The Northern Miner March 28 2016 Issue by The Northern Miner Group

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Barrick fined for Veladero cyanide spill

Building confidence in Argentina will take time

Argentina

policy

| Key players gather to negotiate

| Court moves forward with criminal charges

By Trish Saywell & Elena mayer

or the last 25 years, Charles Koppel, a law student-turnedbusinessman born in South Africa and based in London, has evaluated and invested in business opportunities around the world. He set up his first company — a media concern — in China in 1992. His other interests have spanned telecoms, sports (he co-owned the Wimbledon Football Club until 2004), entertainment, gaming, oil and gas, and mining (his family has been involved in South Africa’s mining industry since the 1970s). Ten years ago, an acquaintance invited Koppel to Argentina to look at an oil project. It was Koppel’s first trip to the South American country. He didn’t think the oil project was a good fit and settled on finding mineral projects instead. He brought over a South African team that he knew and trusted to evaluate opportunities and set up Samco Resources in 2006. A year later, he crossed into northern Chile, acquiring properties in the Antofagasta region and near Copiapo in partnership with Manuel Feliu — a successful Chilean businessman and a former minister of mines in that country. It was a good partnership. Feliu introduced opportunities and Koppel arranged financing. In 2008, Koppel looked at mining opportunities in Peru. Assets from all three countries were combined into the privately held Samco Resources Ltd. Koppel was about to take Samco Resources and its Chilean properties public on the London Stock Exchange in mid-2008, but the financial crisis got in the way. In 2009, Samco Resources sold its Chilean assets to a wealthy Chilean family looking to diversify their assets and Samco Resources officially exited Chile. Koppel retained Samco Resources’ assets in Peru and spun off the Argentine assets into Samco Gold Ltd. In early 2011, Koppel acquired what is today considered the company’s primary asset in Argentina, the 80 sq. km El Dorado–Monserrat epithermal gold project in Santa Cruz province’s Deseado Massif region, 10 See argentina / 2

Drilling at the Veladero gold project in Argentina in 2008. Barrick Gold

By Trish Saywell & Elena Mayer BUENOS AIRES, ARGENTINA

arrick Gold (TSX: ABX; NYSE: ABX) has been fined $9.8 million for a cyanide spill that took place at its Veladero gold mine in Argentina’s San Juan province in September 2015. A provincial court is also moving forward with criminal charges against nine current and former Barrick employees in connection with the spill. The accident occurred when a valve failure released solution into the Potrerillos River, a small waterway next to the mine’s leach pad. Barrick says the solution held freshwater and diluted cyanide. The Potrerillos River runs alongside the mine and into the Las Taguas River, which f lows into the Rio Blanco River. The nearest communities are 150–185 km downstream from the mine. In a press release on Sept. 30, Barrick estimated that 1,072 cubic metres (1.1 million litres) of the solution entered the river, but that cyanide “made up only a small fraction of the total volume.

“At no time did cyanide levels in the downstream river system, near communities, exceed 0.1 part per million total cyanide — the legal limit for safe drinking water in Argentina, and in line with international standards,” the company stated. In the days after the Sept. 13 spill, Barrick reported that no cyanide had been detected in the river system downstream from the mine since Sept. 15, and that even though no risks to human health were identified, it provided drinking water to three small communities downstream on the Blanco River. Barrick ran a water-monitoring program and dispatched a team of leading technical and environmental specialists to help with the response. Since the spill, Barrick says it has implemented a “comprehensive action plan to strengthen controls and safeguards at the mine, while addressing the causes of the solution release.” Among

these actions are intensified water monitoring, adding heat controls and pressure-sensing equipment to manage freezing risks, new procedures related to leach-pad operations and more water management controls. The company said in its news release on Sept. 30 that while the investigation was ongoing, preliminary results determined that solution from the failed valve entered the mine’s Northern Diversion Channel, next to the heap-leach pad area, and that a gate on the channel was open at the time of the leak “for reasons that are still being investigated.” The open gate helped the solution bypass a containment pond and enter the Potrerillos River. “We recognize that we have disappointed many of our partners in San Juan province and we deeply regret this incident,” Kelvin Dushnisky, Barrick’s president, said in a March 11 press release announcing the fine. “Undoubtedly the incident that took place at Veladero has contrib-

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Interview: One-on-One with the NWT PREmier / 4

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March 28–APRIL 3, 2016 / THE NORTHERN MINER

Building confidence in Argentina will take time argentina From 1

km west of AngloGold Ashanti’s (NYSE: AU) Cerro Vanguardia gold mine. Samco Gold also owns a portfolio of other exploration properties in Argentina’s Deseado Massif, including the 50 sq. km Corina project on the northern boundary of Yamana Gold’s (TSX: YRI; NYSE: AUY) Cerro Moro property and the 110 sq. km 2G’s project, comprising two proximal concessions in the mineralization belt in the western Deseado Massif region near Mirasol Resources’ (TSXV: MRZ) Joaquin and Virginia/Santa Rita projects. The Northern Miner’s senior staff writer Trish Saywell, and special advisor to the Northern Miner in Argentina, Elena Mayer, caught up with Koppel on the sidelines of the Prospectors & Developer’s Association of Canada (PDAC) convention in Toronto, to ask him about his thoughts on Argentina’s new centrist government under president-elect Mauricio Macri. The Northern Miner: Samco owned assets in Peru at the time left-wing politician Ollanta Humala won the 2011 presidential election campaign. Were there any similarities between Peru and the November 2015 election in Argentina that brought former Buenos Aires mayor Mauricio Macris to power? Charles Koppel: We were quite heavily invested in Peru at the time of the election, and there was a lot of concern about what would happen if Humala got elected. He was seen as bad for business and when the election results came in, the market dropped 13%. Humala calmed the market by reinforcing that he was pro-mining and pro-foreign investment. These were just words at the time of an election, but what he did in the months and years that followed gave real confidence and stability to the sector, and for foreign investors across the industry. What you saw in Peru is that there was political change that was initially seen as negative, but managed by Humala into a real positive for the country that brought economic benefits. The same change is happening now in Argentina, except in the reverse. The election result has been seen as a positive, rather than Peru’s negative; the early noise from Macri’s government has been positive, similar to that for Humala — but now it’s about the follow through. Humala has proven himself, while the jury is out on Macri and Argentina. They have a big job ahead of them. It’s very, very hard to implement change. Even with the pro-business but socialist policies of Humala’s government, where he was vocal about the benefits of industry — particularly mining — having to flow through to the local communities, despite these policies, Humala faced opposition and local community distrust and protest about change. With the best will in the world, any change, even change for the better, is hard to implement. TNM: Macri has implemented a number of changes in the first few months since his inauguration in December, including eliminating

export taxes on metals, devaluing the currency, striking a deal with bond holders and creating a ministry responsible for mining — the Ministry of Energy and Mines. Are you optimistic that these changes will enhance confidence among the foreign investment community? CK: In Argentina, you’ve got a political party who doesn’t have a majority and provinces that run quite independently of central government, so any change will take time to filter through. It’s all well and good to make changes at a federal level, and say “we’re going to change that policy, we’re going to unwind this policy and we’re going to free up the economy” … a lot of the positive responses you’ve seen to what has happened in Argentina — at PDAC and over the last month — is more a sigh of relief than a suddenly attractive investment opportunity. I say to myself: “Thank God we don’t have to write down our Argentinean assets any further, as a result of politics.” Now as far as I’m concerned, there is a chance. Would I go out today and invest “new” money into Argentina? Absolutely not. I would want to see how they follow through with what they’re saying and what they’re doing. I don’t think this is an opportunity at all for Argentina yet, from a new investor’s perspective. There’s a huge way for them to go and a lot of work for them to do. They have to show how they take decisions at a federal level and how they will filter to the provincial governments, because companies like us have to interact a great deal with the province. Yes, there are a lot of issues that one has to deal with at a national level, but day to day, it’s provincial. And until one sees that fundamental change is filtering through to the grassroots — which, with the best will in the world, will take years — until that happens, are you really going to go and put new money into a country that has gone through the seesaw of politics, which has been great one day and five years later a disaster, and another five years later great again? You need that continuity, and Argentina hasn’t had it. They haven’t had meaningful long-term economic and political stability for decades and decades. TNM: The people we talked to in Argentina earlier this month emphasized that Argentina’s new government needs to encourage foreign investment to re-enter the mining sector, and increase confidence among local investors, pension funds, venture capitalists and so forth, so that they will invest in the mining sector. CK: It’s easy for someone in the local investment community to say that [local investors] just don’t understand our business, and therefore won’t invest … it’s more than that. It’s across the board, it’s any industry. Local investors are holding back from investing locally, and perhaps more importantly their offshore funds, back into the country — and this applies across all sectors of the economy, not just mining. TNM: You’re suggesting there has to be a thorough house cleaning before local investors invest in any sector in

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the country? CK: What I am saying is that until local investors are prepared to invest in a country, foreign investors should be wary. When I came to Argentina in 2006 we weren’t just looking at the mining industry, we looked at oil, gaming, sports and financial products, such as prepay credit cards. You evaluate the environments in which these businesses operate, the level of local investment and the extent of government regulation or interference. Suddenly you realize “no, I can’t do this, I can’t do that.” It’s about having the confidence to invest in these types of businesses. Believe it or not, mining turned out to be the most attractive sector for investment opportunity, primarily because of the country’s mining investment code at the time. If you have the confidence to invest in a country you’re going to look

“Would I go out today and invest 'new' money into Argentina? Absolutely not … There’s a huge way for them to go and a lot of work for them to do.” Charles Koppel Executive chairman and CEO, Samco Gold

at all the opportunities, particularly those that are underexploited, like mining. So it should be one of the first ports of call. People should say, you know what, this is emerging, it’s booming, there are opportunities here. There is huge opportunity in Argentina because it’s one of the richest countries in the world from a natural resource perspective, and it’s completely underexploited. If you’re a businessman and you’re an entrepreneur, you’re looking for investment opportunities that have potential for significant returns — you should look at mining in Argentina. And the fact that they’re not looking at mining says more about the political and economic climate than it does about the asset class. TNM: Do you have any idea how long it will take before you feel more confident about developing your properties in Argentina? CK: Probably a good couple of years … as a company that has assets in the country … not … as a new person coming in and saying “I now want to invest here.” I would want to see that the companies that have assets are being treated the right way. Then I’m going to say, “Well, that has incentivized me.” And it’s little things as well. You take a small company like ours, and we are a small company compared to the bigger operators. So now we’re in a position where we have a bunch of concessions, it’s not a huge number of concessions, but some of them are in a much earlier stage of development than others. Now suddenly we’ve got pressure from the province telling us: “If you don’t spend a certain minimum amount on the property, you could face sanction.” This is not a new problem to mining, but it doesn’t help when there is a global financial crisis that is decimating the industry. It also doesn’t help that the policies of the previous administration made it hard to bring money in and get people to invest. You need greater political support in these times, not threats of sanction. TNM: Is that what they’re doing to Samco Gold?

CK: This always happens in this industry, not just in Argentina, and we are not alone. TNM: Are they doing that now? CK: Yes, there is always pressure from the authorities to invest more, and it doesn’t help. If we give up a property, it’s going to go back to the province, and they’ll try to give it to someone else. At a time of crisis, there is no one queuing up to take over. They should rather support the companies that have been there, that have already invested, through these harder times. It’s the balance of these things: what happens in the provinces at a local level, versus what the government says at the national level. The things that the new government are saying are fantastic from an international perspective, it makes it look like they’re doing the right thing. They’ve said they’re going to settle the bond crisis, the disputes. “We’re going to resolve this, change that, stop all these import duties on all these products, make it easier to do business, to invest”— fantastic! But how does that affect business at a local level? What does it mean for us? At the moment changes haven’t filtered through to the provincial level for us. TNM: There was a suggestion by one of the CEOs of a Canadian mining company in Toronto at PDAC that Argentina’s new government should consider posting a bond or a trust fund that could compensate foreign investors if the next government doesn’t comply with the investment laws. What do you make of that suggestion? CK: He’s absolutely right. TNM: But is it a realistic solution for raising confidence? CK: No, of course not. But what you often have to do is say something that gets attention, and he knows that. No government is going to offer that type of security, as in all likelihood they will default on their commitments, that’s the reality. And it is not a problem unique to South American politics. But you have to look and say that in most cases, in the countries we’re talking about, the likelihood is that a new government often looks to change the rules, in an attempt to appear fundamentally different to what was before. Sometimes better, sometimes worse. There is a cycle of change that is almost every four or five or eight or 10 years, depending on the political cycle. Change is constant. And what he says is correct. The message to those in the political arena is: “How will you deal with this? What are you going to do to make us feel more comfortable?” He knows that real fundamental change is unlikely, but the fact that people are prepared to shout him down for expressing real investor concern is telling. What Argentina should do is say that “we recognize there’s a problem, we recognize that we should work our way around incentivizing people to invest long-term in the country,” and with mining, you can be in for 20 or 30 years. This is the thing, it’s not like we’re in for five years, we make a quick buck and we’re gone. You are creating jobs and an infrastructure in an industry that requires a long-term commitment, and they have to recognize that. If you’re going to make that commitment then they have to give the investor community a stable environment in which to operate, and often they don’t. TNM: So in your opinion the initial changes Macri has made aren’t enough to instil confidence, and in your view nothing has really changed for the better? CK: A good start, but no, nothing has changed as far as I’m concerned, at the moment.

TNM: One of the things that we were told is that the country has an excellent mining code and investment law. Their point was that under the previous government it was not altered, it just wasn’t enforced. So it’s still there, and this will make things easier to invest in mining again. CK: “The mining code remains unchanged” is a meaningless statement. In the latter years of the Kirchner administration they ran roughshod over the code. What is the value of an investment code to the investment community if the government of the day can just ignore their obligations if they don’t agree with them anymore? People and companies have invested in Argentine mining based on government commitments and set out within a certain legal infrastructure, which guaranteed them certain rights. You then don’t change it, but just alter the environment in which it operates and is interpreted. Surely this is the same as repealing the code. You’re taking away the guarantees you gave — whichever way you couch it — you’re taking it away. They’re saying, “Yes it stays, yes it exists, but you can’t use those steps anymore.” It’s a smokescreen and the fact that the rules and regulations are still in place is meaningless, there are no safeguards. The last administration proved that having the code is meaningless, because they can sidestep it if they want to. Investors want to see that the new government’s plans are working, that their policies are right, that the investment environment is being supported by the administration at both the national level, and at the provincial level. There were so many fundamental problems in Argentina which you can’t gloss over by making a few high-profile rule changes overnight. You can’t. TNM: There also has to be a shift in mentality perhaps, away from the country’s populist past? CK: Yes there does, but if you’re looking for real change to the political and social environment in a country, then it’s a change to the mindset of a generation. It takes 30 years before it filters through. It’s primarily about education, but political and social growth also requires a much greater contribution and commitment from the private sector, such as working with government through public private partnerships, and educating generations about the benefits of corporate social responsibility. The real impact and benefit is down the road, it’s when these young kids are out of university, they’re into the community, they’re contributing to the economy and involved in policymaking — that’s when you get real change. A new government-changing headline policy doesn’t do it. You can’t underestimate the task of real change. Everyone at PDAC is saying to me: “Argentina, Argentina, Argentina,” and I’m sitting there thinking, “Really?” Ask some of these same people to put their own money into the country today and watch their reaction. TNM: So you’re going to sit on your concessions until you feel more confident that the changes are here to stay? CK: The markets are not favourable at the moment and we are not in a position to follow up with spending a lot of money on any project. In Argentina, we need to see that they are committed to real change. The indications are good. The early indications — what they’ve said, and what they’ve done — is a positive step. But it has to filter all the way through the system, and only then can one confidently say that Argentina is a great investment destination. And that’s not going to happen overnight. TNM

16-03-22 6:43 PM

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THE NORTHERN MINER / MARCH 28–APRIL 3, 2016

B2Gold locks up funding for Fekola in Mali gold

| Property acquired in 2014 with US$570M acquisition of Papillon Resources

By matthew keevil mkeevil@northernminer.com VANCOUVER

id-t ier gold producer B2 G old ( T S X : B T O ; NYSE-MKT: BTG) has nailed down financing for its next expansion at the multimillion-ounce Fekola gold project in Mali. B2Gold picked up the Fekola concessions in mid-2014 in an all-share deal for Australia-based Papillon Resources that valued it at US$570 million. The property sits 400 km west of the Malian capital of Bamako along the border with Senegal. Fekola is an orogenic gold deposit hosted by a moderate to steeply west-dipping folded sequence of marine metasediments of the Kofi group. Most gold mineralization is found in unweathered rock and associated with stringers of pyrite parallel to foliation, and in fine, disseminated pyrite. Based on an optimized 2015 feasibility study, Fekola would process 4 million tonnes of material per year at an average 2.5-gram-gold head grade. The mine would produce 276,000 oz. annually over a 12.5year life at total cash costs of US$552 per oz. The project would generate a 34% internal rate of return, and a US$615-million net present value at a 10% discount rate (or a US$1billion NPV at 5%). All economic outcomes assume a US$1,300 per oz. gold price. On March 15, B2Gold announced it has fully funded Fekola’s US$395million capital expense with prepaid gold sales and an equipment financing facility. Initial contracts outline 43,100 oz. gold delivered in 2017 and 2018, with the company’s total gross proceeds pegged at US$100 million. B2Gold has sealed more agreements for another US$20 million in forward-sold gold. The company also closed a US$81million equipment agreement with Caterpillar Financial. The US$205million influx in capital adds to a US$85-million cash position and US$125 million in undrawn credit facilities.

Drilling by Papillon Resources at the Fekola gold property in Mali in 2012. Papillon Resources

“I don’t think we’ve seen many financings of this type done by gold companies, but it is a relatively straightforward structure in concept, wherein we sell forward and are paid up front,” senior vice-president of finance and chief financial officer Michael Cinnamond said during a conference call. “At the end of the day we’ve now locked in a material part of the capital requirements in exchange for equal monthly installments of gold over two years. It’s effective financing for us, since it gets Fekola up and built without any equity dilution. Also, it’s not a significant component of our overall consolidated production over that period.” Fekola is scheduled to hit production in late 2017, and the mine would propel the company to within striking distance of being the next mid-tier producer to break past 1

million oz. gold per year. B2Gold reported its annual results on March 16, which were headlined by record production of 493,265 oz. It should be noted, however, that the production number misses the lower bracket of the company’s production guidance due to under-performance at its legacy El Limon and La Libertad operations in Nicaragua. Company-wide, all-in sustaining costs were pegged at US$947 per oz., which marks a 14% drop compared to 2014. Fekola would become the company’s flagship asset in terms of gold production. In 2015, the Masbate operation in the Phillipines cranked out 175,803 oz. gold, while the newly commissioned Otjikoto mine in Namibia added 145,723 oz. Otjikoto was a big contributor to B2Gold’s record cash flow from operations, which jumped 50% yearon-year to US$175 million, or 19¢

per share, in 2015. The company expanded the mill at site from 2.5 million tonnes to 3 million tonnes per year, and intends to pursue the same strategy with its next project. “We decided to develop Fekola in a lower gold environment because it’s never a bad time to build a low-cost mine,” president and CEO Clive Johnson said. “That’s why we acquired the project when everyone else lacked the support, or courage, to do a deal. “And we don’t want to look back five years down the road and regret the mill we built because we should have something bigger. More conservative gold producers might say: ‘You don’t get to do exploration until you pay back the capital on the mine.’ But that’s a naive strategy. We always build with expansion in mind, and that means spending a little bit more upfront,” he contin-

ued, noting that the company could boost Fekola’s annual throughput to 5 million tonnes with a US$20million investment. BMO Capital Markets analyst Brian Quast lifted his price target on B2Gold by 25¢ to $3 per share after the annual results, and added that consolidated all-in sustaining costs were lower than expected in the fourth quarter owing to a strong performance at Otjitoko and a good end to the year at Masbate. BMO Research expects B2Gold will produce 526,000 oz. in 2016 at all-in sustaining costs of US$895 per oz. The company's shares have traded in a 52-week range of 86¢ to $2.22 per share, and rose 19% after its annual report en route to a $2.08-per-share close at press time. B2Gold has 927 million shares outstanding for a $2.1-billion market capitalization. TNM

Barrick fined for Veladero cyanide spill

Drilling at the Veladero gold project in Argentina in 2008. Barrick Gold barrick From 1

uted to the loss of social licence,” a representative of the San Juan government said in an interview with The Northern Miner in San Juan on Feb. 25. “We have to rebuild that together, we have to work on that.” The spokesman, through an interpreter, also said there was room for improvement on how the news was

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distributed locally, with domestic newspapers such as the Argentina Independent initially reporting that 15,000 litres of cyanide had been spilled, before revising the number to 224,000 litres, and then to more than 1 million litres. “Probably it was not the best way to communicate it, we all know that,” the official said, who is the former mayor of Sarmiento and

an assistant to San Juan Governor Sergio Unac. “But this has to give us a lesson. We’re trying to generate consensus, we’re going to try to create a scenario for dialogue — to create a communication policy not just from government or the mining companies, but about mining activity as a whole.” Andy Lloyd, Barrick’s senior vicepresident of communications, noted

that the company was under orders from the Argentine government to estimate how much solution had been released before they could finish their investigation and confirm the amount of solution in the environment. “The estimates were preliminary, and they were revised,” he told The Northern Miner. “We were required by law to provide those estimates to the authorities … we weren’t providing those estimates to our corporate shareholders until they were more accurate and real.” “It’s one of the facts that we were criticized for — releasing estimates that were not final,” Lloyd continued. “We were required to provide estimates so we provided them. It was not helpful. In fact, it created an impression that the information was unreliable. When the definitive estimate was available, we posted it on our website.” Robert Fry, Canada’s ambassador to Argentina, noted that while Barrick “had measures in place and reacted quickly, were proactive in advising local and provincial authorities, and did a good job speaking to the local communities, explaining the problem and taking steps, such as providing a large supply of drinking water as a precaution ... even though their testing and analysis indicated

there wasn’t a health risk,” there were things that could have been handled better. “Where there might be some lessons learned, at least for Argentina, was in terms of public communications,” he said in an interview in early March at the Canadian embassy in Buenos Aires. “The facts of what happened changed every day, and that meant the story stayed on the front pages of the national newspapers for a lot longer and made the public question what they were being told. This aside, [Barrick] did a good job overall, and have made important changes since then to improve their operations.” San Juan is Argentina’s biggest mining province and houses a number of high-profile mineral projects, including Barrick’s Pascua Lama, 10 km from the Veladero mine, McEwen Mining’s (TSX: MUX; NYSE: MUX) Los Azules and Glencore’s (LSE: GLEN) El Pachon. It also holds Yamana Gold’s producing Gualcamayo mine. Sergio Unac, San Juan’s governor, told The Northern Miner that 70% of the province’s exports are mineral and mining products, and that the mining sector makes up 35% of the province’s gross domestic product (GDP). (Nationally, mining constitutes 1% of GDP.) TNM

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Group Publisher/ Publisher: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com Editor-in-chief: John Cumming, MSc (Geol) jcumming@northernminer.com EDITOR, Special projects: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com Senior staff writer: Trish Saywell, BA, MA, MSc (Jour) tsaywell@northernminer.com 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 web editor: Adrian Pocobelli, MA (Engl) apocobelli@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) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com Subscription sales: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com Reprints: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com

E D I T O R IA L

Is ‘Peak Gold’ finally here? Gold

| Global mine output shrinks 2% in Q4

s the year unfolds, there has naturally been much focus on the newly resurgent price of gold. But the underlying supply numbers are equally as enticing and suggest the long spoken-of era of “Peak Gold” has finally arrived, and could bolster gold prices going forward. The World Gold Council’s latest Gold By John Cumming Demand Trends: Full Year 2015 report jcumming@northernminer.com compiling the latest demand and supply data is full of nuggets to warm a gold bug’s heart. The fourth quarter of 2015 saw global gold mine production drop 2% to 824.8 tonnes (26.5 million oz.) from 841.2 tonnes (27 million oz.) in the fourth quarter of 2014, or similarly off 2% compared to the third quarter’s 840.9 tonnes (27 million oz.). The all-time quarterly record for mine production was set in the fourth quarter of 2014 at 841.2 tonnes, a sum almost reached in the third quarter of 2015, prompting GFMS to comment that it expects the new quarterly mine output record will stand “for several years to come.” Full-year gold mine production in 2015 hit a record 3,186.2 tonnes (102.4 million oz.), up only 1.4% from the previous record of 3,140.5 tonnes (101 million oz.) achieved by the world’s gold miners in 2014. Remarkably, the fall in mine production in the fourth quarter of 2015 was the first quarterly year-over-year decline since the third quarter of 2008, and the annual growth rate was the weakest since 2008, during the depths of the global recession. With Papua New Guinea and Brazil being only two of a handful of countries that achieved sizable mine production growth in the fourth quarter, the World Gold Council predicts global mine production will fall further this year as gains are “comfortably countered by numerous declines.” For instance, China — the world’s largest gold producer — saw its domestic production decline slightly in 2015, with by-product gold from the nation’s copper mines taking a hit as copper output was curbed as copper prices retreated. Most of the world’s biggest gold mines saw lower output in 2015 in the wake of cost-cutting, lower grades, mechanical failures, and reduced exploration and development: Yanacocha (Newmont– Buenaventura) and Lagunas Norte (Barrick) in Peru; Kumtor (Centerra) in Kyrgyzstan; Pueblo Viejo (Barrick–Goldcorp) in the Dominican Republic; Oyu Tolgoi (Rio Tinto) in Mongolia; Veladero (Barrick) in Argentina; and Ahafo (Newmont) and Obuasi (AngloGold) in Ghana. Similar, widely reported cutbacks at the majors’ development projects are further narrowing the project pipeline in the coming decade. With recycled gold shrinking as a supply factor — dropping 12% year-over-year and hitting its lowest level since 2007 — and central banks continuing as net buyers, overall gold supply appears constrained in the years ahead. TNM

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March 28 Pgs 1 2 3 4 5 11 13 14 16.indd 4

op- ed

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

Premier Bob McLeod on mining in the NWT Interview

| ‘Infrastructure deficit’ a top concern

By Salma Tarikh

starikh@northernminer.com

ob McLeod, the premier of the Northwest Territories, caught up with The Northern Miner at the recent Prospectors & Developers Association of Canada convention in Toronto to talk about the territory’s vast mineral potential and infrastructure challenges. He also commented on the Fraser Institute’s recent survey and his government’s plan to boost mining investments. This is the edited transcript of the March 7 interview. The Northern Miner: What are the main opportunities and challenges in the territory today with respect to mining? Bob McLeod: The opportunities are that we have significant mineral resources and every kind of mineral resource available. Obviously, our largest export is diamonds. We are third in the world for producing diamonds, behind Russia and Botswana, and ahead of South Africa. We have four diamond mines — the fourth one is being built right now, and will produce [later] this year. I can name a whole list of other minerals that are available: gold, lead, zinc, cobalt, rare earth metals, tungsten. As for the challenges, it is a large territory. We have a large infrastructure deficit. We need more infrastructure investment so that it can reduce the costs of operating in the Northwest Territories. And we have extreme weather conditions, as well as permafrost that we have to deal with.

