0.04 0.10 0.60 11.29 12.27 0.06 0.04 0.17 27.29 0.14 0.05 1.18 0.69 0.30 0.77 0.48 0.27 0.39 6.59 6.19 0.37 0.42 0.22 61.47 74.10 0.24 39.32 0.42 0.01 0.40

0.06 0.01 0.04 0.38 1.98 1.56 0.09 0.65 4.88 0.05 0.08 0.18 0.03 0.07 0.09 0.04 0.05 0.11 0.55 0.42 0.02 0.17 0.01 0.02 0.02 0.01 0.15 0.01 0.45 0.19 0.42 0.54 0.04 3.01 0.07 0.29 0.04 0.03 0.07 0.01 0.01 0.02 0.01 0.01 0.04 0.20 3.75 3.81 0.01 0.01 0.04 9.89 0.06 0.01 0.18 0.16 0.16 0.15 0.15 0.09 0.15 3.71 3.26 0.24 0.03 0.05 44.66 50.94 0.08 16.00 0.15 0.01 0.04

Golden Harp Golden Hope Golden Mnls Golden Mnls* Golden Predatr Golden Queen Golden Reign R Golden Share M Golden Star Golden Star* Golden Tag Golden Val Min Goldex Res Goldeye Expl Goldfield* Goldgroup Mng GoldQuest Mng Goldrea Res Goldrock Mines Goldrush Res Goldsource Min Goldstrike Res Gonzaga Res Gossan Res Gowest Gold Gran Colombia Graphite One R Gray Rock Res Great Atlantic Great Bear Res Great Panther* Great Panther Great Quest Me Greencastle Rs Gresham Res Grizzly Discvr Groundstar Res GTA Res & Mng Gunpoint Expl Guyana Gldflds Guyana Prec Mt GWR Res Handa Copper Hansa Res Happy Ck Minls Harmony Gold* Harte Gold Hawkeye Gld&Di Heatherdale Rs Hecla Mining* Helio Res Hi-Crush Part* Highbank Res Highland Res Highway 50 Gld HiHo Silver Hinterland Mtl Homestake Res Honey Badger E Horizns G Bear Horizns G Bull Hornby Bay Mnl Houston Lake HudBay Minls HudBay Mnls* Hudson Res Hunt Mng Huntington Exp

0.02 0.01 0.02 0.00 0.00 0.02 0.13 0.01 0.12 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.00 0.00 0.01 0.00 0.02 0.00 0.02 0.01 0.01 0.03 0.00 0.00 0.01 0.08 0.00 0.03 0.03 0.01 0.18 0.09 0.04 0.03 0.26 0.26 0.02 0.00 0.01 0.01

1.15 0.30 0.18 0.04 0.12 0.17 11.38 0.33 1.13 0.10 0.17 0.10 0.99 0.09 0.45 0.14 0.08 0.23 0.10 0.02 0.47 0.20 0.72 0.29 0.51 1.84 0.05 0.08 0.42 6.01 0.07 0.24 0.78 5.39 6.35 0.80 0.74 0.07 32.32 29.65 0.50 0.02 0.30 0.04

0.25 0.10 0.04 0.01 0.05 0.10 6.01 0.06 0.26 0.03 0.04 0.01 0.46 0.03 0.12 0.05 0.03 0.03 0.02 0.01 0.05 0.06 0.09 0.14 0.40 1.33 0.01 0.02 0.09 3.00 0.03 0.07 0.13 2.48 2.35 0.47 0.37 0.03 19.18 15.77 0.17 0.01 0.01 0.01

I-Minerals Iamgold* Iamgold IBC Adv Alloys IC Potash Iconic Mnls IMPACT Silver Imperial Metal Inca One Res Independence G Indico Res Indigo Expl Inspiration Mg Integra Gold Intigold Mines Intl Bethl Mng Intl Lithium Intl Montoro R Intl Northair Intl Samuel Ex Intl Tower Hi* Intl Tower Hil Intl Vestr Res Intrepid Pots* INV Metals Iron South Mng Iron Tank Res ISh COMEX G Tr Ivanhoe Mines Ivernia Jaguar Mng Jaxon Mnls Jazz Res Kalimantan Gld Kaminak Gold Karmin Expl Karnalyte Res Katanga Mng Kazax Mnls Kennady Diam Khalkos Expl Khan Res Kilo Goldmines Kincora Copper Kinross Gold Kinross Gold* Kirkland Lk Gd Kiska Metals Kivalliq Enrgy

G-H Gabriel Res T 6236 Galane Gold V 2697 Galantas Gold V 428 Galore Res V 100 Galway Gold V 668 Galway Mtls V 137 GAMCO Glb Gld* X 19624 Garibaldi Res V 7704 General Moly* X 4684 Gensource Pot V 1562 Gentor Res V 100 Geodex Mnrls V 280 Geodrill T 419 T 989 Geologix Ex Geomega Res V 3064 Georox Res V 7570 Getty Copper V 200 GFK Res V 10 GGL Res V 135 Gitennes Expl V 1380 Giyani Gold V 483 Glen Eagle Res V 6000 Glenmark Cap V 6592 Globex Mng T 1343 Gobimin V 2874 GoGold Res T 594 Golconda Res V 100 Gold Bulln Dev V 15484 Gold Canyon V 18697 Gold Fields* N 274496 Gold Finder Ex V 10 Gold Mtn Mng V 70 Gold Reach Res V 208 Gold Reserve V 546 Gold Resource* X 27015 V 1950 Gold Std Vnt Gold Std Vnt* X 8197 Goldbank Mng V 300 Goldcorp T 107294 Goldcorp* N 402051 Golden Arrow R V 1161 Golden Band V 9103 Golden Dawn Ml V 9381 Golden Goliath V 5635

0.40 0.12 0.18 0.01 0.08 0.14 6.53 0.08 0.71 0.06 0.06 0.02 0.75 0.04 0.18 0.12 0.03 0.10 0.03 0.01 0.09 0.07 0.12 0.20 0.46 1.51 0.01 0.02 0.14 3.33 0.03 0.08 0.20 4.95 2.72 0.59 0.47 0.07 21.78 17.12 0.34 0.01 0.13 0.01

0.31 0.33 0.11 0.12 0.11 0.12 0.01 0.01 0.07 0.08 0.12 0.14 6.22 6.37 0.07 0.07 0.58 0.59 0.05 0.05 0.06 0.06 0.02 0.02 0.74 0.74 0.03 0.03 0.16 0.16 0.10 0.11 0.03 0.03 0.10 0.10 0.02 0.02 0.01 0.01 0.06 0.08 0.06 0.07 0.09 0.09 0.18 0.20 0.45 0.45 1.45 1.45 0.01 0.01 0.02 0.02 0.13 0.13 3.02 3.07 0.03 0.03 0.08 0.08 0.19 0.19 4.29 4.90 2.35 2.49 0.51 0.54 0.40 0.42 0.07 0.07 20.37 20.84 16.09 16.44 0.31 0.33 0.01 0.01 0.09 0.12 0.01 0.01

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

(100s)

High Low

Exc Volume

Week High

Low

Last

V 58 V 607 T 457 X 3472 V 526 T 13828 V 6513 V 3562 T 770 X 32908 V 5748 V 6685 V 1275 V 70 X 2903 T 7241 V 1467 C 215 V 1541 V 11685 V 1885 V 5546 V 50 V 200 V 1595 T 1088 V 13882 V 240 V 2442 V 220 X 18688 T 4948 V 130 V 110 V 21030 V 4335 V 350 V 4362 V 150 T 20131 V 1006 V 745 V 51 V 80 V 2250 N 127308 T 9146 V 140 V 250 N 252068 V 4035 N 5225 V 2255 V 9858 V 60 C 1006 V 61 V 4332 V 915 T 21238 T 58336 V 1730 V 1990 T 41085 N 974 V 547 V 40 V 3011

0.04 0.55 0.50 0.39 0.10 0.81 0.09 0.02 0.40 0.32 0.03 0.16 0.04 0.04 1.73 0.11 0.13 0.09 0.21 0.03 0.17 0.16 0.04 0.02 0.08 0.31 0.09 0.04 0.14 0.07 0.44 0.57 0.54 0.07 0.90 0.08 0.05 0.06 0.15 4.02 0.12 0.03 0.07 0.02 0.12 1.36 0.06 0.04 0.03 2.71 0.03 28.29 0.10 0.15 0.14 0.01 0.02 0.03 0.01 13.46 5.42 0.09 0.20 10.28 8.13 0.44 0.06 0.01

0.04 0.04 0.46 0.50 0.41 0.48 0.33 0.38 0.09 0.09 0.74 0.78 0.07 0.08 0.01 0.02 0.33 0.33 0.26 0.27 0.03 0.03 0.15 0.15 0.03 0.03 0.04 0.04 1.60 1.66 0.10 0.11 0.12 0.12 0.04 0.05 0.20 0.20 0.02 0.02 0.14 0.14 0.13 0.15 0.04 0.04 0.02 0.02 0.07 0.07 0.29 0.30 0.08 0.08 0.03 0.03 0.09 0.14 0.07 0.07 0.38 0.41 0.49 0.51 0.44 0.47 0.07 0.07 0.86 0.87 0.06 0.08 0.05 0.05 0.04 0.04 0.15 0.15 3.85 3.86 0.11 0.11 0.03 0.03 0.07 0.07 0.02 0.02 0.10 0.12 1.17 1.18 0.05 0.06 0.04 0.04 0.03 0.03 2.36 2.41 0.03 0.03 23.51 25.77 0.09 0.10 0.14 0.14 0.14 0.14 0.01 0.01 0.02 0.02 0.02 0.03 0.01 0.01 11.79 13.35 4.74 4.78 0.07 0.07 0.16 0.16 9.34 9.55 7.37 7.54 0.38 0.39 0.06 0.06 0.01 0.01

V 1785 N 39231 T 41531 V 7516 T 273 V 2252 V 870 T 1826 V 2221 V 994 V 1451 V 100 T 749 V 44768 V 420 V 630 V 1432 V 3755 V 5415 V 2697 X 329 T 372 V 3060 N 8172 T 3389 V 12 V 3262 T 104 T 15860 T 3873 V 797 V 10 V 175 V 450 V 6398 V 336 T 651 T 2023 V 660 V 1346 V 340 C 6905 V 10860 V 82 T 97476 N 408741 T 20645 V 2912 V 4967

0.31 2.01 2.53 0.12 0.23 0.04 0.20 10.29 0.21 0.09 0.11 0.01 0.04 0.32 0.21 0.01 0.03 0.06 0.06 0.01 0.32 0.42 0.04 11.69 0.14 0.07 0.02 14.38 0.96 0.02 0.18 0.03 0.15 0.03 0.78 0.38 0.80 0.21 0.04 5.24 0.09 0.75 0.07 0.03 2.98 2.36 5.55 0.03 0.10

12-month Change

+ + + + + +

+ + + + + + + +

Stock

0.00 0.04 0.07 0.01 0.01 0.01 0.01 0.01 0.03 0.05 0.01 0.01 0.02 0.00 0.04 0.01 0.01 0.00 0.01 0.00 0.03 0.02 0.00 0.00 0.00 0.03 0.01 0.01 0.07 0.01 0.02 0.06 0.01 0.00 0.00 0.04 0.01 0.01 0.00 0.04 0.02 0.00 0.01 0.00 0.00 0.11 0.00 0.00 0.01 0.20 0.00 3.20 0.01 0.01 0.02 0.00 0.01 0.01 0.01 0.80 0.34 0.01 0.03 0.84 0.65 0.01 0.01 0.00

0.06 0.55 1.69 1.59 0.23 1.72 0.20 0.04 0.66 0.62 0.10 0.22 0.08 0.09 2.85 0.24 0.32 0.10 0.49 0.03 0.30 0.30 0.15 0.05 0.10 1.96 0.18 0.15 0.30 0.09 1.49 1.60 1.97 0.10 0.95 0.08 0.20 0.12 0.25 4.09 0.19 0.05 0.15 0.04 0.18 3.29 0.34 0.15 0.09 3.54 0.08 71.74 0.38 0.56 0.51 0.03 0.04 0.10 0.05 24.65 11.37 0.10 0.20 12.61 10.96 0.55 0.40 0.04

0.03 0.08 0.36 0.32 0.07 0.74 0.05 0.01 0.20 0.16 0.03 0.08 0.02 0.04 1.20 0.07 0.07 0.04 0.20 0.01 0.13 0.04 0.02 0.01 0.05 0.29 0.07 0.02 0.06 0.02 0.32 0.49 0.25 0.05 0.52 0.02 0.03 0.04 0.14 2.15 0.06 0.01 0.06 0.01 0.09 1.17 0.04 0.02 0.03 2.00 0.02 23.51 0.09 0.13 0.11 0.01 0.01 0.02 0.01 8.50 4.11 0.03 0.05 7.50 6.29 0.22 0.05 0.01

Klondex Mns Klondike Gold Klondike Silv Knick Expl Kobex Mnls Kombat Copper Kootenay Gold

T V V V V V V

0.00 0.09 0.11 0.00 0.01 0.01 0.02 1.14 0.01 0.01 0.00 0.01 0.00 0.05 0.04 0.00 0.01 0.01 0.00 0.00 0.02 0.02 0.01 1.21 0.01 0.00 0.00 0.30 0.08 0.00 0.03 0.00 0.00 0.00 0.02 0.00 0.09 0.02 0.02 0.19 0.00 0.04 0.02 0.01 0.21 0.16 0.38 0.01 0.01

0.31 4.27 4.55 0.25 0.32 0.10 0.66 17.22 0.29 0.14 0.16 0.03 0.73 0.36 0.32 0.01 0.06 0.11 0.17 0.03 0.78 0.83 0.30 16.75 0.38 0.26 0.19 15.78 1.61 0.14 0.95 0.07 0.15 0.10 1.19 0.50 1.31 0.54 0.06 8.18 0.14 0.80 0.22 0.09 4.78 4.47 6.88 0.10 0.23

0.14 1.42 1.62 0.09 0.18 0.03 0.15 7.30 0.12 0.07 0.02 0.01 0.04 0.14 0.03 0.01 0.02 0.05 0.04 0.01 0.30 0.36 0.03 10.41 0.13 0.05 0.02 12.61 0.67 0.01 0.13 0.03 0.03 0.01 0.53 0.21 0.68 0.17 0.02 3.02 0.06 0.31 0.05 0.02 2.27 2.00 2.79 0.02 0.09

I-J-K 0.28 0.28 1.78 1.83 2.26 2.29 0.10 0.12 0.22 0.22 0.03 0.04 0.17 0.19 8.16 9.26 0.19 0.20 0.08 0.08 0.08 0.09 0.01 0.01 0.04 0.04 0.26 0.28 0.17 0.17 0.01 0.01 0.03 0.03 0.05 0.05 0.05 0.05 0.01 0.01 0.30 0.30 0.37 0.39 0.03 0.03 10.41 10.53 0.14 0.14 0.07 0.07 0.02 0.02 14.13 14.13 0.88 0.89 0.01 0.01 0.14 0.14 0.03 0.03 0.15 0.15 0.02 0.03 0.73 0.73 0.32 0.35 0.71 0.71 0.17 0.19 0.04 0.04 4.75 5.00 0.09 0.09 0.70 0.71 0.05 0.06 0.03 0.03 2.65 2.66 2.08 2.11 5.04 5.13 0.02 0.03 0.09 0.09

+ + -

+ -

CANADIAN GOLD MUTUAL FUNDS Fund name

Jul. 21 Jul.14 Change Change YTD MER* Assets* ($) ($) ($) (%) (%) (%) (M$) AGF Pr Mtl 14.91 16.67 -1.76 -0.106 -11.51 2.81 155.8 BMO Junior Gold Index ETF 4.72 5.68 -0.96 -0.169 -21.01 0.62 44.8 BMO Pr Mtl 11.77 13.45 -1.68 -0.125 -7.84 2.4 57.2 CIBC Pr Mtl 8.06 9.23 -1.17 -0.127 -14.48 2.48 48.7 Dynamic Pr Mtl 3.55 4.06 -0.51 -0.126 -0.56 2.7 239 London Life Precious Mtl 15.5 18.07 -2.57 -0.142 -10.95 3.57 n/a Mackenzie Pr Mtl-A 28.35 33.06 -4.71 -0.142 -10.49 2.58 234.3 National Bank Pr Mtl 7.6 8.85 -1.25 -0.141 -11.32 2.44 n/a RBC Global Pr Mtl 18.9 21.89 -2.99 -0.137 -14.70 2.13 429.4 Sentry Pr Mtl Growth 25.05 29.24 -4.19 -0.143 -5.93 2.77 378.9 Sprott Gold and PM-F 3.09 3.53 -0.44 -0.125 -8.92 1.5 21.4 Sprott Gold and Pr Mnls 22.84 26.11 -3.27 -0.125 -8.72 2.93 177.1 TD Pr Mtl-A 4.87 5.64 -0.77 -0.137 -16.79 2.42 n/a TD Pr Mtl-I 23.1 26.77 -3.67 -0.137 -16.79 2.26 n/a iShares TSX Global Gold Index 7.75 9.13 -1.38 -0.151 -14.03 0.55 494.9 Featured fund: AGF Pr Mtl top holdings as of 12/31/14 (in weighted order): Tahoe Resources, Eldorado Gold, Agnico Eagle Mines, Silver Wheaton, Randgold Resources, Royal Gold. Fund manager: Bob Lyon.

