The Northern Miner March 6 2017 Issue by The Northern Miner Group

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THE NORTHERN MINER’S

MINING PERSON OF THE YEAR

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Can Rubicon’s Phoenix rise from the ashes? INTERVIEW BY TRISH SAYWELL tsaywell@northernminer.com

he demise of Rubicon Minerals’ (TSX: RMX; US-OTC: RBYCD) Phoenix gold mine in Ontario’s Red Lake camp stunned the industry. Trial mining of the project’s F2 gold deposit was called off in late 2015, when the company realized the geology was more complex than it had thought, and a new resource estimate revealed that contained gold ounces in the indicated resource category had plunged 91% from a 2013 resource estimate, while contained gold

| Investors bet on turnaround specialist George Ogilvie ounces in the inferred category had fallen 86%. The company halted all work and spent the rest of the year and much of 2016 in restructuring mode to stave off bankruptcy. Today, Rubicon’s prospects look brighter. The company has emerged out of a restructuring with a new CEO who has a reputation for turning around companies and having expertise in high-grade, narrow vein gold deposits like F2. George Ogilvie — a mining engineer who began his career in 1989 with AngloGold in South Africa working in the ultra-deep, highgrade gold mines in the Witwatersand basin — stepped into the breach at Rubicon in July 2016,

EXCLUSIVE |

Innovator talks strategies, outlook, and mining in Canada BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

Rubicon Minerals’ shuttered Phoenix gold mine in northwest Ontario. RUBICON MINERALS

and orchestrated a restructuring with the company’s creditors that culminated in Rubicon raising $45 million to guide exploration over the next 18 to 24 months.

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The world according to Lukas Lundin

Before joining Rubicon, Ogilvie was the CEO of Kirkland Lake G old (T SX : K LG ; US - OTC: KLGDF) from 2013 to 2016, where his management team improved operations at the company’s Macassa mine and guided its acquisition of St Andrew Goldfields. Before joining Kirkland, Ogilvie was the CEO of Rambler Metals and Mining (TSXV: RAB; LON: RMM), where for over seven years he and his team guided the company from grassroots exploration to a profitable junior producer. He sat down with The Northern Miner in the second week of February to discuss his plans for the company. In the third week of February, the company announced that it had raised another $8.5 million for exploration in a boughtdeal financing that could close on March 3.

ukas Lundin, chairman of the Lundin Group of Companies, sat down with The Northern Miner via Skype from Switzerland for an in-depth discussion on the current state of mining. Topics include base metal markets — with a focus on recent merger and acquisition (M&A) activity by Lundin Mining (TSX: LUN; US-OTC: LUNMF) — and the dearth of investment in the copper space. Lundin gives an update on progress at Lundin Gold’s (TSX: LUG; USOTC: FTMNF) Fruta del Norte (FDN) gold mine development in Ecuador and discusses strategies for working in other emerging mining jurisdictions. See LUNDIN / 2 PM40069240

The Northern Miner: You are taking on a huge challenge. What were your thoughts when Rubicon approached you in mid-2016? George Ogilvie: I did four months of due diligence myself. The company had been running a strategic process, including the sale of the See RUBICON / 17

unturned.

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MARCH 6–19, 2017 / THE NORTHERN MINER

The world according to Lukas Lundin LUNDIN From 1

He also delves into the state of capital markets and current M&A activity, and weighs in on uranium markets, Denison Mines (TSX: DML; NYSE-MKT: DNN) and Saskatchewan’s Athabasca basin. The Northern Miner: What have you experienced during the market downturn? Lukas Lundin: It’s been one of the more difficult cycles for mining, but we’ve done really well under the circumstances. We acquired Candelaria (copper-gold mine in Chile) and Eagle (nickel-copper mine in Michigan), and moved into Ecuador on the gold side and acquired FDN. It’s all about taking advantage of opportunities and applying capital intelligently. These are assets that only become available in truly tough environments. Freeport-McMoRan (NYSE: FCX) was over-leveraged after their oil and gas investments, and had to sell Candelaria. I don’t believe they wanted to sell the mine, but they had no choice. Those are the circumstances we always want to be involved in, because you can acquire projects that wouldn’t typically be available. Some people might say it’s bold to go out and deploy significant capital in a down-market, but to me it just makes sense. Commodities aren’t going to disappear, and when you’re in the industry for a long time you become comfortable with the fact that you’re going to deal with business cycles. TNM: Freeport and then Lundin Mining both completely divested ownership interests in the Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo. Did Freeport’s decision to sell surprise you? LL: No, not really. We knew that Freeport had a heavy debt load, so we were expecting that activity. We didn’t know who the buyer was, though. When we found out it was China Molybdenum we decided it was best if we exited the situation. We really enjoyed working with Freeport, but I don’t think we wanted to work with anybody else there. After that event, however, we would like to find another copper asset if it makes sense. There’s not a lot out there right now, and that’s especially true given our focus on cost discipline. We could look at higher-cost copper assets, but we’ve been tentative — it’s go-

ing to have to be something more greenfield. We tried to acquire the Timok project in Serbia, which was a great deal, but unfortunately we lost out. TNM: Last year there were improvements in mining markets, both in terms of equity valuations and metal prices. How are you strategically approaching today’s markets? LL: We’re at the beginning of a new cycle, and we’re still far away from the highs we saw five or six years ago. When I look at that scenario I see a lot more room for improvement and the opportunity to participate in rising markets. For example, we’ve seen a broad underinvestment in copper for a long period, and demand isn’t going anywhere. I’m not someone who makes predictions on when exactly we’ll see that spark again, but we’re confident it’s coming, and you don’t want to miss out on what should be a strong copper-price recovery. That being said, it’s becoming tougher to find quality projects. The real opportunity was nine months ago, but that doesn’t mean we can’t uncover potentially great deals. I’ve always worked to make sure we have strong access to capital, and that’s the key to our success in these down-markets. When other people are worried about capital markets, or access to cash, we remain in a position to make deals. You see that amongst the small group of core investors in mining that have taken advantage of some of these asset sales and acquisition opportunities in recent years. TNM: What business cycles have you seen over the past 15 years? LL: The biggest change over the past 10 to 15 years is the emergence of China, which is the overarching driver of commodities now in many ways. That didn’t exist in my previous business life, but there’s not much you can do about it. We’re in the commodity business, so all we can do is strive to control costs and focus on great assets. We make the effort to stay in the lowest-cost quartile. That’s a big focus of our business, and a large contingent of our peer group lost sight of that, at times, during stronger economic periods over the past decade. Even when things are going well on a broader level, it is important to watch costs, because the next down-market could be right around the corner. Social and political issues have also come to the forefront. We strive

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

to be responsible in our business, but the world is quite simply smaller, due to technology and related things. When we make acquisitions in jurisdictions like Ecuador, which may have been perceived as risky before, we’re putting even more due diligence into governmental and regulatory issues. TNM: How is due diligence in Ecuador? What are your experiences so far with Lundin Gold? LL: Fruta is a good metal deposit, and those are becoming increasingly harder to find. We talked about how the situation in Ecuador had been a bit sticky, and previous owners and the government can take a share of the blame. But we saw an opportunity, and went down to meet with the government to see if they were interested in mining investment. The response was positive. The government seems pro-business to me, and they’re keen to kick-start a new segment of the economy. In many ways, we enter developing jurisdictions as educators, and we focus on social issues from the start. For us mining is almost secondary at this stage, because you have to introduce people to the industry and dispel some of the preconceptions, or misconceptions, about the business. People talk about the capital cost of so-called “social licence,” but the more important aspect for me is having the right people on the ground. You can invest in building schools and hospitals, but it’s really about educating and informing on many levels. Ecuador is working towards establishing that regulatory and legislative infrastructure, and I

get the impression that they are legitimately interested in creating a mining industry. TNM: You’re also assessing financing options for FDN. Where are capital markets currently? LL: We definitely see improvements. I always like Toronto because they know the business well. New York has deep pockets, as long as you don’t get money that is too fast. Europe has always been good to us, especially Sweden and London. Things have gotten better. It was really dead six months ago, but sentiment has shifted in both energy and metals. There’s more generalist investment interest, though I don’t think it’s quite there yet. I always say, however, that when generalists come into the market, it’s time to sell. TNM: You mentioned looking at new copper opportunities. What other commodities are interesting right now? LL: I like the fundamentals in zinc because from where I’m standing, we’re looking at a shortage. It’s one of those metals where you tend to have one year of glory and 10 years of misery. We may be approaching one of those glory periods. I know we’ve heard about a zinc rebound for a while, but we’ve had those material shutdowns of large-scale, long-life operations recently that change the fundamentals. We’re always looking at China’s impact on zinc markets, but they tend to have smaller-scale operations that are expensive. I don’t think their impact on supply will be as pronounced this time. In addition, uranium equities have been very, very beaten up. We’ve seen recovery, but we’ve still got quite a

You're Invited to Exploration '17! In just over eight months’ time, the 6th Decennial Conference will be held in Toronto. Started in 1967, the purpose of the Conferences is to bring together industry leaders to benchmark the important developments of each decade in key areas; including geology, geophysics, geochemistry, remote sensing and data processing & management. This conference marks the 50th anniversary of the Conferences and reects their long term relevance to the Canadian and Global exploration community. The focus of the Conference is on exploration technology with the sessions targeted to the practicing exploration geoscientist who is increasingly required to understand and manage seemingly complex technologies, and is recognized in the theme “Integrating the Geosciences; the Challenge of Discovery”. The main conference program runs three days (Oct 23-25, 2017) at the Toronto Metro Convention Centre and will be bracketed before and after by focused workshops and a geophysical eld school prior to the conference in Sudbury, ON. Sunday, October 25 is the ‘warm-up’ with an open session on “Exploration Technology – The Evolving Business Context” where industry leaders will reect on the current state of and where they see the industry going as it works to continue to pull itself out of an extended down cycle. The main conference begins October 23 with two back-to-back plenary sessions; “State of the Art” in the morning and “Integrating the Geosciences – Lip Service or a Meaningful Way Forward?” later. October 24 will be a full-on series of targeted sessions covering key technologies; Geological Assessment, Airborne Geophysics, Geochemistry Case Histories, Ground & Borehole Geophysics, Analytic Methods, Processing, Modelling, Inversion Spectral Geology & Remote Sensing. As a special event, the Case Study session closes the day with the presentations of the winning talks from the Frank Arnott Award contest; an innovative crowd-sourcing contest ve years in the making that has drawn data sets and contributing teams from all over the world. On the nal day (October 25), plenary sessions focus on Integrated Interpretation and the Major Challenge the industry faces going forward, Targeting-Undercover and Targeting at the Deposit/ Mine scale. On-going through the conference, delegates will have access to the world’s major exploration technology vendors with their latest in products and services. With well over 1,000 delegates expected from around the world coming next October to Toronto, Exploration 17 will be the must- attend’ geoscience conference for 2017.

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“I’M NOT SOMEONE WHO MAKES PREDICTIONS ON WHEN EXACTLY WE’LL SEE THAT SPARK AGAIN, BUT WE’RE CONFIDENT IT’S COMING, AND YOU DON’T WANT TO MISS OUT ON WHAT SHOULD BE A STRONG COPPERPRICE RECOVERY.” LUKAS LUNDIN CHAIRMAN, LUNDIN GROUP OF COMPANIES

ways to go in terms of rebalancing those valuations. It’s one space I’m still really optimistic about, because we’ve got a lot of room for growth and market improvement. TNM: Uranium has been a contrarian play recently. Can you elaborate on your investment thesis? LL: It’s been a tough three to four years here for uranium, but we’ve seen a turning point with the KazAtomProm production cuts. When I started in the business 20 years ago, Kazakhstan wasn’t even a player, and that segment of supply almost came out of nowhere to become a major global production centre. Uranium is hard to understand because there seem to be unknowns on the supply side, in terms of stockpiles and things coming out of the proverbial bush to shock the market. Denison has become focused on the Athabasca basin, because you have to focus on the best deposits in the world. I’ve done uranium deals globally, but during the downturn, it became apparent that Saskatchewan is where you want to be. TNM: How do you feel about Canada as a mining jurisdiction? LL: Canada is a good jurisdiction, but the permitting is just so slow. It’s become quite difficult to advance through the regulatory process, and the social licence issues can be quite exhausting, in terms of time and capital. You need a lot of patience but it’s a great place to work, with a lot of knowledge about our business. If I were to give advice, I’d say it would be nice if the regulators and government could work on permitting frameworks, because the time frames can be prohibitive. TNM

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

Aurion discovers gold in Finland EXPLORATION

| Risti project speaks to northern Finland’s district-scale gold potential

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

rospect generator Aurion Resources (TSXV: AU) has uncovered gold-rich subcrop within a 700 by 1,100 metre (1.1 km) wide area at its Risti project in northern Finland’s Central Lapland Greenstone Belt (CLGB), a region that is geologically similar to the gold-prolific belts of Ontario and Quebec. Out of the 133 rock samples collected from quartz-tourmaline blocks at surface, 36 assayed greater than 31 grams gold per tonne. Many of the blocks reported were larger than 1 metre, locally reaching up to 3.5 km by 3 km by 1 metre. “There’s spectacular visible gold though the whole trend, and that’s what makes it so exciting. The abundance, size and coarse angularity gives us a pretty good confidence there’s a substantial system laying underneath, we just have to prove it with drilling,” Mike Basha, Aurion’s president and CEO, tells The Northern Miner by phone from his home in St. John’s, Newfoundland. The zone, known as Aurora, lies within a broader mineralized zone measuring 2.3 by 3 km, from which 525 rock-grab samples — including those from Aurora — averaged 21 grams gold. The Feb. 1 announcement triggered shares of the company to triple to $1.74 at press time. “The response from the market was strong, but there are reasons for it,” Basha says. “It speaks to what we’ve been doing on the corporate finance side — we’ve been placing our stock in good hands and in those who believe in the story. But it also reflects the market’s desire for something new. In this business there are few discoveries, and the market is starving for something else other than the usual recycling and repackaging of old projects.” Finland isn’t the first region explorers would think of to hunt for orogenic gold deposits, but the CLGB is one of the largest Paleoproterozoic-age belts in the world, and home to Europe’s biggest gold-only mine: Agnico Eagle Mines’ (TSX: AEM; NYSE: AEM) Kittila. The 4,000-tonne-per-day operation produced 177,000 oz. gold in 2015, at average costs of US$709 per oz. gold. The belt, which extends into northern Norway, Sweden and Russian Karelia, is known for its magmatic nickel-copper-platinum group metals and volcanogenic massive sulphide polymetallic deposits, but has seen limited to no gold exploration, Basha says. “If you go back to the early 1990s, all the exploration was being driven by the state and the Geological Survey of Finland,” he says. “Up until Finland joined the European Union in 1995, foreigners weren’t allowed to own mineral rights, but they turned it around and allowed companies to come in. It was a slow process. They changed the mining law in 2011 right in the middle of the boom, and they were still slogging through the application process. By the time the government finally got all their ducks in a row, the markets had turned sideways and a lot of companies gave up on the country.” Aurion acquired the tenement package from Australian-based Dragon Mining (ASX: DRA) in mid2014, and have since accumulated a 700 sq. km land package that’s divided into three project areas: Sila, Ahvenjarvi and Kutuvuoma. International gold miner B2Gold (TSX: BTO; NYSE-MKT: BTG) struck a deal with Aurion in Au-

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Visible gold on a quartz sample from the Risti property. AURION RESOURCES

Three members of the discovery team on a high-grade boulder on the Risti gold property in northern Finland, from left: prospectors Larry Quinlan, Eddie Quinlan and Aurion Resources’ president and CEO Mike Basha. Prospectors Roland Quinland and Andy Budden are absent from the photo. PHOTO BY EUGENE FLOOD

“THE MARKET IS STARVING FOR SOMETHING ELSE OTHER THAN THE USUAL RECYCLING AND REPACKAGING OF OLD PROJECTS.” MIKE BASHA PRESIDENT AND CEO, AURION RESOURCES

gust 2015 on a 250 sq. km portion of its Kutuvuoma and Ahvenjarvi properties, 35 km southeast and 30 km southwest of Kittila. Under the deal, B2Gold can earn 75% with $15 million in exploration, finishing a positive feasibility study and issuing 550,000 shares. Exploration at Ahvenjarvi last year outlined quartz-tourmaline boulders in outcrop and subcrop over 1.2 km, with 54 samples grading from nil to 33 grams gold, whereas six samples assayed greater than 10 grams gold. At Kutuvuoma, B2Gold chased extensions of a small historic gold resource that falls within a 6.5 km long zone of prospective geology and mineralized structures. The best results came from the resource area itself, where drilling returned 11.4 grams gold over 13.3 metres. Basha says that B2Gold plans to spend $3.5 million on exploration this year. “B2Gold is a great partner — they’re aggressive. By year-end they

may have spent enough money to earn their 51% interest in the project, in half the scheduled time. That speaks volumes about the prospectivity of the properties. “When we first acquired the ground we couldn’t raise any money because the markets weren’t there. I don’t want to say the deal with B2Gold saved us, but it certainly pulled us out of the mud,” Basha says. “Last year everything turned around. We raised money and began our own prospectordriven exploration program [late in the year], and that’s when we discovered Risti.” The 140 sq. km Risti property lies contiguous to Kutuvuoma, and covers 30 km of what Aurion interprets as unconformities, similar to those seen next to major gold projects in the Timmins and Kirkland Lake gold camps of northern Ontario’s Abitibi greenstone belt. The unconformities are prospective because they suggest deeprooted structures belonging to the Sirkka shear zone — a regional deformation corridor that controlled much of the gold mineralization in the CLGB. “This is a glaciated terrane, but in the southern part of the CLGB it hasn’t been scoured and it’s more like a glacial outwash, or a mass wasting. All the more resistive material, like quartz, is left poking out of the ground,” he says. “There’s enough exposure to get a sense of the geology, and we have a fantastic database from the government survey.” In recent years, Finland has repeatedly ranked within the world’s

top-10 most attractive jurisdictions in the world for mining investment by the Fraser Institute, but Basha says there can be some challenges to permitting if exploration occurs within a Natura 2000 biodiversity site, a core breeding and resting site for rare and threatened species. Over 14% of Finland is covered in Natura 2000 biodiversity sites, whereas in the north, the protected land packages cover 30%. “If you’re in a Natura area, which are basically swamps, then you’ll likely run into permitting chal-

lenges. So we’ve made it a company policy to stay out of those areas. Permitting everywhere else is fairly straightforward.” Aurion is closing an $8.7-million, non-brokered private placement, which would issue 4 million shares at $1.50 per share. Part of the proceeds will be used for exploration at Risti, which Basha says should begin in May. “We’ve definitely attracted the attention of all the majors, but we want to pursue Risti ourselves at this stage. We’ll do geophysics, ground magnetics and induced-polarization surveys, and go right to drilling,” he says. “As a prospect generator, we try to keep a tight share structure by farming out our projects until an opportunity like Risti comes along that’s good enough to drill a few holes, and see what we can make of it.” Aurion has traded within a 52week range of 10¢ to $1.93 per share, and closed at $1.74 at press time. The company has 55.3 million shares outstanding for a $94-million market capitalization. TNM

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MARCH 6–19, 2017 / THE NORTHERN MINER

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E D I T O R IA L TNM’s Mining Person of the Year: Matt Manson HONOURS

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com ONLINE EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com EDITOR, DIAMONDS IN CANADA: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Laura Arnold (416) 510-5135 (Toll free) 1-888-502-3456, ext. 43564 larnold@glacierbizinfo.com REPUBLISHING: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6789 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NF orders 14% H.S.T. to PEI orders 15% H.S.T. to NB, NS orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

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| Stornoway CEO builds Quebec’s first diamond mine

here’s something to be said for being first. And Matt Manson, The Northern Miner’s choice as Mining Person of the Year for 2016, bears the distinction of guiding Stornoway Diamond through a daunting, decade-long journey to open Quebec’s first diamond mine — Renard — in the province’s remote Otish Mountains. BY JOHN CUMMING Along the way, through two industry jcumming@northernminer.com downturns and without a major mining company as partner, Manson capably managed virtually every aspect of the mining game: property acquisition and company consolidation; grassroots exploration; feasibility studies and mine permitting; project financing; mine and infrastructure construction; community relations; building and leading a workforce; production ramp-up; and product marketing. Manson, a native of Glasgow, Scotland, earned a B.Sc. degree from the University of Edinburgh in 1987, and came to Canada to pursue graduate studies and complete a PhD at the University of Toronto in 1996. Some of his earliest exposure to diamonds was with Bill Fisher’s Caledonia Mining and Ambrex Mining during school and soon after graduation. Manson then consulted for various companies, including Aber Diamond, where in 1999 he began working full-time as vicepresident of marketing and then vice-president of technical services, as Aber saw its 40%-owned Diavik diamond mine in the Northwest Territories start production in 2003. In 2005 Manson headed up Agnico Eagle Mines’ Eastern Canadafocused subsidiary Contact Diamond. That’s when he first looked at Renard, which was discovered in 2001 and still owned at the time by Ashton Mining and Quebec government-owned Soquem. This led to Contact, Stornoway and Ashton merging in early 2007, and Manson becoming Stornoway president in March 2007, and adding CEO to his title in January 2009. (Stornoway eventually bought out Soquem’s 50% stake in Renard in April 2011 to make the asset wholly owned.) The year 2009 was pivotal, as deep drilling at Renard — quite a gamble during the global economic downturn — ended up tripling Renard’s size and transforming it from a geological curiosity to a robust deposit, capable of sustaining a long, profitable mine life. Mine construction started in July 2014, paid for by Stornoway’s feat of closing a complex financing worth nearly $1 billion, while the company sported a market capitalization of just $120 million. One component to the mine’s success was the construction of an all-weather road to the mine site — which dovetailed nicely with the provincial government’s Plan Nord infrastructure program, designed to encourage resource development in Quebec’s North. Another component has been the good relations with local communities, including the Cree community of Mistissini. Now in full production after a $771-million capital spend (99% of budget), Renard is expected to produce an average of 1.6 million carats per year over an initial 14-year mine life, or 2% of global supply. First ore was delivered to the plant in July 2016, the official opening ceremony was held on Oct. 19 and commercial production was declared on Jan. 1, 2017. The first diamond sale was held in November in Antwerp, with 38,913 carats sold for US$7.6 million, or US$195 per carat, despite the softness in diamond markets. Stornoway’s net income for the fourth quarter was $52 million. Renard is off to a strong start as Quebec’s first diamond mine, and Matt Manson has played a central role in its success. TNM

DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 39

Professional Directory. . . . . . . . . . . . . . . 43 Stock Tables. . . . . . . . . . . . . . . . . . . . . 38-42

COMPANY INDEX Advantage Lithium. . . . . . 8 Adventus Zinc . . . . . . . . . 32 Agnico Eagle Mines. . . 3,26 Alacer Gold. . . . . . . . . . . . 35 Alamos Gold. . . . . . . . . . . 37 Albemarle. . . . . . . . . . . . . . 8 Altius Minerals. . . . . . . . . 32 Anglo American. . . . . . . 33 AngloGold Ashanti. . . . . 14 Arizona Mining. . . . . . . . . 5 Aurion Resources. . . . . . . 3 Auryn Resources. . . . . . . . 4 Avino Silver and Gold Mines . . . . . . . . . . . . . . . 20 B2Gold. . . . . . . . . . . . . . . 3,9 Barrick Gold. . . . . 15,25,26 Barsele Minerals. . . . . . . . . 4 BHP Billiton. . . . . . . . . . . 29 Boart Longyear. . . . . . . . . . 6 BonTerra Resources. . . . . 23 Brunner & Lay Canada. . . 6 CanAlaska Uranium. . . . 27 Capstone Mining. . . . . . . 27 CGN Mining. . . . . . . . . . 31 Coeur Mining. . . . . . . 16,20 Columbus Gold. . . . . . . . 11 Condor Gold . . . . . . . . . . . 7 Cornerstone Capital Resources. . . . . . . . . . . . 33 Denison Mines. . . . . . . . . . 1 Detour Gold. . . . . . . . . . . 24 DGR Global. . . . . . . . . . . 34 Discovery Int’l Geophysics. . . . . . . . . . . . 6 DMC Mining Services . . . 6 Dowa Metals & Mining . . . . . . . . . . . . . . 20 DRA Global . . . . . . . . . . . . 5

Dragon Mining . . . . . . . . . 3 Dundee Precious Metals. . . . . . . . . . . . . . . 13 Eastmain Resources. . . . . 23 EcuaCorriente . . . . . . . . . 34 Electrum Group. . . . . . . . 20 Eurasian Minerals. . . . . . . 7 First Majestic Silver. . . . . 20 Fission Uranium . . . . . . . 31 Freeport-McMoRan . . 1,20 Galway Metals . . . . . . . . . . 7 Glencore . . . . . . . . . . . . . . 32 Goldcorp. . . . . . . . . . . 25,26 Golden Predator Mining . . . . . . . . . . . . . . 23 Guyana Goldfields. . . . . . 34 Hard-Line Solutions. . . . . 6 Hecla Mining. . . . . . . . . . 20 Helio Resource. . . . . . . . . 29 Integra Gold. . . . . . . . . . . . 4 Ivanhoe Mines. . . . . . . . . . 5 Jaguar Mining. . . . . . . . . . . 8 JDL Mining. . . . . . . . . . . . 14 Kinross Gold. . . . . . . . 26,34 Kirkland Lake Gold. . . . . . 1 Lidya. . . . . . . . . . . . . . . . . 35 Lonmin. . . . . . . . . . . . . . . 29 Lundin Gold. . . . . . . . . 1,34 Lundin Group of Companies. . . . . . . . . . . . 1 Lundin Mining. . . . . . . . . . 1 Mandalay Resources. . . . 29 Marathon Gold. . . . . . . . . 23 Mariana Resources . . . . . 35 Maritime Resources. . . . . 30 Miller Technology. . . . . . . 5 MineSense Technologies Ltd.. . . . . . . . . . . . . . . . . . 6

Minmetals. . . . . . . . . . . . . 32 Nevada Sunrise Gold. . . . 8 New Gold . . . . . . . . . . . . . 22 Newcrest Mining. . . . . . . 34 Newmont Mining . . . . . . 26 NexGen Energy. . . . . . . . . 4 Northern Dynasty Minerals. . . . . . . . . . . . . 33 Northern Star Resources. . . . . . . . . . . . 12 OceanaGold. . . . . . . . . . . . 9 Pretium Resources. . . . . . 19 Probe Metals. . . . . . . . . . . 21 QMX Gold . . . . . . . . . . . . 21 Rambler Metals and Mining . . . . . . . . . . . . 1,29 Richmont Mines . . . . 21,30 Rubicon Minerals . . . . . . . 1 Rye Patch Gold. . . . . . . . . 15 Sandstorm Gold. . . . . 14,35 Seabridge Gold. . . . . . . . . 11 SolGold. . . . . . . . . . . . . . . 33 Southern Silver Exploration . . . . . . . . . . 19 Sunshine Silver Mining & Refining. . . . . . . . . . . . . . . 20 Teck Resources. . . . . . . . . 25 TerraX Minerals. . . . . . . . 23 Toachi Mining. . . . . . . . . 13 Transatlantic Mining. . . . 12 TriMetals Mining. . . . . . . . 8 Vedanta. . . . . . . . . . . . . . . 32 Victoria Gold. . . . . . . . . . . 8 West African Minerals . . 29 Western Copper and Gold. . . . . . . . . . . . . . . . 27 Wolfden Resources . . . . . . 7 Yamana Gold . . . . . . . . . . 26

O P- E D Signs of a good exploration team COMMENTARY |

A guide for the non-technical on how to judge the quality of geological work BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

he Northern Miner reached out to a number of geologists living in the Vancouver area and asked them to identify ways that a non-technical person can tell if an exploration company is carrying out high-quality work at an early-stage project. These discussions led to the following five signs of such good work. #1 Transparency with precious metal assay results Ever since gold prices rallied last year, there has been a surge of “uncut” or uncapped assays reported by gold explorers. This contrasts with the more traditional reporting of “cut” or capped assays, whereby very highgrade assays — representing the fluky appearance of gold nuggets in core, also called the “nugget effect” — are arbitrarily lowered to a value such as 30 grams gold per tonne. (For example, a company reporting cut assays would report three actual assays from the lab of 182 grams gold per tonne, 97 grams gold and 40 grams gold all as a “cut” 30 grams gold per tonne, and later use these cut assays when calculating any resource estimate.) While the uncut assays are in a sense “truer,” the cut assays better reflect the actual head grade that a mine operator would get while mining the mineralized body. So there is nothing technically wrong with reporting uncut assays, it’s just that reporting cut assays shows a company is more conservative and realistic in its promotion. Ideally, a company would report cut assays alongside any extraordinarily high uncut assays. A second and often related promotional trick is called “rubberholing,” whereby a narrow, high-grade assay (often uncut) is mathematically “smeared” over a much larger width, making the intercept appear far more impressive than it actually is. For example, what might be reported sensationally as a 10-metre wide, uncut gold-mineralized intercept that hints at cheaper bulk–mining potential could actually be a 30-centimetre interval of extraordinary high-grade gold, surrounded by a halo of nearbarren material. A company that is confident with its results will present subintervals if reporting uncut assays, and provide a full list of assay results to increase transparency. An example of cut versus uncut assays is found in Barsele Minerals’ (TSXV: BME) latest press release. Corebox Online Services Inc.’s drill hole interval calculator, jointly developed with newsletter writer Brent Cook from Exploration Insights, provides a means of estimating the residual grade between the highlights of a longer assay interval (please visit www.corebox. net/drill_interval_calculator for more information). #2 A strong understanding of the project’s structural geology While deposit types vary in all kinds of qualities, such as altera-

tion patterns, sulphide mineral presence, geochemical signatures and geophysical response, there’s one thing in common: they all have structural controls. Understa nding how rock s have been bent and broken at a property can give an exploration company insight into its mineral targets. However, obtaining structural data is often a low priority compared to carrying out geochemical and geophysical surveys. A geologist will obtain structural information from both geological mapping and drill-core orientation — the latter a process whereby a core logger records the dip and azimuth of structural features observed down hole. Geophysical data can also help with structural interpretation. Companies that have a good handle on a project’s structural geology are more likely to develop a robust geological model for targeting mineralized zones. They’ll hire a structurally focused geological consulting firm or individual consultant for a specific study, or have one or more structural geologists on staff. Auryn Resources (TSX: AUG) is one example of a company using structural geology to add value to a project — in this case, its Committee Bay gold project in Nunavut. #3 Drill results are reported in context There’s more to a drill hole than just a series of assays, yet some companies frequently report results without plan maps or cross sections. Understanding where a drill hole sits relative to previous drilling can be valuable for investors who are contemplating jumping in on a stock. For example, if gold is intercepted 300 metres away from a previous drill hole, the result may be from an entirely different vein or system. A 25-metre intercept may very well be an extension of the known zone. And if gold is intercepted only 5 metres from a previous drill hole or the drilling merely repeats a historic hole, the result probably hasn’t added much value to the prospect. In terms of how a company communicates results, it’s good to keep in mind that the exploration industry is on the brink of massive technological change, with augmented reality and robust 3-D software redefining how a company explores its projects and presents results. A company that is well-organized and confident in the potential of its project will not only place its drill results into context, but will seek out innovative ways to help investors visualize and understand the project. For example, leading Canadian junior explorers Integra Gold (TSXV: ICG) and NexGen Energy (TSX: NXE) commonly include detailed drill results combined with cross sections and plan maps. #4 Detailed geology maps Any seasoned geologist knows that bedrock exposed at surface is equivalent in value to thousands of drill holes spread horizontally See TEAM / 5

2017-02-28 6:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

SUPPLIER SNAPSHOT Eight companies set on growth The renewed optimism amongst mining companies has trickled down to the extensive network of mining suppliers in North America and beyond. The following are brief introductions to eight such companies.

research and development. The company was incorporated in 1980 by Ron Miller, designing and building a prototype Mine Kart in a home garage in 1982. By 2011, the firm had outgrown several offices and plants, and moved into a 50,000 sq. ft manufacturing plant and head office.

DRA GLOBAL Johannesburg-headquartered DRA Global describes itself as a “multidisciplinary global engineering group delivering mining, mineral processing, energy, agriculture, water treatment and infrastructure services from concept to commissioning, and comprehensive operations and maintenance services.” DRA has offices in Africa, Australia, Canada, China, India and the United States. DRA made waves in Canada in March 2016 when it acquired Met-Chem Canada Inc. from UEC Technologies LLC, which is part of United States Steel Corporation. Headquartered in Montreal, Met-

Miller Technology’s Triple 4ce multifunctional carrier for underground mining. MILLER TECHNOLOGY Chem was a consulting engineering company founded more than four decades earlier, and it provided services such as resource estimation, mine design and planning, and mineral processing to the metals and minerals industry worldwide. DRA said Met-Chem’s “particular strengths in mining and geology” made it an “excellent fit” for DRA, which has specialist capabilities

in design engineering, mineral processing, EPCM project delivery and contract operations.

of DRA’s Americas operations in 2011. He holds an MBA cum laude from the University of Stellenbosch.

DRA had already established an office in Canada in 2005 and acquired Taggart Global in 2014.

MILLER TECHNOLOGY Miller Technology is based in North Bay, Ont., where it designs and manufactures mining-related equipment using in-house capabilities in welding, machining, rebuilding components, painting, parts supply, engineering, and

In September 2016, DRA Global appointed Wray Carvelas as CEO. Carvelas joined DRA in 2001 and previously held the role of projects director, and was appointed as CEO

Early successes included becoming a Toyota Land Cruiser dealer; building mechanized bolter screeners for Falconbridge; becoming a JCB Construction dealer; developing the Easy Rider Mine Kart with suspension and the Triple 4ce multifunctional utility carrier; and becoming a Komatsu forklift and a Lamtrac snow groomer dealer. In recent years, Ron Miller joined the Sudbury Area Mining Supply and Service Association and North

See SUPPLIER SNAPSHOT / 6

TEAM From 4

across a project area. If interpreted properly, surface data can give a company a good head start on where to look for a deposit. A geologist will create a geological map by drawing the shape of any observed outcrops, and colour the units according to rock type. This is called a “fact” map. Once the fact map is complete, a geologist will use his or her knowledge of structures or stratigraphy — or other available imagery datasets — to complete larger-scale interpretations of the area. Despite their intrinsic value, fact maps are disappearing from company’s websites and technical reports, and being replaced with generalized and interpretative geology maps that lack pertinent data. As a result, third parties cannot assess whether a company’s geological model is based on reality or drifts too far into conjecture. A company that has a strong foundation for planning drill holes will present the public with detailed, up-to-date geology maps, and revise the maps as necessary whenever new information from drilling or geophysical surveying becomes available. Arizona Mining (TSX: AZ) is a great example of a junior company that presents investors with a large amount of technical data for its f lagship Hermosa zinclead-silver project in Arizona in a compelling fashion without being overwhelming.

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#5 Room for creativity and luck While a company may have a deep understanding of the geology of its project area, it’s impossible to know everything. Sometimes, earnest and methodical scientific inquiry needs to be combined with creativity, mistakes or plain dumb luck to make an unexpected discovery. A company that is well-balanced will have strong roots in science and engineering, but be adventurous enough to go against the grain and take a few risks along the way. The avant-garde Ivanhoe Mines (TSX: IVN) is an example of a company that combines scientific reasoning with out-of-the-box thinking to generate outstanding exploration successes, most recently with its Kamoa and Kakula copper discoveries in the Democratic Republic of the Congo. TNM

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2017-02-28 6:36 PM

WWW.NORTHERNMINER.COM

MARCH 6–19, 2017 / THE NORTHERN MINER

SUPPLIER SNAPSHOT SUPPLIER SNAPSHOT From 5 Bay Mining Association halls of fame. Miller Technology’s product line for mining includes: Miller Max, Toyota Land Cruiser, Tele Handler, Etrac Series, Triple 4CE, underground grader and Jeep J8. BRUNNER & LAY With offices in Vancouver and Mississauga, Ont., Brunner & Lay Canada is the Canadian subsidiary of Springdale, Arkansasbased Brunner & Lay, which was established in 1882 and today builds mining and construction tools. Its current focus is paving breakers, demolition tools and rockdrilling tools. Brunner & Lay’s worldwide operations encompass manufacturing plants and warehouses on three continents, including seven facilities in the U.S., three in Canada, three in Great Britain, one in Germany and two in Australia. The corporation is overseen by president F. Michael Brunner, the fourth generation of the Brunner family to oversee operations. The company has been involved in Mount Rushmore, the Hoover Dam and the Chunnel. Brunner & Lay makes what it calls “one of the widest ranges of paving breaker tools in the U.S.,” for use with most types of handheld breaker machines used worldwide. Its demolition tools are geared for most types of heavy-duty, boommounted breaker machines in use worldwide. Brunner & Lay says its mining products are designed to deliver high production footage at the lowest possible cost, using

precision-machined, high-quality steel that is heat treated to ensure strength and durability. The Brunner & Lay mining line includes striking bars, couplings, carburized drill steel, hi-frequency hardened drill steel and its trademarked Rok-Bits. DMC MINING SERVICES Founded in 1980 as Dynatec Mining Ltd., DMC Mining Services today ranks as one of North America’s premier underground contractors, operating from its headquarters in the Toronto suburb of Vaughan. The company has a complex corporate history of mergers and acquisitions. In 2007, when Sherritt International acquired Dynatec for $1.6 billion, it sold Dynatec’s Mining Services Division to its old partner, FNX Mining, and the division’s name was changed to DMC Mining Services in 2008. FNX Mining merged with Quadra Mining in a $3-billion deal in March 2010. In March 2012, Polish copper miner KGHM Polska Miedz bought Quadra FNX Mining for $2.9 billion in cash. Today, DMC Mining Services is a division of KGHM International, which is the successor of Quadra FNX Mining and operates as the international arm of KGHM Polska Miedz. DMC offers a comprehensive list of mining services, ranging from shaft sinking and raise boring to full mine development and operation. The firm describes its “extensive mining services” as having been “applied at large-scale mining sites” for gold, nickel, copper, potash, zinc, and other metals and minerals — all while having “one of the lowest incident and accident frequency rates in the industry.” In January 2017, DMC appointed Graham Buttenshaw as managing

director. Buttenshaw, a graduate of the Royal School of Mines in the U.K., previously managed projects in Europe, Australia, North America and South America for companies such as Nyrstar, Redpath, Troy Resources and BHP Billiton. BOART LONGYEAR Salt Lake City, Utah-based Boart Longyear is a name everyone in mining recognizes as arguably the world’s leading supplier of drilling services, drilling equipment and performance tools for mining and drilling companies. Its Canadian presence is based in Sudbury, Ontario. The company was founded in 1890 by Edmund J. Longyear, who sank his first diamond drill hole that year on the Minnesota Mesabi Range. The “Boart” side of the company comes from the Anglo American group of companies in South Africa in the 1930s, and reflected the first commercialization of non gem-quality diamonds named “boart,” or “bort,” mechanically set in drill bits using South African boart (as opposed to the earlier, more expensive process of handset Brazilian diamonds in drill bits). Anglo American eventually owned all of Longyear, and merged the company with Boart in 1995 before selling it in 2005 to private equity firms Advent International and Bain Capital, and several management investors, who moved the headquarters to Salt Lake City. Boart Longyear’s Global Drilling Services division operates in 30 countries for a mining customer base that spans a range of commodities, including copper, gold, nickel, zinc, uranium, and other metals and minerals. Boart Longyear’s Global Products division designs, manufactures and sells drilling equipment, performance tools, and aftermarket parts and

EXTRAORDINARY

POSSIBILITIES

A driller using Boart Longyear’s S36 drifter-type rock drill. BOART LONGYEAR services to customers in over 100 countries, using six global manufacturing locations. Boart Longyear says it has developed and introduced “some of the most advanced drilling technology on the market and in history,” including the industry’s first wireline core retrieval system, which finds its expression today in its state-of-the-art “genuine Q” wireline system. HARD-LINE SOLUTIONS Based in the Sudbury, Ont., suburb of Dowling with offices in Chile and Peru, Hard-Line Solutions is a specialist in the remote control of heavy equipment with the goal of increasing efficiency and safety in mining and other heavy industry. Walter Siggelkow founded HardLine in 1996, and today serves as Hard-Line president. Hard-Line boasts that “no matter what type, make or model of machinery, we can configure it to operate remotely,” and breaks its product line into six areas: teleremote control, radio remote control, camera systems, low-profile loaders, shaft guides and brow alert. It has staff trained in mining, electronics, electrical design and mechanical design who travel the globe to install systems at mine sites.

IN MINING AND MINERALS PROCESSING

The firm says its most common applications are rock breakers, drills, load-haul dumps, wheel loaders, excavators, dozers and locomotives. Hard-Line’s awards include the Bell Business Excellence Innovation Award, Innovation Diversification of Export Markets, Bronze Award Ontario Global Traders, Innovation Certificate for New Product Design and Ontario Regional Finalist for New Technology. MINESENSE TECHNOLOGIES

Minerals Processing • Mine Design • Infrastructure • Winders Contract Operations • Studies 5-8 March Toronto, Canada Visit the DRA booth # 423

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Vancouver-based MineSense Technologies Ltd. provides data analytics systems for the mining industry. The company says it has developed “unprecedented sensor technology and software that will provide mines with information on their orebody not previously available,” and that this “enables

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mining companies to reduce the effect of tailing facilities at mine sites and increases productivity significantly.” MineSense argues that low-grade “ores” are typically uneconomic to mine, but “may become profitable” with the addition of pre-concentration technology. In particular, MineSense says its shovel and belt-based solutions “improve the economics of mining lowgrade ores by maximizing resource conversion and metal recovery.” Led by president and CEO Jeff More, MineSense recently closed a $19-million financing from both previous investors and new ones such as Aurus Ventures and mining equipment giant Caterpillar. Nickel miners will recognize one name on MineSense’s board of directors: Ian Pearce, former chief executive of Xstrata Nickel and chief operating officer of Falconbridge, and a current partner at Mick Davis’ X2 Resources in London. DISCOVERY INT’L GEOPHYSICS Saskatoon-based Discovery Int’l Geophysics is a small but growing geophysical consulting firm built on a partnership in 1996 between two mining professionals: Dennis Woods in B.C. and Brent Robertson in Saskatchewan. After having provided services to more than 200 clients, the firm now has offices in Surrey in B.C., Saskatoon, Lac duBonnet in Manitoba, and Springdale in Newfoundland, with five skilled full-time personnel, including two geophysicists, and an experienced part-time workforce of more than 15, many of them from Newfoundland. The company prides itself on treating employees well, and says this has resulted in “low employee turnover and a loyal, dynamic and energetic workforce.” Discovery notes it has had no lost-time injuries since its foundation, amounting to over 80,000 manhours without a lost time injury. S er vices include Transient elec tromagnetic ( TEM) sur veys; Time or frequenc y domain IP/resistivit y with 2D/3D inversion; direc tional borehole IP/resistivit y ; multi-parameter borehole logging; gravit y/ microgravit y with 2D/3D inversion; hor izontal loop EM M agnetics and VLF-EM; seismic refrac tion and reflec tion; and complete processing, modeling and inter pretation ser vices. TNM

2017-02-28 6:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

GOLD JUNIOR SNAPSHOT Seven firms with active exploration and development programs Make no mistake, despite the recent rise in the prices of most mined commodities, it’s still gold that attracts the most interest and financing among the juniors.

placement for gross proceeds of up to $7 million by selling 5 million units at $1.40 per unit. Each unit consists of a share and half a nontransferable warrant, with each whole warrant allowing the holder to buy a share at $2 within two years.

The following are seven such companies pushing forward gold projects across the world.

GALWAY METALS

CONDOR GOLD

Toronto-based Galway Metals (TSXV: GWM) was spun out of Galway Resources four years ago in the wake of Galway Resources’ US$340-million acquisition by AUX Acquisition for the junior’s California gold-silver property in Colombia.

London-based, Mark Child-led Condor Gold (LON: CNR) is focused on its wholly owned La India goldsilver project in the historic La India gold mining camp in western Nicaragua, north of Lake Managua. Indicated and inferred resources at La India stand at 18.1 million tonnes grading 4 grams gold per tonne (or 2.3 million contained oz. gold) and 6 grams silver per tonne (2.66 million contained oz. silver). Almost half of that is potentially exploitable by open pit.

Drillers at Condor Gold’s La India gold project in Nicaragua in 2011. CONDOR GOLD The Akarca gold mine was built by Turkish mining company Ciftay, with property ownership transferred in August 2016 in return for a combination of US$2 million in cash, future payment streams denominated in gold bullion, and a sliding royalty interest that rises over

Much of the resource is based on work carried out by Condor at La India from 2011 to 2013, including 302 drill holes totalling 43,000 metres, and 11,000 metres of trenching.

time from 1% to 3%. In February 2017, Eurasian received 500 oz. gold (worth US$601,000) as the first installment paid every six months to a total of 7,000 oz. gold. A few weeks later, Eurasian announced a non-brokered private

Substantially the same group of management and directors of Galway Resources led by president and CEO Robert Hinchcliffe stayed on with Galway Metals, which is focused on the Clarence Stream gold project, 70 km southwest of Fredericton in southwest New Brunswick.

In August 2016, Galway acquired an option to acquire a 100% interest in Clarence Stream from Wolfden Resources (TSXV: WLF), agreeing to pay Wolfden $3.5 million over three years, plus various net smelter return royalties. Galway also staked nearby ground and started drilling at Clarence Stream in October. Results released in February included highlights of 10 grams gold (uncut) per tonne over 31 metres (30 metres true width) from 15 metres in hole 16-346; and 7.9 grams gold (uncut) over 18 metres (17.4 metres true width) from 23 metres in hole 16-347. Galway describes Clarence Stream as comprising 45 km of strike length of the Sawyer Brook fault system and straddling several intrusives that are believed to have created the conditions needed for gold deposition.

See GOLD SNAPSHOT / 8

SRK Consulting completed a prefeasibility study at La India in 2013, and now Condor is working towards completing a full feasibility study that is eyeing several scenarios, including an initial 2,800-tonne-per-day rate to produce 100,000 oz. gold annually for eight years from an open pit. In February 2017, Condor was raising a gross £5.2 million by placing 8.45 million units priced at 62 pence per unit, with each unit compried of a share and half a warrant. Each full warrant allows the holder to buy a share for 93 pence within two years. Canadian mining mogul Ross Beaty subscribed for £1 million of the units. The funds are to be directed to advancing La India and general working capital. Condor has another 1 million goldequivalent resource in El Salvador, but there is a moratorium on all mining in the country. EURASIAN MINERALS

EXPLORING NEW

Eurasian Minerals (TSXV: EMX; NYSE-MKT: EMX) bills itself as a royalty and prospect generator, and is known in the industry for carrying out high-quality exploration in intriguing and exotic locales around the world.

HEIGHTS

Based in Vancouver and led by former Newmont Mining exec David Cole, Eurasian Minerals’ current portfolio includes copper, gold and polymetallic assets, and royalties in the Western U.S., especially Nevada’s Carlin trend, Turkey, Haiti, Sweden, Norway, Serbia, Australia and Russia’s Far East. It also has geothermal royalties in Peru and Eastern Europe. A nice example of Eurasian’s approach when everything goes well is the Akarca epithermal gold-silver deposit discovered by Eurasian in Western Anatolia 2006. In an exploration program mostly funded by partners, Eurasian drilled 300 core and reverse-circulation holes totalling 32,800 metres at Akarca, as well as completed various technical studies.

1-32, 39_MAR6_Main .indd 7

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2017-02-28 6:36 PM

WWW.NORTHERNMINER.COM

MARCH 6–19, 2017 / THE NORTHERN MINER

GOLD JUNIOR SNAPSHOT GOLD SNAPSHOT From 7 When Galway optioned Clarence Stream, it hosted a resource of 822,000 indicated tonnes grading 6.90 grams gold per tonne (or 9.11 grams gold uncut) for 182,000 oz. gold (241,000 oz. gold uncut), plus 1.2 million inferred tonnes at 6.34 grams gold (7.95 grams gold uncut) for 250,000 contained oz. gold (313,000 oz. gold uncut). JAGUAR MINING If you think Jaguar Mining (TSX: JAG: US-OTC: JAGGF), think gold mining in Brazil. The firm has two operating goldmining complexes in Minas Gerais state’s prolific Iron Quadrilateral mining district near the city of Belo Horizonte: the Turmalina complex, which consists of the Turmalina underground mine and mill; and the Caete complex, which consists of the Pilar and Roca Grande underground gold mines and the Caete mill. Its third goldmining complex in the state — the Pacienca underground mine — is on care and maintenance. Jaguar has also earned a 100% interest in the advanced Gurupi gold project on northern Brazil’s Maranhao state from Australian firm Avanco Resources. Jaguar produced 96,536 oz. gold in 2016 from its Iron Quadrilateral assets, is eyeing output of 100,000 to 110,000 oz. gold this year, and

says it has an “achievable strategic plan” to become an annual 200,000 oz. gold producer within five years. As announced last October, Jaguar plans to spend US$8 million exploring near its mines, including US$6 million dedicated to 31,000 metres of drilling to expand Turmalina and Pilar, and much of the rest at the Pacheca and Cubas targets near Pilar, where 8,500 metres of surface diamond drilling is planned. Jaguar ended 2016 with a US$26.5million cash position, and had a net debt position of zero in November 2016, after holders of US$21.5 million in convertible debentures converted this debt to equity. As of Dec. 21, 2016, Jaguar had 307 million shares outstanding for a $200-million press-time market capitalization. Based in Brazil, mining veteran Rodney Lamond was appointed Jaguar president and CEO in December 2015, having earlier served as president & CEO of Crocodile Gold. Jaguar’s chairman is Richard Falconer, who retired as vicechairman and managing director of CIBC World Markets after 40 years with the bank. NEVADA SUNRISE GOLD Vancouver-based Nevada Sunrise Gold (TSXV: NEV; US-OTC: NVSGF) is focused on exploring Nevada’s

A drill site at TriMetals Mining’s Gold Springs gold-silver property on the Utah-Nevada border. TRIMETALS MINING mineral potential. It has three gold exploration properties named Golden Arrow, Kinsley Mountain and Roulette, as well as 100% interests in the Neptune, Clayton NE and Aquarius lithium brine projects in the southwest of the state. Its most advanced gold project is its 100% owned Golden Arrow property along the northeastern margin of the Walker Lane structural belt.

The SEG Canada Foundation thanks its corporate sponsors. Supporting students and their research in Economic Geology. Patron Sponsors

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Golden Arrow hosts a measured and indicated resource of 296,500 oz. gold and 4 million oz. silver in 12.2 million tonnes grading 0.024 oz. gold per ton (0.82 gram gold per tonne), and 0.33 oz. silver per ton (11.31 grams silver per tonne), plus another 3.8 million tonnes at lower gold grades. These figures were calculated in 2009. As for lithium, in January Nevada Sunrise Gold and its partner Advantage Lithium (TSXV: AAL) began a second-phase drilling program at their Clayton NE property, which borders the lithium brine mine operated by Albemarle (NYSE: ALB) at Silver Peak in Clayton Valley, Nevada. The juniors’ drilling was to have comprised three reverse-circulation holes to test depths of at least 600 metres each. In December, Nevada Sunrise and Advantage reported that the lithium brines intercepted by a third drill hole at Clayton NE, No. 16-3, showed a peak value of 322 milligram per litre lithium, within 388 metres averaging 243.66 milligram per litre. The partners said these results were the “strongest to date at Clayton NE and are comparable to Albemarle’s brine samples” from Silver Peak. TRIMETALS MINING TriMetals Mining (TSX: TMI.B; US-OTC: TMIBF) is ensconced in gold and silver exploration in Nevada and Utah. Its advanced, wholly owned Gold Springs goldsilver property, which straddles the southern end of the border between the two states, has near-surface, heap-leach mining potential from the Grey Eagle and Jumbo deposits.

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At a cut-off of 0.2 gram gold, the two deposits host a measured and indicated resource of 30 million tonnes grading 0.45 gram gold per tonne (434,000 contained oz. gold) and 9.6 grams silver per tonne, plus 20.9 million inferred tonnes at 0.34 gram gold and 6.9 grams silver. This amounts to 903,000 oz. gold equivalent in all categories. TriMetals considers Gold Springs, which it acquired in 2010, to be geologically analogous to Kinross Gold’s nearby Round Mountain gold mine. TriMetals expects to update this resource estimate in the first quarter of 2017, after having completed 43 reverse-circulation holes totalling 7,046 metres in 2016, and 14 holes in late 2015.