TNM: What is the local government doing to attract infrastructure investments and fix the deficit? BM: We’re working closely with the federal government. The federal government has committed to increase the amount of infrastructure funding available. We have applications in to expand and extend some of the all-weather roads that we have farther north. For example, one of our richest mineral areas is in the Slave geological province, and we’re proposing to extend our all-weather road farther north, so that the mines and minerals in that area can be accessed for a longer time. TNM: When do you see the applications being approved for expanding the all-weather roads? When should construction start? BM: With this downturn in the economy and the low commodity prices, this is the perfect time to invest and get ready for when commodity prices recover. We hope that when the federal government rolls out their infrastructure funding, which they indicate will be … probably July, we hope these projects — which we see as shovel ready — could start fairly quickly, even as early as this year, if the money flows. TNM: Have you seen the results of this year’s Fraser Institute survey of mining companies? Could you comment on what possibly led to the territory’s drop in overall attractiveness for mining investments and on the Policy Perception Index? See NWT / 13

Meetings . . . . . . . . . . . . . . . . . . . . . . . . 13 Mining Jobs. . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . . 12 Stock Tables. . . . . . . . . . . . . . . . . . . . 8-10

COMPANY INDEX Almaden Minerals.....16 AngloGold Ashanti............... 2,11,16 Arizona Mining...........6 Avalon Advanced Materials.....................13 B2Gold.....................3,11 Barrick Gold.................1 Canadian Zinc...........13 CanAlaska Uranium...6 First Majestic Silver.....6 Fjordland Exploration...................6 Fortune Minerals.......13

Franco-Nevada............6 Freeport-McMoran.....6 Goldcorp.....................16 Gold Resource............16 Harte Gold....................6 Hycroft Mining..........16 Iamgold.......................16 Integra Gold.................5 Karnalyte Resources....6 Kennady Diamonds....6 Lone Star Gold...........16 McEwen Mining..........3 Mirasol Resources..2,16

Newmont Mining......16 Orefinders Resources......................6 Osisko Gold Royalties........................6 Peabody Energy...........6 Rubicon Minerals......16 SGS Geostat..................5 WSP Parsons Brinckerhoff.................5 Yamana Gold................2 Zonte Metals..............11

Northwest Territories Premier Bob McLeod (third from left) looks over diamond samples at the PDAC convention in Toronto earlier this month. Government of the Northwest Territories

16-03-22 6:43 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 28–APRIL 3, 2016

SGS Geostat team wins Integra's Gold Rush Challenge beating the odds

| Standout Quebec group claims $500,000 top prize

The winning SGS Geostat team. from left: Marcel Costa, Dave Smercina, Amanda Landriault, Doug Hatfield, Guy Desharnais, Jean-Philippe Paiement and Lawrence Ng. Not pictured: Nicolas Babin, Claude Bisaillon, Yann Camus, Maxime Dupéré, Matthew Halliday, Lyne Maître, Patrick Perez and Nicolas Poupart. George Pimentel Photography

sing machine learning and traditional geological methods to make targets at Integra Gold’s (TSXV: ICG) Lamaque gold project, the Quebec-based team from SGS Geostat took home the top prize in Integra's $1-million Gold Rush Challenge. The winner was determined on March 6 after five finalists pitched their proposals "shark-tank" style to a panel of industry leaders during an evening-long, live finale hosted by comedian Shaun Majumder and attended by 400 onlookers at the Art Moderne Carlu event centre in uptown Toronto. SGS Geostat’s winning proposal uses sophisticated geostatistical techniques to drive data into an expansive and unbiased block model. “A prospectivity scoring system harnessed both geological knowledge and machine learning — a subfield of artificial intelligence — to identify high-value targets, which

“Mark my words, this is not the last time we hear from the SGS Geostat team.” Rob McEwen Gold Rush Challenge judge

THE FINALISTS Ranking Team 1st

SGS Geostat

$500,000

2nd

The Data Miners

$150,000

3rd

The Goldcrushers

$80,000

4th

Paul Pearson

$50,000

5th GoldRX

were then vetted through virtual reality with Oculus Rift technology,” Integra said. “We saw the tech sector and the mining sector collide, and unravel the great mystery of discovery,” Integra executive chairman George Salamis said. Guy Desharnais, captain of the SGS Geostat team, said that “as a team of geologists, engineers, and computer scientists often bound by certain limitations and boundaries, we relished in the opportunity to

Prize

$50,000

The remaining top-20 finalists received $10,000 each, and the rest of the prize money was awarded to entrants for other awards.

channel our collective creativity and curiosity to provide new exploration targets in a historic and famous mining jurisdiction.” Six months ago Integra launched the challenge, releasing a trove of data about its historic Lamaque gold mine property in Val-d’Or, Que. The challenge drew more than 1,000 participants, with 95 teams from more than 80 countries.

Integra received more than 100 full-length entries. Technical judges from consultancy WSP Parsons Brinckerhoff (TSX: WSP), Integra’s geoscience partner for the challenge, sifted through the entries and submitted the top-20 proposals to a technical judging panel, which selected the five finalists. “The Gold Rush Challenge ex-

ceeded our expectations on every front,” Integra president and CEO Stephen de Jong said. “A number of the exploration drill targets identified through the challenge are like nothing we’ve ever seen before. We have decided to expedite the drill program and test a number of these targets in the immediate future.” “The torch has been passed,” said judge Rob McEwen, who executed a similar challenge for Goldcorp (TSX: G; NYSE: GG) in 2001. “The Goldcorp Challenge ignited the careers for the top-three finishers, and I know that SGS Geostat will reap the benefits of winning the Gold Rush Challenge. Mark my words, this is not the last time we hear from the SGS Geostat team.” Attendees and sponsors also raised a total $250,000 for Val-d’Or charities during the event. Integra will post a video of the event at www.integragold.com. TNM

Integra Gold CEO Stephen de Jong addresses the crowd at the Gold Rush Challenge finale in Toronto. George Pimentel Photography

Gold Rush Challenge finalist Paul Pearson on stage during the event. George Pimentel Photography

March 28 Pgs 1 2 3 4 5 11 13 14 16.indd 5

The judging panel, from left: Sean Roosen, chairman and CEO of Osisko Gold Royalties; Brent Cook, economic geologist and editor of Exploration Insights; Chantal Gosselin, director of Silver Wheaton; Randy Smallwood, CEO of Silver Wheaton; and Rob McEwen, founder of Goldcorp and McEwen Mining. George Pimentel Photography

16-03-22 6:43 PM

WWW.NORTHERNMINER.COM

MARCH 28-APRIL 3, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / March 14–18 The U.S. Federal Reserve kept interest rates on hold, spot gold rose to US$1,255 per oz. (up US$4.90) and the April contract for North American benchmark crude dropped in price (down US76¢ to US$39.44 per barrel). The Canadian dollar ended at US76.7¢. The S&P/TSX Composite Index fell 0.2% to 13,497.07, S&P/TSX Capped Diversified Metals & Mining Index rose 9% to 492.80, S&P/TSX Global Mining Index advanced 1.8% to 52.43 and the S&P/TSX Global Gold Index rose 2.2% to 188.78. Karnalyte Resources surged 244% to f inish at $3.03 per share on news of a US$700-million financing package for the first phase of its potash mine at Wynyard in Saskatchewan. Gujarat State Fertilizers & Chemicals Ltd. (GSFC) will fully fund the first phase of Karnalyte’s potash mine. The financing includes senior-secured debt, subordinated unsecured debt and an equity infusion backstopped by GSFC. The mining facility will be built in three phases. Under phase one, the facility will produce 625,000 tonnes per year of potash. (This figure rises to 750,000 tonnes per year in phase two and 2.1 million tonnes per year in phase three.) The agreement also envisions that Karnalyte’s secondary minerals, including magnesium, will be spun off as a separate entity. GSFC, one

of India’s largest fertilizer and industrial chemical manufacturing companies, first invested in Karnalyte in 2013, taking an 19.98% equity stake (for $44.7 million) and signing offtake agreements. Shares of Harte Gold jumped 143% to 26¢ on no news. The company owns 100% of the Sugar Zone property and is permitting an exploration program for the Sugar Zone deposit, 60 km east of the Hemlo gold camp. According to a preliminary economic assessment from July 2012, the project has an indicated resource of 980,900 tonnes grading 10.13 grams gold for 319,280 contained oz. gold, and an inferred resource of 580,500 tonnes grading 8.36 grams gold for 155,960 contained oz. gold. The company also holds the Stoughton–Abitibi property TSX most active issues

OceanaGold First Quantum Kinross Gold B2Gold Teck Res Yamana Gold Barrick Gold Lake Shore Gld Orbite Tech Suncor Energy

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

OGC 64018 3.90 3.37 3.71 - 0.10 FM 57269 8.87 7.04 8.39 + 1.02 K 48308 4.28 3.73 4.09 + 0.17 BTO 47863 2.22 1.71 2.14 + 0.39 TCK.B 43614 11.99 9.19 11.12 + 1.31 YRI 38615 4.29 3.76 4.06 - 0.08 ABX 35986 20.17 18.13 19.12 + 0.67 LSG 30686 2.17 1.84 2.14 + 0.22 ORT 22799 0.30 0.20 0.20 - 0.10 SU 22348 36.72 33.96 36.00 + 1.38

on the Destor–Porcupine fault zone. Arizona Mining’s shares jumped 38% to 69¢ on no news. The company announced on March 21 that it signed a term sheet w it h Osisko Gold Roya lties for a 1% net smelter return royalty on any leadzinc-silver sulphide ores mined from its 80%-owned Hermosa project in Arizona for proceeds of $10 million. Osisko and some of its insiders are also investing

$5.6 million for 9.9 million units in the junior. The financing follows a March 3 non-brokered private placement that raised $2.6 million. The company has a letter of intent to acquire the remaining 20% interest in the project in Arizona’s Santa Cruz County. The company’s other project on the property is its silver-manganese Central deposit, which has a December 2013 prefeasibility study. TNM

TSX greatest percentage change

Karnalyte Res Harte Gold MDN Inc AZ Mining Fortune Mnrls Vena Res Coro Mining Verde Potash Yorbeau Res Gran Colombia Mawson West Orbite Tech Thompson Creek Bannerman Res Northcliff Res Yellowhead Mng Silver Bull Re Minco Gold Wellgreen Plat Namibia Rare E

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

KRN HRT MDN AZ FT VEM COP NPK YRB.A GCM MWE ORT TCM BAN NCF YMI SVB MMM WG NRE

5175 19669 2222 1307 4879 230 506 219 669 1386 35 22799 8261 121 368 30 288 96 584 146

4.15 0.27 0.06 0.70 0.07 0.04 0.04 0.23 0.09 0.12 0.01 0.30 0.40 0.04 0.12 0.05 0.08 0.38 0.29 0.10

0.95 0.10 0.03 0.48 0.04 0.03 0.04 0.16 0.07 0.10 0.01 0.20 0.26 0.03 0.08 0.05 0.07 0.29 0.25 0.00

3.03 0.26 0.05 0.69 0.06 0.04 0.04 0.20 0.09 0.12 0.01 0.20 0.28 0.03 0.09 0.05 0.07 0.31 0.25 0.06

TSX greatest value change

Franco-Nevada Agnico Eagle Agrium Karnalyte Res Altius Mnrls Cameco Corp Royal Gold Suncor Energy Teck Res Tahoe Res Seabridge Gld Centerra Gold Osisko Gold Richmont Mines Dominion Diam Detour Gold Imperial Metal North Am Pall TMAC Resources Fortuna Silvr

+ 244.3 + 142.9 + 50.0 + 38.0 + 33.3 + 33.3 + 33.3 + 29.0 + 28.6 + 26.3 - 50.0 - 32.2 - 30.9 - 28.6 - 26.1 - 25.0 - 22.2 - 18.4 - 15.5 - 15.4

VOLUME WEEK (000s) CLOSE CHANGE

FNV AEM AGU KRN ALS CCO RGL SU TCK.B THO SEA CG OR RIC DDC DGC III PDL TMR FVI

6802 85.51 5739 49.51 3503 120.14 5175 3.03 443 12.04 7743 17.40 76 67.32 22348 36.00 43614 11.12 7607 14.53 841 14.11 13783 6.44 5608 13.38 1403 6.41 1935 15.60 9385 20.12 966 4.75 20 5.37 16 8.80 4115 5.11

+ 4.34 + 2.25 + 2.17 + 2.15 + 2.08 + 1.53 + 1.53 + 1.38 + 1.31 + 1.21 - 1.42 - 0.89 - 0.89 - 0.68 - 0.56 - 0.49 - 0.42 - 0.38 - 0.20 - 0.19

TSX VENTURE EXCHANGE / March 14–18 The rally in commodity markets is stoking the S&P/TSX Venture Composite Index, gaining 0.8%, or 4.47 points, to a 580.82-point close. Spot gold traded near its one-year high, closing up 0.4% to US$1,255 per oz., while the U.S. Federal Reserve signalled it may lift interest rates more slowly than previously indicated. Three-month London Metal Exchange copper contracts rose US$140 per tonne, or 2.8%, to US$5,070 per tonne on improved market sentiment in China, which saw a 56% bump in February copper imports compared to a year earlier. Fjordland Exploration took fifth spot in the greatest percentage change category, gaining 250% to a 4¢ close after news that the company acquired 262 sq. km of ground for diamond exploration in Saskatchewan’s Western Athabasca basin. Fjordland is behind CanAlaska Uranium as the second junior explorer to recognize the potential for diamonds in a district that’s known for uranium mineralization. The interest was spurred by governmentsourced geophysical surveys, which highlighted shallow and circular magnetic anomalies that could be consistent with kimberlite intrusive bodies cutting through the magneticneutral Athabasca sandstones.

Fjordland said that exploration in the region would “most logically be a second, more detailed airborne survey.” Orefinders Resources saw 15.3 million shares traded before closing up 3¢ at 6¢ per share, on news that the company has exercised its option and acquired the MZ group of claims. The claims form the westerly extension of the company’s Mirado deposit, 35 km southeast of Kirkland Lake in northeastern Ontario. Trenching by the company returned 4.8 metres true width at 21.8 grams gold per tonne within a few metres of Mirado’s conceptual pit limit, which SRK modelled in 2013. The shear and sedimentary-hosted deposit has 10.6 million inferred tonnes of 1.29 grams gold for 442,000 oz. gold, using a 0.45-gram TSX-V most active issues

Orefinders Res Graphite One Arctic Star True Gold Mng Metanor Res African Queen Nemaska Lith Noront Res Nrthn Abitibi Equitorial Ex

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

ORX GPH ADD TGM MTO AQ NMX NOT NAI EXX

15295 14202 13833 13476 12692 9930 9164 6753 6514 6213

0.08 0.15 0.08 0.50 0.11 0.03 0.70 0.36 0.02 0.07

0.03 0.11 0.02 0.44 0.07 0.02 0.58 0.33 0.00 0.05

0.06 + 0.12 + 0.04 + 0.48 + 0.11 + 0.03 unch 0.67 + 0.35 + 0.01 + 0.06 +

0.03 0.01 0.02 0.02 0.04 0.00 0.01 0.02 0.01 0.02

gold cut-off. Kennady Diamonds topped the valueadded category, jumping 43¢ to a $3.38 per share after finding a third kimberlite at its Faraday prospect, part of the company’s Kennady North diamond project in the Northwest Territories. Three exploration holes have been drilled at the discovery, with the latest hole intersecting

more than 55 metres of kimberlite from 57 metres below surface. Faraday 3 is the fourth kimberlite body found at the project over the past three years. The company is scheduled to complete a 500-tonne bulk sample from the Kelvin North Lobe kimberlite by mid-2016, where a 0.9-tonne sample returned 3.55 carats per tonne. TNM

TSX-V greatest percentage change

New Nadina Sunvest Mnrls Regency Gold Red Hut Fjordland Exp Rupert Res Thunderstruck Orefinders Res New Era Mnrls Cornerstone Mt Eurotin Vela Minerals Cerro Mng Reliant Gold Kings Bay Gold Noram Vent Sokoman Iron Golden Band Frontline Gold Musgrove Mnls

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

NNA SSS RAU.H ROB FEX RUP AWE ORX NEM CCC TIN VLA CRX REC KBG NRM SIC GBN FGC MGS

20 107 23 577 2642 629 1714 15295 18 1127 5 12 7 407 1665 1704 471 28 284 60

0.15 0.09 0.03 0.04 0.04 0.25 0.03 0.08 0.10 0.02 0.01 0.08 0.02 0.03 0.01 0.02 0.01 0.01 0.01 0.23

0.01 0.01 0.00 0.01 0.01 0.09 0.02 0.03 0.05 0.01 0.01 0.03 0.00 0.02 0.01 0.01 0.01 0.00 0.01 0.12

0.12 0.09 0.03 0.04 0.04 0.23 0.03 0.06 0.10 0.01 0.01 0.04 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.12

TSX-V greatest value change

+ 2200.0 + 1600.0 + 500.0 + 250.0 + 250.0 + 170.6 + 150.0 + 120.0 + 111.1 + 100.0 - 90.0 - 53.3 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 42.5

Kennady Diam CanAlaska Uran Reservoir Mnls Mirasol Res Rupert Res Menika Mining New Nadina Delrand Res Brazil Res BonTerra Res Till Capital Gold Reserve ScoZinc Mg Chesapeake Gld Mason Graphite Stakeholdr Gld Zenyatta Vent Eurotin Musgrove Mnls Marlin Gold

VOLUME WEEK (000s) CLOSE CHANGE

KDI CVV RMC MRZ RUP MML NNA DRN.H BRI BTR TIL GRZ SZM CKG LLG SRC ZEN TIN MGS MLN

352 971 550 182 629 1037 20 6 1848 2608 6 125 81 85 489 17 212 5 60 57

3.38 0.49 6.45 1.30 0.23 0.40 0.12 0.35 0.74 0.46 3.89 5.66 0.55 2.12 0.48 0.32 0.87 0.01 0.12 0.48

+ 0.43 + 0.24 + 0.21 + 0.16 + 0.15 + 0.12 + 0.11 + 0.09 + 0.08 + 0.08 - 0.36 - 0.29 - 0.20 - 0.13 - 0.11 - 0.09 - 0.09 - 0.09 - 0.09 - 0.07

U.S. MARKETS / March 14–18 The U.S. Federal Reserve’s decision to cut interest rate hikes this year due to a weak global environment helped lift U.S. indexes. The central bank held its benchmark interest rate at 0.3% to 0.5%, but projected two quarter-point hikes this year, down from four in December. The Dow Jones Industrial Average rose 2.3% to 17,602.30 and the S&P 500 Index climbed 1.4% to 2,049.58. The Nasdaq edged up 0.9% to 4,795.65 and the Philadelphia Gold & Silver Index surged 4.5% to 71.18, as spot gold added US$4.90 to close at US$1,255 per oz. Crude oil rose 2.4% to US$39.44 per barrel, while the U.S. Dollar Index fell 1.2% to 95.06. First Majestic Silver added 17% to finish at US$6.73 per share. The Mexico-focused silver producer said it would extend its share repurchase program by a year to March 16, 2017. Under the program, First Majestic intends to buy up to 7.8 million shares on the open market, or 5% of its total shares. First Majestic did not repurchase any shares for cancellation under its normal-course issuer bid, which expired on March 12, 2016. Peabody Energy plunged 62%, or US$4.05, to US$2.50 per share on bankruptcy concerns.

Mar 28 Pgs 6.indd 6

On March 16, the coal miner revealed it missed US$71.1 million in interest payments due the day earlier on its senior notes, triggering a 30-day grace period. It said that if it could not obtain other sources of capital, it might file for Chapter 11 bankruptcy protection. Freeport-McMoRan was the most traded, on no news. The stock climbed US$1.21 to US$10.76, as 258 million shares changed hands. In February, Freeport agreed to sell a 13% interest in its Morenci joint venture to Sumitomo Metal Mining Co. for US$1 billion in cash. The deal should close by mid-2016. Franco-Nevada topped the value-gainers’ U.S. most active issues

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 257902 11.45 9.03 10.76 + 1.21 Vale* VALE 191348 4.40 3.45 4.17 + 0.34 Alcoa* AA 160574 10.22 9.10 10.03 + 0.51 Barrick Gold* ABX 131250 15.52 13.63 14.74 + 0.79 Vale* VALE.P 122910 3.09 2.47 3.01 + 0.24 United States S* X 119534 16.26 13.77 15.76 + 1.23 Yamana Gold* AUY 99594 3.30 2.81 3.09 - 0.02 Harmony Gold* HMY 80399 4.19 3.35 3.78 + 0.39 Kinross Gold* KGC 77758 3.29 2.79 3.14 + 0.19 Gold Fields* GFI 58651 4.30 3.64 3.76 - 0.32

list, advancing US$4.26 per share to US$65.64. On March 10, it reported record 2015 gold production of 360,070 equivalent oz. gold and US$444 million in revenue. Last year’s adjusted earnings per share were US57¢, down from US91¢ in 2014. This year Franco-Nevada is

guiding gold-equivalent production of up to 445,000 oz. and revenue topping US$25 million from its oil and gas assets. By 2020, the miner expects to produce 520,000 equivalent oz. gold, and up to US$45 million in oil and gas revenue. TNM

U.S. greatest percentage change

First Majestic* Teck Res* Freeport McMo* Harmony Gold* Stillwater Mg* Cameco Corp* Coeur Mng* Tahoe Res* Vale* Vale* Peabody Enrgy* Natural Res Pt* Seabridge Gld* Gold Fields* Mechel* IAMGOLD* Fortuna Silvr* Dominion Diam* McEwen Mng* Yamana Gold*

AG TCK FCX HMY SWC CCJ CDE TAHO VALE VALE.P BTU NRP SA GFI MTL IAG FSM DDC MUX AUY

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

43104 6.97 5.46 6.73 + 17.2 47846 9.25 6.87 8.47 + 13.7 257902 11.45 9.03 10.76 + 12.7 80399 4.19 3.35 3.78 + 11.5 11225 10.98 9.13 10.87 + 11.4 15954 13.59 11.73 13.34 + 11.3 29289 5.89 4.67 5.59 + 11.1 13458 11.53 9.45 11.11 + 10.2 191348 4.40 3.45 4.17 + 8.9 122910 3.09 2.47 3.01 + 8.7 39367 6.25 2.00 2.50 - 61.8 267 10.99 8.95 9.26 - 13.9 7418 11.92 9.64 10.83 - 7.9 58651 4.30 3.64 3.76 - 7.8 788 1.90 1.70 1.80 - 3.2 35858 2.37 1.95 2.14 - 2.7 7497 4.30 3.50 3.93 - 2.0 2227 12.29 11.37 11.97 - 2.0 16852 2.06 1.72 1.90 - 1.0 99594 3.30 2.81 3.09 - 0.6

U.S. greatest value change

Franco-Nevada* FNV NACCO Ind* NC Chevron* CVX Agrium* AGU Agnico Eagle* AEM Southern Copp* SCCO Suncor Energy* SU Cameco Corp* CCJ United States S* X Freeport McMo* FCX Peabody Enrgy* BTU Natural Res Pt* NRP Seabridge Gld* SA Gold Fields* GFI Dominion Diam* DDC Fortuna Silvr* FSM IAMGOLD* IAG Mechel* MTL McEwen Mng* MUX Yamana Gold* AUY

VOLUME WEEK (000s) CLOSE CHANGE

8460 65.64 206 56.24 48990 97.69 5049 92.02 17528 37.99 7110 28.34 21045 27.64 15954 13.34 119534 15.76 257902 10.76 39367 2.50 267 9.26 7418 10.83 58651 3.76 2227 11.97 7497 3.93 35858 2.14 788 1.80 16852 1.90 99594 3.09

+ 4.26 + 3.76 + 3.11 + 2.83 + 2.27 + 1.49 + 1.48 + 1.35 + 1.23 + 1.21 - 4.05 - 1.49 - 0.93 - 0.32 - 0.24 - 0.08 - 0.06 - 0.06 - 0.02 - 0.02

16-03-22 6:48 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / March 28–April 3, 2016

M E TA L S , M I N I N G A N D M O N EY M A R K E T S spot prices Courtesy of scotiabank Tuesday, March 15, 2016 Precious Metals Price (US$/oz.) Change $1233.60 -40.50 Gold Silver $15.32 -0.34 Platinum $969.00 -28.00 Palladium $575.00 +16.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $8590.00 -20.00 $4931.00 -15.00 $1787.50 -48.50 $1746.00 -36.00

lme warehouse levels Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, March 14, 2016 (change from March 7, 2016 in brackets): Aluminium Alloy 16200 (+100) Aluminium 2877525 (+72825) Copper 174175 (-11050) Lead 166425 (-39050) Nickel 422712 (-7872) Tin 3950 (+205) Zinc 459275 (-11425)

producer and dealer prices

tsx warrants

Thermal Coal CAPP: US$43.52 per short ton Coal:†Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.25 Coal:†Powder†River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.45 Coal: CME Group Futures Apr. 2016: US$43.47; May. 2016: US$43.63 Cobalt: US$10.53/lb. Copper: US$2.30/lb. Copper: CME Group Futures Apr. 2016: US$2.29/lb.; May. 2016: US$2.29/lb Ferro-Chrome: US$1.79/kg Ferro Titanium: US$3.75/kg FerroTungsten: US$23.42/kg Ferrovanadium: US$14.41/kg Iridium: NY Dealer†Mid-mkt†US$520/tr oz.† Iron†Ore†62% Fe†CFR†China-S: US$58.00/tonne Iron Ore Fines: US$41.89/tonne Iron Ore Pellets: US$57.69/tonne Lead: US$0.82/lb. Magnesium: US$1.91/kg Manganese: US$1.63/kg Molybdenum Oxide: US$5.53/lb. Phosphate Rock: US$118.00/tonne Potash: US$290.00/tonne Rhodium:†Mid-mkt†US$725.00/tr. oz. Ruthenium:†Mid-mkt†US$42.00/tr. oz. Silver: Handy & Harman Base: US$15.91 per oz.; Handy & Harman Fabricated: US$19.88 per oz. Tantalite†Ore: : US$123.61/kg Tin: US$7.71/lb.† Uranium: U3O8, Trade Tech spot price: unavailable; The UX Consulting Company spot price: US$28.75/lb. Zinc: US$0.84/lb. Prices current Mar. 22, 2016