TNM July 27 2015 Issue.indd 8

(100s)

High Low

Exc Volume

Week

12-month

High

Low

Last

Change

6790 2333 2530 45 1816 4656 2744

3.36 0.12 0.03 0.02 0.48 0.07 0.39

3.02 0.10 0.02 0.01 0.46 0.05 0.35

3.15 0.11 0.03 0.01 0.48 0.05 0.37

La Quinta Res Labdr I-Ore Ro Lago Dourado M Lake Shore Gd* Lake Shore Gld Lakeland Res Lara Expl Laramide Res Largo Res Latin Am Mnls Laurion Mnl Ex Levon Res Lexam VG Gold Lincoln Mng Lion One Mtls Lions Gate Eng Lithium Americ Logan Res Lomiko Mtls Loncor Res Long Harbour E Lorraine Coppr Los Andes Copp Lowell Copper Lucara Diam Lucky Mnls Luna Gold Lundin Mng Lydian Intl

V 1200 T 19801 V 123 X 27081 T 81203 V 11050 V 1108 T 7882 V 1666 V 15251 V 77001 T 13020 T 600 V 430 V 648 V 3800 T 8584 V 228 V 8339 T 218 V 25 V 424 V 137 V 21 T 12319 V 425 T 4158 T 159054 T 3137

0.01 14.41 0.09 1.02 1.29 0.04 0.27 0.30 0.81 0.02 0.03 0.59 0.08 0.05 0.47 0.02 0.45 0.05 0.04 0.11 0.09 0.05 0.20 0.31 2.06 0.13 0.09 5.10 0.53

MacDonald Mns MacMillan Mnls Mag Silver Mag Silver* Magellan Minls Majescor Res Majestic Gold Major Drilling Makena Res Malbex Res Mammoth Res Manado Gold Mandalay Res Manitou Gold Manson Creek Marathon Gold Marengo Mng Marifil Mines Marlin Gold Mason Graphite Matamec Expl Maudore Minls Mawson Res Mawson West Max Res Maya Gold & Si MBAC Fertilizr McChip Res McEwen Mng* McEwen Mng MDN Inc MDU Res* Meadow Bay Gd Mechel* Medallion Res Mega Uranium Melior Res Melkior Res Merrex Gold Mesa Expl Mesabi Trust* Metalcorp Metalex Vent Metallis Res Metalore Res Metals Ck Res Metanor Res Micrex Devel Midas Gold Midasco Cap Midland Expl Midlands Minls Midnight Sun M Migao

V 3545 V 2191 T 8448 X 261 V 370 V 2144 V 370 T 4597 V 3853 V 182841 V 100 V 5747 T 15251 V 2843 V 66 T 1412 T 580 V 1725 V 377 V 1289 V 7234 V 48 T 268 T 5305 V 186 V 3466 T 14785 V 5 N 12500 T 6077 T 680 N 75123 T 5994 N 3434 V 4934 T 21936 V 10332 V 9724 V 3059 V 100 N 3208 V 120 V 8654 V 2863 T 5 V 890 V 52496 V 2190 T 2846 V 30 V 251 V 11583 V 1199 T 2001

0.01 0.02 10.20 8.06 0.06 0.05 0.06 6.12 0.03 0.06 0.01 0.06 0.94 0.04 0.01 0.26 0.01 0.02 0.55 0.48 0.04 0.01 0.21 0.04 0.04 0.24 0.09 1.02 0.96 1.21 0.04 19.68 0.20 1.20 0.03 0.09 0.09 0.02 0.22 0.03 13.42 0.01 0.07 0.05 3.22 0.02 0.07 0.03 0.41 0.10 0.67 0.01 0.16 0.88

+ -

High Low

0.16 0.01 0.01 0.00 0.01 0.02 0.03

3.50 0.28 0.07 0.03 0.63 0.11 0.56

1.68 0.10 0.02 0.01 0.46 0.04 0.25

0.00 0.29 0.01 0.05 0.05 0.01 0.01 0.04 0.06 0.01 0.00 0.02 0.00 0.01 0.02 0.01 0.01 0.01 0.00 0.01 0.02 0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.03

0.02 31.28 0.20 1.28 1.40 0.16 0.84 0.61 3.60 0.21 0.03 0.61 0.15 0.24 0.60 0.05 0.49 0.06 0.11 0.18 0.15 0.12 0.27 0.62 2.83 0.30 1.34 6.57 1.38

0.01 10.81 0.05 0.60 0.70 0.03 0.23 0.21 0.64 0.01 0.01 0.19 0.06 0.04 0.17 0.01 0.21 0.03 0.04 0.03 0.04 0.03 0.12 0.21 1.60 0.08 0.08 3.68 0.42

0.01 0.01 0.52 0.62 0.00 0.01 0.01 0.31 0.00 0.02 0.00 0.05 0.03 0.01 0.00 0.02 0.00 0.00 0.01 0.02 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.17 0.18 0.17 0.00 0.17 0.01 0.15 0.01 0.01 0.02 0.01 0.01 0.01 0.70 0.00 0.01 0.02 0.07 0.00 0.01 0.01 0.00 0.02 0.04 0.00 0.00 0.00

0.02 0.02 11.00 9.63 0.15 0.07 0.08 9.41 0.06 0.06 0.07 0.07 1.22 0.06 0.15 0.65 0.02 0.04 1.50 0.83 0.09 0.07 0.38 0.40 0.43 0.49 0.40 1.64 3.19 3.40 0.09 34.19 0.31 2.16 0.15 0.27 0.14 0.06 0.24 0.05 21.93 0.01 0.15 0.19 3.72 0.04 0.16 0.05 0.86 0.10 0.97 0.03 0.25 1.70

0.01 0.01 6.56 5.60 0.05 0.03 0.03 5.01 0.02 0.01 0.01 0.01 0.81 0.01 0.01 0.21 0.01 0.01 0.38 0.43 0.02 0.01 0.15 0.02 0.04 0.19 0.01 0.85 0.78 0.99 0.03 18.93 0.10 0.42 0.02 0.07 0.05 0.02 0.05 0.02 11.41 0.01 0.03 0.01 2.41 0.02 0.04 0.01 0.34 0.05 0.58 0.01 0.10 0.58

L 0.01 0.01 12.91 13.80 0.08 0.08 0.92 0.94 1.18 1.19 0.03 0.03 0.23 0.27 0.24 0.29 0.75 0.75 0.01 0.01 0.02 0.03 0.55 0.59 0.08 0.08 0.04 0.04 0.40 0.44 0.01 0.01 0.40 0.44 0.05 0.05 0.04 0.04 0.07 0.08 0.07 0.07 0.05 0.05 0.17 0.20 0.31 0.31 1.98 2.04 0.13 0.13 0.08 0.08 4.63 5.09 0.50 0.50

+ + + + + + + -

M 0.01 0.01 0.01 0.01 9.15 9.28 7.21 7.31 0.06 0.06 0.04 0.05 0.06 0.06 5.60 5.69 0.02 0.03 0.03 0.05 0.01 0.01 0.02 0.06 0.88 0.90 0.03 0.04 0.01 0.01 0.23 0.25 0.01 0.01 0.01 0.01 0.48 0.51 0.44 0.46 0.04 0.04 0.01 0.01 0.20 0.20 0.04 0.04 0.04 0.04 0.20 0.24 0.08 0.08 1.02 1.02 0.78 0.78 0.99 1.00 0.03 0.04 18.93 19.07 0.17 0.19 0.99 1.08 0.02 0.02 0.07 0.08 0.05 0.06 0.02 0.02 0.18 0.19 0.02 0.02 12.35 12.40 0.01 0.01 0.06 0.07 0.01 0.03 3.22 3.22 0.02 0.02 0.05 0.06 0.02 0.02 0.37 0.38 0.10 0.10 0.65 0.66 0.01 0.01 0.12 0.13 0.70 0.76

+ + + + -

+ + + -

(100s) Stock

Exc Volume

Week High

Low

Last

Mill City Intl V 20 Millrock Res V 1036 Minas Buenavn* N 71808 Minaurum Gold V 8820 Minco Gold* X 2247 Minco Gold T 444 Minco Silver T 1333 Mindoro Res V 1200 Minemakers T 20 Minera IRL T 6661 Mineral Mtn Rs V 21325 Mines Managem* X 2316 Mines Managmnt T 85 Minfocus Expl V 500 Minsud Res V 35 Miranda Gold V 123 Mirasol Res V 790 Mkango Res V 85 Monarques Res V 1339 Moneta Porcpn T 5390 Montero Mg&Ex V 2980 Monument Mng V 4310 Mosaic* N 187009 Mountain Boy M V 450 Mountain Prov T 2179 MPVC V 7346 Mundoro Cap V 2060 Musgrove Mnls V 72 Mustang Minls V 230

0.15 0.24 10.23 0.09 0.25 0.31 0.53 0.01 0.07 0.11 0.05 0.53 0.60 0.02 0.07 0.09 0.90 0.02 0.10 0.08 0.02 0.12 46.94 0.01 5.18 0.05 0.12 0.16 0.01

0.15 0.15 0.20 0.20 9.10 9.16 0.06 0.08 0.20 0.21 0.25 0.25 0.49 0.49 0.01 0.01 0.07 0.07 0.10 0.10 0.04 0.04 0.30 0.41 0.40 0.55 0.02 0.02 0.07 0.07 0.09 0.09 0.86 0.86 0.02 0.02 0.08 0.09 0.07 0.07 0.01 0.02 0.11 0.12 44.64 45.04 0.01 0.01 4.85 4.86 0.04 0.04 0.10 0.10 0.15 0.15 0.01 0.01

Namibia Rare E Natural Rs Pt* Nautilus Minls Nebu Res Nemaska Lith Network Expl Nevada Clean M Nevada Copper Nevada Expl Nevada Sunrise Nevado Res Nevsun Res Nevsun Res* New Carolin Gd New Dimen Res New Gold New Gold* New Millennium New Milln Iron New Oroperu Rs New Pac Metals New World Res Newmont Mng* Newport Expl NGEx Res Nighthawk Gold Nikos Expl Niogold Mng Nippon Dragon Nitinat Mnls Noka Res Nomad Ventures Noram Vent Nordex Noront Res North Am En P* North Am En Pa North Am Nickl North Am Pall North Am Tung North Arrow Mn North Country Northcliff Res Northern Abiti Northern Dyn* Northern Dyn M Northern Freeg Northern Gld M Northern Graph Northern Iron Northern Lion Northern Shiel Northern Sun M Northern Vertx Northisle C&G Northquest NovaCopper NovaCopper* NovaGold Res NovaGold Res* NSGold NSX Silver NuLegacy Gold Nunavik Nickel

0.17 3.73 0.47 0.03 0.18 0.03 0.05 1.49 0.01 0.21 0.05 4.66 3.69 0.05 0.07 3.62 2.87 0.16 0.11 0.10 0.17 0.03 24.07 0.33 0.87 0.12 0.04 0.41 0.08 0.04 0.06 0.04 0.01 0.15 0.48 2.35 2.98 0.23 0.05 0.02 0.50 0.13 0.14 0.01 0.36 0.45 0.06 0.02 0.58 0.02 0.01 0.03 0.19 0.20 0.03 0.11 0.60 0.49 4.40 3.48 0.07 0.03 0.15 0.08

12-month Change

High Low

0.01 0.01 0.94 0.01 0.04 0.05 0.05 0.00 0.01 0.01 0.01 0.09 0.13 0.01 0.01 0.01 0.07 0.00 0.01 0.00 0.01 0.00 1.61 0.01 0.26 0.01 0.02 0.05 0.00

0.20 0.75 14.82 0.11 0.44 0.48 1.14 0.06 0.10 0.24 0.08 1.12 1.19 0.04 0.08 0.17 1.39 0.24 0.14 0.11 0.03 0.24 53.83 0.03 6.08 0.14 0.30 0.71 0.03

0.06 0.20 8.64 0.05 0.20 0.23 0.45 0.01 0.06 0.04 0.02 0.30 0.40 0.01 0.03 0.07 0.82 0.02 0.07 0.04 0.01 0.09 40.32 0.01 4.10 0.04 0.10 0.14 0.01

0.00 0.61 0.02 0.02 0.02 0.00 0.01 0.04 0.00 0.04 0.01 0.20 0.19 0.00 0.01 0.17 0.09 0.03 0.02 0.02 0.02 0.00 1.15 0.01 0.06 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.02 0.06 0.09 0.10 0.00 0.01 0.01 0.00 0.01 0.01 0.00 0.02 0.03 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.02 0.10 0.07 0.13 0.07 0.01 0.00 0.01 0.00

0.25 16.89 0.56 0.10 0.25 0.08 0.07 2.83 0.05 1.29 0.07 5.35 4.51 0.08 0.11 7.23 6.78 0.58 0.37 0.35 0.35 0.12 27.90 0.49 2.23 0.65 0.15 0.43 0.14 0.09 0.55 0.07 0.04 0.45 0.67 8.06 8.58 0.65 0.47 0.09 1.34 0.14 0.29 0.02 0.89 0.95 0.40 0.05 1.44 0.05 0.04 0.05 0.35 0.50 0.10 0.18 1.35 1.25 5.22 4.37 0.65 0.15 0.18 0.18

0.09 3.02 0.34 0.01 0.11 0.03 0.03 1.12 0.01 0.19 0.02 3.61 3.17 0.02 0.04 3.13 2.45 0.12 0.09 0.07 0.14 0.01 17.60 0.22 0.77 0.09 0.03 0.19 0.06 0.04 0.04 0.02 0.01 0.13 0.25 2.21 2.80 0.18 0.04 0.01 0.38 0.03 0.12 0.01 0.30 0.38 0.05 0.02 0.38 0.01 0.01 0.01 0.03 0.09 0.02 0.07 0.50 0.40 2.65 2.33 0.05 0.03 0.06 0.05

+ + + + + -

N-O T 956 N 4386 T 2415 V 700 V 5826 V 191 V 5155 T 2528 V 6970 V 1250 V 170 T 6828 X 6189 V 5940 V 28 T 59953 X 178465 V 6958 T 4452 V 5 T 737 V 1338 N 270253 V 2079 T 793 V 275 V 330 V 3205 V 2715 V 80 V 27060 V 7170 V 150 V 1361 V 2702 N 258 T 1027 V 321 T 26945 V 10258 V 1071 V 22251 T 484 V 299 X 3064 T 604 V 269 V 2060 V 3873 V 886 V 360 V 6530 V 44 V 610 V 3005 V 508 T 1023 X 5380 T 5257 X 68526 V 659 V 710 V 820 V 110

0.14 0.14 3.02 3.09 0.43 0.44 0.02 0.03 0.17 0.18 0.03 0.03 0.04 0.05 1.29 1.40 0.01 0.01 0.19 0.20 0.04 0.04 4.38 4.49 3.43 3.55 0.05 0.05 0.07 0.07 3.13 3.27 2.45 2.60 0.12 0.13 0.09 0.10 0.10 0.10 0.15 0.17 0.02 0.03 22.36 22.52 0.29 0.31 0.77 0.78 0.09 0.11 0.04 0.04 0.34 0.40 0.06 0.07 0.04 0.04 0.04 0.05 0.03 0.03 0.01 0.01 0.13 0.13 0.42 0.42 2.21 2.29 2.80 2.90 0.19 0.21 0.04 0.04 0.01 0.01 0.46 0.50 0.11 0.12 0.13 0.13 0.01 0.01 0.32 0.36 0.40 0.43 0.05 0.05 0.02 0.02 0.52 0.52 0.02 0.02 0.01 0.01 0.02 0.03 0.13 0.13 0.20 0.20 0.03 0.03 0.11 0.11 0.50 0.52 0.40 0.42 3.94 4.05 3.10 3.20 0.05 0.05 0.03 0.03 0.14 0.15 0.08 0.08

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

NORTH AMERICAN STOCK EXCHANGE INDICES 52-week

Date TSX Composite S&P/TSX-Ven Comp S&P TSX 60 Global Gold TSX Metals & Mining Gold & Silver XAU Arca Gold Bugs

July 20 14425.55 616.97 847.63 121.39 594.51 48.63 113.07

July 17 14642.84 628.81 858.94 136.72 614.32 54.20 128.56

July 16 14731.08 638.74 863.48 143.58 628.59 56.90 135.56

TSX SHORT POSITIONS

July 15 14662.28 642.51 858.58 144.67 644.95 57.35 137.20

July 14 14599.40 645.09 852.70 146.18 654.26 59.00 140.62

High 15685.13 1028.26 905.09 209.26 954.68 102.61 251.83

Low 13635.53 616.19 787.83 121.38 513.00 48.87 112.84

TSX VENTURE SHORT POSITIONS

Short positions outstanding at July 15/15 (with changes from June 30/15).