1-32, 39_MAR6_Main .indd 8

TriMetals also has a 100% interest in the Escalones copper-gold deposit near Santiago, Chile, where indicated resources stand at 233 million tonnes at 0.3% copper, 0.067 gram gold, 0.661 gram silver and 0.0006% moly, plus another 528 million inferred tonnes at similar grades. The company notes it had US$3.1 million in its treasury as of Sept. 30, 2016. VICTORIA GOLD From its base in Toronto, Victoria Gold (TSXV: VIT ) has been working for years in the central Yukon developing its Dublin Gulch gold property and Eagle gold deposit. Eagle is the Yukon’s best candidate for becoming the next gold mine. In a land where infrastructure is everything, Dublin Gulch enjoys accessibility by road year-round, and is located within Yukon Energy’s electrical grid. The company has a 100-person, all-season camp onsite. At last count, proven and probable reserves at the Eagle and Olive deposits totalled 2.7 million oz. gold in 123 million tonnes grading 0.67 gram gold per tonne. In the measured and indicated categories (inclusive of the reserves), the two deposits contain 191 million tonnes at 0.65 gram gold for 4 million contained oz. gold. After many years of slow but methodical work at the low-grade deposit, everything got more serious in January 2017, when Victoria appointed BNP Paribas to arrange up to US$220 million of senior, secured project debt to build the Eagle gold mine. Victoria president and CEO John McConnell said the facility is to be the “foundation of the financing package that will fund the Eagle project through construction and into production. This is the first important milestone in what promises to be a very busy and exciting 2017 at Victoria.” Victoria had already earmarked $6.2 million to be spent on exploration drilling at the Dublin Gulch property this year. The company says it will continue step-out and definition drilling at the Olive-Shamrock zone to expand mineable tonnage along the high-grade mineralized shear zone. Six targets will be drilled along the 13 km Potato Hills trend. TNM

2017-02-28 6:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

OceanaGold’s Didipio gold-copper mine on the island of Luzon in the Philippines. OCEANAGOLD

OceanaGold hits headwinds in the Philippines

COPPER-GOLD BY TRISH SAYWELL

tsaywell@northernminer.com

f anyone needed a reminder of the importance of diversifying risk, they need look no further than OceanaGold’s (TSX: OGC) news flow over the last two months. At the end of January the mining company poured gold at its new Haile gold mine in South Carolina — the first gold production from the area in a quarter century. Haile is on track to reach commercial production early in the second quarter and is the newest gold mine in the United States. Ha lf way around t he world, however, OceanaGold has found headwinds in the Philippines. In February the company received an order from the Department of Environment and Natural Resources (DENR) to suspend operations at Didipio, an open-pit gold-copper mine the company built in 2013 on the island of Luzon that is transitioning to an underground operation. The government reiterated concerns it first voiced about Didipio at a press conference in September 2016, namely that it had received a petition from the local government of Nueva Vizcaya to cancel exploration permits the company was granted in March 2016. The order also alleged damages to houses due to blasting and perceived risks from underground mining, as well as potential harm to regional agriculture. The company has been given three months to address the issues. Since the order was invoked on Feb. 14, OceanaGold has appealed directly to the Philippine president’s office, which, in accordance with rules and regulations in the Philippines, has stayed the execution of the suspension order, and the company says it can continue to operate the

| Company appeals to president’s office after environmental suspension orders

mine during the appeal process. OceanaGold president and CEO Michael Wilkes said in a press release that his firm is an environmentally and socially responsible mining company that “has delivered meaningful benefits to a multitude of stakeholders in the host communities that support the mine in the provinces of Nueva Vizcaya and Quirino,” has “the strong endorsement from our host communities to operate” and is “a major employer of Filipino nationals.” Suspending operations would “adversely impact thousands of Filipinos directly and indirectly,” he added. Moreover, the Didipio operation “has not violated or breached any Philippine laws, rules or regulations,” he continued. “We strongly believe that the Didipio operation is the template for what President [Rodrigo] Duterte is seeking in his desire for a responsible mining sector in the Philippines.” OceanaGold is not the only company affected by a national mining audit launched by Environment and Natural Resources Secretary Regina Lopez. She set in motion the environmental audit in July 2016, and initially suspended 10 mines and said another 20 were at risk of being halted. On Feb. 2, B2Gold (TSX: BTO; NYSE: BTG) announced that its Masbate gold project was not among the mines to be suspended or closed. Sam Pazuki, OceanaGold’s director of investor relations, says for now, it’s business as usual at Didipio. He also notes that when Lopez was first appointed to her post by the president in July 2016 and called for a nationwide audit of all 41 commercial mining operations in the country, OceanaGold had been on board with the move. (The company has received presidential awards for

being socially and environmentally responsible for the last two years in a row.) “We supported her initiative because we do believe there are operations, mainly in the south, that don’t operate to the same standards as what a mining company should, and definitely nowhere close to the standards at which we operate,”

Pazuki says. “We’ve always supported President Duterte’s repeated comments that he’d like to see a responsible mining sector that operates to the same standards as it would in countries like Australia or Canada.” At a press conference last September, Lopez said 11 of the 41 companies audited would be shut

down and another 20 faced potential suspension. “We were on that suspension list as was B2Gold and that created the first uproar in the Philippines and in the mining sector,” Pazuki recalls. “In October, all of the mining operations received a copy of their audit See OCEANAGOLD / 10

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2017-02-28 6:36 PM

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MARCH 6–19, 2017 / THE NORTHERN MINER

OceanaGold hits headwinds in the Philippines OCEANAGOLD From 9

report and in our case, there was nothing in it that was a violation of environmental law, or a violation or a breach of any law whatsoever. It was a clean audit.” What the report on OceanaGold recommended, he says, was that the company should broaden its communication program with communities farther away from the mine, beyond the 11 communities living closest to the mine. “They wanted us to cast a wider net and educate those communities about what mining is,” he says, “and there was not any reason to suspend our operation. Nobody heard anything for the rest of the year until the announcement on Feb. 2, when Secretary Lopez held another press conference and announced that 13 mining operations would be recommended for closure and five operations recommended for suspension.” But President Duterte, along with the country’s finance secretary, subsequently weighed in and the Mining Industry Coordinating Council, which is cochaired by the finance secretary and Secretary Lopez, passed a resolution on Feb. 9, stating that they would take a step back and review the entire mining audit and determine whether due process was followed, Pazuki says. “Keep in mind that the Philippines has a strong constitution, their legal system was adopted from the U.S., and the rule of law is strongly applied there,” Pazuki says. “Following due process isn’t optional, it’s mandatory, and if there’s any politician who breaks away from

“KEEP IN MIND THAT THE PHILIPPINES HAS A STRONG CONSTITUTION, THEIR LEGAL SYSTEM WAS ADOPTED FROM THE UNITED STATES ... IF ANY POLITICIAN BREAKS AWAY FROM DUE PROCESS, IT CAN HAVE STRONG RAMIFICATIONS.” SAM PAZUKI DIRECTOR OF INVESTOR RELATIONS, OCEANAGOLD

The Philippines President Rodrigo Duterte (right) speaks with Natural Resources Secretary Regina Lopez before a meeting in February. THE PHILIPPINES PRESIDENTIAL COMMUNICATIONS OPERATIONS OFFICE

due process, it can have strong ramifications.” Pazuki notes that as in the U.S., presidential appointments like Secretary Lopez must be approved in a confirmation process and vetted through the Commission of Appointments. Lopez’s second hearing is scheduled for March 1. “There are three possible outcomes: One, she gets rejected; two, she gets confirmed; or three, she gets bypassed again,” Pazuki says. “There are 24 votes and a tiebreaker vote, so to get confirmed you need 12 plus one. If one person abstains, it’s a bypass. If her nomination is bypassed a second time, it’s sent back to the president and he can either reappoint her and go through the confirmation process again, or appoint someone else.” Pazuki notes that on Lopez’s most

recent list of 75 mining projects she wants to cancel, unveiled on Valentine’s Day, two are owned by wealthy local families, like hers, which owns ABS-CBN, the country’s largest media company. One is Tampakan, the country’s largest undeveloped copper-gold project, and the other is King-king. “Tampakan is owned by two of the wealthiest families in the Philippines — it was previously owned by Glencore and then purchased by these two families for US$600 million in cash about 18 months ago,” Pazuki says. “The King-king copper-gold project is also owned by one of the wealthiest families in the country. “We’ll have to wait and see what happens in terms of her confirmation hearings, but it certainly has caused a stir for the mining sector

and the whole country.” OceanaGold’s troubles in the Philippines underscore the benefit of diversifying political risk across jurisdictions. In addition to the Philippines and the U.S., the company has gold mines in New Zealand. Last year the company produced a total of 416,741 oz. gold and 21,123 tonnes copper. Of that, 147,150 oz. gold and all of its copper were produced in the Philippines at Didipio, while in New Zealand, OceanaGold’s Macraes and Reefton mines on the South Island contributed 153,563 oz. gold, and Waihi on the North Island produced 116,028 oz. gold. Consolidated all-in sustaining costs (AISCs) for 2016 came in at US$708 per oz. sold and cash costs were US$452 per oz. sold.

For all of 2016, OceanaGold reported a record revenue of US$629 million and net profit of US$137 million, including US$147 million in revenue and US$23 million in net profit during the fourth quarter. The company declared a semi-annual dividend of US1¢, compared to a previous annual dividend of US2¢. On Jan. 30, before news of the suspension order at Didipio, the company reported 2017 guidance of between 550,000 and 610,000 oz. gold at AISCs of US$600 to US$650 per oz. sold. In a research note after news of the Didipio suspension, Brian Quast of BMO Capital Markets said his target price on the company of $4.50 per share was based on “a blending of the following two scenarios: 1) a $3 target price, assuming Didipio is permanently shut; and 2) a $5 target price, assuming the mine continues to operate for the rest of its life.” At press time, OceanaGold’s shares traded at $4.06 apiece within a 52-week trading range of $3.24 to $5.56. Michael Gray of Macquarie noted in a commentary that Didipio represented 18% of the value of OceanaGold’s mineral assets and that he expects the company is “capable of addressing the audit, with a focus on remedying agricultural impact issues.” The mining analyst also noted that the suspension “would be disruptive to thousands of locals who directly and indirectly are employed by the operation.” Gray estimates Didipio “will generate $660 million of revenue sharing, taxes and royalties for the rest of its mine life.” TNM

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2017-02-28 6:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

A drill rig at Columbus Gold’s Paul Isnard property, which contains the Montagne d’Or gold project, in northwest French Guiana. COLUMBUS GOLD

Columbus Gold CEO talks Montagne d’Or, Eastside GOLD

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

olumbus Gold (TSX: CGT; US-OTC: CBGDF) has had a busy start to the year, as it worked on a feasibility study at its joint-ventured Montagne d’Or gold project in French Guiana, and updated a resource estimate at its Eastside gold-silver project in Nevada. Montagne d’Or has been advanced steadily since Columbus struck an option agreement with Nordgold (LON: NORD) in late 2013. The Russian gold miner is set to earn a 55% interest in the project by finishing the feasibility study and spending US$30 million in working expenses over the past three years. “When we entered into the agreement with Nordgold we instituted a short window in terms of timing for the resource estimates and economic studies,” Columbus Gold chairman and CEO Robert Giustra says during an interview. “That set the schedule for drilling and obviously prioritized in-fill drilling over exploration. There really wasn’t time to step-out and drill deeper holes or test new targets. Now we’re in a position to look at the expansion potential, and all the holes along the boundaries of the deposit are open,” he adds. The partners have delineated an indicated resource at Montagne d’Or of 83.2 million tonnes grading 1.45 grams gold for 3.9 million contained oz., plus inferred resources of 22.4 million tonnes at 1.55 grams gold for 1.1 million contained ounces, all at a 0.4 gram cut-off grade. Gold mineralization at Montagne d’Or is hosted in a 400-metre-thick sequence of intercalated felsic and mafic volcanic and subordinate volcaniclastic rocks that strike east and dip steeply south. Near-surface gold resources are in four closely spaced stratiform, sub-parallel, eastto west-striking and south-dipping sulphide mineralized horizons. The partners will soon carry out a 5,500-metre drilling program to explore targets on strike of and close to the existing deposit. Most of the drilling, including 22 holes on four drill fences, will target possible extensions up to 5 km to the west, where airborne geophysical surveys have identified prospective volcanosedimentary sequence.

1-32, 39_MAR6_Main .indd 11

| New drilling to focus on exploration and resource expansion

The companies will also test the Gustave geochemical anomaly east of Montagne d’Or, as well as potential depth extensions. “In the east there’s really only that one historic hole,” Giustra says. “We figured it was drilled right into the vein, but that intercept is actually in the hanging wall. So that’s just a hint of what type of potential we might be looking at on the eastern side. If we hit at that Gustave target over there, I suspect you’ll see a much larger program in the future.” The feasibility study will build on a mid-2015 preliminary economic assessment (PEA) that models a US$366-million operation producing 235,000 oz. gold annually via three-stage crushing, ball milling, a gravity gold-recovery circuit, nine carbon-in-leach tanks and a cyanide detoxification circuit. “It’s all about costs right now,” Giustra says. “We’ve been working on that, and one of our big improvements is the cost of energy. We’d previously contemplated generating it on-site, but now we’re confident

we’re going to get a grid connection, which will result in a 45% drop in energy costs. The upfront capital expenses will rise in that case, because we’ll have to build a transmission line.” An environmental impact assessment is expected mid-year, and Columbus says it doesn’t anticipate permitting complications. Giustra adds that Columbus is operating under the assumption it will move forward under the Montagne d’Or partnership after Nordgold assumes its 55% interest. Columbus is looking at financing alternatives to fund its anticipated 45% obligation for development. “That’s our intention, but Nordgold has its own way of doing business, and it’s an evolving situation,” Giustra cautions. “We envision ourselves being very involved, and we’re looking at construction loans, streams and different financial options.” Meanwhile Columbus is also advancing its wholly owned Eastside gold-silver property, 32 km west of Tonopah in western Nevada, along

U.S. Route 95. The company released a maiden resource on the project in December, which includes pit-constrained inferred resources of 35.8 million tonnes grading 0.63 gram gold for 721,000 contained ounces. Columbus expanded its land position in January when it picked up the Castle gold project from Seabridge Gold (TSX: SEA; NYSE: SA) for 1.75 million shares. The new property lies along Eastside’s southern extent. “We have ounces at Eastside, and those are typical oxides,” Giustra says. “We’re sitting on 1 million combined oz. after the Castle acquisition, but a quarter of that is historic and non-compliant with National Instrument 43-101 standards. We anticipate starting a drill program at Eastside in March that will look at targets outside the current deposit.” Columbus’ recent prospecting work has established three geochemical targets outside of Eastside’s Original zone, which seem to be part of a continuous, hydrothermal alteration zone or cell that extends

5.5 km north to south. Columbus hopes to find more near-surface oxide gold close to the existing resource. “The drill program in March will look outside the Original zone at what we’re calling Target 5,” Giustra says. “The target is a look-alike to the existing resource based on geochemistry, but the top has eroded off. At the Original zone we see the better grades at 100 to 200 metres from surface.” On Feb. 15, Columbus closed a $5-million bought-deal offering, wherein it issued 8 million shares priced at 63¢ each. The company has traded in a 52-week range of 35¢ to $1.09, and closed at 91¢ per share at press time. Columbus has 151 million shares outstanding for a $139-million market capitalization. “There’s financial support for exploration near and around existing deposits,” Giustra says. “Pure exploration plays remain hard to fund, but clearly we have the ounces. I get the impression that these expansion scenarios are supported by the market right now.” TNM

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2017-02-28 6:36 PM

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MARCH 6–19, 2017 / THE NORTHERN MINER

Transatlantic Mining seeks to restart US Grant in Montana GOLD-SILVER

| Explorer becomes mine developer with an eye on district-scale opportunities

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

ransatlantic Mining (TSXV: TCO) intends to restart production in the near term at the historic US Grant gold mine in Montana’s prolific Madison County placer gold district as the first step of a district-scale play. The company optioned the asset and mill equipment in early 2016, and has spent US$4.5 million in rehabilitation efforts and trial mining over the past year. US Grant is part of the broader Alder Mountain project, which Transatlantic leased in January 2016 under an option agreement, wherein it can buy a 100% stake for US$6 million over the next three years. The project lies 2 km southeast of the historic gold mining town of Virginia City, and saw various production stints between 1867 and 1984. The Madison County district hosts epithermal gold deposits, where there is zonation of gold- and silverrich ores with secondary zonation of galena and copper-bearing minerals through different parts of a fissure vein system that is distal to buried batholiths. Technical models consider the rocks to be mesothermal, implying deeper mineralizing systems. “Our team is active in the region looking at opportunities, and we’ve transitioned from being an explorer to a developer, with the potential for near-term cash flow. It’s important to become self-sustaining, and we want to grow into a district player,” CEO Bernie Sostak says during an interview. “We liked US Grant because it’s on private land and has a grandfathered cyanide permit in Montana, which is important for the strategy. The asset also had the historic production, with impressive grades. Our team includes experienced operators, so for us it’s a question of understanding the orebody.” Transatlantic’s team features technical and financial alumni of Australian gold producer Northern Star Resources (ASX: NST), where

A trailer and building at Transatlantic Mining’s US Grant gold project in Montana. TRANSATLANTIC MINING

Sostak served as general manager of business development and technical services. The company hopes to emulate the business model that underpinned Northern Star’s rise to an intermediate miner expected to produce up to 515,000 oz. gold in 2017, at all-in sustaining costs (AISCs) of US$770 per ounce. At US Grant, Transatlantic has rehabilitated the past-producing underground workings, installed a second ball mill at the site and commissioned a 35-tonne-per-day mill. The near-term goal involves upgrading the facility to 135 tonnes per day and producing 5,000 equivalent oz. gold. In December 2016, Transatlantic tabulated a maiden resource on US Grant of 25,000 measured and indicated tonnes grading 4.5 grams gold per tonne and 201.3 grams silver per tonne for 7,000 contained equivalent

•

ConstruCtion AnD Mining serviCes

1-32, 39_MAR6_Main .indd 12

oz. gold. Inferred resources add 150,000 tonnes of 5.1 grams gold and 218.3 grams silver for 46,800 contained oz. gold. The company also released a preliminary economic assessment that models an US$8.8-million operation with a 3.6-year mine life. Transatlantic aims to leverage cash flows to uncover more gold and silver across its under-explored property package that includes 1,500 veins or workings in the region identified by different owners over the years. “When we acquired the asset, we were going through a process of understanding where we stood,” Sostak says. “We looked at the metallurgy, the orebody and the available equipment. There’s already a lot of capital infrastructure on the site, so it became a question of: ‘How can we get the best value out of this

moving forward?’ Sostak says the company has been trial mining to improve its understanding of the metallurgy, and the strike extent of the mineralization. “Now we can talk to the market about what we have at the moment, and expand on the vision in terms of additional vein sets,” he says. “There’s been limited drilling on a lot of the targets, but the grades look promising.” Underground development at US Grant includes three access levels and a process plant, with more potential for mineralization on the parallel El Fleeda and Cornucopia veins. Transatlantic has extracted material for bottle-roll testing and sent samples to a nearby carbon-in-leach plant for metallurgical work. Under the proposed mine plan, US Grant would eventually produce

10,000 equivalent oz. gold per year based on the 135-tonne-per-day rate. Transatlantic hopes to double the mill capacity, which could boost annual production to between 20,000 and 30,000 oz. gold equivalent. But the company aims to generate 5,000 oz. gold equivalent to start, at an AISC of US$905 per oz. gold equivalent. “The metallurgical work has been successful, and now we’ve obviously progressed to the point where we recently set off a bulk sample for commercial recovery. That allows us to build our business plan with more confidence,” Sostak says. “We’ll look at suitable financing to take the next step in our strategic move toward production … we’re also looking at other potential projects in the region.” The company hopes to consolidate the Alder Gulch district through merger and acquisition, and will turn its eye to property-wide exploration potential. Targets around US Grant include the El Fleeda vein and Golden Boy claim group. Furthermore, Transatlantic released preliminary assays from a 1,450-metre surface drill program on the US Grant vein in January, highlighted by 2.8 metres grading 19.3 grams gold equivalent in hole 6. Transatlantic shares have traded in a 52-week range of 3¢ to 14.5¢, and sat at 3.5¢ per share at press time. The company has 198 million shares outstanding for a $7-million market capitalization. It closed a $3.9-million private placement in October, wherein it issued 79 million units priced at 5¢. Each unit consists of a share and one-third of a warrant, where a full warrant holds a 10¢ strike price for two years. “We started expanding our shareholder base in our most recent financing when we brought in investors from Germany and Canada,” Sostak says. “The Australian and Canadian markets are different in terms of how dilution and market capitalization are perceived. We’re building up a growth story to create a mining house, and we’ll need capital at different times. We need to prove ourselves and generate cash flow.” TNM

2017-02-28 6:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

Toachi Mining exploration manager Phil Fox (fourth from left) with associates in a core facility in the village of Palo Quemado, Ecuador. TOACHI MINING

Toachi has VMS target by the tail at La Plata in Ecuador EXPLORATION

BY TRISH SAYWELL

tsaywell@northernminer.com

a Plata — a gold-rich, volcanogenic massive sulphide (VMS) deposit, 85 km south of Ecuador’s capital city of Quito — was the subject of small-scale mining from open-pit and underground workings between 1975 and 1981. Cambior drilled it in the late 1990s and Cornerstone Capital Resources from 2006 until 2008–2009, when the country introduced a moratorium on exploration. Both companies released resource estimates — the last measuring 913,977 tonnes grading 8.01 grams gold per tonne, 88.3 grams silver per tonne, 5% copper, 6.7% zinc and 0.8% lead in the inferred category. When Toachi Mining (TSXV: TIM) got involved in the project two years ago, it reassessed the historic resource estimates, which had been based on 13,000 metres of drilling, and came away impressed by the high grade. It was intrigued enough to sign an option deal with a private Ecuadorian company to earn between 60% and 75% of the project. “La Plata is a gold-rich VMS deposit, so it is much rarer in the universe of VMS deposits on the planet,” Nick Tintor, Toachi’s president and CEO, tells The Northern Miner. “There’s clearly a deposit there … we looked at it carefully and are comfortable with that data, and are now doing our own work to verify and expand on the historic database.” In August 2016 Toachi launched its own drill program to validate the previous drilling and to infill and expand known resources in the main VMS lenses that lie in and around the La Mina deposit, which was the original outcrop discovery. At the end of last year, the company had completed 6,800 metres of drilling and plans to drill another 7,000 metres this year, which will include exploration drilling across the property. In the latest assay results released in the second week of January, high-

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| Nick Tintor-led junior retests gold-rich VMS deposit near Quito

lights include a 15.9-metre intercept of massive and disseminated sulphide mineralization grading 7.63 grams gold per tonne, 49.74 grams silver per tonne, 2.4% copper, 11.8% zinc and 0.97% lead, from 136 metres deep. Another hole returned 2.3 metres of VMS mineralization grading 2.55 grams gold, 60.99 grams silver, 7.6% copper, 6.9% zinc and 0.7% lead from 30 metres deep, while a third produced 1.8 metres of 10 grams gold, 88.36 grams silver, 0.4% copper, 6.5% zinc and 3.2% lead, from 293 metres. “We’ve had strong results,” says Tintor, who began his career as an exploration geologist and spent seven of his 30 years in the industry writing and editing for The Northern Miner (1983–1990). “We believe these grades can generate attractive operating margins that would make a 300- to 500-tonne-per-day mine very lucrative.” Most of the historic drilling focused on the project’s La Mina deposit, which strikes for 9 km, and the fact that there had not been a lot of work done on the project “was one of the pluses,” Tintor says. The company describes the project — which is characterized by geology typical of major gold-rich VMS camps around the world — as offering excellent potential for finding more VMS zones among

its exploration targets. “Geologically, VMS deposits typically don’t form isolated lenses, you see that from Flin Flon in Manitoba to Bathurst in New Brunswick to Rouyn-Noranda in Quebec,” Tintor says. “It’s what we expect to see in these camps, and this is no different in Ecuador.” The rocks in Ecuador are younger, he says, but the geology is the same. “We see favourable volcanic units, marker strata and the same types of mineralization: disseminated and massive sulphides occurring in stacked lenses, and we believe potentially laterally, in favourable volcanic stratigraphy.” Toachi is prioritizing at least 14 new targets and the company is fully funded for 2017. The two-and-a-half hour drive from Quito to La Plata is mostly on a multilane highway, with the last 13 km a gravel road. There is a new hydropower plant (called ToachiPilaton) that is 10 km from the site, and it is expected online this year. The junior explorer is named after the Toachi River, which flows from the foothills of the Andes and winds its way to the Pacific Ocean. The team at Toachi includes chairman Jonathan Goodman — president of Metaform Investments Inc. and executive chairman of Dundee Precious Metals (TSX: DPM) — and Laurence Curtis, the founder and

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first CEO of Intrepid Mines. “We have a fantastic group of people who have done this before in previous lives,” Tintor says. “Jonathan was the founder of Dundee Precious Metals, a large multinational intermediate, and he drove that company to where it is today, and mining is in his blood. Laurence is one of Canada’s best known geologists and built Intrepid from a market cap of zero to over $1 billion, at one time.” As for working in Ecuador, says Tintor, who has worked in challenging jurisdictions such as Niger, the Democratic Republic of the Congo, Bolivia, Chile and Peru, his experience has been “very positive.” “It’s been an eye-opener — it’s a safe environment to work in, the government seems to be supportive. We’ve got technical talent down there and the infrastructure is really first-class,” he says. “They have invested heavily in infrastructure and I haven’t seen that in many places, and I didn’t realize it until I got there, so it’s been a good experience.” In addition, Ecuador has some of the lowest hydro costs in all of the Americas, he says. “We don’t know yet what the impact of the low hydropower costs will be, but we do know it’s definitely going to be material. It’s far less than in countries like Peru, Colombia and

Chile.” (In a 2015 presentation, Ecuador lists its industrial usage rates at US8¢ per kilowatt hour, which is lower than rates in Colombia, Peru, Chile and Mexico. Tintor describes Ecuador’s Mines Minister, Javier Cordoba, as “a real passionate advocate of the mining push.” “The reality is that oil prices collapsed, and that was their main revenue generator ... and you had all of these amazing resources that were generating zero taxes.” While Toachi has its hands full with La Plata, Tintor isn’t ruling out other acquisitions down the road. “We have a great team down there now, and if we see something that is attractive we will certainly roll up our sleeves and take a look at it,” he says, adding that outside the formal government auction process, mining companies can also strike deals with Ecuadorian citizens. “An individual in Ecuador can own mining concessions, and there’s a strong, small mining industry in Ecuador,” he adds. “It’s no different from Canada — people can own ground and do deals — and there are a couple of companies like those that we’re looking at.” At press time Toachi Mining was trading at 40¢ per share within a 52-week trading range of 7.5¢ to 59¢, for a $16.4-million market capitalization. TNM

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MARCH 6–19, 2017 / THE NORTHERN MINER

JDL, Luna to merge, become Trek Mining M&A

| Shake up could lead to restart of Luna’s Aurizona gold mine

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

ewly formed JDL Mining (TSXV: JDL; US-OTC: LWLCF) and debt-heavy Luna Gold (TSX: LGC; US-OTC: LGCVF) hope that a proposed merger of the two companies will pave the way to sustainable near-term gold production in Brazil. On Feb. 1, the companies came to terms to create Trek Mining, which would have a $300-million market capitalization and 149 million shares outstanding. The move would help Luna clean up its debtheavy balance sheet, while JDL is eyeing near-term production Luna’s suspended Aurizona gold mine in Brazil’s Maranhao state. Luna shareholders would receive 1.105 JDL shares for each share held. The exchange ratio represents $2.20 per Luna share based on valuations at the time of the deal. That equates to a 16% premium to Luna’s 20-day, volume-weighted average price, and values Luna at $86 million. For its part Luna has $61 million in cash debt, as well as $43 million in convertible debt due to streaming company Sandstorm Gold (TSX: SSL; NYSE-MKT: SAND). Luna also has $12 million in cash. Luna shut down operations at Aurizona in mid-2015 amid falling gold prices and a stream-finance deal with Sandstorm that hindered its cash flows. Luna also had operational issues, which resulted in cost overruns and production shortfalls. The Aurizona mine is permitted up to 5,500 tonnes per day, but produced just 14,260 oz. gold in the second quarter of 2015 at all-in sustaining cash costs (AISCs) of

Mr. Graham Buttenshaw

US$1,119 per oz. gold. In a pre-feasibility study (PFS) released in late 2016, Luna updated Aurizona’s mine plan and proposed expanding the mill to an 8,000-tonne-per-day capacity that would produce 150,000 oz. gold per year at AISCs of US$708 per oz., based on a 6.5-year mine life. The upgrades would cost US$146 million in capital expenses. Assuming a US$1,250 per oz. gold price, the Aurizona study features a 34% after-tax internal rate of return and US$201-million net present value at a 5% discount rate. Prior to the merger news, Luna had hoped to have the mine back in production by the end of 2018. Aurizona hosts proven and probable reserves of 18.6 million tonnes grading 1.62 grams gold per tonne for 969,000 contained oz. gold. The project’s pit-constrained, measured and indicated resources total 29.9 million tonnes of 1.67 grams gold for 1.6 million contained oz. gold. Luna also has a regional jointventure in Brazil with AngloGold Ashanti (NYSE: AU; LON: AGD) that encompasses 2,000 sq. km of greenfield property across what Luna describes as underexplored greenstone belts hosting orogenic gold systems. AngloGold can earn a 70% interest in the broad land package — not including Aurizona — by spending $14 million on exploration over the next four years. Meanwhile, JDL emerged as a beefed up gold play in October 2016 via the three-way combination of Lowell Copper, Gold Mountain Mining and Anthem United. JDL’s assets include: a 75% interest in the 350-tonne-per-day Koricancha mill in Arequipa, Peru; the wholly owned, past-producing

DMC Mining Services announces appointment of new Managing Director

Elk Gold project in southern B.C.; and the wholly owned, Warintza copper-molybdenum project in southeastern Ecuador. JDL toll mills at Koricancha, which involves buying mill feed at a discount from legally operating small-scale and artisanal miners in Peru. “The strategic focus for [JDL] has been to acquire high-value, flagship gold projects where we can invest our cash and management resources,” JDL CEO Greg Smith said during a conference call announcing the merger. “Aurizona is a perfect fit for us. It’s been heavily de-risked and has meaningful near-term gold production with attractive economics, and we see considerable opportunity to significantly increase the mine life. The asset has been undervalued in the market, but it is a rare opportunity, and I expect our combination to unlock that value.” JDL also brings $56 million in cash and no debt to the table. The company’s largest shareholder is the Lundin family. The new Trek Mining intends to close a $27-million, non-brokered private placement priced at $2 per subscription receipt. Each receipt holder would get one Trek share and one warrant with a $3 strike price through 2021. “Our shareholders communicated to us that one of our focuses should be cleaning up the balance sheet, and we’ve achieved that here,” Luna CEO Christian Milau said. “We felt it was a question of putting two pieces of a puzzle together. This is a fresh start for us and we’re on the path to creating a mid-tier gold producer, but a lot

The processing plant (top) and heavy equipment in the pit at Luna Gold’s suspended Aurizona gold mine in Brazil’s Maranhao state. LUNA GOLD

of this story is going to be about exploration. It’s a lot easier to execute our growth plans together ... the portfolio is worth more as a combined company.” Luna debt held by Australian private-equity firm Pacific Road Capital will be repaid after the new financing is closed, while the Sandstorm debt will be settled in exchange for equity, or a combination of equity and cash. Pacific Road could hold a 16% equity interest in Trek when the deal closes, and Sandstorm, a 19% interest. The merger is scheduled to close before April.

The companies intend to complete a feasibility study for Aurizona’s reactivation by year-end, which would be followed by 18 months of construction. Luna shares have traded in a 52week range of 60¢ to $3.50, and closed at $1.99 per share at press time. The company has 39 million shares outstanding for a $76-million market capitalization. JDL shares have moved in a 52week range of $1.49 to $2.19, and closed at $1.84 per share. The company has 67.5 million shares outstanding for a $127-million market capitalization. TNM

January 22-25, 2018

DMC is pleased to announce the appointment of Mr. Graham Buttenshaw to the position of Managing Director of DMC Mining Services (DMC), effective January 16, 2017. Mr. Buttenshaw brings a wealth of global mining experience to the company and will lead DMC on its next chapter in its success through the expansion of the business domestically and abroad. As an executive, Mr. Buttenshaw has successfully developed and led major mining projects around the world for companies such as Nyrstar, Redpath, Troy Resources and BHP Billiton. He has a B.Sc. in mining engineering from the Royal School of Mines in the UK, and completed an advanced management program at Harvard Business School. Mr. Buttenshaw has managed projects in Europe, Australia, North America and South America.

For more information visit www.dmcmining.com About DMC Mining Services DMC has been in business since 1980 leading the underground mining industry with innovative technology and solutions. From patented long round jumbo drilling to automated shaft sinking technology, DMC has been at the forefront of the industry working with the smallest to largest mining companies in the world.

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2017-02-28 6:36 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

Rye Patch on verge of becoming Nevada’s next gold producer RAMP UP

| 300,000 tonnes loaded onto the new leach pad at Florida Canyon “WE’VE BEEN AROUND FOR 10 YEARS AND WE’VE KEPT OUR EYE ON PROPERTIES WE LIKE. IF PEOPLE DROP THEIR CLAIMS AND THERE’S AN OPPORTUNITY TO PICK THEM UP, WE DO.”

BY TRISH SAYWELL

tsaywell@northernminer.com

ince cofounding Rye Patch Gold (TSXV: RPM; US-OTC: RPMGF) a little over a decade ago, president and CEO William Howald has folded seven projects into the junior’s asset portfolio and become a significant explorer on the Oreana gold trend in west-central Nevada near the town of Lovelock, as well as along the renowned Cortez gold trend in the north-central part of the state. Along the way, the geologist has expanded the junior’s gold footprint from 150,000 inferred equivalent oz. gold in 2006 to 2.4 million oz. in the measured and indicated category, and another 1 million oz. in the inferred. “I’m proud of Rye Patch,” says Howald, who cut his teeth running Placer Dome’s exploration programs in the U.S. (mostly Nevada) and Latin America, before the company was swallowed up at the end of 2005 by Barrick Gold (TSX: ABX; NYSE: ABX). “We’ve been around for 10 years and we’ve kept our eye on properties we like. If people drop their claims and there’s an opportunity to pick them up, we do.” The company’s Florida Canyon project is just one example of how the junior’s management team parlays its knowledge of Nevada into shareholder value. Rye Patch bought the Florida Canyon mine last August, and after a US$27-million build-out, which involved refurbishing the mining fleet, moving the crusher and building a new leach pad, the asset is on

WILLIAM HOWALD COFOUNDER, PRESIDENT AND CEO, RYE PATCH GOLD

The crusher at Rye Patch Gold’s past-producing Florida Canyon gold project in Nevada, 210 km northeast of Reno. RYE PATCH GOLD

track to pour its first gold before the end of March. “We’re mining at pretty much full capacity now,” Howald says. “We’ve got all of our trucks and loaders up and running and delivering to the crusher, and we’re running at 1,000 tonnes per hour, or 24,000 tonnes a day. We can go higher than that. We’re waiting for one more permit that will get us up to 1,600 tonnes per hour.”

Trucks at Rye Patch Gold’s Florida Canyon gold project in Nevada. RYE PATCH GOLD

In the meantime, the company has loaded more than 300,000 tonnes onto the new leach pad and is waiting for state approval to spray it with cyanide — the last step before running the material through the company’s carbon plant and making gold. “We’re two to three weeks away from getting state approval, but as we wait for those approvals, we can continue to load the pad with material,” he says. “We’re there. We bought the mine in August, started the project in September and now we are getting ready to pour gold. It’s exciting.” The permitted mine, 210 km northeast of Reno and halfway between Lovelock and Winnemucca, produced 2.29 million oz. gold over three decades starting in 1986. Rye Patch bought Florida Canyon out of receivership from a Japanese bank for US$15 million in cash and 20 million shares. During the 10 years before Rye Patch bought the mine, Florida Canyon was owned by Jipangu, a Japanese conglomerate that at the time had no other significant

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mining assets. Jipangu had permits to expand the heap-leach operation at the end of 2014 and a loan to do so. But instead of using the money for the mine, Jipangu used it for a different project in Japan, breaching the loan’s covenant. Howald says that without even pouring an ounce of gold, Florida Canyon was worth US$35 million when Rye Patch acquired the project. But the mine and surrounding property was even more valuable than that, given its synergies with Rye Patch’s other gold projects in

the area. The company’s Lincoln Hill, Wilco and Gold Ridge properties are 30 km south of Florida Canyon and can benefit from the mine’s facilities — including its carbonstripping plant, refinery and assay labs — to keep costs down. The junior acquired 100% of Lincoln Hill, a bulk-tonnage deposit with more high-grade underground and surface targets in 2007. It was acquired for its geological setting and location near recent gold discoveries at the company’s Wilco property, 10 km west. “In the 2014 Lincoln Hill PEA, capex was US$40 million, so having those facilities nearby at Florida Canyon will impact capital expenses at Lincoln Hill,” Howald says of the oxide heap-leach project, 20 km south of Florida Canyon and 160 km northeast of Reno. Howald sees similar cost savings See RYE PATCH / 16

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Looking northeast at Rye Patch Gold’s past-producing Florida Canyon gold mine in Nevada. RYE PATCH GOLD

Rye Patch on verge of becoming Nevada’s next gold producer RYE PATCH From 15

at Rye Patch’s wholly owned Wilco project, a bulk-tonnage project with near-surface resources. “Having the operating platform of Florida Canyon makes putting those projects into production a lot easier, because we won’t have to raise money. We can finance them through revenue from the mine.” At Wilco, the company has a resource of 1.4 million equivalent oz. gold in the measured and indicated category and another 600,000 oz. in the inferred category. The geology is similar to Florida Canyon’s. “It’s basically in the same rocks. We’ll process ore on-site at Wilco,

but we can benefit from shared management and facilities,” Howald says. “We would build a leach pad and carbon plant, process on-site and truck the active carbon to Florida Canyon to strip and process.” Capacity won’t be a problem. According to Howald, the Florida Canyon refinery has a capacity of 180,000 oz. gold per year, and the company’s initial plans for Florida Canyon are to produce an average 75,000 oz. gold a year. “We have plenty of capacity to take on Lincoln Hill and Wilco,” he says. “We could handle that extra carbon.” Rye Patch has already started the environmental assessment process for both projects. Lincoln Hill is

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more advanced because infill drilling and metallurgical work have been completed over the last few years. Wilco is slightly behind, as metallurgical studies and infill drilling have yet to begin. Howald notes that at Lincoln Hill, the company is well along in the EA permitting process. “We’re close to the end, so that permit is just pending,” he says. “We should have it by the second half of this year. “The EA permit allows up to 25 sq. km of disturbance, which will include bulk metallurgical sampling, infill drilling and weather station finalization. Then we will work towards our permits for mining,” he adds. At Lincoln Hill, the PEA envisioned an open-pit operation that would have a five-year mine life and annual production of 33,000 oz. gold and 753,000 oz. silver. “At current gold and silver prices it’s a robust project, and those current prices are pretty close to those in the PEA,” Howald says. “In the second half of 2017, we’ll do more infill drilling at Lincoln Hill and start the mine-permitting process, and we’re on track to get there in 2019,” he says. “We plan to start metallurgical work and infill drilling at Wilco in 2018. It’s a more distant start-up, sometime in 2020 or 2021.” Combining the resources of Florida Canyon, Lincoln Hill and Wilco brings the projects’ total measured and indicated resource to 227.7 million tonnes grading 0.37 gram gold per tonne, 4.91 grams silver per tonne — or a gold-equivalent grade of 0.47 gram gold per tonne — for 2.76 million contained oz. gold and 20.55 million oz. silver, or 3.18 million equivalent oz. gold. Inferred resources add 80.9 million tonnes grading 0.45 gram gold and 6.65 grams silver — or a goldequivalent grade of 0.59 gram gold — for 1.19 million contained oz. gold and 14.26 million oz. silver, or 1.47 million equivalent oz. gold. In addition to these projects, Rye Patch owns a number of others, including 100% of Gold Ridge, next to Lincoln Hill. Gold Ridge’s main zone is 2 km west of Lincoln Hill and could add ounces. It also owns 100% of the X Claims in Nevada’s Pershing County, near Coeur Mining’s (NYSE: CDE) Rochester mine. (Rye Patch has a 3.4% net smelter return royalty on the mine.)

“I’M A BIG SHAREHOLDER, AND I HAVE THE SAME HOPES AND WISHES AS OTHER SHAREHOLDERS IN THE PRESENT AND FUTURE SUCCESSES OF RYE PATCH GOLD.” WILLIAM HOWALD COFOUNDER, PRESIDENT AND CEO, RYE PATCH GOLD

The X Claims are sandwiched between the Rochester mine to the north and Pershing Gold’s (TSX: PGLC; NASDAQ: PGLC) Relief Canyon mine to the south, along the Black Ridge Fault. Rye Patch has done initial mapping and sampling and has had encouraging results at the X Claims project, Howald says. Rye Patch’s wholly owned South Coal Canyon property is an earlystage exploration project that extends from the structural zone south from Wilco along the Oreana trend. The main target is an outcropping breccia pipe that Rye Patch says is similar to the Spring Valley gold deposit, previously owned by Barrick but sold to a Waterton subsidiary in 2015. “We have commenced mapping and sampling,” he says, “with additional work planned for 2018–2019.” The company’s wholly owned Gold Ridge project adjoins Lincoln Hill and has targets for both bulktonnage and high-grade underground mineralization, while the Panther Canyon project, located on a structural zone between Wilco and Florida Canyon, with the same kind of geology, was acquired last year. The company owns 100% of Garden Gate Pass, an early stage project in Nevada’s Eureka County, 65 km southeast of Battle Mountain and surrounded by major gold deposits, including Barrick’s Cortez Hills mine 12 km north–northwest, and Barrick’s nearby Goldrush discovery 2 km north. “Garden Gate Pass is a hole in Barrick’s land position, so we’re surrounded on three sides by Barrick and located south of their Goldrush discovery,” he says. “Every day, Bar-

rick’s geologists and equipment drive across our property to get to Goldrush, so it definitely has strategic value for Barrick, and we hope the extension of that Goldrush mineralization comes onto our ground.” Howald notes that Garden Gate Pass is in the same geological environment and in the same rocks. “We’ve seen gold values of up to 3 grams gold per tonne in drill holes, so it’s intriguing,” he says, adding that the company has drilled 12 holes (four core and eight reverse circulation). “The Cortez trend is going to end up in the same magnitude of numbers as the Carlin trend, as more exploration is done.” As for Florida Canyon, Howald is confident the property offers potential for more exploration. “We’ve had our geologists mapping and sampling around the pit, and based on the results of these efforts, we believe there’s quite a bit of upside immediately adjacent to the deposit. We’ll add ounces when we start infill drilling.” Underneath the oxide there’s a sulphide body, and it’s been tested by a few deeper drill holes from past operators, he adds. “It has significant grades — we’ve seen gold values of up to 12 to 15 grams in those historic drill holes, and we’ve noted that in the mid-1990s, the previous owner, Pegasus, had done extensive metallurgical work on the sulphides that looks quite promising, so after we mine the overlaying oxide ore, we can do something with the sulphide.” Over the last year, Rye Patch Gold’s shares have traded within a 52-week range of 14¢ (February 2016) to 47¢ (July 2016), and at press time were trading at 32¢. The junior has 387 million shares, fully diluted, and Howald owns a little over 5 million shares and options. Says Howald: “I’m a big shareholder, and I have the same hopes and wishes as other shareholders in the present and future successes of Rye Patch Gold.” Michael Gray of Macquarie Research has an “outperform” rating on the company and a 65¢-per-share price target. “Rye Patch remains a top pick among developers on an anticipated re-rate, as they enter into production in the first half of 2017.” TNM

2017-02-28 7:12 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

Can Rubicon’s Phoenix rise from the ashes? RUBICON From 1

company, since January 2016, which was being led by BMO and TD bank. They had an extensive data room, which I signed a confidentiality agreement and got access to. In September I went up to site and spent a couple of days there underground, looking around the property and speaking to the small management team that we have remaining there. We only have eight employees there, so I spoke to them about what transpired and tried to get a handle on how to get this project moving in the right direction again. There were certainly mistakes made. And it’s not to be critical of the former management. Hindsight is a wonderful thing and we’re not trying to be critical. Taking a project from early stage all the way through to production on a preliminary economic assessment (PEA) is one of the fundamental [things] missing, and trying to think that there is an economically viable mine there, on resources, as opposed to mineable reserves. When we publish resource statements there is language that lawyers tell us to put in that states that resources are not mineable reserves and may not be economically viable. The warning signs were there. From a geological structural perspective, the deposit obviously is complex. It’s a lot more complex than what we thought in 2013, and that was obviously when there was a National Instrument 43101 resource conducted, which had globally 3.3 million oz. of 9 grams gold per tonne. It was a mechanized mining method with long-hole, 7.8-metre stoping widths and bulk-tonnage mining, and I’m not necessarily convinced that’s the appropriate mining method for this deposit now, which seems to be high grade in areas, but quite nuggety. Maybe a more selective mining method would be the way to go. That’s what should be initially considered. TNM: For example? GO: Sort of a cut-and-fill mining method — underhand or overhand. We have a paste-fill plant in the mill. That’s exactly the style of mining that was predominantly used at Kirkland Lake Gold, when we got that moving in the right direction. Shrinkage mining is another style we could deploy here. I do think there will be areas — if there is a mine there — where the deposit is going to be wide enough, contiguous enough, long enough on strike length, where we could put in a bulk-tonnage mining method. But I don’t think that will be the primary mining method. It has to be more selective and look at mining higher grades with less tonnes. TNM: Without dwelling too much on the mistakes of previous management, why would they have built a mine on just a PEA? GO: In 2011, when the first two resources were done, we were looking at global resources of 2.8 million ounces. The inferred grade — most of the material was inferred — would have been 17 grams per tonne, undiluted. And back then, what was interesting was that the stoping width was 2 metres. Six or seven years ago when people looked at this initially, they thought of it as low-tonnage, high-grade narrow veins — selective mining. In 2013, when suddenly the tonnes doubled, the grade fell to 9 grams and the stoping width was up to almost 8 metres. Suddenly we were looking at a bulk-tonnage mining method. The real mining method is going to fall somewhere in between, and it’s going to have to be a bit of everything that suits the resource and reserve blocks that

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are generated. In both scenarios the grades are robust enough to suggest an economically viable mine, and of course it’s Red Lake where one would expect to find more gold ounces. TNM: When Rubicon announced that information from drilling and trial stoping had changed its understanding of the gold mineralization’s variable spatial distribution, and the geological information highlighted the complexity of controls on the distribution of the gold mineralization, grade and continuity, it stated that “the distribution of the higher-grade mineralization is controlled by the intersection between the east- to west-trending D2 structures and the north-trending, high-titanium basalt unit.” Was this interpretation incorrect, and what do you think the correct interpretation of the geology might be? GO: The interpretation was correct with the information that was available at the time. In 2013 when that resource was produced, most of the drilling conducted on the Phoenix project up to that time would have been drilled from surface east–west, perpendicular to the main F2-mineralized high titanium basalt zone. This would have been appropriate. By the time mid-2015 came around, development out to the mineralized high-titanium basalt zone would have occurred in the form of 4-by-4 metre drafts. Underground drilling would have occurred in east–west drilling for the F2 mineralization. As the D2 structures were not fully known at this time — and the fact that they run east–west, parallel to the diamond drilling — in a lot of cases they would have been missed. From these main underground drifts, perpendicular sill drifts were developed along strike of the main F2 mineralized zone that would have found the cross-cutting D2 structures. It was only when the 244 mL and 305 mL working areas were fully developed did it become apparent that the D2 structures were more frequent and complex than previously understood. This changed the 2016 resource model when compared to the 2013 resource model. This is why the initial work programs aim to better understand the D2 structures and how they constrain the gold by re-logging historical core that would have intersected these D2 structures

The mill at Rubicon Minerals’ past-producing Phoenix gold mine in Red Lake, Ontario. RUBICON MINERALS

“I’M NOT NECESSARILY CONVINCED [BULK TONNAGE IS] THE APPROPRIATE MINING METHOD FOR THIS DEPOSIT NOW, WHICH SEEMS TO BE HIGH GRADE IN AREAS, BUT QUITE NUGGETY.” GEORGE OGILVIE CEO, RUBICON MINERALS

and diamond drilling for the D2 structures to understand their continuity from level to level, orientation, strike, dip, azimuth, et cetera. If they can be better understood, it will help produce a more accurate resource model, compared to what we see in the mine today. TNM: You’re known in the industry as being something of a turnaround guy. Would you say that’s an accurate description? GO: My team and I got Rambler up and running from a junior explorer into commercial production over four years. We did an accretive deal in acquiring a mill there for only $5 million and a fully permitted tailings pond ... Kirkland Lake has been a tremendous success story over the last three years. It’s been one of the darlings on the street. Other than the first half of last year, we’ve been in a difficult goldprice environment, and Kirkland Lake has outperformed its peers, so yes, I think I have a little bit of a reputation like that. But rest as-

sured, it’s been a real team effort. It’s something bigger in that I’m here to create value for the shareholders, and whether that’s running just a regular mining company that’s in production and is looking for accretive deals, or looking to grow production, or cash flow, or free cash flow or profits, I think I can bring all of that to the table. TNM: You’re also known as an expert on deep, high-grade, narrow vein gold mines. Can you tell me a little bit more about how your experience will fit with your new role? GO: My experience tells me that the deposit at Phoenix is quite complex from a structural geological perspective. As I said, the historical trial mining method of bulk-tonnage mining wasn’t appropriate for this mineralized zone with the new interpretation. We’ve got to go back to all the historical information and take a fresh look. One of the key elements of the work program is to go back and take out historical core that would have

intersected these D2 structures and dikes that have come through as a secondary event. And that’s what gives us the structural complexity within the mineralized zone to look back from a geological perspective and detail re-log that core — and then there’s a 3,500-metre drill program that will drill parallel to the mineralized zone, but perpendicular to the D2 structures ... to get more information on these D2 structures, so we can better model them within our understanding of the new resource model. Twenty thousand metres of infill drilling will take place. If in 18–24 months we have a large enough resource with good enough grade, we want to move into a feasibility study with mineable reserves in the proven and probable category. The only way we can do that is to ensure the resource has measured and indicated. Inferred material is not going to help us here. That’s the reason why we want to drill on 25-metre centres, so that we can at least get as much material as possible into the indicated category, which, in the mineable reserve, would be in the probable category. TNM: What were your thoughts when you went underground for the first time? GO: The mine is a dry mine, although it’s been on care and maintenance for 15 months. Everything underground is in perfect, excellent condition. The company kept on some of the capital leased equipment from Atlas Copco and had continued to pay those monthly leases, so we have an equipment f leet that allows this advanced exploration campaign and a move towards production, if that decision was ever given the green light, in two years’ time. I was happy with the conditions I saw underground and the general infrastructure. If we have a slightly different approach to the mining method, and our understanding of the resource, we can get this moving towards becoming a mine again. For example, the waste-pass system within the existing mine was never commissioned. The mineralized material and waste went through the ore-pass system. And in my 27 years of experience, it’s easy to comingle mineralized material and waste, dilute yourself down and send that through the ore-pass See RUBICON / 18

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Can Rubicon’s Phoenix rise from the ashes? RUBICON From 17

system. One of the first things we have to do is get the waste-pass system commissioned, and we can do that for less than a million dollars. We have that in our budget. Before we would do any mining, now we’ve got two separate oreand waste-pass systems that can keep the mineralized material and waste segregated. The other thing I saw happening was that maybe there was a mentality that “there was a mine there, there was a mine there,” and we had such belief in the 2013 resource that when we hit the contact of the mineralized zone, if that resource showed us 200 feet ahead there was continuous ore — there was a propensity where we actually took those rounds — we were putting the muck in the ore re-muck, and it would have been going into the ore pass. But if you look at the resource now, of what we have in 2016 and 2017, as the orebody is a lot more broken up, some of the rounds that we would have taken there would not have been mineralized material, and would not have been economically viable. But it was still going into the ore re-muck and into the ore pass and mill, so that would have been dilutive. That is one of the reasons why we weren’t able to reconcile our grades, tonnes or ounces to the 2013 resource — because it wasn’t accurate. The 2013 resource was probably over-optimistic, but by the same token the 2016 resource is probably too conservative. They were taking chips and mucks and samples of that broken muck, but in more cases than not, it was taking three to four days before we got the assays back, and by then it’s too late, because that muck pile has moved and it’s off in a storage area, and nobody was keeping track of it. You’ve got to do that every shift. And that was one of the issues and challenges we had at Kirkland Lake. We got that resolved. Within three months of implementing new plans at Kirkland Lake, we saw the grade rise from under 10 grams to 14 grams, which is a 40% uplift, and it made a huge difference to that operation. We need the same thought process here, with strict controls on managing mineralized material, waste and mining. TNM: When you took this job, what did your friends and family think? Did they think you were crazy? GO: My wife was happy that I was coming to work, because I was getting in and around her feet. It had been three months and it was time that I get back to work! So she was happy. But colleagues within the industry who knew Rubicon thought that maybe this may not have been the wisest choice. After sitting down with them and explaining what I had seen and what I thought we could do, they got it. And the market and the street gets that as well to an extent, because we have raised $45 million for this company in a financing. The book was oversubscribed. We could have taken more had we wanted to, but we decided that $45 million was the right amount. It funds our twoyear campaign. We paid some of that money to the Canada Pension Plan Investment Board as part of the renegotiation of their debt, but the company now has $27 million in the bank, it funds our next 18 months of this advanced exploration program and we’ve seen the share price rise quite dramatically since we did that offer at $1.33. As of Feb. 9, we were at $2.27 — that’s almost a 70% uplift in six weeks. TNM: Did the company arrange the financing before or after you joined? GO: I joined as a consultant. If you are an officer or a director of a company that’s in the Companies’

1-32, 39_MAR6_Main .indd 18

Creditor Arrangement Act (CCAA), when it comes to the reporting requirements — such as the personal information form — the reporting requirements increase substantially for the next 10 years, so generally people in the industry don’t like to be associated with bankruptcies. I joined as a consultant, I wasn’t an employee. We raised the money on that basis. But if the company came out of CCAA, it was agreed that I would come on as a full-time employee — as president and CEO. TNM: Because you agreed to join the company as CEO, Rubicon was able to raise that kind of money. GO: It would be fair to say that yes, the money got put into the company on George Ogilvie’s reputation, and what we had achieved at Kirkland Lake and at Rambler. But it was a really good fit for the company, because Rubicon had formulated this restructuring plan, it seemed quite credible and doable, but it required a new leader with that reputation to raise the monies. This is going to be a win-win, and for me as one door closed, another door opened. TNM: There is a view that, while the task you’ve taken on at Rubicon is stressful, it won’t reflect badly on you if Phoenix doesn’t succeed, because you inherited such a mess to begin with. Would you agree? GO: Certainly we’re keeping expectations low, and that’s how we’ve marketed the company up until now. Nobody can categorically say there is a mine there today without going through this 18-month program. But at the end of 18 to 24 months, we will know whether there is an economically viable mine. We are trying to keep the expectations as low as possible. Investors have put their money into the company, and I’d be disappointed in myself if I didn’t create value for them. But you know the street. We have to be careful here when we put out results. I could put drills underground in this deposit, drill some areas and hit nice intersections. But if I put those out into the market and don’t understand the materiality of those holes on the National Instrument 43-101, it would be easy with the right external environment and positive momentum in the gold price for people to put one and one together and end up with five, and suddenly think that there’s a mine there tomorrow. We have incredibly good holes drilled historically, yet if you believe the 2016 global resource, there are only 400,000 ounces. I’ve been explaining that to shareholders, because they ask me, ‘What about news flow?’ And I walk them through the news flow, but what I’m saying to them is this: ‘Yes, there will be constant news f low, but it’s going to be rather boring and mundane, because I can’t put out super sexy holes until I understand the materiality of those holes, with respect to that resource.’ If I just put them out I’m setting myself and the company up, probably for failure — raising those expectations without understanding whether we can deliver. A prudent approach is required. TNM: Is there anything that keeps you up at night? GO: No, not really from being worried. I’m super excited. The excitement is what keeps my energy levels high. You’ve got a company now that has an asset where there’s $770 million of sunk costs. Now, $200-plus million of that would have been in the drill bit. But there’s $300 million to $350 million there today in hard, tangible assets, so you’ve got a 720-metre-deep shaft, a hoisting system and a mill capable of 1,800 metric tonnes per day, but it’s permitted only for 1,250

tonnes per day, at present. You’ve got a tailings impoundment area, 9,000 metres of underground development and a mine. There are several stopes where the holes are actually drilled — they’re waiting to be loaded with explosives. But until we understand whether they are in the right areas and if this is the appropriate mining method, it doesn’t help to blast rock for the sake of blasting rock, because we could be throwing money away. Every tonne of waste you bring to surface costs as much as a tonne of ore rock, right? But this is a wonderful opportunity.