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

tsx short positions

tsx venture short positions

Short positions outstanding as of Mar 18, 2016 (with changes from Feb 16, 2016) Largest short positions First Quantum FM 37014005 4348216 Potash Corp SK POT 34172047 424087 Lundin Mng LUN 30835622 -765838 New Gold NGD 25584748 1566099 B2Gold BTO 24726666 -1629561 Kinross Gold K 22166180 4945296 Barrick Gold ABX 20539499 3779973 Teck Res TCK.B 15133787 4851477 Suncor Energy SU 14917325 -2747898 Yamana Gold YRI 12206866 -3489433 Lake Shore Gld LSG 11627798 2734928 IAMGOLD IMG 10739058 463554 Goldcorp G 9675277 -715977 Thompson Creek TCM 8796253 100591 Eldorado Gold ELD 8778640 581385 Largest increase in short position Kinross Gold K 22166180 4945296 Teck Res TCK.B 15133787 4851477 First Quantum FM 37014005 4348216 Barrick Gold ABX 20539499 3779973 OceanaGold OGC 6844973 3569024 Largest decrease in short position Orbite Tech ORT 119000 -9502990 Yamana Gold YRI 12206866 -3489433 Suncor Energy SU 14917325 -2747898 Franco-Nevada FNV 3360478 -2736018 Agnico Eagle AEM 2481892 -2429922

Short positions outstanding as of Mar 18, 2016 (with changes from Feb 16, 2016) Largest short positions Roxgold ROG 1836781 1124300 First Mg Fin FF 1394578 907594 Nexgen Energy NXE 1299922 739973 Gold Reserve GRZ 1141500 425000 Zenyatta Vent ZEN 144266 -1242 Brazil Res BRI 64500 32400 Minaurum Gold MGG 59300 50500 GoldQuest Mng GQC 51100 5300 IMPACT Silver IPT 41300 38600 Kaminak Gold KAM 29800 29800 Garibaldi Res GGI 14400 -35800 Oceanus Res OCN 12000 -1400 Graphite One GPH 9500 6800 Santacruz Silv SCZ 7000 -6800 Bacanora Mnls BCN 5900 5500 Largest increase in short position Roxgold ROG 1836781 1124300 First Mg Fin FF 1394578 907594 Nexgen Energy NXE 1299922 739973 Gold Reserve GRZ 1141500 425000 Minaurum Gold MGG 59300 50500 Largest decrease in short position Reliance Res RCG 3000 -92000 ATAC Res ATC 2700 -78500 Kootenay Silvr KTN 500 -51700 Pele Mtn Res GEM 0 -44000 Garibaldi Res GGI 14400 -35800

DAILY METAL PRICES Date Mar 14 Mar 11 Mar 10 Mar 9 Mar 8 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1545/1570 1570/1590 1555/1580 1565/1590 1575/1600 Aluminum 1532/1546.50 1548/1559 1564/1573 1563/1563 1589/1588 Copper 4993.50/4973 4940/4930 4920/4910 4935/4920.50 4980/4972 1840.50/1852 1839/1835 1851/1840 1857/1850 1876/1860 Lead Nickel 8700/8750 8765/8805 8730/8770 8780/8820 9035/9085 Tin 17150/16950 17070/16900 16950/16750 16845/16625 17080/16950 1809.50/1812 1791/1792.50 1797.50/1796 1797.50/1800 1804.50/1811 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) 1262.25 1247.25 1258.25 1274.10 Gold AM 1256.55 Gold PM 1242.75 1264.75 1266.50 1246.40 1267.00 Silver 15.60 15.50 15.27 15.27 15.66 974.00 979.00 980.00 1005.00 Platinum 963.00 Palladium 567.00 576.00 571.00 564.00 575.00

EXCHANGE RATES Date Mar 18 Mar 17 Mar 16 Mar 15 Mar 14 US$ in C$ 1.3005 1.2987 1.3120 1.3351 1.3266 C$ in S$ 0.7689 0.7701 0.7623 0.7490 0.7538 Exchange rates (Quote Media, March 4, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0103 0.6823 85.7710 13.3660 11.7305 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5311 4.9756 51.0380 0.7453 895.1339 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3150 0.8873 111.5575 17.3921 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.6907 6.4716 66.3835 0.9693 1164.3000 Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved

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

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

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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Mar 18 Mar 17 Mar 16 Mar 15 Mar 14 High Low S&P/TSX Composite 13497.07 13621.30 13478.13 13400.31 13477.54 15527.30 12400.15 S&P/TSXV Composite 580.82 579.20 575.40 567.41 570.79 1050.26 883.52 S&P/TSX 60 791.35 799.49 791.45 788.23 792.41 896.74 709.99 S&P/TSX Global Gold 188.78 188.06 193.86 184.07 179.59 218.90 149.29 S&P/TSX Metals & Mining 492.80 498.49 472.08 445.34 465.30 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS March 14–18, 2016 179 New Highs Cassius Vents Agnico Eagle* Alexco Res* Almadex Min Altair Gold AM Gold* American Pot* Americas Silvr* Anaconda Mng* Anconia Res Andes Gold* Arctic Star Argentex Mng* Asanko Gold Asanko Gold* AsiaBaseMetals Asiamet Res Athabasca Nclr Atlantic Gold Aura Mnls Avala Res AZ Mining Azimut Expl B2Gold Barrick Gold Barrick Gold* BCM Res Belo Sun Mng Bison Gold Res Bitterroot Res* Black Hills* Black Mam Mtls BonTerra Res BonTerra Res* Bravada Gold Bravada Gold* Brazil Res CanAlaska Uran CanAlaska Uran* Canasil Res Centamin Central Iron Chilean Metals Chilean Metals* Clifton Star* Copper Ck Gold* Delrand Res

Eagle Plains Ecuador Gd & C Endeavr Silver Endeavr Silver* EurOmax Res* Exeter Res* Fieldex Expl First Majestic First Majestic* Fortuna Silvr* Forum Uranium Franco-Nevada Franco-Nevada* Fresnillo plc* Galena Intl Rs Genesis Mtls Gldn Predator Gldn Predator* Golden Queen Golden Queen* Golden Reign Golden Sh Mng* GPM Metals* Graphite One Great Panther Great Panther* Greencastle Rs Guyana Gldflds Harmony Gold* Harte Gold Houston Lake Iconic Mnls IMPACT Silver Independence G Integra Gold* Intl Bethl Mng Intl Lithium Kaminak Gold Kaminak Gold* Karnalyte Res Kingsmen Res Kirkland Lk Gd Kirkland Lk Gd* Lake Shore Gld Lake Shore Gld* Lucara Diam Lundin Gold Lupaka Gold

MacMillan Mnls MAG Silver MAG Silver* Menika Mining Menika Mining* MetalCorp Metanor Res Minaurum Gold Minco Silver Minco Silver* Mirasol Res Montana Gold Navy Res Nemaska Lith Nemaska Lith* New Dimen Res New Gold* New Nadina Newmarket Gold Newmarket Gold* Newmont Mng* Nickel One Res Norsemont Cap NovaGold Res* Nrthn Abitibi Nrthn Lion Olivut Res Orefinders Res Orestone Mng Orocobre Otis Gold Paget Mrnls* Pan Am Silver Pan Am Silver* Para Resources Patriot Gold* Peat Res Pitchblack Res Platinum Gp Mt Platinum Gp Mt* Playfair Mng* Prima Diamond Prosper Gold Q-Gold Res* QMX Gold QMX Gold* Randgold Res* Redzone Res Revolver Res

Rock Tech Lith Rock Tech Lith* Romios Gold Rs Romios Gold Rs* Rupert Res Sabina Gd&Slvr* Satori Res Sibanye Gold* Sienna Res Signature Res Silvercorp Met Silvercorp Met* Sirios Res Sirios Res* Starcore Intl Starr Peak Exp* Strategic Res* TECO Enrgy* Telson Res * Tintina Res Tintina Res* TNR Gold Torex Gold* TriStar Gold TriStar Gold* ValGold Res* Vatic Vent Victory Nickel Victory Vent West Red Lake West Red Lake* Western Copper Western Copper* Westhaven Vent You Han Data*

12 New Lows

Am Manganese* Andes Gold* Commerce Res Idaho North* Intact Gold Jasper Mng* Jiulian Res Nevada Egy Mtl Rare Element* Timberline Res* United Res Hdg* XLI Tech Inc*

canadian gold mutual funds FundName Mar 18 ($) Mar 11 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) 19.91 19.43 0.48 2.47 22.42 2.80 148.40 AGF Prec Mtls Fd MF BMO Prec Mtls Fd A 15.84 15.56 0.28 1.80 24.41 2.40 55.57 9.11 8.99 0.12 1.34 36.15 0.63 BMO ZGD BMO ZJG 6.84 6.69 0.15 2.24 33.63 0.62 CIBC Prec Metal Fd A 10.90 10.65 0.25 2.34 26.58 2.62 52.62 Dyn Prec Metls Fd A 5.71 5.67 0.04 0.71 32.92 2.66 298.84 25.79 25.19 0.60 2.38 32.82 0.80 Horizons HEP IGMacGloPrecMetCl A 7.60 7.52 0.08 1.08 37.35 2.75 69.63 11.81 11.56 0.26 2.23 40.67 0.61 576.34 iShares XGD Mac Prec Met Cl A 42.25 41.79 0.46 1.10 37.95 2.51 105.43 NB Prec Met Fd Inv 11.39 11.10 0.29 2.61 33.79 2.46 33.64 RBC GblPreMetFd A 26.68 26.05 0.63 2.43 29.11 2.13 326.63 Sentry PreMetFd A 34.40 33.62 0.78 2.31 31.97 2.92 215.59 Sprott Gold&PrMinFdA 31.49 30.93 0.55 1.79 28.43 3.15 187.81 3.21 32.88 Sprott SilverEquCl A 4.58 4.35 0.22 5.17 19.70 TD PreciousMetals-I 34.19 33.19 1.00 3.01 32.37 2.26 129.74

GLOBAL MINING NEWS · SINCE 1915

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VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation

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MARCH 21-27, 2016 / VOL. 102 ISSUE 6 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Engineering reports fail to impress

Pure Gold’s fresh look at Madsen in Red Lake

| Investors would benefit from more rigour

PDAC 2016

BEYOND THE RESOURCE

| Firm aims to leverage infrastructure with blue-sky potential

SMSJ_Sept 2012_Pro_TH_PC

BY TRISH SAYWELL Mobile Equipment

for tsaywell@northernminer.com Safety and Productivity

AR -L

50,000 . . P

review for adequacy andsq ft Lant e ocated to a quality of 34 developmentstage National Instrument (NI) 43-101 studies on Sedar showed nearly half lacked engineering rigour, Tim Oliver, an environmental engineer and independent consultant, told the Prospectors & Developers Association of Canada in Toronto earlier this month. “The conclusion was that 13 of SMSJ_Sept SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC the 34 studies flunked. They really Mobile Equipment forof giving didn’t measure up in terms and for Productivity enoughSafety support an investment decision,” declared the Re-Located Oliver to a 50,000 sq.ft. Pat Lant ! Metro Toronto Convention Centre. “In general, investors would benefit from more engineering rigour in these studies,” especially in key areas such as project execution planning, engineering documentation, scheduling and cost-basis discussion, or how they arrived at their capex and opex numbers. Among Oliver’s other findings was that just 67% — or 23 of the 34 studies surveyed — passed the “qualified” part of Qualified Person (QP). “That Authorizedbe 100%,” he said. Pure Gold Mining’s Madsen gold project and the nearby town in northwestern Ontario. PURE GOLD MINING number should Toyota Landcruiser “Thirty-three percent of the QP on Dealer these studies were not qualified to and the resource that’s near- mid-1970s for various reasons, BY LESLEY STOKES See ENGINEERING / 14 surface and ramp accessible, so one being that Austin plunged lstokes@northernminer.com the scenario we’re looking at away from the head frame, so by VANCOUVER is a low capital option,” Darin the time they reached the 24 level, Authorized Authorized Labrenz, president and CEO of it was 2.5 km of drifting just to Toyota Toyota Landcruiser Landcruiser Dealer he drills are turning in the Pure Gold, tells The Northern reach the outer orebody, so it really Dealer shadow of a head frame at Miner at the company’s head- would’ve benefitted from a second Pure Gold Mining’s (TSXV: quarters in Vancouver. shaft,” Labrenz explains. “If you PGM; US-OTC: LRTNF) Madsen The resource at Madsen is di- look at the Campbell mine at Red gold property in Ontario’s prolific vided between four shear-hosted Lake, there are a number of shafts INTRODUCING THE NEWEST Red Lake gold district, as the com- and replacement-style mineraliza- accessing that orebody, whereas pany ramps up exploration and tion zones — Austin, South Austin, Austin only had one.” MID-RANGE UTILITY VEHICLE Although the resource at Ausinitiates a preliminary economic McVeigh and Zone 8 — deliverassessment (PEA) of the former ing 3.2 million indicated tonnes tin is still “wide open” at depth, INTRODUCING THE NEWEST high-grade, underground gold grading 8.93 grams gold per tonne Labrenz says that Pure Gold’s focus MID-RANGE UTILITY VEHICLE mine. for 928,000 oz. gold, plus another is on the less-examined potential The Vancouver-based junior has 297,000 oz. gold within 790,000 at the parallel-trending McVeigh

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

PM40069240 – PAP Registration #09263

Mar 28 Pgs 7.indd 7

16-03-22 6:48 PM

WWW.NORTHERNMINER.COM

March 28–APRIL 3, 2016 / THE NORTHERN MINER

sto c k ta b le s

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES Trading: March 14–18, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1974 Abacus Mng &Ex V 761 Abcourt Mines* O 66 ABE Res V 57 Aberdeen Intl T 214 Abitibi Royalt V 29 ABT Holdings* O 16 Acme Res Inc V 12 Adex Mining V 536 Adriana Res V 243 Adventure Gold V 170 African Metals V 47 Africo Res T 14 Agave Silver V 10 Agnico Eagle T 5739 Agnico Eagle* N 17528 Agrium T 3503 N 5049 Agrium* 204 Aguila Amer Gd V Aim Explor* O 2113 Alabama Graph* O 245 Alabama Graph V 1693 Alacer Gold T 12303 Alamos Gold T 6361 Alamos Gold* N 16064 Alaska Pac Egy* O 52 Alba Minerals V 90 Alberta Star* O 1 Alcoa* N 160574 Alderon Iron* O 92 Alderon Iron T 318 Aldever Res V 724 Aldridge Mnrls V 48 Aldrin Res V 370 Alexander Nubi V 345 Alexco Res T 638 Alexco Res* X 1413 Algold Res V 307 Alianza Min* O 11 Alianza Min V 72 Alliance Mng V 219 Alliance Res* D 1209 Alloycorp Mng V 2004 Almaden Mnls* X 669 Almaden Mnls T 138 Almadex Min V 203 Almo Capital V 5740 Almonty Ind V 51 Alpha Nat Res* O 4625 Alta Vista Vnt 554 Altai Res V 224 Altair Gold V 15 Alternative ER* O 111 Altius Mnrls T 443 Alto Vent V 136 Alumina Inc* O 159 Am Creek Res V 782 Am CuMo Mng* O 80 Am CuMo Mng V 171 AM Gold V 141 AM Gold* O 26 Am Manganese* O 400 Amador Gold* O 7 Amador Gold V 50 Amara Mng* O 42 Amarc Res V 52 American Pot* O 4 American Pot 140 Americas Petro V 4754 Americas Silvr* O 502 Anaconda Mng* O 101 Anconia Res V 429 Anfield Nickel V 70 Anfield Res* O 10 Angel Gold* O 40 Angel Gold V 275 Angkor Gold V 165 Anglo American* O 29 Anglo American* O 1026 Anglo-Bomarc V 357 AngloGold Ash* O 11 AngloGold Ash* N 39363 Antioquia Gold* O 33 Antioquia Gold V 80 Antofagasta* O 1 Apogee Silver V 102 Apogee Silver* O 42 Applied Mrnls* O 48 AQM Copper V 352 Aquila Res* O 32 Arak Res V 126 Arch Coal* O 1476 Arco Res V 7 Arctic Star V 13833 Arcus Dev Grp V 165 Argentex Mng V 369 Argentex Mng* O 179 Argentum Silvr V 70 Argex Titanium* O 8 Argonaut Gold* O 1713 Argonaut Gold T 9879 Arian Silver* O 110 Arianne Phosph V 348 Arianne Phosph* O 94 Artha Res* O 84 Asanko Gold* X 4637 Asanko Gold T 6526 Asante Gold 144 Ascot Res V 41 Ashburton Vent V 241 Ashburton Vent* O 125 AsiaBaseMetals V 53 Asiamet Res V 498 Astur Gold V 178 ATAC Res V 891 Atacama Pac Gd V 260 Atacama Pac Gd* O 1 Atalaya Mg plc T 2 Athabasca Mnls* O 8 Athabasca Mnls V 689 Athabasca Nclr V 1079 Athena Silver* O 112 Atico Mng V 41 Atico Mng* O 44 Atlantic Gold V 1112 Atlatsa Res* O 17 Atna Res Ltd* O 101 Augustine Vent 292 Aura Mnls T 2043 Aurcana Corp* O 121 Aurcana Corp V 572 Aureus Mng* O 67 AuRico Metals T 1090 Aurion Res V 186 Auryn Res* O 62 Auryn Res V 314 Avala Res V 598 Avalon Rare Mt T 2579 Avarone Metals 1850 Avarone Metals* O 108 Avino Silver* X 892 Avnel Gold T 449 Avrupa Mnls V 52 Axmin Inc V 21 Axmin Inc* O 50 AZ Mining T 1307 Azarga Uranium* O 2 Azarga Uranium T 91 Azimut Expl V 79 Azincourt Uran* O 11 Azincourt Uran V 87 Azteca Gold* O 1028

0.06 0.05 0.05 + 0.01 0.06 0.03 0.06 0.05 0.06 + 0.01 0.09 0.04 0.07 0.07 0.07 + 0.00 0.07 0.02 0.04 0.00 0.04 + 0.01 0.08 0.02 0.13 0.12 0.13 + 0.01 0.17 0.10 3.90 3.55 3.76 - 0.06 4.20 1.53 0.70 0.51 0.68 - 0.02 1.61 0.05 0.04 0.00 0.04 + 0.01 0.05 0.02 0.01 0.01 0.01 + 0.01 0.02 0.01 0.12 0.11 0.12 + 0.01 0.19 0.08 0.21 0.16 0.19 + 0.02 0.22 0.06 0.06 0.05 0.06 + 0.01 0.11 0.02 0.49 0.00 0.48 - 0.01 0.55 0.30 0.03 0.03 0.03 - 0.01 0.04 0.01 51.25 46.03 49.51 + 2.25 51.49 27.63 39.49 34.44 37.99 + 2.27 39.49 21.00 120.37 117.32 120.14 + 2.17 140.37 110.89 92.26 88.59 92.02 + 2.83 112.08 79.94 0.05 0.04 0.05 + 0.01 0.11 0.03 0.00 0.00 0.00 - 0.00 1.19 0.00 0.11 0.08 0.09 - 0.00 0.25 0.08 0.13 0.11 0.12 - 0.01 0.31 0.11 2.86 2.57 2.69 + 0.08 3.23 2.08 7.35 6.30 7.16 + 0.51 9.00 3.27 5.66 4.70 5.41 + 0.37 7.54 2.27 0.18 0.00 0.18 + 0.12 0.20 0.00 0.06 0.04 0.06 + 0.02 0.11 0.01 0.15 0.00 0.15 + 0.01 0.19 0.12 10.22 9.10 10.03 + 0.51 14.29 6.14 0.12 0.11 0.11 + 0.00 0.28 0.05 0.18 0.14 0.15 - 0.03 0.35 0.07 0.15 0.11 0.15 + 0.02 0.36 0.09 0.15 0.14 0.14 - 0.01 0.21 0.12 0.11 0.08 0.10 - 0.01 0.22 0.08 0.08 0.05 0.07 + 0.01 0.20 0.04 1.12 0.90 1.12 + 0.11 1.14 0.35 0.86 0.67 0.86 + 0.10 0.86 0.22 0.15 0.10 0.15 + 0.04 0.35 0.07 0.11 0.11 0.11 - 0.00 0.24 0.07 0.15 0.00 0.14 - 0.01 0.35 0.10 0.01 0.01 0.01 + 0.01 0.05 0.01 13.00 12.03 12.88 + 0.20 34.70 9.95 0.02 0.01 0.02 + 0.01 0.06 0.01 0.77 0.68 0.73 - 0.03 0.96 0.48 1.00 0.92 0.95 - 0.05 1.20 0.65 0.28 0.23 0.25 - 0.01 0.28 0.13 0.10 0.09 0.10 + 0.03 0.14 0.05 0.30 0.28 0.30 + 0.01 0.86 0.21 0.03 0.02 0.02 + 0.00 1.09 0.01 0.05 0.04 0.05 + 0.01 0.25 0.01 0.07 0.06 0.07 + 0.01 0.08 0.05 0.24 0.20 0.20 - 0.04 0.60 0.06 0.04 0.03 0.03 - 0.00 0.06 0.02 12.20 10.09 12.04 + 2.08 15.47 7.39 0.04 0.00 0.03 + 0.01 0.08 0.02 4.23 3.85 4.01 - 0.19 5.61 2.70 0.06 0.05 0.05 - 0.01 0.09 0.03 0.07 0.06 0.07 + 0.02 0.12 0.03 0.10 0.08 0.09 + 0.01 0.15 0.04 0.20 0.00 0.14 - 0.02 0.30 0.07 0.16 0.00 0.10 - 0.05 0.16 0.10 0.01 0.00 0.01 - 0.00 0.04 0.00 0.00 0.00 0.00 + 0.00 0.00 0.00 0.01 0.00 0.01 + 0.01 0.01 0.01 0.21 0.18 0.21 + 0.01 0.24 0.10 0.06 0.06 0.06 - 0.01 0.18 0.04 0.03 0.03 0.03 + 0.00 0.47 0.03 0.05 0.00 0.05 - 0.02 0.70 0.03 0.24 0.19 0.24 + 0.04 0.33 0.15 0.15 0.13 0.14 - 0.01 0.23 0.04 0.06 0.04 0.05 + 0.00 0.06 0.02 0.05 0.00 0.03 - 0.01 0.05 0.01 0.84 0.75 0.81 + 0.01 0.88 0.52 0.07 0.00 0.07 + 0.01 0.16 0.06 0.07 0.06 0.07 + 0.01 0.09 0.01 0.09 0.07 0.07 - 0.01 0.10 0.01 0.50 0.43 0.44 - 0.02 0.64 0.38 8.03 0.00 8.00 + 0.95 18.00 3.13 4.05 3.36 3.97 + 0.29 4.45 1.57 0.18 0.15 0.15 - 0.02 0.30 0.02 13.67 13.32 13.51 + 0.19 13.84 6.45 14.09 12.39 13.58 + 0.11 14.31 5.64 0.08 0.06 0.06 - 0.02 0.08 0.01 0.10 0.08 0.09 - 0.01 0.11 0.02 7.67 7.67 7.67 + 0.52 12.30 5.24 0.29 0.21 0.27 + 0.05 0.65 0.11 0.19 0.17 0.19 + 0.09 0.45 0.08 0.26 0.00 0.24 - 0.02 0.75 0.16 0.08 0.06 0.07 + 0.01 0.08 0.03 0.11 0.11 0.11 - 0.00 0.19 0.09 0.05 0.05 0.05 - 0.01 0.09 0.02 0.38 0.21 0.23 - 0.14 11.50 0.11 0.05 0.05 0.05 + 0.01 0.09 0.03 0.08 0.02 0.04 + 0.02 0.08 0.01 0.04 0.02 0.03 - 0.01 0.04 0.01 0.08 0.07 0.08 + 0.01 0.08 0.02 0.06 0.05 0.06 + 0.01 0.06 0.01 0.05 0.03 0.05 + 0.02 0.06 0.02 0.03 0.03 0.03 + 0.00 0.46 0.01 1.56 1.19 1.51 + 0.23 1.77 0.53 2.07 1.58 2.00 + 0.29 2.15 0.78 0.05 0.02 0.03 - 0.02 0.51 0.00 0.88 0.81 0.88 + 0.07 1.00 0.68 0.68 0.62 0.67 + 0.05 0.80 0.52 0.07 0.05 0.06 + 0.00 0.08 0.02 2.52 2.10 2.40 + 0.23 2.52 1.27 3.26 2.80 3.12 + 0.27 3.26 1.67 0.10 0.05 0.05 - 0.01 0.15 0.05 1.08 1.00 1.00 + 0.05 2.00 0.80 0.02 0.02 0.02 + 0.01 0.03 0.01 0.02 0.02 0.02 + 0.01 0.02 0.00 0.07 0.00 0.07 + 0.01 0.28 0.04 0.05 0.03 0.05 + 0.02 0.05 0.01 0.03 0.02 0.02 + 0.01 0.04 0.01 0.56 0.48 0.50 - 0.01 0.60 0.26 0.40 0.30 0.35 - 0.05 0.49 0.14 0.27 0.26 0.26 - 0.01 0.27 0.09 2.21 1.79 2.09 - 0.12 3.45 1.20 0.16 0.15 0.16 + 0.01 0.74 0.12 0.25 0.20 0.24 + 0.04 1.00 0.15 0.06 0.04 0.06 + 0.02 0.06 0.02 0.06 0.05 0.06 + 0.01 0.10 0.02 0.36 0.32 0.33 + 0.01 0.65 0.16 0.27 0.23 0.25 - 0.00 0.51 0.12 0.61 0.56 0.60 + 0.05 0.61 0.17 0.04 0.03 0.03 - 0.01 0.17 0.02 0.01 0.00 0.00 - 0.00 0.10 0.00 0.08 0.06 0.07 - 0.02 0.09 0.03 0.24 0.17 0.23 + 0.05 0.24 0.06 0.15 0.12 0.12 - 0.01 0.24 0.07 0.19 0.16 0.17 - 0.03 0.29 0.09 0.11 0.09 0.09 - 0.01 0.68 0.05 0.76 0.68 0.74 + 0.01 0.90 0.47 0.15 0.12 0.12 - 0.03 0.19 0.03 1.17 1.05 1.16 + 0.04 1.29 0.70 1.54 1.43 1.53 + 0.06 1.65 0.94 0.15 0.07 0.09 + 0.01 0.15 0.03 0.17 0.14 0.15 - 0.03 0.48 0.10 0.11 0.09 0.10 - 0.01 0.14 0.02 0.08 0.07 0.08 + 0.00 0.08 0.07 1.12 0.97 1.07 + 0.02 1.53 0.71 0.29 0.27 0.27 - 0.01 0.34 0.18 0.09 0.08 0.09 - 0.01 0.17 0.07 0.02 0.02 0.02 - 0.01 0.03 0.01 0.02 0.02 0.02 + 0.00 0.06 0.00 0.70 0.48 0.69 + 0.19 0.63 0.22 0.26 0.26 0.26 - 0.00 0.31 0.18 0.37 0.30 0.31 - 0.05 0.43 0.24 0.27 0.22 0.23 + 0.01 0.27 0.10 0.04 0.03 0.03 - 0.00 0.05 0.02 0.05 0.05 0.05 + 0.01 0.15 0.04 0.00 0.00 0.00 - 0.00 0.00 0.00