Largest short positions New Gold NGD 31966186 B2Gold BTO 27059837 Lundin Mining LUN 21383473 First Quantum FM 19828830 PotashCorp POT 18674041 Teck Resources TCK.B 17648389 Rubicon Minerals RMX 15909108 Kinross Gold K 14571826 Iamgold IMG 12256439 Thompson Creek Mtls TCM 11159752 Denison Mines DML 10949127 Detour Gold DGC 10846810 Yamana Gold YRI 10329598 Barrick Gold ABX 8121708 Argonaut Gold AR 7847924 Largest increase in short position Denison Mines DML 10949127 First Quantum FM 19828830 Kinross Gold K 14571826 Lundin Mining LUN 21383473 Thompson Creek Mtls TCM 11159752 Largest decrease in short position PotashCorp POT 18674041 Trevali Mining TV 1342428 Semafo SMF 761991 New Gold NGD 31966186 Emed Mining EMD 0

Largest short positions Metanor Res. MTO Integra Gold ICG Arian Res. ARC Zenyatta Ventures ZEN Kaminak Gold KAM Inca One Gold IO Roxgold ROG Canasil Res. CLZ Defiance Silver DEF Blue River Res. BXR Ucore Rare Metals UCU Sunridge Gold SGC Laurion Mineral Exp. LME Gold Reserve GRZ Aurcana AUN Largest increase in short position Metanor Res. MTO Arian Res. ARC Inca One Gold IO Defiance Silver DEF Blue River Res. BXR Largest decrease in short position Santacruz Silver Mining SCZ Bandera Gold BGL Hard Creek Nickel HNC Skyharbour Res. SYH CB Gold CBJ

-1410897 -747479 1290425 2100403 -6094252 -380026 921237 1426587 -590228 1207129 2506293 -460977 -147267 -664820 235700 2506293 2100403 1426587 1290425 1207129 -6094252 -2582200 -2065345 -1410897 -1181100

788000 680800 600000 466900 237811 218000 201881 200000 200000 195300 194500 173000 160600 137900 118802

622200 107700 544800 -117100 -86100 218000 -24000 0 199800 195300 46000 157700 160300 34600 0

788000 600000 218000 200000 195300

622200 544800 218000 199800 195300

0 0 0 0 1300

-394500 -370000 -357000 -350000 -301500

15-07-22 5:44 PM

THE NORTHERN MINER

(100s) Stock

Exc Volume

Week High

Low

2190 1541 28502 1395 79 1000 429 5 41099 260 70 227 1413 269 27410 879 1800 870 1350 1697 6448 678 1805 2214 2525 4140

0.02 0.10 3.10 0.10 0.20 0.26 0.09 0.16 35.00 0.07 0.02 0.96 0.02 1.02 0.25 0.27 0.02 0.01 0.02 0.20 0.37 0.03 1.97 0.17 0.28 0.08

0.02 0.02 0.09 0.09 2.88 2.90 0.10 0.10 0.20 0.20 0.26 0.26 0.09 0.09 0.16 0.16 34.25 34.54 0.04 0.07 0.02 0.02 0.94 0.94 0.02 0.02 1.00 1.00 0.23 0.24 0.23 0.27 0.01 0.01 0.01 0.01 0.01 0.01 0.14 0.19 0.34 0.34 0.03 0.03 1.85 1.92 0.16 0.17 0.26 0.27 0.06 0.07

V 160 V 1177 X 364 V 1700 V 107 V 11326 V 420 T 29427 T 10098 Q 120158 V 1000 V 14313 V 316 V 121 V 1845 N 930589 V 11760 V 2176 T 9765 T 12674 V 3575 V 2325 V 62 V 31387 T 6476 V 25 T 18054 V 285 V 1240 V 50 X 1425 T 5753 V 2700 V 267 T 753 X 10521 T 936 N 272450 T 83682 V 340 T 11091 N 32029 T 10638 V 125 T 25849 N 6572 V 94 V 203 T 26413 V 96 V 20 V 7325 V 10024 V 600 V 142 V 1562 V 83 V 6088 T 8019 V 1021

0.06 5.67 4.38 0.01 0.04 0.02 0.01 0.25 10.85 8.59 0.02 0.15 0.07 0.02 0.04 1.84 0.03 0.05 0.24 0.40 0.20 0.07 0.04 0.01 0.63 0.11 0.09 0.18 0.04 0.03 0.39 0.50 0.02 0.04 2.05 1.13 1.41 31.28 39.45 0.09 2.43 5.45 6.87 0.08 5.25 4.15 0.02 0.45 0.08 0.02 0.07 0.11 0.04 0.05 0.02 0.10 0.02 0.13 0.14 0.01

NV Gold V Oban Mng T OceanaGold T Oceanic Iron O V Oceanus Res V Odin Mng & Exp V Olivut Res V Olympic Res V OM Group* N Omineca Mg&Mtl V Opawica Expl V Opta Minls T Oracle Mng T Orbit Garant D T Orbite Alumnae T Orca Gold V Orefinders Res V Orestone Mng V Orex Expl V Orex Minls V Orezone Gold T Oroco Res V Orocobre T Orosur Mng T Orvana Mnrls T Otis Gold V

Last

12-month Change

+ + + -

+ -

(100s)

High Low

Stock

0.00 0.02 0.10 0.01 0.00 0.04 0.01 0.00 1.08 0.02 0.00 0.01 0.00 0.01 0.02 0.00 0.00 0.00 0.01 0.01 0.01 0.00 0.04 0.01 0.01 0.00

0.39 0.19 3.74 0.39 0.52 0.70 0.30 0.32 35.00 0.11 0.06 2.35 0.14 1.60 0.70 0.70 0.16 0.03 0.02 0.43 1.07 0.06 3.31 0.32 0.57 0.08

0.02 0.07 1.70 0.10 0.17 0.25 0.08 0.03 21.87 0.02 0.01 0.85 0.02 1.00 0.20 0.23 0.01 0.01 0.01 0.14 0.33 0.03 1.85 0.12 0.26 0.02

Rackla Mtls V Radisson Mng V Radius Gold V Rainmaker Res V Rambler Mg&Mtl V Randgold Res* Q Range Engy Res C Rapier Gold V Rare Elemnt Rs T Rare Elemt Re* X Rathdowney Res V Red Eagle Mng V Red Moon Potsh V Red Pine Expl V Red Tiger Mng V Redhawk Res T Redhill Res V Redstar Gold V Regal Res C Regulus Res V

0.01 2.87 2.34 0.00 0.00 0.01 0.00 0.05 0.66 0.58 0.00 0.01 0.01 0.00 0.01 0.27 0.00 0.00 0.01 0.03 0.00 0.01 0.01 0.00 0.07 0.00 0.00 0.02 0.00 0.01 0.02 0.03 0.00 0.01 0.03 0.03 0.07 1.82 2.28 0.02 0.25 0.18 0.30 0.01 0.48 0.33 0.00 0.02 0.02 0.02 0.03 0.01 0.00 0.00 0.00 0.02 0.01 0.01 0.01 0.00

0.07 6.90 5.75 0.05 0.38 0.08 0.05 0.45 17.02 15.97 0.04 0.48 0.23 0.05 0.09 16.71 0.06 0.09 0.44 0.57 0.38 0.19 0.07 0.16 1.77 0.50 0.48 0.29 0.06 0.14 1.22 1.31 0.02 0.04 2.83 1.37 1.75 37.93 47.10 0.25 3.52 8.85 9.43 0.19 9.05 8.46 0.02 0.56 0.09 0.06 0.25 0.18 0.08 0.10 0.07 0.10 0.06 0.13 0.35 0.06

0.02 2.21 1.79 0.01 0.02 0.01 0.01 0.20 9.90 7.80 0.01 0.14 0.03 0.01 0.03 1.43 0.02 0.03 0.14 0.18 0.13 0.05 0.03 0.01 0.53 0.11 0.06 0.10 0.03 0.02 0.34 0.44 0.01 0.01 1.65 0.97 1.11 28.58 35.25 0.09 1.61 4.07 4.60 0.07 3.25 2.76 0.01 0.12 0.03 0.02 0.05 0.09 0.04 0.01 0.01 0.03 0.02 0.04 0.09 0.01

0.05 0.06 2.21 2.31 1.79 1.81 0.01 0.01 0.04 0.04 0.02 0.02 0.01 0.01 0.20 0.21 9.90 10.03 7.80 7.91 0.02 0.02 0.14 0.15 0.07 0.07 0.02 0.02 0.03 0.04 1.52 1.60 0.02 0.03 0.04 0.04 0.21 0.23 0.36 0.38 0.17 0.19 0.06 0.07 0.03 0.04 0.01 0.01 0.53 0.56 0.11 0.11 0.08 0.08 0.16 0.16 0.03 0.04 0.03 0.03 0.34 0.36 0.44 0.45 0.01 0.01 0.03 0.04 1.85 1.99 1.08 1.09 1.36 1.39 28.58 28.79 36.33 36.50 0.09 0.09 2.08 2.12 4.81 5.02 6.12 6.37 0.08 0.08 4.44 4.52 3.48 3.59 0.02 0.02 0.42 0.42 0.05 0.06 0.02 0.02 0.06 0.06 0.09 0.10 0.04 0.04 0.02 0.02 0.02 0.02 0.03 0.03 0.02 0.02 0.10 0.11 0.11 0.11 0.01 0.01

+ -

+ + + -

+ + -

+ + + + -

304 866 3305 1400 3150 25807 16915 21 314 6905 495 3468 13 1830 215 350 200 10779 920 45

Week High

Low

Last

0.01 0.14 0.09 0.04 0.20 67.62 0.02 0.02 0.54 0.42 0.20 0.31 0.03 0.05 0.03 0.07 0.12 0.04 0.10 0.39

0.01 0.01 0.13 0.14 0.08 0.08 0.03 0.03 0.18 0.18 63.81 64.16 0.01 0.02 0.02 0.02 0.47 0.53 0.37 0.41 0.18 0.18 0.26 0.29 0.03 0.03 0.04 0.05 0.03 0.03 0.05 0.07 0.12 0.12 0.04 0.04 0.09 0.10 0.33 0.33

12-month Change

+ + + + + + +

0.00 0.00 0.02 0.01 0.03 2.39 0.01 0.00 0.01 0.00 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.02

Stock

0.04 0.15 0.14 0.18 0.55 89.89 0.10 0.06 1.48 1.37 0.40 0.36 0.09 0.18 0.30 0.25 0.57 0.07 0.15 0.66

RPT Uranium RT Minerals Rubicon Mnls* Rubicon Mnrls Rugby Mng Running Fox Rs Rupert Res Rusoro Mng Russell Metals Ryan Gold Rye Patch Gold

V V X T V V V V T V V

Sabina Gd&Slvr Sage Gold Saint Jean Car Salazar Res Sama Res Samco Gold

T V V V V V

0.01 0.08 0.07 0.01 0.18 58.00 0.01 0.01 0.30 0.24 0.18 0.18 0.03 0.03 0.03 0.04 0.07 0.03 0.04 0.00

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

Reliance Res Renaissance Gd Reservoir Capt Reservoir Mnls Reunion Gold Rhino Res* Richmond Mnls Richmont Mines Richmont Mine* Rio Novo Gold Rio Silver Rio Tinto* Riverside Res RJK Explor Robex Res Rock Tech Lith RockBridge Res Rockhaven Res Rockwell Diam Rodinia Lithm Rogue Iron Ore Rokmaster Res Romarco Mnrls Romios Gold Rs Roxgold Royal Cdn Mint Royal Gold Royal Gold* Royal Nickel

V T V V V N V T X T V N V V V V V V T V V V T V V T T Q T

2580 302 331 2544 8885 255 475 4180 3907 1933 80 42364 954 300 850 218 25 1510 1639 11611 2200 6150 51800 4542 9173 870 177 29825 8724

0.01 0.21 0.40 4.47 0.02 1.48 0.10 3.99 3.17 0.14 0.02 40.48 0.20 0.01 0.08 0.05 0.02 0.20 0.25 0.03 0.04 0.04 0.46 0.03 0.76 15.88 80.60 63.99 0.38

0.01 0.20 0.36 4.26 0.01 1.24 0.08 3.83 3.00 0.11 0.02 38.04 0.19 0.01 0.08 0.05 0.02 0.17 0.22 0.02 0.03 0.03 0.40 0.02 0.69 15.64 76.72 60.17 0.33

0.01 0.20 0.37 4.45 0.01 1.34 0.10 3.90 3.03 0.12 0.02 39.14 0.20 0.01 0.08 0.05 0.02 0.17 0.24 0.03 0.04 0.03 0.40 0.03 0.69 15.75 76.72 60.84 0.35

+ + +

+ + -

0.00 0.01 0.03 0.01 0.01 0.01 0.01 0.04 0.14 0.02 0.00 1.90 0.01 0.00 0.00 0.01 0.01 0.02 0.01 0.01 0.00 0.00 0.05 0.01 0.04 0.11 1.39 1.48 0.02

0.02 0.55 0.80 6.30 0.11 14.65 0.12 4.55 3.68 0.16 0.05 59.33 0.51 0.02 0.24 0.10 0.09 0.34 0.48 0.06 0.11 0.13 0.98 0.07 0.93 17.41 95.64 82.84 0.66

0.01 0.18 0.16 3.30 0.01 1.24 0.03 1.36 1.27 0.06 0.01 38.04 0.19 0.01 0.04 0.03 0.02 0.15 0.20 0.01 0.02 0.01 0.40 0.02 0.39 13.87 61.50 55.55 0.26

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

Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15. Stornoway Diamond (SWY.WT.A) - Wt buys sh @ $0.90 to Jul 3/16. Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15. Supplied by TMX Group.

TSX VENTURE EXCHANGE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18. Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16. Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18. Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sep 14/17. Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19. Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16. Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15. (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17. NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16 Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15. Sunridge Gold (SGC.WT) – Wt buys sh @ $0.35 to Oct 18/17. West African Resources (WAF.WT) - Wt buys sh @ $0.40 to Jan 17/17. West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr 17/19. Supplied by TMX Group Inc.