“WE HAVE INCREDIBLY GOOD HOLES DRILLED HISTORICALLY, YET IF YOU BELIEVE THE 2016 GLOBAL RESOURCE, THERE ARE ONLY 400,000 OUNCES.” GEORGE OGILVIE CEO, RUBICON MINERALS

We also have a company now that has a clean balance sheet, only 53 million shares issued and 3 million stock options. So 56–57 million issued, fully diluted; $27 million cash in the bank; and $12 million of long-term debt. But that only needs to be repaid in December 2020. We can pay it back early with no penalty. There is a 5% associated interest rate, but again, that only has to be repaid in four years’ time, when we repay the principal. It’s a wonderful opportunity, and you have a company here now that essentially is a 95%-built mine that is lacking the orebody. I’ve always dreamt of going into a company with a blank page and developing the culture, policy and procedures the way I’ve always wanted. When you go into companies that have been around for 10, 50 or 80 years, if you want things to move, you’ve got to try to change the culture. And it’s a hell of a lot more intense. Now you have a company where you’re starting with a blank page, almost. When I joined, including myself, we were five people here at head office. We had only eight people on-site, and we’ll bring that up to a peak labour force — including head office — of 40 people this September. Hopefully as we move into 2018, as we see success with the project, we can expand and give this the green light. TNM: The fact that you invested $500,000 of your own money into Rubicon for a 0.7% equity stake should also reassure investors, right? What did your wife say? GO: [Laughs.] My wife trusts me as a businessman. TNM: But it’s a good sign. GO: Exactly. That’s a good sign for shareholders within the company and people looking to invest — when a CEO really has some skin in the game. TNM: Given the experience you’ve had working in some of the deepest mines in South Africa and your expertise in high-grade, narrow vein systems, have you seen anything that helped you at Kirkland Lake or will help you here? GO: Yes, absolutely. That was one of the reasons why Harry Dobson asked me to join Kirkland Lake. The mines in South Africa are typically deep — they are hot mines. They have a lot of seismicity, the gold mines are labour-intensive. It’s narrow vein, jack leg, stopers and cut-and-fill mining in some areas, so very, very similar to what was happening at Kirkland Lake four years ago. A lot of the experience I

had from my eight years in South Africa stood me in good stead for Kirkland Lake, and it’s going to help me here with Rubicon and the Phoenix project. TNM: Can you summarize the things you accomplished at Kirkland Lake to turn the Macassa mine around? GO: We really wanted to focus on quality over quantity — focus more on mining at the reserve grade as much as possible, as opposed to just filling the mill with tonnes. This allowed us over three years to see 400 people leave the labour force, because we weren’t pushing so much for tonnes. And we all know in Canada that labour is your largest operating cost, so your average miner in Canada will cost you $100,000 a year in salary with payroll burdens. If you’re losing 400 people, there’s 40 million dollars a year you’re taking out of wages and salaries. And then we took a look at restructuring the bonus system so that the miners’ bonus and the frontline supervisors, their key performance indicators, were more aligned with corporate objectives. You get everybody pulling in the same direction — moving together as a team — because you all have common objectives. That’s not always the case in mines. In most cases, miners are paid on tonnes and footage, which isn’t necessarily related to ounces and costs. So you need a holistic bonus system where tonnes and footage are important, but there must also be ounces and costs, and of course, safety. Those were the elements that we introduced, and I would see ourselves doing something very, very similar, certainly with the grade, and eventually with the incentive systems, here at Rubicon. But I’m starting with a blank page, so I get the opportunity to bring those in at the appropriate time as we evolve as a business. TNM: Are you putting in a lot of overtime? GO: I was before Christmas. But I’ve got a very good team here. No one person can get all these issues resolved, so I have to rely on the people around me and put my trust in them, which I’ve done in the past, and that’s why I’ve been successful. I’ve always got great people working for me. TNM: Does mining run in your family? GO: I’m originally from Scotland and all my forefathers were coal miners in the Scottish coal fields — underground coal miners. My father was the first Ogilvie in the family who was more of a white collar worker. He went to college and got a diploma in metallurgy, and that’s where I maybe got a bit of engineering in my blood. TNM: So it was preordained? GO: Well, I don’t know about that, but mining has been a fantastic career choice for me. I’ve been blessed to travel the world and meet fantastic people throughout my career, and I’m happy to be in mining. Hopefully I’ll continue to get the opportunity for a few years more. TNM: Often success can come from getting the timing right. GO: I have always believed that in business, timing is everything, and you also need a bit of luck. Take housing in Red Lake as an example. When we tried to start the project in Red Lake, obviously the shaft sinking was going on in 2013, and we were manning up — housing was just not available. We had to put in a 200-man camp, and most of our labour force that we had was fly-in, fly-out, probably as much as 80%. It’s expensive and we’re not in the hotel business, and I’m not a restaurateur. And I have always found that with the miners that come from the community, there’s

maybe more commitment there. And any money they make, any disposable income, goes into the local economy, whereas the fly-in and fly-out miners take their money to wherever their families are based and spend their money there. If we could get this project back on track and are still in a labour market like this, it might mean that we could hire more local miners, or miners we hire could come to Red Lake and actually have housing, so that more of the core nucleus of our future labour force is Red Lake-based. I’ve met with the mayor and the councillors, and that’s one thing I’ve expressed to them, that if we get the opportunity to hire locally, we absolutely will. Goldcorp had a few layoffs there late last year. They downsized by 20 or so people, and I think their mills have a bit of excess capacity at the moment, so economically that affects the town. It’s a mining town. TNM: You’re certainly in a good part of the world. GO: It’s a great jurisdiction to have a mine. Red Lake is known for being a prestigious, premier goldmining camp, not just in Canada, but in the world, with the number of ounces that have come out of that camp and discovered there, and I’m quite sure there’s more gold to find. TNM: You’ve also got a large land position, in addition to the F2 deposit. GO: That is the nice thing as well. A lot of people forget that we have 280 sq. km of prime real estate in Red Lake. In 2018, if the company is moving in the right direction, I can see ourselves putting diamond drills on some of our regional property. We have the second-largest land package in Red Lake — second only behind Goldcorp — and the company has been very, very, very focused on getting Phoenix into production. Which is fine. But the danger is that if things don’t work out with a single-asset company, things can go bad. Let’s assume that we can get the green light to put this into production and we have a producing mine there in three or four years’ time. That would be fantastic, but it would be nice to have another project in the pipeline, too. TNM: Do you have any targets on the property? GO: Absolutely. There has been drilling done out there. Samples have been taken and we’ve got highly prospective areas with good mineralization. They need follow up. But proceeds that I raised from the financing is all for Phoenix. At the moment, with maybe the company having a black eye, if that’s the right phrase, if I was to go and do something regionally, maybe with some of the scepticism and negativity around the company, people might jump on that and say, ‘Oh, George already knows there’s nothing there at Phoenix and he’s already trying to mount his next horse,’ so to speak, which isn’t the case. Let’s spend the time, get Phoenix moving the right way in 2017, and if that continues in 2018, and we’ve got the constant news flow going out to the market, it becomes a wonderful opportunity in 2018 to do something with the regional ground, in conjunction with getting Phoenix moving back, hopefully, to a positive production decision. TNM: With commodity prices improving, it’s not a bad time to be doing what you’re doing. GO: Absolutely — it’s not a bad time. And every year, with those regional lands, any monies we would look to raise for a small drill program ... that would be flow-through eligible, and usually there are monies available for flowthrough for investors. TNM

2017-02-28 6:38 PM

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GOLD & PRECIOUS METALS Golden Arrow Resources’ Chinchillas silver property in Argentina’s Jujuy province. GOLDEN ARROW RESOURCES

Southern Silver aims to grow Cerro las Minitas

SITE VISIT

| Junior drilling 10,000 metres to upgrade polymetallic resource in Durango

Pretium raises Brucejack’s capital costs, accelerates commissioning GOLD

| Multiple majors could be mulling a takeover, CIBC analyst Haughton says BY TRISH SAYWELL tsaywell@northernminer.com

retium Resources (TSX: PVG; NYSE: PVG) has upped the estimate of the amount of money it will need to finish building its Brucejack mine in northwestern British Columbia. Capital costs — including working capital and contingencies — are expected to run to US$811.1 million — a 16% increase from the US$696.8 million the company estimated a year ago. The new forecast includes US$68.8 million of working capital for the first three months of production, but doesn’t take into account any revenue generated during this time. The good news is that the company has enough cash to finish construction. Commercial production is on target for 2017, and Pretium has de-

Southern Silver Exploration’s general manager of exploration Robert Macdonald (left) gets the latest drill report from project geologist Juan Lopez Luque at the company’s core shack at the Cerro las Minitas silver project in Mexico. PHOTO BY LESLEY STOKES BY LESLEY STOKES

lstokes@northernminer.com GUADALUPE VICTORIA, DURANGO STATE, MEXICO

outhern Silver Exploration (TSXV: SSV) hopes that its polymetallic Cerro las Minitas project — “a hill of many small mines” in English — could become known here in north-central Mexico as “a hill with one big mine,” once the company completes its current 10,000-metre drill program. The Vancouver-based junior explorer aims to expand the project’s current resource of 36.5 million indicated equivalent oz. silver and 77.3 million inferred equivalent oz. silver by drilling the Blind Shoulder zone, a newfound zinc-rich skarn target buried at depth. The latest drilling into Blind Shoulder has returned 15.1 metres of 39.4 grams silver per tonne, 0.1% lead and 10.2% zinc in hole 16LCM91 — a 150-metre stepout from hole 13CLM-66, which returned 9.3 metres of 9.4 grams silver, 0.1% copper and 13% zinc. The intercept is also 250 metres away from the 2016 discovery hole, 16CLM-88, which returned 30.4 metres of 107 grams silver, 0.4% copper, 1.1% lead and 2.3% zinc. The Northern Miner travelled to Durango state to meet with Southern Silver’s general manager of exploration Robert Macdonald, and president Lawrence Page — the legendary lawyer who backed the discovery and development of the world-class Snip, Eskay and Hemlo gold mines in B.C. and Ontario — to take a look at fresh drill core and see how the project is advancing.

1-32, 39_MAR6_Main .indd 19

“We already have a great deposit as it is, but once we hit the Blind Shoulder zone we just followed the high grade, and we think we can double what we have right now,” Macdonald says during our drive to the property. As the truck weaves its way past the city of Guadalupe Victoria, Cerro las Minitas appears on the horizon as a prominent hill rising out of the bean fields. The weather is a chilly 3ºC and wind blows dozens of plastic bags from a nearby landfill across the freshly tilled farmlands. Surrounding the crest of the hill — which is actually a granitic plug poking out at surface — are green rocks caked in sulphides, and a number of small, historic metal head frames made by artisanal miners. Macdonald says that the carbonate rocks acted as a sponge to the metal-rich fluids that off-gassed from the granitic intrusive, and were baked into a green colour by the heat — a type of mineralizing system geologists call a “skarn.” Skarns, and similar carbonatereplacement deposits, are the second-largest contributor to Mexico’s historic silver production, after epithermal veins. While the hill has been an epicentre for exploration and small-scale mining, most of Southern Silver’s focus is on the surrounding gravel flatlands, where the company has identified two main mineralization zones: Blind and El Sol. Southern Silver found Blind and El Sol in 2011, while drilling induced-polarization geophysical anomalies beyond the main intru-

See PRETIUM / 26

sion. The mineralization occurs along the margins of sub-vertical dikes, and has been drilled at least 1 km along strike and up to 600 metres deep. In March 2016, the company reported that Blind and El Sol contain 3.7 million indicated tonnes of 305 equivalent grams silver (90 grams silver, 0.05 gram gold per tonne, 2.3% lead, 2.5% zinc and 0.1% copper), whereas inferred resources add 6.6 million tonnes of 363 equivalent grams silver (82 See SOUTHERN SILVER / 20

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Southern Silver aims to grow Cerro las Minitas SOUTHERN SILVER From 19

gram silver, 0.17 gram gold, 1.6% lead and 4.3% zinc, and 0.2% copper). Inferred resources include the Santo Nino mineralization zone along the western margin of the central intrusion. Macdonald says the company was following the mineralization at the Blind zone down-dip when it found the Blind Shoulder target last year. “We drilled a hole that hit highgrade mineralization at 650 metres deep and then bottomed in a monzonite intrusive, and that gave us the idea that the central intrusion itself may be flattening — either as a large sill, or as the shoulders of a larger intrusion at depth.” And drilling supports the theory, he adds. Southern Silver is targeting Blind Shoulder with drill holes across a 600- by 400-metre area. Over 1 km east of Blind-El Sol, another drill rig is testing mineralized zones outboard of the Mina la Bocona, a skarn deposit formerly mined by artisanal workers to 220 metres deep. Drill results last year returned 9.3 metres of 275 grams silver, 0.9 gram gold, 4.3% lead and 1.9% zinc. The company expects to finish its program in May, and update the resource estimate by July. “Once we get the resource update complete we’ll look at whether it makes sense to proceed with a preliminary economic study,” Macdonald says. “If we double what we have, we could be looking at a 15- to 20-year mine life.” Electrum Group During the one-hour journey back to Durango City, the conversation steers away from the recent drill results and towards the privately owned Wall Street investment firm Electrum Group, which is Southern Silver’s 38% shareholder, and 60% partner at Cerro las Minitas. Page chimes in that Electrum fasttracked the remaining US$2 million to earn 60% indirect interest in the property, bringing Electrum’s total expenses up to $5 million. The group, which was founded by billionaire Thomas Kaplan, got involved in the project in May 2015, after its chief consulting geologist, Larry Buchanan, recommended it take a closer look at Southern Silver’s 130 sq. km land package. Buchanan is a seasoned geologist

Looking west at Southern Silver Exploration’s silver Cerro las Minitas project in Durango state, Mexico. PHOTO BY LESLEY STOKES

and a past recipient of the Prospectors & Developers Association of Canada’s Thayer Lindsley Award for his part in finding the 450 million oz. silver San Cristobal epithermal deposit in Bolivia. Page says Buchanan saw similarities between Cerro las Minitas and Electrum’s Los Gatos polymetallic project in northern Mexico. Electrum’s privately held Sunshine Silver Mining & Refining and 30% partner Dowa Metals & Mining recently completed a feasibility study and built a decline at Los Gatos. The deposit hosts 9.2 million measured and indicated tonnes of 289 grams silver, 5.7% zinc, 2.8% lead and 0.36 gram gold. Inferred resources add 3.6 million tonnes of 124 grams silver, 4.6% zinc, 3% lead and 0.27 gram gold. “They’re a great group, and Kaplan is a kind of renaissance man who likes to spend money on exploration,” Page says. “They’ve done

a great job providing us with the capital to advance the project forward, but have also been helpful on the technical side. They see a lot of value in Los Gatos, and because of its geological similarities, they see a lot of potential at Cerro las Minitas.” It may not be surprising that Cerro las Minitas has drawn the attention of seasoned investors and explorers. The deposit is located in a prestigious mining district, with Hecla Mining’s (NYSE: HL) San Sebastian gold-silver mine, 10 km east; Coeur Mining’s (NYSE: CDE) La Preciosa silver-gold mine, 28 km west; and Avino Silver and Gold Mines’ (TSXV: ASM; NYSE-MKT: ASM) Avino silver-gold-copper mine, 14 km west. The nearby deposits are classed as epithermal vein systems, which typically form at some distance to an underlying porphyry intrusive. Macdonald says the rocks surround-

ing Cerro las Minitas may have been uplifted, exposing the deeper roots of an intrusion that stained the country rocks with metals. The potential for a porphyry sitting closer to surface is what drew mining giant Freeport-McMoRan (NYSE: FCX) to Cerro las Minitas in 2012. The company spent US$5 million searching for a buried porphyry deposit, but walked away in 2014 when it couldn’t find one. “They drilled a couple of deep holes and did airborne electromagnetic surveys and ground surveys, but decided the project wasn’t for them,” Macdonald says. “In one of their drill holes they hit the Blind zone at 600 metres deep, which was 300 metres deeper than where we were drilling at the time. So that allowed us to spread our arms and say with confidence that these skarns extend to considerable depth.” During a quick stop at the com-

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“IF WE DOUBLE WHAT WE HAVE, WE COULD BE LOOKING AT A 15- TO 20-YEAR MINE LIFE.” ROBERT MACDONALD GENERAL MANAGER OF EXPLORATION, SOUTHERN SILVER EXPLORATION

pany’s core shack in Guadalupe Victoria, Macdonald lays out several cross sections beside the drill core and discusses some of the company’s drilling priorities. He notes the Blind and El Sol zones could end in the southeast, whereas geophysical data indicates the Blind Shoulder target continues at depth. “It could be a structure that cuts off the Blind zone in the southeast, or it could just be the natural irregularities of how the intrusive was emplaced,” Macdonald says. “Right now we’re interested in the high grades we see at depth, and we’re encouraged with the results so far.” Macdonald and Page mention they plan to meet Ramon Davila Flores — Durango state’s newly appointed minister of economic development and former director of First Majestic Silver (TSX: FR; NYSE: AG) — the next day in Durango city’s business district. Davila would be joined by the Durango state governor, Jose Aispuro Torres. In a follow-up phone interview with Page a few days later, he says the meeting was “excellent,” and that “they were just as keen to meet us as we were to meet them. Davila used to own claims on our property so he’s familiar with the project, and they asked if there was anything the government could do to help us. “They’re going to be at PDAC and want to have more meetings with Canadian companies. The new minister supports the mining industry and wants to bring a lot of investment capital into the economy.” Shares of Southern Silver have traded in a 52-range of 4¢ to 66¢, and traded at 46¢ per share at press time. The company has 84.1 million shares outstanding for a $39-million market capitalization. TNM

2017-02-28 6:38 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

Looking east of the gold mineralization at the New Beliveau zone on Probe Metals’ Val-d’Or East gold property in Quebec. PROBE METALS

Probe Metals options more ground near Val-d’Or East GOLD

BY TRISH SAYWELL

tsaywell@northernminer.com

EO David Palmer of Probe Metals (TSXV: PRB) is at it again — consolidating yet more ground near the company’s growing Val-d’Or East gold project in Quebec. Just a month after Probe announced two property deals on the same day with two separate TSX-listed juniors that extended the Val-d’Or East project’s land package to the south, Palmer has struck an option deal with Richmont Mines (TSX: RIC; NYSE: RIC) to earn a 60% stake in the Monique gold property, 25 km southeast of Val-d’Or East. The Monique property, consisting of 22 mining claims, hosts an inferred resource of 107,500 tonnes grading 4.88 grams gold per tonne for 16,850 oz. gold. It also contains a small past-producing open-pit mine that yielded 55,000 oz. gold at 2.3 grams gold between 2013 and 2015. The mineralization at Monique is similar to the Val-d’Or East project’s New Beliveau deposit, with quartztourmaline veins and disseminated sulphides in mafic to ultramafic host rocks. The New Beliveau deposit, which sits around the past-producing Beliveau underground mine, has an inferred resource of 9.1 million

| David Palmer-led junior to drill 50,000 metres at Quebec project this year “NOT ONLY DO WE HAVE TWO UNDEREXPLORED GOLD TRENDS TO WORK ON, WE ALSO HAVE THE POTENTIAL INTERSECTION OF THESE TWO TRENDS, WHICH TO A GEOLOGIST IS A VERY ATTRACTIVE TARGET.” DAVID PALMER CEO, PROBE METALS

tonnes grading 2.63 grams gold for 770,000 contained oz. gold. (The past-producing mine — operated by Cambior from 1989 until 1993 — churned out 170,000 oz. gold at a grade of 3.15 grams gold.) “The Monique option is an important piece of land in our consolidation strategy and ties in well with the Bonnefond North acquisition announced in December,” Palmer tells The Northern Miner via email. “It is an interesting area, as we have the confluence of two gold trends occurring within our new property boundaries: the Beliveau mine trend, which extends south of

the old Beliveau mine, and the Monique mine trend, which extends west from the Monique option into the Bonnefond North property. “Not only do we have two under-explored gold trends to work on, we also have the potential intersection of these two trends, which to a geologist is an attractive target,” he adds. “Now that the critical pieces have been put together, we will focus on advancing exploration programs. Work has already begun, so we expect 2017 to be a good year for results.” In addition to the Monique option, Probe also announced on Jan.

17 that is has acquired a 100% interest in the Boudrias property, which represents the northern extension of the Monique property and the eastern extension of the Bonnefond North property, which it acquired from QMX Gold (TSXV: QMX) in December. Folding in the latest Monique and Boudrias property deals, Palmer’s consolidated Val-d’Or East land package now stands at 236 square kilometres. Since August 2016, Probe has drilled 11,500 metres at its New Beliveau deposit, which remains open in all directions. The company says that results show more potential for both nearsurface bulk tonnage and deeper, higher-grade mineralized systems. Exploration last year found a high-grade zone at depth in a diorite dike returning intervals of up to 12.6 grams gold over 7.3 metres. The company also completed a 220 line km induced-polarization (IP) survey covering more than twothirds of the original claim block, aimed at better defining known mineralized systems and identify-

ing targets around New Beliveau. This year Probe plans to diamond drill 50,000 metres at the Val-d’Or East project to expand the known mineral resources and test highpriority satellite gold targets, including at its Bonnefond North and Cadillac Break East acquisitions. About 35,000 metres of the 2017 drill program could expand the New Beliveau deposit laterally in all directions, as well as at depth along parallel diorite dikes similar to those hosting the past-producing Beliveau mine. Two drill rigs are testing the new gold zones in the diorite dikes. Another 15,000 metres of drilling will focus on highpriority gold targets surrounding New Beliveau and elsewhere on the project, with the hope of finding high-grade mineralization. Probe plans to expand its IP surveys to provide coverage over the new Bonnefond North property, which is contiguous to the New Beliveau target and contains the potential southern expansion of the Beliveau mine trend, as well as the potential western extension of the Monique mine trend. TNM

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Project manager Denis Chénard (left) and geologist Joël Laurin at Probe Metals Val-d’Or East gold project. PROBE METALS

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2017-02-28 6:38 PM

MARCH 6–19, 2017 / THE NORTHERN MINER

GOLD & PRECIOUS METALS

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New Gold’s Rainy River gold mine under construction, 65 km north of Fort Frances, Ontario. NEW GOLD

New Gold struggles with cost overruns at Rainy River ONTARIO

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANVOUVER

hares of Canadian gold miner New Gold (TSX: NGD; NYSEMKT: NGD) were hit hard after revelations of more cost overruns and delays at its wholly owned Rainy River gold mine under construction 65 km north of Fort Frances, Ontario. The company’s struggles at Rainy River have led to management turnover and a liquidity shortfall that will likely force it to raise capital later this year. New Gold revealed the additional capital requirements and a threemonth production delay at Rainy River alongside its fourth-quarter operating results on Jan. 30. The company’s shares tumbled 29%, or $1.44 per share, over the next four trading days, before settling at $3.70 at press time. Rainy River is now expected to cost $195 million more than planned, though the cost rise jumps

| Oliphant out as chairman, El Morro stream sold to Goldcorp for US$65M

to $245 million, once considering $50 million to $75 million in accounts payable post-commercial production. The financial setback follows a similar report in September, wherein New Gold had to invest another $125 million — including contingencies — into a redesign of the project’s tailing facilities. The company had estimated that the mine would require US$1.1 billion in preproduction capital, and invested US$777 million in development at press time. Rainy River is now expected to achieve production in September. Due to the troubles, company founder Randall Oliphant has resigned as executive chairman, though he will remain a director. Existing director Ian Pearce was appointed non-executive chairman while New Gold president Hannes Portmann added CEO to his title. The executive shuff le follows the hiring of former president and CEO of Rainy River Resources, Ray

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Threlkeld, as interim chief operating officer (COO). The company also brought in general manager Greg Bowkett from its Peak Mines in Australia to take over Rainy River’s development. New Gold says the search for a permanent COO is underway. “Based on the development challenges we had last year we have made several personnel changes at Rainy River to strengthen the team,” Portmann said during a conference call. “Over the last four weeks we’ve completed a thorough review of the project schedule and capital costs. The three-month production delay is based on a slower-thananticipated ramp-up of mining rates this year.” Threlkeld added that the layers of peat and basal till found during pit development have driven up costs. The clays in the overburden have caused problems for large equipment and slowed down mining rates. New Gold plans to spend more money on equipment and contractors to increase productivity. “We actually have to engineer and build cells in which to dump the overburden. The cells are required because the large equipment gets stuck on the dump. We’ve bought in more equipment to decrease wait times, and once we have the cells built, our productivity will increase,” Threlkeld said. New Gold has extracted 24 million tonnes of overburden and waste from Rainy River’s open pit through January, and mining rates have increased to 100,000 tonnes per day. The company’s September start-up date hinges on the mining rate rising to an average 120,000 tonnes per day over the next seven months, which includes both planned productivity gains and better weather in the spring. New Gold’s remaining capital costs — up to a targeted November commercial production date — are estimated at US$515 million, including US$40 million in contingency. The compa ny a nticipates a

US$100-million funding gap due to the development issues. “We intend to implement one, or more, financing alternatives to address the shortfall and provide ourselves with more financing flexibility depending on market conditions,” Portmann added. “This could include selling non-core assets, the sale of a stream on one of our operations or projects, or equity financing. We’re looking at everything right now.” Rainy River could become New Gold’s largest operation, producing an average 325,000 oz. gold per year over a 14-year mine life, at cash costs of US$570 per oz. and all-in sustaining costs of US$670 per ounce. The 21,000-tonne-per-day mine would an open pit for its first nine years before operations move underground. New Gold expects Rainy River will produce between 50,000 and 60,000 oz. gold in 2017 at all-in sustaining costs ranging from US$1,200 to US$1,240 per ounce. Meanwhile, the company is awaiting regulatory approval for its new tailings facility at Rainy River. Ontario’s Ministry of Natural Resources and Forestry signed off on the redesign in the fourth quarter, but federal review is not expected until later this year. New Gold needs the permits to ramp the operation up to full capacity. Threlkeld acknowledged that more regulatory delays could lead to the suspension of operations until the issue is resolved. “Unfortunately it’s not a federal review process that has defined time lines,” Portmann said. “They have indicated it would be in the second half of 2017, and we’re working hard to provide any information they might need. Certainly we’ve expressed clearly what the social and economic impacts would be for the region if this review is delayed. So they are aware of the importance of this file, especially in light of the strong First Nation

relationships we have, and the fact that these are not, by any means, large water bodies we’re dealing with here. It has been expressed to us as a ‘low risk’ government file.” Scotiabank analyst Trevor Turnbull downgraded his recommendation on New Gold on the news to “sector underperform” after the latest bad news, and cut his oneyear price target on the stock by $2 to $3 per share. BMO Capital Markets analyst Brian Quast kept his “market perform” rating on the company, but slashed his price target 75¢ to $4.50 per share. BMO notes that delays in tailing permits “pose a key risk to 2018 production levels.” On Feb. 8, New Gold agreed to sell its gold stream on the El Morro gold project in Chile to Goldcorp (TSX: G: NYSE: GG) for US$65 million in cash. It says its total expenses on El Morro since the asset was first acquired has been less than US$7 million, and that it is “proud that, including the US$65 million payment for the stream, the company will have generated total proceeds of US$205 million through a series of transactions related to El Morro over the last seven years.” On Feb. 22, New Gold entered into a bought deal for US$150 million, comprised of 53.6 million shares prices at US$2.80 per share. If an over-allotment option for another 8.04 million shares is fully exercised, gross proceeds will be US$172.6 million. New Gold commented that its available funds will be “sufficient to complete construction of the Rainy River project based on current cost estimates.” New Gold has 513.2 million shares outstanding for a $2.1-billion press time market capitalization. The company reported US$186 million in cash and equivalents at year-end, plus US$178 million under an undrawn credit facility. New Gold expects to produce between 380,000 and 430,000 oz. gold in 2017, at all-in sustaining costs ranging from US$825 to US$865 per ounce. TNM

2017-02-28 6:38 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

Top-five gold exploration hits in Canada in 2016 TNM DATA MINER

| Projects in Territories, Eastern Canada take top honours The units consist of a share and half a warrant, with a full warrant having a $1 strike price over two years. Eric Sprott invested $7.3 million in the placement to acquire 10 million units. Golden Predator shares have traded within a 52-week range of 12¢ to $1.79, and last closed at $1.67 per share. The company has 77.2 million shares outstanding for a $126-million market capitalization.

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

apping into the IntelligenceMine database of our sister company Infomine, The Northern Miner has compiled the top-five gold intercepts (grade multiplied by width) reported by exploration-stage companies in Canada in 2016. The results exclude projects that have current economic studies and mine plans. #1 TerraX Minerals, Northbelt project, NWT TerraX Minerals (TSXV: TXR; US-OTC: TRXXF) tops the list with results from its Northbelt gold property, which lies 15 km from the city of Yellowknife, Northwest Territories. The regional project covers 13 km of strike of the northern extension of geology that contains the past-producing Giant and Con gold mines. In June the company released assays from its Mispickel target that are highlighted by 8 metres (from 88 metres) grading 60.6 grams gold per tonne (or 485 metres × grams gold per tonne) in diamond drill hole 16-16. The intercept includes 2.3 metres at 212.48 grams gold. Gold mineralization is contained in quartz veins within shear zones. The company wrapped up a 27,000-metre, mid-year drill program in September, and raised $7.5 million via a non-brokered private placement of 19 million shares at 40¢ each. In February 2017, TerraX added 253 sq. km to its land package around Yellowknife, and announced a 17,000-metre winter drill program that will follow up on the Mispickel discovery, as well as many other targets. TerraX shares have traded in a 52-week range of 29¢ to $1.05, and closed at 85¢ per share at press time. The company has 101 million shares outstanding for an $87-million market capitalization. Osisko Gold Royalties (TSX: OR; NYSE; OR) holding an 11% equity interest.

#2 Eastmain Resources, Eastmain mine project, Quebec Eastmain Resources (TSX: ER; US-OTC: EANRF) sits in second spot courtesy of results from the Julien target at its namesake Eastmain mine project in the James Bay region of Quebec. On Nov. 14, the company reported assays from an exploration program focused on prospects northwest of the Eastmain mine deposit, including the Julien, Suzanna and Hillhouse targets. Results are highlighted by diamond drill hole 16-76, which cut 10.5 metres (from 15 metres) grading 42.4 grams gold (or 445 metres × grams gold per tonne) within an altered rhyolite unit hosting a mineralized quartz vein with visible gold. The Julien intersect includes 2 metres (from 22.5 metres) of 219 grams gold. In July Eastmain closed an $11.1-million, bought-deal private placement of 9.8 million f lowthrough shares priced at 91.8¢ per share, and 4.2 million hard shares priced at 51¢ per share. In January 2017, the company wrapped up an 8,550-metre program at the project. Eastmain shares have a 52-week trading range of 29¢ to 97¢ per share, and last closed at 56¢. The company has 175.4 million shares outstandCMYK mix C 61 M 52 Y 48 K 5

TerraX Minerals’ CEO Joe Campbell at a drill site on the Yellowknife City gold property in the Northwest Territories. TERRAX MINERALS

ing for a $95-million market capitalization. #3 BonTerra Resources, Gladiator project, Quebec BonTerra Resources (TSXV: BTR; US-OTC: BONXF) makes the list with results from its Gladiator gold project on the Urban-Barry Greenstone Belt in the Abitibi subprovince, 170 km northeast of Val-d’Or, Quebec. On Nov. 16, the company reported that diamond drill hole 16-39 intersected 5.5 metres (from 813 metres) at 70 grams gold (or 385 metres × grams gold per tonne). BonTerra has been targeting the lowest and easternmost extents of the Gladiator zones. Mineralization reportedly conCMYK mix D sists of “pyrite, sphalerite and free C 61 M 52 visible gold contained within quartzE Y 48 veining and alteration near or at a K 5 mafic contact with the felsic porphyry.” BonTerra followed up in Decem-

#4 Golden Predator Mining, 3 Aces project, Yukon Golden Predator Mining (TSXV: GPY; US-OTC: NTGSF) slides into fourth spot thanks work at its 3 Aces orogenic gold deposit in

the southeastern Yukon, 160 km north of Watson Lake. In June, the company reported results from a reverse-circulation (RC) drill program that are headlined by 11.4 metres (from 13 metres) grading 32 grams gold (or 364.5 metres × grams gold per tonne) in hole 3A16-RC025. Golden Predator followed up in January with 10.7 metres (from 17 metres) of 32.9 grams gold (or 350.6 metres × grams gold per tonne) in hole 3A16-032. Drilling has focused on nearsurface extensions to the high-grade Sleeping Giant vein, where a bulk sample was excavated in early 2016. The 3 Aces deposit hosts high-grade quartz veins, including some with visible gold. In July, Golden Predator closed a $16.36-million brokered private placement of 11 million f lowthrough units priced at 73¢ each, and 8.3 million hard units at $1 each.

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ber with drill hole 16-40 cutting 64.3 grams gold over 2 metres at 130 metres below surface. BonTerra’s drilling in 2015 and 2016 included 8,300 metres in 19 holes on a western extension of the Gladiator. The company recently struck a $9.4-million, bought-deal financing with Sprott Capital Partners that includes 11 million flow-through shares priced at 35¢, and 19.8 million hard shares priced at 28¢. BonTerra shares have traded in a 52-week range of 20¢ to 51¢, and closed at 35.5¢ per share at press time. The company has 91.3 million shares outstanding for a $32-million market capitalization.

#5 Marathon Gold, Valentine Lake project, Newfoundland Marathon Gold (TSX: MOZ; USOTC: MGDPF) rounds out the list with results from a 2016 drill campaign at its Valentine Lake gold project on the island of Newfoundland. In January, the company reported that diamond drill hole 16-154 cut 14 metres (from 41 metres) grading 25.3 grams gold (or 355 metres × grams gold per tonne), which is the second-highest gold assay intersected to date at the Marathon deposit. The intersect includes 4 metres (from 47 metres) grading 87 grams gold (or 348 metres × grams gold per tonne). The sub-vertical mineralized corridor of the Marathon deposit, consisting of dominantly shallow, southwest-dipping, en-echelon stacked quartz-tourmaline-pyritegold veining, has a strike length exceeding 550 metres, extends more than 400 metres deep and is open along strike and at depth. The company is in the midst of a 37,000-metre drill program at Valentine Lake and intends to complete a resource estimate soon, and then a preliminary economic assessment within the next 12 months. In October, Marathon closed an $8-million, bought-deal prospectus offering of 8.9 million flow-through shares priced at 90¢ each. The company had $3 million in treasury at the time of CMYK the financing. mix MarathonC shares have traded in 61 M 52 of 17¢ to $1.14 per a 52-week range Y 48closed at $1.08. The share, and last K 5 company has 117 million shares outstanding for a $115-million market capitalization. TNM

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1 2017-02-28 6:38 PM

GOLD & PRECIOUS METALS

MARCH 6–19, 2017 / THE NORTHERN MINER

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Mining trucks in the pit at Detour Gold’s Detour Lake gold mine in northeastern Ontario. DETOUR GOLD

Detour postpones production from West Detour pit until 2021 GOLD

BY TRISH SAYWELL

tsaywell@northernminer.com

request by one of Detour Gold’s (TSX: DGC) aboriginal partners to submit the company’s environmental study report for its West Detour gold project to the federal government, in addition to those at

| Open-pit operation is one of the largest gold mines in Canada

the provincial level, could mean that mining at West Detour will not begin in January 2018, as scheduled in the current mine plan. The aboriginal group submitted its request to the Canadian Environmental Assessment Agency (CEAA), despite a CEAA ruling in 2015 that the West Detour project did not

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require a federal environmental assessment (EA). The CEAA has 45 days to consider the request. West Detour is part of the company’s Detour Lake gold property in northeastern Ontario. The Detour open-pit mine went into commercial production in September 2013, and is one of the largest gold-producing mines in Canada. Detour’s president and CEO Paul Martin told analysts and investors on a conference call that the West Detour project property resides under provincial jurisdiction, which is “a conclusion also made in 2015 by the federal government,” but added that “we also know that CEAA is now obliged to consider the request made, and this could take some time.” The federal review takes twice as long (the provincial process typically takes one year compared to two to three years at the federal level), and the federal process would include more departments that are not familiar with the company’s operations, and would need to be consulted or educated, he added. “All of this would add time to the federal process, but would not change the fundamental outcome,”

he said. “The underlying environmental protections remain similar and both demand that the high environmental protection standards are respected. It is also worth noting that regardless of whether provincial or federal permitting processes are followed, both levels of government participate in each.” Given the uncertainty and timing, Martin noted, the company has concluded that “the only prudent course of action is to defer West Detour and prepare a mine plan that provides flexibility,” and that the “next best window for West Detour will be no earlier than 2021.” Detour will release a life-of-mine plan before the end of March. Brian Quast of BMO Capital Markets said in a research note that he did not consider a federal review of the EA to be a negative, “since the amended mine plan will most likely compensate for the West Detour production that has been deferred.” He noted that “since the project as a whole has not changed significantly, the environmental impact to be assessed will be the incremental effect of West Detour and the North satellite pit.”

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The analyst also pointed out that a 2011 comprehensive study report by the CEAA concluded that the Detour gold project would not likely cause adverse environmental effects. During the conference call the intermediate gold producer also discussed its 2016 financial results. The Detour mine produced 537,765 oz. gold during the calendar year at all-in sustaining costs (AISCs) of US$1,005 per ounce. The mill put in a record performance, processing 20.8 million tonnes of ore — 1 million more tonnes than in 2015. Detour also cut its debt by $142 million, finishing the year with $129 million in cash. Martin said the company’s preliminary production guidance for 2017 is between 550,000 and 600,000 oz. gold at AISCs of US$1,025 to US$1,125 per oz. gold sold, while total cash costs could be between US$690 and US$750 per ounce. The company updated its capital cost expenses for the Detour Lake mine, estimating between US$160 million and US$180 million, which includes US$78 million of mining equipment, inclusive of major component replacements; US$40 million for tailings construction; US$6 million for the processing plant, including the lead nitrate oxygen system; and US$31 million for infrastructure and corporate general and administrative expenses. The Detour mine has a 23-year mine life based on an open-pit reserve of 16.4 million oz. gold (514 million tonnes grading 0.99 gram gold per tonne at a cut-off grade of 0.5 gram gold per tonne). The company says there is also exploration potential on the 625 sq. km property. “Although we are disappointed with the permitting delay for West Detour, having the benefit of a large reserve base allows us to manage this schedule change,” Martin said. At press time Detour was trading at $18.30 per share within a 52-week range of $15.36 per share (Dec. 20, 2016) and $35.93 per share (July 6, 2016). The company has 175 million shares outstanding. TNM

2017-02-28 6:38 PM

GOLD & PRECIOUS METALS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

Goldcorp entering ‘harvest mode,’ CEO Garofalo says FIVE-YEAR PLAN

| Gold miner aims to grow output and reserves by 20%

BY SALMA TARIKH

starikh@northernminer.com

oldcorp (TSX: G; NYSE: GG) has outlined an ambitious five-year growth plan, targeting a 20% increase in both gold reserves and annual production, plus a 20% reduction in all-in sustaining costs, after spending 2016 restructuring its business, strengthening its management team and selling non-core assets. “It has been a busy year as we transition to harvest mode. But we now have a structure and people in place to increase the net asset value (NAV) per share to drive long-term shareholder value,” David Garofalo, Goldcorp’s president and CEO, said on a recent conference call. “For 2017, our production is projected to be 2.5 million oz. at an all-in sustaining cost (AISC) of US$850 per oz., and expected to grow to 3 million oz. at a US$700 per oz. AISC within five years,” he added. The improvement in annual output should come from four of Goldcorp’s seven gold mines, including the ramp-up to nameplate capacity at the Cerro Negro mine in Argentina and the Éléonore mine in Quebec. Both achieved commercial production in early 2015 and last year produced 637,000 oz. gold, or 22% of Goldcorp’s 2016 output of 2.9 million ounces.

Goldcorp’s Cerro Negro gold mine in southern Argentina’s Santa Cruz province. GOLDCORP

In Mexico, improved grades at the Penasquito mine and the new pyrite leach project should deliver higher production. As part of the pyrite leach project, the company intends to finish building a carbon pre-flotation facility in 2018 to help process higher carbon content. In Canada, the material-handling project at the Musselwhite mine in Ontario — which involves completing an underground winze in 2019 — should trim the cost of trucking and mining, while boosting production.

Goldcorp expects to bring two gold mines online within the next five years. It is targeting first production at the Borden project in Ontario in 2019 and at the Coffee project in the Yukon at the end of 2020, or in early 2021. The miner acquired Coffee via a $520-million takeover of junior Kaminak Gold last July. The growth plan excludes potential production from four of its other pipeline projects. “While we are optimistic for the potential of Cochenour, HG Young,

Barrick, Goldcorp end 2016 on a strong note GOLD

| High earnings after strong production, high metal prices and low operating costs

BY SALMA TARIKH

starikh@northernminer.com

arrick Gold (TSX: ABX; NYSE: ABX) and Goldcorp (TSX: G; NYSE: GG) — Canada’s top gold companies by market capitalization — have released their fourth-quarter and full-year 2016 results. Here are the highlights: Barrick reported better-thanexpected fourth-quarter and fullyear earnings, helped by strong production results, higher metal prices and lower operating costs. Adjusted earnings were US22¢ per share for the December quarter, beating analyst expectations, compared to US8¢ per share in the same period of 2015. Adjusted 2016 profit was US$818 million, or US70¢ per share, versus US$344 million, or US30¢ per share, in 2015, when the Torontobased miner took a US$3.9-billion impairment. Barrick recorded a US$250-million impairment reversal in 2016. Despite full-year revenue dropping 5% to US$8.6 billion, the miner met its priority of generating free cash flow at a US$1,000 per oz. gold price. “In 2016, not only did we achieve that objective, but we generated a record level of annual free cash flow — US$1.5 billion to be exact. In a year that saw an 8% increase in the gold price, we increased our free cash flow 221%,” Kelvin Dushnisky, Barrick’s president, said on a conference call. Annual 2016 gold production was 5.52 million oz., including 1.52

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million oz. in the fourth quarter. All-in sustaining costs (AISCs) for the year declined 12% to US$730 per ounce. Barrick, which has nine producing gold mines around the world, forecasts 2017 production of 5.6 million to 5.9 million oz. gold, at AISCs of US$720 to US$770 per oz. gold. After exceeding its US$2-billion total debt reduction in 2016, Barrick aims to lower its total debt another US$2.9 billion, to US$5 billion, at the end of 2018. “We’ll do that through free cash f low generation, cash-on-hand and further asset sales, joint ventures or partnerships,” Catherine Raw, Barrick’s chief financial officer, said on the call. Given the strong 2016 financials, Barrick has bumped up its quarterly dividend by a cent to US3¢ per share. The company — va lued at $30.9 billion — ended 2016 with a US$2.4-billion consolidated cash balance. Its 2017 capital guidance is US$1.3 billion to US$1.5 billion, which includes US$185 million to US$225 million of exploration and evaluation costs. Goldcorp performed well in the December quarter, recovering from a steep loss in the same period of 2015. Quarterly earnings were US12¢ per share compared to last year’s US$5.14-per-share loss, where the Vancouver-based miner swallowed a US$3.9-billion impairment. Analysts had expected quarterly earnings of US9¢ per share.

Full-year profit was US$162 million, or US19¢ per share, up from a net loss of US$4.2 billion, or US$5.03 per share. Revenue, however, fell 20% to US$3.5 billion, owing to lower sales. Annual 2016 gold production was within guidance at 2.9 million oz., including 761,000 oz. delivered in the December quarter, but below 2015’s 3.5 million ounces. AISCs dropped 24% in the fourth quarter to US$747 per oz., compared to the earlier year, due to lower production costs and the stronger U.S. dollar. Annual costs fell 4% to US$856 per ounce. “We achieved the lower end of our AISCs’ guidance range from the progress on our cost-efficiency program of US$250 million. We have identified over 60% of the target, with 40% delivered by the end of 2016, and remain on track to achieve the full target in 2018,” David Garofalo, Goldcorp’s CEO, said on a conference call. Goldcorp forecasts delivering 2.5 million oz. this year at AISCs of US$850 per oz., but expects to improve both production and costs in the next five years. The company, which has seven mines and a robust project pipeline, has outlined a five-year plan to increase gold production and reserves 20% to 3 million oz. and 50 million oz., while lowering AISCs 20% to US$700 per ounce. The miner, valued at $19.5 billion, ended 2016 with US$2.5 billion in debt and US$3.2 billion in available liquidity. It plans to spend US$100 million on exploration this year. TNM

Dome Century and NuevaUnion to contribute meaningfully to our production and NAV growth, we have excluded them from our current projections until we make an investment case for each project,” Todd White, Goldcorp’s new executive vice-president and chief operations officer, said on the call. Prefeasibility studies are underway at both the NuevaUnion copper-gold-molybdenum project, a fifty-fifty joint venture with Teck Resources (TSX: TECK.B; NYSE: TECK) in Chile, and the Ontariobased Dome Century project. Goldcorp also intends to begin prefeasibility studies on the Cochenour and HG Young growth projects in the Red Lake camp this year. In line with the company’s efforts to reinvest returns in organic opportunities, Goldcorp committed over US$1 billion of growth capital in 2016. The capital will support the estimated 20% growth in production over the next five years and a 20% improvement in AISCs. Growth capital for 2016 included expenses on the Coffee project after its acquisition, US$420 million on Penasquito’s pyrite leach project and US$90 million on Musselwhite’s material-handling project. Both projects at Penasquito and

Musselwhite should increase production starting in 2019. Goldcorp’s annual gold production should climb from 2.5 million oz. in 2017 and 2018 to 2.7 million in 2019, and 3 million oz. in 2020 and 2021. Meanwhile, Goldcorp forecasts AISCs will decline US$50 per oz. each year during the next five years. As a result, anticipated costs should drop from US$850 per oz. this year to US$700 per oz. in 2021. As part of the strategy to lower costs and improve productivity, Goldcorp launched a company-wide savings program in 2016, with the goal of reaching US$250 million in annual savings by 2018. On the exploration front, Goldcorp anticipates gold reserves expanding 20% from 41.8 million oz. in 2016 to 50 million oz. in 2021. The growth should come from converting existing resources at the Penasquito, Cerro Negro and Pueblo Viejo mines, as well as the Dome Century project. Goldcorp owns 40% of Pueblo Viejo, while Barrick Gold (TSX: ABX; NYSE: ABX) holds the rest. Goldcorp has budgeted US$100 million on exploration this year. The stock closed Feb. 17 at $22.76, up 20% year-to-date. TNM

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2017-02-28 6:38 PM

GOLD & PRECIOUS METALS

MARCH 6–19, 2017 / THE NORTHERN MINER

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Pretium raises Brucejack’s capital costs, accelerates commissioning

A view of the mill building and camp in February at Pretium Resources’ Brucejack gold project under construction in northwest British Columbia. PRETIUM RESOURCES PRETIUM From 19

cided to accelerate commissioning. Dry commissioning is scheduled to start in March and wet commissioning in April. Construction of the high-grade underground mine, 65 km north of Stewart, started in September 2015. David Haughton of CIBC World Markets says the 8.7 million oz. gold in reserves at Brucejack’s Valley of the Kings deposit (15.6 million tonnes grading 16.1 grams gold per tonne) could be on the radar of a number of potential acquirers. In a research analysis called “The Pretium appeal: What-if,” the mining analyst names six companies that he says could be interested in acquiring Pretium, most likely after Brucejack achieves sustained production, or some time in 2018. The names on his list are: Agnico Eagle Mines (TSX: AEM; NYSE: AEM), Barrick Gold (TSX: ABX; NYSE: ABX), Goldcorp (TSX: G; NYSE: GG), Kinross Gold (TSX: K; NYSE: KGC), Newmont Mining (NYSE: NEM) and Yamana Gold (TSX: YRI; NYSE: AUY). “Each acquirer has the size and capacity to acquire Pretium, and both the ability and expertise to operate the Brucejack mine,” Haughton writes in his Feb. 14 research note.

“All six acquirers could benefit from adding long-life production with lower cash costs. An all-stock transaction may be value accretive for all six potential acquirers up to a 40% takeover premium at spot, and in the absence of cost savings or tax efficiencies.” “Pretium offers high grade [16 grams per tonne gold], low cost [all-in sustaining costs of less than US$500 per oz.] and long life [greater than 18 years and 8.7 million oz. reserves], with meaningful [0.4 million oz. per year] underground mining potential in the safe jurisdiction of Canada,” ranked 15 of 209 jurisdictions in the 2015 Fraser Institute study, he says. Assuming a 30% takeover premium in an all-stock acquisition, Pretium “could represent a meaningful percentage of each acquirer,” he notes, calculating the potential percentages as 11% of Barrick; 12%, Newmont; 16%, Goldcorp; 19%, Agnico Eagle; 34%, Kinross; and 45%, Yamana. Haughton estimates that a Pretium acquisition would lift Agnico Eagle’s production 25% during 2018E to 2027E at 5% lower cash costs; Barrick, 10–15% during 2018E to 2025E at slightly lower cash costs (2–5%); Goldcorp, 15–20% during

Inside the mill at Pretium Resources’ Brucejack gold project. PRETIUM RESOURCES

2018E to 2025E at slightly lower (less than 5%) cash costs; Kinross, 15–25% during 2018E to 2022E, then over 35% beyond 2023E at 5–10% lower cash costs; Newmont, 5–10% during 2018E to 2024E, and improving cash costs 3–6%; and Yamana, 25–35% during 2018E to 2024E, while slightly improving

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cash costs 1–3%. Digging more deeply into the possible scenarios, however, Haughton reasons that an all-share acquisition “appears to be a stretch” for Yamana and Kinross, while “corporate strategy may limit the interest of Agnico Eagle and Newmont.” Barrick, meanwhile, “could easily afford to acquire Pretium from a valuation perspective, but the contributions would improve production just 5–10% during 2018E to 2025E, so more initiatives are required to materially enhance the production profile.” Goldcorp, he says, “could benefit the most from acquiring Pretium, in terms of meaningful improvements to the production mix.” Looking at other scenarios, a combination of Detour Gold (TSX: DGC) and Pretium “could create an interesting, low geopolitical-risk Canadian miner,” Haughton muses, but “different mining styles and few operational or cash flow synergies suggests a low probability for the merger.” Having said that, if Detour and Pretium were to combine in a merger of equals, the combined entity “may become an attractive stock for investors and also a compelling target for large acquirers, such as Barrick,” he adds. “Pretium could add 0.3 to 0.4 million oz. per year to the Detour production profile and lower allin-sustaining costs by US$150 per oz. during 2018–2021, ahead of the

assumed higher-grade phase of Detour,” subject to revision with the likely delayed access to West Detour, he says. As for potential acquirers overseas, Haughton rules out Gold Fields, Randgold Resources, Newcrest and AngloGold Ashanti. Gold Fields “does not appear large enough, Randgold has a 20% internal rate of return using US$1,000 per oz. gold, and both Newcrest and AngloGold Ashanti may not have the traction with investors for an all-stock acquisition in Canada,” he argues. Haughton points out that Pretium will transition from a gold mine developer to a gold producer over the next six months, although he doesn’t expect full production until 2020. But in the meantime, he forecasts Pretium will become “free cash flow positive after the mine start-up, with a growing cash accumulation on the balance sheet thereafter. “First gold production is possible in early first-half 2017, with a rampup to commercial production by third-quarter 2017,” he says. “The stock could appreciate as the risk associated with project construction lowers with ramp-up of production, and as the mine confirms the potential of the orebody.” The mining analyst puts Pretium’s enterprise value at US$2.4 billion, made up of a US$2-billion market capitalization and US$0.2 billion of net debt. TNM

2017-02-28 6:38 PM

SPECIAL FOCUS

BASE METALS, URANIUM & MORE A view of Paradox Valley from the mill site at Western Uranium’s past-producing Sunday Complex uranium project in Colorado. WESTERN URANIUM

CanAlaska not giving up on diamond hunt in West Athabasca

Western Copper approaches final mine design at Casino SITE VISIT BY MATTHEW KEEVIL mkeevil@northernminer.com WHITEHORSE, YUKON

SASKATCHEWAN

| De Beers exits JV after first-pass drilling of magnetic anomalies

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

lobal diamond miner De Beers may have walked away from CanAlaska Uranium’s (TSXV: CVV; USOTC: CVVUF) West Athabasca diamond project in Saskatchewan, but CanAlaska president and CEO Peter Dasler still believes the property’s geological and geophysical puzzles are worth solving. On Dec. 23, De Beers returned 100% of the project to CanAlaska after drilling seven shallow targets, saying that a magnetic organic layer found at or near surface could explain all the “kimberlite-like” geophysical anomalies on the 174 sq. km property. Dasler told The Northern Miner during a phone interview in January that while some anomalies are explained by the presence of organics, reprocessed magnetic survey data indicates that others require their combination with one or more, deep-rooted magnetic bodies. The newly modelled magnetic bodies are shaped like kimberlite pipes or dikes, according to the latest geophysical report from Ontario-based consultant group Scott Hogg and Associates. “There are a large number of targets that can’t be explained by this type of magnetic material at surface. Even if you have a thick interval of this layer, you still have to compensate the magnetic response of the anomaly with something else at depth,” Dasler said. “It’s a puzzle. Why is it magnetic material there? … And what else is causing the magnetic response?” CanAlaska began assembling a land package in the northwestern part of Saskatchewan’s uranium-rich Athabasca basin in February 2016, after identifying 75 circular-shaped, magnetic highs suspected to be kimberlites in a 800-metre spaced airborne magnetic survey. The survey was completed by the Saskatchewan Geological Survey in 2011. The anomalies caught the attention of De Beers, and by May, it had committed to exploration expenses of up to $20.4 million over seven years to drill the targets in exchange for a 90% stake in the property. See CANALASKA / 28

1-32, 39_MAR6_Main .indd 27

| Reserves total 4.5B lb. copper, 8.9M oz. gold, 483M lb. moly

he large scope of Western Copper and Gold’s (TSX: WRN; NYSE-MKT: WRN) proposed Casino mine in the Yukon Plateau is readily apparent during a flight into its well-established camp, 300 km north of Whitehorse. Our small fixed-wing aircraft circles the heart of a large coppergold-molybdenum porphyry deposit — marked by rolling hills topped by weathered bedrock — which could eventually host an open-pit extending over a 3 sq. km area and running 600 metres deep. Western Copper and Gold president and CEO Paul West-Sells then points to the location of a proposed tailings facility southeast of the envisioned open pit within a valley formed by the headwaters of Casino Creek. Western Copper is permitting the first large-scale mining operation in the Yukon. This process has so far lasted almost three years, and the company is due to enter the official panel review, which it expects will last at least 24 months. “There is definitely a degree of education that comes along with a project like Casino, and that’s especially true in a jurisdiction like the Yukon that hasn’t seen a development of this scope recently. We’ve spent time explaining the importance and opportunities represented by this type of mineral endowment, and how it can be developed responsibly,” West-Sells says. “Casino can be a tremendous economic driver, but we need to consult effectively and communicate that the operation will be environmentally sustainable. At the same time, it’s necessary to understand that we aren’t reinventing the wheel here. There are many modern copper operations globally that are significantly larger,” he adds. The company completed a feasibility study on Casino, and submitted its project proposal to the Yukon

Western Copper and Gold president and CEO Paul West-Sells stands atop a hill overlooking the Casino copper-gold project camp. PHOTO BY MATTHEW KEEVIL

Environmental and Socio-economic Assessment Board (YESAB) back in 2013. The proposed open-pit development would require US$2.5 billion in capital expenses and annually produce 171 million lb. copper, 266,000 oz. gold, 1.4 million oz. silver and 15.5 million lb. moly. The model is based on proven and probable millable reserves (i.e., not counting heap-leachable reserves) of 965 million tonnes grading 0.2% copper, 0.24 gram gold per tonne, 0.023% moly and 1.74 grams silver per tonne. Total contained metal in the combined millable and heapleach reserve is equal to 4.5 billion lb. copper, 8.9 million oz. gold, 483 million lb. molybdenum and 65 million oz. silver. “When you look at the Yukon, perhaps the regulatory process takes a bit longer than you would prefer, but I believe it’s a process where if you follow the steps thoroughly you will end up getting through,”

West-Sells continues over coffee in Casino’s dining hall. “We’ve had to pay attention to our tailing facility due to its size, and we’ve addressed concerns from the jurisdiction and made adjustments according to that feedback. We spent a lot of time last year in the Yukon talking to First Nations and the government to explain what we’re doing about tailings.” The Yukon’s only operating mine, Capstone Mining’s (TSX: CS; USOTC: CSFFF) Minto operation, has a

daily throughput of 4,000 tonnes per day. By comparison, Casino would feature a 120,000-tonne-per-day concentrator to produce coppergold-silver and molybdenum concentrates. The development would also include a 25,000-tonne-per-day heap-leach component to produce gold and silver doré, and an on-site liquefied natural gas power plant. Western Copper has put together an independent tailings review panel to work through its design and incorporate alterations based on concerns voiced by First Nations, stakeholders and government. In February 2016, the company was notified that Casino would require a federal panel review, which is the highest level of assessment carried out by YESAB. The company has spent the past year finalizing its environmental and socio-economic guidelines, which will underpin the beginning of the review process early next year. At this point, Casino’s project application totals more than 14,000 pages of information and three years of engagement with regulatory agencies and various levels of government. “The process passes over to the regulatory side once we submit our application at year-end, but up until that point all of the timelines are under our control,” West-Sells says. “We’ve moved through this process for a few years, so people are familiar with the project. We get the impression the regulators don’t want it to drag out any more than we do, and it should involve See WESTERN COPPER / 28

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2017-02-28 6:38 PM

MARCH 6–19, 2017 / THE NORTHERN MINER

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Western Copper approaches final mine design at Casino WESTERN COPPER From 27

around a two-year review period.” Western Copper has revised its tailings facility design to incorporate concerns surrounding the placement of “potentially acid-generating material” and the quantity of stored water, while it reviews more steps to lower Casino’s footprint by relocating project facilities. The tailings management facility will be made from a dam built in the Casino Creek valley, while storing potentially acid-generating material underwater. The valley location would allow Western Copper to capture all run-off from the mine and mill site, and possibly prevent uncontrolled discharges to the environment and restrict drainage to a single point, away from the Yukon River. West-Sells adds that the project could provide up to 1,000 direct jobs each year over the four-year construction period, and 600 jobs annually over the 22-year mine life. Western Copper’s second major goal this year is to achieve a frame-

The proposed site of Western Copper and Gold’s open-pit Casino mine on the Yukon Plateau. PHOTO BY MATTHEW KEEVIL

work for project financing. The company has just over US$7 million in its treasury, and will likely require upwards of US$10 million through the permitting process. Western Copper’s share price has rallied with copper prices over the

past six months, gaining 60%, or 76¢, en route to a $2.02-per-share close at press time. “It’s important to present a clear picture to the government and stakeholders of how Casino can be built in terms of the financing.