B2Gold* X 50470 B2Gold T 47863 Bacanora Mnls V 29 Baja Mng* O 224 Balmoral Res* O 284 Balmoral Res T 1455 Bama Gold 46 Bannerman Res T 121 Banro* X 5108 Barkerville Go* O 179 Barrick Gold* N 131250 Barrick Gold T 35986 Barsele Min V 73 Batero Gold V 454 Battle Mtn Gld V 791 Battle Mtn Gld* O 3 Bayhorse Silvr* O 324 Bayhorse Silvr V 550 Bayswater Uran* O 3 Bayswater Uran V 59

1.71 1.29 1.61 + 0.29 1.79 0.60 2.22 1.71 2.14 + 0.39 2.22 0.86 1.40 1.35 1.36 - 0.04 2.05 1.12 0.02 0.01 0.01 + 0.00 0.04 0.00 0.42 0.36 0.42 + 0.02 0.93 0.23 0.54 0.48 0.53 + 0.03 1.17 0.33 0.20 0.00 0.10 - 0.10 0.20 0.07 0.04 0.03 0.03 - 0.01 0.06 0.03 0.31 0.27 0.29 + 0.01 0.40 0.15 0.43 0.37 0.42 + 0.00 0.46 0.15 15.52 13.63 14.74 + 0.79 15.52 5.91 20.17 18.13 19.12 + 0.67 20.17 7.89 0.19 0.17 0.18 + 0.02 0.22 0.08 0.11 0.08 0.09 - 0.01 0.12 0.05 0.18 0.13 0.18 + 0.02 0.22 0.09 0.14 0.09 0.14 + 0.01 0.16 0.06 0.07 0.06 0.07 + 0.01 0.08 0.03 0.10 0.08 0.10 + 0.02 0.11 0.05 0.01 0.01 0.01 + 0.00 0.03 0.00 0.02 0.02 0.02 - 0.01 0.05 0.01

March 28 Pgs 8 9.indd 8

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

BC Moly V 223 BCGold V 350 BCM Res V 181 Bear Creek Mng V 1111 Beaufield Res* O 244 Bell Copper V 51 Bellhaven Cp&G V 58 Belmont Res V 309 Belo Sun Mng T 2166 Benton Res V 539 Benz Cap V 30 Big North Grap* O 8 Bison Gold Res V 26 Bitterroot Res* O 55 Bitterroot Res V 25 Black Hills* N 2831 Black Iron T 140 Black Isle Res V 111 Black Mam Mtls V 16 Black Widow Rs V 298 Blue Sky Uran V 4 Bluestone Res V 11 BonTerra Res* O 97 BonTerra Res V 2608 Bravada Gold V 603 Bravada Gold* O 258 Braveheart Res V 914 Brazil Res V 1848 Britannia Mng* O 819 Brixton Mtls* O 47 Brixton Mtls V 140 Bryn Res* O 42 Buenaventura* N 19110 Bullfrog Gold* O 375 Bullion Gld Res V 694 Bullman Mnls V 306

0.04 0.00 0.04 + 0.01 0.23 0.03 0.06 0.05 0.05 - 0.01 0.13 0.03 0.24 0.21 0.24 + 0.01 0.24 0.02 1.25 1.03 1.23 + 0.07 1.39 0.50 0.06 0.05 0.06 + 0.00 0.06 0.02 0.01 0.00 0.01 - 0.01 0.05 0.01 0.15 0.13 0.15 - 0.03 0.45 0.03 0.06 0.04 0.06 + 0.02 0.08 0.02 0.68 0.53 0.58 - 0.01 0.68 0.15 0.05 0.04 0.05 + 0.01 0.06 0.03 0.01 0.01 0.01 - 0.01 0.30 0.01 0.01 0.01 0.01 - 0.01 0.08 0.01 0.23 0.17 0.23 + 0.03 1.00 0.12 0.04 0.03 0.04 + 0.01 0.05 0.02 0.05 0.04 0.04 - 0.01 0.10 0.03 59.94 57.07 59.32 + 1.01 59.94 36.81 0.05 0.04 0.04 - 0.01 0.05 0.02 0.05 0.05 0.05 + 0.01 0.09 0.03 0.07 0.00 0.07 + 0.03 0.08 0.02 0.04 0.03 0.03 - 0.01 0.08 0.01 0.05 0.00 0.05 - 0.01 0.26 0.04 0.07 0.00 0.06 - 0.03 0.12 0.05 0.35 0.15 0.33 + 0.04 0.34 0.08 0.46 0.38 0.46 + 0.08 0.46 0.09 0.15 0.08 0.09 - 0.01 0.15 0.02 0.08 0.06 0.07 + 0.00 0.08 0.01 0.05 0.04 0.05 + 0.01 0.07 0.02 0.83 0.66 0.74 + 0.08 0.83 0.38 0.01 0.00 0.00 - 0.00 0.01 0.00 0.09 0.07 0.07 - 0.02 0.14 0.03 0.12 0.10 0.12 - 0.01 0.18 0.05 0.00 0.00 0.00 - 0.00 0.01 0.00 6.08 5.02 6.08 + 0.41 12.51 3.30 0.02 0.02 0.02 + 0.00 0.03 0.01 0.02 0.01 0.01 + 0.01 0.03 0.01 0.05 0.04 0.04 - 0.01 0.14 0.03

Cache Expl V 566 Cadillac Vent V 419 Caledonia Mng* Q 97 Calibre Mng V 589 Calico Res V 421 Calico Res* O 160 California Gld* O 302 California Gld V 704 Callinex Mines V 142 Callinex Mines* O 84 Cameco Corp* N 15954 Cameco Corp T 7743 Camino Mnls* O 4 Canadian Zeol V 20 CanAlaska Uran V 971 CanAlaska Uran* O 292 Canamex Res V 534 Canamex Res* O 10 Canarc Res* Q 938 Canasil Res V 602 Cancana Res V 43 Candente Coppr T 560 Candente Gold V 222 CaNickel Mng V 16 Canoe Mng Vent V 94 Canstar Res V 280 Canuc Res V 19 Canyon Gold* O 23 Caracara Silvr V 212 Cardero Res T 32 Cardero Res* O 24 Caribou King V 1752 Carpathian Gld* O 98 Carpathian Gld 2073 Cartier Iron 535 Carube Copper V 11 Cascadero Copp V 1151 Cassius Vents V 124 Castle Mtn Mng V 799 Castle Peak Mg V 385 Castle Res 4 Catalyst Coppr V 47 Cava Res V 13 Caza Gold V 28 Cda Carbon V 814 Cda Carbon* O 126 Cda Rare Earth* O 34 Cdn Intl Mnrls V 3284 Cdn Metals 546 Cdn Platinum V 400 Cdn Zinc* Q 111 Centamin T 364 Centaurus Diam* O 276 Centenera Mng V 44 Centerra Gold T 13783 Central Iron V 1316 Centurion Mnls V 46 Cerro Mng V 7 Chalice Gold M T 21 Champion Bear V 302 Champion Bear* O 534 Champion Iron T 657 Chesapeake Gld* O 91 Chesapeake Gld V 85 Chevron* N 48990 Chilean Metals V 36 Chilean Metals* O 11 China Gold Int T 6558 Cibolan Gold* O 57 Claude Res T 12038 Claude Res* O 1846 Clear Mtn Res V 87 Clifton Mng* O 120 Clifton Star* O 83 Clifton Star V 363 Cloud Peak En* N 7008 Coeur Mng* N 29289 Colombian Mins V 220 Colonial Coal V 508 Colorado Res V 623 Colt Res* O 40 Colt Res V 205 Columbus Gold* O 242 Columbus Gold T 461 Commander Res V 218 Commerce Res V 753 Commerce Res* O 120 Comstock Mng* X 675 Confedertn Mls* O 108 Confedertn Mls V 2464 CONSOL Energy* N 40309 Contintl Gold* O 777 Contintl Gold T 5041 Contintl Prec T 57 Copper Fox Mtl V 1099 Copper Fox Mtl* O 116 Copper Mtn Mng* O 16 Copper Mtn Mng T 1197 Copperbank Res 24 Copperbank Res* O 34 Coral Gold V 414 Corazon Gold V 11 Corex Gold V 450 Cornerstone Ca* O 124 Cornerstone Mt V 1127 Coro Mining T 506 Corsa Coal V 343 Corvus Gold T 139 Corvus Gold* O 48 Crazy Horse Res V 78 Critical Elem V 1926 Critical Elem* O 28 Crystal Explor V 17 Crystal Pk Min V 233 Crystal Pk Min* O 185 CTGX Mining* O 50 Cypress Dev* O 96 Cypress Dev V 951 Cyprium Mng V 1602

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Dajin Res V 1213 Dajin Res* O 2017 Dakota Ter Res* O 32 Daleco Res* O 80 Dalradian Res* O 541 Dalradian Res T 2326 Danakali* O 41 Darnley Bay V 67 Debut Dmds 2147 Decade Res V 1072 Defiance Silvr* O 214 Defiance Silvr V 587 Delrand Res V 6 Denison Mines T 8277 Denison Mines* X 5306 Desert Star V 253

0.17 0.15 0.16 + 0.01 0.19 0.06 0.13 0.10 0.12 + 0.00 0.14 0.04 0.07 0.06 0.06 - 0.00 0.17 0.05 0.02 0.01 0.02 + 0.00 0.10 0.01 0.75 0.63 0.71 - 0.03 0.85 0.45 0.99 0.83 0.91 - 0.07 1.16 0.62 0.22 0.22 0.22 + 0.01 0.40 0.17 0.03 0.00 0.03 + 0.01 0.05 0.01 0.02 0.01 0.01 + 0.01 0.02 0.01 0.03 0.02 0.03 + 0.01 0.07 0.01 0.08 0.07 0.08 + 0.00 0.13 0.04 0.11 0.09 0.10 + 0.01 0.16 0.06 0.35 0.00 0.35 + 0.09 0.41 0.10 0.77 0.64 0.73 + 0.08 1.20 0.48 0.59 0.48 0.55 + 0.05 0.99 0.35 0.03 0.03 0.03 - 0.01 0.21 0.03

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Detour Gold T 9385 Diamante Min* O 29 Diamcor Mng V 306 Diamcor Mng* O 107 Diamond Fields V 7 Dios Expl V 127 Discovery Vent V 2161 DNI Metals* O 2 DNI Metals 24 Dolly Vard Sil* O 190 Dolly Vard Sil V 254 Dominion Diam* N 2227 Dominion Diam T 1935 Double Crn Res* O 3581 Doubleview Cap V 578 DRDGOLD* N 1707 Duncan Park H V 475 Dundee Prec Mt T 3505 Dunnedin Vent V 777 Durango Res V 1698 DuSolo Fertil V 70 Dynacor Gld Mn T 216 Dynasty Met&Mn* O 205 Dynasty Met&Mn T 228 Eagle Graphite* O 3 Eagle Plains V 107 Eastern Platin T 465 Eastern Platin* O 17 Eastmain Res T 6450 Eco Oro Mnls T 39 El Capitan Prc* O 1104 Elcora Res V 298 Eldorado Gold* N 43631 Electra Stone V 334 Ely Gold & Mnl* O 300 Ely Gold & Mnl V 333 Elysee Dev V 50 Endeavour Mng* O 487 Endeavour Mng T 2065 Endeavr Silver* N 11956 Endeavr Silver T 1447 Endurance Gold V 110 Energizer Res* O 518 Energy Fuels* X 2099 Energy Fuels T 896 Entree Gold T 366 Entree Gold* X 468 Equitas Res* O 68 Equitorial Ex V 6213 Era Res Inc T 43 Erdene Res Dev T 366 Erdene Res Dev* O 10 Erin Ventures* O 50 Eskay Mng V 314 Ethos Gold* O 118 Ethos Gold V 96 Eurasian Mnls* X 86 Eurasian Mnls V 48 EurOmax Res* O 29 EurOmax Res V 41 Europn Uran Rs* O 65 Eurotin V 5 Everton Res V 251 Everton Res* O 33 Evolving Gold* O 17 Evrim Res V 125 Excalibur Res 398 Excellon Res* O 36 Excellon Res T 519 Excelsior Mng* O 138 Excelsior Mng V 462 Exeter Res* X 745 Exeter Res T 190 ExGen Res Inc V 1716 Expedition Mng* O 125 Explor Res* O 98 Explor Res V 2910 Fairmont Res V 399 Falco Res V 1257 Falcon Gold V 493 Fancamp Expl V 397 Far Res 24 Fieldex Expl V 3948 First Majestic T 13290 First Majestic* N 43104 First Mexican V 441 First Mg Fin V 4548 First Point T 53 First Quantum T 57269 Fission 3.0 V 568 Fission Uran T 6684 Fission Uran* O 1989 Fjordland Exp V 2642 Flinders Res* O 150 Flinders Res V 144 Focus Graphite* O 516 Focus Graphite V 2062 Foran Mng V 275 Formation Mtls T 794 Fortescue Mtls* O 273 Fortuna Silvr T 4115 Fortuna Silvr* N 7497 Fortune Bay T 14 Fortune Mnrls T 4879 Fortune Mnrls* O 247 Forum Uranium V 160 Forum Uranium* O 25 Franco-Nevada* N 8460 Franco-Nevada T 6802 Freegold Vent T 128 Freeport McMo* N 257902 Fresnillo plc* O 11 Frontline Gold V 284 Full Metal Mnl V 72 Fura Emeralds V 373

22.09 18.98 20.12 - 0.49 22.82 10.53 0.30 0.26 0.30 - 0.00 2.29 0.20 0.92 0.80 0.88 + 0.03 1.45 0.65 0.70 0.63 0.70 + 0.05 1.15 0.46 0.02 0.00 0.02 + 0.01 0.05 0.01 0.09 0.07 0.09 + 0.02 0.10 0.04 0.15 0.13 0.14 - 0.02 0.25 0.09 0.03 0.03 0.03 - 0.01 0.20 0.03 0.05 0.00 0.05 - 0.01 0.10 0.05 0.13 0.12 0.13 + 0.00 0.25 0.08 0.17 0.15 0.17 + 0.01 0.50 0.11 12.29 11.37 11.97 - 0.24 20.30 7.27 16.27 15.18 15.60 - 0.56 24.60 9.96 0.01 0.01 0.01 + 0.00 0.02 0.01 0.08 0.06 0.08 - 0.01 0.19 0.06 4.09 3.53 4.00 + 0.20 4.15 1.10 0.01 0.01 0.01 + 0.01 0.03 0.01 2.28 1.75 2.28 + 0.45 3.19 0.84 0.10 0.08 0.08 - 0.01 0.19 0.04 0.05 0.04 0.04 - 0.01 0.08 0.03 0.05 0.00 0.05 + 0.01 0.24 0.04 2.25 2.06 2.25 + 0.11 2.59 1.30 0.28 0.25 0.28 + 0.02 0.63 0.12 0.36 0.33 0.34 - 0.02 0.79 0.18 0.02 0.02 0.02 - 0.00 0.07 0.01 0.08 0.06 0.07 - 0.01 0.08 0.05 0.89 0.77 0.79 - 0.09 2.26 0.61 0.65 0.61 0.61 - 0.02 1.84 0.47 0.39 0.29 0.33 + 0.01 0.56 0.28 0.31 0.30 0.30 - 0.03 0.90 0.25 0.06 0.05 0.05 - 0.01 0.16 0.03 0.56 0.45 0.50 - 0.06 0.75 0.08 3.65 3.12 3.42 + 0.04 5.36 1.87 0.08 0.07 0.08 + 0.01 0.14 0.04 0.08 0.05 0.07 - 0.01 0.10 0.02 0.10 0.08 0.09 - 0.03 0.12 0.03 0.22 0.00 0.21 + 0.01 0.22 0.17 8.93 7.57 8.39 + 0.28 9.61 4.40 11.80 10.11 10.93 + 0.20 13.02 4.35 2.91 2.31 2.63 + 0.07 2.91 1.00 3.78 3.10 3.40 + 0.02 3.78 1.46 0.04 0.03 0.03 - 0.01 0.08 0.02 0.07 0.06 0.06 + 0.00 0.11 0.03 2.52 2.25 2.44 + 0.12 5.60 1.81 3.25 3.01 3.18 + 0.09 6.73 2.47 0.40 0.37 0.39 + 0.01 0.66 0.19 0.31 0.28 0.30 + 0.01 0.51 0.08 0.05 0.03 0.03 - 0.01 0.17 0.02 0.07 0.05 0.06 + 0.02 0.19 0.02 0.15 0.10 0.14 + 0.01 1.00 0.09 0.22 0.18 0.22 + 0.03 0.24 0.10 0.17 0.13 0.17 - 0.00 0.18 0.08 0.03 0.03 0.03 + 0.00 0.08 0.03 0.15 0.12 0.12 - 0.03 0.17 0.01 0.15 0.12 0.14 + 0.02 0.15 0.09 0.20 0.17 0.20 + 0.03 0.23 0.11 0.58 0.47 0.57 + 0.03 0.75 0.35 0.75 0.63 0.75 + 0.06 0.93 0.48 0.43 0.33 0.43 + 0.05 0.43 0.15 0.47 0.37 0.45 - 0.05 0.57 0.21 0.02 0.00 0.01 - 0.01 0.02 0.00 0.01 0.01 0.01 - 0.09 1.00 0.05 0.03 0.03 0.03 + 0.01 0.05 0.01 0.03 0.02 0.02 - 0.01 0.04 0.00 0.05 0.02 0.03 - 0.00 0.08 0.01 0.26 0.22 0.22 - 0.04 0.26 0.10 0.02 0.01 0.01 - 0.01 0.05 0.01 0.34 0.29 0.33 - 0.01 0.74 0.14 0.46 0.38 0.43 + 0.01 0.92 0.20 0.22 0.19 0.21 + 0.01 0.31 0.12 0.28 0.26 0.28 + 0.01 0.39 0.19 0.67 0.56 0.65 + 0.03 0.67 0.29 0.86 0.75 0.86 + 0.06 0.87 0.39 0.01 0.01 0.01 + 0.01 0.03 0.01 0.17 0.17 0.17 - 0.00 0.18 0.17 0.12 0.09 0.11 + 0.00 0.18 0.03 0.17 0.12 0.14 + 0.01 0.24 0.04 0.06 0.05 0.05 - 0.02 0.19 0.02 0.47 0.42 0.44 - 0.02 0.50 0.21 0.03 0.02 0.03 + 0.01 0.09 0.01 0.03 0.02 0.03 + 0.01 0.05 0.02 0.03 0.02 0.02 - 0.01 0.05 0.02 0.04 0.02 0.04 + 0.02 0.04 0.01 9.05 7.26 8.75 + 1.16 9.05 3.50 6.97 5.46 6.73 + 0.99 6.97 2.40 0.04 0.03 0.03 - 0.01 0.07 0.02 0.42 0.39 0.42 + 0.03 0.60 0.25 0.06 0.05 0.05 - 0.01 0.10 0.04 8.87 7.04 8.39 + 1.02 19.83 2.15 0.09 0.08 0.09 + 0.01 0.14 0.06 0.74 0.62 0.74 + 0.09 1.37 0.53 0.57 0.47 0.56 + 0.06 1.08 0.39 0.04 0.01 0.04 + 0.03 0.04 0.01 0.21 0.17 0.21 + 0.01 0.50 0.09 0.28 0.23 0.27 - 0.01 0.39 0.12 0.15 0.11 0.12 - 0.03 0.30 0.04 0.20 0.14 0.15 - 0.05 0.37 0.07 0.13 0.10 0.10 - 0.03 0.48 0.05 0.17 0.13 0.16 + 0.01 0.22 0.09 2.14 1.78 2.10 + 0.08 2.40 1.00 5.58 4.66 5.11 - 0.19 5.69 2.65 4.30 3.50 3.93 - 0.08 4.30 2.00 0.33 0.30 0.33 + 0.04 0.43 0.25 0.07 0.04 0.06 + 0.02 0.16 0.02 0.05 0.03 0.05 + 0.02 0.13 0.01 0.11 0.09 0.11 + 0.02 0.11 0.04 0.07 0.07 0.07 + 0.00 0.08 0.03 68.40 57.97 65.64 + 4.26 68.40 38.20 88.89 77.51 85.51 + 4.34 88.89 49.96 0.14 0.12 0.12 - 0.02 0.24 0.05 11.45 9.03 10.76 + 1.21 23.97 3.52 14.60 12.65 14.60 + 0.96 14.60 8.70 0.01 0.01 0.01 - 0.01 0.01 0.01 0.07 0.04 0.07 + 0.03 0.07 0.02 0.25 0.18 0.22 + 0.04 0.25 0.08

G&S Minerals* O 100 Gabriel Res T 610 Gainey Capital V 270 Galane Gold V 3083 Galantas Gold V 629 Galena Intl Rs V 70 Galore Res V 1607 Galway Gold V 545 Galway Mtls* O 21 Galway Mtls V 168 Garibaldi Res V 385 General Moly* X 1387 General Moly T 8 Genesis Mtls V 289 Genius Props 351 Gensource Pot V 3102 Geodex Mnrls V 22 Geologix Ex T 1020 Geologix Ex* O 166 Geomega Res V 316 Gespeg Cop Res V 1212 Getty Copper V 162 GFK Res V 49 GGL Res V 8 Gldn Predator* O 46 Glen Eagle Res V 1169 Glencore Plc* O 2424 Global Cobalt* O 265 Global Cobalt V 666 Global Cop Grp V 49 Global Gold* O 372 Global Mnrls V 1 Globex Mng* O 6 Globex Mng T 263 GMCI Corp* O 4 GobiMin V 3 GoGold Res T 187 Gold Bulln Dev V 1584 Gold Bulln Dev* O 120 Gold Fields* N 58651 Gold Jub Cap V 1425 Gold Mng USA* O 3993 Gold Reach Res V 387 Gold Reserve* O 190 Gold Reserve V 125 Gold Resource* X 4007 Gold Std Vents V 1318 Goldcorp* N 56861 Goldcorp T 21738 Golden Arrow V 229 Golden Band* O 75 Golden Band V 28 Golden Cariboo V 17 Golden Dawn Ml V 2237 Golden Goliath V 207 Golden Goliath* O 81 Golden Harp V 4 Golden Hope V 17 Golden Hope* O 8

0.00 0.00 0.00 - 0.00 0.00 0.00 0.26 0.24 0.24 - 0.01 0.56 0.12 0.15 0.11 0.14 + 0.03 0.25 0.10 0.08 0.05 0.06 - 0.02 0.15 0.03 0.09 0.07 0.08 - 0.01 0.18 0.07 0.05 0.04 0.05 + 0.01 0.05 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.05 0.05 0.05 + 0.01 0.12 0.04 0.07 0.07 0.07 + 0.00 0.13 0.06 0.11 0.10 0.11 + 0.01 0.16 0.09 0.11 0.09 0.10 - 0.01 0.18 0.05 0.39 0.28 0.34 + 0.01 1.00 0.15 0.44 0.36 0.44 + 0.07 1.20 0.22 0.15 0.12 0.14 + 0.02 0.33 0.05 0.03 0.02 0.03 + 0.01 0.12 0.02 0.07 0.05 0.05 + 0.01 0.07 0.04 0.08 0.00 0.08 - 0.03 0.35 0.05 0.04 0.03 0.03 - 0.01 0.06 0.02 0.03 0.02 0.02 - 0.02 0.04 0.01 0.15 0.11 0.14 + 0.02 0.29 0.06 0.04 0.03 0.03 - 0.01 0.05 0.02 0.02 0.02 0.02 - 0.01 0.05 0.02 0.10 0.00 0.10 + 0.01 0.12 0.03 0.02 0.00 0.02 - 0.01 0.05 0.01 0.15 0.11 0.14 + 0.02 0.15 0.06 0.09 0.06 0.08 + 0.02 0.11 0.03 4.66 3.86 4.57 + 0.52 9.68 1.95 0.02 0.02 0.02 + 0.01 0.05 0.01 0.03 0.02 0.02 + 0.01 0.08 0.01 0.06 0.05 0.06 + 0.01 0.08 0.04 0.02 0.02 0.02 - 0.00 0.05 0.00 0.04 0.00 0.04 + 0.01 0.53 0.02 0.23 0.22 0.22 - 0.01 0.25 0.13 0.30 0.27 0.29 - 0.01 0.37 0.17 1.80 0.00 1.70 - 0.10 1.80 0.05 0.33 0.32 0.33 - 0.01 0.47 0.27 1.18 1.09 1.15 - 0.02 1.67 0.94 0.07 0.06 0.06 - 0.01 0.08 0.02 0.05 0.04 0.04 - 0.01 0.05 0.01 4.30 3.64 3.76 - 0.32 4.68 2.04 0.20 0.16 0.19 + 0.04 0.25 0.07 0.10 0.05 0.07 + 0.01 0.51 0.05 0.13 0.10 0.13 + 0.02 0.35 0.08 4.65 4.20 4.45 - 0.02 5.90 2.19 6.18 5.61 5.66 - 0.29 8.00 3.06 2.45 2.12 2.44 + 0.18 3.65 1.14 1.37 1.22 1.31 - 0.03 1.55 0.40 17.62 15.31 16.87 + 0.50 20.30 9.46 22.91 20.47 21.95 + 0.29 24.87 13.55 0.30 0.25 0.29 + 0.02 0.50 0.17 0.01 0.01 0.01 + 0.00 0.01 0.00 0.01 0.00 0.01 - 0.01 0.01 0.01 0.05 0.05 0.05 + 0.01 0.07 0.03 0.15 0.13 0.14 + 0.01 0.30 0.07 0.03 0.02 0.03 + 0.01 0.03 0.01 0.02 0.01 0.01 - 0.00 0.02 0.00 0.05 0.00 0.05 - 0.03 0.08 0.03 0.20 0.19 0.19 - 0.01 0.64 0.11 0.16 0.14 0.14 - 0.02 0.50 0.09