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date July 20 July 17 US$ in C$ 1.2982 1.2998 C$ in US$ 0.7703 0.7693

July 16 1.2939 0.7729

July 15 1.2937 0.7730

July 14 1.2748 0.7844

EXCHANGE RATES (Bank of Canada, July 20, 2015) Currency Aus $ Euro In C$ 0.9580 1.4085 In US$ 0.7379 1.0850

Japan 0.01045 0.00805

Mex P 0.08119 0.06254

SA Rand 0.1044 0.08042

TNM July 27 2015 Issue.indd 9

(100s)

High Low

RecRuit SmaRteR with mining JobS

P-Q Pac Bay Mnrls Pac Booker Min Pac Booker Mn* Pac Casc Minls Pac Coal Res Pac North West Pac Potash Paladin Energy Pan Am Silver Pan Am Silver* Pancontl Uran Panoro Minls Parlane Res Passprt Potash PC Gold Peabody Enrgy* Pelangio Expl Pele Mtn Res Peregrine Diam Perseus Mng Pershimco Res Peruvian Prc M Philippine Mtl Phoenix Gold Pilot Gold Pinecrest Res Pinetree Cap PJX Res Planet Mng Plate Res Platinum Gp M* Platinum Gp Mt Plato Gold Playfair Mng Polaris Minls PolyMet Mng* PolyMet Mng Potash C Sask* Potash Cp Sask Precipitate Gl Premier Gold M Pretium Res* Pretium Res Prime Merid Rs Primero Mng Primero Mng* Proam Expl Probe Mines Prophecy Coal Prospctr C Res Prospero Silve Puma Expl Purepoint U Q-Gold Res QMX Gold Quadro Res Quartz Mtn Res Quaterra Res Quest Rare Mnl Quia Res

Exc Volume

UK £ 2.0234 1.5586

Exc Volume

Week High

Low

Last

465 208 40623 35883 125 45 420 1130 10049 14836 4844

0.34 0.01 1.02 1.28 0.10 0.01 0.06 0.05 22.65 0.14 0.16

0.31 0.33 0.01 0.01 0.90 0.95 1.15 1.20 0.09 0.09 0.01 0.01 0.04 0.04 0.04 0.04 21.59 21.88 0.14 0.14 0.13 0.14

14427 315 5720 658 563 9

0.49 0.05 0.02 0.07 0.18 0.30

12-month High Low

Stock

0.03 0.00 0.08 0.07 0.02 0.00 0.01 0.01 0.90 0.01 0.02

0.68 0.12 1.70 1.82 0.27 0.05 0.15 0.06 37.63 0.16 0.21

0.22 0.01 0.79 0.90 0.06 0.01 0.04 0.01 21.59 0.10 0.11

Sunset Cove Mg Superior Coppr Sutter Gold Swift Res

0.02 0.00 0.01 0.02 0.03 0.05

0.92 0.38 0.04 0.30 0.33 0.80

0.28 0.05 0.01 0.06 0.14 0.17

+ -

S 0.45 0.05 0.02 0.06 0.15 0.30

0.47 0.05 0.02 0.06 0.15 0.30

+ + -

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

4 iNdusTry JOb bOards

CANADIAN Mining Journal EMail sales@mining-jobs.net or Call 416-510-6772 aNd sTarT rECruiTiNg sMarTEr TOday.

Sanatana Diam V 7995 Sandspring Res V 13276 Sandstorm Gld* X 30763 Sandstorm Gold T 6246 Santa Fe Metls V 1050 Santacruz Silv V 7285 Sarama Res V 490 Satori Res V 420 Saturn Minls V 4394 Savant Expl V 30 Scorpio Gold V 879 Scorpio Mining T 10722 Seabridge Gld* N 17314 Seabridge Gold T 2196 Search Mnls V 739 Secova Mtls V 6840 Sego Res V 495 Selwyn Res V 6 Semafo T 53445 Senator Minls V 140 Sennen Res V 15 Sentry Sl PrmM T 860 Serabi Gold T 939 Serengeti Res V 1043 SG Spirit Gold V 73 SGX Res V 1140 Sherritt Intl T 79573 Shore Gold T 4250 Sienna Res V 1740 Sierra Iron Or V 1040 Sierra Metals T 352 Signature Res V 1802 Silver Bear Rs T 15050 Silver Bull Re T 863 Silver Grail R V 160 Silver Spruce V 51 Silver Std Res T 13185 Silver Std Re* Q 64929 Silver Wheatn* N 313014 Silver Wheaton T 101588 Silvercorp Mt* N 9175 Silvercorp Mtl T 3944 SilverCrest M* X 8517 SilverCrest Mn T 7016 Silvermet V 224 SinoCoking Cl* Q 14267 Sirios Res V 564 V 19914 Skeena Res Skyharbour Res V 2473 Sniper Res V 595 SnipGold V 959 SNS Silver V 3518 Soc Quim&M Ch* N 30801 Solitario Ex&R T 10 Solitario Ex&* X 2603 Solvista Gold V 3611 Sona Res V 134 Sonoro Mtls V 110 Source Expl V 3740 Southern Arc V 1714 Southern Silvr V 2251 SouthGobi Res T 77 Spanish Mtn Gd V 4515 Sparton Res V 30 Sprott Ph Silv T 931 Sprott Res T 5451 St Andrew Gldf T 32181 St Augustine T 3661 St-Georges Plt C 1020 Stakeholdr Gld V 51 Standard Graph V 100 Stans Energy V 4868 Starcore Int V T 6964 Stellar Pac Vt V 4220 Stelmine Can V 150 Stikine Energy V 90 Stillwater Mg* N 110227 Stina Res V 300 Stockport Expl T 2370 Stonegate Agri T 9027 Stornoway Diam T 11509 Strategic Metl V 4888 Strategic Res V 58 Stratton Res V 310 Strike Graph V 5174 StrikePoint Gd V 4690 Strongbow Expl V 100 Sulliden Mng C T 2862 SunCoke Engy* N 10200 Sunridge Gold V 3608

0.04 0.15 3.29 4.15 0.02 0.19 0.09 0.01 0.18 0.02 0.13 0.22 6.23 7.87 0.06 0.08 0.02 1.72 3.33 0.17 0.23 2.66 0.09 0.03 0.10 0.01 2.15 0.21 0.02 0.50 1.42 0.02 0.08 0.12 0.03 0.04 8.00 6.32 17.77 22.49 1.05 1.33 0.99 1.23 0.09 1.60 0.11 0.07 0.05 0.06 0.06 0.43 15.95 0.77 0.65 0.04 0.03 0.11 0.04 0.05 0.07 0.72 0.04 0.01 6.20 0.91 0.31 0.14 0.02 0.05 0.02 0.05 0.12 0.02 0.02 0.01 11.53 0.20 0.04 0.02 0.84 0.32 0.04 0.12 0.05 0.04 0.11 0.25 12.61 0.19

0.03 0.10 2.98 3.80 0.01 0.16 0.09 0.01 0.17 0.02 0.12 0.20 5.46 6.93 0.06 0.05 0.02 1.72 3.03 0.11 0.23 2.37 0.08 0.03 0.06 0.01 1.78 0.20 0.02 0.40 1.32 0.02 0.06 0.11 0.03 0.03 7.11 5.56 14.93 19.00 0.93 1.19 0.85 1.09 0.07 1.11 0.11 0.06 0.04 0.05 0.04 0.36 13.78 0.76 0.58 0.04 0.02 0.11 0.04 0.04 0.05 0.65 0.03 0.01 5.85 0.85 0.28 0.13 0.02 0.05 0.02 0.04 0.11 0.02 0.02 0.01 10.37 0.16 0.03 0.02 0.81 0.29 0.04 0.12 0.04 0.04 0.11 0.22 11.96 0.17

0.03 0.12 3.03 3.82 0.02 0.18 0.09 0.01 0.17 0.02 0.12 0.20 5.48 6.95 0.06 0.06 0.02 1.72 3.14 0.17 0.23 2.37 0.08 0.03 0.10 0.01 1.79 0.20 0.02 0.45 1.35 0.02 0.07 0.11 0.03 0.03 7.76 6.12 15.12 19.17 0.94 1.19 0.88 1.10 0.09 1.27 0.11 0.07 0.05 0.05 0.05 0.40 14.35 0.76 0.60 0.04 0.02 0.11 0.04 0.04 0.07 0.72 0.03 0.01 6.12 0.87 0.28 0.14 0.02 0.05 0.02 0.05 0.12 0.02 0.02 0.01 10.60 0.16 0.03 0.02 0.83 0.30 0.04 0.12 0.05 0.04 0.11 0.22 12.01 0.18

(100s)

Change

+ + + + + + + + -

+ + + +

+ -

0.01 0.01 0.17 0.23 0.01 0.01 0.02 0.00 0.01 0.01 0.00 0.02 0.49 0.37 0.01 0.03 0.00 0.07 0.12 0.09 0.01 0.32 0.01 0.01 0.04 0.01 0.36 0.01 0.01 0.05 0.13 0.01 0.01 0.01 0.01 0.01 0.29 0.12 2.22 2.54 0.10 0.08 0.10 0.12 0.01 0.35 0.00 0.00 0.00 0.01 0.01 0.03 1.79 0.04 0.05 0.00 0.00 0.01 0.00 0.01 0.00 0.09 0.00 0.00 0.03 0.04 0.03 0.01 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.00 1.00 0.08 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.01 0.01 0.02 0.64 0.01

0.22 0.32 7.69 8.19 0.06 1.00 0.20 0.07 0.24 0.05 0.24 0.35 11.64 12.72 0.16 0.09 0.04 4.22 5.48 0.21 1.35 4.50 0.13 0.08 0.40 0.04 4.83 0.35 0.07 0.62 2.13 0.04 0.17 0.33 0.08 0.15 11.05 10.11 27.66 29.98 2.22 2.36 2.23 2.37 0.13 9.37 0.15 0.13 0.09 0.09 0.12 0.50 30.45 1.66 1.58 0.18 0.11 0.22 0.16 0.09 0.20 1.25 0.08 0.02 8.82 3.34 0.39 0.21 0.08 0.29 0.05 0.26 0.23 0.14 0.05 0.03 19.42 0.25 0.07 0.19 0.85 0.43 0.08 0.25 0.15 0.08 0.18 0.75 24.57 0.24

0.03 0.07 2.45 2.80 0.01 0.16 0.03 0.01 0.11 0.01 0.10 0.17 5.42 6.74 0.03 0.03 0.02 1.72 2.39 0.05 0.20 2.28 0.06 0.03 0.06 0.01 1.78 0.13 0.01 0.07 1.29 0.01 0.04 0.08 0.02 0.02 4.47 3.92 14.93 18.92 0.93 1.18 0.85 1.09 0.05 1.11 0.06 0.06 0.03 0.01 0.04 0.05 13.78 0.72 0.52 0.03 0.01 0.06 0.04 0.03 0.03 0.41 0.02 0.01 5.31 0.85 0.21 0.08 0.01 0.05 0.01 0.04 0.11 0.02 0.01 0.01 10.37 0.04 0.02 0.02 0.46 0.27 0.02 0.06 0.04 0.01 0.06 0.20 11.96 0.12

Exc Volume

JULY 20-26, 2015

Week

12-month

High

Low

Last

Change

5520 140 770 50

0.02 0.02 0.06 0.06

0.01 0.02 0.05 0.06

0.01 0.01 0.01 0.01

0.15 0.17 0.15 0.07

0.01 0.02 0.05 0.02

Tahoe Res* N 23628 Tahoe Res T 47925 Taipan Res V 2670 Takara Res V 350 Talon Metals T 1573 Tanz Roy Exp T 3208 Tanz Roy Exp* X 21066 Tanzania Mnls V 1310 Tasca Res V 20 Taseko Mines* X 18403 Taseko Mines T 18591 Tasman Metals V 2136 Tasman Mtls* X 4489 Tawsho Mng V 830 Teck Res A T 55 Teck Res B* N 357395 Teck Res B T 167256 Tembo Gold V 2408 Temex Res V 9964 Teranga Gold T 42896 Teras Res V 1810 Terraco Gold V 11337 Terrax Minls V 400 Teryl Res Corp V 319 Teuton Res V 30 Thompson Creek T 11824 Thompson Crk* N 12011 Timberline Res V 20 Timberline Rs* X 468 Timmins Gold* X 8909 Timmins Gold T 43196 Tinka Res V 2493 Tintina Res V 1285 Tirex Res V 715 Titanium Corp V 2144 TNR Gold V 1690 TomaGold V 5908 Torex Gold T 73259 Transition Mtl V 1093 Treasury Metal T 3352 Tres-Or Res V 250 Trevali Mng T 34053 Tri Origin Exp V 4590 Tribute Res V 90 TriMetals Mng T 1940 Trio Gold Corp V 305 Troymet Expl V 300 True Gold Mng V 28232 True North Gem V 5013 Trueclaim Expl V 626 Tsodilo Res V 90 Tumi Res V 179 Turquoise HIl* N 34703 Turquoise Hill T 44044 TVI Pacific T 3408 Typhoon Expl V 421

12.48 15.77 0.03 0.03 0.15 0.52 0.41 0.02 0.05 0.59 0.76 0.62 0.53 0.02 13.95 9.68 12.31 0.02 0.07 0.72 0.08 0.09 0.34 0.01 0.08 0.95 0.75 0.75 0.61 0.57 0.71 0.23 0.06 0.21 1.55 0.02 0.07 1.19 0.13 0.59 0.02 0.89 0.02 0.06 0.06 0.01 0.01 0.24 0.14 0.04 0.90 0.05 3.70 4.68 0.02 0.05

11.00 14.00 0.02 0.03 0.11 0.41 0.32 0.01 0.05 0.45 0.58 0.48 0.37 0.01 13.00 8.75 11.18 0.02 0.06 0.63 0.07 0.07 0.31 0.01 0.08 0.80 0.63 0.67 0.49 0.44 0.55 0.20 0.05 0.18 1.31 0.01 0.06 1.10 0.11 0.49 0.02 0.77 0.02 0.05 0.05 0.01 0.01 0.21 0.12 0.03 0.80 0.05 3.42 4.37 0.02 0.05

11.25 14.26 0.03 0.03 0.13 0.51 0.40 0.01 0.05 0.58 0.73 0.58 0.46 0.02 13.76 8.89 11.25 0.02 0.06 0.63 0.08 0.08 0.32 0.01 0.08 0.82 0.65 0.67 0.55 0.48 0.58 0.21 0.06 0.19 1.32 0.01 0.07 1.11 0.12 0.49 0.02 0.89 0.02 0.06 0.06 0.01 0.01 0.22 0.14 0.03 0.90 0.05 3.54 4.48 0.02 0.05

0.91 0.99 0.00 0.01 0.02 0.10 0.09 0.01 0.03 0.05 0.08 0.05 0.06 0.00 0.94 0.71 0.82 0.01 0.01 0.07 0.01 0.02 0.04 0.00 0.00 0.15 0.10 0.08 0.03 0.11 0.12 0.00 0.00 0.02 0.18 0.01 0.01 0.03 0.00 0.10 0.00 0.03 0.00 0.01 0.00 0.00 0.00 0.03 0.01 0.01 0.08 0.00 0.18 0.29 0.00 0.00

27.55 30.15 0.50 0.06 0.58 2.74 2.54 0.07 0.08 2.60 2.79 1.33 1.24 0.06 28.10 25.03 26.98 0.09 0.10 0.89 0.18 0.23 0.57 0.07 0.93 3.38 3.08 1.68 1.80 1.98 2.12 0.43 0.18 0.42 2.14 0.05 0.13 1.82 0.37 0.62 0.03 1.41 0.03 0.12 0.23 0.02 0.02 0.47 0.19 0.19 1.37 0.18 4.73 5.80 0.03 0.15

10.65 13.19 0.02 0.01 0.11 0.32 0.25 0.01 0.02 0.45 0.58 0.40 0.32 0.01 13.00 8.75 11.18 0.02 0.04 0.38 0.06 0.07 0.23 0.01 0.06 0.80 0.63 0.42 0.44 0.44 0.55 0.16 0.05 0.16 0.60 0.01 0.05 0.88 0.11 0.25 0.01 0.77 0.01 0.04 0.05 0.01 0.01 0.15 0.08 0.03 0.71 0.05 2.66 3.17 0.01 0.03