We have a window right now since we’re making a few changes to the tailings design to line up capital opportunities,” West-Sells says during a walk across Western Copper’s shuttered camp. “Capital partners tend to want to

see something resembling the final design, and we’re approaching that point now. Our capital position is strong and we aren’t under pressure, but it’s always good to look at opportunities to increase that treasury.” TNM

CanAlaska not giving up diamond hunt CANALASKA From 27

But as exploration work proceeded, the results fell short of expectations. De Beers wasn’t able to identify any kimberlite-indicator minerals in the 100 gravel samples collected from eskers within the target area — which Dasler says was due to sample quality being poor. Then, after flying high-resolution magnetic surveys at a 50-metre line spacing, De Beers found that the 75 targets, each ranging up to 800 metres in diameter, were clusters of much smaller anomalies between 50 and 100 metres in diameter. “What we ended up with were over 300 magnetic targets rather

than 75 … which isn’t always a good thing. You don’t want a lot of small kimberlites, you’d rather have a large one,” Dasler said. “But it’s quite fascinating how they’re distributed. They’re in clusters, they seem to be on structures and they look interesting when you model them in geophysics.” When drilling finished in October 2016, De Beers had found a black, greasy, and magnetic organic layer up to 20 metres thick in five of the seven drill holes. One of the other drill holes found a thin diabase sill, and all of the holes finished in sandstone. By December, De Beers had ended its agreement with CanAlaska. “We were surprised to get the

“EVEN IF YOU HAVE A THICK INTERVAL OF THIS [MAGNETIC] LAYER, YOU STILL HAVE TO COMPENSATE THE MAGNETIC RESPONSE OF THE ANOMALY WITH SOMETHING ELSE AT DEPTH.” PETER DASLER PRESIDENT AND CEO, CANALASKA URANIUM

project back, we really thought that drilling would be carried out this winter,” Dasler said. “There was a lot of rain and the water levels were high over the summer, and they weren’t able to access many of the planned drill sites. What they ended up drilling was not the selec-

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tion that should’ve been drilled, so we figured they’d continue on when access improved.” He commented that the organic layer was “highly unusual” and samples of it had been sent for analysis. A company press release points to scientific papers that describe bacterial production of magnetic material under certain conditions. Additional studies by the Saskatchewan Geological Survey on 400-metre spaced magnetic data in northwestern Athabasca found that drumlins — an elongated, teardrop-shaped mound of boulder clay formed by glaciation — are a “significant hindrance” to the interpretation of magnetic maps in

the area because they can generate circular-shaped anomalies. Dasler and CanAlaska vice-president of exploration Karl Schimann said in an email that the anomalies on CanAlaska’s West Athabasca property are not consistent with drumlins, or caused by any changes in topography. “Out of 300-plus targets we still believe there are a significant number of targets that should be drilled for kimberlite. It’s a matter of finding the ones that are large enough to potentially be economic,” Dasler said. “I’m pleased we got this preliminary work done … we’ll benefit from the significant assessment credits to the property over the next few years, and that’ll give us time to puzzle through the question. “We believe there’s excellent potential to find diamonds in the Athabasca. It’s underlain by a thick part of the Rae craton, which contains the Diavik and Ekati mines … there are major structural features cutting through the crust, and north of Fort McMurray, downice from us, there are kimberliteindicator minerals,” Dasler said. TNM

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2017-02-28 6:38 PM

BASE METALS, URANIUM & MORE

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

Rambler on track to meet mining targets at Ming SITE VISIT

| Underground copper-gold mine attracts investment from CE Mining Fund II

BY TRISH SAYWELL tsaywell@northernminer.com DEER LAKE, NEWFOUNDLAND AND LABRADOR

ero degrees and no wind, not bad for the middle of January,” Norman Williams, president and CEO of Rambler Metals and Mining (TSXV: RAB; LON: RMM), says cheerfully on an early morning drive to the company’s Ming copper-gold mine in northwestern Newfoundland. A few hours later, at nearly 800 metres below surface — the deepest pit stop during Williams’ two-hour tour of Ming’s underground workings — the temperature is an even balmier 18ºC. At that depth, Williams and his group of visitors are in the heart of the mine’s 1807 zone — a copperrich, massive sulphide portion of the orebody. “It’s a long ways down, although we’re pretty shallow, compared to the guys in areas like Kirkland Lake,” Williams says of the 1807 zone, which has seen the lion’s share of mining activity since Rambler restarted the mine in 2011 and declared commercial production in November 2012. And it’s where exploration drilling has added to the mine’s reserves since production got underway. What’s even more remarkable is that the 1807 zone — along with the mine’s other six zones — have never been cut off at depth, and Williams and his team at Rambler are convinced there’s a lot more copper and gold mineralization to be found. “The mine is under-explored and there is a lot of exploration potential,” Williams says of the 1807, 1806, 1805, Ming North, Ming South, Upper Footwall and Lower Footwall zones. “We are committed to further exploration and I’m confident we’ll have success in adding resources both within and outside known ore zones.” Ming’s total proven and probable reserves stand at 8.7 million tonnes at 1.8% copper and 0.48 gram gold per tonne, for 341.2 million lb. copper and 133,500 oz. gold. Rambler’s Nugget Pond mill, 40 km from the mine, recovers a copper-gold concentrate that is sold to smelters. The mill has a conventional crushing, grinding and flotation circuit. If Williams seems particularly chipper these days, it’s because he and his team are closing in on the prize: a throughput rate of 1,250 metric tonnes per day in the next six months, up from the current 900 tonnes per day, and well above the 650-tonne-per-day rate when the mine reopened. Meeting the mid-year target — which seems within the company’s grasp — is the objective of Rambler’s fully funded, $20-million second-phase expansion effort. If all goes according to plan, the mine — 17 km east of the town of Baie Verte on the north-central coast of Newfoundland — will produce between 5,100 and 5,800 tonnes copper this year, which is an increase from the 4,174 tonnes copper it churned out in 2016. Over the next two years, Rambler plans to lift Ming’s annual copper output to 7,258 tonnes, plus associated gold and silver by-products. (Gold production this year is expected between 4,400 and 5,100 oz., down from 6,132 oz. in 2016.) “Once we get to full production

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Milling at Rambler Metals and Mining’s Ming copper-gold mine north of Deer Lake in northwestern Newfoundland. RAMBLER METALS AND MINING

“OUR EXPANSION COMES AT A TIME WHEN COPPER IS SET TO REBOUND IN THE NEXT FEW YEARS, SO THE TIMING COULDN’T HAVE BEEN BETTER.” NORMAN WILLIAMS PRESIDENT AND CEO, RAMBLER METALS & MINING

at 1,250 tonnes per day at current copper prices, we’d have $6 million to $8 million in free cash flow, and up to $15 million in earnings before interest, taxes, depreciation and amortization,” he says. Copper is trading at US$2.72 per lb. — the first time it has reached that level since June 2015. “The timing feels right,” Williams says. “Copper is set to rebound in the next few years, so the timing couldn’t have been better, from an expansion point of view.” The phase-two expansion is being funded by an equity investment from CE Mining Fund II, based in the Cayman Islands and advised by private equity firm Plinian Capital. In June 2016, CE Mining Fund II acquired 63% of Rambler’s outstanding shares (priced at £0.04, or 7.4¢ per share) in a deal valued at £10.5 million ($19.1 million at the time). Under the agreement, another 200 million warrants were exercis-

able within two years at £0.05, or 9.2¢ apiece. If exercised in full, the entire financing package would gross £20.5 million ($37.7 million) and result in CEII owning 75.1% of the company. “It was a great pat on the back for the entire team when you have a group like CEII come in and say they want to be part of it,” says Williams, adding that the relationship developed after Rambler was introduced to Plinian in October 2015. In February CEII exercised 70% of those options, funnelling another $10.5 million into the company. After the latest investment on Feb. 6, Asa Bridle, a research analyst who follows Rambler for Cantor Fitzgerald in London, raised his target price on Rambler to £0.14 per share from £0.12. Si nce CEII’s f i na nci ng a nnounced in June 2016, when the company’s shares were trading at £0.04 apiece, Rambler’s share price

has surged 215% to £0.126. Brid le notes t hat t he latest funds will help Rambler achieve its 1,250-tonne-per-day target by mid-year, and provide funding “for a drilling program on the Lower Footwall Zone, and complete the assessment of a possible third phase of development” at 2,000 tonnes per day. Bridle said in a research note last year that shareholders and directors of CEII’s holding company — Brad Mills, the former CEO of Lonmin (LON: LMI) and Mark Sander, the former vice-president of strategy and planning of BHP Billiton’s (NYSE: BHP; LON: BLT) copper group — could help the company during the expansion phase, and have joined Rambler’s board as non-executives. The CEII-Plinian group “has been active in compiling mineral assets around the world across the precious metals, base metals, bulks and agri-product subsectors,” Bridle adds, reasoning that Rambler “should benefit not only from the significant cash injection the group has made, but also from “the team’s experience in

the copper-gold space,” he added, “combined with their track record in mine building, project expansions and optimizations.” The CEII-Plinian group’s portfolio, according to Bridle, includes Circum Minerals, a private company that owns the Danakil potash project in northeastern Ethiopia; Consolidated Nickel Mines, a private company partnered with China’s Jinchuan to restart the Munali nickel mine in southern Zambia; Helio Resource (TSXV: HRC), a gold explorer focused on southern Africa; Mandalay Resources (TSX: MND), which owns mines and projects across Australia, Chile and Sweden; and West African Minerals (LON: WAFM), an iron ore development company. If Rambler’s board decides to move into a third expansion phase, which would involve rehabilitating a disabled shaft to cut haulage costs and provide more capacity, introducing a commercial dense media separation (DMS) unit and buying another ball mill, CEII See RAMBLER / 30

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Rambler on track to meet 1,250-tonne-per-day target at Ming “IT WAS A GREAT PAT ON THE BACK FOR THE ENTIRE TEAM WHEN YOU HAVE A GROUP LIKE CEII COME IN AND SAY THEY WANT TO BE PART OF IT.”

RAMBLER From 29

could provide more funding by exercising its remaining warrants or offering more funds. Incorporating DMS — a processing technology that would concentrate ore before it reaches Rambler’s Nugget Pond mill — would remove the waste significantly and lower cash costs. Williams says the concept is to drive mine throughput up to 2,000 tonnes per day and mill throughput to 1,500 tonnes per day, in a phase-three expansion. Rambler has already started DMS tests at a trial plant on a batch of low-grade ore, and announced in January that the tests showed an increase in grade. About 2,200 tonnes of run-of-mine, low-grade material (grading 0.8% copper) was processed last year and yielded 1,457 tonnes of plant feed material with 1.14% copper — an increase in grade of 1.4 times with the pre-concentration step. Copper recoveries in the DMS pilot plant averaged 93.6% of the total contained copper before milling. “We’re pretty pleased with the results,” Williams says. “This is really what drove CE Mining. The upside is pretty phenomenal, and that’s what we’re working towards. We want to demonstrate it over the next 16 months. Rejecting the waste is a critical step in this process. “CEII saw tremendous value in phase two and were extremely happy with the prefeasibility study,” Williams continues. “But what they’re really interested in doing is taking on the DMS and shaft … we would like to have the shaft opportunity in play by 2019–2020, and similar for the DMS. That’s what we’re working on in the background now, to drive us and the board to a decision on phase three later this year.” I n a pha se t h ree scena r io, throughput at Ming’s mill would climb from 1,250 tonnes per day to 1,500 tonnes per day. (Two thousand tonnes ore would be extracted from underground, with the DMS unit stripping off 25% of the waste.) Williams says it could cost US$20 million to rehabilitate the shaft, compared with buying a new one for US$100 million. He also says Rambler could buy a ball mill for US$5.4 million. In the meantime, the fully funded phase-two expansion is well underway, with upgrades to the

NORMAN WILLIAMS PRESIDENT AND CEO, RAMBLER METALS & MINING

A contract diamond driller at the 300-metre level, testing the Lower Footwall Zone at Rambler Metals and Mining’s Ming coppergold mine in Newfoundland. RAMBLER METALS AND MINING

mill to handle extra tonnes from bulk-tonnage mining in Ming’s Lower Footwall Zone. The Lower Footwall Zone is being mined at 1,500 feet below surface. It has different mineralization from the main deposit and a lower grade averaging 1.5% copper. The mineral resource estimate of the Lower Footwall Zone is 26 million tonnes grading 1.5% copper at a 1% copper cut-off. Of that resource, less than 10 million tonnes were evaluated and incorporated into the phase-two mine plan as a mineral reserve.

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“We’re going purely from a massive sulphide mine to a blend into the footwall zone, and that’s how we’re going to increase our tonnage to 1,250 tonnes per day,” Williams says. “The grade is going to go down, but that’s going to be compensated by the higher tonnage that will come out of the footwall. What we’re looking at in phase two is to get C1 costs down to the US$1.70 per lb. range. Without the footwall zone, this would never have been possible.” If phase three gets the go-ahead, cash costs should come down to US$1.50 per lb., he says. Cantor Fitzgerald’s Bridle estimates operating costs of US$1.73 per lb. this year, falling to US$1.18 next year, versus his copper-price

forecasts of US$2.48 per lb. in 2017 and US$2.58 per lb. in 2018. While the orebody dips at 35 degrees and “isn’t an easy orebody to mine,” Williams notes, the company has used the sub-level long-hole mining method in the massive sulphide zones. “Your ideal orebody sits more vertically,” he concedes. “But we got around that with the longhole mining method, and we’ve had groups come up from South America because they want to see how we did that.” Along with the Ming mine, Rambler owns 100% of the former producing Little Deer and Whales Back copper mines, and has a strategic investment in the former producing Hammerdown

gold mine. The Little Deer copper project could one day become a satellite deposit for Ming, and is just 10–15 km from the company’s Goodyear’s Cove port site, and 10 km north of Springdale. “Little Deer-Whalesback was a former producing mine, and has 7 million tonnes indicated and inferred resources at 2% copper,” Williams says. “As time passes at Ming, we will turn our attention to drilling that asset. At some point that could provide some source of mill feed, but it’s a longer-term view — 10-plus years for sure.” The Hammerdown gold deposit was mined by Richmont Mines (TSX: RIC; NYSE: RIC) from 2000 to 2004, during which time 291,400 tonnes were mined and milled at a grade of 15.8 grams gold per tonne. All of the ore was processed at the Nugget Pond mill. Rambler owns an 11% stake in Hammerdown, which is owned by Maritime Resources (TSXV: MAE). “Maritime Resources is completing a prefeasibility study on reactivating that mine,” Williams says, noting that Rambler has a 500-tonne-per-day hydrometallurgical facility that is not in use, because all material from Ming is processed in the mill’s copperconcentrate circuit. “We have an idle gold hydromet facility, so Hammerdown could be a potential feed source,” Williams says. “But you’d have to add grinding capacity, because right now there’s only one grinding system. I’d say that could be five years out.” In the meantime, Rambler will pursue its vision of becoming a leading mine operator in Atlantic Canada. “I am fortunate to have a tremendous group of employees,” Williams says. “And through their continued commitment and perseverance, we’ll look to build on this success story in Atlantic Canada and abroad.” TNM

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Fission expands uranium resource at PLS SASKATCHEWAN

| Investment from China’s CGN Mining helps junior weather weak uranium market

BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

ission Uranium (TSX: FCU; US-OTC: FCUUF) is trying to strike a fiscal balance between resource expansion and grassroots discovery at its Patterson Lake South (PLS) uranium project in the Athabasca basin. The company has a good capital position after an $82.2-million investment from China’s state-owned CGN Mining in early 2016, but the depressed state of uranium markets demands a cautious approach to burn rates and project spending. Fission Uranium is known for its prolific drill campaigns, however, and the weak uranium market didn’t slow activity at PLS too much in 2016r. The company spent $17 million in its Triple R deposit in 2016, and has lined up a $6.5-million winter program that will include 10,000 metres over 34 drill holes. Exploration work will follow up on multiple regional targets found in mid-2016, while delineation and expansion work will continue along the 2.6 km Triple R mineralized trend. “We made the decision late last year that it was time to be more careful and strategic with our money,” Fission Uranium CEO Dev Randhawa says during an interview. “We’re sticking with the budgets we came up with at the time, but in our conversations with CGN there is an acknowledgement that if we hit something impressive during exploration we can increase spending. Now, if I can raise hard dollars at a share price I think is high enough, we’ll definitely look at that opportunity as well,” he adds. Fission’s efforts last year focused on adding a pair of new zones to the Triple R trend. In late 2015, the company’s preliminary economic assessment (PEA) contemplated a $1.1-billion development that would produce 100.8 million lb. U3O8 over a 14-year mine life. The study was underpinned by resources in the central R00E and R780E zones totalling 2 million indicated tonnes grading 1.8% U3O8 for 81.1 million contained lb., and 785,000 inferred tonnes averaging 1.6% U3O8 for 27.3 million contained pounds. Since the PEA was released, however, Fission has found zones that could increase Triple R’s size. The R840W zone marks the western edge of the 2.6 km trend, while the R160E zone represents a newly defined eastern boundary. Fission will dedicate 19 holes of its current program to “growing and connecting the new high-grade zones” that will be added to updated resource estimate and an upcoming prefeasibility study. Recent assay highlights from R840W include: 11 metres grading 10% uranium from 158 metres deep in hole 16-504; and 9 metres of 6.7% U3O8 from 141 metres deep in hole 16-512. Meanwhile, Fission reported the “highest-grade mineralization seen to date” in the R1620E zone in October, when hole 16-500 cut 9.5 metres of 13.6% U3O8 . “Last year the two new zones emerged as a positive story for us,” Fission president and chief operating officer Ross McElroy says. “That dovetails well into what we look to accomplish this year, which focuses on expanding the discoveries. Most

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Fission Uranium’s exploration camp in July 2016 at the Patterson Lake South uranium project in northern Saskatchewan. PHOTO BY LESLEY STOKES

of the current program will build up the guts of the deposit, which will underpin an economic update in the near-term ... the PEA offered us a snapshot, but things are changing at a fast pace.” Fission plans to drill 15 holes into regional exploration targets, including a 600-metre “hot spot” west of the R840W zone. The target is highlighted by “extremely altered rock” in drill core, and elevated

pathfinder geochemistry. McElroy says the area “strongly resembles Triple R prior to discovery,” and that the company plans on completing two or three follow-up drill holes during the work program. “One thing that helps us stand out from the crowd in the uranium sector is that our mineralization begins 50 metres from surface,” Randhawa says. “And historically it’s the shallow deposits that get mined

first. We don’t have water problems associated with the unconformity, which is a point we need to keep hammering home because it comes down to one question: Will the deposit be economic?” Fission Uranium shares have traded in a 52-week range of 49¢ to 89¢, and gained 19% over the first month of 2016 en route to an 81¢-per-share close at press time. The company had $61 million in cash at

the end of November, and has 484.2 million shares outstanding for a $397-million market capitalization at press time. “CGN is definitely interested in production, but ... we’re looking at a seven- to 10-year timeline,” Randhawa says. “We’ll continue to do baseline studies along the way and take all the steps, but our project has been growing so fast it’s hard to commit to a mine plan.” TNM

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Adventus CEO on building a ‘premier zinc-acquisition vehicle’ INTERVIEW BY MATTHEW KEEVIL

mkeevil@northernminer.com VANCOUVER

dventus Zinc (TSXV: ADZN) closed its $3-million initial public offering (IPO) in February, with 6 million shares issued at 50¢ each. The company isn’t a typical start-up, however, and is attracting institutional interest in its strategy to become what Adventus president and CEO Christian Kargl-Simard calls a “premier, publicly listed zincacquisition vehicle.” Adventus is the brainchild of mining royalty outfit Altius Minerals (TSX: ALS; US-OTC: ATUSF), which approached Kargl-Simard when he was an investment banker at Raymond James. Altius is now spinning out its zinc prospects into Adventus while serving in a technical and financing capacity. “Altius asked me if I’d like to run the new zinc company,” KarglSimard says in an interview. “I wasn’t initially that interested because the risk-reward isn’t typically there for grassroots exploration, but we worked on the business plan last year and decided we’d use those assets as a basis to go public. “They are excellent properties, but

| Vehicle for Altius Minerals’ zinc portfolio completes $3M IPO

we also outlined a complementary strategy where we position ourselves to become a zinc-acquisition vehicle that could mobilize institutional capital. For that to work, we really needed to establish credibility, so everything we’ve done to date has been about achieving that.” The company now has 45.6 million shares outstanding, with Altius holding a 34% stake alongside Resource Capital Funds and U.K. private equity firm Greenstone Resources, which each hold 18% equity interests. The company has $10 million in treasury, but its shareholders are said to be willing to invest more cash for the right acquisition. “With such strong and well-funded investors, I feel confident going into a situation with major mining companies and having a strong starting position for negotiations,” KarglSimard says. “We’re focused on stable political jurisdictions where we can benefit from infrastructure, and we’re only really interested in sulphide zinc resources.” Adventus is looking for zinc deposits in Australia, the Americas and Europe that are capable of supporting 100,000 tonnes of annual zinc production over more than a 10-year mine life. Transactions

could range from an earn-in to straight acquisition for cash, shares, promissory note, royalties and/or milestone payments. “Most publicly listed junior developers have projects with significantly lower production potential, and the ability to scale output is important in appealing to institutional investors,” Kargl-Simard says. “Most of the opportunities we’re looking at are within major companies or held privately.” The company has a list to 30 potential deals and hopes to close at least one transaction within the next 12 months. Meanwhile, Adventus will spend $2 million exploring large properties inherited from Altius in Ireland and Canada. The Irish assets are headlined by the 240 sq. km Rathkeale and 200 sq. km Lismore projects. The country hosts Boliden’s (UT-OTC: BDNNF; STO: BOL) Tara underground mine, which is Europe’s largest zinc operation. Adventus now controls the second-largest licence portfolio in Ireland. The Rathkeale block has what Adventus considers a promising structural setting and extensive alteration, including dolomitization and black matrix breccias in

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Raymond Keenan, Adventus Zinc prospector and senior field technician, sampling oxidized sulphides in County Galway, Ireland. ADVENTUS ZINC

historic drilling, which indicate a large hydrothermal system within the area. The property sits next to Glencore’s (LON: GLEN) Pallas Green deposit, which hosts 44 million inferred tonnes grading 7% zinc and 1% lead. Adventus plans to spend nearly US$1 million on work programs at Rathkeale in 2017, which will include advanced geochemistry and seismics to systematically test the trend to follow up on over 40,000 metres of previous drilling. “Ireland tends to require what we call ‘blind exploration,’ and geochemistry isn’t particularly useful,” Kargl-Simard says. “People have to look at exploration there through a different lens. We’re approaching it with the understanding that seismic techniques have proven effective, which is a technology well established in the oil and gas industry. Many of the majors left Ireland over the past five years or so, and Altius had been picking up what it thought were the best properties.” In Canada Adventus controls 220 sq. km surrounding the historic Buchans volcanogenic massive sulphide deposit in Newfoundland. Altius consolidated the land position in 2014 and will continue to provide exploration and technical services. “The projects we have are generally more grassroots, but they all have big potential. We’re focused on a real possibility for finding something of

size,” Kargl-Simard says. A global zinc supply reduction started in mid-2013 when Glencore closed its Brunswick mine in New Brunswick, and then Chinese state-owned Minmetals closed the large-scale Century operation in Australia in 2015. Furthermore, Vedanta’s (NYSE: VEDL; LON: VED) Skorpion mine in Namibia is expected to cease operations by 2020. Dundee Capital Markets estimates the shutdowns could remove 1.6 million tonnes of zinc in concentrate production, which equates to 14.5% of global supply. “On the demand side, zinc is a pretty boring story. Most of the production goes toward galvanized steel for vehicles, and the demand-side growth in terms of new uses isn’t exactly booming,” Kargl-Simard says. “But there’s no substitution for zinc, and the real driver for a longer peak cycle is that over the past few years there has been that decline in zinc production. We’re talking about major mines that have been in production for many decades. Given the lack of investment we’ve seen over that time, there’s a situation brewing here, and the market is going to need larger development projects.” Adventus shares began trading on Feb. 9. The company has a fully diluted 47.9 million shares, and shares last closed at 88¢. TNM

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“

* Length along the core. The company does not have enough information to estimate the true width of the mineralized zone intersected in the drill holes.

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Eloro Resources’ La Victoria gold project in Peru. ELORO RESOURCES

SolGold adds weight to Cascabel ECUADOR COPPER-GOLD

Northern Dynasty sinks on shortseller’s report

| Set to drill 95,000 metres in next two years

| CEO Ron Thiessen responds to claim that Pebble is ‘worthless’

BY LESLEY STOKES

ALASKA

lstokes@northernminer.com VANCOUVER

itting quietly behind a table in Australian explorer SolGold’s (LON-AIM: SOLG; US-OTC: SLGGF) booth at this year’s Association for Mineral Exploration Roundup convention in Vancouver, a 10-year-old girl is clicking a magnet against a piece of SolGold drill core from northern Ecuador that’s chock-full of chalcopyrite, pyrite and magnetite. Her father Jason Ward, SolGold’s exploration manager, sits beside her smiling and nodding in approval. The rock’s magnetic signature is one of the many reasons why he believes the company’s Cascabel coppergold project, 180 km north of the capital Quito, may become one of the largest copper-gold porphyry systems ever discovered. SolGold and its 15% partner Cornerstone Capital Resources (TSXV: CGP) have already delivered six world-class intersections of 1% copper equivalent over 1 km of continuous mineralization from the project’s Alpala Central zone. Out of the 19 holes drilled to date, 17 have hit the target and each have bottomed in mineralization. The best intercept from Alpala Central is from hole 12, which returned 1,312 metres of 0.7% copper and 0.63 gram gold per tonne from 128 metres deep, including 576 metres at 1% copper and 1.19 grams gold from 844 metres deep. “The Andean copper belt has some of the world’s largest coppergold porphyries, but when you look at a map, there’s a gap in the number of mines over Ecuador compared to Chile and Peru,” Ward, an Australian native, tells The Northern Miner. “We went to Cascabel looking for a world-class discovery because it had all the right ingredients … and Alpala has the potential to be one of the biggest — if not the best — discovery.” The Brisbane-based company’s latest drill hole 19 returned a broad, mineralized zone of 1,132 metres of 0.5% copper and 0.33 gram gold

“THE ANDEAN COPPER BELT HAS SOME OF THE WORLD’S LARGEST COPPER-GOLD PORPHYRIES, BUT WHEN YOU LOOK AT A MAP, THERE’S A GAP IN THE NUMBER OF MINES OVER ECUADOR COMPARED TO CHILE AND PERU.” JASON WARD EXPLORATION MANAGER, SOLGOLD

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BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

hares of Northern Dynasty Minerals (TSX: NDM; NYSEMKT: NAK) have fallen 58% to $1.82 at press time after a shortseller’s report on Feb. 13 that claims the company’s Pebble copper-gold project in Alaska is “worthless.” The stock had risen from $1 to a 52-week high of $4.54 per share since the U.S. presidential election last year, apparently on the hopes that a Donald J. Trump-led U.S. administration would loosen environmental constraints that held back the project. (For an exclusive interview with Pebble Ltd. Partnership CEO Tom Collier on Northern Dynasty’s pending litigation with the U.S. Environmental Protection Agency (EPA), please see the article “Northern Dynasty’s Pebble on ‘cusp of resolution’” [T.N.M., Feb 22–28/16]). The New York-based short seller, Kerrisdale Capital Management, claims that Northern Dynasty withheld prefeasibility studies completed by Northern Dynasty’s former partner at Pebble, Anglo American (US-OTC: NGLOY; LON: AAL), that allegedly concluded Pebble’s net

SolGold exploration manager Jason Ward (left) looks on as chief technical advisor Steve Garwin examines a sample from the Cascabel gold-copper project in Ecuador. SOLGOLD

from 268 metres deep, across a 500-metre true width. The hole, which represents the most southern intercept of Alpala Central to date, includes highergrade intervals measuring 802 metres of 0.6% copper and 0.43 gram gold from 572 metres deep, and 516 metres of 0.8% copper and 0.5 gram gold from 838 metres, across true widths of 360 metres and 230 metres. The current footprint of mineralization at Alpala Central, including its high-grade copper-gold core, measures 300 by 700 metres, has a dip extent of over 1,800 metres and is open in all directions. Geological mapping and spectral mapping from soils and auger chips have shown that Alpala Central falls within a 4.5 km by 400-metre wide phyllic-argillic to advanced argillic alteration envelope, which displays all the geophysical and geochemical attributes of a giant porphyry complex, Ward says. “As a company we’ve always explored aggressively, and our geologists know how to vector into the hotter, more mineral-rich portions of the porphyry system,” he says. “And from what we’ve seen so far, we reckon the best of Cascabel is yet to come.”

To support this, he points to a cross section that pins the company’s drill holes against airborne magnetic geophysical anomalies from a 3-D magnetization vector inversion model. The magnetic anomalies, which indicate the potential for quartzchalcopyrite-magnetite veining above a high-grade porphyry system, not only coincide with mineralization at Alpala Central, but extend another 750 metres north to the Moran target, and over 1.5 km southeast to the Cristal target. Ward says the size of the AlpalaMoran magnetic anomaly is comparable to the Hugo Dummett deposit at Rio Tinto and Turquoise Hill Resources’ Oyu Tolgoi copper-gold mine in Mongolia. “At Alpala, we see a strong correlation between the mineralization and magnetite in drill core, so our models suggest that Cascabel could contain more than 10 billion tonnes of mineralized rock, and that’s an exciting prospect for us,” he says. Ward notes that the 3-D geophysical model is “constantly being updated,” with magnetic susceptibility data taken from every new drill hole at the project, which See SOLGOLD / 34

See NORTHERN DYNASTY / 36

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SolGold adds weight to Cascabel in Ecuador SOLGOLD From 33

dramatically increases the accuracy of the model. But it’s not just the geophysics and drill results that speak to Cascabel’s potential. Ward thumbs through a company presentation that illustrates how the magnetic anomalies across the 50 sq. km property overlap with soil geochemical anomalies, induced polarization geophysical anomalies, favourable structures and alteration mapped at surface. SolGold’s technical team includes chief technical advisor Steve Garwin, one of the world’s authorities on porphyry, epithermal and Carlin-style mineralization in the circum-Pacific region. The team has interpreted 13 porphyry centres from the data. Each one shares the same geological signatures as Alpala Central, but none have been tested with drilling. “If you follow the gold in the creeks, it won’t lead you to the porphyry, it will lead you to high-grade gold veins,” Ward says. “Copperin-soil is also unreliable because it’s fairly mobile in the tropical environment, so molybdenum is a really good vector to mineralization, because it’s much more stable. “In this type of tropical environment you usually see elevated manganese from the weathering of hornblende, which is an iron-rich mineral. But alteration from the porphyry wiped out the hornblende before weathering occured, so what we also see is a lack of manganese in the soils above these systems.” The girl passes The Northern Miner a piece of drill core, while Ward explains that the nature of the veining in it is more evidence that Alpala Central is likely part of a much larger system. “Our stockwork has multiple directions, so it’s not just one structure that’s controlling its emplacement, there’s been a complex, powerful, multi-directional stress regime at play here,” he says. “We have up to 12 vein episodes and every stage brought in copper, which is unusual. Normally, the late vein stages in porphyries are mostly pyrite rich, but this system had so much copper that even the late veins are still depositing metals.” Over the next two years, the company plans to drill 95,000 metres, largely at Alpala Central and its southeastern extensions, where higher-temperature alteration minerals and bornite mineralization have been spotted on surface. Ward adds that the property is accessed via a paved highway, whereas a public gravel road crosses the prospective targets. “The best grades we’ve seen so far are in the sericite-propylitic alteration zones, which suggests we’re not even in the core of the system yet,” Ward says. “When we start seeing bornite more than chalcopyrite, then we know we’re getting closer to its heart, and that’s when we could see our grades potentially double.”

“ALPALA HAS THE POTENTIAL TO BE ONE OF THE BIGGEST — IF NOT THE BEST — DISCOVERY.” JASON WARD EXPLORATION MANAGER, SOLGOLD

SolGold CEO Nicholas Mather tells The Northern Miner during a phone interview that the company is extending Alpala’s dimensions before calculating a resource estimate. “You don’t want to half-bake the cake, because as soon as it comes out of the oven, it’ll fall f lat,” Mather says. “The Alpala Southeast target alone could double the footprint of mineralization, so we want to make sure our resource is based on knowing the limits of the Alpala system.” Mather adds that SolGold is fully financed to complete the exploration program, having amassed US$44 million in previous capital raises with Newcrest Mining (TSX: NM), Maxit Capital, DGR Global (ASX: DGR) and Guyana Goldfields (TSX: GUY). “This is a transformational project for a company to have, so we’re not interested in a joint venture,” he says. “We want to take what we used to discover Alpala, and not only apply it to the rest of the property, but to the rest of Ecuador, as well. This is a geological province that has been neglected from an exploration point of view, and we feel like we’re just cracking the rock open. It’s a diamond in the rough.” But there are reasons why some mining companies have hesitated to explore the country. Ecuador earned its reputation as being a risky jurisdiction for exploration and mining in June 2013, when Kinross Gold (TSX: K; NYSE: KGC) announced that it wouldn’t proceed with its Fruta del Norte gold project in southern Ecuador. The company and the Ecuadorian government couldn’t agree on economic and legal terms, with a 70% windfall tax being the strongest impediment. The move spurred an exodus of explorers from the region, leaving EcuaCorriente, a Chinese company developing the US$1.4-billion Mirador copper project, as the only active contract in the country. Frustrated by the lack of interest in the sector, and plagued by a slowing economy as oil revenues collapsed, the government retained analyst-firm Wood Mackenzie to help revamp its tax laws to reinvigorate mining investment. By early 2015, eight fiscal reforms were put in place — including a new formula for the windfall tax — and a Ministry of Mines was created to oversee the sector. By January last year, Lundin Gold (TSX: LUG; US-OTC: FT-

SolGold’s technical services manager Benn Whistler (second from left) and exploration manager Jason Ward (farthest at back) crack open core boxes from the Cascabel copper-gold project, alongside members of SolGold’s exploration team. SOLGOLD.

SolGold chief technical advisor Steve Garwin (centre) inspects drill core from the Cascabel gold-copper project in Ecuador. SOLGOLD

MNF) — which acquired Fruta del Norte from Kinross in 2015 — struck a deal with the Ecuador government to advance the project, and construction is targeted for mid-year. Mather now refers to Ecuador as a “yellow light country.” “I’m happy with the way Ecuador is emerging as a mining nation,” he says. “The government understands that to balance the books, you need a variety of capital sources. They want to build a mining industry, and not just open up the country to speculation.

“Newcrest and our other major shareholders believe that’s a likely outcome as well, otherwise they wouldn’t have approached us,” he says. “They don’t just invest in a company like SolGold without the confidence in the project, management and jurisdiction.” SolGold acquired an 85% interest pu rsua nt to a n opt ion agreement w it h Cornerstone. Cornerstone’s 15% interest is free-carried to completion of a bankable feasibility study. There is an underlying 2% net smelter return royalty on the project,

which SolGold can buy back for US$4 million. Shares of SolGold have traded in London in a 52-week range between 1.97 pence and 46 pence, and traded at 37.75 pence sterling at press time. The company has 1.4 billion shares outstanding for a £540-million (US$671-million) market capitalization. Shares of Cornerstone have traded in Toronto within a 52-week range of 2¢ to 33¢, and closed at 27¢ at press time. The company has 287.5 million shares outstanding for an $82-million market cap. TNM

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A core sample extracted from Cascabel gold-copper project. SOLGOLD

2017-02-28 6:38 PM

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

Analysts look north on a June 2016 tour of Mariana Resources and Lydia’s Hot Maden copper-gold project in northeastern Turkey. MARIANA RESOURCES

Mariana, Lidya complete PEA of Hot Maden in Turkey

GOLD

| Envisioned mine could produce 2.6M oz. gold, 142,000 tonnes copper over nine years

BY TRISH SAYWELL tsaywell@northernminer.com

ariana Resources (TSX: MRY; LON-AIM: MARL) has wasted little time since drilling the first two discovery holes in January 2015 at its high-grade Hot Maden copper-gold project in northeastern Turkey. The junior put out its first resource estimate on the project in August 2015, started work on a preliminary economic assessment (PEA) in June 2016, updated the resource the next month, and has just completed a PEA that outlines the potential for a US$1.4-billion post-tax net present value and a 153% post-tax internal rate of return. It also expects to wrap up a prefeasibility study (PFS) with its partner during this year’s third quarter. Mariana owns 30% of the jointventure project, 1,050 km east of Istanbul, and its Turkish partner Lidya owns 70%. Lidya completed its earn-in in January 2016 and is the project operator. The PEA envisions an underground mine that would produce 2.6 million oz. gold and 142,000 tonnes copper over a nine-year mine life. Total capex — initial and sustaining — is pegged at US$261 million, and would be paid back in just over two years. Mariana’s chief executive officer Glen Parsons was not available for comment at press time. The PEA uses an annual throughput base-case mining scenario of 1 million tonnes per year, a US$1,250 per oz. gold price and US$2.75 per lb. copper price. It also factored in a 20% corporate tax rate, a 2.6% state royalty and a 2% net smelter return royalty to Sandstorm Gold (TSX: SSL; NYSE: SAND). The study outlines operating costs of US$31.05 per tonne, pro-

1-32, 39_MAR6_Main .indd 35

“WE ALWAYS BELIEVED HOT MADEN WAS A WORLD-CLASS DEPOSIT.” GLEN PARSONS CEO, MARIANA RESOURCES

cessing operating costs of US$15.13 per tonne, and general and administrative operating costs of US$10.18 per tonne. Gold and copper recoveries are an estimated 88% and 90%. The mining operation would use a decline, mechanized transverse and longitudinal long-hole stoping with engineered paste fill. In addition to the technical studies and optimization that the partners will need for a PFS, they have budgeted a 20,000-metre drill program this year, south of the project’s Main zone. The focus at Hot Maden is exploring for strike extensions to the known mineralization along the 5 km long Hot Maden fault and hydrothermal alteration zone, and testing (through deep geophysics and drilling), the potential for more gold-copper resources beneath the mineralization’s depth limit, which is 400 metres below surface. The updated resource estimate completed in July 2016 is based on 62 drill holes (17,000 metres) and outlines an indicated resource in the Main zone of 7.1 million tonnes grading 12.2 grams gold per tonne, 2.3% copper and 0.2% zinc (15 grams per equivalent tonne gold), for 2.79 million contained oz. gold and 166,000 tonnes copper (3.43 million equivalent oz. gold). The Main zone’s inferred resource adds 718,000 tonnes grading 2.7 grams gold, 0.9% copper and

0.1% zinc (3.8 equivalent grams gold), for 62,000 contained oz. gold and 7,000 tonnes copper (88,000 equivalent oz. gold). The partners have also carved out an inferred resource in the project’s Southern zone, 300 metres south of the Main zone, of 1.4 million tonnes grading 7.2 grams gold, 0.7% copper and 0.1% zinc (8.1 equivalent grams gold), for 313,000 oz. gold and 10,000 tonnes copper (351,000 equivalent oz. gold). Finally, a hanging wall zone contains 398,000 tonnes in the indicated category grading 2.9% zinc and 0.6% lead for 11,600 tonnes zinc. The zone’s inferred resource stands at 2.9 million tonnes grading 4% zinc and 0.5% lead, for 114,000 contained tonnes zinc. Mineralization at Hot Maden occurs within a north- to northeasttrending fault zone known as the Hot Maden fault zone. Discovery drill hole 4 returned a 103-metre intercept grading 9 grams gold and 2.2% copper from 25 metres, which is associated with silicified andesite breccias and massive sulphides (pyrite-chalcopyrite). The intersection includes a massive sulphide zone averaging 18.3 grams gold and 3.3% copper over 33.4 metres from 80 metres downhole. Discovery hole 5, which was collared 100 metres southeast of drill hole 4 — returned 82 metres grading 20.4 grams gold and 1.9% copper from 147 metres downhole, including 13 metres of 88 grams gold and 2.5% copper from 150 metres. Small-scale underground mining of high-grade copper veins along the southwestern margin of the Hot Maden fault zone was undertaken by Russian interests pre-1923. Little modern or systematic exploration has been done in the area, with the exception of the work by Mariana and its partner.

Lidya is part of the Calif Group, one of Turkey’s largest private conglomerates, with interests that extend beyond mining to include energy, finance, construction, tex-

tiles, telecoms and media. Lidya is also involved in a joint venture with Alacer Gold (TSX: ASR) at the Copler gold mine in eastern Turkey. TNM

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Northern Dynasty sinks on short-seller’s report NORTHERN DYNASTY From 33

present value (NPV) was negative “to the tune of multiple billions of dollars, assuming long-term metal prices that exceed prices today.” Kerrisdale said that Anglo’s decision to withdraw from the project in 2013 wasn’t due to regulatory concerns, but because building the open-pit mine would “destroy billions of dollars of value.” As stated in the Kerrisdale report: “according to our sources, Northern Dynasty knew about the negative results of Anglo’s analysis but cut it short to avoid having to disclose it to the public — pursuing what one engineer described to us as ‘a hidden agenda of telling a good story.’ In the past decade, Northern Dynasty has hired at least two major engineering firms to prepare preliminary feasibility studies of Pebble laying out its economics in detail, yet it has failed to publish the findings — because they were damning.” Sources allegedly told the investment research firm that between US$11 billion and US$13 billion is needed to build the mine, which is more than double the US$4.7billion figure reported in Northern Dynasty’s 2011 preliminary economic assessment (PEA), which envisaged a 200,000-tonne-per-day open-pit operation. Northern Dynasty issued a rebuttal on Feb. 17, stating that Kerrisdale would realize “significant gains” if Northern Dynasty’s stock price declines, and is “a troubled organization, which has recently been in the news for major client and staff defections, and alleged senior staff personal misconduct.” Northern Dynasty says that Kerrisdale offers no technical or scientific evidence to back its claims, and leans on “anonymous hearsay” from individuals who may “likewise hold or have held short positions in Northern Dynasty.” In support of Northern Dynasty, analysts from TD Securities said Kerrisdale’s capital estimates are “misleading,” given that no context was given as to the project’s size and scale. The bank maintains its $5 target price on the stock and upgraded its rating to a “speculative buy” from a “hold.” The Northern Miner spoke with Northern Dynasty’s president and CEO Ronald Thiessen about Kerrisdale’s allegations. The Northern Miner: What was your reaction to the Kerrisdale report? Ronald Thiessen: It was kind of frustrating, because we’re held to a reporting standard that’s very rigorous and their claims against our project weren’t warranted — they have zero expertise. Everything we do has to be independently reviewed, and a plethora of engineers have signed off and certified our work. So to have a self-interested short seller

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“WE’RE HELD TO A REPORTING STANDARD THAT’S VERY RIGOROUS, AND THEIR CLAIMS AGAINST OUR PROJECT WEREN’T WARRANTED — THEY HAVE ZERO EXPERTISE.” RONALD THIESSEN PRESIDENT AND CEO, NORTHERN DYNASTY MINERALS

publish an anonymous statement from a former Anglo engineer that claimed the project isn’t economic is one of the many things that is quite troubling about all this. I know most of the Anglo engineers on this project … and I don’t know whether this engineer is being paid. Kerrisdale mentions in their disclaimer that the author and others stand to profit if Kerrisdale does. That’s a contingency fee, and you can’t use your professional designation to certify something on a contingency fee. There are other ways for someone to profit from this. A short is simply a buy ticket that gets exercised in the future. So while Kerrisdale hammers the stock down with short selling, they have to buy back that position back at some point — unless we go bankrupt, which is clearly not going to happen. They also claimed we have a weak balance sheet, but the last time I checked we have US$54 million in the bank, so that’s at least a month out of date or more. (Northern Dynasty closed a US$37.4-million bought deal offering on Jan. 26, in which 20.4 million shares were sold at US$1.85 per share.) The options market saw quite a bit of activity leading up to this report. So my guess is, that’s where some of the economic opportunity arises, because it’s virtually a no-risk situation. It’s not a huge amount of money, but it’s millions. TNM: Is there a report that claims Pebble would require up to US$13 billion in capital expenses? RT: The only study that’s been issued and approved is the 2011 PEA that we put out. Within the Pebble Ltd. Partnership (PLP), there are literally

hundreds of iterations of various studies. One of them, which was completed by various Anglo engineers within the PLP, came out with a big number but they were quick to say that it was an unreviewed, first-pass report. They expected the number to be much lower. Further review of the report identified flaws and there was another US$4 billion in savings. We had other engineers look at it and they said it’d be even lower. So that first iteration was disregarded and never finalized. To my knowledge, Anglo has never done a prefeasibility study, but given their size and scale if they did, they wouldn’t have to release it. (The PEA, which was completed by Tetra Tech’s Wardrop Engineering, outlined a 200,000-tonne-per-day open-pit operation with an initial 25-year mine life, potentially extending to 78 years. Capital expenses for the operation stand at US$4.7 billion, whereas operating costs, real and undiscounted, are US$1.52 per short ton. Assuming a 45-year mine life, the operation would process 3.4 billion tonnes of ore, with a strip ratio of 2.1 to 1 and average grades of 0.5% copper, 0.38 gram gold per tonne and 214 ppm molybdenum. Metallurgical recoveries average 87.9% for copper, 71.3% for gold and 87.9% for molybdenum. Mining would produce 30.5 billion lb. copper, 30.3 million oz. gold and 1.4 billion lb. molybdenum, as well as 140 million oz. silver, 1.2 million kilogram rhenium and 907,000 oz. palladium. The project’s pre-tax NPV — at a 7% discount rate — is US$6.1 billion, the pre-tax internal rate of return (IRR) is 14.2% and the payback period is 6.2 years, assuming

long-term metal prices of US$2.50 per lb. copper, US$1,050 per oz. gold, US$13.50 per lb. molybdenum and US$15 per oz. silver. Northern Dynasty’s 50% interest in the project would yield a 15.4% post-tax IRR, a 5.3-year payback and US$2.4-billion NPV, at a 7% discount rate, at long-term metal prices.) TNM: Why did Anglo American drop the project in 2013? RT: I don’t want to put words in their mouth, but it wasn’t the environmental opposition and it wasn’t because they felt the project was uneconomic. It was a difficult time. Mark Cutifani came on as CEO and the company’s balance sheet was under distress. They were deep into its Minas-Rio iron ore project in Brazil, and the Anglo American Platinum situation was pretty much a nightmare in South Africa. They had several advanced projects that they wanted to put on care and maintenance, and we were one of them, despite them publicly referring to Pebble as a deposit of rare magnitude and quality. Being a single-asset company, we couldn’t agree with placing it on care and maintenance. We were ready to go into permitting that year, so they decided to withdraw and left with no interest. TNM: Are there any partnerships on the table for Pebble? RT: There was interest in the project from the day Anglo announced their decision to pull out. We would’ve replaced Anglo within six months if it wasn’t for the EPA initiating the pre-emptive veto process on Feb. 28, 2014. If we can clear the decks and take their howitzer out of the room, then this is a fabulous project for anyone to get involved in. It’s got size, scale, optionality — and all the heavy lifting is done. We estimate it will cost US$150 million to go through permitting over the next three to four years. TNM: What’s the status on the EPA litigation? RT: We were pretty close to an agreement last year and settled some terms, but we didn’t get everything resolved. Then the U.S. election occurred and that overwhelmed the mediation process. We continued to talk with a view that maybe we could come to a settlement with the Obama administration, but that didn’t happen. So on Dec. 30, 2016, the Department of Justice entered into a stay on proceedings, which is in place until March 20. We’re pretty confident that we can resolve

the litigation with the EPA by the end of March. [President Trump’s nominee Scott Pruitt was confirmed as the EPA’s new administrator on Feb. 17.] TNM: What are your thoughts on Scott Pruitt? RT: In 2012, he was in Alaska as part of the National Association of Attorneys General summit, and we were given the opportunity to brief him on Pebble, and told him how we felt the EPA was overstepping their statutory authority. The litigation he’s involved in with the EPA is on the same grounds, so if there’s anyone who can understand our position the most, it’s him. Myron Ebell, who led Trump’s transition team for the EPA, also stood on the ground in 2011, and wrote a half-dozen articles on Pebble, and how it was the poster child of the EPA’s overreach. Our objective with this court case all along was to bring the EPA to a table to negotiate a resolution that allows us to proceed with a normal permitting process under the U.S. Army Corps of Engineers, where the fundamental document on which anybody can make a decision whether the project will move forward or not would be an environmental impact statement. This preemptive veto the EPA was driving forward was drafted on a mine development concept that was not of our making, which was outlined in their Bristol Bay Watershed Assessment report. We feel we’re about to resolve the litigation and that will remove the EPA’s pre-emptive veto. We’re not looking for any special treatment, we’re just looking for normal. TNM: What makes the Pebble project attractive to investors? RT: This project is extremely unique. Where else do you find a resource like this, with US$750 million already spent on it, and ready to go into permitting today? You can’t find anything else in the world quite like it. Obviously the project has some risk on the permitting side, and we believe we’ve done a tremendous amount of work to reduce that risk. We’ve spent US$150 million on our environmental baseline document and we know the region around the deposit extremely well. It’s not at high-altitude, it has flat terrane, there’s water available and it’s just 135 km to the coast. There are several of these deposits operating in B.C., such as Gibraltar, Highland Valley Copper, Red Chris and Mount Milligan. TNM

2017-02-28 6:39 PM

GLOBAL EXPLORATION

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

Looking south at Alamos Gold’s Agi Dagi gold project from its Kirazli gold project, 25 km away, in northwestern Turkey. ALAMOS GOLD

Alamos Gold improves economics at Kirazli and Agi Dagi TURKEY BY SALMA TARIKH

starikh@northernminer.com

lamos Gold (TSX: AGI; NYSE: AGI) has made its precious metals portfolio in Turkey more attractive by publishing positive feasibility studies on the stand-alone Kirazli and Agi Dagi open-pit heap-leach projects, along with a preliminary economic assessment (PEA) on the Camyurt project. All three are in the Canakkale province of northwestern Turkey. “With Kirazli, followed by Agi Dagi and Camyurt, we own a pipeline in Turkey that can provide lowcost production and free cash flow for more than a decade,” Alamos’ president and CEO John McCluskey said in a release. Building on the previous 2012 prefeasibility studies, the February 2017 feasibility studies indicate improved economics, despite incorporating lower metal price assumptions of US$1,250 per oz. gold and US$16 per oz. silver, and a higher 8% discount rate, versus 5%. BMO analyst Brian Quast writes that unit mining costs and operating costs for both Kirazli and Agi Dagi improved over 2012, due to three factors: pit slope design and lower waste-to-ore ratios, foreignexchange assumptions that reflected the depreciation of the Turkish lira and lower mining contractor rates. Alamos envisions Kirazli, the most advanced of the three, as a 15,000-tonne-per-day heap-leach operation, with start-up costs of US$152 million. Based on maiden reserves of 670,000 oz. gold and 10.1 million oz. silver (26.1 million tonnes grading 0.79 gram gold and 12 grams silver per tonne), gold production should average 104,000 oz. a year over a five-year mine life. Mine-site all-in sustaining costs (AISCs) are US$373 per oz., minus silver credits. This marks a 30% decline from 2012’s US$535 per ounce. On an after-tax basis, Kirazli boasts a US$187-million net present value (NPV) and 44% internal rate of return (IRR). Payback should occur within 1.4 years. Applying the same metal price assumptions and discount rate to the 2012 study, Kirazli’s economics have improved from the after-tax NPV and IRR of US$82 million and 26%. The feasibility study on the Agi Dagi project, 25 km southeast of Kirazli, forecasts it would cost US$250

1-32, 39_MAR6_Main .indd 37

| Studies highlight low capital requirements and costs

million to build a 30,000-tonneper-day heap-leach operation, with a six-year mine life. Based on a maiden reserve of 1.17 million oz. gold and 9.5 million oz. silver (54.4 million tonnes of 0.67 gram gold and 5.4 grams silver), Agi Dagi could annually churn out 177,600 oz. gold over five years of production. Expected mine-site AISCs are US$411 per oz., net of silver credits. This reflects a 35% reduction from 2012. Using an 8% discount rate and the same 2017 metal price assumptions, Agi Dagi’s after-tax NPV has climbed 240% since 2012 to US$298 million. The after-tax IRR has jumped 23% to 39%. Expected payback is less than two years. While acknowledging the better economics, Ryan Hanley, an analyst at Mackie Research Capital, says that “we continue to be cautious on permitting for both Kirazli and Agi Dagi, sticking to our ‘when, not if’

belief — which has proven the correct approach, given ongoing delays.” Alamos notes the federal government has approved Kirazli’s environmental impact study (EIA) and forestry permits. It is now waiting for the business opening and operation (GSM) permit. Once that is in hand, Alamos will provide a 2017 development budget for the project. Kirazli should take nearly two years to bring online, after a construction decision. Meanwhile, Agi Dagi has an approved EIA, but the GSM and forestry permits remain outstanding. BMO’s Quast says the company intends to permit the projects separately, as combining the two would require an amended EIA. Alamos also plans to use the cash flow from Kirazli to fund Agi Dagi’s development. Alamos says Agi Dagi has a 36-month development timeline, including three months of precommercial production, after a

construction decision. Mackie’s Hanley says Kirazli would start up in 2020, followed by Agi Dagi in 2021. The PEA on the Camyurt project, 4 km from Agi Dagi, assumes Camyurt could annually produce 93,200 oz. gold and 403,000 oz. silver over four years, based on measured and indicated resources of 510,000 oz. gold and 3.5 million oz. silver (17.7 million tonnes at 0.89 gram gold and 6.1 grams silver). Expected initial capital is US$10 million, reflecting no infrastructure requirements. Alamos plans to truck the ore from Camyurt to Agi Dagi’s plant, after Agi Dagi runs its course. On an after-tax basis, Camyurt has an US$86-million NPV and a 253% IRR. “Relative to the economics of Agi Dagi, as a smaller operation Camyurt does not display the same attractiveness, despite the higher grade,” Quast says.