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Golden Mnls T 140 Golden Mnls* X 1319 99 Golden Peak Mn V Golden Queen T 551 O 1827 Golden Queen* Golden Reign V 1768 Golden Secret V 75 Golden Star T 811 Golden Star* X 14816 Goldex Res* O 5 O 630 Goldgroup Mng* T 152 Goldgroup Mng O 2055 GoldLand Hldgs* GoldON Res V 74 V 1632 GoldQuest Mng Goldrea Res 8 V 423 Goldrock Mines O 78 Goldsource Min* V 258 Goldsource Min Goldstrike Res V 579 Gonzaga Res V 82 Gowest Gold* O 41 Gowest Gold V 349 GPM Metals V 285 O 384 Gran Colombia* Gran Colombia T 1386 61 Granite Ck Gld V Graniz Mondal V 5 Graphite Corp* O 6309 14202 Graphite One V Graphite One* O 631 Great Atlantic V 447 Great Lakes Gr V 1271 204 Great Lakes Gr* O Great Panther T 2336 Great Panther* X 5801 306 Great Quest Fe V 310 Great Rock Dev* O Great Thunder V 105 O 408 Great Western* Greencastle Rs V 170 Grenville Gold V 9 Grizzly Discvr V 306 Grizzly Gold* O 39 575 GTA Res & Mng V Guerrero Vents V 1204 Gunpoint Expl V 113 Guyana Gldflds T 4884 Handa Copper V 84 124 Happy Ck Mnrls V 33 Hard Creek Ni V 80399 N Harmony Gold* Harte Gold T 19669 Heatherdale Rs V 97 58274 Hecla Mining* N Helio Res V 995 Hellix Vent* O 121 O 40 Hemcare Health* Heron Res T 865 Highland Copp V 442 158 Highway 50 Gld V Hinterland Mtl V 1978 O 341 Hochschild Mg* O 30 Homestake Res* Homestake Res V 26 319 Honey Badger E V Horizonte Mnls T 326 Houston Lake V 294 T 10909 HudBay Mnls HudBay Mnls* N 1116 Hudson Res* O 38 Hudson Res V 205 Hunt Mng V 28

0.19 0.59 - 0.07 0.93 0.69 0.59 0.13 0.44 - 0.08 0.68 0.53 0.44 0.07 0.06 0.07 + 0.01 0.09 0.04 0.65 1.90 + 0.31 2.00 2.00 1.50 0.48 1.50 + 0.32 1.56 1.56 1.13 0.07 0.19 + 0.04 0.20 0.20 0.14 0.02 0.21 + 0.01 0.24 0.21 0.20 0.21 0.56 - 0.07 0.78 0.67 0.54 0.14 0.45 - 0.03 0.56 0.51 0.40 0.08 0.13 - 0.05 0.17 0.17 0.13 0.03 0.00 0.10 0.07 - 0.08 0.07 0.05 0.09 - 0.01 0.14 0.09 0.08 0.02 0.06 - 0.02 0.12 0.09 0.05 0.03 0.10 - 0.03 0.15 0.12 0.00 0.07 0.22 - 0.02 0.26 0.24 0.20 0.02 0.07 + 0.02 0.09 0.07 0.00 0.15 0.39 + 0.01 0.41 0.40 0.34 0.11 0.24 + 0.01 0.28 0.24 0.22 0.13 0.31 + 0.02 0.40 0.32 0.29 0.07 0.16 + 0.01 0.21 0.17 0.14 0.01 0.01 - 0.01 0.07 0.02 0.01 0.04 0.07 + 0.01 0.07 0.07 0.05 0.05 0.08 - 0.01 0.10 0.09 0.07 0.08 0.18 - 0.01 0.33 0.22 0.18 0.04 0.09 + 0.02 0.43 0.09 0.07 0.06 0.12 + 0.03 0.51 0.12 0.10 0.02 0.01 0.02 - 0.01 0.03 0.01 0.01 0.02 - 0.01 0.04 0.02 0.00 0.00 0.01 + 0.00 0.02 0.01 0.00 0.07 0.12 + 0.01 0.15 0.15 0.11 0.05 0.09 + 0.00 0.11 0.11 0.07 0.03 0.04 + 0.01 0.14 0.04 0.03 0.10 0.09 0.09 - 0.02 0.15 0.06 0.08 0.00 0.07 - 0.01 0.12 0.04 0.40 1.27 + 0.11 1.35 1.35 1.03 0.30 0.98 + 0.11 1.04 1.04 0.77 0.25 0.20 0.20 - 0.04 0.63 0.11 0.00 0.00 0.00 - 0.00 0.02 0.00 0.01 0.02 + 0.01 0.03 0.02 0.02 0.00 0.00 - 0.00 0.04 0.00 0.00 0.05 0.08 - 0.01 0.10 0.10 0.08 0.04 0.08 - 0.02 0.15 0.10 0.00 0.01 0.05 + 0.01 0.10 0.05 0.04 0.01 0.02 + 0.00 0.04 0.02 0.02 0.05 0.04 0.05 - 0.01 0.08 0.02 0.01 0.03 + 0.01 0.06 0.03 0.02 0.13 0.20 + 0.02 0.20 0.20 0.00 2.48 4.86 + 0.33 5.23 5.23 4.51 0.03 0.04 - 0.01 0.12 0.05 0.04 0.12 0.10 0.12 + 0.02 0.17 0.08 0.02 0.00 0.02 - 0.01 0.08 0.01 0.53 3.78 + 0.39 4.19 4.19 3.35 0.05 0.26 + 0.15 0.19 0.27 0.10 0.01 0.04 + 0.02 0.05 0.04 0.03 1.45 2.85 + 0.16 3.37 2.95 2.48 0.02 0.04 - 0.01 0.05 0.04 0.03 0.00 0.01 + 0.00 0.05 0.01 0.00 0.01 0.05 - 0.01 0.80 0.07 0.05 0.07 0.10 + 0.01 0.14 0.10 0.09 0.09 0.09 - 0.03 0.25 0.10 0.09 0.21 0.14 0.21 + 0.04 0.28 0.05 0.01 0.01 + 0.01 0.02 0.02 0.00 0.59 1.23 - 0.08 1.70 1.31 1.22 0.01 0.01 - 0.01 0.03 0.02 0.01 0.01 0.03 - 0.01 0.04 0.03 0.00 0.03 0.00 0.03 - 0.01 0.04 0.01 0.02 0.04 + 0.01 0.06 0.04 0.03 0.12 0.26 + 0.03 0.26 0.26 0.21 5.48 4.33 5.33 + 0.26 12.61 2.26 4.23 3.24 4.08 + 0.26 10.37 1.56 0.26 0.32 + 0.01 0.44 0.32 0.00 0.30 0.41 - 0.02 0.55 0.44 0.40 0.02 0.04 - 0.01 0.20 0.05 0.00

I-Minerals* O 44 I-Minerals V 106 IAMGOLD T 14060 35858 IAMGOLD* N Iberian Mnrls V 2546 IC Potash* O 182 Iconic Mnls V 525 Idaho North* O 7 IDM Mining* O 96 IMPACT Silver V 852 O 226 Impala Platnm* 966 Imperial Metal T 95 Imperial Metal* O 430 Inca One Gold V 97 Inca One Gold* O Q 23 Inception Mng* V 1688 Independence G Indico Res V 38 Indigo Expl V 595 Inspiration Mg 138 Intact Gold V 575 Integra Gold V 5669 Integra Gold* O 1366 487 Intl Bethl Mng V Intl Lithium V 1201 Intl Montoro V 1848 121 T Intl Tower Hil 929 Intl Tower Hil* X Intrepid Pots* N 10159 INV Metals T 449 Inventus Mg V 554 InZinc Mining V 110 O 20 Ireland* Ironside Res V 101 Irving Res 51 O 373 Ivanhoe Mines* Ivanhoe Mines T 4392 Jaguar Mng* O 445 Jaguar Mng V 1388 61 James Rvr Coal* O Jasper Mng* O 40 Jayden Res V 27 Kaminak Gold* O 1172 Kaminak Gold V 2917 V 366 Kapuskasing Gd Karmin Expl V 111 Karnalyte Res T 5175 Katanga Mng T 332 Kazax Mnls V 113 Kennady Diam V 352 Kerr Mines* O 138 Kerr Mines T 2841 Khalkos Expl V 206 Khan Res 963 Kilo Goldmines V 1281 Kings Bay Gold V 1665 Kingsmen Res V 31 Kinross Gold T 48308 77758 Kinross Gold* N Kirkland Lk Gd T 17398 Kirkland Lk Gd* O 1008 Kiska Metals V 3660 Kivalliq Enrgy V 1453 Klondex Mns T 2272 Klondike Gold* O 11 Klondike Silv* O 9 Klondike Silv V 80 Knick Expl V 361 V 592 Kombat Copper V 765 Komet Resource Kootenay Silvr V 792 KWG Res 712

0.11 0.17 - 0.01 0.28 0.18 0.17 0.14 0.23 - 0.02 0.37 0.25 0.22 1.50 2.82 - 0.09 3.70 3.08 2.62 1.15 2.14 - 0.06 2.77 2.37 1.95 0.05 0.06 + 0.01 0.11 0.06 0.00 0.03 0.03 - 0.01 0.25 0.05 0.03 0.03 0.08 - 0.02 0.10 0.10 0.07 0.05 0.07 - 0.01 0.14 0.07 0.00 0.04 0.09 + 0.01 0.11 0.09 0.07 0.11 0.33 + 0.02 0.36 0.36 0.29 1.45 3.03 - 0.22 5.96 3.14 2.55 5.46 4.56 4.75 - 0.42 13.33 3.92 4.07 3.63 3.75 - 0.20 10.96 2.81 0.09 0.08 0.08 - 0.01 0.27 0.07 0.07 0.06 0.07 + 0.00 0.22 0.06 0.05 0.12 + 0.02 0.35 0.13 0.11 0.06 0.11 + 0.02 0.13 0.13 0.08 0.02 0.07 - 0.01 0.16 0.07 0.07 0.01 0.03 + 0.01 0.03 0.03 0.02 0.03 0.03 - 0.01 0.05 0.03 0.03 0.03 0.27 - 0.03 0.35 0.30 0.21 0.23 0.45 + 0.01 0.46 0.46 0.41 0.18 0.34 + 0.00 0.35 0.35 0.31 0.08 0.04 0.04 - 0.01 0.10 0.02 0.02 0.11 + 0.03 0.13 0.13 0.09 0.03 0.04 + 0.01 0.10 0.04 0.03 0.44 0.37 0.43 + 0.03 0.57 0.26 0.35 0.27 0.33 + 0.03 0.42 0.18 1.48 1.12 1.27 + 0.03 13.24 0.65 0.08 0.23 + 0.01 0.25 0.25 0.19 0.01 0.07 - 0.01 0.11 0.07 0.06 0.04 0.07 - 0.01 0.14 0.07 0.07 0.15 0.30 - 0.02 0.51 0.32 0.25 0.02 0.03 - 0.01 0.35 0.04 0.03 0.11 0.12 - 0.01 0.20 0.14 0.00 0.36 0.64 - 0.03 1.08 0.72 0.61 0.53 0.82 - 0.05 1.36 0.93 0.82 0.07 0.19 + 0.02 0.30 0.21 0.15 0.12 0.25 + 0.02 0.35 0.26 0.20 0.01 0.01 0.01 + 0.00 0.07 0.01 0.02 0.00 0.03 0.02 - 0.02 0.02 0.03 0.04 + 0.01 0.15 0.04 0.03 0.47 1.16 + 0.08 1.18 1.18 0.94 0.61 1.50 + 0.06 1.52 1.52 1.27 0.02 0.03 - 0.01 0.09 0.04 0.03 0.15 0.25 - 0.01 0.40 0.25 0.24 0.52 3.03 + 2.15 4.15 4.15 0.95 0.13 0.19 - 0.01 0.30 0.20 0.18 0.01 0.02 + 0.01 0.06 0.02 0.02 2.35 3.38 + 0.43 5.95 3.38 2.91 0.01 0.07 + 0.02 0.14 0.07 0.04 0.02 0.08 + 0.02 0.18 0.10 0.06 0.05 0.11 + 0.02 0.12 0.11 0.10 0.34 0.80 + 0.05 0.85 0.83 0.73 0.04 0.10 - 0.01 0.12 0.10 0.08 0.01 0.01 0.01 - 0.01 0.01 0.01 0.03 0.07 - 0.01 0.18 0.10 0.07 1.79 4.09 + 0.17 4.63 4.28 3.73 1.31 3.14 + 0.19 3.36 3.29 2.79 9.53 8.77 9.13 + 0.20 9.53 4.49 7.33 6.64 6.99 + 0.25 7.33 3.12 0.01 0.03 + 0.01 0.05 0.03 0.02 0.06 0.08 + 0.01 0.15 0.08 0.07 2.49 3.84 + 0.08 4.04 3.96 3.71 0.06 0.10 - 0.02 0.17 0.12 0.00 0.01 0.02 - 0.01 0.03 0.03 0.02 0.01 0.04 + 0.01 0.05 0.04 0.03 0.01 0.03 + 0.01 0.03 0.03 0.02 0.02 0.08 - 0.01 0.11 0.08 0.06 0.26 0.35 + 0.01 0.54 0.35 0.32 0.17 0.26 - 0.01 0.56 0.30 0.25 0.01 0.03 + 0.01 0.03 0.03 0.02

393 Labdr Iron Mns* O Labrador Iron T 4320 12300 X Lake Shore Gld* Lake Shore Gld T 30686 Lake Victoria* O 193 Lancaster Cap V 24 V 61 Lara Expl Laramide Res T 282 Largo Res* O 176 Largo Res V 302 127 Latin Am Mnls V 19 Latin Am Mnls* O 304 Laurion Mnl Ex V 6 Laurion Mnl Ex* O Leeta Gold V 20 Legend Gold* O 4 Legend Gold V 412 Lepanto Con Mg* O 1790 472 Levon Res Ltd T 94 Levon Res Ltd * O 652 Lexam VG Gold T 448 Lexam VG Gold* O Li3 Energy* O 194 71 Libero Mg Corp V Liberty Star* Q 9837

0.01 0.00 0.01 - 0.00 0.02 0.00 12.05 + 0.26 17.45 6.85 12.25 11.06 1.68 1.37 1.63 + 0.19 1.68 0.70 2.17 1.84 2.14 + 0.22 2.17 0.93 0.01 0.02 + 0.01 0.07 0.02 0.01 0.04 0.15 + 0.02 0.15 0.15 0.13 0.20 0.36 - 0.01 0.45 0.40 0.36 0.15 0.27 + 0.02 0.35 0.27 0.24 0.08 0.25 + 0.02 0.80 0.25 0.20 0.11 0.31 - 0.04 1.02 0.34 0.29 0.10 0.09 0.09 - 0.03 0.90 0.05 0.08 0.08 0.08 + 0.00 0.10 0.06 0.02 0.01 0.02 + 0.01 0.03 0.01 0.01 0.00 0.00 - 0.00 0.04 0.00 0.03 0.03 - 0.01 0.07 0.03 0.00 0.01 0.04 - 0.00 0.07 0.04 0.00 0.02 0.04 - 0.02 0.09 0.06 0.04 0.01 0.00 0.00 - 0.00 0.02 0.00 0.17 0.14 0.17 + 0.03 0.32 0.09 0.13 0.10 0.12 + 0.01 0.15 0.07 0.21 0.16 0.17 - 0.01 0.23 0.05 0.16 0.12 0.12 - 0.01 0.17 0.04 0.01 0.02 + 0.00 0.04 0.02 0.02 0.10 0.09 0.09 - 0.01 0.12 0.02 0.00 0.00 + 0.00 0.01 0.00 0.00

I-J-K

16-03-22 6:49 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / March 28–APRIL 3

s to c k ta b le s (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Lincoln Mng V 89 Lion One Mtls V 203 Lion One Mtls* O 72 Lithium Corp* O 230 Lithium Expl* O 231 Lithium X Egy V 1163 LKA Gold* O 44 Lomiko Mtls* O 437 Loncor Res* O 111 Lonmin plc* O 7 Lorraine Coppr V 175 Los Andes Copp V 357 Lowell Copper V 102 Lucara Diam T 1518 Luna Gold* O 157 Lundin Gold T 121 Lundin Mng T 15004 Lupaka Gold V 516 Lydian Intl* O 78 Lydian Intl T 2554 Lynas Corp* O 128

0.07 0.05 0.07 + 0.02 0.08 0.02 0.41 0.37 0.38 - 0.05 0.60 0.23 0.31 0.29 0.30 - 0.01 0.45 0.18 0.04 0.03 0.04 - 0.00 0.06 0.02 0.10 0.09 0.09 + 0.00 6.36 0.02 1.34 1.05 1.18 + 0.07 1.40 0.05 0.38 0.20 0.35 + 0.01 0.55 0.10 0.03 0.02 0.03 - 0.00 0.05 0.02 0.05 0.05 0.05 - 0.00 0.13 0.01 2.53 2.12 2.31 + 0.08 233.10 0.55 0.07 0.06 0.06 - 0.01 0.13 0.04 0.14 0.12 0.14 + 0.01 0.23 0.05 0.30 0.18 0.25 + 0.07 0.45 0.12 2.64 2.53 2.60 + 0.03 2.64 1.42 0.10 0.09 0.09 + 0.01 0.20 0.02 4.66 4.14 4.60 + 0.26 4.66 3.46 4.53 3.96 4.46 + 0.30 6.46 2.98 0.17 0.00 0.16 + 0.04 0.17 0.04 0.22 0.20 0.21 - 0.00 0.48 0.13 0.29 0.26 0.28 + 0.01 0.58 0.19 0.06 0.05 0.06 - 0.00 0.10 0.02

M MacMillan Mnls V 12 0.30 0.17 0.17 - 0.02 0.30 0.05 MAG Silver* X 1148 9.66 8.44 9.55 + 0.93 9.66 5.57 MAG Silver T 2059 12.53 11.32 12.47 + 1.04 12.53 6.90 Magellan Gold* O 229 0.06 0.05 0.05 + 0.00 0.09 0.03 Magellan Mnrls* O 171 0.05 0.05 0.05 + 0.00 0.06 0.02 Magellan Mnrls V 797 0.07 0.06 0.07 + 0.01 0.08 0.03 Majestic Gold V 198 0.09 0.08 0.08 - 0.01 0.12 0.04 0.01 - 0.01 0.03 0.01 Makena Res* O 265 0.02 0.01 Malbex Res V 49 0.29 0.28 0.28 - 0.01 0.55 0.10 Mandalay Res T 1576 0.91 0.83 0.91 + 0.04 0.99 0.59 Manitou Gold V 415 0.04 0.00 0.04 + 0.01 0.04 0.02 Marathon Gold T 961 0.22 0.19 0.22 + 0.01 0.35 0.11 Marlin Gold* O 68 0.41 0.37 0.41 - 0.02 0.73 0.10 Marlin Gold V 57 0.55 0.48 0.48 - 0.07 1.09 0.15 MartinMarietta* N 3265 157.56 151.28 156.83 + 0.25 178.67 108.31 Mason Graphite* O 39 0.44 0.37 0.38 - 0.06 0.48 0.21 Mason Graphite V 489 0.60 0.48 0.48 - 0.11 0.61 0.30 Matachewan Con V 44 0.35 0.31 0.31 - 0.04 0.49 0.17 Matamec Expl V 317 0.04 0.03 0.04 + 0.01 0.06 0.02 Matamec Expl* O 56 0.02 0.02 0.02 - 0.00 0.04 0.01 Matica Ent 1152 0.03 0.02 0.02 - 0.01 0.11 0.02 Maudore Mnrls* O 4 0.00 0.00 0.00 - 0.01 0.01 0.00 Mawson Res* O 34 0.20 0.16 0.17 - 0.01 0.27 0.12 Mawson Res T 49 0.27 0.22 0.25 + 0.03 0.30 0.16 0.01 - 0.01 0.08 0.01 Mawson West T 35 0.01 0.01 Maya Gold &Sil V 587 0.15 0.13 0.15 + 0.01 0.30 0.10 Mazarin V 9 0.02 0.01 0.01 - 0.01 0.04 0.01 MBAC Fertilizr T 537 0.04 0.03 0.04 + 0.01 0.17 0.01 McEwen Mng T 1385 2.67 2.30 2.48 - 0.07 2.84 0.84 McEwen Mng* N 16852 2.06 1.72 1.90 - 0.02 2.13 0.65 MDN Inc T 2222 0.06 0.03 0.05 + 0.02 0.07 0.01 Mechel* N 788 1.90 1.70 1.80 - 0.06 3.00 1.23 Medallion Res* O 624 0.03 0.02 0.03 + 0.00 0.05 0.01 Medallion Res V 545 0.04 0.03 0.03 - 0.01 0.07 0.01 Medinah Mnrls* O 12784 0.02 0.01 0.01 - 0.00 0.04 0.01 Mega Uranium* O 317 0.09 0.07 0.08 + 0.00 0.11 0.04 Melkior Res V 888 0.05 0.04 0.04 - 0.01 0.06 0.01 Menika Mining* O 82 0.26 0.19 0.26 + 0.04 0.26 0.19 Menika Mining V 1037 0.40 0.24 0.40 + 0.12 0.40 0.05 Merrex Gold V 305 0.23 0.19 0.20 - 0.03 0.24 0.10 Merrex Gold* O 46 0.16 0.15 0.15 - 0.01 0.20 0.10 0.02 + 0.01 0.03 0.01 MetalCorp V 2384 0.03 0.01 Metalex Vent V 469 0.07 0.06 0.06 - 0.01 0.12 0.04 Metallis Res V 11 0.10 0.08 0.08 - 0.02 0.10 0.01 Metalo Manuf 8 0.50 0.50 0.50 + 0.13 0.50 0.30 Metals Creek V 789 0.16 0.12 0.12 + 0.01 0.19 0.05 Metals Creek* O 85 0.11 0.09 0.10 + 0.01 0.14 0.05 Metals X* O 2 0.70 0.68 0.68 - 0.02 1.21 0.68 Metanor Res V 12692 0.11 0.07 0.11 + 0.04 0.11 0.03 Mexus Gold* O 6450 0.03 0.01 0.02 - 0.00 0.03 0.00 MGX Minerals 647 0.13 0.11 0.13 + 0.01 0.70 0.11 Micrex Dev V 194 0.03 0.02 0.02 - 0.01 0.04 0.01 Midas Gold* O 718 0.32 0.27 0.32 + 0.02 0.39 0.16 Midas Gold T 1263 0.42 0.37 0.42 + 0.02 0.47 0.25 Midland Expl V 166 0.70 0.61 0.70 + 0.08 0.77 0.45 Midnight Sun V 213 0.18 0.13 0.13 - 0.01 0.24 0.08 Millrock Res* O 37 0.18 0.15 0.18 + 0.00 0.26 0.11 0.23 + 0.02 0.32 0.15 Millrock Res V 125 0.23 0.00 Millstream Min V 70 0.07 0.05 0.05 - 0.01 0.16 0.01 Minaurum Gold V 572 0.12 0.10 0.12 + 0.02 0.12 0.04 Minco Gold* X 458 0.28 0.22 0.24 - 0.04 0.40 0.10 Minco Gold T 96 0.38 0.29 0.31 - 0.07 0.49 0.12 Minco Silver T 241 0.73 0.66 0.72 + 0.04 0.70 0.32 Minco Silver* O 74 0.55 0.49 0.55 + 0.03 0.55 0.26 Mineral Mtn V 509 0.04 0.03 0.04 + 0.01 0.06 0.02 Mines Manage* X 242 0.55 0.46 0.50 - 0.01 0.74 0.11 Mines Manage T 13 0.65 0.60 0.65 + 0.01 0.94 0.17 Miranda Gold V 452 0.11 0.09 0.09 - 0.01 0.12 0.06 Mirasol Res V 182 1.33 1.10 1.30 + 0.16 1.33 0.72 Mistango River 17 0.02 0.00 0.02 + 0.01 0.07 0.01 Monarques Res* O 50 0.09 0.08 0.09 + 0.02 0.10 0.04 Monarques Res V 228 0.11 0.10 0.10 - 0.01 0.13 0.06 Moneta Porcpn* O 70 0.13 0.12 0.13 - 0.01 0.15 0.04 Moneta Porcpn T 478 0.19 0.16 0.17 - 0.01 0.20 0.05 0.03 + 0.01 0.26 0.02 Montan Mg V 241 0.03 0.03 Montana Gold 47 0.07 0.06 0.07 + 0.01 0.07 0.02 Montero Mg&Ex V 151 0.04 0.03 0.04 + 0.01 0.06 0.01 Monument Mng V 448 0.15 0.13 0.13 - 0.02 0.16 0.08 Mosaic* N 34946 30.30 28.04 29.72 + 1.02 47.68 22.02 Mountain Boy V 74 0.02 0.01 0.02 + 0.01 0.02 0.01 Mountain Prov T 287 5.02 4.83 4.91 - 0.08 5.46 3.38 Mountain Prov* D 100 3.84 3.61 3.74 - 0.03 4.40 2.47 Mundoro Cap V 142 0.09 0.08 0.09 - 0.01 0.12 0.04 Murchison Min 1185 0.02 0.02 0.02 - 0.01 0.04 0.01 Musgrove Mnls V 60 0.23 0.12 0.12 - 0.09 0.33 0.04 Mustang Mnrls* O 156 0.00 0.00 0.00 - 0.00 0.00 0.00 Myson Group* O 326 0.03 0.02 0.02 - 0.02 0.18 0.01

N-O NACCO Ind* N 206 Namibia Rare E* O 59 Namibia Rare E T 146 Napier Vent V 230 Natural Res Pt* N 267 Nautilus Mnrls T 1735 Nautilus Mnrls* O 677 Navy Res V 114 Nemaska Lith V 9164 Nemaska Lith* O 359 Nevada Copper T 139 Nevada Egy Mtl V 629 Nevada Expl * O 449 Nevada Expl V 446 Nevada Sunrise* O 133 Nevada Sunrise V 1412 Nevada Zinc V 279 Nevado Res V 1020 Nevsun Res* X 1267 Nevsun Res T 1317 New Carolin Gd V 2287 New Colombia* O 535 New Dimen Res V 34 New Era Mnrls V 18 New Gold* O 53 New Gold* X 30521 New Gold T 10003 New Jersey Mng* O 316 New Milln Iron T 606 New Nadina V 20 New Oroperu V 703 New Pac Metals T 8 New World Res V 104 Newmac Res V 13 Newmarket Gold T 4626 Newmarket Gold* O 383 Newmont Mng* N 49656 Newport Expl V 135 Newport Gold* O 200 Nexgen Energy V 5337 Nexgen Energy* O 542 Next Gen Mtls 236 Nexus Gold V 468 NGEx Res T 282 Nickel One Res V 84 Nicola Mg Inc V 480 Nicola Mg Inc* O 16 Niocan Inc V 106 Niocorp Dev T 2408 Niocorp Dev* O 1144 Nippon Dragon V 659 Nitinat Mnls V 1 Noka Res V 2314 Noram Vent V 1704 Noranda Alum* O 844 Nord Res* O 754 Noront Res V 6753 Norsemont Cap 114 North Am Nickl V 200 North Am Pall* O 13 North Am Pall T 20 North Springs* O 2