U3O8 Corp UC Res Ucore Rare Mtl UEX Corp Ultra Lithium Unigold Ur-Energy Ur-Energy* Uracan Res Uragold Bay Rs Uranium Ener* Uranium Partic Uranium Res* Uranium Valley Uravan Minls US Energy* US Silica Hld* Vale* ValGold Res Valterra Res Vanstar Mng Rs Vantex Res Vatic Vent Vena Res Vendetta Mng Venerable Vent Verde Potash Victoria Gold Victory Nickel Victory Res Vior Mining Virginia Engy Viscount Mng Visible Gold M Vista Gold Vista Gold* VMS Vent Volcanic Mtls Vulcan Mnrls VVC Expl

T 6566 V 20 V 4648 T 8691 V 450 V 1169 T 3956 X 2095 V 1750 V 4687 X 15704 T 7257 Q 5525 V 111 V 507 Q 5682 N 22090 N 286876 V 100 V 1000 V 570 V 134 V 470 T 7383 V 10 V 30 T 1054 V 7547 T 838 V 110 V 734 V 1344 V 2737 V 1547 T 98 X 5467 V 2924 V 30 V 110 V 4674

0.04 0.02 0.39 0.25 0.01 0.18 1.02 0.82 0.02 0.05 1.37 5.51 0.99 0.10 0.15 0.64 26.86 5.80 0.01 0.01 0.06 0.01 0.02 0.06 0.14 0.01 0.38 0.14 0.04 0.08 0.09 0.04 0.22 0.08 0.39 0.33 0.25 0.07 0.03 0.04

0.00 0.00 0.01 0.02 0.01 0.03 0.10 0.09 0.00 0.01 0.11 0.22 0.06 0.03 0.00 0.12 2.86 0.42 0.00 0.01 0.00 0.01 0.00 0.01 0.00 0.00 0.03 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.04 0.04 0.01 0.01 0.00 0.00

0.11 0.06 0.44 0.47 0.04 0.50 1.37 1.29 0.08 0.08 2.99 5.76 3.15 0.12 0.17 4.55 73.43 14.93 0.04 0.06 0.09 0.06 0.08 0.17 0.25 0.04 0.96 0.24 0.80 0.09 0.13 0.08 0.47 0.27 0.56 0.54 0.33 0.19 0.05 0.07

0.03 0.01 0.20 0.23 0.01 0.10 0.83 0.68 0.01 0.03 1.03 4.74 0.80 0.05 0.03 0.37 22.76 5.20 0.01 0.01 0.03 0.01 0.02 0.05 0.09 0.01 0.36 0.09 0.03 0.03 0.05 0.03 0.15 0.06 0.29 0.25 0.23 0.07 0.02 0.02

Wallbridge Mng Walter Energy* War Eagle Mg Waseco Res Wealth Minls Wesdome Gold West Af Iron O West High Yld West Kirkland Western Copper Western Coppr* Western Lithiu Western Melv M Western Pac Rs Western Potash Westkam Gold Westminster Rs WGI Heavy Mnl White Pine Res Williams Creek Wolfden Res Wolverine Mnls WPC Res Xmet Xtierra Xtra-Gold Res Yamana Gold* Yamana Gold Yanzhou Coal* Yellowhead Mng Zadar Vent Zazu Metals Zena Mng Zenyatta Vent Zimtu Capital Zinco Mng

T 3655 N 12891 V 518 V 690 V 5994 T 687 V 475 V 499 V 11940 T 2377 X 945 T 18317 V 500 V 1817 T 62069 V 2509 V 725 T 23210 V 500 V 2450 V 1215 V 690 V 2640 V 20521 V 7942 T 233 N 77066 T 123379 N 11580 T 68 V 5280 T 6877 V 150 V 5176 V 9005 V 900

0.04 0.20 0.02 0.04 0.35 1.09 0.04 0.34 0.08 0.55 0.44 0.60 0.10 0.02 0.34 0.05 0.04 0.38 0.03 0.03 0.13 0.08 0.06 0.02 0.01 0.24 2.99 3.79 6.76 0.09 0.02 0.19 0.07 1.45 0.32 0.03

0.01 0.03 0.01 0.01 0.08 0.06 0.01 0.01 0.00 0.04 0.04 0.00 0.02 0.00 0.03 0.00 0.01 0.05 0.00 0.01 0.01 0.00 0.00 0.01 0.01 0.01 0.25 0.28 1.00 0.00 0.01 0.04 0.01 0.11 0.09 0.02

0.11 6.84 0.04 0.10 0.42 1.40 0.20 0.43 0.15 0.91 0.88 1.00 0.50 0.18 0.40 0.07 0.35 0.78 0.09 0.12 0.32 0.15 0.08 0.07 0.10 0.32 9.04 9.90 12.24 0.18 0.08 0.59 0.15 2.61 0.65 0.10

0.04 0.00 0.01 0.02 0.03 0.62 0.03 0.11 0.05 0.46 0.38 0.47 0.03 0.02 0.20 0.03 0.04 0.00 0.01 0.02 0.11 0.03 0.03 0.01 0.01 0.10 2.69 3.41 5.38 0.01 0.01 0.18 0.06 1.05 0.22 0.02

V V V V

High Low

+ + + + + + + + + +

+ -

U-V 0.03 0.03 0.02 0.02 0.36 0.37 0.23 0.23 0.01 0.01 0.13 0.15 0.86 0.88 0.68 0.70 0.02 0.02 0.04 0.04 1.14 1.30 5.22 5.49 0.80 0.89 0.05 0.05 0.12 0.15 0.37 0.51 24.07 24.35 5.20 5.43 0.01 0.01 0.01 0.01 0.05 0.06 0.01 0.01 0.02 0.02 0.05 0.05 0.14 0.14 0.01 0.01 0.36 0.38 0.13 0.14 0.03 0.04 0.07 0.08 0.09 0.09 0.04 0.04 0.20 0.21 0.08 0.08 0.36 0.36 0.28 0.29 0.23 0.24 0.07 0.07 0.03 0.03 0.04 0.04

+ + + + + -

W-Z 0.04 0.16 0.02 0.04 0.24 1.03 0.03 0.30 0.06 0.51 0.41 0.51 0.08 0.02 0.27 0.04 0.04 0.30 0.03 0.02 0.12 0.06 0.05 0.01 0.01 0.21 2.69 3.41 5.38 0.09 0.01 0.18 0.07 1.31 0.22 0.03

0.04 0.16 0.02 0.04 0.27 1.09 0.03 0.30 0.07 0.51 0.41 0.60 0.10 0.02 0.27 0.04 0.04 0.34 0.03 0.02 0.13 0.06 0.06 0.01 0.01 0.23 2.71 3.42 6.58 0.09 0.02 0.18 0.07 1.37 0.32 0.03

+ + + + + + + + -

STOCK MISSING OR INCORRECT? Let us know at 1-416-510-6764 or tnm@northernminer.com. Data supplied by Reuters Canada.

15-07-22 5:44 PM

JULY 20-26, 2015

THE NORTHERN MINER

NEW 52-WEEK HIGHS AND LOWS — JULY 6–10, 2015 22 New Highs Antioquia Gold Challenger Dee Excelsior Mng Explor Res Galantas Gold Goldbank Mng Golden Hope Goldrush Res Grizzly Discvr Houston Lake I-Minerals Jazz Res Laurion Mnl Ex MacMillan Mnls Malbex Res Metalcorp Midasco Cap OM Group* Plato Gold Playfair Mng Quadro Res Quaterra Res

350 New Lows Abcourt Mines ABE Res Aben Res Acme Res Adex Mining Adriana Res Advance Gold Aftermath Silv Alamos Gold* Alamos Gold Alcoa* Alder Res Alderon Irn O* Alderon Iron O Alexandria Mnl Alloycorp Almaden Mnls* Alpha Nat Res* Altan Nev Mnls Altima Res Alto Vent Alum Cp China* Anconia Res AndeanGold Anfield Nickel Anglo-Can Mng AQM Copper Arch Coal* Arctic Star Rs Arcus Dev Grp Argentum Silvr Argus Metals Aroway Mnls ASA (Bermuda)* Ashburton Vent Astur Gold Athabasca Mnls Atlatsa Res* Augen Gold Aurcana Corp AurCrest Gold Avala Res Avino Silver* Avrupa Mnls Azincourt Res Baja Mng Balmoral Res Bandera Gold Bannerman Res Barisan Gold Barker Mnrls Baroyeca Go&Si Bayswater Uran Bear Creek Mng Beaufield Res Berkwood Res BHP Billi-BBL* BHP Billi-BHP* Big North Grap Bison Gold Res Bitterroot Res Blue Sky Uran Bravada Gold Cabot Corp* Calico Res Cameco Corp* Canada Rare Ea Canadn Int Mnl Canadn Orebods Canadn Plat Canadn Zinc Canamex Res Candente Coppr Canterra Mnls Caracara Silvr Carlin Gold Castle Peak Mg Cavan Vent Centurion Mnls Champion Bear China Mnls Mng Claim Post Res Cliffs Nat Rs* Cloud Peak En* Colombia Crest Colorado Res Commander Res Compliance Eny Comstock Mng* Conquest Res Cons Richland Consol Energy* Copper Mtn Mng Copper North M Copper One Cornerstone Ca Coronado Res Corsa Coal Cresval Cap Cypress Dev Dalton Res Ltd Decade Res Dejour Enterp* Denison Mines Denison Mines* Desert Star Dominion Diam* Duncan Park H Dynasty Met&Mn Eagle Plains Ecuador G & C Eldorado Gold* Eldorado Gold Emgold Mng Energizer Res Energold Drill Energy Fuels Equitorial Exp Europn Uran Rs Evrim Res Excellon Res Exeter Res* Exeter Res Fairmont Res Falcon Gold Finlay Minrls Firestone Vent First Nickel Flinders Res Focus Graphite Foran Mng Fortune Mnrls Freeport McMo* Frontline Gold Full Metal Mnl Galore Res Geologix Ex Gitennes Expl Glen Eagle Res Glenmark Cap Golconda Res Gold Bulln Dev Gold Resource* Golden Band Golden Goliath Golden Queen Golden Share M Golden Tag Goldrea Res Goldrock Mines Great Panther Harmony Gold* Heatherdale Rs Hi-Crush Part* Highbank Res HiHo Silver Honey Badger E Huntington Exp Iconic Mnls Indigo Expl Inspiration Mg Intl Bethl Mng

TNM July 27 2015 Issue.indd 10

Intl Montoro R Intl Tower Hi* Intl Vestr Res Intrepid Pots* Iron Tank Res Ivernia Jaxon Mnls Katanga Mng Kilo Goldmines Kiska Metals Kivalliq Enrgy Klondike Gold Knick Expl Kobex Mnls La Quinta Res Lakeland Res Lara Expl Latin Am Mnls Lincoln Mng Lomiko Mtls MacDonald Mns Makena Res Mammoth Res Marengo Mng Marifil Mines McEwen Mng* McEwen Mng MDN Inc MDU Res* Medallion Res Melior Res Mesa Expl Metallis Res Midlands Minls Millrock Res Minco Gold* Mindoro Res Mines Managem* Mines Managmnt Mkango Res MPVC Mundoro Cap Natural Rs Pt* Network Expl Nevada Expl Nevada Sunrise New Gold New Gold* New Millennium New Milln Iron NGEx Res Nighthawk Gold Nippon Dragon Nitinat Mnls Noka Res Nordex North Am En P* North Am En Pa North Am Pall North Am Tung Northern Abiti Northern Freeg Northern Gld M Northern Lion NovaCopper NovaCopper* NSGold NSX Silver NV Gold Oceanic Iron O Oracle Mng Orbit Garant D Orestone Mng Orex Minls Oroco Res Orocobre Orvana Mnrls Pac Booker Min Pac Booker Mn* Pac Potash Paladin Energy Pan Am Silver Pan Am Silver* Panoro Minls Philippine Mtl Phoenix Gold Pilot Gold Pinecrest Res Planet Mng Platinum Gp M* Platinum Gp Mt Potash C Sask* Prospctr C Res Puma Expl Purepoint U Quadro Res Quartz Mtn Res Rambler Mg&Mtl Range Engy Res Rathdowney Res Red Moon Potsh Red Tiger Mng Reunion Gold Rhino Res* Rio Tinto* Riverside Res RJK Explor Romarco Mnrls Romios Gold Rs Running Fox Rs Rupert Res Russell Metals Salazar Res Santa Fe Metls Santacruz Silv Satori Res Selwyn Res Serengeti Res SG Spirit Gold SGX Res Sherritt Intl Silver Wheatn* Silvercorp Mt* SilverCrest M* SilverCrest Mn SinoCoking Cl* SnipGold Soc Quim&M Ch* Source Expl Sprott Res Stans Energy Starcore Int V Stellar Pac Vt Stikine Energy Stillwater Mg* Stonegate Agri SunCoke Engy* Sunset Cove Mg Superior Coppr Taipan Res Talon Metals Tanzania Mnls Taseko Mines* Taseko Mines Tawsho Mng Teck Res A Teck Res B* Teck Res B Tembo Gold Terraco Gold Teryl Res Corp Thompson Creek Thompson Crk* Timmins Gold* Timmins Gold TNR Gold Transition Mtl Trevali Mng TriMetals Mng Trio Gold Corp Tumi Res U3O8 Corp UEX Corp Ultra Lithium Ur-Energy* Uranium Res* Uranium Valley US Energy* Vale* Vantex Res Vena Res Venerable Vent Victory Nickel VMS Vent Volcanic Mtls Wallbridge Mng West Af Iron O Western Pac Rs Westminster Rs Williams Creek Xmet Xtierra Yamana Gold* Yamana Gold Yanzhou Coal* Zadar Vent Zazu Metals Zimtu Capital

BID-ASK — JULY 6–10, 2015 12-MONTH STOCK

Actus Mnls Adroit Res Advanced Expl Adventure Gold Aegean Metals Afferro Mng African Queen AgriMinco Aldershot Res Alhambra Res Allana Potash Allied Gold Allied Nevada Allied Nevada* Alpha Mnls Altair Vent Alturas Minls Am Cons Minls Amador Gold Amara Mng Amato Expl Amcol Intl* American Bonan AMI Res Amseco Expl Angus Mng Nami Archon Mineral Arco Res Arcturus Res Armadillo Res Arrowstar Res Asia Now Res AsiaBaseMetals Astar Mnls Aston Bay Atacama Pac Gd Augusta Res Auramex Res Aurania Res AuRico Gold* AuRico Gold Axmin Inc Azumah Res Bayfield Vent BCGold BCM Res BE Res Bear Lake Gold Bearclaw Cap Bearing Res Besra Gold Black Isle Res Black Widow Rs Blackstone Ven Blind Crk Res Blue Gold Mng Bluestone Res Bonaparte Res Bralorne Gold Brazilian Gold Brigadier Gold Brionor Res Buccaneer Gold Bullman Mnls Cadan Res Cadillac Vent Calvista Gold Canada Fluorsp Canadn Arrow Canadn Silvr H CanAm Coal Cancor Mines Cangold Canyon Copper Cariboo Rose Carrie Arran R Cassius Vent Cayden Res Celeste Copper Central Iron O Chalice Gold M Channel Res Chiboug Ind Mn Chimata Gold CIC Energy Citation Res Clear Mtn Res Cliffmont Res Cline Mng CMQ Res Coalspur Mines Cobriza Mtls Coeur Mng Colibri Res Colossus Minls Columbus Expl Contintl Nickl Cosigo Res Creso Expl Crosshair Eny* Crown Gold Cuervo Res Curis Res Curlew Lke Res Darwin Res Delrand Res Delta Gold Desert Gold Diamonds North Ditem Explor Dominion Mnls* Dorex Minls Dot Res Duluth Metals Dunav Res Durango Res E-Energy Vent Eagle Mtn Gold Eastern Merid El Nino Vent Elemental Mnls Elgin Mng Endurance Gold Esperanza Res Estrella Gold Extorre Gold M Firesteel Res Fort St J Nick Freeport Res Gem Intl Res Geocom Res* Geomark Expl Global Hunter Global Met Cl Global Ur Fund GMV Minerals Gold Ridge Exp Goldcliff Res Golden Peak Mn GoldMountain* Goldstar Mnls Grande Portage Granite Ck Gld Great Western Green Swan Cap Green Valley M Grenville Gold Gryphon Gold GTO Res Harvest Gold Highbury Proj Highvista Gold Horizonte Mnls Hudson River M Hunter Bay Mnl ICN Res IEMR Res Infinito Gold Inform Res Inova Res Inter-Citic Mn Inter-Rock Mnl Intl Enexco Intl Millm Mng Intl Minls Crp Intrepid Mns J.A.G. Mines Jasper Mng Jayden Res Jet Gold Jiulian Res Josephine Mng Jourdan Res Kermode Res Kesselrun Res Kestrel Gold Kettle River Killdeer Mnls Kimber Res Kings Bay Gold KWG Res Labdr Iron Mns Lachlan Star Legend Gold Letho Res Liberty Silver Lipari Energy Lithium One Lornex Cap Lovitt Res MagIndustries Magma Metals Mahdia Gold Mainstream Mnl Margaret Lk Di Maritime Res Marklnd AGF PM Masuparia Gold McVicar Res Mega Copper