He points out that Camyurt will have higher mining costs, due to a higher strip ratio and haulage costs related to trucking ore to Agi Dagi. Camyurt’s estimated mine-site AISCs are US$645 per oz. — nearly 60% higher than Agi Dagi’s. Given the smaller size of capital outlay, Camyurt’s corporate tax rate will remain Turkey’s statutory 20%, while Kirazli and Agi Dagi both have the lower 2% tax rate, Quast notes. Alamos closed Feb. 22 — the day it released the Agi Dagi and Camyurt studies — up 3¢ at $10.56 per share. It published Kirazli’s study a week earlier. Quast has a $14.25 target and “outperform” rating on the stock, while Hanley has an $11 target and a “hold” on Alamos. He says the company has limited growth until 2018. Along with its Turkey assets, Alamos operates the Mulatos and El Chanate mines in Mexico, and the Young-Davidson mine in Ontario. TNM

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2017-02-28 6:39 PM

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MARCH 6–19, 2017 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 21–24 The S&P/TSX Composite Index lost ground, retreating 1.9% to 15,533.47, during the holiday-shortened week. The S&P/TSX Global Mining Index tumbled 5.2% to 67.69, while the S&P/TSX Global Gold Index lost 3.3% to finish at 216.50. The yellow metal climbed 1.8%, or US$22.30, to US$1,256.90 per ounce. The April crude oil contract on the New York Mercantile Exchange lost a cent to settle at US$53.99 per barrel. SouthGobi Resources was the top percentage winner, gaining 33% to close at 47¢ per share. On Feb. 20, the company reported Mongolia’s Prime Minister J. Erdenebat and some government officials visited SouthGobi’s Ovoot Tolgoi coal mine. SouthGobi intends to commission a wet processing plant in the second quarter of 2017, which would create more jobs and improve the quality of its exported coal. The company also requested government assistance, given the recent slowdown in the coal market. Three days later, SouthGobi said its subsidiary SouthGobi Sands received the “best social responsibility enterprise of 2016” award. SouthGobi says it has contributed more than $8 billion in Mongolian tugrik ($4.2 billion) towards the development of local communities and the country in the past 10 years. Harte Gold shares rose 13.5% to 42¢ on the back of exploration results. On Feb. 22, the

company reported “excellent” results from expansion step-out drilling on 100-metre spacing at the Middle zone, which sits between the Sugar zone deposit and the Wolf zone. Highlight hole 52 returned 37.95 grams gold per tonne over 3.5 metres, including a 0.6-metre interval of 204 grams gold. Hole 52 is the most northern and the highest-grade hole drilled to date. Harte has drilled 11 holes in the Middle zone, starting from 200 metres below surface. That zone now measures 400 by 400 metres, and is open on strike and at depth. The company’s exploration goals include expanding the area of known gold mineralization and testing the depth potential at the Sugar, Middle and Wolf zones. On Feb. 27, the company strengthened its TSX MOST ACTIVE ISSUES

Nthn Dynasty Katanga Mng Yamana Gold B2Gold First Quantum Ivanhoe Mines Kinross Gold Barrick Gold Teck Res Suncor Energy

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

NDM 42123 3.23 1.81 2.10 - 0.87 KAT 41492 0.65 0.38 0.46 - 0.03 YRI 34680 4.42 3.58 3.66 - 0.38 BTO 29910 4.64 4.10 4.39 + 0.17 FM 28636 15.72 13.77 14.00 - 1.00 IVN 28283 5.11 4.22 4.28 - 0.58 K 23161 5.21 4.80 4.99 - 0.07 ABX 17864 27.19 25.55 25.59 - 0.82 TECK.B 14632 29.36 26.75 27.16 - 0.82 SU 13433 42.95 41.18 41.24 - 0.89

management team by adding three members to advance the Sugar zone project development and exploration programs for 2017. The new members are Stephen Ball, general manager at the sugar zone mine; John Kita, chief mine geologist; and Allan Armitage, chief exploration geologist. Northern Dynasty Minerals shares dropped 29% to finish at $2.10, despite increasing after it disclosed on Feb. 22 that the

U.S. Congressional Committee has recommended that the environmental protection agency administrator withdraw its 2014 veto on the Pebble copper-gold project in Alaska. The stock has more than halved after a Feb. 13 report by Kerrisdale Capital Management, claiming Northern Dynasty’s Pebble project is “worthless” and “uneconomic.” The company contends those claims are “unfounded” and “contain numerous errors.” TNM

TSX GREATEST PERCENTAGE CHANGE

SouthGobi Res Freegold Vent Yellowhead Mng Talon Metals Harte Gold Globex Mng Nautilus Mnrls Amerigo Res Horizonte Mnls Dynasty Met&Mn Nthn Dynasty St Augustine Mandalay Res Alderon Iron Rio Novo Gold Xtra-Gold Res GoGold Res Torex Gold General Moly Mawson Res

SGQ FVL YMI TLO HRT GMX NUS ARG HZM DMM NDM SAU MND ADV RN XTG GGD TXG GMO MAW

13 380 1225 499 4529 630 873 1515 805 380 42123 7431 6141 1414 98 429 1752 2614 77 339

0.47 0.35 0.47 0.16 0.12 0.15 0.10 0.07 0.08 0.10 0.08 0.10 0.42 0.36 0.42 0.62 0.54 0.61 0.18 0.15 0.18 0.56 0.48 0.56 0.05 0.05 0.05 0.36 0.29 0.35 3.23 1.81 2.10 0.04 0.03 0.03 0.82 0.63 0.63 0.64 0.48 0.50 0.23 0.16 0.17 0.30 0.25 0.25 0.99 0.81 0.83 32.85 26.42 26.96 0.95 0.69 0.71 0.57 0.46 0.47

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

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Altius Mnrls TMAC Resources Silver Std Res Silvercorp Met Prophecy Coal B2Gold Sierra Metals SouthGobi Res Orocobre Kirkland Lake Agrium Torex Gold Agnico Eagle Detour Gold Franco-Nevada Dominion Diam Potash Corp SK Goldcorp First Quantum Cameco Corp

32.9 25.0 23.1 18.8 13.5 13.0 12.5 12.0 11.1 11.1 29.3 25.0 20.3 18.0 17.5 16.7 16.2 15.6 15.5 15.5

VOLUME WEEK (000s) CLOSE CHANGE

ALS TMR SSO SVM PCY BTO SMT SGQ ORL KL AGU TXG AEM DGC FNV DDC POT G FM CCO

364 12.69 91 17.42 1691 15.09 6080 5.58 12 4.54 29910 4.39 112 3.02 13 0.47 488 3.79 4612 10.32 1593 130.24 2614 26.96 3624 59.39 6230 17.07 2387 86.27 1336 11.50 13325 23.41 12438 21.70 28636 14.00 7519 14.38

+ 0.80 + 0.55 + 0.32 + 0.26 + 0.19 + 0.17 + 0.12 + 0.12 + 0.11 + 0.09 - 5.40 - 4.97 - 1.93 - 1.79 - 1.79 - 1.58 - 1.09 - 1.06 - 1.00 - 0.97

TSX VENTURE EXCHANGE / FEBRUARY 21–24 The S&P/TSX Venture Composite Index shed 7.65 points to an 836.27-point close, while spot gold prices gained US$22.59, or 1.8% , to US$1, 257.19 per oz ., a nd Comex copper prices lost 2¢ to US$2.7 per pound. Lithium explorer Bacanora Minerals led the value-added category, gaining 32¢ to $1.52 per share after announcing plans to acquire 50% interest in the Zinnwald lithium project in southern Saxony, Germany, from SolarWorld AG, the largest solar panel producer in Europe. In exchange for the interest, Bacanora would pay SolarWorld €5 million and contribute €5 million towards a feasibility study, which would take between 18 and 24 months to complete. Bacanora could also acquire the other 50% interest for €30 million within 24 months of signing. The project, located 35 km from the city of Dresden and bordering the Czech Republic, is located in a granite-hosted antimonytungsten-lithium belt that has been mined periodically for the past three centuries. It has a historic resource of 10.3 million measured tonnes of 0.37% lithium, 16.3 million indicated tonnes of 0.4% lithium and 9.9 million inferred tonnes of 0.37%, assuming a 0.3% lithium cut-off. The company has retained SRK Consult-

ing to update the estimate with geological and grade models, and infill drilling. Junior explorer Durango Resources saw 22.1 million shares traded before closing up 11¢ to 18¢ per share after receiving two undisclosed offers on its Trove gold property, next to Osisko Mining’s Windfall Lake gold property in northern Quebec. Previous rock chip and soil samples across the 12 sq. km property returned little to no anomalous gold values, whereas a low frequency electromagnetic survey outlined four distinctive conductors, which will be followed up with more test work in this year’s exploration program. Broadway Gold Mining has launched a follow-up phase-two drill program at its wholly owned Madison copper-gold TSX-V MOST ACTIVE ISSUES

Durango Res Spearmint Res Alexandria Min Victory Vent Cruz Cap Corp NRG Metals CobalTech M’g Focus Graphite Secova Mtls Commerce Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

DGO SRJ AZX PAM CUZ NGZ CSK FMS SEK CCE

22105 14723 12017 11654 11333 9779 9376 9215 9121 8709

0.19 0.04 0.06 0.19 0.31 0.22 0.41 0.15 0.11 0.11

0.07 0.03 0.05 0.09 0.24 0.16 0.27 0.10 0.09 0.07

0.18 0.03 0.06 0.13 0.28 0.18 0.38 0.13 0.10 0.10

+ - + - + - + + - +

0.11 0.01 0.01 0.01 0.02 0.01 0.09 0.03 0.01 0.03

project in the historic Butte-Anaconda mining region of Montana, after confirming favourable alteration and mineralization in previous drilling. News of the program drove shares of the company up 26¢ to $1.28. The project has a past-producing underground mine that the company has refurbished to expand the copper-gold zones for development.

Shares of Engold Mines rose 15¢ to 28¢ on a discovery at its Lac La Hache property, 14 km from the town of Lac La Hache, central British Columbia. Drilling found 27 metres of “intensely mineralized” coppermagnetite skarn from 337 metres deep, located 1.8 km southeast of the project’s existing resource. The hole was targeting a 1.4 by 1 km gravity anomaly. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Durango Res Savant Expl Engold Mines EastCoal Inc Standard Toll Whitemud Res RosCan Mrnls Trinity Valley Red Oak Mg Satori Res Cerro Mng Caracara Silvr Golden Harp Battle Mtn Gld Marifil Mines Auramex Res Amador Gold Inomin Mines Unity Energy Barker Mnrls

DGO SVT EGM ECX.H TON WMK.H ROS.H TE ROC.H BUD CRX.H CSV.H GHR.H BMG MFM AUX AGX.H MINE UTY BML

22105 4627 3023 58 237 130 100 1116 28 1554 4 124 4 1242 1394 836 34 55 328 1010

0.19 0.06 0.28 0.01 0.01 0.01 0.04 0.05 0.03 0.25 0.01 0.02 0.21 0.52 0.03 0.04 0.20 0.07 0.12 0.02

0.07 0.02 0.13 0.00 0.01 0.01 0.02 0.02 0.02 0.15 0.00 0.01 0.11 0.30 0.02 0.03 0.00 0.05 0.08 0.01

0.18 0.05 0.28 0.01 0.01 0.01 0.04 0.04 0.03 0.23 0.01 0.01 0.11 0.31 0.02 0.03 0.14 0.05 0.08 0.01

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 157.1 + 125.0 + 107.4 + 100.0 + 100.0 + 100.0 + 100.0 + 75.0 + 66.7 + 53.3 - 50.0 - 50.0 - 46.3 - 40.2 - 40.0 - 37.5 - 37.2 - 35.7 - 34.8 - 33.3

VOLUME WEEK (000s) CLOSE CHANGE

Bacanora Mnls Broadway Gold Tanqueray Expl Karmin Expl Chesapeake Gld Engold Mines Kairos Cap Bear Creek Mng Kincora Copper Durango Res Abitibi Royalt Filo Mg Corp Bearing Res Corsa Coal Morumbi Res Battle Mtn Gld Nrthn Lion Eurasian Mnls Itafos Gold Reserve

BCN BRD IPA KAR CKG EGM KRS BCM KCC DGO RZZ FIL BRZ CSO ASND BMG NL EMX IFOS GRZ

588 1106 316 343 159 3023 285 468 475 22105 103 1530 2093 298 510 1242 13 403 61 60

1.52 1.28 1.45 0.58 4.21 0.28 0.48 2.95 0.58 0.18 9.40 2.27 1.05 2.72 0.88 0.31 0.55 1.31 2.22 4.17

+ 0.32 + 0.26 + 0.23 + 0.19 + 0.16 + 0.15 + 0.14 + 0.12 + 0.12 + 0.11 - 0.70 - 0.62 - 0.38 - 0.31 - 0.22 - 0.21 - 0.19 - 0.19 - 0.18 - 0.18

U.S. MARKETS / FEBRUARY 21–24 The S&P 500 Index added 0.7% to close at 2,367.34, while the Dow Jones Industrial Average climbed 0.96% to 20,821.76, both finishing at new highs during the holidayabbreviated week. The Nasdaq edged up 0.1% to 5,845.31. Spot gold gained 1.8% to close at US$1,256.90, up 9% for the year. Freeport-McMoRan was the most traded stock, with 184.8 million shares traded, closing at US$13.25 per share, down 11%, after updating the market on its subsidiary PT-Freeport Indonesia’s (FI) Grasberg copper-gold operation in Papua, Indonesia. PT-FI has not exported concentrates since Jan. 19, arguing that new government regulations violate its contract and call for a new licence that has no fiscal or legal assurances. The company plans to freeze investments in Papua, lower production 60% from normal levels, and trim its workforce and spending with local suppliers. PT-FI says its share of production decreases by 70 million lb. copper and 70,000 oz. gold each month because of the export ban. Vale saw 172.7 million shares traded, as it retreated US45¢ per share to close at US$10.52. Vale reported that it would

38_MAR6_MarketNews.indd 38

not renew CEO Murilo Ferreira’s six-year contract when it expires in May. The announcement comes days after Vale said it would get rid of its controlling shareholder agreement to give its management team more independence. Primero Mining shares lost US10¢ to finish at US67¢. Primero said gold and silver reserves fell 24% and 20% at year-end 2016 from a year ago. Contained gold dropped to 1.34 million from 1.76 million oz. and contained silver lowered to 56.6 million from 70.7 million ounces. Primero says the decrease comes from mining depletion and U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 184891 15.31 13.16 13.25 Vale* VALE 172766 11.70 10.35 10.52 United States S* X 97853 41.83 35.71 37.01 Yamana Gold* AUY 92718 3.39 2.74 2.79 Vale* VALE.P 91111 11.10 9.95 10.13 Barrick Gold* ABX 71665 20.78 19.51 19.54 Kinross Gold* KGC 60166 3.99 3.63 3.81 Gold Fields* GFI 43695 3.44 3.11 3.25 IAMGOLD* IAG 42625 4.75 4.26 4.33 Hecla Mining* HL 40474 6.72 5.86 5.90

- 1.66 - 0.45 - 2.79 - 0.30 - 0.27 - 0.63 - 0.07 - 0.02 - 0.21 - 0.68

modified modelling parameters, including a two-pass cut-off grade method and more geological constraints. Total measured and indicated resources at year-end 2016 were 3 million oz. gold and 83.7 million oz. silver, marking a 3% and 5%

decline from year-end 2015. Primero is conducting an annual accounting impairment review. BMO analyst Brian Quast has trimmed his target price to $1.20 from $1.30 to reflect lower mine lives and a higher chance of impairment. TNM

U.S. GREATEST PERCENTAGE CHANGE

Black Hills* BKH NACCO Ind* NC Natural Res Pt* NRP Intrepid Pots* IPI Stillwater Mg* SWC Chevron* CVX Gold Fields* GFI Vedanta* VEDL Sibanye Gold* SBGL Coeur Mng* CDE Primero Mng* PPP Cloud Peak En* CLD Dominion Diam* DDC Eldorado Gold* EGO DRDGOLD* DRD Freeport McMoR* FCX Hecla Mining* HL AngloGold Ash* AU Yamana Gold* AUY McEwen Mng* MUX

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

1092 64.71 61.98 64.62 102 66.65 62.15 64.05 557 41.80 38.80 41.45 8784 2.53 2.10 2.23 6089 17.13 16.93 17.06 35204 112.31 109.27 110.12 43695 3.44 3.11 3.25 1538 15.89 15.16 15.35 9694 8.93 7.98 8.54 22074 9.30 8.67 8.75 8124 0.79 0.66 0.67 31747 6.24 5.04 5.11 2122 10.41 8.75 8.77 26541 3.82 3.22 3.22 2393 6.67 5.73 5.79 184891 15.31 13.16 13.25 40474 6.72 5.86 5.90 22467 13.29 11.50 11.59 92718 3.39 2.74 2.79 24344 4.25 3.72 3.74

+ 3.2 + 1.4 + 0.9 + 0.5 - 0.1 - 0.2 - 0.6 - 0.9 - 1.2 - 1.5 - 12.9 - 12.2 - 12.1 - 12.0 - 11.5 - 11.1 - 10.3 - 10.2 - 9.7 - 9.4

U.S. GREATEST VALUE CHANGE

Black Hills* BKH NACCO Ind* NC Natural Res Pt* NRP Intrepid Pots* IPI Stillwater Mg* SWC Gold Fields* GFI Turquoise HIl* TRQ KGC Kinross Gold* Primero Mng* PPP Sibanye Gold* SBGL MartinMarietta* MLM Agrium* AGU Arch Coal* ARCH Rio Tinto* RIO United States S* X Mosaic* MOS Alcoa* AA Freeport McMoR* FCX Agnico Eagle* AEM Franco-Nevada* FNV

VOLUME WEEK (000s) CLOSE CHANGE

1092 64.62 102 64.05 557 41.45 8784 2.23 6089 17.06 43695 3.25 17994 3.41 60166 3.81 8124 0.67 9694 8.54 5210 210.05 2560 99.37 3122 71.99 24997 41.69 97853 37.01 19501 31.42 23293 34.48 184891 13.25 8214 45.32 2855 65.89

+ 1.98 + 0.90 + 0.35 + 0.01 - 0.01 - 0.02 - 0.06 - 0.07 - 0.10 - 0.10 - 7.50 - 4.28 - 4.10 - 3.81 - 2.79 - 2.17 - 1.73 - 1.66 - 1.50 - 1.32

2017-02-28 6:44 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / MARCH 6–19, 2017

M E TA L S , M I N I N G A N D M O N EY M A R K E T S PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, February 28, 2017 Precious Metals Price (US$/oz.) Change 1251.90 +23.20 Gold Silver $18.28 +0.39 Platinum $1026.00 +25.00 Palladium $773.00 -2.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10825.00 -215.00 $5922.00 -10.50 $2259.00 +5.00 $2819.00 +15.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, February 27, 2017 (change from February 20, 2017 in brackets): Aluminium Alloy 13280 (+420) 2209550 (+14450) Aluminium Copper 206875 (-17150) 190325 (+575) Lead Nickel 378612 (-5172) 5575 (-195) Tin 385900 (-2900) Zinc

Alamos Gold (AGI.WT) - Wt buys sh @ $28.47 to Aug 30/18 Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19 Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Continental Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dalradian Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources Inc (EXN.WT) - Wt buys sh @ $1.75 to Jul 26/18 Franco Nevada (FNW.WT.A) - Wt buys sh @ $75 to Jun 16/17 GoGold Resources Inc. (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19 HudBay Minerals (HBM.WT) - Wt buys sh @ $15 to Jul 20/18 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry Lydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry MBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19 Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19 New Gold A J (NGD.WT.A) - Wt buys sh @ $15 to Jun 28/17 Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dynasty Minerals Ltd. J (NDM.WT) - Wt buys sh @ $3 to Sep 14/17 Oban Mining J (OBM.WT) - Wt buys 20 sh @ $3 to Aug 25/18 Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$50.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$11.80 Cobalt: US$19.28/lb. Copper: US$2.77/lb. Copper: CME Group Futures Mar. 2017: US$2.75/lb.; April 2017: US$2.76/lb Ferro-Chrome: US$1.97/kg Ferro Titanium: US$3.49/kg FerroTungsten: US$25.05/kg Ferrovanadium: US$18.46/kg Iridium: NY Dealer Mid-mkt US$720.00/tr oz. Iron Ore 62% Fe CFR China-S: US$91.8/tonne Iron Ore Fines: US$58.31/tonne Iron Ore Pellets: US$84.05/tonne Lead: US$1.11/lb. Magnesium: US$2.17/kg Manganese: US$1.85/kg Molybdenum Oxide: US$6.92/lb. Phosphate Rock: US$103.00/tonne Potash: US$215.00/tonne Rhodium: Mid-mkt US$845.00/tr. oz. Ruthenium: Mid-mkt US$40.00/tr. oz. Silver: Handy & Harman Base: US$17.85 per oz.; Handy & Harman Fabricated: US$22.31 per oz. Tantalite Ore : US$124.69/kg Tin: US$8.92/lb. Uranium: U3O8, Trade Tech spot price: US$25.50; The UX Consulting Company spot price: US$26.00/lb. Zinc: US$1.35/lb. Prices current Feb. 14, 2017

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Feb 16, 2017 (with changes from Feb 01, 2017) Largest short positions K 35472328 1839838 2/1/2017 Kinross Gold LUN 21283376 -912686 2/1/2017 Lundin Mng B2Gold BTO 21084813 963587 2/1/2017 NGD 20760455 -947144 2/1/2017 New Gold Potash Corp SK POT 17808279 313709 2/1/2017 SSL 13058657 436692 2/1/2017 Sandstorm Gold Suncor Energy SU 10742418 54456 2/1/2017 DGC 9969657 -109058 2/1/2017 Detour Gold Klondex Mines KDX 9927689 174502 2/1/2017 Eldorado Gold ELD 9750816 2119043 2/1/2017 OceanaGold OGC 8342223 257968 2/1/2017 ABX 8293445 -22799 2/1/2017 Barrick Gold Cameco Corp CCO 7451324 381793 2/1/2017 Alacer Gold ASR 7394146 -222688 2/1/2017 First Quantum FM 7091778 57651 2/1/2017 Largest increase in short position Gran Colombia GCM 5846400 4940900 2/1/2017 PRU 3531000 3426000 2/1/2017 Perseus Mng Katanga Mng KAT 3184100 3183900 2/1/2017 Fortune Mnrls FT 2782814 2769788 2/1/2017 Eldorado Gold ELD 9750816 2119043 2/1/2017 Largest decrease in short position ORT 1546656 -14668774 2/1/2017 Orbite Tech IAMGOLD IMG 4284764 -5865497 2/1/2017 Golden Star GSC 450170 -2584021 2/1/2017 Asanko Gold AKG 4587051 -2233897 2/1/2017 Denison Mines DML 3181760 -1365847 2/1/2017

Short positions outstanding as of Feb 16, 2017 (with changes from Feb 01, 2017) Largest short positions First Mg Fin FF 3357131 265331 2/1/2017 GOLD 1069000 -123900 1/16/2017 GoldMining Ely Gold & Mnl ELY 664030 664030 1/16/2017 NLC 608600 -389500 1/16/2017 Neo Lithium Rockhaven Res RK 578300 577700 1/16/2017 Majestic Gold MJS 505000 -278000 1/16/2017 Lithium X Egy LIX 460000 28900 1/16/2017 WAF 400000 -206 1/16/2017 West Af Res Advantage Lith AAL 313043 -157 1/16/2017 Gold Std Vents GSV 273700 259100 2/1/2017 Santacruz Silv SCZ 251260 249260 2/1/2017 GSP 237055 -421245 1/16/2017 Gensource Pot Macarthur Mnl MMS 207968 61968 1/16/2017 FUU 200000 177549 1/16/2017 Fission 3.0 Purepoint Uran PTU 173500 17500 1/16/2017 Largest increase in short position Ely Gold & Mnl ELY 664030 664030 1/16/2017 RK 578300 577700 1/16/2017 Rockhaven Res First Mg Fin FF 3357131 265331 2/1/2017 Gold Std Vents GSV 273700 259100 2/1/2017 Santacruz Silv SCZ 251260 249260 2/1/2017 Largest decrease in short position ALX Uranium AL 27000 -917500 1/16/2017 LUM 108 -869892 1/16/2017 Lumina Gold Morumbi Res ASND 0 -771000 1/16/2017 Sage Gold SGX 300 -468700 1/16/2017 Medallion Res MDL 0 -449100 1/16/2017

DAILY METAL PRICES Daily Metal Prices Date Feb 27 Feb 24 Feb 23 Feb 22 Feb 21 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1630/1640 1640/1650 1640/1650 1620/1630 1625/1635 Aluminum 1907/1905 1876/1880 1882/1890 1872.50/1877 1877.50/1889.50 Copper 5926/5934 5880/5892 5990/6002 5975/5989 6033/6045 Lead 2256/2258 2230/2240 2269.50/2274 2288/2295 2283/2287 Nickel 10890/10955 10675/10750 10630/10715 10705/10775 11015/11060 Tin 19305/19275 19225/19240 19140/19100 19640/19650 19875/19875 2813/2817 2821/2820 2840.50/2843 2859/2869 2884/2880 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1256.25 1255.35 1237.35 1237.50 1228.70 Gold PM 1257.20 1253.65 1247.90 1236.65 1233.20 Silver 18.34 18.27 18.00 18.00 17.89 Platinum 1033.00 1027.00 1014.00 999.00 988.00 784.00 786.00 779.00 774.00 767.00 Palladium

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

TSX WARRANTS

Feb 24 Feb 23 Feb 22 Feb 21 Feb 20 1.3102 1.3102 1.3165 1.3146 1.3106 0.7633 0.7633 0.7596 0.7607 0.7630

Exchange rates (Quote Media, February 24, 2017) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 0.989653 0.7212 86.0185 15.0254 9.8234 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6079 5.2408 50.8990 0.7680 864.4009 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.2966 0.9448 112.6915 19.6840 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7965 6.8662 66.6928 1.0062 1132.8100

Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT) - Wt buys sh @ US$4 to Nov 3/20 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Timmins Gold Corp (TMM.WT) - Wt buy sh at $0.7 to May 30/18

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18 JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kaizen Discovery Inc. (KZD.RT) - Wt buy sh @ $0.105 to Apr 21/17 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

Index Feb 24 Feb 23 Feb 22 Feb 21 Feb 20 High Low S&P/TSX Composite 15533.47 15781.20 15830.22 15922.37 15838.63 15527.30 12400.15 S&P/TSXV Composite 836.27 839.45 836.73 844.97 843.92 1050.26 883.52 S&P/TSX 60 914.95 930.08 933.96 939.38 934.58 896.74 709.99 S&P/TSX Global Gold 216.50 219.24 219.93 223.24 223.86 218.90 149.29 DJ Precious Metals 184.43 184.43 187.91 187.91 192.18 420.72 130.95

NEW 52-WEEK HIGHS AND LOWS FEBRUARY 20–24, 2017 174 New Highs

Abcourt Mines* Alabama Graph* Aldershot Res Am CuMo Mng* American Pot American Pot* Americas Silvr Amerigo Res Amerigo Res* AsiaBaseMetals AsiaBaseMetals* Augyva Mng Aura Mnls* Bandera Gold Banyan Gold* Beaufield Res Beaufield Res* Bell Copper* Benz Mining Bethpage Cap Bison Gold Res* Black Hills* Black Mam Mtls Black Mam Mtls* BLOX Inc* Brakpan Vents Broadway Gold Broadway Gold* Cairo Res Cameo Res CaNickel Mng CaNickel Mng*

Carlin Gold Carrara Explor Cassius Vents Castle Silver CobalTech M’g CobalTech M’g* Commerce Res Commerce Res* Critical Elem Critical Elem* Darnley Bay* Del Toro Silvr* Desert Gold Desert Gold* Eagle Plains eCobalt Solns* Edgewater Expl Engold Mines Engold Mines* Eurotin ExGen Res Inc Far Res* Formation Mtls Fortescue Mtls* Fox River Res Fox River Res* Glencore Plc* Globex Mng* Gold Finder Ex* Golden Dawn Ml* Golden Eagle* Gonzaga Res Graphite Corp* Great Panther*

Gungnir Res Gungnir Res* Hadley Mng Harte Gold Harte Gold* Hellix Vent* Highway 50 Gld Highway 50 Gld* Houston Lake I-Minerals I-Minerals* Inter-Rock Mnl* Ivanhoe Mines Ivanhoe Mines* Kairos Cap Karmin Expl Katanga Mng Kincora Copper Kincora Copper* Labdr Iron Mns* Leo Res Liberty One Li Lions Gate Mtl Lithium Amer Lithium Amer* Lode-Star Mg* Lovitt Res Lucky Mnls * MacDonald Mns MacDonald Mns* Mawson Res Mawson Res* McLaren Res MetalCorp

Minecorp Egy Minecorp Egy * Mitsui M’g* Mustang Mnrls Next Gen Mtls* Norsemont Cap Northcliff Res NRG Metals NRG Metals* NxGold Ltd Pasinex Res Pitchblack Res Plateau Uran Plateau Uran* PNG Gold Power Metals* ProAm Expl PUF Vent Inc * QMC Quantum Ml* Quaterra Res* Rambler Ml &Mg Ravencrest Res Razore Rock Res Red Hut Reunion Gold River Wild Exp Royal Sapphire Sanatana Diam Satori Res Satori Res* Savant Expl Scientific Met* ScoZinc Mg Secova Mtls

Secova Mtls* Senator Mnrls Senator Mnrls* Shoshoni Gold* Silver Pursuit* Silvercorp Met Silvercorp Met* Source Expl * Spanish Mtn Gd Spanish Mtn Gd* Standard Lith Strateco Res* Stratton Res Tajiri Res Tanager Energy Tanqueray Expl Texas Mineral* Thor Expl Thunderstruck* Trinity Valley United States S* US Rare Earths* Vale* Vangold Res Vanstar Mng Rs Vedanta* Vendetta Mng Vendetta Mng* Verde Res* Victory Vent War Eagle Mg Wesdome Gold West High Yld White Gold

White Gold* X-Terra Res Yanzhou Coal* Zara Res Zazu Metals* Zonte Mtls

24 New Lows

Adventus Zinc Antioquia Gold* Avarone Metals* Avenira Ltd* Bravo Multinat* Brio Gold Cariboo Rose Cerro Grande* GT Gold * Inomin Mines Lucky Mnls * Mandalay Res Morumbi Res* Nevsun Res Nevsun Res* Odyssey Res Primero Mng Primero Mng* RT Minerals* Sprott Res Hld Spruce Ridge R Tahoe Res White Mtn Engy* Wolfeye Res

CANADIAN GOLD MUTUAL FUNDS Feb 24 ($) Fund AGF Prec Mtls Fd MF 25.27 BMO Prec Mtls Fd A 20.66 BMO ZGD 10.84 BMO ZJG 9.35 CIBC Prec Metal Fd A 11.67 Dyn Prec Metls Fd A 7.34 Horizons HEP IGMacGloPrecMetCl A 9.97 13.52 iShares XGD Mac Prec Met Cl A 56.49 13.96 NB Prec Met Fd Inv RBC GblPreMetFd A 37.97 Redw UITGoDe&ProCl A Sentry Pre Met Fd A 43.53 Sprott Gold&PrMinFdA 41.37 Sprott SilverEquCl A 7.23 TD PreciousMetalsInv 38.66

Feb 17 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 26.03 -0.76 -2.92 9.28 2.80 172.31 21.30 -0.64 -2.99 10.37 2.40 71.97 11.25 -0.42 -3.70 11.90 0.63 9.73 -0.38 -3.93 13.10 0.60 12.09 -0.43 -3.54 8.83 2.62 57.22 7.67 -0.33 -4.30 14.17 2.75 392.61 27.57 -1.15 -4.10 10.85 0.81 10.39 -0.41 -3.95 12.36 2.75 52.23 13.98 -0.46 -3.27 10.24 0.61 777.07 58.79 -2.30 -3.91 12.39 2.51 127.48 14.35 -0.39 -2.72 12.01 2.46 38.54 39.32 -1.35 -3.45 13.45 2.12 427.28 10.00 0.00 45.04 -1.52 -3.37 9.06 2.44 219.09 42.81 -1.44 -3.37 14.20 3.12 257.56 7.40 -0.17 -2.26 13.41 3.09 146.85 40.05 -1.39 -3.47 9.34 2.26 141.33

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.$

39_MAR6_MMMM.indd 39

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

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

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

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

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

2017-02-28 11:00 AM

WWW.NORTHERNMINER.COM

MARCH 6–19, 2017 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: FEBRUARY 20–24, 2017 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 993 0.14 0.12 0.12 - 0.01 0.28 0.04 Abacus Mng &Ex V 3288 0.08 0.07 0.08 + 0.01 0.08 0.04 Abcourt Mines* O 221 0.10 0.08 0.09 + 0.00 0.10 0.04 Aben Res V 559 0.13 0.11 0.11 - 0.01 0.34 0.06 Aberdeen Intl* O 312 0.12 0.11 0.11 - 0.00 0.16 0.07 Aberdeen Intl T 841 0.16 0.15 0.16 + 0.01 0.24 0.10 Abitibi Royalt V 103 10.13 9.25 9.40 - 0.70 10.75 3.45 ABT Holdings* O 12 0.54 0.00 0.53 + 0.03 0.76 0.20 Acme Res Inc V 22 0.07 0.00 0.07 + 0.01 0.12 0.02 Active Growth V 2162 0.20 0.17 0.17 - 0.01 0.38 0.03 Adamera Mnls* O 552 0.10 0.09 0.09 - 0.00 0.12 0.01 Adex Mining V 362 0.02 0.01 0.01 - 0.01 0.02 0.01 Advance Gold V 26 0.13 0.10 0.12 - 0.01 0.13 0.01 Advantage Lith V 1214 0.78 0.66 0.69 - 0.08 1.34 0.15 Advantage Lith* O 550 0.60 0.50 0.53 - 0.06 1.01 0.49 Adventus Zinc V 140 0.90 0.75 0.80 - 0.08 0.98 0.75 African Mnrls* O 70 0.00 0.00 0.00 - 0.00 0.01 0.00 Aftermath Slvr* O 21 0.00 0.00 0.00 - 0.00 0.01 0.00 59.39 - 1.93 78.35 44.07 Agnico Eagle T 3624 62.45 58.82 Agnico Eagle* N 8214 47.70 44.55 45.32 - 1.50 60.10 32.87 Agrium T 1593 136.37 127.69 130.24 - 5.40 146.99 104.70 N 2560 104.10 97.57 99.37 - 4.28 111.88 81.17 Agrium* 575 0.04 0.04 0.04 - 0.01 0.14 0.04 Aguila Amer Gd V Alabama Graph* O 923 0.17 0.13 0.17 + 0.03 0.17 0.08 Alabama Graph V 4930 0.22 0.17 0.21 + 0.04 0.23 0.11 Alacer Gold T 4967 3.07 2.92 2.93 - 0.07 3.79 1.75 Alamos Gold T 4001 11.40 10.23 10.54 - 0.35 13.65 5.77 Alamos Gold* N 16361 8.73 7.75 8.03 - 0.30 10.41 4.24 Alaska Pac Egy* O 357 0.02 0.01 0.01 - 0.01 0.19 0.00 Alba Minerals V 176 0.24 0.18 0.18 - 0.06 0.28 0.01 Alberta Star* O 140 0.31 0.28 0.31 + 0.03 0.37 0.14 Alcoa* N 23293 37.01 33.35 34.48 - 1.73 39.78 20.00 Alderon Iron* O 64 0.49 0.00 0.41 - 0.08 0.60 0.08 Alderon Iron T 1414 0.64 0.48 0.50 - 0.11 0.80 0.08 Aldershot Res V 174 0.09 0.05 0.08 + 0.03 0.07 0.01 O 41 0.04 0.03 0.04 + 0.01 0.04 0.01 Aldershot Res* Aldever Res V 974 0.08 0.06 0.07 + 0.01 0.48 0.06 Aldever Res* O 14 0.05 0.00 0.05 + 0.01 0.11 0.04 Aldridge Min V 372 0.29 0.27 0.28 + 0.02 0.34 0.12 Alexandria Min V 12017 0.06 0.05 0.06 + 0.01 0.12 0.04 Alexandria Min* O 591 0.05 0.04 0.05 + 0.00 0.10 0.03 Alexco Res* X 2204 1.94 1.68 1.83 - 0.06 2.54 0.64 Alexco Res T 750 2.54 2.21 2.39 - 0.07 3.31 0.86 Algold Res* O 3 0.20 0.20 0.20 - 0.00 0.33 0.09 Algold Res V 602 0.29 0.26 0.26 - 0.02 0.44 0.08 Alianza Min V 310 0.14 0.00 0.14 + 0.02 0.21 0.10 Alix Res V 3635 0.08 0.07 0.07 - 0.01 0.18 0.04 Alix Res* O 16 0.06 0.05 0.05 - 0.01 0.12 0.03 Alliance Res* D 1729 24.85 23.00 23.50 - 0.80 26.65 10.05 Almaden Mnls T 210 1.62 1.42 1.50 - 0.08 2.44 0.87 Almaden Mnls* X 1841 1.24 1.07 1.17 - 0.04 1.88 0.64 Almadex Min V 212 1.57 1.32 1.35 - 0.16 2.00 0.20 1.05 - 0.11 1.51 0.15 Almadex Min* O 372 1.21 1.00 Almonty Ind V 416 0.28 0.26 0.26 - 0.02 0.44 0.20 Alphamin Res V 139 0.35 0.32 0.35 + 0.02 0.40 0.16 Alset Energy V 3200 0.12 0.09 0.09 - 0.03 0.84 0.02 Alta Vista Vnt* O 2 0.04 0.04 0.04 + 0.00 0.08 0.03 Alta Vista Vnt 1259 0.07 0.05 0.06 - 0.01 0.12 0.03 Altai Res V 136 0.10 0.09 0.09 - 0.01 0.16 0.03 Altair Res Inc V 413 0.39 0.31 0.34 - 0.05 0.70 0.16 Alternative ER* O 21 0.22 0.20 0.20 - 0.01 0.46 0.17 Altiplano Mnls V 418 0.25 0.00 0.19 - 0.04 0.25 0.04 Altitude Res V 66 0.08 0.07 0.07 - 0.01 0.21 0.02 Altius Mnrls T 364 12.80 11.68 12.69 + 0.80 14.06 8.74 Alto Vent V 46 0.08 0.07 0.07 - 0.01 0.10 0.02 Altura Mng Ltd* O 370 0.14 0.13 0.13 - 0.00 0.30 0.06 Alturas Mnrls V 106 0.04 0.00 0.04 + 0.01 0.08 0.01 Alumina Inc* O 37 6.00 5.67 5.68 - 0.27 6.24 3.59 0.13 - 0.02 0.16 0.06 ALX Uranium V 2024 0.14 0.13 ALX Uranium* O 43 0.11 0.10 0.10 - 0.01 0.12 0.04 Am CuMo Mng V 796 0.24 0.20 0.24 + 0.04 0.30 0.08 Am CuMo Mng* O 293 0.19 0.15 0.19 + 0.04 0.18 0.05 Am Manganese* O 579 0.22 0.19 0.20 - 0.01 0.27 0.01 Amador Gold V 34 0.20 0.00 0.14 - 0.08 0.40 0.10 Amarc Res* O 56 0.10 0.08 0.10 + 0.02 0.10 0.04 Amarc Res V 321 0.13 0.11 0.12 + 0.01 0.14 0.05 Amarillo Gold V 224 0.39 0.36 0.36 - 0.01 0.68 0.14 Amato Expl V 108 0.06 0.05 0.06 + 0.02 0.10 0.01 Amazing OG* O 92 0.23 0.17 0.20 + 0.03 1.06 0.05 Amer Intl Vent* O 465 0.01 0.01 0.01 + 0.01 0.10 0.01 Amer Vanadium* O 122 0.03 0.01 0.02 + 0.00 0.07 0.00 American Lith V 5391 0.21 0.18 0.20 + 0.01 1.62 0.11 American Lith* O 145 0.15 0.14 0.14 + 0.00 1.24 0.07 American Pot 798 0.19 0.12 0.16 + 0.02 0.19 0.03 Amerigo Res* O 409 0.43 0.36 0.43 + 0.06 0.42 0.08 0.56 + 0.06 0.55 0.10 Amerigo Res T 1515 0.56 0.48 Amex Expl V 212 0.22 0.19 0.22 + 0.03 0.38 0.11 Anaconda Mng T 599 0.08 0.07 0.07 - 0.01 0.11 0.05 Anconia Res V 309 0.04 0.03 0.03 - 0.01 0.09 0.03 Andes Gold* O 34 0.01 0.00 0.01 + 0.00 0.03 0.00 Anfield Nickel V 512 1.16 1.07 1.08 - 0.06 1.94 0.68 Anfield Res* O 37 0.09 0.08 0.08 - 0.00 0.22 0.04 Anfield Res V 4984 0.11 0.10 0.10 - 0.01 0.31 0.06 Angel Gold* O 99 0.08 0.06 0.08 + 0.02 0.11 0.04 Angel Gold V 309 0.11 0.08 0.11 + 0.02 0.15 0.06 Angkor Gold V 86 0.39 0.35 0.38 - 0.01 0.50 0.33 Anglo American* O 2028 8.41 7.67 7.76 - 0.45 8.87 2.89 Anglo American* O 8 17.11 0.00 15.57 - 1.23 17.61 6.18 Anglo-Can Mng V 24 0.15 0.13 0.13 + 0.01 0.30 0.05 AngloGold Ash* O 16 13.10 12.17 12.17 - 0.93 22.25 10.07 AngloGold Ash* N 22467 13.29 11.50 11.59 - 1.31 22.91 9.28 Antioquia Gold* O 31 0.11 0.00 0.11 - 0.00 0.11 0.05 Antioquia Gold V 207 0.14 0.12 0.12 - 0.02 0.16 0.06 Antler Gold V 18 0.82 0.77 0.79 - 0.03 1.00 0.63 Antofagasta* O 8 10.93 0.00 9.95 - 1.05 11.00 5.76 Apex Res * O 3 0.08 0.07 0.08 + 0.01 0.10 0.04 Apogee Opport * O 14 0.13 0.12 0.12 + 0.00 0.32 0.08 Apogee Opport V 125 0.19 0.15 0.19 + 0.04 0.44 0.12 Appia Energy 365 0.45 0.34 0.38 + 0.01 0.47 0.01 Apple Cap Inc V 2719 0.40 0.33 0.36 - 0.03 0.54 0.14 Applied Mrnls* O 595 0.13 0.11 0.11 - 0.02 0.28 0.10 Aquila Res* O 100 0.21 0.19 0.19 - 0.00 0.25 0.09 Aquila Res T 143 0.27 0.24 0.25 - 0.02 0.32 0.13 Arch Coal* N 3122 77.98 71.08 71.99 - 4.10 86.47 59.05 Arcus Dev Grp V 120 0.16 0.14 0.14 - 0.01 0.20 0.02 Arena Mnls V 897 0.18 0.16 0.17 - 0.01 0.34 0.13 Arena Mnls* O 410 0.14 0.00 0.14 + 0.00 0.25 0.11 Argentina Lith* O 5 0.20 0.14 0.14 - 0.06 0.63 0.03 Argentina Lith V 290 0.26 0.19 0.19 - 0.06 0.83 0.04 Argentum Silvr V 125 0.59 0.40 0.40 - 0.02 0.59 0.03 Argex Titanium T 4575 0.09 0.07 0.08 + 0.01 0.11 0.02 Argex Titanium* O 148 0.07 0.00 0.06 - 0.01 0.09 0.01 Argo Gold 103 0.16 0.14 0.16 + 0.01 0.16 0.06 Argonaut Gold T 6560 2.75 2.29 2.36 - 0.28 4.45 1.48 Argonaut Gold* O 234 2.11 1.74 1.82 - 0.20 3.38 1.10 Argus Metals* O 8 0.06 0.06 0.06 + 0.01 0.10 0.04 Arian Silver* O 2 0.02 0.00 0.02 + 0.01 0.08 0.00 Arianne Phosph* O 105 0.70 0.63 0.68 + 0.00 0.98 0.52 Arizona Mng T 2810 3.06 2.92 2.95 - 0.07 3.49 0.37 Arizona Mng* O 312 2.35 2.22 2.23 - 0.06 2.64 0.27 Arizona Silver V 495 0.26 0.23 0.25 + 0.03 0.28 0.01 Arrowstar Res V 867 0.07 0.04 0.07 + 0.02 0.17 0.04 Asanko Gold T 5949 4.17 3.77 3.90 - 0.04 6.09 2.55 Asanko Gold* X 7212 3.19 2.87 2.97 - 0.02 4.68 1.90 Asante Gold 10 0.20 0.18 0.19 + 0.01 0.27 0.05 AsiaBaseMetals* O 3 0.27 0.25 0.26 + 0.02 0.25 0.15 AsiaBaseMetals V 4 0.42 0.33 0.36 + 0.03 0.42 0.04 Asiamet Res V 710 0.09 0.07 0.08 - 0.01 0.10 0.03 Asiamet Res* O 176 0.08 0.05 0.06 - 0.00 0.08 0.03 Aston Bay V 228 0.18 0.15 0.18 + 0.03 0.49 0.15 Astorius Res V 459 0.20 0.18 0.18 - 0.02 0.41 0.01 ATAC Res V 1179 0.51 0.45 0.47 - 0.02 0.95 0.32 Atacama Pac Gd* O 28 0.29 0.28 0.29 - 0.00 0.79 0.21 Atacama Pac Gd V 178 0.38 0.35 0.35 - 0.01 1.02 0.25 Athabasca Mnls V 285 0.25 0.23 0.25 + 0.01 0.32 0.14 Athabasca Mnls* O 43 0.19 0.18 0.19 + 0.01 0.24 0.11 Atico Mng* O 330 0.73 0.66 0.68 - 0.04 0.75 0.19 Atico Mng V 304 0.95 0.88 0.88 - 0.04 0.99 0.26 Atlanta Gold* O 50 0.07 0.06 0.07 + 0.00 0.09 0.04 Atlanta Gold V 66 0.09 0.07 0.09 + 0.01 0.11 0.06 Atlantic Gold V 1212 1.05 0.97 1.01 - 0.01 1.06 0.42 Atlatsa Res T 241 0.07 0.06 0.06 - 0.01 0.13 0.04 Atlatsa Res* O 19 0.05 0.05 0.05 - 0.00 0.10 0.03 Atom Energy V 11 0.28 0.00 0.28 - 0.08 0.53 0.16 Aton Res Inc V 366 0.07 0.06 0.07 + 0.01 0.16 0.05 Augyva Mng V 3538 0.30 0.19 0.22 + 0.03 0.30 0.08 Aura Mnls* O 7 1.42 1.37 1.42 + 0.05 1.42 1.26 Aura Mnls T 13 1.86 0.00 1.85 + 0.05 3.10 1.10 Aura Silver Rs V 715 0.06 0.05 0.05 - 0.01 0.08 0.02 Auramex Res V 836 0.04 0.03 0.03 - 0.02 0.04 0.01 Aurcana Corp* O 195 0.34 0.29 0.34 + 0.01 0.63 0.12 Aurcana Corp V 658 0.45 0.38 0.45 + 0.04 0.80 0.15 AuRico Metals T 351 1.17 1.11 1.16 + 0.01 1.26 0.62 AuRico Metals * O 151 0.90 0.84 0.87 - 0.01 0.96 0.46 Aurion Res V 741 1.78 1.63 1.72 + 0.03 1.93 0.11 Aurora Gold* O 12 0.01 0.01 0.01 + 0.01 0.01 0.00 Aurvista Gold* O 786 0.30 0.25 0.27 - 0.03 0.30 0.03 Aurvista Gold V 4421 0.39 0.32 0.34 - 0.06 0.39 0.03 Auryn Res* O 268 2.68 2.46 2.46 - 0.20 3.18 0.99 Auryn Res T 737 3.53 3.25 3.25 - 0.28 4.17 1.33 Austral Gold* O 262 0.13 0.00 0.12 - 0.01 0.19 0.08 Avalon Adv Mat* O 719 0.15 0.13 0.14 - 0.00 0.26 0.00 Avarone Metals 258 0.04 0.03 0.03 + 0.01 0.14 0.02 Avenira Ltd* O 44 0.08 0.07 0.07 - 0.01 0.18 0.07 Avesoro Res T 1724 0.05 0.04 0.04 - 0.01 0.30 0.02 Avino Silver V 329 2.63 2.35 2.59 + 0.01 4.05 1.21 Avnel Gold T 1489 0.34 0.29 0.29 - 0.02 0.39 0.18

40-42_MAR6_StockTables.indd 40

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Avnel Gold * O 228 Avrupa Mnls* O 689 Avrupa Mnls V 510 Axmin Inc V 365 Azarga Mtls V 178 Azarga Mtls* O 23 Azarga Uranium T 144 Azarga Uranium* O 60 Azimut Expl V 125 Azincourt Uran* O 35 Azteca Gold* O 240

0.25 0.22 0.22 - 0.03 0.30 0.13 0.08 0.08 0.08 - 0.01 0.19 0.05 0.12 0.11 0.11 - 0.01 0.25 0.08 0.08 0.06 0.07 + 0.01 0.10 0.01 0.25 0.21 0.22 - 0.01 0.60 0.10 0.18 0.17 0.18 - 0.00 1.21 0.06 0.42 0.36 0.38 - 0.04 0.57 0.18 0.33 0.28 0.28 - 0.02 0.44 0.14 0.32 0.29 0.31 - 0.01 0.68 0.12 0.12 0.11 0.12 + 0.00 0.12 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00