March 28 Pgs 8 9.indd 9

56.68 51.49 56.24 + 3.76 62.96 40.04 0.07 0.03 0.04 + 0.01 0.18 0.03 0.10 0.00 0.06 - 0.01 0.20 0.04 0.21 0.18 0.21 + 0.02 0.35 0.15 10.99 8.95 9.26 - 1.49 74.50 5.00 0.19 0.18 0.18 - 0.01 0.54 0.16 0.15 0.13 0.14 - 0.01 0.43 0.12 0.24 0.20 0.24 + 0.04 0.24 0.06 0.70 0.58 0.67 + 0.01 0.70 0.15 0.53 0.45 0.52 + 0.02 0.53 0.13 0.92 0.78 0.92 + 0.07 2.03 0.45 0.27 0.17 0.19 + 0.03 0.19 0.01 0.27 0.20 0.22 - 0.04 0.61 0.08 0.35 0.25 0.28 - 0.07 0.94 0.05 0.16 0.13 0.15 - 0.01 0.31 0.09 0.23 0.18 0.19 - 0.02 0.38 0.13 0.38 0.34 0.37 - 0.01 0.38 0.19 0.02 0.01 0.02 + 0.01 0.05 0.01 3.55 3.23 3.44 - 0.04 4.36 2.27 4.64 4.33 4.51 - 0.10 5.35 3.27 0.10 0.08 0.09 - 0.01 0.10 0.02 0.01 0.01 0.01 + 0.00 0.02 0.00 0.10 0.10 0.10 + 0.01 0.10 0.04 0.10 0.05 0.10 + 0.05 0.29 0.04 0.08 0.06 0.08 + 0.01 0.47 0.03 4.08 3.43 3.85 + 0.07 4.08 1.76 5.30 4.60 5.08 + 0.09 5.38 2.52 0.08 0.07 0.07 - 0.02 0.12 0.02 0.13 0.10 0.11 - 0.01 0.22 0.05 0.15 0.01 0.12 + 0.11 0.30 0.05 0.40 0.29 0.34 + 0.02 0.40 0.07 0.28 0.00 0.28 - 0.01 0.30 0.14 0.05 0.04 0.05 + 0.01 0.12 0.01 0.07 0.00 0.06 - 0.01 0.20 0.06 2.42 2.03 2.31 + 0.12 2.42 0.80 1.85 1.51 1.78 + 0.11 2.45 0.61 28.39 25.47 27.79 + 1.11 28.39 15.39 0.29 0.27 0.29 + 0.01 0.49 0.19 0.01 0.01 0.01 - 0.00 0.02 0.00 1.47 1.27 1.40 - 0.02 1.55 0.40 1.14 0.96 1.09 + 0.01 1.15 0.34 0.12 0.00 0.12 - 0.01 0.18 0.01 0.06 0.05 0.05 - 0.01 0.14 0.04 0.75 0.70 0.70 - 0.05 1.05 0.44 0.18 0.14 0.16 + 0.01 0.18 0.10 0.09 0.08 0.08 - 0.01 0.15 0.04 0.07 0.00 0.06 - 0.01 0.08 0.03 0.16 0.14 0.14 + 0.02 0.18 0.04 1.14 0.93 1.01 - 0.04 1.55 0.51 0.87 0.71 0.77 - 0.03 1.23 0.37 0.10 0.08 0.10 + 0.02 0.15 0.03 0.05 0.00 0.05 - 0.03 0.07 0.03 0.09 0.07 0.08 + 0.01 0.26 0.03 0.02 0.01 0.01 - 0.01 0.03 0.01 0.08 0.05 0.07 + 0.01 24.71 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.36 0.33 0.35 + 0.02 0.67 0.28 0.31 0.25 0.31 + 0.02 0.31 0.07 0.10 0.08 0.10 + 0.02 0.26 0.07 4.36 3.87 4.12 - 0.24 99.60 2.71 5.83 5.10 5.37 - 0.38 124.00 3.85 2.35 0.00 1.65 - 0.85 40.00 0.15

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Northair Silvr V 1216 Northcliff Res T 368 Northquest V 157 Norvista Cap V 108 NovaCopper T 23 NovaCopper* X 439 NovaGold Res T 2427 NovaGold Res* X 17746 Novo Res V 197 Novo Res* O 100 NovX21* O 25 NQ Expl V 105 NRG Metals V 1711 Nrthn Abitibi V 6514 Nrthn Freegold* O 48 Nrthn Graphite V 384 Nrthn Graphite* O 374 Nrthn Lion V 21 146 Nrthn Mnrls &E* O Nrthn Sun V 9 Nrthn Superior V 117 Nrthn Vertex V 905 NSX Silver V 82 Nthn Dynasty T 1297 Nthn Dynasty* X 1034 NuLegacy Gold* O 332 NuLegacy Gold V 524 Nunavik Nickel V 23 NV Gold V 77 O.T. Mining* O 4 OceanaGold T 64018 OceanaGold* O 23 Oceanic Iron O V 98 Oceanus Res V 20 Odin Mng & Exp* O 13 Olivut Res* O 17 Olivut Res V 55 Omineca Mg &Ml V 187 Orbite Tech T 22799 Orbite Tech* O 336 Orca Gold V 482 Orca Gold* O 169 Orefinders Res V 15295 Oremex Silver* O 96 Orestone Mng V 149 Orex Expl V 926 Orezone Gold V 723 Orezone Gold* O 93 Orla Mng Ltd V 420 Oro East Mg* Q 15 Oroco Res* O 39 Orocobre T 202 Orosur Mng T 410 Orsu Metals* O 3 Orvana Mnrls T 614 Orvana Mnrls* O 148 Osisko Gold T 5608 Otis Gold* O 65 Otis Gold V 793 OZ Minerals* O 1

0.11 0.09 0.11 + 0.01 0.11 0.04 0.12 0.08 0.09 - 0.03 0.22 0.06 0.23 0.21 0.22 - 0.01 0.32 0.07 0.14 0.14 0.14 + 0.01 0.16 0.08 0.52 0.47 0.47 - 0.04 0.84 0.20 0.40 0.35 0.39 + 0.01 0.68 0.15 7.24 6.43 6.91 + 0.15 7.36 3.42 5.57 4.80 5.29 + 0.18 5.57 2.65 0.89 0.76 0.80 - 0.03 0.99 0.40 0.70 0.58 0.64 + 0.04 0.75 0.29 0.01 0.01 0.01 + 0.00 0.07 0.00 0.01 0.01 0.01 + 0.01 0.02 0.01 0.08 0.00 0.07 - 0.01 0.12 0.02 0.02 0.00 0.01 + 0.01 0.02 0.01 0.07 0.05 0.07 + 0.01 0.08 0.02 0.46 0.32 0.44 + 0.03 0.81 0.16 0.35 0.25 0.30 - 0.01 0.68 0.12 0.13 0.00 0.13 + 0.07 0.16 0.03 0.02 0.02 0.02 + 0.00 0.14 0.02 0.05 0.00 0.04 - 0.01 0.30 0.04 0.03 0.02 0.03 + 0.01 0.04 0.01 0.32 0.29 0.31 - 0.02 0.40 0.10 0.07 0.06 0.06 - 0.02 0.07 0.02 0.51 0.43 0.45 - 0.05 0.67 0.28 0.39 0.32 0.36 - 0.02 0.53 0.20 0.11 0.08 0.10 + 0.01 0.14 0.06 0.14 0.12 0.13 + 0.01 0.17 0.08 0.08 0.05 0.05 - 0.03 0.12 0.03 0.01 0.00 0.01 - 0.01 0.06 0.01 0.04 0.00 0.04 - 0.01 0.14 0.03 3.90 3.37 3.71 - 0.10 4.18 1.79 2.91 2.54 2.88 - 0.12 3.00 1.43 0.14 0.13 0.13 - 0.02 0.22 0.08 0.29 0.26 0.28 - 0.01 0.35 0.14 0.35 0.32 0.35 + 0.03 0.35 0.17 0.10 0.07 0.07 + 0.00 0.14 0.05 0.16 0.10 0.12 - 0.01 0.16 0.08 0.10 0.06 0.09 + 0.02 0.11 0.01 0.30 0.20 0.20 - 0.10 0.53 0.20 0.23 0.15 0.16 - 0.06 0.40 0.15 0.30 0.24 0.25 - 0.03 0.40 0.12 0.25 0.20 0.20 + 0.04 0.32 0.08 0.08 0.03 0.06 + 0.03 0.08 0.01 0.01 0.00 0.00 - 0.01 0.01 0.00 0.02 0.01 0.02 + 0.01 0.02 0.01 0.02 0.00 0.02 + 0.01 0.03 0.01 0.52 0.43 0.48 - 0.01 0.57 0.22 0.40 0.33 0.39 + 0.02 0.42 0.16 0.17 0.13 0.17 + 0.04 0.32 0.06 0.01 0.00 0.01 - 0.00 0.06 0.01 0.03 0.01 0.03 - 0.00 0.03 0.01 3.17 2.58 3.10 + 0.53 3.05 1.33 0.15 0.13 0.14 - 0.02 0.19 0.10 0.01 0.01 0.01 - 0.00 0.03 0.01 0.21 0.18 0.21 + 0.03 0.40 0.11 0.16 0.14 0.16 + 0.01 0.32 0.07 14.70 13.20 13.38 - 0.89 18.64 12.39 0.12 0.10 0.12 + 0.01 0.12 0.01 0.17 0.12 0.17 + 0.03 0.17 0.02 3.86 0.00 3.86 - 0.33 4.19 2.29

Pac Booker Min V 6 Pac Booker Min* X 16 Pac Iron Ore V 67 Pac North West V 269 Pac North West* O 67 Pac Ridge Expl V 225 Paladin Energy T 2223 Palamina Corp V 123 Pan Am Silver T 3591 Pan Am Silver* D 17358 Pancontinental* O 47 Panoro Mnrls V 42 Para Resources V 306 Paramount Gold* X 196 Pasinex Res 254 Passprt Potash* O 45 Patriot Gold* O 148 Peabody Enrgy* N 39367 Peat Res V 376 Pelangio Expl V 648 Pelangio Expl* O 141 Pele Mtn Res* O 44 Peregrine Diam T 1885 Perseus Mng T 2444 Pershimco Res V 2305 Pershing Gold* D 655 Pershing Res* O 189 Peruvian Prc M* O 22 Petaquilla Mnl* O 170 Petra Diamonds* O 5 Philippine Mtl V 42 Phoenix Metals* O 23 Pilot Gold T 1628 Pilot Gold* O 671 Pine Cliff En T 2048 Pinecrest Res V 372 Pitchblack Res V 10 PJX Res V 97 Planet Mng V 70 Plateau Uran* O 26 Plateau Uran V 149 Platinum Gp Mt T 722 Platinum Gp Mt* X 2066 Plato Gold V 5489 Playfair Mng V 330 Playfair Mng* O 5 PolyMet Mng* X 806 PolyMet Mng T 70 Portage Res* O 10052 Potash Corp SK* N 35876 Potash Corp SK T 16142 Precipitate Gl V 420 Premier Gold M T 4257 Premium Expl* O 5 Pretium Res* N 13459 Pretium Res T 5944 Prima Diamond V 3942 Prime Meridian V 66 Primero Mng T 19392 Primero Mng* N 12964 Probe Metals* O 409 Prospect Glob* O 23 Prosper Gold V 135 Prospero Silvr V 196 Puma Expl V 810 Pure Energy* O 802 Pure Gold Mg V 1079 Pure Gold Mg* O 88 Purepoint Uran V 3269 Q-Gold Res* O 0 Q-Gold Res V 78 QMC Quantum Ml V 221 QMX Gold* O 204 QMX Gold V 674 Quaterra Res V 71 Quaterra Res* O 328 Quest Rare Mnl* O 18 Quest Rare Mnl T 1161 Quinto Real V 50

1.42 1.25 1.35 + 0.01 6.45 1.02 1.08 1.00 1.02 + 0.01 5.10 1.00 0.22 0.15 0.22 + 0.07 0.39 0.10 0.03 0.02 0.02 + 0.01 0.03 0.01 0.01 0.01 0.01 + 0.00 0.03 0.00 0.04 0.03 0.04 - 0.01 0.05 0.02 0.23 0.20 0.22 + 0.01 0.39 0.15 0.10 0.00 0.10 + 0.01 0.12 0.06 14.61 13.10 14.16 + 0.58 14.61 7.77 11.25 9.78 10.74 + 0.48 11.25 5.38 0.00 0.00 0.00 - 0.00 0.01 0.00 0.15 0.13 0.14 - 0.01 0.25 0.09 0.22 0.15 0.22 + 0.07 0.22 0.06 1.38 1.18 1.29 + 0.08 1.85 0.93 0.06 0.05 0.06 - 0.01 0.13 0.03 0.00 0.00 0.00 - 0.00 0.27 0.00 0.15 0.06 0.11 + 0.02 0.15 0.02 6.25 2.00 2.50 - 4.05 99.90 2.00 0.06 0.00 0.06 + 0.02 0.06 0.01 0.05 0.03 0.03 - 0.02 0.05 0.01 0.04 0.03 0.03 - 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.07 0.02 0.17 0.14 0.17 + 0.03 0.39 0.09 0.42 0.37 0.40 + 0.02 0.48 0.26 0.18 0.16 0.18 + 0.01 0.26 0.09 3.89 3.50 3.78 + 0.02 7.02 3.04 0.03 0.03 0.03 + 0.00 0.15 0.02 0.05 0.04 0.04 + 0.00 0.10 0.02 0.01 0.01 0.01 - 0.00 0.03 0.00 1.59 1.55 1.55 - 0.04 2.75 0.86 0.04 0.03 0.04 + 0.01 0.06 0.01 0.01 0.00 0.01 + 0.00 0.04 0.00 0.55 0.45 0.51 - 0.04 0.89 0.22 0.42 0.33 0.39 - 0.04 0.72 0.16 0.78 0.72 0.76 - 0.02 1.65 0.70 0.12 0.10 0.11 + 0.01 0.44 0.03 0.10 0.00 0.10 + 0.05 0.20 0.05 0.14 0.13 0.14 + 0.01 0.29 0.13 0.04 0.03 0.04 + 0.02 0.05 0.02 0.24 0.22 0.23 - 0.02 0.57 0.18 0.37 0.28 0.35 - 0.01 0.69 0.24 4.65 3.40 4.16 + 0.15 7.40 1.35 3.61 2.54 3.22 + 0.18 5.99 0.96 0.02 0.01 0.01 + 0.01 0.02 0.01 0.06 0.00 0.05 + 0.01 0.08 0.01 0.05 0.05 0.05 + 0.03 0.05 0.00 0.95 0.81 0.83 - 0.05 1.33 0.55 1.25 1.08 1.10 - 0.09 1.71 0.76 0.01 0.01 0.01 - 0.00 0.01 0.00 19.26 18.01 18.89 + 0.63 33.80 14.64 25.02 23.90 24.66 + 0.50 41.82 20.65 0.14 0.11 0.13 + 0.01 0.16 0.06 3.49 3.12 3.18 - 0.09 3.52 1.65 0.01 0.00 0.01 + 0.00 0.02 0.00 5.71 4.85 5.30 + 0.20 6.95 4.00 7.42 6.49 6.91 + 0.16 9.00 5.57 0.07 0.03 0.04 + 0.02 0.07 0.01 0.11 0.09 0.09 - 0.03 0.19 0.05 2.82 2.30 2.54 + 0.10 5.51 1.94 2.17 1.72 1.95 + 0.10 4.49 1.41 0.42 0.37 0.41 + 0.00 0.42 0.24 0.07 0.07 0.07 - 0.00 0.19 0.02 0.25 0.00 0.24 + 0.02 0.25 0.06 0.11 0.10 0.11 + 0.01 0.18 0.05 0.07 0.06 0.07 + 0.01 0.14 0.03 0.61 0.51 0.59 + 0.04 0.77 0.17 0.29 0.24 0.29 + 0.02 0.30 0.07 0.22 0.19 0.22 + 0.02 0.23 0.01 0.10 0.08 0.09 - 0.01 0.11 0.02 0.03 0.00 0.03 + 0.02 0.02 0.01 0.05 0.00 0.04 + 0.01 0.05 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.04 0.03 0.04 + 0.01 0.04 0.01 0.05 0.00 0.05 + 0.02 0.05 0.01 0.06 0.05 0.06 + 0.01 0.15 0.04 0.05 0.04 0.04 + 0.00 0.11 0.03 0.09 0.07 0.08 + 0.01 0.18 0.03 0.12 0.10 0.11 + 0.01 0.23 0.06 0.05 0.04 0.04 - 0.01 0.05 0.01

Rackla Mtls V 42 Rackla Mtls* O 4 Rainforest Res* O 2 Rainy Mtn Royl V 11 Rambler Ml &Mg V 313 Randgold Res* O 1 Randgold Res* D 5536 Raptor Res* O 34 Rare Element* O 345 Rathdowney Res V 50 RB Energy* O 142 Red Eagle Mng* O 133 Red Eagle Mng V 904 Red Hut V 577 Red Moon Potsh V 17 Red Pine Expl V 1289 Red Rock Enrgy V 69 Red Tiger Mng V 41 Redhawk Res T 356 Redstar Gold V 1227 Redzone Res V 16 Regency Gold V 23 Regulus Res V 207 Reliance Res V 42 Reliant Gold V 407 Renaissance Gd V 104 Renaissance Gd* O 39 Reservoir Mnls* O 233 Reservoir Mnls V 550 Resolve Vent V 51 Reunion Gold V 1856 Revelo Res V 20

0.07 0.00 0.06 - 0.01 0.13 0.05 0.05 0.00 0.04 - 0.00 0.07 0.03 3.03 0.00 3.02 + 2.01 3.03 0.56 0.04 0.00 0.04 - 0.01 0.09 0.02 0.09 0.07 0.09 + 0.01 0.25 0.05 95.43 88.05 95.25 + 2.25 95.43 57.00 96.50 86.61 93.46 + 3.33 96.50 54.88 0.00 0.00 0.00 + 0.00 0.01 0.00 0.12 0.07 0.09 - 0.03 0.89 0.06 0.19 0.00 0.19 - 0.01 0.30 0.11 0.00 0.00 0.00 + 0.00 0.03 0.00 0.31 0.29 0.31 - 0.01 0.33 0.18 0.41 0.39 0.40 - 0.01 0.45 0.25 0.04 0.01 0.04 + 0.03 0.06 0.01 0.05 0.00 0.05 + 0.02 0.06 0.02 0.09 0.07 0.07 - 0.02 0.15 0.03 0.03 0.02 0.02 - 0.01 0.06 0.01 0.05 0.00 0.05 + 0.02 0.08 0.02 0.05 0.04 0.04 - 0.01 0.10 0.04 0.07 0.05 0.06 - 0.02 0.07 0.03 0.12 0.09 0.09 - 0.02 0.50 0.06 0.03 0.00 0.03 + 0.03 0.04 0.01 0.40 0.00 0.38 + 0.04 0.54 0.19 0.06 0.00 0.05 - 0.03 0.08 0.03 0.03 0.02 0.02 - 0.02 0.04 0.01 0.24 0.19 0.24 + 0.06 0.28 0.11 0.19 0.14 0.19 + 0.05 0.21 0.08 4.90 4.61 4.88 + 0.18 4.91 2.25 6.45 6.16 6.45 + 0.21 6.51 3.26 0.20 0.16 0.16 - 0.04 0.20 0.04 0.02 0.01 0.02 - 0.01 0.08 0.01 0.09 0.09 0.09 + 0.01 0.14 0.04

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Revolver Res V 121 Richmond Mnls V 10 Richmont Mines* X 1833 Richmont Mines T 1403 Rio Novo Gold* O 4528 Rio Novo Gold T 5556 Rio Silver V 160 Rio Tinto* N 32073 Rio Tinto* O 2 Rise Res Inc 93 Riverside Res* O 37 Riverside Res V 175 RJK Explor V 1313 Robex Res V 598 Rock Tech Lith V 88 Rock Tech Lith* O 75 Rockcliff Cop V 1381 Rockex Mng 179 Rockhaven Res V 118 Rockridge Cap V 23 Rockshield Cap* O 611 Rockshield Cap 319 Rockwell Diam T 164 Rockwell Diam* O 11 Rodinia Lithm* O 3 Rogue Res* O 17 Rome Res V 70 Romios Gold Rs* O 341 Romios Gold Rs V 1116 Rosita Mg Corp V 1115 Rosita Mg Corp* O 20 Rouge Res V 103 Roughrider Exp V 302 Roxgold V 3382 Royal Gold T 76 Royal Gold* D 6275 Royal Nickel* O 28 Royal Nickel T 1505 RTG Mining T 132 Rubicon Mnrls* O 4395 Rupert Res V 629 Rusoro Mng* O 79 Rusoro Mng V 501 Rye Patch Gold* O 263 Rye Patch Gold V 487

0.17 0.00 0.17 + 0.02 0.23 0.06 0.04 0.04 0.04 - 0.01 0.14 0.03 5.37 4.64 4.90 - 0.45 5.48 2.27 7.11 6.21 6.41 - 0.68 7.30 3.14 0.11 0.00 0.11 + 0.01 0.13 0.06 0.15 0.13 0.14 + 0.01 0.16 0.07 0.03 0.02 0.02 - 0.01 0.04 0.01 29.94 27.05 29.13 + 0.02 47.37 21.89 29.22 27.05 29.20 - 0.02 47.23 21.90 0.15 0.12 0.12 - 0.03 0.15 0.11 0.21 0.00 0.20 - 0.01 0.22 0.08 0.27 0.23 0.25 - 0.02 0.28 0.12 0.01 0.01 0.01 + 0.01 0.01 0.01 0.12 0.10 0.11 - 0.01 0.12 0.05 0.12 0.00 0.11 + 0.02 0.12 0.03 0.08 0.08 0.08 + 0.01 0.08 0.02 0.04 0.04 0.04 + 0.01 0.06 0.02 0.17 0.13 0.15 - 0.03 0.18 0.01 0.19 0.16 0.19 + 0.02 0.24 0.10 0.08 0.06 0.06 - 0.02 0.08 0.04 0.06 0.05 0.06 + 0.01 0.12 0.05 0.08 0.00 0.08 + 0.01 0.14 0.06 0.12 0.10 0.11 + 0.01 0.26 0.09 0.08 0.07 0.08 + 0.01 0.20 0.07 0.00 0.00 0.00 + 0.00 0.03 0.00 0.08 0.07 0.08 + 0.01 0.10 0.03 0.03 0.02 0.03 + 0.01 0.07 0.01 0.06 0.03 0.06 + 0.02 0.06 0.01 0.08 0.04 0.07 + 0.03 0.08 0.02 0.03 0.02 0.02 - 0.01 0.10 0.01 0.02 0.00 0.02 - 0.00 0.05 0.01 0.05 0.00 0.05 - 0.03 0.08 0.03 0.06 0.05 0.06 + 0.01 0.17 0.05 0.94 0.82 0.90 + 0.04 0.96 0.54 68.60 61.33 67.32 + 1.53 86.53 35.46 52.97 45.53 51.69 + 2.02 69.00 24.68 0.17 0.15 0.16 + 0.01 0.39 0.10 0.22 0.20 0.21 + 0.01 0.59 0.12 0.55 0.50 0.55 + 0.04 0.75 0.33 0.09 0.06 0.08 + 0.00 1.23 0.01 0.25 0.09 0.23 + 0.15 0.25 0.02 0.09 0.06 0.08 - 0.00 0.10 0.02 0.12 0.09 0.11 + 0.01 0.15 0.03 0.14 0.12 0.13 - 0.01 0.16 0.08 0.18 0.16 0.17 - 0.01 0.20 0.11

Sabina Gd&Slvr* O 199 Sabina Gd&Slvr T 2144 Sage Gold V 310 Saint Jean V 429 Salazar Res V 242 San Gold Corp* O 119 San Marco Res V 263 Sandspring Res V 910 Sandspring Res* O 341 Sandstorm Gold* X 10517 Sandstorm Gold T 1565 Santa Fe Gold* O 450 Santa Fe Mtls V 561 Santacruz Silv V 1117 Sarissa Res* O 2149 Satori Res V 186 Saturn Mnrls V 328 Savary Gold V 1596 Scandium Int M* O 251 ScoZinc Mg V 81 Seabridge Gld T 841 Seabridge Gld* N 7418 Search Mnls V 446 Searchlight* O 455 Secova Mtls V 5808 Sego Res V 98 Select Sands V 194 Semafo T 13435 Senator Mnrls V 226 Sennen Potash V 452 Serengeti Res V 173 SGX Res V 690 Sherritt Intl T 8285 Shore Gold T 987 Sibanye Gold* N 15510 Sibanye Gold* O 9 Sidney Resrces* O 1909 Sierra Iron Or V 273 Sierra Iron Or* O 66 Sierra Metals* O 6 Sierra Metals T 36 Sierra Res* O 57955 Signature Res V 271 Silver Bear Rs T 1378 Silver Bull Re T 288 Silver Bull Re* O 2474 Silver Dragon* O 232 Silver Mtn Mns V 127 Silver Range V 167 Silver Scott* O 118 Silver Shield 172 Silver Spruce* O 21 Silver Std Res T 3447 Silver Std Res* D 11775 Silver Wheaton T 9581 Silver Wheaton* N 27325 Silvercorp Met T 5620 Silvercorp Met* O 4433 Silverore Mns* O 30 SinoCoking Cl* D 145 Sirios Res V 2269 Sirios Res* O 314 Skeena Res* O 48 Skeena Res V 849 Sky Ridge V 87 SnipGold V 66 Sokoman Iron V 471 Solitario Ex&R T 19 Sona Res V 74 Sonoro Mtls V 62 Source Expl V 609 Southern Arc* O 20 Southern Copp* N 7110 Southern Silvr V 153 Southern Silvr* O 81 SouthGobi Res T 163 Spanish Mtn Gd* O 38 Sparton Res* O 1 Spruce Ridge R V 181 St Augustine T 420 Stakeholdr Gld* O 24 Stakeholdr Gld V 17 Standard Metal* O 219 Stans Energy* O 63 Star Gold* O 13 Star Minerals 77 Starcore Intl T 438 Starr Peak Exp V 38 Sterling Grp* O 275 Stillwater Mg* N 11225 Stina Res* O 25 Stina Res 252 Stockport Expl V 25 Stonegate Agri* O 169 Stornoway Diam T 4957 Strategic Metl V 149 Strategic Res* O 11 Stratton Res V 27 Stria Lithium V 240 Strike Diamond* O 2 Strikepoint Gd V 34 Suncor Energy T 22348 Suncor Energy* N 21045 Sunridge Gold* O 87 Sunridge Gold V 1591 Sunvest Mnrls V 107 Sutter Gold* O 152 Sutter Gold V 12 Syrah Res* O 4