EXC

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

BID

0.04 0.01 0.02 0.08 0.03 1.10 0.02 0.01 0.01 0.02 0.50 2.25 0.16 0.86 5.55 0.01 0.01 0.04 0.01 0.20 0.02 45.74 0.02 0.04 0.01 0.01 1.84 0.06 0.01 0.01 0.06 0.02 0.03 0.07 0.14 0.15 3.15 0.01 0.30 2.87 3.58 0.01 0.02 0.24 0.01 0.02 0.01 0.03 0.03 0.03 0.02 0.04 0.02 0.01 0.05 0.46 0.06 0.05 0.19 0.10 0.01 0.01 0.02 0.09 0.05 0.02 1.09 0.35 0.01 0.02 0.01 0.01 0.03 0.03 0.04 0.01 0.02 2.40 0.01 0.01 0.11 0.04 0.03 0.03 1.99 0.07 0.01 0.01 0.01 0.02 0.02 0.12 12.03 0.01 0.02 0.16 0.40 0.01 0.12 0.02 0.03 0.01 0.68 0.01 0.05 0.09 0.01 0.03 0.02 0.01 0.08 0.02 0.01 0.45 0.01 0.03 0.01 0.14 0.05 0.02 0.18 0.41 0.03 1.01 0.03 4.27 0.02 0.01 0.02 0.05 0.05 0.96 0.02 0.01 1.64 0.14 0.02 0.01 0.06 0.04 0.02 0.01 0.02 0.01 0.02 0.01 0.08 0.01 0.10 0.03 0.14 0.12 0.05 0.01 0.02 0.06 0.01 0.01 0.02 0.16 2.04 0.01 0.41 0.01 2.80 0.25 0.03 0.05 0.07 0.04 0.03 0.01 0.04 0.01 0.04 0.04 0.01 0.08 0.15 0.01 0.02 0.02 0.01 0.04 0.11 0.05 0.46 1.15 0.10 0.04 0.10 0.09 0.01 0.01 0.13 0.08 5.86 0.05 0.47 0.04

12-MONTH

ASK

LAST

HIGH

LOW

STOCK

0.07 0.01 0.03 0.10 0.05 2.50 0.02 0.01 0.01 0.03 0.50 2.29 0.16 0.86 5.68 0.02 0.01 0.04 0.01 0.29 0.03 45.75 0.02 0.06 0.01 0.01 1.99 0.08 0.02 0.05 0.11 0.02 0.10 0.15 0.15 0.18 3.50 0.02 0.40 2.88 3.73 0.02 0.03 0.25 0.02 0.03 0.35 0.04 0.03 0.05 0.02 0.04 0.03 0.01 0.05 0.49 0.09 0.12 0.19 0.10 0.01 0.02 0.04 0.11 0.09 0.03 1.10 0.35 0.01 0.03 0.01 0.02 0.04 0.05 0.06 0.06 0.03 2.49 0.01 0.01 0.12 0.06 0.03 0.04 2.00 0.08 0.02 0.02 0.01 0.04 0.02 0.13 12.64 0.01 0.02 0.22 0.90 0.02 0.12 0.03 0.04 0.01 0.72 0.02 0.05 0.15 0.01 0.04 0.03 0.01 0.18 0.02 0.02 0.45 0.02 0.03 0.01 0.17 0.08 0.03 0.25 0.42 0.04 1.03 0.04 4.28 0.02 0.01 0.03 0.07 0.09 1.00 0.02 0.01 1.67 0.19 0.02 0.01 0.10 0.05 0.04 0.01 0.03 0.01 0.02 0.01 0.13 0.01 0.16 0.03 0.24 0.16 0.06 0.01 0.03 0.07 0.01 0.01 0.02 0.20 2.05 0.02 0.41 0.02 2.83 0.26 0.03 0.16 0.11 0.05 0.04 0.02 0.05 0.01 0.05 0.06 0.02 0.16 0.16 0.01 0.03 0.02 0.01 0.05 0.15 0.08 0.49 1.18 0.18 0.09 0.12 0.09 0.17 0.01 0.15 0.17 8.25 0.09 0.49 0.05

0.05 0.01 0.02 0.08 0.03 1.57 0.02 0.01 0.01 0.02 0.50 2.25 1.08 0.86 5.45 0.02 0.01 0.04 0.01 0.21 0.02 45.74 0.02 0.05 0.05 0.01 2.00 0.06 0.02 0.02 0.08 0.02 0.04 0.10 0.15 0.15 3.55 0.01 0.30 2.86 3.58 0.01 0.02 0.24 0.02 0.02 0.35 0.04 0.03 0.03 0.02 0.04 0.02 0.01 0.05 0.47 0.05 0.05 0.20 0.11 0.01 0.01 0.04 0.11 0.06 0.03 1.09 0.35 0.01 0.02 0.01 0.01 0.03 0.04 0.04 0.05 0.02 2.40 0.01 0.01 0.15 0.05 0.03 0.06 1.99 0.07 0.01 0.01 0.01 0.02 0.02 0.12 12.09 0.01 0.04 0.19 0.40 0.01 0.12 0.02 0.03 0.01 0.70 0.03 0.05 0.09 0.02 0.04 0.02 0.01 0.01 0.02 0.01 0.45 0.02 0.03 0.01 0.13 0.05 0.02 0.20 0.42 0.04 1.01 0.03 4.27 0.02 0.01 0.02 0.10 0.02 0.98 0.02 0.01 1.64 0.13 0.02 0.01 0.06 0.05 0.04 0.01 0.02 0.01 0.02 0.01 0.13 0.01 0.11 0.03 0.19 0.17 0.05 0.01 0.02 0.06 0.01 0.01 0.02 0.15 2.04 0.02 0.41 0.04 2.83 0.26 0.03 0.05 0.07 0.05 0.04 0.02 0.07 0.01 0.05 0.05 0.01 0.16 0.15 0.01 0.02 0.02 0.02 0.05 0.11 0.04 0.47 1.15 0.10 0.05 0.13 0.09 0.01 0.01 0.16 0.16 5.82 0.09 0.49 0.03

0.12 0.01 0.06 0.23 0.11 2.40 0.03 0.01 0.01 0.15 0.50 3.70 4.45 6.70 7.60 0.08 0.03 0.07 0.02 1.72 0.04 47.09 0.06 0.06 0.05 0.05 2.05 0.15 0.03 0.02 0.25 0.03 0.10 0.16 0.24 0.91 4.18 0.03 0.45 4.69 5.12 0.03 0.11 0.41 0.05 0.05 0.40 0.06 0.07 0.07 0.07 0.09 0.08 0.01 0.15 0.95 0.25 0.11 0.45 0.25 0.01 0.03 0.03 0.30 0.24 0.35 1.10 0.35 0.02 0.07 0.06 0.05 0.15 0.12 0.07 0.10 0.07 3.49 0.01 0.01 0.15 0.09 0.09 0.19 2.45 0.10 0.12 0.04 0.84 0.05 0.08 0.16 20.14 0.02 3.40 0.20 1.12 0.05 0.13 0.26 0.14 0.01 0.99 0.07 0.20 0.95 0.03 0.09 0.08 0.02 0.09 0.10 0.08 1.00 0.14 0.12 0.01 0.42 0.21 0.08 0.55 0.45 0.10 1.70 0.08 11.27 0.08 0.05 0.04 0.26 0.03 1.00 0.09 0.03 2.05 0.26 0.05 0.02 0.18 0.35 0.07 0.02 0.10 0.09 0.09 0.01 0.20 0.13 0.11 0.06 0.50 0.30 0.15 0.01 0.15 0.30 0.01 0.01 0.07 0.60 2.05 0.03 0.55 0.04 4.92 0.31 0.06 0.20 0.27 0.15 0.07 0.03 0.30 0.02 0.06 0.08 0.02 0.30 0.40 0.02 0.09 0.14 0.28 0.32 0.18 0.13 0.49 1.46 0.20 0.06 0.26 0.28 0.07 0.01 0.50 0.24 10.41 0.10 0.52 0.14

0.01 0.01 0.02 0.07 0.00 0.00 0.01 0.01 0.01 0.02 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.00 0.01 0.04 0.01 0.77 0.03 0.01 0.01 0.05 0.01 0.03 0.09 0.08 0.14 0.00 0.01 0.30 0.00 0.00 0.01 0.00 0.00 0.01 0.02 0.25 0.00 0.02 0.02 0.00 0.02 0.02 0.01 0.04 0.00 0.05 0.00 0.00 0.00 0.01 0.01 0.02 0.06 0.04 0.03 0.00 0.00 0.01 0.02 0.01 0.00 0.00 0.03 0.02 0.05 0.02 0.00 0.01 0.01 0.08 0.00 0.02 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.10 0.00 0.01 0.00 0.00 0.03 0.00 0.00 0.01 0.00 0.06 0.01 0.03 0.00 0.01 0.00 0.02 0.01 0.00 0.00 0.03 0.01 0.00 0.04 0.02 0.00 0.00 0.03 0.00 0.00 0.00 0.02 0.01 0.02 0.05 0.00 0.00 0.02 0.01 0.00 0.06 0.02 0.01 0.04 0.00 0.02 0.01 0.02 0.01 0.01 0.01 0.04 0.00 0.00 0.03 0.15 0.06 0.05 0.01 0.02 0.00 0.01 0.01 0.02 0.00 0.00 0.01 0.00 0.04 0.00 0.00 0.03 0.03 0.06 0.04 0.02 0.01 0.03 0.01 0.01 0.02 0.01 0.08 0.00 0.01 0.00 0.00 0.00 0.04 0.05 0.00 0.00 0.00 0.00 0.03 0.13 0.00 0.01 0.01 0.11 0.08 0.00 0.04 0.00 0.02

Mega Precs Mtl Megastar Dev Menika Mining Mercator Mnls Messina Minls Midway Gold Midway Gold* Millstream Min Milner Con Slv Mineral Depost Mineral Hill Miocene Mtls Mirabela Nickl Moly Mines Monster Mng Monster Uran Mountain Lake MPH Vent Murgor Res Navasota Res New Dawn Mng New Destiny Mg New Nadina Newcrest Mng Newmac Res Newmont Mng Newstrike Cap Newstrike Res NMC Res Noble Metal Gr Noble Mnl Expl Nortec Mnls North Am Pot D Northcore Res Northern Sup R NQ Expl Nubian Res Nuinsco Res NWM Mng NWT Uranium Open Gold Oremex Silver Orko Silver Orofino Mnls Oronova Res Orsa Vent Otterburn Res Pac Arc Res Pac Imp Mines Pac Iron Ore Pac Ridge Expl Pac Rim Mining Pac Wildcat Re Paget Mnls Palladon Vent Palmer Res Pan Global Res Pantheon Vent Paragon Minls Parallel Mng Paramount Gold Parkside Res Peat Res Penteco Res Petaquilla Mnl Phoenix Copper Pitchstone Exp Plata Latina M Platinex PMI Gold PNG Gold Polar Star Mng Portage Mnls Portola Res Premier Roy Premium Expl Prominex Res Providence Res PVR Partners* QMC Quantum Ml Rainy Mtn Royl Rainy River Rs Randsburg Intl Ratel Grp REBgold Red Cresc Res Red Rock Enrgy Redzone Res Reliant Gold Remington Res Remo Res Resolve Vent Reva Res Revett Mnls Revolver Res Rhyolite Res Ridgemont Ir O Rio Alto Mng Rio Alto Mng* Roca Mines Rochester Res Rockcliff Res Rockex Mng Rockgate Cap Rockland Mnls Rockridge Cap Rome Res Romulus Res Ross River Mnl Rotation Mnls Royal Coal RX Gold & Silv Sable Res San Marco Res Sandstorm Mt&E Santa Barb Res Saville Res Sendero Mng Senior Gld Prd Signal Expl Silver Mtn Mns Silver Predatr Silver Pursuit Silver Range R Silvermex Res Silvore Fox Ml Sirocco Mng Slam Exploratn Slater Mng Softrock Mnrl Soltoro Sonora Gld & S Southern Hemis Spruce Ridge R Strata Mnls Stratabd Mnr Strateco Res Stroud Res Sultan Mnrls Sunward Res Suparna Gold TAD Mnl Expl Tajiri Res Taranis Res Tearlach Res Terreno Res Teslin Rvr Res Theia Res Thelon Cap Themac Res Thor Expl Thunder Mtn Gd Tiger Intl Tigray Res Tiller Res Tintina Mines Tolima Gold Trend Mng* Tri-River Vent TriAusMin Troy Res Tyhee Gold Unique Res United Silver Unity Energy Uranerz Energy Uranium One US SIlver & Go Vaaldiam Mng Vangold Res Vendome Res Veris Gold Victory Vent Viking Gold Virginia Mines Volta Res Walter Energy Waymar Res WCB Res Wescan Goldfie West Cirque Rs Westcore Energ Western Areas Western Troy C Westhaven Vent Westridge Res Whetstone Mnls Wildcat Expl Windarra Minls Windstorm Res Witwatersrand World Vent* Xemplar Energy Xinergy Zephyr Mnls Zone Res Zonte Mtls

EXC

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

BID

0.08 0.03 0.09 0.01 0.06 0.01 0.07 0.05 0.02 5.00 0.03 0.01 0.02 0.06 0.01 0.04 0.32 0.05 0.02 0.01 0.10 0.01 0.01 12.10 0.12 26.37 0.66 0.03 0.17 0.01 0.01 0.02 0.01 0.03 0.03 0.01 0.01 0.01 0.01 0.02 0.01 0.02 1.94 0.09 0.04 0.10 0.10 0.01 0.01 0.12 0.03 0.07 0.01 0.01 0.01 0.02 0.01 0.11 0.06 0.04 1.20 0.01 0.01 0.05 0.03 0.01 0.09 0.02 0.01 0.48 0.01 0.01 0.01 0.20 0.74 0.02 0.01 0.04 27.44 0.01 0.03 3.37 0.01 0.69 0.13 0.02 0.03 0.03 0.02 0.03 0.04 0.04 0.03 0.56 0.04 0.11 0.02 3.47 2.46 0.03 0.03 0.03 0.03 0.30 0.04 0.05 0.04 0.16 0.01 0.03 0.03 0.23 0.02 0.04 1.20 0.01 0.04 0.01 4.78 0.03 0.02 0.01 0.03 0.06 0.50 0.03 0.34 0.02 0.03 0.02 0.30 0.01 0.04 0.02 0.05 0.01 0.04 0.01 0.01 0.17 0.03 0.01 0.01 0.04 0.02 0.05 0.04 0.09 0.10 0.02 0.03 0.04 0.19 0.09 0.07 0.03 0.01 0.05 0.05 0.06 0.43 0.01 0.01 0.01 0.04 1.41 2.85 0.34 0.26 0.01 0.01 0.10 0.02 0.01 14.65 0.33 7.10 0.09 0.15 0.03 0.23 0.01 3.75 0.02 0.07 0.02 0.01 0.04 0.05 0.04 1.08 0.01 0.02 0.02 0.15 0.01 0.04