B2Gold* X 35005 B2Gold T 29910 Bacanora Mnls V 588 Balmoral Res T 989 Balmoral Res* O 473 Bandera Gold V 11 Bannerman Res* O 500 Banro* X 4598 Banro T 683 Banyan Gold* O 831 Bard Vent V 5 Barker Mnrls V 1010 O 196 Barkerville Go* Barrick Gold T 17864 Barrick Gold* N 71665 Barsele Min V 670 Barsele Min* O 114 Batero Gold V 631 Battle Mtn Gld V 1242 Battle Mtn Gld* O 490 Bayhorse Silvr* O 62 Bayhorse Silvr V 540 Bayswater Uran* O 65 Bayswater Uran V 275 BCM Res V 123 BE Res V 91 Bear Creek Mng V 468 Bearing Res* O 442 Bearing Res V 2093 Beaufield Res V 3289 Beaufield Res* O 357 Beeston Ent* O 230 Bell Copper V 248 Bell Copper* O 39 Bellhaven Cp&G* O 10 Belmont Res V 779 Belo Sun Mng T 2962 Benton Res V 898 Benz Mining V 32 Berkeley Egy* O 3 Berkwood Res V 104 Bethpage Cap V 122 Big Bar Res V 309 Bitterroot Res V 915 Bitterroot Res* O 17 Black Hills* N 1092 Black Mam Mtls V 41 Black Sea Cop V 468 BlackEagle Dev 52 Blackrock Gold V 588 Blind Crk Res V 337 BLOX Inc* O 132 Blue Sky Uran* O 64 Blue Sky Uran V 478 Bold Vent V 49 BonTerra Res* O 632 BonTerra Res V 2888 Borneo Res Inv* O 10744 Bowmore Expl V 268 Brakpan Vents 188 Brakpan Vents* O 1 Bravada Gold V 548 Bravada Gold* O 156 Braveheart Res V 221 Bravo Multinat* O 1879 Bravura Vent 747 Brazil Mnrls* O 587 Brio Gold T 115 Brionor Res V 59 Brixton Mtls V 4767 Brixton Mtls* O 546 Broadway Gold V 1106 Broadway Gold* O 507 Brunswick Res V 51 Bryn Res* O 4 Buenaventura* N 8019 Bullfrog Gold* O 377

3.55 3.11 3.36 + 0.14 3.65 1.04 4.64 4.10 4.39 + 0.17 4.74 1.40 1.64 1.17 1.52 + 0.32 1.95 1.01 0.90 0.81 0.83 - 0.05 1.28 0.48 0.69 0.61 0.65 - 0.02 0.99 0.36 0.11 0.00 0.09 + 0.01 0.15 0.02 0.06 0.04 0.05 - 0.01 0.08 0.01 0.17 0.14 0.14 - 0.01 0.48 0.13 0.21 0.18 0.19 - 0.02 0.62 0.18 0.09 0.07 0.08 + 0.01 0.09 0.06 0.03 0.00 0.03 - 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.03 0.01 0.38 0.35 0.37 - 0.01 0.60 0.29 27.19 25.55 25.59 - 0.82 30.45 16.95 20.78 19.51 19.54 - 0.63 23.47 12.64 1.10 0.88 0.99 - 0.04 1.62 0.16 0.83 0.70 0.76 - 0.03 1.25 0.13 0.11 0.09 0.11 - 0.01 0.23 0.08 0.52 0.30 0.31 - 0.21 0.95 0.13 0.40 0.23 0.23 - 0.15 0.73 0.09 0.13 0.11 0.13 + 0.01 0.22 0.06 0.16 0.15 0.15 - 0.01 0.29 0.08 0.06 0.04 0.05 - 0.00 0.07 0.01 0.07 0.06 0.07 - 0.01 0.09 0.02 0.11 0.10 0.11 + 0.01 0.32 0.07 0.18 0.18 0.18 + 0.01 0.50 0.17 2.99 2.63 2.95 + 0.12 3.77 0.83 1.34 0.80 0.80 - 0.31 1.41 0.30 1.68 1.01 1.05 - 0.38 1.83 0.13 0.19 0.15 0.16 - 0.01 0.19 0.06 0.15 0.12 0.12 - 0.00 0.15 0.04 0.00 0.00 0.00 + 0.00 0.01 0.00 0.08 0.06 0.08 + 0.02 0.08 0.01 0.06 0.04 0.06 + 0.02 0.06 0.00 0.41 0.40 0.40 - 0.01 0.61 0.09 0.09 0.06 0.07 + 0.01 0.12 0.03 1.09 0.87 0.99 - 0.04 1.14 0.35 0.14 0.11 0.12 - 0.01 0.15 0.04 0.20 0.00 0.19 - 0.01 0.40 0.10 0.75 0.00 0.75 - 0.09 0.92 0.33 0.11 0.10 0.10 + 0.01 0.25 0.01 0.16 0.00 0.16 + 0.02 0.16 0.03 0.56 0.52 0.53 - 0.03 0.69 0.29 0.25 0.19 0.19 - 0.04 0.29 0.03 0.19 0.15 0.15 - 0.04 0.22 0.02 64.71 61.98 64.62 + 1.98 64.58 54.76 0.25 0.16 0.20 + 0.01 0.20 0.04 0.28 0.25 0.25 - 0.03 0.54 0.23 0.07 0.06 0.06 - 0.01 0.12 0.01 0.12 0.10 0.12 + 0.01 0.18 0.05 0.27 0.20 0.22 + 0.03 0.27 0.04 0.23 0.12 0.23 + 0.03 0.22 0.01 0.27 0.26 0.26 + 0.00 0.47 0.04 0.35 0.31 0.34 - 0.02 0.74 0.05 0.04 0.03 0.03 - 0.01 0.06 0.03 0.28 0.23 0.25 - 0.01 0.37 0.15 0.37 0.30 0.32 - 0.03 0.51 0.21 0.00 0.00 0.00 - 0.00 0.00 0.00 0.15 0.11 0.13 - 0.02 0.16 0.06 0.10 0.03 0.07 + 0.04 0.09 0.02 0.01 0.00 0.01 - 0.07 0.08 0.01 0.27 0.21 0.26 + 0.05 0.40 0.06 0.20 0.15 0.20 + 0.03 0.31 0.05 0.05 0.00 0.05 + 0.01 0.08 0.03 0.01 0.00 0.00 - 0.00 0.10 0.00 0.20 0.17 0.17 - 0.02 0.59 0.03 0.04 0.02 0.03 - 0.01 0.50 0.00 3.26 2.95 3.05 - 0.15 3.59 2.95 0.06 0.05 0.05 - 0.01 0.06 0.01 0.65 0.43 0.52 + 0.07 1.20 0.10 0.47 0.34 0.38 + 0.04 0.92 0.07 1.35 0.95 1.28 + 0.26 1.21 0.07 1.04 0.75 0.98 + 0.20 0.93 0.22 0.05 0.00 0.05 + 0.01 0.05 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00 13.45 12.62 12.63 - 0.50 16.45 5.00 0.10 0.08 0.09 - 0.00 0.19 0.02

C Cadan Res V 1531 0.04 0.03 0.03 - 0.01 0.09 0.04 Cadillac Vent V 480 0.05 0.04 0.05 + 0.01 0.05 0.01 Cairo Res V 10 0.60 0.00 0.60 + 0.05 0.55 0.15 Caledonia Mng T 293 1.90 1.77 1.77 - 0.13 2.42 0.85 Q 90 1.45 1.36 1.36 - 0.08 1.84 0.63 Caledonia Mng* Calibre Mng V 2977 0.28 0.25 0.25 - 0.02 0.30 0.09 California Gld V 28 0.43 0.00 0.42 - 0.01 0.80 0.37 California Go* O 10 0.31 0.31 0.31 - 0.00 0.56 0.28 Callinex Mines* O 302 0.29 0.25 0.25 - 0.02 0.54 0.20 Callinex Mines V 592 0.38 0.33 0.33 - 0.03 0.69 0.28 Cameco Corp* N 14419 11.94 10.93 10.95 - 0.77 13.59 7.41 Cameco Corp T 7519 15.62 14.31 14.38 - 0.97 17.67 9.88 Cameo Res* O 8 0.02 0.02 0.02 - 0.58 1.35 0.44 Cameo Res V 475 0.65 0.03 0.58 - 0.05 1.75 0.52 Camino Mnls V 79 0.36 0.00 0.31 - 0.02 0.38 0.07 Camino Mnls* O 4 0.27 0.24 0.27 - 0.00 0.27 0.00 Camrova Res V 128 0.27 0.00 0.21 - 0.03 0.40 0.10 Camrova Res* O 11 0.21 0.00 0.18 - 0.03 0.21 0.07 Can-Cal Res* O 179 0.04 0.03 0.03 + 0.00 0.08 0.02 Canadian Zeol V 1214 1.09 0.85 0.92 - 0.15 1.95 0.08 Canadian Zeol* O 114 0.83 0.65 0.71 - 0.08 1.46 0.06 CanAlaska Uran* O 268 0.45 0.38 0.38 - 0.05 1.20 0.13 CanAlaska Uran V 341 0.57 0.50 0.50 - 0.06 1.55 0.17 CanAm Coal* O 170 0.00 0.00 0.00 + 0.00 0.04 0.00 Canamex Res* O 43 0.09 0.08 0.09 + 0.01 0.11 0.07 Canarc Res* Q 1492 0.08 0.07 0.07 + 0.00 0.12 0.04 Canasil Res V 1314 0.20 0.18 0.18 - 0.01 0.73 0.14 Candelaria Mg V 90 0.88 0.64 0.87 - 0.01 1.19 0.17 Candente Coppr T 897 0.11 0.10 0.11 + 0.01 0.18 0.07 CaNickel Mng V 167 0.14 0.08 0.09 + 0.01 0.14 0.03 CaNickel Mng* O 14 0.11 0.00 0.11 + 0.07 0.11 0.03 Canstar Res* O 42 0.17 0.16 0.16 - 0.01 0.17 0.11 Canstar Res V 560 0.23 0.19 0.19 - 0.03 0.23 0.00 Canyon Copper V 373 0.06 0.04 0.05 - 0.01 0.06 0.01 Canyon Gold* O 5859 0.00 0.00 0.00 + 0.00 0.46 0.00 Capstone Mng T 9155 1.80 1.52 1.65 + 0.04 1.81 0.35 Caracara Silvr* O 35 0.01 0.01 0.01 - 0.00 0.03 0.00 Caracara Silvr V 124 0.02 0.01 0.01 - 0.01 0.03 0.01 Cardero Res* O 417 0.14 0.11 0.11 - 0.02 0.19 0.05 Cardero Res V 174 0.17 0.14 0.14 - 0.03 0.25 0.08 Carmax Mng V 80 0.03 0.03 0.03 - 0.01 0.04 0.02 Carrara Explor 537 0.29 0.15 0.25 + 0.05 0.23 0.12 Cartier Iron 451 0.14 0.11 0.11 - 0.01 0.16 0.03 Cartier Res V 699 0.24 0.21 0.21 - 0.03 0.25 0.07 Carube Copper V 341 0.12 0.00 0.09 - 0.02 0.20 0.06 Cascadero Copp V 1430 0.15 0.13 0.13 - 0.02 0.17 0.03 Cassius Vents V 87 0.06 0.04 0.06 + 0.01 0.05 0.01 Castle Peak Mg V 587 0.03 0.02 0.02 - 0.01 0.08 0.01 Castle Silver V 2460 0.27 0.19 0.23 + 0.03 0.27 0.02 Castle Silver* O 42 0.18 0.15 0.18 + 0.02 0.20 0.03 Cava Res V 92 0.16 0.00 0.16 - 0.01 0.78 0.05 Caza Gold* O 41 0.02 0.01 0.01 - 0.01 0.06 0.01 V 452 0.23 0.19 0.19 - 0.02 0.30 0.05 CB Gold Cda Carbon* O 31 0.19 0.18 0.18 - 0.00 0.28 0.18 Cda Carbon V 788 0.25 0.23 0.25 + 0.01 0.42 0.22 Cda Rare Earth V 1297 0.06 0.05 0.05 + 0.01 0.06 0.02 Cda Rare Earth* O 86 0.05 0.03 0.03 - 0.01 0.05 0.01 Cda Strtgc Met * O 419 0.10 0.09 0.09 - 0.01 0.19 0.01 Cda Zinc Mtls V 452 0.39 0.36 0.36 - 0.01 0.48 0.10 Cdn Intl Mnrls* O 1 0.03 0.03 0.03 + 0.01 0.04 0.02 Cdn Metals 184 0.11 0.07 0.07 - 0.04 0.44 0.07 Cdn Orebodies V 475 0.29 0.25 0.28 - 0.01 0.40 0.19 Cdn Platinum V 1261 0.02 0.01 0.02 + 0.01 0.03 0.01 Cdn Silvr Hunt V 352 0.07 0.06 0.06 + 0.01 0.08 0.01 Cdn Zinc T 1416 0.30 0.26 0.26 - 0.04 0.41 0.10 Cdn Zinc* Q 575 0.23 0.19 0.20 - 0.02 0.32 0.07 Centamin T 124 3.00 2.84 2.88 - 0.04 3.05 1.59 Centaurus Diam* O 15 0.06 0.01 0.05 - 0.01 0.34 0.01 Centenera Mng V 314 0.30 0.25 0.27 + 0.01 0.50 0.06 Centenera Mng* O 108 0.21 0.19 0.20 - 0.00 0.37 0.04 Centerra Gold T 4771 7.07 6.37 6.59 - 0.25 8.13 5.56 Centurion Mnls V 1115 0.09 0.08 0.08 - 0.01 0.15 0.05 Century Global T 44 0.40 0.00 0.34 - 0.06 0.72 0.13 Cerro Mng V 4 0.01 0.00 0.01 - 0.01 0.03 0.01 Ceylon Graph V 61 0.29 0.21 0.25 + 0.04 0.35 0.20 Chalice Gold M* O 124 0.14 0.00 0.14 + 0.01 0.18 0.09 Chalice Gold M T 159 0.19 0.17 0.18 + 0.01 0.21 0.12 Champion Bear V 223 0.15 0.10 0.15 + 0.04 0.24 0.03 Champion Iron* O 177 1.04 0.85 0.88 - 0.12 1.12 0.11 Champion Iron T 4555 1.34 1.10 1.15 - 0.16 1.47 0.14 Chantrell Vent V 141 0.10 0.08 0.08 - 0.01 0.19 0.05 Chesapeake Gld* O 56 3.33 3.04 3.20 + 0.13 5.03 1.52 Chesapeake Gld V 159 4.44 4.00 4.21 + 0.16 6.50 2.00 Chevron* N 35204 112.31 109.27 110.12 - 0.21 119.00 83.07 Chiboug Ind Mn V 3434 0.14 0.11 0.14 + 0.02 0.26 0.04

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Chilean Metals V 85 Chilean Metals* O 73 Chimata Gold V 91 China Gold Int T 2247 Cibolan Gold* O 63 CKR Carbon V 665 Claim Post Res V 1357 Clean Comm V 1716 Clean Comm* O 2 Clear Mtn Res V 1515 Clifton Mng* O 55 Cloud Peak En* N 31747 CMX Gold & Sil 193 CNRP Mng 145 O 163 CobalTech M’g* CobalTech M’g V 9376 Coeur Mng* N 22074 Colonial Coal V 505 Colorado Res* O 155 Colorado Res V 908 O 707 Columbus Gold* Columbus Gold T 691 Commerce Res* O 352 Commerce Res V 8709 Comstock Mng* X 1714 Comstock Mtls V 488 Comstock Mtls * O 67 Condor Res V 377 Confedertn Ml* O 2 Confedertn Mls V 136 Cons Woodjam V 53 CONSOL Energy* N 28125 Constant Mtl V 1771 Contintl Gold* O 101 Contintl Gold T 2564 Contintl Prec* O 12 Contintl Prec T 92 Copper Fox Mtl* O 26 Copper Mtn Mng* O 44 Copper Mtn Mng T 4088 Copper North M V 196 Copper North M* O 17 Copper One * O 30 Copper Reef Mg 206 Copperbank Res* O 197 Copperbank Res 7438 Coral Gold V 336 Cordoba Mnls V 1115 O 267 Cordoba Mnls* Corex Gold V 905 Cornerstone Ca* O 743 Cornerstone Mt V 202 Coro Mining T 1229 Coronet Mtls* O 13 Coronet Mtls V 45 Corsa Coal V 298 Corsa Coal * O 165 Corvus Gold T 589 Corvus Gold* O 110 Cougar Mnls V 1640 Critical Elem V 5128 Critical Elem* O 362 453 Cruz Cap Corp* O Cruz Cap Corp V 11333 Crystal Peak* O 82 Currie Rose Rs V 30 Cyclone Uran* O 473 Cypress Dev* O 314 Cypress Dev V 701

0.29 0.25 0.26 - 0.01 0.33 0.05 0.21 0.19 0.20 - 0.01 0.24 0.04 0.02 0.02 0.02 - 0.01 0.04 0.01 3.02 2.82 2.93 - 0.03 3.67 1.84 0.02 0.00 0.02 + 0.01 0.13 0.01 0.10 0.08 0.08 - 0.02 0.14 0.06 0.05 0.04 0.05 + 0.01 0.06 0.01 0.10 0.08 0.09 + 0.01 0.17 0.02 0.06 0.06 0.06 + 0.00 0.13 0.01 1.29 0.98 1.13 - 0.02 2.03 0.10 0.14 0.11 0.11 - 0.01 0.16 0.06 6.24 5.04 5.11 - 0.71 8.04 1.42 0.10 0.09 0.10 + 0.01 0.10 0.05 0.10 0.00 0.06 - 0.02 0.13 0.01 0.30 0.20 0.27 + 0.05 0.30 0.01 0.41 0.27 0.38 + 0.09 0.41 0.02 9.30 8.67 8.75 - 0.13 16.41 3.36 0.19 0.15 0.15 - 0.04 0.24 0.05 0.26 0.22 0.23 - 0.00 0.54 0.06 0.34 0.29 0.30 - 0.02 0.71 0.08 0.74 0.68 0.69 - 0.01 0.83 0.27 0.96 0.88 0.90 - 0.01 1.09 0.36 0.09 0.05 0.08 + 0.03 0.09 0.04 0.11 0.07 0.10 + 0.03 0.11 0.05 0.27 0.24 0.25 - 0.01 0.62 0.19 0.20 0.16 0.20 + 0.03 0.43 0.12 0.16 0.11 0.14 + 0.03 0.33 0.09 0.12 0.09 0.12 + 0.01 0.12 0.03 0.61 0.00 0.60 + 0.01 0.80 0.31 0.83 0.75 0.75 - 0.05 9.00 0.46 0.08 0.07 0.07 - 0.01 0.09 0.04 17.30 15.73 15.78 - 1.16 22.34 7.32 0.14 0.12 0.12 - 0.02 0.15 0.06 4.39 3.82 3.88 - 0.34 4.39 1.07 5.75 5.02 5.11 - 0.42 5.75 1.44 0.29 0.00 0.25 - 0.04 0.35 0.11 0.38 0.00 0.34 - 0.04 0.44 0.25 0.13 0.11 0.12 - 0.01 0.17 0.08 0.94 0.88 0.94 + 0.06 1.02 0.32 1.26 1.16 1.20 + 0.04 1.32 0.40 0.11 0.00 0.10 - 0.01 0.35 0.10 0.08 0.00 0.08 - 0.00 0.16 0.07 0.06 0.05 0.05 - 0.00 0.22 0.05 0.03 0.02 0.03 + 0.01 0.05 0.02 0.06 0.06 0.06 - 0.01 0.08 0.01 0.08 0.07 0.08 + 0.01 0.10 0.03 0.38 0.33 0.33 - 0.05 0.39 0.07 1.46 1.31 1.39 - 0.06 1.59 0.19 1.10 0.99 1.06 - 0.03 1.21 0.14 0.13 0.11 0.12 - 0.01 0.21 0.04 0.23 0.20 0.22 + 0.01 0.25 0.01 0.03 0.03 0.03 + 0.01 0.05 0.01 0.20 0.17 0.18 - 0.02 0.21 0.03 0.25 0.20 0.20 - 0.04 0.56 0.02 0.32 0.28 0.28 - 0.04 0.71 0.03 3.15 2.70 2.72 - 0.31 3.82 0.50 2.41 2.10 2.12 - 0.28 2.93 1.80 0.94 0.77 0.85 - 0.08 1.38 0.50 0.73 0.61 0.67 - 0.06 1.05 0.37 0.55 0.43 0.49 + 0.05 0.82 0.28 0.93 0.82 0.84 - 0.06 0.93 0.16 0.70 0.63 0.63 - 0.05 0.70 0.13 0.23 0.18 0.21 + 0.04 0.23 0.07 0.31 0.24 0.28 + 0.02 0.31 0.02 0.39 0.00 0.39 - 0.00 0.42 0.13 0.02 0.00 0.02 - 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.00 0.10 + 0.01 0.16 0.04 0.14 0.12 0.13 - 0.02 0.20 0.05

Dajin Res V 1538 Dajin Res* O 449 Dakota Ter Res* O 14 Daleco Res* O 43 Dalradian Res* O 259 Dalradian Res T 885 Danakali* O 556 Darnley Bay V 1144 Darnley Bay* O 134 Decade Res* O 291 Decade Res V 551 Defiance Silvr* O 125 Defiance Silvr V 345 Denison Mines T 4255 Denison Mines* X 4492 Desert Gold V 173 Desert Star V 48 Detour Gold T 6230 DGS Mnls 76 Diamante Min* O 40 Diamcor Mng V 61 Diamcor Mng* O 23 Diamond Fields* O 6 Diamond Fields V 18 Dios Expl V 177 Discovery Harb V 229 Ditem Explor* O 30 DNI Metals 525 DNI Metals* O 2 Dolly Vard Sil* O 108 Dolly Vard Sil V 232 Dominion Diam T 1336 Dominion Diam* N 2122 Dorex Mnrls V 164 Double Crn Res* O 3645 Doubleview Cap* O 13 Doubleview Cap V 1598 DRDGOLD* N 2393 Duncan Park H V 199 Dundee Prec Mt T 1426 Dunnedin Vent* O 43 Duran Vent * O 2 Duran Vent V 177 Durango Res V 22105 Durango Res* O 273 Dynacor Gld Mn T 174 DynaResource* O 10 Dynasty Gold V 1024 Dynasty Met&Mn* O 25 Dynasty Met&Mn T 380 Eagle Graphite V 6331 Eagle Graphite* O 33 Eagle Plains V 1600 East Africa V 1018 East Africa * O 21 EastCoal Inc V 58 Eastern Platin* O 12 Eastern Platin T 337 Eastfield Res V 289 Eastmain Res T 1996 Eco Oro Mnls T 142 eCobalt Solns* O 1509 Edgewater Expl V 98 El Capitan Prc* O 3799 V 348 El Nino Vent Elcora Res V 457 Elcora Res* O 144 N 26541 Eldorado Gold* Eldorado Gold T 12522 Eloro Mnrls V 173 842 Ely Gold & Mnl* O Elysee Dev V 147 Emerita Res V 688 Empire Rock V 69 Encanto Potash* O 204 Encanto Potash V 2641 Endeavour Mng T 1302 Endeavour Mng* O 93 Endeavr Silver* N 10992 Endeavr Silver T 2215 Endurance Gold* O 1596 Endurance Gold V 1338 Energizer Res* O 637 Energizer Res T 662 Energy Fuels T 1464 Energy Fuels* X 2735 Engold Mines V 3023 Engold Mines* O 194 Ensurge* O 161 Entree Gold* X 989 Entree Gold T 243 Equitas Res* O 402 Equitas Res V 845 Equitorial Ex V 963 Era Res Inc V 24 Erdene Res Dev* O 140 Erin Ventures V 871 Eros Res Corp* O 7 Eros Res Corp V 85 Eros Res Corp V 85 Eskay Mng V 292 Ethos Gold* O 21 Ethos Gold V 308 Eurasian Mnls V 403 Eurasian Mnls* X 782 Eureka Res V 86 Euro Sun Mg* O 55

0.13 0.12 0.13 + 0.01 0.30 0.11 0.10 0.09 0.10 + 0.00 0.24 0.08 0.10 0.07 0.10 + 0.01 0.20 0.02 0.01 0.01 0.01 - 0.00 0.05 0.01 1.07 0.98 0.99 - 0.08 1.27 0.63 1.40 1.29 1.29 - 0.10 1.68 0.83 0.60 0.55 0.58 - 0.01 0.62 0.17 0.57 0.48 0.49 - 0.06 0.57 0.01 0.44 0.40 0.40 - 0.02 0.44 0.01 0.05 0.05 0.05 - 0.00 0.10 0.03 0.07 0.06 0.06 - 0.01 0.13 0.02 0.33 0.28 0.29 - 0.02 0.49 0.05 0.42 0.38 0.39 - 0.01 0.63 0.08 1.00 0.86 0.88 - 0.12 1.10 0.49 0.76 0.66 0.67 - 0.08 0.84 0.37 0.40 0.28 0.37 + 0.08 0.30 0.09 0.12 0.11 0.11 - 0.01 0.22 0.05 19.28 17.07 17.07 - 1.79 35.93 15.36 0.10 0.00 0.09 - 0.01 0.15 0.04 0.17 0.14 0.16 - 0.01 0.55 0.10 1.12 1.06 1.09 - 0.03 1.50 0.80 0.87 0.80 0.80 - 0.01 1.11 0.62 0.11 0.00 0.11 + 0.00 0.15 0.10 0.17 0.00 0.16 - 0.01 0.24 0.05 0.09 0.08 0.09 + 0.01 0.19 0.06 0.03 0.00 0.02 - 0.01 0.04 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.08 0.04 0.07 + 0.02 0.08 0.02 0.04 0.00 0.04 + 0.01 0.06 0.01 0.61 0.56 0.59 + 0.02 0.81 0.12 0.80 0.73 0.75 - 0.05 1.11 0.14 13.62 11.46 11.50 - 1.58 16.82 10.47 10.41 8.75 8.77 - 1.21 12.65 7.92 0.03 0.02 0.03 + 0.01 0.03 0.01 0.01 0.01 0.01 + 0.00 0.02 0.00 0.09 0.08 0.08 - 0.01 0.14 0.05 0.13 0.11 0.13 + 0.02 0.19 0.06 6.67 5.73 5.79 - 0.75 9.10 3.20 0.02 0.01 0.02 + 0.01 0.03 0.01 3.70 3.39 3.51 - 0.03 4.14 1.10 0.29 0.24 0.24 - 0.04 0.30 0.04 0.07 0.06 0.06 - 0.02 0.10 0.05 0.10 0.00 0.09 - 0.01 0.20 0.07 0.19 0.07 0.18 + 0.11 0.21 0.03 0.08 0.06 0.08 + 0.03 0.15 0.05 2.49 2.35 2.39 - 0.10 3.71 1.86 1.58 1.10 1.50 - 0.08 2.00 0.00 0.04 0.03 0.04 + 0.01 0.04 0.01 0.28 0.23 0.27 + 0.04 0.34 0.08 0.36 0.29 0.35 + 0.04 0.45 0.10 0.05 0.03 0.04 + 0.01 0.06 0.02 0.03 0.02 0.02 + 0.00 0.05 0.02 0.24 0.20 0.22 + 0.01 0.24 0.06 0.30 0.23 0.30 + 0.02 0.36 0.06 0.20 0.19 0.19 - 0.01 0.28 0.05 0.01 0.00 0.01 + 0.01 0.01 0.01 0.31 0.30 0.30 - 0.01 0.89 0.29 0.41 0.39 0.40 - 0.02 1.19 0.39 0.06 0.05 0.05 + 0.01 0.06 0.02 0.59 0.50 0.50 - 0.06 0.97 0.29 0.68 0.64 0.65 - 0.03 0.87 0.13 1.14 0.90 0.99 + 0.08 1.14 0.34 0.22 0.19 0.22 + 0.03 0.28 0.06 0.12 0.07 0.08 - 0.02 0.28 0.03 0.04 0.03 0.03 + 0.01 0.05 0.01 0.36 0.31 0.32 - 0.04 0.61 0.29 0.27 0.24 0.25 - 0.01 0.44 0.22 3.82 3.22 3.22 - 0.44 5.16 2.54 5.00 4.22 4.22 - 0.58 6.71 3.46 0.73 0.66 0.73 + 0.05 0.79 0.18 0.13 0.11 0.13 + 0.00 0.20 0.04 0.43 0.37 0.40 + 0.03 0.49 0.19 0.17 0.14 0.14 - 0.03 0.21 0.02 0.29 0.24 0.26 + 0.01 0.30 0.07 0.08 0.07 0.07 - 0.01 0.14 0.04 0.11 0.10 0.10 - 0.01 0.18 0.06 27.75 26.05 26.76 - 0.22 28.81 10.11 21.18 19.82 20.43 - 0.16 21.89 7.57 4.85 4.58 4.60 - 0.13 5.95 1.57 6.37 6.01 6.03 - 0.18 7.75 2.11 0.05 0.04 0.05 + 0.01 0.05 0.02 0.08 0.06 0.08 + 0.02 0.08 0.03 0.05 0.05 0.05 + 0.00 0.10 0.04 0.07 0.06 0.06 - 0.01 0.13 0.06 3.19 2.72 2.85 - 0.27 3.98 1.74 2.43 2.08 2.18 - 0.21 2.98 1.29 0.28 0.13 0.28 + 0.15 0.25 0.03 0.20 0.10 0.20 + 0.09 0.17 0.02 0.09 0.07 0.09 + 0.02 0.10 0.01 0.68 0.56 0.58 - 0.05 0.72 0.22 0.89 0.72 0.75 - 0.08 0.94 0.29 0.30 0.22 0.25 - 0.04 0.31 0.16 0.38 0.30 0.31 - 0.05 1.30 0.19 0.08 0.07 0.07 - 0.01 0.11 0.02 0.25 0.00 0.24 + 0.01 0.50 0.10 0.65 0.61 0.62 - 0.02 0.69 0.12 0.06 0.05 0.05 - 0.01 0.06 0.04 0.15 0.00 0.14 - 0.01 0.17 0.07 0.20 0.00 0.18 - 0.02 0.23 0.11 0.20 0.00 0.18 - 0.02 0.23 0.11 0.38 0.33 0.34 + 0.01 0.42 0.10 0.20 0.18 0.18 - 0.02 0.32 0.05 0.27 0.22 0.22 - 0.03 0.41 0.15 1.50 1.31 1.31 - 0.19 1.84 0.55 1.18 1.00 1.03 - 0.08 1.40 0.42 0.11 0.10 0.10 - 0.01 0.17 0.05 0.58 0.54 0.58 - 0.00 1.06 0.47

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

212 T Euro Sun Mg O 38 EurOmax Res* EurOmax Res T 58 O 1080 European Metal* V 30 Eurotin Everest Vent V 7 Everton Res V 1640 Everton Res* O 283 Evolving Gold 27 O 0 Evolving Gold* Excellon Res* O 325 Excellon Res T 497 O 89 Excelsior Mng* Excelsior Mng T 544 Exeter Res* X 874 Exeter Res T 617 O 637 Expedition Mng* Explor Res* O 171 Explor Res V 489 Explorex Res 563 Fairmont Res V 3305 Falco Res V 1061 Far Res* O 45 Fieldex Expl V 268 Filo Mg Corp V 1530 Finlay Minrls V 170 Fiore Explor V 1149 Fiore Explor* O 538 2 Fire River Gol* O Firesteel Res V 493 Firestone Vent V 305 First Bauxite V 51 First Cobalt V 432 1808438 O First Colombia* First Energy* O 111 First Liberty* O 8339 First Majestic* N 25147 First Majestic T 7508 V 6462 First Mg Fin First Mg Fin * O 3398 First Quantum T 28636 520 V Fission 3.0 Fission Uran T 4122 Fission Uran* O 1950 Fjordland Exp V 90 Flinders Res V 1603 Flinders Res* O 1897 V 9215 Focus Graphite O 1152 Focus Graphite* Focus Vent V 759 Foran Mng V 953 T 5352 Formation Mtls Forrester Met* O 20 Forrester Met V 1600 Forsys Metals T 381 O 117 Fortescue Mtls* T 3118 Fortuna Silvr Fortuna Silvr* N 9120 Fortune Bay V 56 Fortune Bay* O 8 Fortune Mnrls T 13146 O 1818 Fortune Mnrls* V 546 Forum Uranium O 45 Forum Uranium* Four River V 1894 23 Fox River Res* O 343 Fox River Res N 2855 Franco-Nevada* Franco-Nevada T 2387 Freegold Vent T 380 184891 N Freeport McMoR* Freeport Res V 30 Fresnillo plc* O 8 27 Full Metal Mnl V Fura Emeralds V 146

0.83 0.70 0.74 + 0.03 1.45 0.62 0.26 0.42 + 0.01 0.59 0.42 0.38 0.33 0.54 - 0.01 0.81 0.58 0.51 0.00 0.00 - 0.00 0.01 0.00 0.00 0.03 0.12 + 0.01 1.00 0.12 0.12 0.09 1.20 - 0.17 1.52 1.37 1.20 0.02 0.07 + 0.01 0.20 0.08 0.07 0.02 0.05 - 0.01 0.14 0.06 0.04 0.05 0.17 + 0.01 0.50 0.18 0.16 0.02 0.14 + 0.01 0.38 0.14 0.00 0.27 1.39 + 0.01 1.85 1.45 1.35 0.36 1.83 - 0.01 2.40 1.90 1.77 0.19 0.63 - 0.02 0.72 0.68 0.62 0.25 0.84 - 0.02 0.94 0.89 0.81 0.50 1.08 - 0.06 1.48 1.17 1.06 0.67 1.42 - 0.11 1.94 1.54 1.40 0.01 0.07 - 0.00 0.22 0.12 0.06 0.04 0.07 - 0.00 0.18 0.07 0.06 0.07 0.09 + 0.01 0.24 0.09 0.08 0.06 0.13 - 0.03 0.19 0.16 0.13 0.04 0.15 + 0.01 0.23 0.16 0.13 0.37 0.90 - 0.02 1.39 0.97 0.88 0.05 0.08 + 0.00 0.09 0.09 0.08 0.10 0.17 - 0.01 0.65 0.20 0.14 3.00 2.25 2.27 - 0.62 3.00 0.64 0.03 0.07 + 0.01 0.09 0.07 0.06 0.03 0.41 + 0.01 0.76 0.43 0.40 0.02 0.32 + 0.01 0.55 0.33 0.30 0.05 0.00 0.05 + 0.05 0.77 0.00 0.01 0.05 - 0.02 0.06 0.06 0.04 0.01 0.05 + 0.02 0.08 0.05 0.04 0.03 0.06 + 0.01 0.07 0.06 0.04 0.22 0.71 - 0.03 0.85 0.75 0.69 0.00 0.00 + 0.00 0.00 0.00 0.00 0.01 0.05 + 0.00 0.12 0.05 0.04 0.00 0.00 - 0.00 0.00 0.00 0.00 10.29 9.14 9.56 - 0.50 19.15 4.28 12.50 - 0.66 24.96 5.76 13.47 12.06 1.10 1.00 1.05 + 0.01 1.31 0.37 0.84 0.76 0.82 + 0.03 1.02 0.27 14.00 - 1.00 17.55 4.20 15.72 13.77 0.09 0.08 0.08 - 0.01 0.11 0.05 0.49 0.78 - 0.07 0.92 0.87 0.76 0.36 0.59 - 0.07 0.70 0.67 0.58 0.01 0.05 + 0.01 0.17 0.05 0.00 0.20 0.76 - 0.11 0.93 0.88 0.58 0.14 0.58 - 0.08 0.71 0.68 0.44 0.06 0.13 + 0.03 0.30 0.15 0.10 0.04 0.10 + 0.02 0.23 0.11 0.07 0.05 0.06 - 0.01 0.11 0.06 0.06 0.08 0.38 - 0.06 0.47 0.47 0.35 0.10 1.25 + 0.08 1.48 1.48 1.17 0.01 0.08 - 0.02 0.11 0.10 0.08 0.04 0.11 - 0.01 0.14 0.12 0.11 0.05 0.17 - 0.03 0.28 0.20 0.17 1.48 5.17 - 0.13 5.50 5.50 0.00 8.58 7.99 8.01 - 0.31 12.73 4.46 3.32 6.12 - 0.23 9.75 6.55 6.09 0.29 0.57 - 0.03 0.90 0.63 0.00 0.30 0.43 - 0.02 0.64 0.46 0.00 0.03 0.27 - 0.02 0.34 0.32 0.24 0.02 0.21 - 0.01 0.26 0.25 0.18 0.07 0.11 - 0.01 0.20 0.12 0.10 0.05 0.08 - 0.00 0.14 0.09 0.00 0.14 0.90 + 0.05 1.28 0.92 0.78 0.10 0.08 0.10 + 0.02 0.09 0.02 0.15 0.11 0.13 + 0.02 0.13 0.03 53.31 65.89 - 1.32 81.16 68.47 65.59 89.64 85.95 86.27 - 1.79 105.69 71.44 0.08 0.15 + 0.03 0.28 0.16 0.12 13.25 - 1.66 17.06 6.79 15.31 13.16 0.01 0.06 - 0.01 0.09 0.06 0.06 12.65 19.49 + 0.20 26.65 19.49 18.50 0.10 0.00 0.10 + 0.02 0.12 0.03 0.10 0.25 + 0.02 0.30 0.25 0.20

Gabriel Res T 111 Gainey Capital V 180 Galantas Gold V 140 Galore Res V 449 Galway Gold V 493 Galway Mtls* O 70 Galway Mtls V 115 Garibaldi Res V 676 185 Garibaldi Res * O GB Minerals V 33 General Moly T 77 General Moly* X 2307 Genesis Mtls* O 44 Genesis Mtls V 869 Genius Props 101 V 2583 Gensource Pot Geodex Mnrls V 14 O 377 Geologix Expl* Geologix Expl V 886 O 471 Geomega Res* Geomega Res V 729 O 56 GFG Resources* GFK Res V 105 GGX Gold V 694 Gitennes Expl V 2186 Giyani Gold* O 15 Giyani Gold V 588 O 520 Gldn Predator* Gldn Predator V 2607 681 Glen Eagle Res V Glencore Plc* O 895 Global Gold* O 37 O 0 Global Hunter* Globex Mng* O 103 Globex Mng T 630 O 42 GMV Minerals* GMV Minerals V 300 GoGold Res T 1752 O 153 Gold Dynamics* 43695 Gold Fields* N 548666 Gold Lakes* O Gold Mng USA* O 2937 289 Gold Reach Res V Gold Reserve* O 18 Gold Reserve V 60 X 4822 Gold Resource* Gold Std Vents V 1408 Gold Std Vents* X 5361 V 75 Goldbank Mng Goldcliff Res* O 79 Goldcorp* N 35925 T 12438 Goldcorp Golden Arrow* O 986 Golden Arrow V 1158 68 Golden Dawn Ml* O Golden Dawn Ml V 6813 Golden Eagle* O 296 O 111 Golden Global* V 275 Golden Goliath O 78 Golden Goliath* Golden Harp V 4 Golden Hope V 53 Golden Hope* O 23 Golden Mnls T 141 Golden Mnls* X 1654 327 Golden Peak Mn V O 737 Golden Queen* Golden Queen T 343 Golden Reign V 771 Golden Secret V 270 81 Golden Sh Mng V Golden Star T 983 10226 Golden Star* X Golden Tag V 552 Golden Valley V 693 Goldex Res* O 2 Goldex Res V 7 T 369 Goldgroup Mng O 305 Goldgroup Mng* GoldMining V 929 V 1564 GoldQuest Mng Goldrea Res 116 Goldrea Res* O 2 O 544 Goldsource Min* V 1304 Goldsource Min Goldstar Mnls V 148 V 1330 Goldstrike Res Gonzaga Res V 285 O 430 GoviEx Uranium* V 2947 GoviEx Uranium Gowest Gold* O 195 GPM Metals V 401 O 473 Gran Colombia* T 5861 Gran Colombia Granada Gold V 764 O 167 Granada Gold* 73 Granite Ck Gld V O 6958 Graphite Corp* Graphite One* O 916 296 Gray Rock Res V Great Atlantic V 75

0.17 0.43 + 0.01 0.74 0.45 0.41 0.10 0.19 - 0.01 0.37 0.23 0.19 0.07 0.11 - 0.02 0.18 0.13 0.11 0.01 0.04 - 0.01 0.05 0.05 0.03 0.05 0.10 - 0.01 0.13 0.11 0.10 0.07 0.32 + 0.02 0.51 0.32 0.29 0.10 0.42 + 0.03 0.65 0.42 0.39 0.07 0.17 - 0.04 0.21 0.21 0.17 0.15 0.12 0.12 - 0.03 0.16 0.05 0.05 0.09 + 0.01 0.10 0.09 0.00 0.29 0.71 - 0.13 0.95 0.95 0.69 0.20 0.53 - 0.13 0.72 0.70 0.49 0.01 0.13 + 0.01 0.22 0.13 0.12 0.09 0.15 - 0.01 0.28 0.17 0.15 0.08 0.14 - 0.02 0.38 0.18 0.11 0.04 0.16 - 0.01 0.23 0.19 0.15 0.05 0.10 + 0.01 0.11 0.10 0.00 0.02 0.06 - 0.01 0.11 0.07 0.06 0.03 0.09 + 0.01 0.15 0.09 0.08 0.05 0.09 - 0.00 0.16 0.12 0.09 0.06 0.12 - 0.03 0.23 0.16 0.12 0.77 0.91 + 0.03 1.00 0.97 0.88 0.06 0.13 + 0.02 0.18 0.13 0.11 0.07 0.10 - 0.01 0.39 0.13 0.10 0.01 0.05 - 0.02 0.08 0.08 0.05 0.04 0.29 + 0.00 0.50 0.29 0.00 0.06 0.38 + 0.04 0.70 0.39 0.34 0.09 1.17 - 0.08 1.59 1.30 1.15 0.13 1.52 - 0.12 2.05 1.69 1.52 0.16 0.13 0.16 + 0.02 0.16 0.06 3.22 8.14 + 0.24 8.62 8.62 7.88 0.01 0.04 - 0.01 0.06 0.06 0.03 0.01 0.01 - 0.00 0.25 0.01 0.00 0.19 0.47 + 0.04 0.46 0.48 0.42 0.25 0.61 + 0.07 0.63 0.62 0.54 0.07 0.38 + 0.01 0.55 0.40 0.36 0.08 0.51 + 0.03 0.70 0.53 0.48 0.41 0.83 - 0.16 1.65 0.99 0.81 0.00 0.00 - 0.00 0.01 0.00 0.00 2.60 3.25 - 0.02 6.60 3.44 3.11 0.00 0.00 - 0.00 1.02 0.00 0.00 0.01 0.00 0.01 + 0.00 0.16 0.00 0.16 0.00 0.15 + 0.01 0.25 0.09 0.00 3.19 + 0.06 5.90 3.31 3.14 3.28 4.17 - 0.18 8.00 4.40 4.12 1.85 5.61 - 0.31 8.22 6.27 5.51 3.65 3.42 3.55 - 0.07 4.10 1.13 2.78 2.61 2.71 - 0.06 3.20 0.83 0.06 0.11 + 0.01 0.16 0.11 0.00 0.14 0.16 - 0.03 0.36 0.19 0.13 11.91 16.57 - 0.82 20.38 17.67 16.53 15.95 21.70 - 1.06 26.56 23.12 21.70 0.15 0.54 - 0.09 1.30 0.63 0.47 0.21 0.68 - 0.13 1.48 0.82 0.63 0.32 0.28 0.28 - 0.03 0.32 0.08 0.42 0.34 0.40 - 0.02 0.44 0.08 0.00 0.09 + 0.04 0.08 0.11 0.00 0.00 0.03 - 0.00 0.36 0.19 0.01 0.02 0.07 - 0.01 0.14 0.08 0.07 0.01 0.05 - 0.01 0.10 0.07 0.05 0.05 0.11 - 0.10 0.28 0.21 0.11 0.14 0.01 0.39 + 0.16 0.16 0.15 0.11 0.11 - 0.01 0.25 0.12 0.11 0.42 0.85 - 0.04 1.51 0.94 0.82 0.31 0.65 - 0.04 1.16 0.73 0.63 0.43 0.40 0.43 + 0.01 0.90 0.12 0.52 0.66 - 0.02 1.56 0.69 0.64 0.70 0.87 - 0.01 2.00 0.90 0.85 0.10 0.23 - 0.03 0.36 0.27 0.23 0.05 0.32 - 0.04 0.69 0.36 0.32 0.24 0.00 0.22 - 0.01 0.36 0.08 0.51 1.30 + 0.05 1.46 1.33 1.22 0.38 1.00 + 0.04 1.13 1.00 0.92 0.03 0.06 - 0.02 0.18 0.08 0.06 0.12 0.41 - 0.04 0.50 0.48 0.38 0.08 0.39 + 0.00 0.63 0.39 0.39 0.10 0.53 - 0.05 0.90 0.53 0.00 0.07 0.11 + 0.01 0.39 0.12 0.10 0.05 0.09 + 0.01 0.30 0.09 0.07 0.51 1.98 + 0.03 3.35 2.03 1.92 0.19 0.49 + 0.01 0.68 0.52 0.47 0.03 0.08 + 0.04 0.14 0.08 0.00 0.01 0.06 + 0.03 0.10 0.06 0.03 0.11 0.12 - 0.00 0.45 0.14 0.12 0.15 0.17 - 0.01 0.57 0.18 0.16 0.01 0.03 - 0.01 0.09 0.04 0.00 0.12 0.25 + 0.01 0.41 0.27 0.24 0.01 0.35 + 0.05 0.36 0.36 0.30 0.04 0.27 - 0.01 0.34 0.30 0.26 0.09 0.37 + 0.02 0.44 0.39 0.34 0.05 0.13 - 0.01 0.22 0.14 0.13 0.08 0.09 - 0.01 0.57 0.10 0.09 0.06 0.09 + 0.01 0.13 0.09 0.08 0.08 0.12 + 0.01 0.16 0.12 0.11 0.05 0.07 - 0.01 0.16 0.08 0.07 0.01 0.05 - 0.00 0.11 0.07 0.05 0.04 0.03 0.03 - 0.01 0.06 0.01 0.00 0.00 + 0.00 0.01 0.01 0.00 0.05 0.06 - 0.00 0.14 0.07 0.06 0.40 0.36 0.36 - 0.04 0.40 0.02 0.03 0.15 + 0.02 0.15 0.15 0.12

G-H

2017-02-28 9:47 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

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

Week

12-month

Exc Volume High Low Last Change High Low

Great Lakes Gr V 854 Great Lakes Gr* O 233 Great Panther T 1465 Great Panther* X 10640 Great Quest Fe V 97 Great Rock Dev* O 2428 Great Western* O 215 Green Swan Cap V 1656 Green Valley M V 9 Greencastle Rs V 210 Greenland M&En* O 1156 Grizzly Discvr* O 21 Grizzly Gold* O 75 GrowMax Res V 2038 GrowMax Res* O 46 GT Gold * O 74 GT Gold V 330 Gungnir Res* O 619 Gungnir Res V 2144 Guyana Gldflds T 4452 Hadley Mng 366 Hannan Metals* O 2 Hannan Metals V 36 Happy Ck Mnrls V 330 Hard Creek Ni* O 1320 Harmony Gold* N 31763 Harte Gold* O 625 Harte Gold T 4529 Hawkeye Gld&Di V 246 40474 Hecla Mining* N Helio Res V 311 Hellix Vent* O 118 Heron Res T 157 Heron Res* O 60 Highland Copp V 1156 Highway 50 Gld V 246 Highway 50 Gld* O 146 Hinterland Mtl V 5796 Hochschild Mg* O 39 Horizonte Mnls T 805 Hornby Bay Mnl V 552 Houston Lake V 1084 HudBay Mnls* N 5483 HudBay Mnls T 11469 Hudson Res* O 28

0.10 0.09 0.09 - 0.01 0.11 0.06 0.08 0.07 0.07 - 0.00 0.08 0.04 2.95 2.74 2.75 - 0.12 2.95 0.87 2.28 2.08 2.10 - 0.08 2.25 0.64 0.26 0.23 0.24 + 0.01 0.35 0.14 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.11 0.07 0.11 + 0.04 0.14 0.01 0.05 0.05 0.05 - 0.01 0.06 0.01 0.10 0.09 0.10 + 0.01 0.18 0.06 0.15 0.11 0.11 - 0.04 0.16 0.00 0.04 0.04 0.04 + 0.01 0.05 0.02 0.05 0.03 0.05 - 0.00 0.22 0.01 0.15 0.14 0.15 - 0.01 0.28 0.13 0.11 0.11 0.11 - 0.00 0.22 0.10 0.36 0.00 0.33 - 0.03 0.36 0.30 0.45 0.34 0.43 + 0.03 0.50 0.09 0.08 0.05 0.08 + 0.02 0.07 0.01 0.12 0.07 0.10 + 0.02 0.10 0.01 8.02 7.20 7.22 - 0.37 10.35 4.03 0.67 0.04 0.61 + 0.13 1.08 0.06 0.33 0.29 0.29 - 0.04 0.39 0.09 0.40 0.35 0.36 - 0.04 0.51 0.05 0.29 0.24 0.24 - 0.01 0.29 0.10 0.09 0.06 0.07 - 0.01 0.09 0.00 2.96 2.54 2.67 - 0.11 4.87 1.86 0.32 0.28 0.32 + 0.03 0.30 0.06 0.42 0.36 0.42 + 0.05 0.40 0.09 0.13 0.09 0.12 + 0.02 0.33 0.03 6.72 5.86 5.90 - 0.68 7.64 2.44 0.03 0.03 0.03 - 0.01 0.08 0.02 0.08 0.00 0.06 + 0.05 0.08 0.00 0.14 0.13 0.14 - 0.01 0.17 0.08 0.11 0.11 0.11 - 0.00 0.13 0.05 0.17 0.14 0.17 + 0.03 0.17 0.07 0.31 0.25 0.31 + 0.02 0.31 0.08 0.24 0.22 0.24 + 0.02 0.24 0.10 0.06 0.04 0.05 - 0.01 0.12 0.01 3.46 3.31 3.40 + 0.05 4.16 1.21 0.05 0.05 0.05 + 0.01 0.06 0.02 0.07 0.05 0.05 - 0.02 0.08 0.03 0.46 0.38 0.41 - 0.02 0.46 0.16 8.65 7.60 8.00 - 0.15 9.15 2.50 11.35 10.01 10.42 - 0.29 11.95 3.40 0.34 0.29 0.32 + 0.02 0.38 0.24

I-Minerals* O 115 I-Minerals V 132 IAMGOLD T 12857 42625 IAMGOLD* N Iberian Mnrls V 2452 IC Potash* O 246 Iconic Mnls * O 56 Iconic Mnls V 6071 IDM Mining V 4634 IDM Mining* O 1100 iMetal Res V 220 IMPACT Silver V 860 Impala Platnm* O 698 Imperial Metal* O 13 Imperial Metal T 103 Inca One Gold V 1397 Inca One Gold* O 676 Inception Mng * O 39 V 237 Independence G Independence G* O 78 Indico Res V 675 Inform Res V 23 Inomin Mines V 55 O 2 Inspiration Mg* Intact Gold V 1632 Integra Gold* O 1323 Integra Gold V 5366 Inter-Rock Mnl* O 55 Intgr Egy Sol* O 47389 Intigold Mines* O 459 Intl Bethl Mng V 242 Intl Corona V 97 Intl Lithium* O 529 Intl Lithium V 1057 Intl Montoro* O 146 Intl Samuel Ex V 271 Intl Tower Hil* X 943 Intl Tower Hil T 98 Intrepid Pots* N 8784 INV Metals T 255 INV Metals* O 24 Inventus Mg * O 25 Inventus Mg V 198 InZinc Mining V 1171 InZinc Mining* O 209 Ireland* O 251 Ironside Res * O 3 Irving Res* O 12 O 0 Itafos* V 61 Itafos Itoco Mg Corp* O 109 Ivanhoe Mines* O 2210 Ivanhoe Mines T 28283 Jaguar Mng* O 160 Jaguar Mng T 390 Japan Gold V 199 Japan Gold* O 125 Jayden Res V 156 JDL Gold V 1032 JDL Gold* O 108 Jet Metal* O 14 K2 Gold V 84 K92 Mng Inc V 1038 Kairos Cap V 285 Kaizen Discvry V 803 Kapuskasing Gd* O 230 Kapuskasing Gd V 898 Karmin Expl V 343 KAT Expl* O 3758 Katanga Mng T 41492 Kennady Diam V 113 Kermode Res V 435 Kerr Mines* O 46 Kerr Mines T 471 Kesselrun Res V 772 Khalkos Expl V 360 Khan Res 258 Kilo Goldmines* O 146 Kilo Goldmines V 852 O 269 Kincora Copper* Kincora Copper V 475 Kings Bay Gold V 1510 Kingsmen Res V 9 Kinross Gold T 23161 Kinross Gold* N 60166 Kirkland Lake T 4612 Kiska Metals* O 45 Kivalliq Enrgy V 1802 Klondex Mines T 3902 Klondike Gold V 794 Klondike Gold* O 144 Klondike Silv* O 21 Kombat Copper V 114 Kombat Copper* O 14 Kootenay Zinc 431