0.80 0.69 0.78 + 0.08 0.80 0.24 1.04 0.92 1.02 + 0.08 1.06 0.30 0.08 0.05 0.06 + 0.01 0.11 0.03 0.05 0.05 0.05 - 0.01 0.06 0.01 0.08 0.00 0.07 - 0.01 0.12 0.03 0.00 0.00 0.00 - 0.01 0.03 0.00 0.05 0.03 0.04 - 0.01 0.06 0.02 0.33 0.30 0.31 - 0.01 0.44 0.11 0.26 0.21 0.25 + 0.00 0.27 0.08 3.49 2.99 3.38 + 0.27 3.78 1.94 4.53 3.99 4.35 + 0.22 4.69 2.82 0.00 0.00 0.00 + 0.00 0.18 0.00 0.02 0.02 0.02 - 0.01 0.03 0.01 0.24 0.20 0.24 + 0.02 0.30 0.09 0.00 0.00 0.00 - 0.00 0.02 0.00 0.11 0.07 0.10 + 0.02 0.15 0.02 0.16 0.15 0.16 - 0.01 0.24 0.09 0.07 0.05 0.06 + 0.01 0.11 0.02 0.15 0.12 0.14 + 0.02 0.17 0.06 0.59 0.00 0.55 - 0.20 1.25 0.40 15.86 12.90 14.11 - 1.42 17.08 4.34 11.92 9.64 10.83 - 0.93 12.77 3.31 0.08 0.05 0.08 + 0.03 0.13 0.03 0.11 0.08 0.10 - 0.00 0.44 0.06 0.08 0.05 0.07 + 0.02 0.09 0.03 0.03 0.02 0.03 + 0.01 0.03 0.01 0.29 0.23 0.26 - 0.01 0.50 0.13 4.95 4.31 4.61 - 0.09 5.20 2.46 0.13 0.10 0.13 + 0.01 0.17 0.03 0.15 0.12 0.15 + 0.03 0.50 0.10 0.07 0.05 0.05 - 0.02 0.08 0.02 0.03 0.02 0.03 + 0.01 0.03 0.01 0.96 0.84 0.84 - 0.13 3.24 0.53 0.20 0.19 0.20 + 0.01 0.30 0.13 16.00 13.43 14.98 + 0.72 16.00 4.07 3.58 0.00 3.48 - 0.06 3.65 1.28 0.01 0.01 0.01 + 0.00 0.02 0.00 0.35 0.30 0.35 + 0.03 0.62 0.22 0.24 0.23 0.23 - 0.01 0.42 0.15 1.07 0.92 1.07 + 0.12 1.29 0.69 1.40 1.24 1.37 + 0.05 1.60 0.84 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.05 0.05 + 0.01 0.07 0.01 0.09 0.08 0.08 - 0.01 0.10 0.02 0.08 0.07 0.07 - 0.02 0.17 0.04 0.07 0.04 0.05 - 0.00 0.14 0.02 0.02 0.01 0.02 - 0.00 0.05 0.01 0.02 0.01 0.02 + 0.01 0.03 0.01 0.08 0.06 0.07 + 0.02 0.11 0.02 0.01 0.01 0.01 - 0.00 0.02 0.00 0.04 0.04 0.04 - 0.01 0.08 0.01 0.05 0.00 0.05 + 0.00 0.07 0.02 7.79 6.94 7.47 - 0.18 10.56 5.28 5.99 5.20 5.73 - 0.05 8.02 3.66 24.03 21.86 23.26 + 0.73 25.69 14.51 18.50 16.36 17.78 + 0.77 21.12 10.04 1.78 1.40 1.75 + 0.27 1.69 0.60 1.35 1.00 1.34 + 0.22 1.41 0.41 0.02 0.02 0.02 - 0.00 0.02 0.01 0.36 0.30 0.35 + 0.01 2.79 0.26 0.21 0.15 0.20 + 0.03 0.21 0.07 0.15 0.12 0.15 + 0.04 0.15 0.07 0.07 0.00 0.06 - 0.01 0.09 0.04 0.09 0.08 0.08 - 0.01 0.13 0.06 0.20 0.18 0.18 - 0.02 0.23 0.03 0.10 0.00 0.08 - 0.03 0.11 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.64 0.62 0.64 + 0.01 1.01 0.57 0.02 0.00 0.01 - 0.01 0.05 0.01 0.10 0.08 0.10 + 0.01 0.16 0.04 0.03 0.02 0.03 - 0.01 0.09 0.01 0.23 0.19 0.23 + 0.03 0.29 0.17 29.20 26.24 28.34 + 1.49 33.31 21.55 0.06 0.05 0.05 + 0.01 0.13 0.03 0.05 0.04 0.05 - 0.00 0.08 0.02 0.30 0.25 0.30 + 0.04 1.25 0.21 0.05 0.00 0.04 + 0.01 0.05 0.01 0.02 0.00 0.02 - 0.01 0.04 0.00 0.03 0.02 0.02 - 0.01 0.06 0.01 0.11 0.09 0.11 + 0.01 0.15 0.07 0.34 0.25 0.25 - 0.09 0.36 0.05 0.41 0.00 0.32 - 0.09 1.85 0.04 0.13 0.08 0.08 - 0.05 1.15 0.01 0.02 0.02 0.02 - 0.01 0.08 0.01 0.06 0.06 0.06 - 0.00 0.19 0.01 0.03 0.00 0.03 + 0.01 0.03 0.01 0.55 0.45 0.51 + 0.07 0.62 0.25 0.09 0.08 0.09 - 0.05 0.14 0.03 0.02 0.01 0.01 + 0.00 0.03 0.01 10.98 9.13 10.87 + 1.11 15.07 4.99 0.12 0.10 0.12 + 0.02 0.20 0.06 0.15 0.12 0.15 + 0.03 0.19 0.11 0.02 0.02 0.02 - 0.01 0.04 0.01 0.02 0.01 0.01 - 0.01 0.03 0.00 1.05 0.94 1.01 - 0.03 1.05 0.62 0.42 0.38 0.40 + 0.01 0.43 0.24 0.02 0.01 0.02 + 0.02 0.02 0.01 0.16 0.11 0.16 - 0.02 0.17 0.06 0.06 0.05 0.05 - 0.01 0.08 0.02 0.00 0.00 0.00 - 0.02 0.73 0.02 0.12 0.11 0.11 - 0.02 0.75 0.05 36.72 33.96 36.00 + 1.38 40.93 27.32 28.32 25.54 27.64 + 1.48 33.49 18.71 0.23 0.22 0.22 - 0.00 0.23 0.10 0.30 0.29 0.29 - 0.01 0.32 0.13 0.09 0.01 0.09 + 0.08 0.95 0.01 0.05 0.03 0.05 - 0.00 0.09 0.02 0.07 0.00 0.07 + 0.01 0.10 0.04 3.23 3.15 3.15 - 0.08 3.45 1.81

Tahoe Res* N 13458 Tahoe Res T 7607 Taku Gold 15 Talon Metals T 248 Tanzania Rlty T 206 Tanzania Rlty* X 644 Taseko Mines T 829 Taseko Mines* X 2133 Tasman Metals* O 221 Tasman Metals V 340 Teck Res T 16 Teck Res* N 47846 Teck Res T 43614 TECO Enrgy* N 16462 Telson Res V 4 Telson Res * O 2 Tembo Gold V 234

11.53 9.45 11.11 + 1.03 15.14 6.48 14.97 12.66 14.53 + 1.21 18.65 9.45 0.07 0.00 0.04 - 0.04 0.10 0.02 0.11 0.08 0.09 - 0.02 0.20 0.08 0.39 0.33 0.34 - 0.02 0.77 0.24 0.33 0.24 0.26 - 0.00 0.65 0.17 0.78 0.65 0.74 + 0.01 1.13 0.35 0.60 0.49 0.57 + 0.01 0.93 0.23 0.14 0.09 0.11 - 0.02 0.73 0.06 0.18 0.12 0.13 - 0.05 0.86 0.09 14.51 12.21 14.10 + 1.17 22.01 5.69 9.25 6.87 8.47 + 1.02 16.20 2.56 11.99 9.19 11.12 + 1.31 20.14 3.65 27.57 27.43 27.46 + 0.03 27.57 17.60 0.15 0.12 0.14 - 0.01 0.15 0.01 0.11 0.08 0.11 + 0.03 0.11 0.07 0.02 0.02 0.02 - 0.01 0.04 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Teranga Gold T 9078 Teras Res V 817 Terraco Gold V 789 Terrax Mnrls* O 39 Terrax Mnrls V 98 Terreno Res V 120 Teryl Res Corp* O 564 Teslin Rvr Res V 402 Tesoro Mnrls V 3 Texas Rare Eth* O 102 Thompson Creek* O 2522 Thompson Creek T 8261 Thunder Mtn Gd* O 182 Thunderstruck V 1714 Till Capital V 6 Till Capital* D 12 Timberline Res V 593 O 252 Timberline Res* Timmins Gold T 7690 Timmins Gold* X 2934 Tinka Res* O 87 Tinka Res V 157 Tintina Res V 103 Tintina Res* O 124 Tirex Res* O 40 Tirex Res V 172 Titanium Corp V 193 TMAC Resources T 16 TNR Gold V 974 Toachi Mg Inc V 11 Tonogold Res* O 528 Torex Gold* O 4312 Torex Gold T 16144 Tower Res V 1747 Transition Mtl V 1126 Treasury Metal T 282 N 206 Trecora Res* Tres-Or Res V 87 Trevali Mng* O 313 Trevali Mng T 8649 Tri Origin Exp V 1339 TriMetals Mng* O 34 O 27 TriMetals Mng* TriMetals Mng T 128 Trinity Res* O 37 Trinity Valley V 339 Trio Resources* O 1740 TriStar Gold* O 283 TriStar Gold V 333 Troy Res* O 18 True Gold Mng* O 1165 True Gold Mng V 13476 354 True North Gem V Tsodilo Res V 3 Turquoise HIl* N 19331 Turquoise HIl T 6957 TVI Pacific* O 80 Tyhee Gold* O 118 Typhoon Expl V 42

0.65 0.59 0.61 + 0.03 0.82 0.38 0.09 0.08 0.09 + 0.01 0.12 0.03 0.12 0.11 0.11 - 0.01 0.16 0.07 0.28 0.25 0.26 - 0.02 0.34 0.17 0.36 0.33 0.35 - 0.01 0.43 0.23 0.03 0.03 0.03 - 0.01 0.08 0.02 0.01 0.01 0.01 - 0.01 0.01 0.00 0.30 0.29 0.29 - 0.01 0.34 0.20 0.02 0.00 0.02 - 0.01 0.04 0.01 0.16 0.15 0.16 - 0.00 0.44 0.10 0.31 0.20 0.23 - 0.07 1.49 0.07 0.40 0.26 0.28 - 0.13 1.86 0.16 0.06 0.05 0.05 - 0.01 0.15 0.02 0.03 0.02 0.03 + 0.02 0.06 0.01 4.11 3.28 3.89 - 0.36 8.00 3.28 3.15 0.00 2.82 - 0.53 6.23 2.76 0.22 0.18 0.21 + 0.03 0.91 0.16 0.17 0.11 0.16 + 0.02 0.78 0.08 0.36 0.28 0.31 - 0.04 0.98 0.11 0.27 0.21 0.23 - 0.03 0.79 0.07 0.14 0.12 0.13 - 0.00 0.24 0.07 0.20 0.15 0.16 - 0.02 0.29 0.09 0.11 0.09 0.10 + 0.02 0.11 0.04 0.09 0.07 0.09 + 0.02 0.09 0.03 0.11 0.08 0.08 - 0.03 0.20 0.05 0.12 0.10 0.10 - 0.03 0.25 0.07 0.48 0.00 0.44 - 0.02 1.55 0.38 8.99 8.56 8.80 - 0.20 9.00 4.85 0.04 0.03 0.03 + 0.01 0.04 0.01 0.20 0.00 0.20 + 0.02 0.23 0.03 0.02 0.01 0.01 - 0.01 0.08 0.01 1.39 1.21 1.29 + 0.01 1.39 0.67 1.79 1.61 1.65 - 0.03 1.84 0.85 0.04 0.03 0.04 + 0.01 0.04 0.01 0.15 0.12 0.13 + 0.01 0.18 0.06 0.48 0.00 0.48 + 0.01 0.62 0.25 10.90 9.76 10.85 + 0.65 16.50 8.75 0.03 0.00 0.03 + 0.01 0.04 0.01 0.31 0.25 0.30 + 0.01 1.03 0.18 0.40 0.34 0.39 + 0.01 1.24 0.25 0.04 0.02 0.04 + 0.02 0.04 0.01 0.10 0.00 0.09 - 0.02 0.11 0.03 0.10 0.09 0.10 + 0.00 0.15 0.06 0.13 0.11 0.12 - 0.02 0.15 0.04 0.09 0.08 0.08 - 0.02 1.50 0.08 0.02 0.02 0.02 + 0.01 0.04 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.22 0.16 0.22 + 0.02 0.22 0.09 0.28 0.22 0.28 + 0.02 0.28 0.10 0.35 0.33 0.34 - 0.01 0.36 0.13 0.38 0.32 0.36 + 0.01 0.38 0.11 0.50 0.44 0.48 + 0.02 0.52 0.15 0.17 0.15 0.16 - 0.01 0.20 0.07 0.67 0.00 0.60 + 0.01 1.15 0.57 3.05 2.67 2.84 + 0.09 4.74 1.55 3.99 3.58 3.71 + 0.08 5.80 2.30 0.01 0.01 0.01 + 0.00 0.02 0.00 0.01 0.01 0.01 - 0.00 0.04 0.00 0.06 0.04 0.05 + 0.01 0.07 0.03

U3O8 Corp T 3807 U3O8 Corp* O 868 Ucore Rare Mtl* O 234 Ucore Rare Mtl V 437 UEX Corp T 1826 Ultra Lithium V 114 Umbral Enrgy 2270 Unigold V 125 Unigold* O 119 United Res Hdg* O 1750 United Silver* O 3186 United States A* X 1675 United States S* N 119534 Unity Energy V 244 Ur-Energy* X 2173 Uracan Res V 650 Uracan Res* O 132 Uragold Bay Rs V 3360 X 5342 Uranium Energy* Uranium Hunter* O 29221 Uranium Res* D 793 Uravan Mnrls V 15 US Energy* D 214 US Precious M* O 2423 US Rare Earths* O 12 US Tungsten* O 43 N 122910 Vale* Vale* N 191348 Valencia Vent V 12 ValGold Res V 62 Vanadiumcorp* O 103 Vangold Res V 725 Vanstar Mng Rs V 202 Vatic Vent V 24 Vedanta* N 939 Vela Minerals V 12 T 230 Vena Res Vendome Res V 697 Verde Potash T 219 Veris Gold* O 10 Victoria Gold V 2863 Victory Nickel* O 33 Victory Nickel 113 Victory Vent V 1105 Virginia Enrgy V 2 Viscount Mng V 480 Vista Gold* X 917 Vista Gold T 104 VMS Vent V 1180

0.03 0.03 0.03 + 0.01 0.07 0.02 0.03 0.02 0.03 + 0.00 0.06 0.01 0.29 0.27 0.29 - 0.00 0.35 0.15 0.38 0.36 0.36 - 0.02 0.44 0.20 0.26 0.22 0.23 - 0.02 0.32 0.11 0.16 0.13 0.14 - 0.03 0.30 0.05 0.03 0.02 0.03 + 0.02 0.07 0.02 0.24 0.20 0.24 + 0.01 0.30 0.08 0.18 0.14 0.18 - 0.01 0.22 0.06 0.02 0.01 0.02 - 0.00 0.11 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.43 0.23 0.23 - 0.05 1.65 0.16 16.26 13.77 15.76 + 1.23 27.68 6.15 0.26 0.23 0.25 - 0.01 0.28 0.05 0.54 0.49 0.51 - 0.01 1.07 0.44 0.04 0.03 0.04 + 0.01 0.05 0.01 0.03 0.03 0.03 + 0.01 0.03 0.00 0.20 0.14 0.16 - 0.02 0.20 0.02 0.85 0.73 0.84 + 0.05 3.00 0.65 0.00 0.00 0.00 + 0.00 0.00 0.00 3.20 2.31 3.04 - 0.03 19.20 2.10 0.11 0.10 0.11 + 0.01 0.17 0.05 0.42 0.35 0.36 - 0.07 1.40 0.11 0.03 0.02 0.03 - 0.00 0.20 0.00 0.14 0.00 0.13 + 0.00 5.00 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 3.09 2.47 3.01 + 0.24 6.82 1.55 4.40 3.45 4.17 + 0.34 9.14 2.13 0.40 0.25 0.25 - 0.05 0.40 0.25 0.04 0.03 0.03 - 0.01 0.07 0.01 0.03 0.02 0.02 - 0.00 0.04 0.01 0.01 0.00 0.01 + 0.01 0.01 0.01 0.05 0.04 0.05 + 0.01 0.08 0.03 0.07 0.02 0.07 + 0.01 0.24 0.04 5.62 5.07 5.58 + 0.22 14.43 3.52 0.08 0.03 0.04 - 0.04 0.08 0.02 0.04 0.03 0.04 + 0.01 0.08 0.01 0.01 0.01 0.01 + 0.01 0.03 0.01 0.23 0.16 0.20 + 0.05 0.46 0.13 0.00 0.00 0.00 - 0.00 0.05 0.00 0.24 0.20 0.22 + 0.01 0.25 0.11 0.03 0.02 0.03 - 0.00 0.13 0.01 0.05 0.04 0.05 + 0.02 0.05 0.02 0.04 0.02 0.03 + 0.01 0.04 0.01 0.05 0.00 0.05 - 0.03 0.10 0.03 0.50 0.45 0.46 - 0.01 0.63 0.16 0.55 0.45 0.52 - 0.03 0.60 0.24 0.73 0.60 0.70 - 0.04 0.80 0.31 0.08 0.07 0.07 - 0.01 0.26 0.05

Wabi Expl 18 WAI Cap Invest V 229 Walker River V 1131 Wallbridge Mng T 322 Walter Energy* O 800 Wealth Mnrls* O 7 Wealth Mnrls V 200 Wellgreen Plat* O 251 Wellgreen Plat T 584 Wesdome Gold T 1577 V 1370 West Af Res West High Yld V 71 West Red Lake 4116 West Red Lake* O 566 X 723 Western Copper* Western Copper T 1384 Western Graphi* O 61575 Western Lith T 4864 Western Lith* O 2640 Western Pac Rs* O 2 Western Uran 12 Westhaven Vent V 339 Westkam Gold V 1048 Westminster Rs V 155 Westmoreland* D 1504 WestMountain* O 187 White Mtn Engy* O 300 Whitehaven Coa* O 2192 Wildcat Expl* O 83 Wildcat Expl V 65 Wincash Apolo* O 33 Wolfden Res V 403 Wolverine Mnls V 91 WPC Res V 1013 Xander Res V 66 Xiana Mng V 30 Ximen Mng V 314 XLI Tech Inc* O 16008 Xtra-Gold Res T 134 Xtra-Gold Res* O 15 Yamana Gold T 38615 Yamana Gold* N 99594 Yellowhead Mng T 30 Yorbeau Res T 669 You Han Data* O 0 Zadar Vent V 593 Zazu Metals* O 57 Zazu Metals T 258 Zenyatta Vent V 212 Zenyatta Vent* O 38 Zephyr Mnls V 163 Zimtu Capital V 78 Zonte Mtls V 91

0.05 0.04 0.05 + 0.01 0.06 0.01 0.05 0.04 0.05 + 0.01 0.10 0.02 0.07 0.06 0.07 + 0.01 0.08 0.02 0.06 0.05 0.05 - 0.01 0.06 0.02 0.04 0.03 0.03 - 0.00 0.75 0.01 0.21 0.19 0.19 - 0.00 0.33 0.10 0.29 0.25 0.29 + 0.03 0.42 0.14 0.23 0.19 0.20 - 0.03 0.43 0.12 0.29 0.25 0.25 - 0.05 0.57 0.16 1.77 1.57 1.73 + 0.01 1.82 0.89 0.10 0.08 0.09 + 0.01 0.10 0.05 0.30 0.24 0.24 - 0.04 0.43 0.17 0.21 0.08 0.17 + 0.02 0.21 0.01 0.13 0.08 0.13 + 0.04 0.11 0.02 0.66 0.50 0.58 + 0.04 0.66 0.20 0.87 0.66 0.75 + 0.02 0.87 0.29 0.00 0.00 0.00 + 0.00 0.01 0.00 0.57 0.47 0.50 + 0.03 0.96 0.26 0.43 0.34 0.38 + 0.02 0.81 0.18 0.00 0.00 0.00 + 0.00 0.04 0.00 2.40 1.50 2.00 - 0.40 5.00 1.40 0.11 0.09 0.10 + 0.02 0.11 0.04 0.04 0.03 0.03 - 0.01 0.05 0.02 0.05 0.04 0.05 + 0.02 0.08 0.01 8.05 7.16 7.34 - 0.51 30.92 3.44 0.09 0.07 0.09 + 0.02 0.35 0.04 0.13 0.10 0.10 - 0.01 0.46 0.07 0.48 0.00 0.48 + 0.15 1.23 0.25 0.05 0.04 0.04 + 0.00 0.05 0.02 0.07 0.06 0.07 - 0.02 0.09 0.02 0.10 0.07 0.10 + 0.02 0.35 0.07 0.10 0.09 0.09 - 0.01 0.18 0.05 0.03 0.02 0.02 - 0.01 0.08 0.02 0.06 0.05 0.06 + 0.01 0.08 0.03 0.38 0.33 0.38 + 0.01 0.41 0.18 0.05 0.04 0.05 + 0.01 0.10 0.03 0.06 0.05 0.05 - 0.01 0.15 0.02 1.30 0.21 0.23 - 0.87 1.50 0.14 0.43 0.40 0.42 + 0.02 0.46 0.18 0.31 0.30 0.31 + 0.01 0.33 0.12 4.29 3.76 4.06 - 0.08 5.28 1.89 3.30 2.81 3.09 - 0.02 4.22 1.38 0.05 0.05 0.05 - 0.02 0.18 0.03 0.09 0.07 0.09 + 0.02 0.17 0.04 2.00 0.00 2.00 + 1.15 3.95 0.75 0.08 0.07 0.07 - 0.01 0.13 0.01 0.18 0.14 0.14 - 0.01 0.21 0.08 0.23 0.19 0.19 - 0.01 0.28 0.09 0.97 0.86 0.87 - 0.09 2.61 0.63 0.73 0.71 0.72 + 0.01 2.20 0.47 0.18 0.14 0.18 + 0.03 0.20 0.08 0.18 0.15 0.16 - 0.02 0.34 0.12 0.09 0.07 0.09 + 0.02 0.15 0.02

U-V

W-Z

16-03-22 6:49 PM

WWW.NORTHERNMINER.COM

March 28–APRIL 3 / THE NORTHERN MINER

BID-ASK — March 14–18, 2016 STOCK

12-MONTH

EXC BID ASK LAST HIGH

Zinco Mng V C 37 Capital One Acme Res Corp V V Active Growth Advance Gold V Afrasia Mnls V V Aftermath Slvr Aida Minerals C Alberta Star V Alderon Iron* X Aldershot Res V V Allante Potash Alpha Nat Res* N Alphamin Res V ALQ Gold V Altan Rio Mnls V Altiplano Mnls V Altitude Res V V Alturas Mnrls Amanta Res V Amato Expl V Amer Vanadium V Amex Expl V Anglo Pac Grp T Anthem United V C APAC Res Inc V Appalaches Res Appia Energy C Apple Cap Inc V Arbitrage Expl C N Arch Coal* Ardonblue Vent V C Arrowhead Gold Arrowstar Res V Artha Res V V Asbestos Corp Asher Res V V Asia Now Res Astar Mnls V Astorius Res V C Ateba Res Atlantic Ind V X Atlatsa Res* Aura Silver Rs V Aurania Res V Aurgent Gold V Austin Res V V Balto Res Banks Island V Barksdale Cap V Baroyeca Go&Si V V BE Res Bearclaw Cap V Bearing Res V BHK Mining V Big Bar Res V Big Wind Cap C Bird River Res C Black Bull Res V Boss Power V Bravura Vent C Brionor Res V Buccaneer Gold V Cairo Res V Canada Coal V V Caribbean Res Carrie Arran V Cascade Res V V Cassidy Gold Cdn Silvr Hunt V V Celeste Mng Celtic Minrls C Chantrell Vent V Chinapintza Mg V Cicada Vents V V Claim Post Res Cliffs Nat Res* N Clydesdale Res V CMX Gold & Sil C CNRP Mng C Comet Inds V Compliance Egy V V Conquest Res Cons Westview V Copper Lake Rs V Coronet Mtls V Cougar Mnls V C Crestwell Res Cresval Cap V V Cricket Res CWN M’g Acq V Damara Gold V Dawson Gold V Declan Res C Deveron Res V Discovery Harb V DV Res V E-Energy Vent V EastCoal Inc V Emerge Res V Enfield Expl C Entourage Mtls V European Ferro C C European Metal Finlay Minrls V