ASK

LAST

HIGH

LOW

0.09 0.04 0.13 0.01 0.10 0.01 0.08 0.07 0.03 5.09 0.20 0.01 0.02 0.07 0.01 0.20 0.35 0.06 0.02 0.07 0.16 0.02 0.02 12.90 0.20 26.90 0.70 0.04 0.17 0.01 0.01 0.02 0.01 0.04 0.04 0.01 0.02 0.01 0.01 0.02 0.01 0.03 1.99 0.17 0.05 0.10 0.25 0.02 0.01 0.18 0.03 0.08 0.01 0.01 0.01 0.02 0.02 0.11 0.07 0.10 1.20 0.02 0.02 0.06 0.03 0.02 0.09 0.03 0.01 0.50 0.01 0.02 0.02 0.01 0.76 0.03 0.01 0.09 27.46 0.02 0.04 3.37 0.01 0.78 0.14 0.02 0.04 0.03 0.02 0.05 0.09 0.06 0.04 0.65 0.06 0.19 0.02 3.51 2.48 0.03 0.05 0.03 0.04 0.35 0.04 0.06 0.05 0.18 0.01 0.25 0.01 0.24 0.02 0.05 1.37 0.01 0.05 0.01 4.88 0.05 0.03 0.02 0.04 0.07 0.55 0.04 0.36 0.02 0.05 0.03 0.30 0.01 0.06 0.03 0.06 0.01 0.05 0.01 0.01 0.18 0.04 0.01 0.02 0.06 0.05 0.14 0.19 0.14 0.10 0.03 0.05 0.09 0.28 0.13 0.15 0.07 0.01 0.05 0.28 0.07 0.44 0.02 0.15 0.01 0.04 1.44 2.86 0.35 0.27 0.01 0.01 0.10 0.02 0.01 15.22 0.34 7.82 0.13 0.18 0.04 0.26 0.02 8.54 0.02 0.08 0.08 0.01 0.05 0.07 0.05 1.18 0.51 0.02 0.02 0.16 0.01 0.05

0.08 0.03 0.09 0.03 0.06 0.09 0.04 0.07 0.02 4.75 0.14 0.01 0.02 0.06 0.01 0.03 0.32 0.06 0.02 0.01 0.13 0.02 0.01 12.11 0.20 26.25 0.70 0.03 0.19 0.01 0.01 0.02 0.01 0.03 0.03 0.01 0.02 0.01 0.01 0.05 0.01 0.03 1.99 0.07 0.04 0.10 0.20 0.01 0.01 0.13 0.02 0.07 0.02 0.01 0.01 0.02 0.01 0.10 0.06 0.04 1.52 0.01 0.01 0.05 0.03 0.01 0.09 0.02 0.01 0.48 0.01 0.01 0.02 0.20 0.76 0.02 0.01 0.05 27.44 0.01 0.03 3.42 0.01 0.69 0.16 0.01 0.03 0.05 0.02 0.03 0.07 0.05 0.03 0.57 0.04 0.13 0.02 3.48 2.47 0.03 0.03 0.03 0.04 0.30 0.05 0.05 0.04 0.16 0.01 0.05 0.01 0.24 0.02 0.03 1.36 0.01 0.04 0.01 4.78 0.04 0.03 0.02 0.03 0.07 0.53 0.03 0.35 0.02 0.04 0.03 0.32 0.01 0.04 0.02 0.05 0.01 0.05 0.01 0.01 0.18 0.03 0.01 0.01 0.06 0.04 0.07 0.13 0.10 0.05 0.02 0.04 0.05 0.18 0.10 0.07 0.04 0.01 0.01 0.05 0.07 0.43 0.01 0.11 0.02 0.03 1.44 2.85 0.35 0.26 0.01 0.01 0.15 0.02 0.01 14.99 0.33 7.15 0.10 0.15 0.03 0.26 0.03 4.00 0.02 0.07 0.01 0.01 0.04 0.06 0.05 1.08 0.02 0.02 0.02 0.14 0.01 0.04

0.13 0.07 0.12 0.12 0.13 1.30 1.17 0.08 0.10 6.95 0.14 0.01 0.62 0.15 0.02 0.12 0.82 0.08 0.03 0.08 1.10 0.06 0.03 31.00 0.40 44.66 1.22 0.07 0.19 0.02 0.03 0.18 0.02 0.10 0.04 0.02 0.06 0.03 0.01 0.05 0.03 0.03 2.63 0.30 0.06 0.15 0.20 0.01 0.07 0.35 0.05 0.11 0.05 0.01 1.61 0.10 0.13 0.20 0.12 0.08 1.88 0.02 0.02 0.06 0.31 0.05 0.21 0.20 0.02 0.72 0.03 0.17 0.03 0.20 2.60 0.08 0.03 0.12 29.22 0.04 0.14 6.10 0.03 1.38 0.16 0.11 0.06 0.05 0.06 0.06 0.15 0.11 0.10 1.42 0.10 0.38 0.28 3.99 3.18 0.03 0.25 0.07 0.30 0.53 0.06 0.30 0.17 0.24 0.01 1.25 0.21 0.60 0.15 0.15 3.54 0.03 0.15 0.01 7.48 0.06 0.06 0.10 0.07 0.14 0.88 0.11 0.89 0.11 0.04 0.03 0.34 0.04 0.20 0.04 0.15 0.09 0.09 0.01 0.02 0.24 0.16 0.02 0.04 0.15 0.09 0.20 0.30 0.20 0.17 0.08 0.08 0.08 0.35 0.15 0.31 0.07 0.05 0.11 0.09 0.08 1.27 0.10 0.15 0.14 0.15 1.70 2.86 0.67 0.27 0.03 0.06 0.95 0.03 0.02 17.20 0.57 21.20 0.20 0.36 0.05 0.54 0.04 6.11 0.02 0.14 0.06 0.04 0.17 0.09 0.19 1.50 0.10 0.06 0.48 0.22 0.05 0.09

0.00 0.03 0.05 0.00 0.00 0.07 0.00 0.02 0.02 0.00 0.07 0.01 0.00 0.00 0.01 0.02 0.00 0.04 0.00 0.01 0.00 0.01 0.01 0.00 0.10 0.00 0.00 0.02 0.00 0.01 0.01 0.02 0.01 0.02 0.02 0.01 0.02 0.00 0.01 0.05 0.01 0.02 0.00 0.05 0.03 0.00 0.20 0.01 0.01 0.10 0.02 0.00 0.01 0.01 0.01 0.01 0.01 0.03 0.00 0.03 0.00 0.01 0.01 0.00 0.00 0.01 0.00 0.02 0.01 0.00 0.01 0.00 0.00 0.20 0.00 0.01 0.01 0.00 0.00 0.01 0.02 0.00 0.01 0.52 0.00 0.00 0.01 0.02 0.01 0.03 0.05 0.05 0.02 0.00 0.02 0.13 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.03 0.04 0.03 0.12 0.01 0.01 0.00 0.00 0.01 0.03 0.00 0.01 0.03 0.01 0.00 0.02 0.01 0.01 0.03 0.06 0.00 0.00 0.00 0.01 0.02 0.01 0.00 0.01 0.00 0.01 0.02 0.01 0.00 0.01 0.01 0.00 0.02 0.01 0.01 0.03 0.02 0.04 0.06 0.08 0.00 0.01 0.02 0.04 0.15 0.00 0.07 0.02 0.01 0.00 0.03 0.00 0.00 0.01 0.10 0.00 0.03 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.10 0.01 0.00 0.01 0.00 0.01 0.05 0.01 0.00 0.03 0.00 0.00 0.00 0.00 0.02 0.00 0.15 0.01 0.03

15-07-22 5:44 PM

THE NORTHERN MINER

JULY 27-AUGUST 2, 2015

Gold stocks that soared in 2015’s H1 Kirkland Lake Gold (TSX:KGI) $6.50 $6.00 $5.50 $5.00 $4.50 $4.00

Mills spinning at Kirkland Lake Gold’s Macassa gold mine in Ontario. GOLD STOCKS, From Page 1

US$1,000 per oz. for all-in sustaining costs. Full-year production is set at 170,000 to 180,000 oz. gold. On the exploration front, the miner is focused on the 144 Gap area, near the Timmins West mine, for which it intends to publish a maiden resource next year. “Lake Shore has their operations running well now,” Haywood Securities analyst Kerry Smith writes. He has a “buy” rating and a $1.30 target on the stock. The miner recently made an all-share offer for Temex Resources (TSXV: TME; US-OTC: TMXRF), which holds a property jointly with Lake Shore near the Bell Creek mine and mill. OceanaGold (TSX: OGC; ASX: OGC) exited the half year at $3.09 per share, up 53% from its 2014 close of $2.02. The stock has been up 88% since year-end 2013. “Despite a falling commodity price over the past couple of years, we have posted record financial results and initiated our inaugural dividend policy,” the company’s investor relations manager Sam Pazuki notes. During the first half of 2015, the miner used the healthy cash flow generated from its Didipio goldcopper mine in the Philippines and the Macraes and Reefton gold mines on New Zealand’s South Island to help pay down its debt. It also struck a US$101-million agreement to buy Newmont Mining’s (NYSE: NEM) Waihi gold mine on New Zealand’s South Island, and picked up a 14.9% stake in Nevada explorer Gold Standard Ventures (TSXV: GSV; NYSE-MKT: GSV) for $16.2 million. OceanaGold will fund the Waihi transaction, expected to close shortly, with existing cash and an expanded revolving credit facility. An optimization study on Waihi will then hopefully lead to boosted productivity and lower costs, as reserves expand, Pazuki notes. This year the company plans to reduce costs by connecting the Didipio operation — which runs on diesel — to the country’s power grid by the fourth quarter. It will also develop a decline to access deeper reserves for underground mining. OceanaGold is guiding consolidated full-year production of 295,000 to 335,000 oz. gold and 21,000 to 23,000 tonnes copper, at cash costs of US$450 to US$530 per oz., and all-in sustaining costs US$770 to US$840 per oz. (Both costs are net of by-products.) BMO analyst Brian Quast has a $2.75 target and an “underperform” rating on the stock, while CIBC analyst Jeff Killeen rates OceanaGold as a “sector performer,” with a $3.25 target. Detour Gold (TSX: DGC; USOTC: DRGDF) exited the half year at $14.37 per share, climbing 51% from its 2014 close. The stock is up 250% over its 2013 close of $4.10.

TNM July 27 2015 Issue.indd 11

The miner had been struggling to ramp up its Detour Lake gold mine in Ontario since production started in 2013, but is now seeing better days. In early June, it reported over the previous three months that mill throughput averaged 59,370 tonnes per day — above the 55,000-tonneper-day design capacity — while mining rates came in at 271,000 tonnes per day, above the planned 238,000 daily tonnes. This marked the best period of mine and milling performance since the operation came online. Also during the half year, Detour repaid US$124.2 million in debt, amended a US$135-million credit facility and reported strong drill results from the nearby Lower Detour Lake area in zone 58N. The miner started a US$5-million drill program at zone 58N on June 30. The company’s share price has risen on the improvements at Detour Lake, combined with the “benefits of our safe jurisdiction and the weakening Canadian dollar,” CEO Paul Martin said in an email to The Northern Miner. “These factors should lead to the commencement of positive cash flow in the second half of 2015.” Detour expects gold production of 110,000 to 120,000 oz. in the second quarter and 475,000 to 525,000 oz. gold for this year. It is guiding 2015 all-in sustaining costs of US$1,050 to US$1,150 per oz. The stock closed July 21 at $11.59. Earlier in July Haywood Securities’ Smith bumped up his $14 target to $18.50 per share. He recommended a “buy” on the stock. Endeavour Mining (TSX: EDV; US-OTC: EDVMF) ended June at 62¢ per share, jumping 46% over its 2014 close of 42.5¢. It exited 2013 at 48¢ per share. Endeavour operates four gold mines in West Africa: Youga in Burkina Faso, Agbaou in Côte d’Ivoire, Nzema in Ghana and Tabakoto in Mali. Doug Reddy, Endeavour’s senior vice-president of business development, attributes the strong halfyear share price performance to the producer beating its 2014 production guidance, and delivering half-year 2015 output of 255,000 oz. at all-in sustaining costs in the lower half of the US$930 to US$980 guidance. Reddy notes costs have improved since 2013. Full-year production remains at 475,000 to 500,000 oz. The miner ended June with US$52 million in cash. In early July, it further reduced the amount outstanding on its revolving credit facility by US$20 million to US$260 million. Reddy says the debt was necessary when the company was developing the Agbaou mine, expanding throughput at the Tabakoto mill and developing the Segala underground mine at Tabakoto. Before the end of 2015, Endeavour anticipates making a production

KIRKLAND LAKE GOLD

$3.50

decision on its advanced Houndé gold project in Burkina Faso.

Feb 2015

Mar 2015

Apr 2015

May 2015

Jun 2015

Jul 2015

Jun 2015

Jul 2015

Other rising stars

More than a handful of gold developers have seen their share prices increase in the first half of the year, as they advance their projects towards production. These companies include the following: Dalradian Resources (TSX: DNA; US-OTC: DRLDF) — which is pushing its high-grade Curraghinalt gold project in Northern Ireland towards a prefeasibility study — finished June at 98¢, up 44% from its 2014 close of 68¢. Guyana Goldfields (TSX: GUY) climbed 40% to exit the second quarter at $3.96. The junior anticipates first production at its new Aurora gold mine in Guyana in the coming weeks. Roxgold (TSXV: ROG; USOTC: ROGFF) added 40% to finish June at 77¢. The firm is developing the 55 Zone on its Yaramoko gold project in the Houndé greenstone region of Burkina Faso. Production from that zone should kick off in the second quarter of 2016.

Lake Shore Gold (TSX:LSG)

$1.20

$1.00

$0.80

Feb 2015

Mar 2015

Apr 2015

Asanko Gold (TSX: AKG; NYSE-MKT: AKG) gained 22% to end June at 2.20 per share. After peaking at $2.41 on July 14 after a construction update, shares eased

May 2015

down to $1.98 on July 21. The firm has built 60% of the first phase of its Asanko gold mine in Ghana, with production slated to begin in early 2016.

CAREER OPPORTUNITIES CAREERS ADVERTISING RATES $12.65 per agate line. Minimum size 2 columns x 1” $354.20. Closing date is 10 days prior to publication date. All Cdn. orders subject to applicable taxes. For further Careers advertising information contact: Joe Crofts (416) 510-6816 - jcrofts@northernminer.com, Dave Chauvin (416) 510-6824 - dchauvin@northernminer.com Fax: (416) 447-7658 Toll free North America: 1-888-502-3456, (ext. 43729 / 43730), Fax: 416-447-7658

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15-07-22 5:44 PM

JULY 27-AUGUST 2, 2015

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THE NORTHERN MINER

JULY 27-AUGUST 2, 2015

PROFESSIONAL DIRECTORY SURVEYORS & CORE SYSTEMS

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Callinex Mines attracts Resource Capital Funds

Christina Taylor (left), project geologist, and Max Porterfield, Callinex Mines’ CEO, at a drill site in March 2015 at the Pine Bay copper project in Manitoba. CALLINEX, From Page 1

modern-day exploration, their closeness to infrastructure and Hudbay’s 777 mine, interesting geology and a strong technical team. Adding Vowles and O’Donnell in June was a major coup, Porterfield says. Vowles was a member of the team in 2009 that earned PDAC’s Bill Dennis Prospector of the Year Award for their role in discovering Hudbay’s Lalor mine, and he also helped find Hudbay’s Chisel North mine. O’Donnell served as a senior mine geologist for Hudbay’s 777 mine, and became a specialist on VMS deposits in the Flin Flon area over a 25-year career. O’Donnell has also led a major expansion at

TNM July 27 2015 Issue.indd 13

the Howards Pass lead-zinc project in the Yukon for Selywn Chihong Mining, where he serves as vicepresident of exploration. At the board level, Callinex boasts Mike Muzylowski as executive chairman, a geologist who helped discover and develop 16 mineral deposits that became producing mines: 13 in Manitoba, two in Nevada and one in the Northwest Territories. Callinex has just finished its first phase of drilling on the Pine Bay project, which is the more advanced of the two properties, and the second phase is about to start shortly, for a total drill program of 4,000 metres this year. In the last year it has digitized over 1,000 drill

holes from the public and private domain, so that the technical team of geophysicists and geologists can recommend drill targets. The company acquired Pine Bay in 2009, and the 60 sq. km property hosts four historic mines and a historic resource of 1.6 million tonnes grading 2.8% copper equivalent. Placer and Inmet explored Pine Bay in the 1990s, Porterfield says, and had a fairly large exploration target on the property, but not much has been done on it since then, and the mining executive is convinced that with subsequent advancements in geophysics and exploration technology, there is much more mineralization to be found and incorporated into a Na-

tional Instrument 43-101 compliant resource. “When Placer and Inmet had the property, they only drilled 3,000 metres or so, but Placer at the time was switching its focus away from base metals to precious metals,” Porterfield says, adding that David Thomas, who is now on RCF’s investment committee, had worked at Pine Bay when he was at Inmet in 1995 and 1996. Its other project, Flin Flon, covers 24.5 sq. km and has had limited historic drilling, but is surrounded by Hudbay claims. A 2012 airborne survey identified several geophysical targets on the property, and Porterfield is excited about the project because it has “the right

CALLINEX MINES

rock types.” “You’re seeing the same rock type at Flin Flon that you see at the Triple Seven mine,” he says. “You’re in the right host rock, and with new advancements in geophysics and other modern day tools, we can try to define deposits in that host rock that might have been missed before.” Porterfield also points out that Hudbay’s 777 mine only has five years of mine life left, and the miner is looking to extend it. “With that being said, the only other mine that is feeding the processing plant is Reed Lake, and they’re trucking ore 130 km to 777,” he says. “Hudbay has been supportive of what we’ve accomplished.”