0.33 0.29 0.31 - 0.01 0.33 0.15 0.44 0.38 0.39 - 0.03 0.44 0.20 6.21 5.62 5.67 - 0.28 7.65 2.62 4.75 4.26 4.33 - 0.21 5.87 1.95 0.10 0.10 0.10 + 0.01 0.11 0.04 0.08 0.07 0.08 + 0.01 0.11 0.03 0.10 0.07 0.09 + 0.02 0.33 0.05 0.13 0.10 0.11 + 0.01 0.45 0.05 0.18 0.15 0.17 + 0.01 0.26 0.09 0.14 0.12 0.13 + 0.01 0.21 0.07 0.07 0.00 0.06 + 0.02 0.08 0.04 0.83 0.71 0.74 - 0.07 1.28 0.23 3.93 3.50 3.55 - 0.35 5.23 1.99 5.34 5.02 5.04 - 0.10 6.21 2.78 7.00 6.53 6.60 - 0.20 8.50 3.46 0.23 0.17 0.18 - 0.04 0.63 0.19 0.17 0.13 0.14 - 0.02 0.35 0.14 0.45 0.42 0.45 + 0.02 1.65 0.25 0.24 0.22 0.22 - 0.02 0.50 0.08 0.19 0.16 0.16 - 0.00 0.37 0.05 0.02 0.00 0.02 + 0.01 0.10 0.02 0.22 0.18 0.18 - 0.05 0.40 0.05 0.07 0.05 0.05 - 0.03 0.07 0.05 0.02 0.02 0.02 - 0.00 0.07 0.01 0.08 0.07 0.07 - 0.01 0.18 0.06 0.66 0.60 0.65 + 0.03 0.76 0.28 0.86 0.78 0.84 + 0.03 0.96 0.38 0.12 0.11 0.12 + 0.02 0.11 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.04 0.04 0.04 - 0.01 0.08 0.01 0.04 0.03 0.04 + 0.01 0.08 0.02 0.12 0.10 0.12 + 0.01 0.17 0.01 0.12 0.09 0.11 + 0.00 0.55 0.02 0.16 0.13 0.16 + 0.03 0.38 0.07 0.02 0.01 0.01 - 0.00 0.03 0.01 0.07 0.00 0.06 - 0.01 0.15 0.05 0.67 0.58 0.62 - 0.00 1.40 0.26 0.87 0.76 0.77 - 0.08 1.82 0.35 2.53 2.10 2.23 + 0.01 3.04 0.65 1.01 0.92 0.94 - 0.06 1.13 0.14 0.80 0.71 0.71 - 0.09 0.85 0.15 0.19 0.15 0.15 - 0.04 0.28 0.11 0.22 0.19 0.19 - 0.02 0.35 0.06 0.30 0.25 0.25 - 0.02 0.36 0.05 0.22 0.00 0.20 - 0.01 0.27 0.03 0.15 0.13 0.14 - 0.00 0.34 0.04 0.07 0.06 0.07 + 0.01 0.12 0.05 0.75 0.00 0.75 + 0.09 0.99 0.09 1.71 0.00 1.71 - 0.15 2.23 0.68 2.50 2.20 2.22 - 0.18 4.00 0.90 0.15 0.08 0.10 + 0.01 0.30 0.00 3.89 3.22 3.27 - 0.43 3.89 0.49 5.11 4.22 4.28 - 0.58 5.11 0.66 0.53 0.49 0.49 - 0.01 0.65 0.13 0.70 0.65 0.65 - 0.01 0.85 0.17 0.36 0.31 0.34 + 0.02 0.88 0.28 0.28 0.26 0.26 - 0.01 0.67 0.21 0.14 0.11 0.12 + 0.01 0.23 0.03 1.88 1.81 1.82 - 0.05 2.55 0.97 1.44 1.39 1.41 - 0.02 1.64 1.10 0.19 0.10 0.10 - 0.02 0.20 0.00 0.50 0.42 0.42 - 0.03 0.58 0.08 1.05 0.98 0.99 - 0.01 2.24 0.81 0.48 0.28 0.48 + 0.14 0.48 0.02 0.27 0.23 0.24 - 0.02 0.31 0.09 0.02 0.01 0.02 + 0.01 0.08 0.01 0.03 0.03 0.03 + 0.01 0.10 0.02 0.60 0.36 0.58 + 0.19 0.60 0.21 0.00 0.00 0.00 - 0.00 0.00 0.00 0.65 0.38 0.46 - 0.03 0.65 0.12 3.90 3.60 3.76 + 0.06 5.00 2.71 0.02 0.01 0.02 + 0.01 0.04 0.01 0.11 0.09 0.10 + 0.00 0.12 0.04 0.14 0.13 0.14 - 0.01 0.16 0.06 0.15 0.13 0.13 - 0.02 0.43 0.05 0.19 0.17 0.17 - 0.02 0.26 0.08 0.05 0.04 0.05 + 0.01 0.88 0.02 0.08 0.07 0.07 - 0.01 0.19 0.06 0.10 0.09 0.09 - 0.01 0.25 0.07 0.36 0.34 0.34 - 0.00 0.36 0.17 0.65 0.46 0.58 + 0.12 0.64 0.15 0.21 0.18 0.18 - 0.02 0.21 0.05 0.16 0.00 0.16 + 0.04 0.18 0.07 5.21 4.80 4.99 - 0.07 7.56 3.61 3.99 3.63 3.81 - 0.07 5.82 2.68 10.57 9.69 10.32 + 0.09 11.15 3.81 0.07 0.06 0.07 + 0.00 0.09 0.01 0.17 0.14 0.15 - 0.01 0.19 0.07 7.73 7.24 7.45 - 0.12 7.95 3.40 0.23 0.20 0.21 - 0.02 0.45 0.13 0.17 0.16 0.16 - 0.01 0.32 0.10 0.08 0.06 0.06 - 0.02 0.12 0.01 0.39 0.35 0.36 + 0.01 0.95 0.35 0.30 0.27 0.27 - 0.03 0.33 0.27 0.60 0.43 0.47 - 0.13 0.70 0.06

Labdr Iron Mns* O 537 Labrador Iron T 1145 Lakeside Mnrls V 162 Lara Expl V 183 Laramide Res T 1470 Largo Res* O 22 Largo Res T 197 Lateral Gold V 317 Latin Am Mnls* O 39 Latin Am Mnls V 723 Laurion Mnl Ex V 774 LeadFX Inc* O 9 Legend Gold* O 220 Levon Res Ltd * O 216 Levon Res Ltd T 306 Lexam VG Gold* O 959 Lexam VG Gold T 5007 Li3 Energy* O 4067 Liberty One Li V 179 Lincoln Mng V 256 Lion One Mtls V 116 Lion One Mtls* O 46 Lions Gate Mtl 55 Lithium Amer T 8967 Lithium Amer* O 2457 Lithium Corp* O 845 Lithium Expl* O 167705 Lithium X Egy* O 1036 Lithium X Egy V 2494 LKA Gold* O 24 Lode-Star Mg* O 410 Logan Res V 711 Lomiko Mtls V 139

0.07 0.02 0.02 - 0.03 0.06 0.00 20.29 18.21 18.79 - 0.80 20.67 9.36 0.30 0.20 0.30 + 0.10 0.64 0.02 1.13 1.05 1.05 - 0.04 1.58 0.35 0.70 0.59 0.63 - 0.06 0.74 0.18 0.38 0.37 0.38 + 0.01 0.56 0.12 0.50 0.48 0.49 + 0.02 0.72 0.17 0.83 0.71 0.83 + 0.09 1.25 0.26 0.15 0.12 0.12 - 0.02 0.36 0.07 0.19 0.16 0.18 - 0.01 0.48 0.09 0.04 0.04 0.04 + 0.01 0.08 0.01 0.62 0.62 0.62 + 0.00 0.73 0.11 0.03 0.02 0.02 - 0.00 0.05 0.02 0.37 0.33 0.36 + 0.01 0.54 0.10 0.49 0.44 0.48 + 0.02 0.71 0.14 0.23 0.21 0.21 - 0.02 0.29 0.12 0.30 0.27 0.27 - 0.03 0.38 0.15 0.06 0.03 0.03 - 0.01 0.06 0.01 0.62 0.51 0.54 - 0.07 0.62 0.01 0.09 0.07 0.07 - 0.02 0.17 0.03 0.89 0.84 0.85 - 0.01 1.17 0.36 0.67 0.64 0.65 - 0.00 0.91 0.27 0.35 0.00 0.35 + 0.05 0.36 0.08 1.26 1.07 1.11 - 0.12 1.26 0.37 0.96 0.82 0.84 - 0.09 0.96 0.34 0.09 0.07 0.07 - 0.00 0.13 0.03 0.00 0.00 0.00 - 0.00 0.12 0.00 1.63 1.46 1.47 - 0.14 2.20 0.65 2.13 1.92 1.95 - 0.13 2.85 0.85 0.65 0.53 0.53 - 0.11 0.68 0.20 0.09 0.08 0.09 + 0.02 0.09 0.03 0.12 0.10 0.12 + 0.02 0.26 0.04 0.27 0.24 0.26 + 0.01 0.50 0.19

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Lomiko Mtls* O 51 Loncor Res* O 11 Loncor Res T 69 Lone Star Gold* O 19 Lonmin plc* O 55 Lorraine Coppr V 142 Los Andes Copp V 26 Lovitt Res V 39 Lucara Diam T 1817 Lucky Mnls * O 25 Lumina Gold* O 63 Lumina Gold V 822 Luna Gold* O 95 Luna Gold T 340 Lund Enterpr V 33 Lundin Gold T 671 Lundin Mng T 11776 Lupaka Gold V 149 Lydian Intl* O 60 Lynas Corp* O 748

0.21 0.18 0.21 - 0.00 0.38 0.11 0.12 0.11 0.12 + 0.01 0.20 0.03 0.18 0.00 0.18 + 0.02 0.25 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 1.73 0.00 1.61 - 0.10 3.42 1.08 0.08 0.00 0.07 - 0.01 0.12 0.04 0.20 0.18 0.19 - 0.01 0.25 0.07 0.17 0.10 0.14 - 0.01 0.17 0.02 3.19 2.76 2.78 - 0.31 4.39 2.39 0.09 0.00 0.09 + 0.06 0.09 0.03 0.75 0.66 0.72 - 0.03 0.89 0.31 1.02 0.85 0.90 - 0.11 1.20 0.39 1.49 1.40 1.41 - 0.08 1.96 1.14 1.96 1.85 1.86 - 0.05 3.50 1.10 0.11 0.11 0.11 + 0.01 0.19 0.02 5.91 5.35 5.43 - 0.30 6.62 3.93 8.62 7.91 8.17 - 0.17 8.94 3.51 0.20 0.19 0.20 + 0.01 0.29 0.07 0.31 0.28 0.29 - 0.02 0.41 0.17 0.12 0.09 0.10 - 0.02 0.12 0.03

MacDonald Mns V 2580 MacDonald Mns* O 115 MacMillan Mnls V 96 Mag Copper 121 MAG Silver T 1654 Magellan Gold* O 128 MagIndustries* O 3 Majescor Res V 1612 Majestic Gold V 2675 Makena Res* O 103 Malbex Res V 164 Mammoth Res V 91 Mandalay Res T 6141 Manganese X V 2903 V 311 Mangazeya Mng Manitou Gold V 146 Manson Creek V 486 T 3531 Marathon Gold Margaux Res V 160 Mariana Res V 518 Mariana Res* O 242 Marifil Mines V 1394

0.13 0.07 0.12 + 0.03 0.20 0.05 0.09 0.06 0.09 + 0.03 0.09 0.04 1.49 1.25 1.40 - 0.01 1.84 0.33 0.11 0.09 0.10 - 0.01 0.19 0.03 21.65 20.23 20.34 - 0.72 23.32 9.29 0.10 0.08 0.10 - 0.00 0.35 0.04 0.01 0.01 0.01 - 0.00 0.05 0.00 0.12 0.10 0.10 - 0.01 0.15 0.03 0.11 0.09 0.09 - 0.02 0.12 0.05 0.01 0.00 0.01 + 0.00 0.04 0.00 0.43 0.34 0.38 - 0.05 0.46 0.27 0.09 0.00 0.08 - 0.01 0.20 0.02 0.82 0.63 0.63 - 0.16 1.35 0.67 0.24 0.21 0.24 + 0.02 0.26 0.07 0.04 0.00 0.03 - 0.01 0.06 0.02 0.10 0.08 0.09 - 0.01 0.20 0.03 0.04 0.00 0.04 + 0.01 0.06 0.01 1.10 0.91 0.95 - 0.08 1.16 0.17 0.40 0.34 0.36 - 0.04 0.50 0.11 1.25 1.16 1.21 - 0.03 1.50 0.85 0.99 0.90 0.93 - 0.01 1.12 0.02 0.03 0.02 0.02 - 0.01 0.04 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Minco Gold* O 207 Minco Gold T 230 Minco Silver T 146 Minco Silver* O 60 Minecorp Egy * O 43 Minecorp Egy V 146 Mineral Hill V 6 Mineral Mtn* O 55 Mineral Mtn V 270 Mining Global* O 14830 Miranda Gold V 780 Mirasol Res V 350 Mitsui M’g* O 1 MK2 Ventures * O 2 ML Gold* O 28 O 183 Monarca Mnrls* Monarques Res* O 90 Monarques Res V 966 Moneta Porcpn* O 430 Montan Mg V 2156 Montero Mg&Ex V 930 Morien Res* O 38 Morumbi Res V 510 Mosaic* N 19501 Mountain Boy V 1510 Mountain Prov T 1053 D 438 Mountain Prov* Mundoro Cap* O 228 Mundoro Cap V 484 Mustang Mnrls V 8701 MX Gold* O 444 MX Gold V 3332

0.19 0.17 0.18 - 0.00 0.42 0.01 0.26 0.23 0.25 + 0.02 0.55 0.22 1.48 1.36 1.44 + 0.04 2.05 0.55 1.12 1.05 1.10 + 0.03 1.54 0.41 0.15 0.00 0.15 + 0.02 0.15 0.03 0.20 0.17 0.19 - 0.01 0.20 0.03 0.30 0.00 0.30 + 0.02 0.40 0.11 0.23 0.20 0.22 + 0.00 0.38 0.04 0.29 0.27 0.29 - 0.01 0.49 0.13 0.00 0.00 0.00 + 0.00 0.00 0.00 0.11 0.10 0.10 - 0.01 0.18 0.07 2.05 1.85 1.90 - 0.07 3.50 1.02 17.25 17.00 17.25 + 0.25 17.25 7.62 0.16 0.16 0.16 - 0.01 0.16 0.12 0.20 0.18 0.18 - 0.02 0.21 0.03 0.03 0.02 0.02 - 0.01 0.10 0.00 0.35 0.32 0.35 + 0.03 0.48 0.07 0.48 0.43 0.43 - 0.04 0.66 0.09 0.19 0.17 0.18 - 0.01 0.28 0.11 0.07 0.06 0.06 - 0.01 0.10 0.02 0.04 0.03 0.04 + 0.01 0.08 0.02 0.42 0.38 0.38 - 0.04 0.44 0.20 1.14 0.86 0.88 - 0.22 1.70 0.08 33.90 31.04 31.42 - 2.17 34.36 22.77 0.08 0.06 0.07 - 0.01 0.08 0.01 6.16 5.45 5.50 - 0.63 7.18 4.61 4.70 4.15 4.20 - 0.45 5.52 3.47 0.13 0.13 0.13 + 0.00 0.20 0.05 0.18 0.17 0.18 - 0.01 0.23 0.07 0.03 0.02 0.02 + 0.01 0.03 0.01 0.18 0.15 0.16 - 0.00 0.31 0.08 0.23 0.20 0.20 - 0.03 0.39 0.12

NACCO Ind* N 102 Namibia Rare E* O 13 72 Namibia Rare E T Napier Vent V 54 Natan Res V 760 557 Natural Res Pt* N Nautilus Mnrls T 873 O 623 Nautilus Mnrls* Navis Res Corp* O 209 Navis Res Corp 32

66.65 62.15 64.05 + 0.90 99.55 46.49 0.06 0.05 0.06 - 0.00 0.09 0.03 0.08 0.07 0.08 - 0.01 0.14 0.04 0.33 0.30 0.33 + 0.01 0.35 0.18 0.21 0.20 0.20 - 0.01 0.40 0.05 41.80 38.80 41.45 + 0.35 41.95 6.89 0.18 0.15 0.18 + 0.02 0.24 0.10 0.14 0.11 0.14 + 0.02 0.17 0.08 0.01 0.00 0.00 - 0.00 0.03 0.00 0.02 0.01 0.01 - 0.01 0.02 0.00

N-O

I-J-K

40-42_MAR6_StockTables.indd 41

NEVADA, USA The Right Place, The Right Time NEVADA SUNRISE GOLD CORP. Gold & Lithium Exploration in Nevada www.nevadasunrise.ca PH: (604) 428-8028

Maritime Res V 335 0.18 0.16 0.18 + 0.01 0.31 0.13 Marlin Gold* O 58 0.45 0.43 0.45 + 0.00 0.57 0.23 Marlin Gold V 102 0.59 0.56 0.59 + 0.01 0.75 0.31 MartinMarietta* N 5210 221.69 206.10 210.05 - 7.50 243.98 140.44 Mason Graphite* O 235 1.07 0.97 1.06 + 0.07 1.21 0.34 Mason Graphite V 482 1.40 1.26 1.38 + 0.08 1.60 0.46 Matachewan Con V 130 0.32 0.27 0.32 + 0.04 0.44 0.25 Matamec Expl V 266 0.05 0.05 0.05 - 0.01 0.11 0.02 Matica Ent 5946 0.04 0.03 0.03 - 0.01 0.05 0.01 Matica Ent* O 5225 0.03 0.02 0.03 - 0.00 0.03 0.00 Maverix Mtls* O 7 1.11 0.00 1.11 - 0.05 16.33 0.66 Mawson Res T 339 0.57 0.46 0.47 - 0.09 0.57 0.20 Mawson Res* O 183 0.44 0.35 0.35 - 0.07 0.44 0.15 MAX Res V 129 0.10 0.09 0.10 + 0.02 0.11 0.05 Maxwell Res* O 59 0.01 0.01 0.01 - 0.00 0.01 0.00 Maya Gold &Sil V 586 0.15 0.13 0.14 - 0.01 0.27 0.10 McEwen Mng* N 24344 4.25 3.72 3.74 - 0.39 4.92 1.68 McEwen Mng T 2246 5.57 4.89 4.91 - 0.52 6.44 2.26 McLaren Res 702 0.14 0.09 0.12 + 0.01 0.14 0.01 MDN Inc* O 100 0.68 0.65 0.65 - 0.00 0.92 0.11 Meadow Bay Gd* O 433 0.05 0.04 0.05 + 0.00 0.11 0.03 Mechel* N 1508 6.07 5.30 5.37 - 0.40 6.83 1.46 Medallion Res* O 208 0.02 0.02 0.02 - 0.00 0.04 0.01 Medgold Res V 486 0.22 0.20 0.22 + 0.02 0.25 0.06 Medinah Mnrls* O 1413 0.01 0.01 0.01 - 0.00 0.02 0.00 Mega Uranium* O 937 0.23 0.19 0.19 - 0.03 0.25 0.06 Mega Uranium T 6353 0.32 0.25 0.26 - 0.04 0.32 0.08 Megastar Dev V 104 0.07 0.05 0.05 - 0.02 0.08 0.03 Melior Res V 268 0.08 0.06 0.06 - 0.02 0.09 0.02 Melkior Res V 2517 0.05 0.04 0.05 + 0.01 0.06 0.02 Mercator Mnls* O 136 0.00 0.00 0.00 + 0.00 0.01 0.00 Meridian Mg V 28 0.77 0.00 0.63 - 0.14 1.54 0.14 Mesa Expl V 32 0.10 0.09 0.10 + 0.01 0.17 0.02 Mesa Expl* O 4 0.08 0.06 0.08 + 0.01 0.14 0.01 MetalCorp V 604 0.06 0.05 0.05 - 0.01 0.06 0.01 Metalex Vent V 17 0.06 0.05 0.05 - 0.01 0.10 0.04 Metalla Rylty* O 47 0.53 0.48 0.50 - 0.02 0.68 0.01 Metalla Rylty 97 0.75 0.62 0.65 - 0.09 0.88 0.02 Metallic Mnrls V 138 0.40 0.35 0.40 + 0.01 0.59 0.05 Metallic Mnrls* O 91 0.31 0.27 0.30 + 0.00 0.44 0.04 Metallis Res V 96 0.21 0.17 0.17 - 0.02 0.28 0.06 Metalo Manuf 23 0.41 0.40 0.40 - 0.01 1.50 0.26 Metals Creek V 942 0.12 0.10 0.11 - 0.01 0.20 0.06 Metals Creek* O 380 0.09 0.08 0.08 - 0.00 0.14 0.04 Metals X* O 6 0.64 0.55 0.64 + 0.09 1.43 0.41 0.07 + 0.01 0.13 0.05 Metanor Res V 4449 0.07 0.07 Mexus Gold* O 1222 0.13 0.12 0.12 - 0.01 0.24 0.01 MGX Minerals* O 407 1.15 1.00 1.06 + 0.06 2.12 0.11 MGX Minerals 2117 1.51 1.30 1.36 + 0.05 2.75 0.08 Midas Gold T 851 0.94 0.86 0.88 - 0.05 1.22 0.36 Midas Gold* O 1106 0.72 0.65 0.67 - 0.04 0.95 0.02 Midland Expl V 180 1.16 1.06 1.08 - 0.06 1.25 0.55 Midnight Sun V 95 0.31 0.27 0.28 + 0.02 0.37 0.08 Midway Gold* O 46 0.00 0.00 0.00 + 0.00 0.01 0.00 Millennial Lit* O 285 1.28 1.09 1.20 - 0.03 1.43 0.97 Millennial Lit V 987 1.68 1.45 1.57 - 0.07 2.45 0.09 Millrock Res* O 367 0.46 0.40 0.43 - 0.03 0.54 0.15 Millrock Res V 346 0.60 0.52 0.56 - 0.04 0.70 0.21 Minaurum Gold V 747 0.22 0.18 0.19 - 0.03 0.22 0.07

Nemaska Lith* O 214 Nemaska Lith T 6834 Neo Lithium V 627 Nevada Copper T 198 Nevada Egy Mtl* O 1433 Nevada Expl * O 137 Nevada Expl V 104 Nevada Sunrise* O 251 Nevada Sunrise V 376 Nevada Zinc V 388 Nevado Res V 675 Nevsun Res* X 8021 Nevsun Res T 5539 New Carolin Gd V 1818 New Carolin Gd* O 215 New Colombia* O 56643 New Dimen Res V 7 New Gold* X 68881 New Gold T 12284 New Gold* O 573 New Jersey Mng* O 432 New Milln Iron T 2407 New World Res V 852 NewCastle Gold* O 76 NewCastle Gold T 2940 Newlox Gold 280 Newmac Res V 1 Newmarket Gold* O 480 Newmont Mng* N 34827 Newport Expl V 192 NewRange Gold* O 68 NewRange Gold V 634 Nexgen Energy* O 871 Nexgen Energy T 8718 Next Gen Mtls 47792 Next Gen Mtls* O 1246 Nexus Gold V 3973 Nexus Gold* O 414 NGEx Res T 49 Nickel North V 499 Nicola Mg Inc* O 41 Nicola Mg Inc V 4145 Nighthawk Gold V 1388 Nikos Expl V 130 Niobay Metals V 208 Niocorp Dev T 604 Niocorp Dev* O 313 Nippon Dragon* O 309 Nippon Dragon V 2235 Noble Mnl Expl V 78 Noka Res* O 89 Noka Res V 201 Nomad Ventures V 21 Noranda Alum* O 65 Noront Res V 2037 Norsemont Cap 61 Nortec Mnls V 513 North Am Nickl* O 4 North Am Pall T 4

1.12 1.01 1.03 - 0.08 1.50 0.30 1.46 1.31 1.34 - 0.09 1.97 0.39 1.54 1.40 1.40 - 0.05 2.09 0.91 0.79 0.75 0.77 + 0.02 1.10 0.49 0.06 0.05 0.06 - 0.00 0.20 0.05 0.28 0.25 0.27 + 0.02 0.56 0.18 0.36 0.33 0.35 + 0.01 0.72 0.24 0.21 0.18 0.18 - 0.02 0.37 0.12 0.28 0.24 0.25 - 0.04 0.47 0.16 0.51 0.46 0.49 - 0.01 0.80 0.28 0.10 0.07 0.08 + 0.01 0.11 0.01 3.08 2.29 2.72 - 0.31 3.80 2.68 4.03 3.01 3.55 - 0.40 4.81 3.55 0.08 0.07 0.08 - 0.01 0.15 0.06 0.06 0.06 0.06 + 0.00 0.12 0.04 0.02 0.01 0.02 - 0.00 0.05 0.00 0.16 0.14 0.14 - 0.02 0.19 0.05 3.17 2.90 2.99 - 0.10 6.04 2.39 4.15 3.79 3.92 - 0.13 7.87 3.11 0.02 0.01 0.01 - 0.01 0.17 0.01 0.12 0.09 0.11 - 0.00 0.15 0.07 0.33 0.28 0.28 - 0.03 0.36 0.06 0.16 0.11 0.14 - 0.02 0.16 0.03 0.62 0.54 0.61 + 0.01 0.96 0.30 0.83 0.71 0.80 + 0.04 1.30 0.22 0.04 0.03 0.04 + 0.01 0.06 0.02 0.07 0.07 0.07 - 0.02 0.12 0.04 8.06 7.40 7.90 + 0.10 8.46 2.79 37.65 35.15 36.08 - 0.93 46.07 24.59 0.31 0.26 0.28 - 0.03 0.38 0.19 0.20 0.16 0.16 - 0.03 0.21 0.02 0.26 0.22 0.25 + 0.02 0.32 0.03 3.12 2.69 2.94 - 0.15 3.40 0.70 4.10 3.47 3.87 - 0.15 4.45 0.93 0.40 0.17 0.31 + 0.07 0.42 0.09 0.36 0.12 0.24 + 0.10 0.36 0.07 0.35 0.30 0.33 + 0.01 0.37 0.04 0.27 0.23 0.25 + 0.00 0.27 0.05 1.40 1.33 1.35 - 0.05 1.50 0.62 0.04 0.03 0.03 + 0.01 0.06 0.01 0.23 0.20 0.20 - 0.01 0.39 0.05 0.30 0.25 0.26 - 0.04 0.54 0.06 0.72 0.66 0.71 + 0.03 0.81 0.08 0.14 0.10 0.10 - 0.01 0.19 0.03 0.88 0.76 0.80 - 0.06 1.25 0.10 0.87 0.77 0.78 - 0.09 1.14 0.66 0.67 0.59 0.60 - 0.07 0.87 0.50 0.09 0.07 0.09 + 0.00 0.09 0.04 0.11 0.10 0.11 + 0.01 0.11 0.05 0.06 0.00 0.06 + 0.01 0.15 0.03 0.06 0.06 0.06 - 0.00 0.15 0.02 0.09 0.08 0.09 + 0.01 0.21 0.04 0.25 0.21 0.21 - 0.02 0.40 0.10 0.03 0.02 0.03 + 0.00 0.10 0.01 0.27 0.24 0.25 - 0.01 0.51 0.23 0.45 0.32 0.45 + 0.13 0.45 0.24 0.16 0.12 0.13 + 0.01 0.16 0.02 0.07 0.06 0.06 - 0.01 0.11 0.05 5.86 5.71 5.71 - 0.04 6.49 4.40

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

North Am Pall* O 7 North Arrow Mn V 332 Northcliff Res T 2312 Northisle C&G V 313 Norvista Cap V 308 Nouveau Monde* O 64 Nouveau Monde V 872 NovaGold Res T 1487 NovaGold Res* X 11136 Novo Res* O 268 Novo Res V 428 NRG Metals* O 260 NRG Metals V 9779 Nrthn Abitibi V 2783 Nrthn Graphite* O 369 Nrthn Graphite V 343 Nrthn Lion V 13 Nrthn Superior V 2619 Nrthn Vertex* O 59 Nrthn Vertex V 513 Nthn Dynasty* X 121688 Nthn Dynasty T 42123 Nthrn Sphere 55 Nubian Res V 154 NuLegacy Gold* O 824 NuLegacy Gold V 696 NV Gold V 46 NxGold Ltd V 153 O.T. Mining* O 42 OceanaGold T 11613 OceanaGold* O 156 Oceanic Iron O V 226 Oceanus Res V 573 Odyssey Res V 1114 Olivut Res V 115 Olivut Res* O 27 Omineca Mg &Ml V 108 Opawica Expl V 4132 Orbite Tech* O 65 Orca Gold V 445 Orca Gold* O 233 Orefinders Res V 2667 Orex Mnrls V 396 Orex Mnrls* O 23 Orezone Gold V 541 Orezone Gold* O 308 Orla Mng Ltd V 293 Oro East Mg* O 202 Orocobre T 488 Orofino Mnrls V 118 Oroplata Res* O 253 Orosur Mng T 706 Orsu Metals V 748 Orvana Mnrls T 1067 Orvana Mnrls* O 101 Osisko Gold T 2561 Osisko Gold* N 1654 Osisko Mng Inc T 2917 Otis Gold V 1391 Otis Gold* O 701

4.50 0.00 4.40 + 0.02 5.06 3.33 0.21 0.17 0.20 + 0.02 0.32 0.12 0.23 0.15 0.19 - 0.03 0.23 0.08 0.17 0.16 0.16 - 0.01 0.19 0.02 0.18 0.15 0.15 - 0.03 0.30 0.11 0.23 0.21 0.21 - 0.02 0.27 0.13 0.31 0.27 0.28 - 0.02 0.38 0.13 8.10 7.56 7.62 - 0.25 9.56 5.09 6.19 5.72 5.82 - 0.22 7.29 3.79 0.73 0.66 0.67 - 0.06 1.41 0.54 0.97 0.86 0.87 - 0.06 1.95 0.72 0.15 0.13 0.15 + 0.00 0.15 0.04 0.22 0.16 0.18 - 0.01 0.22 0.04 0.02 0.01 0.01 - 0.01 0.03 0.01 0.27 0.23 0.24 + 0.00 0.47 0.14 0.36 0.31 0.31 - 0.01 0.63 0.18 0.74 0.55 0.55 - 0.19 0.74 0.11 0.08 0.07 0.07 - 0.01 0.08 0.02 0.48 0.40 0.40 - 0.06 0.50 0.17 0.63 0.51 0.52 - 0.08 0.70 0.22 2.47 1.37 1.55 - 0.71 3.45 0.28 3.23 1.81 2.10 - 0.87 4.54 0.37 0.45 0.40 0.40 - 0.05 0.85 0.17 0.28 0.21 0.25 - 0.02 0.34 0.01 0.22 0.20 0.21 + 0.01 0.41 0.00 0.29 0.26 0.26 - 0.01 0.54 0.12 0.22 0.20 0.20 - 0.02 0.48 0.03 0.65 0.55 0.65 + 0.10 0.64 0.10 0.20 0.07 0.10 - 0.05 0.29 0.02 4.14 3.92 4.01 - 0.05 5.56 3.24 3.22 3.00 3.19 + 0.00 4.26 2.36 0.32 0.27 0.28 - 0.02 0.35 0.09 0.23 0.21 0.22 + 0.01 0.34 0.14 0.06 0.00 0.05 - 0.01 0.06 0.02 0.21 0.13 0.20 + 0.05 0.42 0.09 0.15 0.10 0.15 + 0.04 0.30 0.07 0.07 0.00 0.06 - 0.01 0.11 0.05 0.13 0.10 0.12 - 0.01 0.16 0.02 0.20 0.19 0.20 + 0.00 0.37 0.15 0.42 0.38 0.39 - 0.01 0.55 0.15 0.32 0.29 0.30 - 0.01 0.44 0.12 0.06 0.04 0.04 - 0.02 0.12 0.01 0.24 0.23 0.23 - 0.01 1.38 0.19 0.18 0.17 0.17 - 0.00 1.02 0.05 0.73 0.64 0.64 - 0.05 1.28 0.38 0.55 0.49 0.49 - 0.04 0.99 0.28 1.30 1.22 1.25 - 0.05 1.75 0.13 0.01 0.01 0.01 - 0.00 0.03 0.00 3.83 3.60 3.79 + 0.11 5.04 2.24 0.13 0.11 0.11 - 0.02 0.25 0.06 0.27 0.25 0.25 - 0.02 2.04 0.16 0.29 0.27 0.29 + 0.02 0.38 0.13 0.04 0.04 0.04 - 0.01 0.05 0.01 0.24 0.20 0.22 - 0.01 0.39 0.15 0.18 0.15 0.17 - 0.01 0.29 0.11 15.63 14.70 14.76 - 0.56 18.64 11.90 11.95 11.22 11.27 - 0.46 14.74 8.88 4.19 3.74 3.77 - 0.07 4.19 0.99 0.38 0.31 0.37 + 0.06 0.42 0.10 0.29 0.23 0.28 + 0.05 0.32 0.08

Pac Bay Mnrls V 37 Pac Booker Min* O 8 Pac Booker Min V 90 Pac Gold* O 19420 Pac North West V 326 Pac Potash V 109 Pac Ridge Expl* O 12 Pac Ridge Expl V 209 Pac Topaz V 39 Paget Mrnls V 20 Paladin Energy T 10461 Pan Am Silver T 1054 Pan Am Silver* D 9150 Pangolin Dia V 1110 Panoro Mnrls V 91 Pantheon Vent V 1299 Para Resources V 139 Paramount Gold* X 295 Paringa Res* O 12 Pasinex Res 2055 Passprt Potash* O 79 Patriot Gold* O 344 Peabody Enrgy* O 5626 Peat Res V 603 Pedro Res V 210 Pelangio Expl* O 80 Pelangio Expl V 314 Pele Mtn Res* O 325 Pele Mtn Res V 226 Peregrine Diam T 768 Perseus Mng T 1238 D 863 Pershing Gold* Pershing Gold T 2 Pershing Res* O 80 Pilot Gold* O 367 Pine Cliff En* O 29 Pine Cliff En T 4523 Pinecrest Res V 47 Pistol Bay Mng V 1257 Pitchblack Res V 39 PJSC Polyus Gd* O 4 PJX Res V 492 Planet Mng V 614 Plateau Uran* O 93 Plateau Uran V 2054 Platinex V 881 Platinum Gp Mt T 719 Platinum Gp Mt* X 4603 Playfair Mng V 488 PNG Gold V 627 Polaris Mater T 31 PolyMet Mng* X 946 PolyMet Mng T 116 Portage Res* O 2413 Portofino Res V 145 Potash Corp SK* N 24170 Potash Corp SK T 13325 Potash Ridge T 951 Potash Ridge* O 87 Power Metals* O 38 Power Metals V 3982 PPX Mining V 659 PPX Mining* O 34 Premier Gold M T 4063 Premium Expl* O 7 Pretium Res* N 11701 Pretium Res T 2026 Primero Mng T 3969 Primero Mng* N 8124 Prism Res V 91 ProAm Expl V 630 Probe Metals V 643 Probe Metals* O 94 Prophecy Coal T 12 Prophecy Coal* O 3 Prospector Res V 6 Prosper Gold V 1114 Prospero Silvr V 175 PUF Vent Inc 9378 PUF Vent Inc * O 133 Puma Expl V 1554 Pure Energy* O 1061 Pure Energy V 911 Pure Gold Mg* O 318 Pure Gold Mg V 1176 Pure Nickel V 358 Pure Nickel* O 47 Purepoint Uran V 2925 QMC Quntum Ml* O 30 QMX Gold* O 22 QMX Gold V 672 Quartz Mtn Res V 97 Quaterra Res V 247 Quaterra Res* O 469 Quest Rare Mnl* O 128 Quest Rare Mnl T 1352 Quinto Real V 323

0.05 0.00 0.05 + 0.02 0.07 0.03 0.80 0.72 0.80 + 0.08 1.20 0.45 1.05 0.96 0.96 - 0.04 1.50 0.63 0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.10 0.10 - 0.02 0.23 0.05 0.05 0.03 0.04 + 0.01 0.07 0.03 0.09 0.07 0.07 - 0.01 0.09 0.04 0.11 0.08 0.10 - 0.01 0.12 0.03 0.20 0.19 0.20 + 0.01 0.29 0.10 0.07 0.00 0.06 + 0.01 0.09 0.01 0.14 0.10 0.12 - 0.02 0.27 0.07 26.07 24.65 24.89 - 0.40 27.99 12.16 19.82 18.68 19.00 - 0.34 21.59 9.07 0.05 0.04 0.04 - 0.01 0.22 0.03 0.19 0.17 0.17 - 0.01 0.21 0.12 0.20 0.18 0.20 + 0.01 0.38 0.10 0.25 0.22 0.23 + 0.01 0.36 0.10 2.05 1.88 1.89 - 0.05 2.93 1.12 0.43 0.42 0.42 - 0.01 0.44 0.14 0.34 0.26 0.29 + 0.03 0.34 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 0.11 0.10 0.10 - 0.01 0.23 0.05 3.20 1.85 2.75 + 0.54 18.75 0.55 0.02 0.02 0.02 + 0.01 0.07 0.01 0.21 0.19 0.19 - 0.01 0.27 0.02 0.03 0.03 0.03 + 0.00 0.06 0.02 0.05 0.04 0.04 - 0.01 0.08 0.03 0.03 0.02 0.02 - 0.00 0.04 0.01 0.04 0.03 0.03 - 0.01 0.06 0.02 0.23 0.19 0.21 + 0.02 0.32 0.11 0.36 0.33 0.34 - 0.02 0.67 0.29 3.33 3.06 3.22 + 0.02 5.02 2.98 4.31 4.04 4.18 - 0.01 5.52 3.95 0.03 0.03 0.03 + 0.01 0.06 0.02 0.48 0.43 0.45 - 0.01 0.72 0.06 0.65 0.59 0.59 - 0.03 0.89 0.51 0.83 0.75 0.76 - 0.04 1.22 0.61 0.25 0.25 0.25 - 0.01 0.30 0.08 0.08 0.07 0.08 + 0.01 0.14 0.02 0.18 0.00 0.15 - 0.02 0.18 0.05 39.00 0.00 37.90 - 0.03 39.57 23.00 0.25 0.20 0.20 - 0.05 0.27 0.13 0.06 0.05 0.06 + 0.01 0.08 0.02 0.54 0.42 0.49 + 0.00 0.54 0.12 0.71 0.55 0.65 - 0.03 0.71 0.17 0.22 0.20 0.21 + 0.01 0.24 0.01 2.80 2.38 2.40 - 0.33 5.25 1.89 2.13 1.81 1.83 - 0.25 4.04 1.40 0.11 0.09 0.09 - 0.01 0.18 0.04 0.39 0.29 0.35 - 0.02 0.39 0.03 1.23 1.17 1.19 + 0.02 1.75 1.00 0.85 0.80 0.81 - 0.02 1.28 0.71 1.10 1.05 1.06 - 0.02 1.71 0.93 0.00 0.00 0.00 - 0.00 0.01 0.00 0.08 0.07 0.07 - 0.01 0.12 0.06 18.74 17.52 17.87 - 0.85 20.27 15.21 24.65 22.95 23.41 - 1.09 26.62 19.93 0.25 0.23 0.23 - 0.01 0.50 0.06 0.19 0.18 0.18 - 0.01 0.38 0.05 0.38 0.32 0.32 - 0.03 0.38 0.07 0.51 0.39 0.39 - 0.09 0.55 0.07 0.10 0.09 0.09 - 0.01 0.16 0.04 0.07 0.07 0.07 - 0.01 0.13 0.02 3.33 2.88 2.92 - 0.29 5.05 1.87 0.01 0.00 0.00 - 0.01 0.04 0.00 11.74 10.85 10.87 - 0.44 12.53 4.43 15.39 14.22 14.23 - 0.58 16.48 6.00 1.03 0.86 0.88 - 0.14 3.42 0.88 0.79 0.66 0.67 - 0.10 2.63 0.67 0.24 0.22 0.24 + 0.02 0.25 0.07 0.04 0.03 0.03 + 0.01 0.04 0.01 1.46 1.31 1.35 - 0.03 2.18 0.44 1.11 1.03 1.04 - 0.02 1.66 0.34 4.70 4.11 4.54 + 0.19 7.19 1.33 3.43 0.00 3.43 + 0.14 5.17 0.64 0.90 0.00 0.90 + 0.10 1.10 0.01 0.16 0.13 0.16 + 0.03 0.44 0.12 0.27 0.26 0.27 + 0.01 0.38 0.08 0.47 0.31 0.40 - 0.04 0.47 0.04 0.35 0.25 0.30 - 0.04 0.35 0.03 0.09 0.08 0.09 + 0.01 0.11 0.05 0.49 0.45 0.46 - 0.01 0.91 0.35 0.64 0.59 0.60 - 0.01 1.15 0.46 0.55 0.50 0.50 - 0.02 0.60 0.16 0.72 0.65 0.66 - 0.02 0.77 0.22 0.03 0.02 0.03 - 0.01 0.04 0.01 0.02 0.01 0.02 + 0.01 0.03 0.00 0.16 0.14 0.15 - 0.01 0.19 0.05 0.07 0.06 0.07 + 0.01 0.07 0.02 0.22 0.17 0.19 + 0.01 0.22 0.01 0.29 0.23 0.25 + 0.01 0.30 0.02 0.09 0.08 0.09 + 0.01 0.09 0.02 0.15 0.12 0.12 - 0.03 0.15 0.05 0.13 0.09 0.09 - 0.02 0.13 0.03 0.20 0.17 0.19 - 0.02 0.23 0.04 0.27 0.23 0.26 + 0.01 0.30 0.06 0.16 0.13 0.13 - 0.03 0.20 0.04

Rackla Mtls* O 1 Rackla Mtls V 2 Radius Gold V 180 Rainforest Res* O 2 Rainy Mtn Royl V 2299 Rambler Ml &Mg V 220 Randgold Res* D 4366 Rapier Gold V 327 Raptor Res* O 158 Rare Element* O 707 Rathdowney Res V 154 Ravencrest Res 2470 RB Energy* O 41 Red Eagle Mng T 2843 Red Eagle Mng* O 485 Red Hut V 392

0.08 0.00 0.08 + 0.00 0.17 0.04 0.12 0.00 0.12 - 0.04 0.22 0.06 0.15 0.13 0.13 - 0.02 0.17 0.07 3.70 0.00 3.59 + 0.15 8.25 0.30 0.11 0.10 0.10 - 0.01 0.18 0.03 0.22 0.17 0.20 + 0.02 0.22 0.05 96.13 89.45 94.77 + 3.60 126.55 67.54 0.11 0.00 0.10 - 0.02 0.17 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.33 0.27 0.30 - 0.01 0.53 0.00 0.30 0.26 0.30 + 0.05 0.33 0.12 0.05 0.05 0.05 + 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.87 0.81 0.83 - 0.03 1.05 0.63 0.66 0.62 0.63 - 0.03 0.91 0.26 0.21 0.08 0.11 + 0.03 0.29 0.02

P-Q

2017-02-28 9:47 AM

WWW.NORTHERNMINER.COM

MARCH 6–19, 2017 / THE NORTHERN MINER

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

Week

12-month

Exc Volume High Low Last Change High Low

Red Moon Res V 34 Red Oak Mg V 28 Red Pine Expl V 2096 Red Tiger Mng V 27 Redstar Gold* O 496 Redzone Res V 278 Regulus Res V 378 Reliant Gold V 10 Remo Res V 26 Renaissance Gd V 468 Renaissance Gd* O 158 Renforth Res 214 Resource Cap* O 81 Reunion Gold V 1784 Revelo Res V 365 Rheingold Expl 1469 Richmont Mines* N 2947 Richmont Mines T 2013 Rio Novo Gold T 98 Rio Tinto* N 24997 Rio Tinto* O 2 Rise Res Inc 351 Rise Res Inc* O 105 River Wild Exp 1288 Riverside Res* O 183 Riverside Res V 430 RJK Explor V 201 RJK Explor* O 58 Rock Tech Lith* O 14 Rock Tech Lith V 72 Rockcliff Cop V 1653 Rockcliff Cop* O 98 Rockhaven Res V 455 Rockshield Cap 461 Rockwell Diam* O 18 Rodinia Lithm V 125 Rogue Res* O 7 Rogue Res V 73 Romios Gold Rs* O 69 Romios Gold Rs V 351 RosCan Mrnls V 100 Rosita Mg Corp V 2027 Rotation Mnls V 189 Roxgold* O 50 Roxgold V 1875 Royal Gold* D 3324 Royal Nickel T 3784 Royal Nickel* O 732 Royal Rd Mnrls V 467 Royal Sapphire V 8 Royal Std Mnrl* O 4062 RT Minerals V 1186 Rubicon Mnrls T 278 Rubicon Mnrls* O 32 Rugby Mng V 85 Running Fox Rs V 19 Rusoro Mng* O 20 Rye Patch Gold V 3086 Rye Patch Gold* O 881

0.04 0.03 0.03 - 0.01 0.09 0.02 0.03 0.02 0.03 + 0.01 0.03 0.01 0.14 0.12 0.14 + 0.01 0.24 0.05 0.04 0.00 0.04 - 0.01 0.10 0.03 0.10 0.09 0.09 - 0.01 0.15 0.03 0.24 0.15 0.18 + 0.04 0.32 0.09 1.75 1.45 1.60 + 0.04 1.87 0.32 0.04 0.00 0.03 - 0.01 0.05 0.02 0.14 0.12 0.14 + 0.02 0.14 0.06 0.44 0.35 0.35 - 0.04 0.66 0.17 0.32 0.26 0.26 - 0.02 0.52 0.12 0.06 0.05 0.05 - 0.01 0.06 0.02 0.16 0.15 0.16 - 0.00 0.26 0.02 0.17 0.11 0.14 + 0.03 0.17 0.01 0.06 0.06 0.06 - 0.01 0.12 0.06 0.28 0.11 0.28 + 0.08 0.35 0.01 9.65 8.10 8.65 - 0.65 11.66 4.35 12.60 10.71 11.35 - 0.84 15.01 5.91 0.23 0.16 0.17 - 0.04 0.30 0.08 46.24 41.25 41.69 - 3.81 47.11 25.07 52.50 50.49 50.49 - 0.84 52.50 30.88 0.27 0.24 0.25 - 0.02 0.40 0.11 0.21 0.18 0.19 - 0.00 0.40 0.09 0.03 0.01 0.03 + 0.02 0.03 0.01 0.45 0.39 0.41 - 0.02 0.46 0.16 0.59 0.51 0.55 - 0.01 0.60 0.20 0.24 0.19 0.21 - 0.03 0.25 0.05 0.19 0.14 0.17 - 0.02 0.19 0.06 0.71 0.67 0.71 + 0.04 0.83 0.05 0.94 0.86 0.91 + 0.05 1.45 0.05 0.11 0.09 0.10 - 0.01 0.16 0.03 0.08 0.06 0.08 + 0.01 0.12 0.02 0.20 0.18 0.19 + 0.02 0.29 0.14 0.15 0.12 0.15 + 0.03 0.16 0.04 0.05 0.04 0.05 + 0.00 0.09 0.03 0.11 0.11 0.11 - 0.01 0.16 0.08 0.50 0.00 0.50 + 0.05 0.56 0.25 0.65 0.59 0.61 - 0.04 1.50 0.32 0.05 0.04 0.05 - 0.00 0.08 0.03 0.06 0.05 0.06 - 0.01 0.10 0.03 0.04 0.02 0.04 + 0.02 0.04 0.01 0.06 0.04 0.05 - 0.01 0.14 0.02 0.25 0.19 0.20 + 0.01 0.40 0.12 1.13 1.05 1.08 + 0.00 1.35 0.60 1.48 1.38 1.40 - 0.04 1.76 0.80 71.26 67.96 68.33 - 1.62 87.74 42.80 0.39 0.35 0.36 - 0.02 0.63 0.18 0.30 0.28 0.29 + 0.00 0.50 0.13 0.10 0.09 0.09 - 0.01 0.18 0.05 0.14 0.12 0.14 + 0.02 0.14 0.03 0.01 0.01 0.01 + 0.00 0.01 0.00 0.09 0.07 0.08 - 0.01 0.30 0.05 2.19 1.77 1.94 - 0.20 2.39 1.30 1.68 1.37 1.37 - 0.27 27.56 1.09 0.30 0.26 0.26 - 0.04 0.58 0.06 0.03 0.00 0.03 - 0.01 0.04 0.02 0.14 0.13 0.13 - 0.01 0.31 0.06 0.35 0.30 0.32 + 0.02 0.47 0.15 0.27 0.23 0.25 + 0.01 0.37 0.12

Sabina Gd&Slvr T 2408 Sabina Gd&Slvr* O 935 Sage Gold* O 29 Saint Jean V 1732 Saint Jean* O 390 Salazar Res V 37 Sama Graphite V 272 Sama Res V 1084 Samco Gold V 44 San Marco Res* O 127 San Marco Res V 552 Sanatana Diam V 3831 Sandspring Res* O 390 Sandstorm Gold* X 9664 Sandstorm Gold T 1571 Sandy Lake Gld V 82 Santa Fe Gold* O 1392 Santacruz Silv V 1291 Sarama Res V 933 Satori Res* O 66 Satori Res V 1554 Savannah Gold V 790 Savant Expl V 4627 Savary Gold* O 718 Scandium Int M* O 218 Scientific Met V 2128 Scientific Met* O 143 ScoZinc Mg* O 3 ScoZinc Mg V 8 Seabridge Gld T 420 Seabridge Gld* N 3965 Search Mnls V 321 Searchlight* O 93 Secova Mtls* O 768 Secova Mtls V 9121 Sego Res V 209 Select Sands V 2904 Semafo T 8232 Senator Mnrls* O 21

1.58 1.33 1.35 - 0.22 1.87 0.84 1.22 1.01 1.04 - 0.15 1.55 0.61 0.10 0.10 0.10 - 0.00 0.12 0.04 0.07 0.07 0.07 + 0.01 0.09 0.03 0.06 0.05 0.05 - 0.00 0.06 0.02 0.12 0.11 0.11 - 0.01 0.16 0.06 0.40 0.34 0.36 - 0.01 0.58 0.04 0.15 0.14 0.15 + 0.02 0.16 0.07 0.04 0.00 0.04 + 0.01 0.08 0.02 0.16 0.14 0.14 - 0.02 0.22 0.05 0.20 0.17 0.17 - 0.03 0.30 0.03 0.07 0.05 0.07 + 0.02 0.07 0.01 0.48 0.43 0.44 - 0.01 0.72 0.21 4.97 4.46 4.54 - 0.12 6.75 2.80 6.51 5.89 5.94 - 0.14 8.73 3.76 0.13 0.09 0.10 - 0.01 0.59 0.04 0.08 0.05 0.08 + 0.02 0.08 0.00 0.35 0.29 0.33 + 0.02 0.63 0.20 0.26 0.22 0.23 - 0.04 0.55 0.07 0.17 0.10 0.17 + 0.07 0.14 0.04 0.25 0.15 0.23 + 0.08 0.20 0.04 0.07 0.05 0.07 + 0.01 0.15 0.01 0.06 0.02 0.05 + 0.03 0.06 0.01 0.08 0.07 0.07 + 0.00 0.12 0.05 0.29 0.26 0.29 + 0.01 0.30 0.08 0.65 0.49 0.49 - 0.13 0.71 0.16 0.49 0.38 0.38 - 0.10 0.55 0.27 0.77 0.00 0.77 + 0.01 0.89 0.37 1.26 1.05 1.09 - 0.16 1.26 0.41 15.77 14.73 14.82 - 0.62 20.71 9.99 12.08 11.15 11.35 - 0.45 15.88 7.35 0.09 0.07 0.09 + 0.01 0.10 0.05 0.09 0.08 0.08 - 0.01 0.13 0.01 0.09 0.07 0.08 - 0.00 0.09 0.03 0.11 0.09 0.10 - 0.01 0.11 0.04 0.06 0.05 0.05 - 0.01 0.08 0.02 1.54 1.30 1.48 + 0.04 2.04 0.20 4.85 4.41 4.42 - 0.33 7.46 3.60 0.82 0.63 0.82 + 0.18 0.82 0.17

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Senator Mnrls V 760 Sennen Potash V 89 Serabi Gold T 351 Serengeti Res V 455 Sherritt Intl T 5164 V 168 Shoshoni Gold Sibanye Gold* N 9694 Sibanye Gold* O 18 Sidney Resrces* O 108 Sienna Res* O 86 Sierra Metals* O 53 Sierra Metals T 112 Signature Res V 202 Silver Bull Re* O 1162 Silver Bull Re T 1595 10586 Silver Falcon* O Silver Grail V 189 Silver Predatr V 140 Silver Predatr* O 117 Silver Range V 1394 Silver Spruce V 166 Silver Std Res T 1691 Silver Std Res* D 13282 Silver Wheaton T 4883 Silver Wheaton* N 20553 Silvercorp Met T 6080 Silvercorp Met* O 2255 Silvermet V 288 SinoCoking Cl* D 51 Sirios Res* O 94 Skeena Res* O 88 Skyharbour Res V 1284 Skyharbour Res* O 487 Slam Explor V 211 Sokoman Iron V 882 Solitario Ex&R T 28 Solitario Ex&R* X 150 Sonora Gld & S V 438 Sonora Res * O 428 Source Expl V 135 Southern Arc V 31 Southern Arc* O 10 Southern Copp* N 6432 Southern Lith V 2247 Southern Silvr* O 665 Southern Silvr V 1534 SouthGobi Res T 13 Spanish Mtn Gd* O 1501 Spanish Mtn Gd V 3563 Sparton Res V 127 Sparton Res* O 65 Spearmint Res V 14723 Sprott Res Hld T 3250 St Augustine T 7431 Stakeholdr Gld* O 46 Stakeholdr Gld V 334 Standard Graph* O 109 Standard Lith V 273 Standard Metal* O 57 Standard Toll V 237 Stans Energy V 1311 Stans Energy* O 159 Star Gold* O 315 Starcore Intl T 391 Stelmine Can V 137 Sterling Grp* O 934 Stillwater Mg* N 6089 Stina Res* O 26 Stina Res 386 Stornoway Diam T 1910 Stornoway Diam* O 348 Stratabd Mnr V 117 Strateco Res* O 22 Strategic Metl V 249 Strongbow Expl V 1537 Stroud Res V 281 Sultan Mnrls V 398 Suncor Energy T 13433 Suncor Energy* N 25649 Sunvest Mnrls V 2330 Supreme Metals 9408 Sutter Gold V 920 Sutter Gold* O 3240 Syrah Res* O 7