15-07-22 5:44 PM

JULY 27-AUGUST 2, 2015

THE NORTHERN MINER

NioCorp CEO provides cash to company NIOCORP, From Page 1

(TiO2) and 72 parts per million scandium trioxide (Sc), while the inferred resource stands at 99.6 million tonnes grading 0.6% Nb2O5, 2.3% TiO2 and 63 grams scandium per tonne. The resource is based on a 0.3% Nb2O5 cut-off grade. Late last year, NioCorp entered into an off-take agreement with Germany’s ThyssenKrupp Metallurgical Products GmbH, which will purchase about 50% of Elk Creek’s planned ferroniobium production. In addition to an underground mine at Elk Creek, there will be a crushing, grinding and mineral processing operation to produce a niobium concentrate. The concentrate would be fed to a hydrometallurgical operation that would produce a niobium precipitate as well as titanium dioxide and scandium trioxide co-products. A final pyrometallurgical step would convert the niobium precipitate to ferroniobium using an aluminothermic reduction process. In April, an updated preliminary economic assessment outlined a 3,700-tonne per day production rate over a 36-year operating life

Mark Smith, NioCorp Developments’ president, CEO and executive chairman. with an average grade of 0.8% Nb2O5.The study estimated a production rate of 7,500 tonnes of ferroniobium a year, 23,000 tonnes of titanium dioxide and 12,800 tonnes of scandium trioxide. Total upfront capital costs in the PEA add up to US$919 million, offering a US$606-million after-tax net present value and a 14.6% aftertax internal rate of return. The PEA used pricing of US$45 per kilogram for niobium, US$2.10 per kilogram

Drill rigs at NioCorp Developments’ Elk Creek niobium project in southeastern Nebraska. for TiO2 and US$3,500 per kilogram for scandium. Smith joined NioCorp as CEO and director in September 2013, and is also CEO of Largo Resources (TSXV: LG; US-OTC:

LGORF), which is ramping up production at its Maracas Menchen vanadium mine in Brazil. He is a big believer in the importance of strategic metals. Vanadium and niobium are both

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NIOCORP DEVELOPMENTS

used in steel production. Vanadium is used as an alloy to strengthen steel, while niobium is mainly used in the form of ferroniobium to produce high-strength, low alloy steel (HSLA), which is both light and strong, and used in automotive, structural and pipeline applications. NioCorp said in a presentation that HSLA steel is stronger than traditional steel, allowing for a lower steel volume to strength ratio and reducing its overall weight. Ferrovanadium, the closest possible substitute, needs double the amount for the same strength performance, but does not provide what ferroniobium offers, such as lighter, finer-grained steel and anti-corrosive properties. Scandium is used as an alloy with aluminum to increase strength without sacrificing corrosion resistance, as well as in solid oxide fuel cells, ceramics, electronics, lasers and lighting, while titanium in the form of an oxide is used mainly as a pigment in paint, plastic and paper. As a metal, titanium is used in aerospace applications, armour, chemical processing, marine hardware, medical implants, power generation and sporting goods. NioCorp acquired Elk Creek in May 2010. Elk Creek is a former Molycorp (NYSE: MCP) project, where Smith served as CEO until leaving the company in December 2012. (In late June, Molycorp, which owns the Mountain Pass rare earth mine in California, 96 km southwest of Las Vegas in the Mojave desert, filed for Chapter 11 bankruptcy protection under a US$1.7-billion debt load.) In May, NioCorp announced that it had been named (and ranked second overall) in a list of the top-50 performing companies on the OTC Markets Group. The OTCQX Best 50 is the first-ever annual ranking of strong U.S. and international companies traded on the OTCQX marketplace. Between January 2014 and January 2015, Niocorp’s share price soared 420%. In February 2015, the company was named to the 2015 TSX Venture 50, as the mining sector’s topperforming company on the exchange, and graduated to the Toronto Stock Exchange in March. At press time the junior was trading at 77¢ per share within a 52week range of 46¢ in October 2014, and $1.90 in March 2015. “We’re committed to construction and production, and we don’t want anything to slow us down right now,” Smith says. “It’s full speed ahead.”

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JULY 27-AUGUST 2, 2015

THE NORTHERN MINER

JULY 20-26, 2015

Industrial Hygiene / Ventilation Specialist North Bay, Ontario Online Reference No: 62066 Utilizing your knowledge of industrial hygiene and mine ventilation systems, you will coordinate the activities of Mining Industry Technical Advisory Committees while working with other WSN staff in developing and delivering programs and products for the industry.

Resource Manager, Geology and Exploration Online Reference No: 62185 The Resource Manager plays a pivotal role in the resource process involving large exploration programs for multiple deposits. Reporting to the Vice President, Geology and Exploration, this role is responsible for producing and updating mineral resource estimations used for underground and open pit design and optimization, reserve calculations and long-term mine planning. This role requires 20-30% of international business travel.

Procurement Specialist Saskatoon,Saskatchewan Online Reference No: 62097 In this role you will source a range of materials, equipment and services, conduct RFQ’s/RFP’s, and interact closely with internal and external stakeholders. In your work, you will be contributing to value creation from procurement activities, acting as a service provider to our partners in Saskatchewan operations, as well as participating in continuous improvement of processes and procedures.

Global Copper Group Inc. President & CEO Online Reference No: 62172 Global Copper Group Inc. is a junior mining exploration company seeking to fill the position of President & CEO. The recently restructured company aims to develop mining projects from, potentially, the green-field stage, through to feasibility. This is a permanent full-time position.

Mechanized Raise (Alimak) Leaders ID, Papua, ID Online Reference No: 61992 The primary role of the Alimak Leader is to maintain and construct underground installations, performing various tasks such as erecting work platforms, scaling loose rock, drilling, loading and blasting rock and ensuring that the drilling patterns follow the mining plans.

Mill Trainer Key Lake Operation Online Reference No: 62179

Reporting to the technical specialist, operations development you will be responsible for supporting the commissioning of new or modified circuits, facilitating the development of operator care rounds, and the development, upgrading and delivery of training to mill operations personnel.

Radiation Technician Key Lake Operation Online Reference No: 62175

Key Lake operation is the world’s largest uranium mill. As a key member of the radiation department you will assist in ensuring compliance for the radiation protection program. You will collect, maintain and record radiation data from the facilities as well as issue radiation work permits.

Executive Director Saskatchewan, CA Online Reference No: 62156 Reporting to the Board of Directors through the Chair, you will execute the strategic plan, clearly identifying, measuring and reporting on progress in achieving IMII goals, objectives, strategies and measurable targets. Collaborate with industry partners and related organizations to build and maintain a supportive network of industry, education, research, and government entities to optimize financial and human resources that will enable IMII to meet its objectives.

Maclean Bolter Musselwhite, Ontario Online Reference No: 62093 The primary role of Bolter is to inspect existing underground headings, scale loose rocks and install ground support to stabilize rock mass and ensure safety. The tasks may involve the operation of scaling bars, pneumatic hand-held drills, use of rubber-tired underground mobile equipment such as LHD (Load-Haul-Dump) units, mechanized bolters, scissor trucks, shotcrete sprayers and other support vehicles in a confined environment.

Logistics Supervisor Ontario, CA Online Reference No: 62050 The Logistics Supervisor is responsible for managing logistics, warehousing and staging activities within the Supply Chain department. The position also is responsible for coordinating domestic and international trade, transportation, customs regulations and the Company’s project requirements.

Trainer, Mobile Equipment Rabbit Lake Operation Online Reference No: 62164 You will be responsible for the delivery of practical and classroom training to site personnel. This will include delivering training through a variety of methods, providing coaching and feedback, evaluating on-the-job performance and identifying training gaps. You will also maintain good communication and co-operation with site departments to ensure mobile equipment training requirements are achieved.

Instrumentation Technologist Cigar Lake Operation, Saskatchewan, Online Reference No: 61889 Cameco is looking for motivated and ambitious individuals to join our maintenance team at the world’s second largest high grade uranium deposit, located at the Cigar Lake operation in northern Saskatchewan.

Manager Langly, BC Online Reference No: 61628 Working within Cigar Lake’s environment department, you will be responsible for supervising the daily activities of the environment technicians by providing guidance, training and priority setting of their daily duties, as well as developing and delivering technical training to environment technicians and site employees as required.

Administrator, Contractor Management McArthur River,Saskatchewan Online Reference No: 62135 Your responsibilities will include providing confidential administrative support to the projects, maintenance engineering and maintenance planning groups at McArthur River. Your contributions and the support you provide to these groups will play a significant role in the success of the operation at large.

Underground Boom Truck Operator Musselwhite, Ontario Online Reference No: 62095 As a boom truck operator you will be required to perform lifts of varying nature in an approved manner consistent with current OH&S practices.

Mine Foreman McArthur River Operation, SK Online Reference No: 62207 Reporting to the mine general foreman, you will be responsible for supervising and co-ordinating day-to-day underground mine production activities. Providing leadership to the mining crew, you will ensure compliance to company approved policies and operating procedures, ensure proper utilization of manpower and equipment, promote and enforce all safety, radiation and environment standards and provide direction to meet production targets

Regional Supervisor, Mineral Exploration & Development, Timmins, ON Online Reference No: 62160 Are you looking for an opportunity to further develop your leadership skills while using your knowledge of the mining and exploration industry in leading the delivery of the Mineral Exploration and Development Program? If so, consider this opportunity to further advance mineral exploration and development in the North.

Jumbo Operator ID, Papua, ID Online Reference No: 61982 P.T. Redpath Indonesia has an immediate opening for a Jumbo Operator to join their dynamic team at our project in Indonesia.

Manager, Northern Affairs La Ronge, SK Online Reference No: 62196 The corporate responsibility and communications department (CR&C) leads communications, community investment, government relations and corporate responsibility functions at Cameco to build the trust and support of stakeholders. This position offers a unique opportunity to lead Cameco’s northern affairs initiatives in Saskatchewan’s northern communities.

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

TNM July 27 2015 Issue.indd 15

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JULY 27-AUGUST 2, 2015

THE NORTHERN MINER

Defiance Silver hits high grades at San Acacio BY SALMA TARIKH

Defiance Silver (TSXV: DEF; USOTC: DNCVF) is having drilling success at its past-producing San Acacio silver mine in Zacatecas, Mexico. The junior kicked off its first drill program last December to test the project’s San Acacio vein and expand the current resource, which lies within 200 metres of surface, along a 1 km strike length. “The whole idea behind this drilling program was that we could drill below the old workings and below the current resource, and intersect the vein and come up with good grade intersections over wide widths. And that is exactly what we found in the first three holes,” Defiance’s president and CEO Bruce Winfield says in an interview. Those holes, reported in late January, have extended mineralization by 140 metres below the current resource. All three holes tested the western limit of the resource, with the best intercept returning 16.7 metres of 235.5 equivalent grams silver per tonne, including a 3.2-metre interval of 499.4 equivalent grams silver.

The San Acacio silver vein (lower right) runs southeast of the town of Veta Grande for 5.6 km in Mexico’s Zacatecas state. In early July, Defiance published results for another three holes. Two of those holes intersected the San Acacio vein over wide widths

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TNM July 27 2015 Issue.indd 16

and extended the high-grade mineralization by 100 metres to the southeast of the initial three holes. (All five holes hit mineralization below the existing resource.) The sixth hole appears to have cut a new vein, which returned 7.2 metres of 674 equivalent grams silver. The high-grade intercept could extend a relatively narrow cross vein to the main San Acacio vein called the “Navidad vein” that Winfield says the company has intersected “in an area where it is blossoming out into wider widths, and very nice grades.” The geologist-turned-executive points out that the six holes announced to date have higher grades than the current resource grade of 192.50 equivalent grams silver per tonne. This supports the company’s geologic model by showing that the high-grade material continues below the current resource, while confirming “an expected increase in base metal content at depth,” he says. Looking at the mineralization mix at the San Acacio deposit, it is silver-rich near surface, with less silver but more gold, zinc and lead at depth. Using Capstone Mining’s (TSX: CS; US-OTC: CSFFF) nearby Cozamin copper-silver mine as an analogy for the depth potential at San Acacio, Winfield says Cozamin’s main vein, which is different from San Acacio’s, carries mineralization to 600 metres deep, while mineralization in the mine’s secondary vein reaches 1 km deep. “Those are the sort of depths that can be possible,” he says. But Defiance won’t know how deep the mineralization is at San Acacio unless it keeps drilling. With its treasury recently replenished, the junior has enough funds to keep working. It finished a $1.2-million raise this June, where it issued 12 million units at 10¢ in a non-brokered private placement. Each unit consists of a share and a half warrant. A full warrant is exercisable for one share at 15¢ apiece. Defiance intends to use proceeds to keep expanding San Acacio’s resource base. A January 2015 resource update shows the San Acacio deposit contains 2.9 million inferred tonnes at 192.50 equivalent grams silver for 17.9 million equivalent oz. silver, using a 100-equivalent-gram silver cut-off. This replaces an earlier inferred and indicated resource estimate that the previous owner based on an open-pit model,

whereas Defiance envisions mining the deposit from underground. “We decided that underground mining would be the way to go, and we recalculated a resource using a higher cut-off,” Winfield says, noting the company excluded some of the lower-grade stockwork mineralization that was in the previous estimate. The latest resource lies within 1 km of the 5.6 km long San Acacio vein and has widths of up to 20 metres. Defiance explains over 4 km of this vein have not seen any modern exploration. The San Acacio vein is actually part of the larger 8.5 km long Veta Grande vein system, one of the three major vein systems within the Zacatecas silver district. The famed district has delivered more than 700 million oz. silver since 1548, of which more than 200 million oz. came from Veta Grande. Half of the ounces came from the past-producing San Acacio mine. Defiance is earning a 100% interest in San Acacio from a private Mexican company. Last October it extended its payment options by

DEFIANCE SILVER

three years to September 2018, under which $350,000 is due this September. To gain some financial flexibility, the junior hopes to pay this in quarterly installments, the company’s corporate development manager Sunny Pannu says. Backing up the junior is Windermere Capital, a Montreal-based investment firm, and Defiance’s largest shareholder at 54.5%. “To us the benefits are tremendous that we have this major shareholder who is enthusiastic, believes in the concept and wants us to be successful,” Winfield says. The company also added two directors to its board last November: mine-builder Roger Scammell, who worked as the country manager in Mexico for Teck Resources (TSX: TCK.B; NYSE: TCK), and metals trader Paul Smith, who has spent most of his 36-year career in the non-ferrous mining and smelting industry. Defiance recently closed at 15¢ per share, with a $9.4-million market capitalization. Assays from another two holes should be out shortly.

DEFIANCE SILVER

Looking southeast along the San Acacio silver vein, which Defiance Silver is exploring in Zacatecas, Mexico.

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