1.08 0.93 1.03 + 0.10 1.08 0.07 0.10 0.09 0.10 + 0.01 0.18 0.08 0.08 0.07 0.07 - 0.01 0.12 0.06 0.19 0.17 0.17 - 0.02 0.33 0.04 1.26 1.15 1.16 - 0.02 1.67 0.68 0.07 0.05 0.06 - 0.01 0.25 0.04 8.93 7.98 8.54 - 0.10 20.97 6.16 2.19 0.00 2.10 - 0.15 5.12 1.90 0.01 0.01 0.01 - 0.01 0.02 0.00 0.12 0.12 0.12 - 0.00 0.20 0.04 2.30 2.20 2.26 + 0.01 2.35 0.77 3.03 2.86 3.02 + 0.12 3.15 1.02 0.11 0.10 0.10 - 0.01 0.14 0.02 0.12 0.10 0.11 + 0.00 0.21 0.04 0.15 0.14 0.15 - 0.01 0.28 0.06 0.00 0.00 0.00 + 0.00 0.00 0.00 0.09 0.08 0.08 - 0.01 0.16 0.02 0.08 0.06 0.07 - 0.01 0.12 0.01 0.06 0.05 0.06 + 0.02 0.08 0.01 0.22 0.19 0.21 + 0.02 0.24 0.05 0.08 0.07 0.07 - 0.01 0.14 0.05 15.73 14.13 15.09 + 0.32 20.48 6.92 12.02 10.71 11.53 + 0.24 15.84 5.20 28.76 27.03 27.71 - 0.51 40.80 20.10 21.98 20.55 21.15 - 0.38 31.35 14.98 5.90 5.11 5.58 + 0.26 5.90 1.03 4.50 3.88 4.25 + 0.21 4.50 0.76 0.06 0.05 0.05 - 0.01 0.06 0.03 2.40 2.26 2.28 - 0.04 7.69 1.66 0.34 0.33 0.33 - 0.00 1.13 0.11 0.07 0.05 0.06 - 0.01 0.15 0.04 0.62 0.53 0.62 + 0.02 0.67 0.12 0.48 0.40 0.48 + 0.03 0.51 0.18 0.05 0.05 0.05 - 0.01 0.15 0.03 0.11 0.08 0.09 - 0.01 0.13 0.01 1.21 0.00 1.00 - 0.06 1.29 0.58 0.91 0.76 0.79 - 0.02 0.95 0.43 0.12 0.10 0.11 - 0.01 0.15 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.28 0.23 0.23 - 0.03 0.50 0.13 0.60 0.00 0.58 + 0.02 1.09 0.26 0.47 0.41 0.44 + 0.00 0.75 0.19 38.16 36.13 36.29 - 1.01 39.50 23.80 0.28 0.24 0.27 + 0.02 0.49 0.01 0.46 0.36 0.45 + 0.08 0.52 0.04 0.59 0.47 0.58 + 0.09 0.66 0.04 0.47 0.35 0.47 + 0.12 0.65 0.22 0.17 0.12 0.15 + 0.03 0.17 0.04 0.23 0.16 0.20 + 0.04 0.23 0.05 0.06 0.06 0.06 - 0.01 0.09 0.03 0.04 0.04 0.04 - 0.00 0.07 0.02 0.04 0.03 0.03 - 0.01 0.06 0.02 0.22 0.18 0.19 - 0.03 0.23 0.13 0.04 0.03 0.03 - 0.01 0.14 0.04 0.30 0.25 0.30 + 0.03 0.67 0.17 0.42 0.29 0.40 + 0.05 0.89 0.19 0.11 0.09 0.10 - 0.01 0.13 0.02 1.24 0.93 0.97 + 0.04 1.24 0.10 0.06 0.04 0.05 + 0.01 0.21 0.04 0.01 0.01 0.01 + 0.01 0.02 0.01 0.06 0.05 0.05 - 0.01 0.09 0.02 0.04 0.04 0.04 + 0.00 0.06 0.01 0.08 0.07 0.07 - 0.00 0.20 0.04 0.60 0.54 0.60 + 0.03 0.91 0.38 0.27 0.23 0.25 - 0.01 0.38 0.05 0.16 0.10 0.15 + 0.02 0.18 0.01 17.13 16.93 17.06 - 0.01 17.50 7.78 0.08 0.06 0.06 - 0.02 0.14 0.05 0.09 0.08 0.08 - 0.01 0.18 0.07 0.85 0.82 0.82 - 0.01 1.33 0.81 0.65 0.62 0.64 - 0.00 0.96 0.62 0.04 0.03 0.03 - 0.01 0.08 0.02 0.07 0.02 0.07 + 0.05 0.07 0.00 0.62 0.57 0.58 - 0.03 0.86 0.31 0.18 0.13 0.16 + 0.03 0.25 0.08 0.02 0.01 0.02 + 0.01 0.03 0.01 0.14 0.10 0.11 + 0.01 0.20 0.05 42.95 41.18 41.24 - 0.89 44.90 32.49 32.76 31.41 31.50 - 0.67 33.79 24.01 0.14 0.11 0.12 - 0.01 0.28 0.01 0.14 0.10 0.12 - 0.01 0.15 0.02 0.07 0.05 0.06 - 0.01 0.16 0.04 0.06 0.04 0.05 - 0.00 0.13 0.03 2.50 2.35 2.35 - 0.15 4.90 2.00

Tahoe Res* N 12155 Tahoe Res T 5339 Tajiri Res V 80 Taku Gold 34 Talon Metals T 499 Tamino Mnrls* O 642 Tanager Energy V 939 Tanqueray Expl V 316 Tantalex Res 1059 Tanzania Rlty T 291 Tanzania Rlty* X 1851 Taranis Res V 273 Tarku Res V 383 Tartisan Res 917

9.21 8.38 8.40 - 0.47 17.01 8.30 12.04 10.99 11.02 - 0.60 22.13 11.13 0.21 0.19 0.19 - 0.01 0.21 0.02 0.13 0.10 0.11 - 0.03 0.22 0.02 0.10 0.08 0.10 + 0.02 0.12 0.06 0.00 0.00 0.00 - 0.00 0.00 0.00 0.14 0.11 0.14 + 0.01 0.14 0.03 1.52 1.17 1.45 + 0.23 1.35 0.02 0.10 0.07 0.10 + 0.01 0.18 0.02 0.72 0.62 0.63 - 0.08 1.95 0.27 0.56 0.45 0.47 - 0.07 1.49 0.21 0.12 0.10 0.10 - 0.01 0.15 0.06 0.06 0.05 0.06 - 0.01 0.10 0.02 0.12 0.10 0.12 + 0.01 0.14 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Tasca Res V 157 Taseko Mines T 3073 Taseko Mines* X 8711 Teck Res T 14632 Teck Res* N 34373 T 56 Teck Res Telson Res * O 44 Telson Res V 65 Tembo Gold V 720 Teranga Gold T 7709 Teras Res V 278 Terraco Gold V 368 Terrax Mnrls* O 200 Terrax Mnrls V 1148 Teryl Res Corp* O 59 Teslin Rvr Res V 1036 Tesoro Mnrls V 264 Teuton Res* O 182 Teuton Res V 273 Texas Mineral* O 987 Thor Expl V 164 Thunder Mtn Gd* O 68 Thunder Mtn Gd V 101 Thunderstruck V 750 Thunderstruck* O 99 Till Capital* D 3 Timberline Res* O 154 Timberline Res V 138 Timmins Gold T 10070 Timmins Gold* X 4577 Tinka Res* O 278 Tinka Res V 1883 Tintina Res V 358 Tintina Res* O 300 Tirex Res* O 258 Tirex Res V 986 Titanium Corp V 521 TMAC Resource* O 9 TMAC Resources T 91 TNR Gold V 419 Toachi Mg Inc V 600 Tolima Gold V 92 TomaGold V 966 Tombstone Expl* O 696 Torex Gold T 2614 Torex Gold* O 92 Tower Res V 877 V 1510 Transatlan Mng Transition Mtl V 536 Treasury Metal T 335 Trecora Res* N 136 Tres-Or Res V 239 Trevali Mng* O 437 Trevali Mng T 8552 Tri Origin Exp V 120 Trilogy Mtls T 59 Trilogy Mtls* X 390 TriMetals Mng T 81 TriMetals Mng* O 59 TriMetals Mng* O 189 Trinity Valley V 1116 TriStar Gold* O 79 Triumph Gold* O 429 Triumph Gold V 657 Troy Res* O 73 Trueclaim Expl V 130 Tsodilo Res V 43 Tudor Gold * O 22 Tungsten Corp* O 1412 Turquoise HIl* N 17994 Turquoise HIl T 7185 TVI Pacific* O 206 Tyhee Gold* O 280 Typhoon Expl V 123

0.09 0.08 0.08 - 0.01 0.21 0.00 2.00 1.64 1.82 + 0.05 2.12 0.46 1.53 1.25 1.39 + 0.04 1.63 0.34 29.36 26.75 27.16 - 0.82 35.67 7.32 22.34 20.43 20.72 - 0.62 26.60 5.39 31.44 27.70 28.82 - 0.73 36.49 10.47 0.24 0.21 0.24 + 0.04 0.43 0.08 0.35 0.29 0.34 + 0.04 0.55 0.08 0.05 0.04 0.05 + 0.01 0.07 0.01 1.05 0.95 1.00 + 0.02 1.40 0.55 0.17 0.15 0.16 - 0.01 0.21 0.06 0.16 0.15 0.15 - 0.01 0.19 0.09 0.65 0.58 0.59 - 0.03 0.80 0.25 0.84 0.76 0.80 + 0.01 1.05 0.30 0.01 0.00 0.01 + 0.00 0.01 0.00 0.45 0.40 0.44 - 0.01 0.47 0.21 0.11 0.09 0.09 - 0.01 0.12 0.02 0.20 0.18 0.19 - 0.01 0.34 0.04 0.27 0.24 0.25 - 0.02 0.46 0.05 0.19 0.16 0.18 + 0.02 0.19 0.09 0.16 0.12 0.15 + 0.04 0.16 0.04 0.13 0.10 0.13 + 0.03 0.16 0.02 0.17 0.12 0.17 + 0.05 0.23 0.08 0.14 0.12 0.14 + 0.02 0.20 0.01 0.11 0.09 0.10 - 0.00 0.10 0.04 4.09 4.05 4.05 - 0.04 5.00 2.76 0.36 0.32 0.32 - 0.00 0.53 0.02 0.45 0.42 0.45 + 0.02 0.73 0.16 0.56 0.49 0.53 + 0.03 0.80 0.28 0.42 0.37 0.40 + 0.02 0.63 0.21 0.29 0.26 0.26 - 0.02 0.30 0.09 0.38 0.34 0.34 - 0.02 0.42 0.11 0.12 0.11 0.12 + 0.01 0.15 0.06 0.09 0.08 0.09 + 0.00 0.12 0.04 0.08 0.05 0.06 - 0.02 0.12 0.04 0.10 0.07 0.08 - 0.02 0.16 0.05 0.67 0.50 0.55 + 0.03 0.88 0.31 13.40 12.54 13.30 + 0.45 15.16 9.26 17.60 16.56 17.42 + 0.55 20.18 7.10 0.05 0.04 0.04 - 0.01 0.09 0.02 0.60 0.52 0.52 - 0.06 0.62 0.08 0.02 0.01 0.01 - 0.01 0.03 0.01 0.11 0.09 0.10 - 0.01 0.17 0.05 0.01 0.00 0.01 - 0.00 0.02 0.00 32.85 26.42 26.96 - 4.97 35.17 15.80 25.03 20.25 20.55 - 3.83 27.34 11.50 0.17 0.16 0.17 + 0.01 0.21 0.02 0.04 0.03 0.04 + 0.01 0.15 0.03 0.24 0.19 0.19 - 0.01 0.25 0.11 0.78 0.70 0.72 - 0.03 0.85 0.41 12.86 12.10 12.25 - 0.40 14.80 8.17 0.05 0.04 0.05 + 0.01 0.06 0.02 1.12 1.04 1.10 + 0.05 1.13 0.25 1.48 1.36 1.36 - 0.02 1.48 0.33 0.06 0.00 0.05 - 0.01 0.08 0.02 0.65 0.60 0.61 - 0.04 1.08 0.43 0.51 0.46 0.47 - 0.03 0.86 0.30 0.29 0.27 0.28 + 0.01 0.36 0.11 0.22 0.20 0.22 - 0.00 0.28 0.07 0.18 0.16 0.17 - 0.00 0.32 0.08 0.05 0.02 0.04 + 0.02 0.05 0.01 0.22 0.20 0.21 + 0.01 0.41 0.15 0.38 0.35 0.35 - 0.01 0.38 0.05 0.50 0.43 0.47 - 0.02 0.50 0.07 0.12 0.12 0.12 + 0.00 0.56 0.09 0.04 0.03 0.03 - 0.01 0.05 0.01 0.95 0.89 0.89 - 0.03 1.05 0.50 0.44 0.42 0.42 - 0.02 1.26 0.33 0.00 0.00 0.00 - 0.00 0.00 0.00 3.62 3.31 3.41 - 0.06 3.80 2.08 4.75 4.34 4.46 - 0.07 5.03 2.83 0.02 0.01 0.01 - 0.01 0.06 0.00 0.01 0.00 0.00 - 0.01 0.02 0.00 0.11 0.00 0.09 - 0.02 0.15 0.04

U.S. Lithium* O 14604 U3O8 Corp* O 1033 Ucore Rare Mtl* O 406 Ucore Rare Mtl V 740 UEX Corp T 4727 Ultra Lithium* O 28 Umbral Enrgy* O 153 Umbral Enrgy 21862 Unigold* O 243 Unigold V 2245 United Res Hdg* O 37 United Silver* O 5 United States A* X 497 United States S* N 97853 Unity Energy V 328 Ur-Energy T 613 Ur-Energy* X 2469 Uracan Res V 1087 Uracan Res* O 33 Uragold Bay Rs V 1192 Uranium Energy* X 9797 Uranium Hunter* O 0 Uranium Res* D 10422 Uranium Valley V 75

0.07 0.04 0.05 + 0.01 0.15 0.01 0.04 0.03 0.03 - 0.00 0.04 0.01 0.28 0.24 0.25 - 0.03 0.35 0.19 0.37 0.31 0.33 - 0.04 0.45 0.27 0.40 0.35 0.37 - 0.02 0.43 0.15 0.14 0.12 0.13 - 0.01 0.27 0.12 0.08 0.05 0.06 - 0.01 0.08 0.02 0.10 0.07 0.08 - 0.02 0.11 0.02 0.22 0.12 0.15 - 0.07 0.51 0.12 0.30 0.15 0.20 - 0.09 0.69 0.15 0.02 0.01 0.01 - 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.47 0.40 0.40 - 0.02 0.60 0.17 41.83 35.71 37.01 - 2.79 41.83 7.43 0.12 0.08 0.08 - 0.04 0.48 0.05 1.08 0.97 1.02 - 0.04 1.19 0.55 0.83 0.74 0.76 - 0.05 0.91 0.41 0.08 0.06 0.06 - 0.01 0.10 0.03 0.06 0.04 0.05 - 0.01 0.08 0.02 0.19 0.17 0.19 + 0.01 0.31 0.09 1.73 1.50 1.60 - 0.10 1.92 0.69 1.11 0.00 1.11 - 0.04 6.00 0.85 2.20 1.85 1.94 - 0.21 4.00 0.97 0.25 0.14 0.14 - 0.03 0.35 0.04

U-V

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Uravan Mnrls V 315 US Energy* D 635 US Precious M* O 3382 86 US Rare Earths* O USCorp* O 420 172766 N Vale* N 91111 Vale* ValGold Res V 161 Valley High Mg* O 8856 Valterra Res V 221 Valterra Res* O 112 Vanadium One V 1237 O 114 Vanadiumcorp* Vanadiumcorp V 1281 Vangold Res V 325 Vanstar Mng Rs V 1678 Vantex Res V 193 N 1538 Vedanta* Vendetta Mng V 2846 O 265 Vendetta Mng* Verde Potash T 183 Verde Res* O 289 Victoria Gold V 1796 Victory Nickel* O 47 Victory Nickel 414 Victory Res V 605 Victory Vent V 11654 O 176 Virginia Enrgy* Virginia Enrgy V 193 Viscount Mng V 288 Visible Gold M V 4031 Vista Gold* X 4617 Vista Gold T 173 Volcanic Gold V 90 Voltaic Min V 4678

0.06 0.11 - 0.01 0.42 0.12 0.10 0.80 0.84 - 0.06 2.84 0.95 0.80 0.01 0.01 0.01 + 0.00 0.03 0.00 0.80 0.30 0.33 - 0.10 0.80 0.01 0.00 0.01 + 0.00 0.03 0.01 0.00 10.52 - 0.45 11.70 2.70 11.70 10.35 11.10 9.95 10.13 - 0.27 11.10 2.00 0.01 0.04 - 0.01 0.08 0.04 0.04 0.01 0.01 0.01 - 0.00 0.02 0.00 0.01 0.04 + 0.01 0.09 0.04 0.04 0.00 0.03 - 0.01 0.07 0.04 0.03 0.13 0.17 - 0.01 0.19 0.18 0.16 0.02 0.05 - 0.01 0.06 0.05 0.04 0.03 0.06 - 0.01 0.08 0.06 0.06 0.02 0.15 - 0.01 0.18 0.18 0.00 0.13 0.08 0.13 + 0.04 0.13 0.04 0.05 0.12 - 0.04 0.40 0.16 0.12 15.35 - 0.14 15.89 3.88 15.89 15.16 0.05 0.24 - 0.04 0.29 0.29 0.23 0.08 0.17 - 0.03 0.22 0.22 0.17 0.13 0.64 - 0.05 0.92 0.72 0.63 0.02 0.03 + 0.00 0.07 0.07 0.02 0.20 0.58 - 0.04 0.80 0.63 0.58 0.01 0.05 - 0.02 0.14 0.07 0.04 0.02 0.05 - 0.04 0.09 0.09 0.04 0.02 0.03 + 0.01 0.06 0.03 0.02 0.02 0.13 - 0.01 0.19 0.19 0.09 0.02 0.13 - 0.04 0.54 0.17 0.00 0.04 0.16 - 0.07 0.38 0.23 0.16 0.45 0.55 - 0.02 0.91 0.59 0.53 0.04 0.03 0.03 + 0.01 0.07 0.02 0.43 1.10 - 0.04 2.09 1.21 1.05 0.57 1.43 - 0.05 2.73 1.54 1.37 0.05 0.58 - 0.04 0.63 0.62 0.56 0.05 0.16 + 0.01 0.52 0.20 0.15

Walker River V 639 O 2246 Walter Energy* War Eagle Mg V 2432 Waseco Res V 276 WCB Res V 1022 Wealth Mnrls* O 141 Wealth Mnrls V 818 O 494 Wellgreen Plat* Wellgreen Plat T 907 V 184 Wescan Gldflds T 2231 Wesdome Gold V 1174 West Af Res West Kirkland V 1796 127 West Red Lake* O 447 West Red Lake X 1193 Western Copper* T 543 Western Copper 877068 O Western Graphi* 28 Western Pac Rs* O T 1882 Western Potash 48 Western Troy C V Western Uran 214 Western Uran* O 101 V 246 Westhaven Vent V 2301 Westkam Gold Westmoreland* D 1690 Westridge Res V 379 White Gold* O 32 White Gold V 315 614 White Mtn Engy* O Whitemud Res V 130 604 Winston Gld Mg 459 Winston Gld Mg* O Winston Res 421 Wolfden Res V 830 Wolfeye Res V 49 V 126 Wolverine Mnls X-Terra Res V 661 Xander Res V 142 Xiana Mng V 13 Ximen Mng V 5127 Ximen Mng* O 63 XLI Tech Inc* O 11838 V 161 Xtierra Xtra-Gold Res T 429 O 11 Xtra-Gold Res* Yamana Gold T 34680 92718 Yamana Gold* N Yanzhou Coal* O 161 T 1225 Yellowhead Mng O 20 Yellowhead Mng* Yorbeau Res T 2838 14 O Zadar Vent * Zara Res 10 Zazu Metals* O 8 Zazu Metals V 814 Zena Mng V 121 O 28 Zenyatta Vent* Zephyr Mnls V 27 Zimtu Capital V 99 Zincore Mtls V 124 Zonte Mtls V 1512

0.05 0.08 - 0.01 0.18 0.09 0.08 0.02 0.10 - 0.03 0.28 0.15 0.09 0.07 0.05 0.06 + 0.01 0.07 0.01 0.02 0.06 - 0.02 0.12 0.08 0.06 0.03 0.07 + 0.02 0.09 0.09 0.05 0.19 1.30 + 0.00 1.37 1.35 1.19 0.23 1.70 - 0.02 1.79 1.75 1.57 0.14 0.27 - 0.04 0.46 0.31 0.26 0.19 0.35 - 0.05 0.62 0.41 0.35 0.02 0.09 - 0.03 0.13 0.12 0.09 1.47 3.62 - 0.17 3.97 3.97 3.61 0.28 0.23 0.24 - 0.03 0.40 0.07 0.07 0.10 + 0.01 0.17 0.11 0.09 0.20 0.16 0.18 - 0.02 0.31 0.03 0.26 0.21 0.24 - 0.02 0.40 0.03 0.30 1.51 - 0.08 1.80 1.64 1.50 0.41 1.98 - 0.10 2.24 2.11 1.96 0.00 0.00 + 0.00 0.00 0.00 0.00 0.02 0.01 0.02 + 0.00 0.04 0.00 0.12 0.21 - 0.02 0.36 0.23 0.20 0.04 0.03 0.03 - 0.01 0.05 0.01 1.20 2.00 - 0.51 2.80 2.55 2.00 0.96 1.53 - 0.22 2.67 1.92 1.53 0.07 0.09 - 0.01 0.16 0.10 0.08 0.03 0.03 - 0.01 0.09 0.04 0.03 15.16 - 2.33 19.92 4.86 17.69 14.55 0.01 0.31 + 0.04 0.39 0.31 0.25 0.03 1.29 + 0.02 1.36 1.36 1.25 0.04 1.66 + 0.02 1.89 1.89 1.51 0.01 0.01 0.01 - 0.00 0.15 0.01 0.01 0.01 + 0.01 0.03 0.01 0.01 0.17 0.14 0.14 - 0.03 0.64 0.10 0.14 0.11 0.11 - 0.02 0.49 0.09 0.02 0.37 - 0.04 0.60 0.53 0.00 0.08 0.17 + 0.01 0.19 0.19 0.16 0.23 0.40 - 0.02 0.43 0.42 0.00 0.06 0.09 + 0.01 0.18 0.10 0.08 0.10 0.39 + 0.02 0.40 0.40 0.36 0.27 0.33 + 0.04 0.49 0.33 0.27 0.03 0.18 + 0.02 0.21 0.18 0.16 0.04 0.09 - 0.02 0.18 0.12 0.09 0.03 0.07 - 0.01 0.13 0.09 0.07 0.05 0.00 0.02 + 0.02 1.30 0.00 0.01 0.05 - 0.01 0.08 0.05 0.04 0.19 0.25 - 0.05 0.56 0.30 0.25 0.14 0.22 - 0.00 0.43 0.22 0.22 3.29 3.66 - 0.38 7.87 4.42 3.58 2.46 2.79 - 0.30 5.99 3.39 2.74 4.04 7.91 - 0.14 8.35 8.35 7.87 0.04 0.08 + 0.02 0.10 0.10 0.07 0.02 0.06 - 0.01 0.07 0.07 0.06 0.07 0.09 + 0.01 0.14 0.09 0.08 0.12 0.10 0.10 - 0.00 0.20 0.05 0.01 0.05 + 0.03 0.04 0.05 0.02 0.11 0.23 - 0.06 0.33 0.33 0.23 0.15 0.31 - 0.10 0.46 0.44 0.29 0.05 0.10 + 0.01 0.12 0.10 0.00 0.49 0.81 + 0.02 1.17 0.84 0.77 0.14 0.33 - 0.03 0.42 0.36 0.33 0.14 0.28 - 0.01 0.40 0.29 0.27 0.03 0.28 + 0.03 0.30 0.29 0.20 0.05 0.40 + 0.09 0.38 0.41 0.28

W-Z

BID-ASK — FEBRUARY 20–24, 2017 STOCK

12-MONTH

EXC BID ASK LAST HIGH

37 Capital One ABE Resources Acme Res Corp African Metals Aftermath Slvr Aida Minerals Alberta Star Alderon Iron* Alexandra Cap Allante Potash Alliance Mng Amanta Res Anglo Pac Grp APAC Res Inc Arch Coal* Archon Mineral Arco Res Ardonblue Vent Asbestos Corp Ashanti Sanko Asian Minl Res Astar Mnls Astur Gold Atlatsa Res* Aurania Res Aurelius Min Balto Res Bellhaven Cp&G Benz Mining Big Wind Cap Bird River Res Black Bull Res Bluenose Gold Bluestone Res Boss Power Buccaneer Gold Bullion Gld Res Canuc Res Carrie Arran Cascade Res Cassidy Gold Catalina Gold Chieftain Mtls Chinapintza Mg Cicada Vents CIM Intl Grp Cleghorn Mnls Cliffs Nat Res* Clydesdale Res Colibri Res Colt Res Compliance Egy Copper Ck Gold Copper Lake Rs Corazon Gold Cricket Res Curlew Lke Res Cyprium Mng Dawson Gold Delrand Res Discovery-Corp DV Resources Enfield Expl European Metal Excalibur Res

40-42_MAR6_StockTables.indd 42

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

0.10 0.40 0.15 0.25 0.03 0.03 0.03 0.05 0.01 0.03 0.02 0.06 0.09 0.06 0.11 ... 0.01 0.01 0.03 0.08 0.10 0.10 0.15 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.02 ... 0.02 0.03 0.06 0.11 0.06 0.07 0.06 0.06 0.04 0.05 0.01 0.02 0.01 0.35 2.02 2.01 2.02 0.06 0.11 0.10 0.14 ... ... 0.58 1.45 1.61 1.59 2.05 0.07 0.08 0.07 0.10 0.08 0.11 0.08 0.10 0.21 0.28 0.20 0.28 0.06 0.10 0.10 0.10 0.02 0.03 0.02 0.04 0.23 0.39 0.23 0.40 0.06 0.08 0.08 0.10 ... ... 0.06 0.45 0.55 0.70 0.72 0.73 0.13 0.14 0.14 0.15 0.01 0.03 0.01 0.03 0.43 0.56 0.51 0.78 0.03 0.03 0.03 0.08 0.06 0.12 0.07 0.19 0.05 0.09 0.06 0.06 ... 0.01 0.01 0.02 0.04 0.02 0.04 0.10 0.15 0.10 0.23 0.17 0.20 0.17 0.05 0.08 0.05 0.05 0.09 0.12 0.09 0.15 0.23 0.29 0.25 0.27 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.05 0.07 0.08 0.08 ... ... 0.05 0.23 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.40 0.79 0.80 1.50 0.12 0.14 0.13 0.16 1.45 3.20 1.43 7.17 0.06 0.12 0.06 0.06 0.17 0.17 0.17 0.23 0.04 0.04 0.04 0.12 0.03 0.03 0.03 0.25 0.07 0.08 0.08 0.11 0.05 0.06 0.05 0.08 0.52 0.55 0.55 0.55 0.01 0.12 0.01 0.01 0.01 0.02 0.02 0.03 0.03 0.03 0.03 0.12 0.10 0.19 0.10 0.11 0.75 1.00 0.75 0.90 0.02 0.03 0.02 0.07 0.03 0.10 0.06 0.06 ... ... 0.01 ... 0.01 0.01 0.01 0.09 0.10 0.10 0.11

LOW

STOCK

0.05 0.02

Finore Mng Fire River Gol First Idaho GAR Limited Gentor Res GFM Res GGL Res Global Cobalt Global Cop Grp God’s Lake Res Gold Ridge Exp Goldbelt Emp GoldTrain Res Gossan Res Graniz Mondal Gravis Energy Greatbanks Res Green Arrow Greenshield Ex Greywacke Expl Highvista Gold Hunt Mng IGC Res Interconnect Iron South Mng Jazz Res JDF Explor Inc Jet Metal Karoo Expl Kenna Res Kestrel Gold Kitrinor Mtls La Imperial Leagold Mg Lions Bay Cap Madeira Mrnls MAG Silver* Mainstream Mnl Manado Gold Martina Mnls Masuparia Gold Match Capital Mazarin McChip Res Metallum Res Mezzotin Mnrls Midnight Star MillenMin Vent Millstream Min Milner Con Slv Minsud Res Mistango River Mkango Res Moag Copper Montana Gold Morgan Res Mountain Lake Navy Res Nebu Res Network Expl New Destiny Mg New Klondike New Nadina New Oroperu Newstrike Res

0.03 0.01 0.08 0.16 0.12 0.02 0.01 0.01 0.75 0.03 1.26 0.04 0.05 0.14 0.03 0.02 0.09 0.01 0.06 0.41 0.03 0.01 0.08 0.01 0.03 0.01 0.01 0.06 0.02 0.05 0.08 0.05 0.02 0.01 0.08 0.03 0.01 0.01 0.40 0.08 0.98 0.01 0.05 0.03 0.03 0.06 0.03 0.19 0.01 0.01 0.03 0.09 0.30 0.02 0.02 0.01 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

C V V C V V V V V C V V C V V C V V V C V V V V V V C V V V V V C V V V X V V V V V V V V V C V V V V C V C C V C V V V V V V V V

0.35 0.36 0.35 0.50 0.03 0.07 0.09 0.75 0.08 ... 0.08 0.14 0.01 0.04 0.01 0.05 0.01 0.02 0.01 0.02 0.02 0.09 0.02 0.03 0.03 0.04 0.03 0.05 0.02 0.02 0.02 0.08 0.07 0.08 0.08 0.11 0.03 ... 0.03 0.08 0.30 0.35 0.35 0.70 0.04 0.05 0.05 0.07 0.06 0.12 0.09 0.25 0.07 0.08 0.07 0.11 0.01 0.34 0.04 0.05 ... 0.03 0.01 0.01 0.03 0.05 0.03 0.03 0.04 0.04 0.05 0.05 0.07 0.04 0.08 ... 0.06 0.06 0.06 ... 0.16 0.17 0.25 0.33 0.30 0.40 0.01 0.01 0.01 0.02 0.07 0.17 0.06 0.14 0.24 0.27 0.24 0.28 0.08 0.15 0.08 0.25 0.01 ... 0.01 0.01 0.10 0.10 0.09 0.01 0.02 0.01 0.02 0.13 0.16 0.15 0.27 0.02 0.02 0.02 0.07 0.16 0.21 0.16 0.30 0.06 0.20 0.11 0.11 0.60 0.65 0.63 0.98 0.04 0.10 0.04 0.04 0.04 0.05 0.04 0.05 12.52 13.30 12.52 14.40 ... 0.01 0.01 0.10 0.14 0.10 0.15 0.02 0.05 0.02 0.06 0.06 0.07 0.09 0.09 0.01 0.04 0.04 0.04 0.03 0.04 0.03 0.05 0.45 0.59 0.45 0.77 0.03 0.06 0.12 0.01 0.01 0.01 0.04 0.16 0.28 0.15 0.19 0.05 0.07 0.05 0.14 0.04 0.06 0.04 0.13 0.04 0.04 0.04 0.07 0.06 0.11 0.06 0.10 0.04 0.04 0.04 0.05 0.05 0.06 0.05 0.11 ... ... 0.08 0.09 0.10 0.10 0.10 0.01 0.01 0.01 0.02 ... 0.01 0.01 0.01 0.13 9.65 0.09 0.30 0.01 0.02 0.01 0.17 0.23 0.17 0.22 0.20 0.22 0.22 0.32 0.01 0.01 0.01 0.12 0.14 0.12 0.18 0.57 0.65 0.58 0.72 0.15 0.18 0.15 0.19

0.01 0.03 0.05 0.01 0.01 0.02 0.02 0.01 0.04 0.02 0.06 0.03 0.05 0.03 0.02 0.01 0.03 0.03 0.04 0.03 0.01 0.06 0.04 0.07 0.01 0.01 0.14 0.01 0.05 0.01 0.02 0.01 0.01 6.12 0.10 0.02 0.03 0.01 0.01 0.40 0.01 0.06 0.01 0.04 0.02 0.03 0.01 0.05 0.02 0.01 0.01 0.09 0.14 0.08 0.05 0.27 0.03

STOCK

Noble Metal Gr North Am Ptash North Am Tung Northn Empire NSS Res Inc Open Gold Oriental Non F Oxford Res Pac Cascade Pac Imperial Pac Iron Ore Pac Link Mng Palisades Vent Pan Global Res Peloton Mnrls Phoenix Gold Phoenix Metals Prime Meridian Prize Mng Randsburg Intl Rare Element* Red Rock Enrgy Remington Res Resolve Vent Richmond Mnls Rift Valley Riley Resource Rockland Mnls Rojo Res Rubicon Mnrls* Saville Res Savoy Vent Scavo Res SG Spirit Gold SGX Res Silver Phoenix Sniper Res Spada Gold Squire Mg Ltd Starr Peak Exp Strata Mnls Strikepoint Gd Swift Res Talmora Diamd Tearlach Res Telferscot Res Teryl Res Corp Theia Res Themac Res Tiger Intl Tri-River Vent Trigen Res Troy Enrgy True Grit Res UC Res United Coal Universal Vent Vanadium One Vela Minerals Velocity Mnrls Venerable Vent Wabi Expl Whistler Gold Zinco Mng

12-MONTH

EXC BID ASK LAST HIGH LOW

V V V V C V C V V V V V V V C V V V V V X V V V V C V V V X V V C V V C V V C V V V V C V C V V V V V V V V V C V V V V V C V V

0.01 0.02 0.01 0.02 0.05 0.08 0.04 0.15 ... 0.01 0.01 0.02 0.17 0.18 0.18 0.27 ... ... 0.20 0.01 0.01 0.01 0.70 0.90 0.90 1.20 0.02 0.03 0.03 0.01 0.02 0.01 0.02 0.03 0.03 0.03 0.05 0.20 0.23 0.20 0.25 0.02 0.03 0.02 0.03 0.06 0.07 0.07 0.07 0.04 0.05 0.04 0.08 0.08 0.08 0.08 0.15 ... 0.01 0.01 0.19 0.20 0.21 0.21 0.12 0.15 0.14 0.15 0.40 0.42 0.42 0.43 0.01 0.02 0.01 0.03 0.11 0.16 0.15 0.89 0.01 0.02 0.01 0.03 0.14 0.23 0.16 0.18 0.03 0.05 0.03 0.30 0.05 0.06 0.05 0.09 0.01 0.02 0.02 0.02 0.05 ... 0.13 0.13 0.07 0.08 0.08 0.11 0.07 0.10 0.07 0.15 ... ... 0.03 1.35 0.03 0.04 0.02 0.05 0.20 ... 0.20 0.20 0.36 0.57 0.36 0.54 0.57 0.59 0.57 0.61 0.02 0.02 0.02 0.05 0.03 0.20 0.20 0.25 0.01 0.01 0.01 0.07 0.17 0.35 0.25 0.60 0.06 0.15 0.06 0.19 0.09 0.10 0.09 0.19 0.01 0.02 0.01 0.05 0.38 0.43 0.39 0.43 0.20 0.24 0.25 0.25 0.01 0.05 0.01 0.05 0.08 0.15 0.08 0.16 0.01 0.01 0.01 0.05 0.01 0.02 0.02 0.02 0.11 0.16 0.12 0.20 0.04 0.05 0.04 0.10 0.08 0.18 0.08 0.20 0.04 0.12 0.04 0.07 0.08 0.17 0.08 0.11 0.02 0.56 0.01 0.05 0.03 0.05 0.03 0.08 0.01 0.02 0.02 0.03 ... 0.01 0.01 0.40 ... 0.45 0.13 0.15 0.13 0.35 0.05 0.10 0.05 0.08 0.25 0.33 0.25 0.28 0.12 0.20 0.12 0.18 0.07 0.10 0.07 0.10 0.04 0.08 0.04 0.06 0.05 0.07 0.05 0.08

0.01 0.03 0.01 0.09 0.27 0.01 0.01 0.15 0.01 0.05 0.01 0.06 0.02 0.08 0.01 0.01 0.06 0.01 0.04 0.02 0.03 0.01 0.10 0.01 0.04 0.03 0.01 0.05 0.26 0.07 0.01 0.03 0.01 0.13 0.06 0.06 0.01 0.09 0.01 0.01 0.02 0.01 0.01 0.06 0.03 0.08 0.03 0.03 0.01 0.01 0.01 0.05 0.03 0.08 0.05 0.04 0.01 0.01

2017-02-28 9:47 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 6–19, 2017

PROFESSIONAL DIRECTORY srk consulting

ASSAYERS

GENETIC MODELLING

Consulting services from exploration through to mine closure

www.srk.com

INSTRUMENTATION Rent / Purchase 3D IP & EM Gear Canadian Manufacturer of

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Tel.: +1 418-877-4249

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Rentals and Sales Sales and Rentals: of instruments for:

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tel 306 249 4474 - www.goldak.ca

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Excellence in Commercial Litigation and Competition Law agmlawyers.com • thelitigator.ca

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SURVEYORS & CORE SYSTEMS JEAN-LUC CORRIVEAU, Q.L.S., CLS

Land & Mining Surveyors – 3D Scanning GYRO-THEODOLITE, UNDERGROUND CONTROL PHOTOGRAMMETRIC MAPPING (AIRBORNE LIDAR AND DRONE), CAVITY SCANNING, BOREHOLE AND BATHYMETRIC SURVEYS 1085, 3rd Avenue West, Val-d’Or (Quebec) J9P 1T5 Tel: (819) 825-3702 Fax: (819) 825-2863 E-mail: bureau@corriveaujl.com www.corriveaujl.com

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43_MAR6_ProDirectory .indd 43

Providing geophysical services for over 20 years

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To reserve space for your advertisement in the Professional Directory please contact:

Joe Crofts: 416-510-6816 Toll free North America: 1-888-502-3456 (ext. 43729) jcrofts@northernminer.com Fax: 416-447-7658

2017-02-28 9:46 AM

44_MAR6_BackCover.indd 44

2017-02-28 9:45 AM

LEADING THE WAY IN GLOBAL MINING Lawson Lundell has expertise that spans the full range of legal services required by mining companies in Canada and around the world. Our mining and project development teams are actively involved from early stage exploration and tenure acquisition through development, permitting, construction, operations, and closure of projects. We have a highly-skilled capital markets team with expertise in corporate and project finance, regulatory compliance, and mergers and acquisitions. As is demonstrated in the selection of recent transactions below, we are experienced in every kind of mining transaction in a multitude of jurisdictions.

Chris Baldwin Mining, M&A, Commercial Vancouver (T) 604.631.9151 (E) cbaldwin@lawsonlundell.com

Khaled Abdel-Barr Mining, M&A, Commercial Vancouver (T) 604.631.9233 (E) kabdelbarr@lawsonlundell.com

Stuart Breen Mining, Finance, M&A Vancouver (T) 604.631.9149 (E) sbreen@lawsonlundell.com

Karen MacMillan Mining & Commercial Vancouver (T) 604.631.9160 (E) kmacmillan@lawsonlundell.com

Angela Austman Finance, M&A, Commercial Vancouver (T) 604.631.9135 (E) aaustman@lawsonlundell.com

Jeffrey Read Finance, M&A, Commercial Vancouver (T) 604.631.9206 (E) jread@lawsonlundell.com

MINING PROJECTS AND

FINANCING ACTIVITY

(see reverse for British Columbia and the Canadian North)

78 78

85 81

86 83

94 77 76

34 99 57

6 58

60 62 75 61

86 3

59 63

95 95

RECOGNIZED FOR MINING LAW

100

10 4

100

98 11

CHAMBERS GLOBAL CHAMBERS CANADA LEGAL 500 CANADA BEST LAWYERS IN CANADA CANADIAN LEGAL LEXPERT DIRECTORY INTERNATIONAL WHO’S WHO OF MINING LAWYERS MARTINDALE-HUBBELL INTERNATIONAL LAW DIRECTORY

14 13 12

1 12

11 11

43 43 51

42 42 GREATER TORONTO

52 97 15 17 20 21 22 23 24

26 28

65 70

66 71

87 88 89

93 88 34

34 44 45

INDEX Mining Projects

32 16

GREATER VANCOUVER

30 34 52 31

Project Development and Operation

46 47

Aboriginal

90 92 93

Environmental

37 35

Construction and Procurement Closure and Reclamation

Financing / Mergers & Acquisitions

48 55

Exploration

Corporate Finance and Securities

Mergers & Acquisitions Royalties Streaming, Offtake, and Product Sales Agreements

34 38

Lawson Lundell Office Locations

Vancouver Calgary Yellowknife

1. Advising Rio Tinto plc and affiliates in negotiating its many exploration, option and joint venture arrangements around the world.

15. Advising Agnico-Eagle Mines Ltd. on its acquisition of two Mexican gold projects.

27. Advising Tigers Realm Minerals PTY Ltd. in a multiparty transaction relating to gold properties in Jamaica.

39. Advising B2Gold Corp. on its acquisition of CGA Mining Ltd., owner of the Masbate gold mine in the Philippines.

51. Advising the special committee of Dunav Resources in connection with its merger with Avala Resources Ltd.

2. Advising Shore Gold Inc. on its merger with Kensington Resources Inc.

16. Advising Agnico-Eagle Mines Ltd. on the negotiations and settlement of terms related to a Strategic Alliance Agreement and Joint Venture Agreement for the exploration and development of mineral properties in Colombia.

28. Advising B2Gold Corp. on its acquisition of Central Sun Mining Inc., owner of the Libertad and Limon mines in Nicaragua.

40. Advising Rio Tinto plc in an earn-in and shareholders agreement with Sherritt International Corp. whereby Sherritt will acquire an interest in the Sulawesi Nickel project located in Sulawesi, Indonesia.

52. Advising Aura Minerals Inc., a company with operating mines in Mexico, Brazil and Honduras, in its US$22.5 million and US$15 million gold loans from Auramet International LLC.

41. Advising Silver Standard Resources Inc. on the sale of its Bowden project in Australia.

53. Advising Camino Minerals Corporation on its acquisition of Minquest Peru SAC, owner of the Plata Dorada copper, gold and silver project in Peru.

3. Advising Tigers Realm Minerals PTY Ltd. on the option to acquire an interest in a uranium property in Saskatchewan. 4. Advising Cliffs Chromite Ontario Inc., a subsidiary of Cliffs Natural Resources Inc., in connection with its Ring of Fire chromite project in Northern Ontario. 5. Advising New Gold Inc. on matters related to the development of the Rainy River project in Ontario. 6. Advising B2Gold Corp. on its sale of a royalty covering the Brucejack gold project in north-western British Columbia to Franco-Nevada Corp.

17. Advising Agnico-Eagle Mines Ltd. on the negotiation and documentation of exploration alliances and related joint venture agreements in Mexico. 18. Advising Silver Standard Resources Inc. on its purchase of the Marigold mine in Nevada, USA. 19. Advising Silver Standard Resources Inc. on the sale of its Challacollo mining project in Chile.

29. Advising B2Gold Corp. on its acquisition of Papillon Resources Limited, owner of the Fekola gold project in Mali. 30. Advising B2Gold Corp. on its acquisition of the Trebol Pavon and San Jose gold exploration properties in Nicaragua from Radius Gold Inc. 31. Advising B2Gold Corp. on the sale of its Bellavista project in Costa Rica to a private Costa Rican company.

42. Advising Vintage Mining Corp. on its acquisition of mining properties in Spain and Portugal. 43. Advising Lithiumli Holdings Inc. on its Balkans lithium and borates joint venture with Pan Global Resources Inc.

20. Advising Goldcorp Ltd. on its sale of the San Dimas mine in Mexico and silver purchase (streaming) agreements.

32. Advising CB Gold Inc. on its prospectus offering of common shares for gross proceeds of approximately $10 million, proceeds to be used for the continued exploration of the Vetas gold project in Colombia.

8. Advising Newmont Capital Corp. on its sale of oil and gas and mineral royalties to Franco-Nevada Corp.

21. Advising Goldcorp Ltd. in connection with lead and zinc concentrate frame purchase agreements for Goldcorp’s Mexican subsidiary, Minera Penasquito S.A. de C.V.

33. Advising an affiliate of Rio Tinto plc on its sale of the Ambler property in Alaska.

9. Advising Rio Tinto plc in the sale of royalty portfolios to International Royalty Corp.

22. Advising a Korean Consortium in connection with its strategic investment in the Boleo copper-cobalt project in Mexico with off-take agreements.

34. Advising B2Gold Corp. in negotiating exploration, option and joint venture arrangements in Colombia, Russia, Nicaragua, Uruguay, Finland, Namibia, Mali, Chile and Nevada.

10. Advising Ashton Mining of Canada Inc. on the take-over by Stornoway Diamond Corp. of Ashton and its Foxtrot property in northern Quebec.

23. Advising MAG Silver Corp. in respect of its Juanicipio silver project in Mexico.

11. Advising Doe Run Canadian Exploration ULC with respect to its exploration activities in the Maritime provinces.

24. Advising MAG Silver Corp. on an option to acquire an interest in the Salamandra’s silver-copper-zinc-lead project in Durango State, Mexico from Canasil Resources Inc.

35. Advising Cliffs Natural Resources Inc. on the establishment of an alliance with Estrella Gold Corp. for the exploration and potential development of the company’s Pampa Poroma iron oxide copper gold project in Peru.

47. Advising Anvil Mining Ltd. in negotiating terms for copper offtake by Trafigura Beheer B.V. from Anvil’s Kinsevere copper mine in the Democratic Republic of Congo.

36. Advising Rio Tinto plc in the sale of the Corani silver mine in Peru to Bear Creek Mining Corp.

48. Advising B2Gold Corp. on its acquisition of Auryx Gold Corp., a TSX-listed company, and owner of the Otjikoto gold project in Namibia.

25. Advising Sabina Gold & Silver Ltd. with the sale of its Newman-Madsen gold project in Ontario.

37. Advising Silver Standard Resources Inc. on its acquisition of Esperanza Resources Corp.’s interest in the San Luis project in Peru.

49. Advising Afghan Minerals Group in connection with the Shaida copper project in Afghanistan.

26. Advising Silver Standard Resources Inc. on the sale of its San Agustin gold project in Mexico to Argonaut Gold Inc.

38. Advising Minera Andes Inc. (a subsidiary of McEwen Mining Inc.) on various matters relating to the Los Azules copper project in Argentina.

50. Advising Rio Tinto plc in the sale of its Saskatchewan potash assets to Companhia Vale do Rio Doce, for a cash consideration of US$850 million.

7. Advising Barrick Gold Corp. on its sale of mineral royalties to Royal Gold Inc.

12. Advising Atna Resources Ltd. on its acquisition by Canyon Resources Ltd. 13. Advising Newmont Mining Corp. on its acquisition of Fronteer Gold Inc. including its Long-Canyon, Northumberland, and Sandman projects in Nevada for C$2.3 billion. 14. Advising Agnico-Eagle Mines Ltd. in connection with the Rattlesnake Hills joint venture in the state of Wyoming.

44. Advising B2Gold Corp. on its acquisition of Volta Resources Inc., owner of the Kiaka gold project in Burkina Faso. 45. Advising Sarama Resources Ltd. in respect of its IPO in 2011 raising gross proceeds of C$16.7 million. Sarama has a focus on exploration and development of gold deposits in Burkina Faso, Liberia, and Mali.

54. Advising Aura Minerals Inc. in connection with its aquisition from Yamana Gold Inc of the Ernesto/Pau-a-Pique project in Brazil. 55.

Advising Silver Standard Resources Inc. in connection with an option to acquire the Chinchillas silver, lead, zinc project in Argentina and to form a 75%/25% joint venture with Golden Arrow Resources Corporation in respect of the Chinchillas project and Silver Standard’s nearby Pirquitas Mine.

46. Advising Anvil Mining Ltd. on its C$1.3 billion friendly acquisition by Minmetals Resources Limited.

(See #56 - 100 on the back)

LEADING THE WAY IN THE NORTH Mining companies investing in Canada’s North face unique challenges that require specialized

Chris Baldwin Mining, M&A, Commercial Vancouver (T) 604.631.9151 (E) cbaldwin@lawsonlundell.com

Khaled Abdel-Barr Mining, M&A, Commercial Vancouver (T) 604.631.9233 (E) kabdelbarr@lawsonlundell.com

Keith Bergner Project Approval, Aboriginal, Environmental Vancouver (T) 604.631.9119 (E) kbergner@lawsonlundell.com

Christine Kowbel Aboriginal & Environmental Vancouver (T) 604.631.6762 (E) ckowbel@lawsonlundell.com

John Olynyk Aboriginal Calgary (T) 403.781.9472 (E) jolynyk@lawsonlundell.com

Karen MacMillan Mining & Commercial Vancouver (T) 604.631.9160 (E) kmacmillan@lawsonlundell.com

legal expertise. Lawson Lundell has been actively engaged in mining in Canada’s north for decades, including having an office in Yellowknife since 1992. Almost a quarter of our lawyers are licensed to practice law in one or more northern jurisdictions. From 2012 through 2017, we were involved in the development or operation of over 15 mining projects in the Canadian North. Our long history of working on large-scale northern mining projects and experience addressing Aboriginal and environmental issues mean that our clients can count on us to help them successfully navigate the opportunities and challenges of northern projects.

BRITISH COLUMBIA

THE CANADIAN NORTH

99 6 60 58

62 61

78 78 83 63

INDEX

Mining Projects

Exploration

Project Development and Operation

Aboriginal

Environmental

Construction and Procurement Closure and Reclamation 63

Financing / Mergers & Acquisitions

56 64 65 66 67 68 69 70

71 72

74 92 93 95

87 88 89 90

Corporate Finance and Securities

Mergers & Acquisitions Royalties

100

Streaming, Offtake, and Product Sales Agreements 86

Lawson Lundell Office Locations Vancouver

Calgary

99 6

Yellowknife

60 63

56. Advising KGHM International Ltd. in connection with the development of the Ajax project in British Columbia.

66. Advising B2Gold Corp. in connection with its US$258.75 million convertible note offering by way of private placement.

77. Advising Devonian Metals Inc. in connection with the Wrigley project in the Northwest Territories.

57. Advising Silver Standard Resources Inc. on the spin-off of the Snowfield and Brucejack advanced stage gold exploration properties in northern British Columbia to Pretium Resources Inc. and subsequent offerings of shares of Pretium.

67. Advising European Minerals Corp. on its acquisition of Lero Gold Corp.

78. Advising Elgin Mining Inc. in connection with its Ulu and Lupin projects in Nunavut.

58. Advising Alcoa Inc. on the sale of a molybdenum mine site in British Columbia to Avanti Mining Corp.

69. Advising Newmont Mining Corp. on its acquisition of Miramar Mining Corp.

59. Advising Cliffs Natural Resources Inc. on its acquisition of an interest in the Decar project from First Point Minerals Ltd.

70. Advising Newmont Mining Corp. on its option and joint venture agreements in Canada.

60. Advising Western Coal Corp., a subsidiary of Walter Energy, Inc., in connection with the Perry Creek, Brule and Willow Creek coal mines in British Columbia.

71. Advising Silver Standard Resources Inc. in connection with its US$250 million convertible note offering.

61. Advising Talisman Energy Inc. on the disposition to Xstrata Coal of the Sukunka hard coking coal deposit for US$500 million. 62. Advising Western Coal Corp. on its sale to Walter Energy Inc. for aggregate consideration valued at approximately $3.3 billion. 63. Advising New Gold Inc. in connection with the development of the New Afton and Blackwater-Davidson gold mines in British Columbia. 64. Advising B2Gold Corp. on a $200 million senior credit facility with a syndicate of banks led by Macquarie Bank. 65. Advising B2Gold Corp. on its formation following the $3 billion acquisition of Bema Gold Corporation by Kinross Gold Corporation.

68. Advising New Gold Inc. in its cross-border note offering for over $200 million.

72. Advising Silver Standard Resources Inc. in connection with MJDS equity offerings raising an aggregate of approximately $300 million. 73. Advising CB Gold Inc. on its private placement offerings for gross proceeds of $15 million. 74. Advising NexGen Energy Ltd. on its private placement with Tigris Uranium Corp. 75. Advising AuRico Inc. in connection with its development of its Kemess underground project in British Columbia, near Fort. St. James. 76. Advising Chihong Canada Mining Ltd., an indirect wholly owned subsidiary of Chihong Zinc & Germanium Co. Ltd., a Chinese company, on a joint venture transaction involving a zinc mine in the Yukon with Selwyn Resources Ltd.

79. Advising Fortune Minerals Ltd. in connection with the environmental assessment of its NICO mining project by the Mackenzie Valley Environmental Impact Review Board. 80. Advising Miramar Mining Corp., in relation to the Con Mine located near Yellowknife, on regulatory and other matters.

86. Advising NexGen Energy Ltd. on its purchase of Mega Uranium Ltd.’s uranium projects located in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. 87. Advising B2Gold Corp. on its US$300 million base shelf prospectus.

98. Advising Strongbow Exploration Inc. on the acquisition of the South Crofty Tin project in Cornwell, UK

88. Advising B2Gold Corp. in connection with the development of the Fekola Mine in Mali.

99. Advising Pretium Resources Inc. on mine development, construction and financing for its Brucejack project.

89. Advising B2Gold Corp. in connection with its US$350 million revolving credit facility with a syndicate of international banks.

100. Advising Consol Energy Inc. on the sale of its 50% interest in the Line Creek and Luscar mines.

90. Advising Silver Standard Resources Inc. on the completion of a revolving US$75 million syndicated financing from a syndicate of lenders.

81. Advising Rio Tinto plc’s 60% owned subsidiary, Diavik Diamond Mines Inc., in connection with the development and operations of the Diavik Diamond mine and the Tibbitt to Contwoyto winter ice road in the Northwest Territories.

91. Advising MacArthur Minerals Limited in connection with financings for its Ularring and Moonshine Iron projects in Australia.

82. Advising Baffinland Iron Mines Ltd. as project counsel, in respect of its Mary River Iron Ore mine in Nunavut.

92. Advising B2Gold Corp. on its US$100 million at-the-market prospectus offering.

83. Advising Sabina Gold & Silver Corp. in connection with the acquisition, development and operation of its Back River Gold project in Nunavut.

93. Advising B2Gold Corp. on its Euro 71.4 million credit facility with Caterpillar Financial SARL for the Fekola project in Mali.

84. Advising Newmont Mining Corp.’s subsidiary Hope Bay Mining Ltd., in connection with the Hope Bay gold mine in Nunavut, including permitting and care and maintenance.

94. Advising Hudbay Minerals Inc. on its Tom and Jason zinc deposits.

85. Advising Hope Bay Mining Ltd., a subsidiary of Newmont Mining Corp., in the sale of the Hope Bay gold mine in Nunavut to TMAC Resources Inc.

97. Advising Silver Standard Resources Inc. on the sale of its Parral property in Chihuahua, Mexico to Endeavour Silver Corp.

95. Advising Silver Standard Resources Inc. on the purchase of Claude Resources Inc., the owner of the Seabee gold mine in Saskatchewan. 96. Advising Silver Standard Resources Inc. on the sale of its Diabillos and M-18 projects in Argentina to Huayra Minerals Corp.

Mixed Sources