0.03 0.05 0.04 0.08 0.12 0.40 0.20 0.21 0.01 0.03 0.02 0.04 0.03 0.04 0.03 0.17 0.02 0.02 0.01 0.03 0.01 0.09 0.02 0.02 ... 0.01 0.01 0.03 0.10 0.16 0.10 0.23 0.20 0.22 0.20 0.23 ... 0.40 0.14 0.52 0.02 0.03 0.02 0.05 0.01 0.10 0.01 0.07 0.23 0.24 0.24 4.16 0.15 0.18 0.18 0.32 0.05 0.07 0.07 0.07 0.01 0.02 0.02 0.03 0.03 0.04 0.03 0.06 0.06 0.13 0.15 0.21 0.01 0.01 0.01 0.01 0.01 0.02 0.01 ... 0.01 0.01 0.02 0.09 0.09 0.09 0.10 0.04 0.04 0.04 0.07 ... 1.49 1.50 2.05 0.19 0.30 0.25 0.47 0.03 0.10 0.05 0.11 0.01 0.01 0.01 0.01 ... 0.01 0.05 0.02 0.06 0.09 0.12 0.01 0.02 0.01 0.04 ... ... 0.58 15.00 0.05 0.10 0.05 0.07 0.01 ... 0.03 0.07 0.05 0.06 0.05 0.14 0.13 0.15 0.12 0.20 0.19 0.29 0.18 0.30 0.01 0.02 0.02 0.05 0.01 0.02 0.02 0.03 0.10 ... 0.09 0.16 0.01 0.02 0.01 0.05 ... 0.01 0.01 0.01 ... 0.01 0.01 0.01 ... ... 0.06 0.45 0.01 0.02 0.02 0.02 0.33 ... 0.50 0.60 0.03 0.06 0.04 0.04 ... 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.17 ... 0.01 0.01 0.02 ... 0.01 0.01 0.02 ... 0.34 0.35 0.03 0.04 0.03 0.04 0.01 0.05 0.03 0.04 0.05 0.07 0.07 0.11 0.08 0.50 0.10 0.10 0.01 0.02 0.01 0.05 0.05 0.09 0.06 0.07 ... 0.01 0.01 0.17 0.20 0.17 0.19 0.03 0.05 0.02 0.08 0.02 0.03 0.02 0.02 0.02 0.03 0.02 0.04 0.17 0.50 0.15 0.23 0.02 0.02 0.02 0.03 0.01 0.01 0.01 0.06 0.05 ... 0.05 0.07 0.02 0.04 0.02 0.05 0.01 0.02 0.02 0.04 0.01 0.02 0.01 0.06 ... 0.01 0.01 0.01 ... ... 0.01 0.06 0.09 0.06 0.15 0.01 0.02 0.01 0.02 ... 0.01 0.01 0.02 0.01 0.01 0.01 0.04 1.45 3.20 1.43 7.17 0.02 ... 0.02 0.08 0.10 0.10 0.10 0.11 ... 0.01 0.01 0.01 1.25 1.75 1.75 1.75 0.03 0.03 0.03 0.25 ... 0.01 0.01 0.01 0.25 0.45 0.23 0.64 0.03 0.04 0.04 0.09 0.06 0.10 0.08 0.15 0.01 0.01 0.05 0.15 0.04 0.10 0.13 0.15 0.04 0.05 0.06 0.06 0.01 0.04 0.01 0.04 0.11 0.50 0.13 0.50 0.05 0.05 0.05 0.13 0.01 0.01 0.12 0.15 ... 0.01 0.01 0.01 0.20 0.22 0.24 0.32 0.01 0.02 0.01 0.09 0.04 0.05 0.05 0.06 ... 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.05 0.07 0.05 0.06 ... ... 0.01 0.10 0.06 0.07 0.06 0.22 ... ... 0.15 0.20 ... 0.01 0.01 0.01 0.03 0.04 0.03 0.05

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12-MONTH

LOW

STOCK

EXC BID ASK LAST HIGH LOW

STOCK

EXC BID ASK LAST HIGH LOW

0.01 0.14 0.01 0.02 0.01 0.01 0.01 0.08 0.16 0.12 0.01 0.01 0.20 0.11 0.03 0.01 0.02 0.02 0.01

Finore Mng Fire River Gol Firebird Res First Idaho Freeport Res G4G Res GB Minerals GFM Res Giyani Gold Global Hunter God’s Lake Res Gold Ridge Exp Goldbank Mng Goldbelt Emp Golden Brg Dev Goldstar Mnls Goldstream Mnl GoldTrain Res Gossan Res Gravis Energy Gray Rock Res Greatbanks Res Greenshield Ex Greywacke Expl Hansa Res Harvest Gold HFX Holding Highbury Proj Highvista Gold HiHo Silver Homeland Egy IGC Res Inform Res Inter-Rock Mnl Intl Samuel Ex Jaxon Mnls Jazz Res Jet Metal Karoo Expl Kenna Res Kermode Res Kesselrun Res Kestrel Gold Kitrinor Mtls La Imperial Lago Dourado Lateral Gold Lions Bay Cap Lions Gate Mtl Logan Res Lovitt Res Lucky Mnls Lund Enterpr Maccabi Vent Mag Copper Magnum Goldco Mainstream Mnl Manado Gold Margaux Res Maritime Res Match Capital MAX Res MaxTech Vent McChip Res McLaren Res Mega Copper Metallum Res Mezzotin Mnrls Midasco Cap Midnight Star MillenMin Vent Milner Con Slv Mineral Hill Minsud Res Mitchell Res Moag Copper Monster Mng Montego Res Morgan Res Morumbi Res Mountainstar MPH Vent Natan Res Nebu Res New Klondike Newlox Gold Newstrike Res Nickel North Nikos Expl Nomad Ventures Nortec Mnls North Am Ptash NovX21 NSGold NSS Res Inc Nthrn Sphere Nubian Res Odyssey Res Opawica Expl Open Gold Oracle Mng Organic Potash Oroplata Res* Otterburn Res Oxford Res

C V V V V V V V V V C V V V V V V C V C V V V C V V V V V C V V V V V V V V V V V V V V C V V V C V V V V C C V V V V V V V C V C V V V V C V V V V V C V C V V C V V V V C V V V V V V V V C C V V V V V C O V V

Pac Arc Res Pac Cascade Pac Imperial Pac Link Mng Pac Potash Pac Topaz Pantheon Vent Parallel Mng Parlane Res Phoenix Gold Plate Res Platinex PNG Gold Polar Res Portex Mnrls Portofino Res Prize Mng ProAm Expl Quartz Mtn Res Rainmaker Res Rare Element* Ravencrest Res Razore Rock Res Regal Res Remo Res Reva Res Rheingold Expl Rhyolite Res Rift Valley Rodinia Lithm Rokmaster Res Romulus Res RosCan Mrnls Ross River Rotation Mnls Royal Rd Mnrls Royal Sapphire Rubicon Mnrls* Rugby Mng Running Fox Rs Samco Gold Savoy Vent Scavo Res Serabi Gold SG Spirit Gold Shoshoni Gold Signal Expl Silver Fields Silver Grail Silver Phoenix Sniper Res SolidusGold Squire Mg Ltd Standard Toll Stellar Africa Stelmine Can Sunrise Res Sunset Cove Mg Suparna Gold Superior Mng TAD Mineral Talmora Diamd Tanager Energy Tantalex Res Tanzania Mnls Taranis Res Tarku Res Tasca Res Tearlach Res Telferscot Res Teryl Res Corp Theia Res Thunder Mtn Gd Tiller Res Tolima Gold Transatlan Mng Trio Gold Corp Troy Enrgy True Grit Res True Zone Res Trueclaim Expl Turbo Cap Inc UC Res United Coal Universal Vent Velocity Mnrls Venerable Vent Viking Gold Waseco Res WCB Res West Melville Westridge Res Whistler Gold White Metal Rs White Pine Res Williams Creek Winston Res Wolfeye Res Zara Res Zena Mng Zincore Mtls

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

0.01 0.06 0.02 1.07 0.17 0.05 0.01 0.09 0.01 0.58 0.05 0.03 0.04 0.01 0.13 0.02 0.01 0.09 0.01 0.01 0.01 0.06 0.01 0.30 0.02 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.03 0.06 0.01 0.02 0.15 0.02 0.01 0.02 0.08 0.01 0.01 0.05 0.02 0.01 0.01 0.01 0.06 0.01 0.01 0.01 0.98 0.02 0.09 0.01 1.02 0.03 0.01 0.22 0.03 0.04 0.03 0.08 0.01 0.01 0.11 0.04 0.03 0.01 0.09 0.01 0.03 0.01 0.01 0.04 0.01 0.03 0.10 0.01 0.02

0.01 0.04 0.03 0.04 0.03 0.07 0.09 0.75 0.01 0.02 0.02 0.05 0.06 0.20 0.06 0.15 0.01 0.02 0.01 0.02 0.05 0.07 0.05 0.10 0.05 0.07 0.06 0.12 0.03 0.10 0.03 0.03 0.04 0.04 0.09 0.11 0.02 0.03 0.02 0.04 0.02 0.08 0.05 0.10 0.01 0.04 0.01 0.02 0.05 0.08 0.06 0.09 0.04 0.05 0.04 0.10 0.03 0.08 0.08 0.17 0.01 0.02 0.02 0.04 ... 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.04 0.04 0.05 ... 0.02 0.01 0.02 0.03 0.02 0.04 0.01 0.02 0.01 0.14 0.05 0.10 0.05 0.05 0.03 ... 0.01 0.01 0.01 0.02 0.02 0.03 0.04 0.12 0.04 0.05 0.04 0.07 0.09 0.15 0.12 0.19 0.16 0.19 ... 0.16 0.17 0.20 ... 0.02 0.01 0.02 ... 0.01 0.01 0.01 ... 0.01 0.01 0.02 ... 0.01 0.03 0.03 0.04 0.05 0.04 0.07 0.02 0.14 0.10 0.30 0.03 0.04 0.03 0.06 0.08 0.10 0.10 0.23 0.10 0.10 0.09 0.16 0.01 0.03 0.01 0.02 0.10 0.15 0.12 0.17 ... 0.01 0.01 0.02 0.05 0.07 0.05 0.09 0.02 0.02 0.02 0.07 0.01 0.01 0.01 0.01 0.01 0.05 0.01 0.01 0.08 0.10 0.10 0.15 0.07 0.11 0.07 0.36 0.01 0.03 0.01 0.02 0.02 0.05 0.02 0.08 0.07 0.09 0.08 0.08 0.03 0.05 0.05 0.05 0.05 0.06 0.06 0.14 0.02 0.04 0.02 0.06 0.09 0.10 0.10 0.14 0.02 0.03 0.02 0.15 0.05 0.08 0.04 0.13 ... 0.01 0.01 0.01 0.01 0.03 0.08 0.12 0.20 0.20 0.30 0.13 0.15 0.14 0.20 0.01 0.04 0.01 0.02 0.06 0.07 0.07 0.11 0.12 0.15 0.12 0.22 0.57 0.75 0.56 1.05 ... 0.01 0.01 0.01 0.02 0.03 0.02 0.05 0.03 0.06 0.12 0.13 0.01 0.01 0.01 0.01 0.10 0.15 0.10 0.13 0.08 0.12 0.08 0.10 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.07 0.01 0.01 0.14 0.09 0.12 0.09 0.09 0.02 0.03 0.02 0.05 ... ... 0.08 0.14 0.01 0.01 0.01 0.01 0.10 0.20 0.10 0.25 0.01 0.01 0.01 0.07 0.03 0.04 0.03 0.07 ... ... 0.10 0.30 0.08 0.08 0.07 0.11 ... 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.01 0.01 0.01 0.02 0.03 0.04 0.03 0.08 0.03 0.04 0.04 0.08 0.01 0.02 0.02 0.03 0.03 0.03 0.03 0.06 ... 0.01 0.01 0.07 0.02 0.02 0.02 0.04 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.09 0.06 0.08 0.07 0.07 ... ... 0.20 0.20 0.22 0.50 0.39 0.60 0.01 0.02 0.01 0.02 0.01 0.04 0.02 0.04 0.01 0.02 0.02 0.10 0.01 0.01 0.01 0.01 0.01 0.01 0.07 ... 0.08 0.06 0.09 ... ... 0.50 0.50 ... ... 0.20 0.02 0.03 0.03 0.03

0.01 0.03 0.01 0.05 0.01 0.03 0.02 0.02 0.05 0.01 0.01 0.01 0.03 0.02 0.06 0.01 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.10 0.16 0.01 0.01 0.01 0.01 0.01 0.05 0.01 0.04 0.04 0.01 0.08 0.01 0.02 0.01 0.01 0.01 0.05 0.07 0.01 0.01 0.03 0.02 0.05 0.02 0.08 0.01 0.02 0.01 0.11 0.08 0.01 0.04 0.03 0.56 0.01 0.02 0.08 0.01 0.05 0.08 0.01 0.02 0.05 0.01 0.07 0.01 0.09 0.01 0.02 0.09 0.04 0.01 0.01 0.01 0.02 0.02 0.01 0.02 0.01 0.02 0.01 0.02 0.03 0.20 0.10 0.01 0.02 0.02 0.01 0.01 0.35 0.02

0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.03 0.04 0.05 0.11 0.12 0.11 0.11 0.03 0.03 0.11 0.19 ... 0.01 0.05 0.06 0.01 0.01 0.02 0.02 0.03 0.08 0.10 0.15 0.06 0.09 0.01 0.02 0.01 0.02 0.02 0.03 0.11 0.13 0.11 0.16 0.01 ... 0.01 0.07 ... ... 0.06 0.10 0.05 0.09 0.01 0.05 0.09 0.17 0.01 0.06 0.02 0.02 0.01 0.02 0.08 0.28 0.01 0.01 ... 0.01 0.03 0.25 0.05 0.07 0.03 0.05 ... ... 0.06 0.08 0.02 0.03 0.02 0.03 ... ... 0.36 0.57 0.07 0.08 0.11 ... ... 0.01 0.02 0.04 ... 0.01 0.02 0.03 0.01 0.24 0.01 0.01 0.10 0.12 0.10 0.11 ... 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.02 ... 0.01 ... 0.01 ... 0.01 0.04 0.04 0.04 0.05 ... 0.01 0.08 0.10 0.02 0.02 0.01 0.02 0.08 0.15 0.01 0.01 0.01 0.02 0.08 0.13 0.05 ... 0.04 0.07 ... 0.01 ... 0.35 ... 0.01 0.01 0.10 0.01 0.06 ... ... 0.02 0.02 ... 0.01 0.01 0.02 ... 0.01 0.40 ... 0.07 0.15 0.01 0.01 0.01 0.01 0.02 0.02 0.05 0.06 0.08 0.20 0.01 0.02 0.02 0.29 0.02 0.03 0.01 0.01 0.02 0.02 0.01 0.01 0.25 ... 0.01 0.02 0.06 0.10 0.01 0.02

0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.05 0.45 0.10 0.13 0.10 0.13 0.04 0.07 0.15 0.21 0.01 0.03 0.05 0.21 0.01 0.01 0.01 0.03 0.08 0.01 0.01 0.06 0.13 0.02 0.05 0.02 0.02 0.02 0.03 0.13 0.34 0.15 0.89 0.01 0.01 0.08 0.08 0.07 0.11 0.06 0.08 0.05 0.10 0.05 0.05 0.11 0.18 0.01 0.04 0.01 0.05 0.01 0.05 0.09 0.20 0.01 0.02 0.01 0.01 0.04 0.15 0.07 0.35 0.03 0.08 0.03 1.35 0.06 0.18 0.02 0.03 0.03 0.50 0.16 0.36 0.54 0.08 0.10 0.09 0.20 0.01 0.02 0.01 0.04 0.01 0.03 0.03 0.06 0.10 0.10 0.01 0.07 0.11 0.17 0.10 0.11 0.01 0.25 0.01 0.10 0.01 0.04 0.01 0.06 0.01 0.06 0.01 0.04 0.01 0.01 0.01 0.01 0.04 0.04 0.07 0.04 0.07 0.01 0.04 0.07 0.15 0.02 0.18 0.02 0.05 0.08 0.16 0.01 0.05 0.02 0.02 0.08 0.20 0.09 0.12 0.04 0.13 0.01 0.01 0.13 0.01 0.02 0.01 0.04 0.01 0.04 0.01 0.03 0.02 0.05 0.01 0.02 0.02 0.03 0.01 0.45 0.45 0.08 0.20 0.01 0.02 0.01 0.01 0.02 0.06 0.06 0.19 0.18 0.60 0.01 0.03 0.02 0.02 0.03 0.04 0.01 0.09 0.02 0.07 0.01 0.08 0.25 0.35 0.01 0.10 0.06 0.10 0.01 0.04

0.01 0.01 0.01 0.01 0.03 0.06 0.09 0.03 0.01 0.01 0.03 0.01 0.03 0.01 0.06 0.01 0.01 0.01 0.11 0.06 0.01 0.01 0.03 0.04 0.02 0.02 0.10 0.01 0.01 0.01 0.07 0.01 0.01 0.02 0.04 0.02 0.03 0.03 0.01 0.02 0.26 0.04 0.05 0.01 0.01 0.01 0.02 0.01 0.01 0.04 0.10 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.03 0.02 0.01 0.02 0.01 0.01 0.05 0.05 0.04 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.27 0.05 0.01 0.01 0.02 0.02 0.10 0.01 0.01 0.02 0.01 0.01 0.01 0.03 0.01 0.05 0.01

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16-03-22 6:49 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 28–APRIL 3, 2016

Zonte pursues fractional claims over Gramalote in Colombia Dispute

| Application has not been processed according to Colombia’s mining code, Zonte says

By Lesley Stokes

lstokes@northernminer.com VANCOUVER

t’s been a couple of years since Zonte Metals (TSXV: ZON) first spotted — and applied for — fractional claims over joint-venture partners’ AngloGold Ashanti (NYSE: AU) and B2Gold’s (TSX: BTO; NYSE-MKT: BTG) multimillion-ounce gold Gramalote gold deposit, 80 km northwest of Medellin, Colombia, but the country’s secretary of mines continues to deny the Nova Scotia-based junior rights to the land title. The department reaffirmed its decision to Zonte in late January on the grounds that the area in dispute — which measures 0.3 sq. km — is too small to become a mine, and the application would interfere with the joint-venture partners’ potential mining operation. According to Terry Christopher, president and CEO of Zonte, the company’s application has not been processed with respect to the country’s mining code, stating that “there is no minimum size” on land applications, and points to a recently issued title in Colombia that covered less than 0.001 sq. km. Christopher tells The Northern Miner during a phone interview that the company intends to advance the dispute through Colombia’s court system. “We’re basically at this point in the process now where we can sit down with the secretary of mines and explain our case to them, and vice versa,” he says. “Once we get past this meeting we can finally go to a special court … and according to our legal counsel, the special court is the level where we need to be to have the power to request the application to be processed in respect to the mining code.” Zonte first sieved through the country’s land titles in 2013, when it identified a number of narrow gaps between title areas — otherwise known as “fractional” claims — sitting across Gramalote, and submitted an application for title. The gaps measure 21 metres wide and 600 metres long, 13 metres wide and 400 metres long, and 58 metres wide and over 500 metres long. “I don’t know why they’re there, but it looks like someone tried to match it point by point and missed

A map outlining Zonte Metals’ claims near AngloGold Ashanti and B2Gold’s Gramalote gold project, 80 km northwest of Medellin, Colombia. Zonte Metals

“it looks like someone tried to match it point by point and missed by 20 or 30 metres.” Terry Christopher President and CEO, Zonte Metals

by 20 or 30 metres,” he says. “There are a bunch of these that we’ve identified, and this one was the first in line.” Christopher says that Zonte wasn’t the first company to notice the fractional claims — to his knowledge, an individual made a similar application over the ground in 2006, and a subsidiary of AngloGold Ashanti repeated the same process in 2009 — but neither attempts to close the ground were successful. “The way it works in Colombia is that if you miss an application deadline — no matter if you’re right or wrong — the application dies … so the onus is on you to keep your eye on the ball,” he says.

After rejections from the department since 2013, Zonte armed itself with a legal counsel helmed by a former director at Colombia’s secretary of mines, and “without that particular guidance, we would’ve just walked away,” Christopher adds. Although Christopher couldn’t provide any timelines on when the company can expect a final resolution, he says that he’s “impressed with the speed at which things happen in court. “We made an application in midAugust last year to get the secretary of mines to issue us a formal answer, and they were dragging their heels and missing all the dates … so when we finally went to court about it, the

Zonte Metals crew endures rough terrain while scouting properties in Sur de Bolivar, Colombia. Zonte Metals

March 28 Pgs 1 2 3 4 5 11 13 14 16.indd 11

judge was strict to set specific dates for an answer,” he says. Gramalote is an intrusive-hosted and structurally controlled gold deposit with 2.69 million oz. gold within 132.7 million measured and indicated tonnes grading 0.63 gram gold per tonne, and 3.36 million oz. gold within 239.7 million inferred tonnes grading 0.44 gram gold. While Zonte made its initial claim applications, B2Gold and Ashanti evaluated the deposit for development and released a preliminary economic study in March 2014, which envisaged a 14-year mine life, producing 317,500 oz. gold per year at cash costs of US$664 per oz. The US$1.2-billion mine would have a US$398-million after-tax net present value (using a 5% discount rate and US$1,351 per oz. gold) and an 11.5% internal rate of return.

But in the face of deteriorating gold prices, Gramalote’s chance of becoming one of the first modern commercial-scale gold mines in Colombia took a hit when B2Gold said it would not move forward on a feasibility study until market conditions improve. For Zonte, Christopher says the the company’s strategy is to “get through the application process according to the rules outlined in the mining code. “We have prepaid our law firm, which will take us all the way through special court, so we’ll see what happens after that,” he says. Zonte Metals has traded within a 52-week range of 2¢ to 15¢, and closed at 7¢ at press time. The company has 26.2 million shares outstanding for a $2-million market capitalization. TNM

Contract geologist Ruben Jaramillo (left) and an assistant sample an oxide zone for Zonte Metals in Colombia. Zonte Metals

16-03-22 6:44 PM

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meetings

The surface of the planned Jay expansion at Dominion Diamond’s Ekati diamond mine in the Northwest Territories. Dominion Diamond

Premier Bob McLeod on mining in the NWT NWT From 4

BM: The Fraser Institute — we always rank high for resource potential. We’re usually in the top 10. On t he timeframe for permitting, obviously we’re concerned about it. We wanted to find out how objective their surveys are. Can they point to how they arrived to the conclusion that we take the longest to process permits? Ever since the devolution, we have processed land-use permits, water licences … much faster … we plan to meet with the Fraser Institute so that we understand how they come up with the ranking … it is subjective that they just send out letters to everybody. Somebody that may have been in the North 40 years ago could say permitting takes too long, and they may have not been back since. TNM: How does the territory plan to increase its attractiveness for mining investments? BM: This is something we are working on constantly. What concerns us is the fact that mineral exploration is down … if there’s

March 28 Pgs 1 2 3 4 5 11 13 14 16.indd 13

no exploration, obviously it’s hard to come up with new mining projects. We come up with a mineral development strategy, where we’re working with industry to have more prospectors, also we have a mining incentive program, where companies can apply for funding to do more exploration. Those are the kinds of things that we are doing. TNM: Can you outline the mineral development strategy? BM: It’s a strategy where we have a number of objectives. One is to educate more people about the benefits and attractiveness of mining. We also want to promote the Northwest Territories as a good place to invest in. We are funding exploration work so that projects can be explored and developed. TNM: When you talk to residents what are their main concerns when it comes to mining? BM: People don’t understand mining. I don’t t hin k people understand how impor tant it is — it’s 40% of our economy. In some areas, they don’t want prospectors and they don’t like

the free-entry program. They feel that they should know prospectors are going onto their land. They are concerns about drilling, most people in the industry feel that diamond drilling doesn’t have a significant impact on the environment, but some people see it differently. It also affects environmental assessments and so on. It is important to educate the public on mining. TNM: Are land issues a major challenge? BM: Yes, we have large areas that are still being negotiated for land claims. There are large tracts of land that have been withdrawn in anticipation of land claims being settled. We have interim land withdrawals, and obviously, there are conservation areas and parks that are being developed. TNM: How long do you think it is going take for the land claims to be settled? BM: As a government we’ve committed to settling all outstanding land claims in the term of this 18th Legislative Assembly, so within four years. That’s our objective. TNM: What mining project in the

territory excites you the most in terms of resource potential? BM: The one that is being built right now, the Gahcho Kué diamond mine. It’s the largest openpit diamond mine that is being built. There are three other projects — (Fortune Minerals’ [TSX: FT] gold-cobalt-bismuth NICO, Avalon Advanced Materials’ [TSX: AVL] rare earth Nechalacho and Canadian Zinc’s [TSX: CZN] zinc-lead Prairie Creek) — that have received approval. They have gone through the regulatory process. But they haven’t raised the necessary capital funding to move onto the next step of construction … they’re all looking to raise capital funding so that they can move on. TNM: Is there anything you’d like to add about what the government is doing to attract more funds for mining projects? BM: We have gone to China — I have gone to China five times. We’re looking to attract foreign investment wherever there is capital. We are looking at the U.S. and Europe as well. TNM

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March 28–APRIL 3, 2016 / THE NORTHERN MINER

China remains ‘engine of growth’ Commodities demand

| Import volumes have grown for the past 22 months, CRU Consulting says

By Salma Tarikh

starikh@northernminer.com

hilip Macoun, managing consultant at London-based CRU Consulting, shared an overview on China’s impact on commodity markets, along with his outlook for copper, coal, iron ore and gold, at the recent Prospectors & Developers Association of Canada convention. In 2014, China was responsible for 39% of global production and 45% of global consumption across 16 commodities, Macoun notes. Contrary to popular belief, the combined import volumes of the top-10 commodities into China over the last 22 months have picked up. “There has been a corresponding growth in Chinese supply, and across a lot of those commodities, supply has kept pace with the explosive growth in China’s demand.” The country’s top-10 commodities include bauxite, copper, iron ore, coal, nickel, zinc, lead, gold, potash and tin. “There has been no collapse in the volumes going into China. It is probably less than a lot of people were hoping for, but volumes have been rising,” Macoun revealed. “Some people talk about China as if it has fallen off a cliff in terms of commodity imports, and the reason for this is, of course, that prices or import values have fallen, but not so much volumes.”

The Yangshan deepwa e po n Hangzhou Bay sou h o Shangha

growth for commodities through the whole super cycle, going back 15 to 20 years,” Macoun said, noting that it will drive growth for the next five

to 10 years, despite the slower pace. CRU predicts the downward pressures on copper prices will continue this year, with prices averaging

US$4,600 per tonne due to weak global consumption and a strong U.S. dollar, among other factors. Copper prices should bottom in 2016, with a deficit emerging in 2018 to 2019, with prices rebounding slightly in 2017, Macoun says. “But we don’t see copper prices reaching a US$6,500-per-tonne average for the year until 2019.” Chinese hot metal production collapsed last December, driving down hard coking coal prices to under US$80 per tonne, Macoun says, explaining the rally in prices is “probably not sustainable” without more supply cuts in 2016. CRU expects metallurgical coal prices will increase in 2017, as the “market rebalances and cost inflation returns.” Meanwhile, it predicts poor fundamentals for iron ore in 2016 and 2017, with prices holding at US$40 per tonne, and a weak recovery expected afterwards. “Our view for the next few years is that Chinese iron ore miners will still be feeling pain,” Macoun said. CRU’s outlook on gold, however,

is more upbeat. The precious metal has gained 15% so far in 2016, helped by strong demand in China and India, lower production, and low or negative interest rates. China’s official buying should keep rising, supporting the metal’s price increase in the near-term. “We are not strong bulls for the medium-term on gold, but it does look well supported in the shortterm for 2016, at least. And if you look at currencies, if you see any weakness in the U.S. currency, it is probably a good sign for gold,” Macoun said. He notes Chinese government spending has increased and interest rates have been lowered to stimulate the economy. CRU expects to see an “orderly transition” of the Chinese economy to a “new normal.” However, he cautions that there could be a hard landing. Macoun is cautiously optimistic on commodity prices for the next three years. “By 2019, most commodities should be in a better place — but not dramatically better off.” TNM

Trusted provider of global mining & exploration intelligence since 1915.

“By 2019, most commodities should be in a better place — but not dramatically better off.”

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Commentary

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

Manag ng consultant CRU Consult ng

Barrick investors revolt against $11.9m bonus

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By Gwen Preston in vancouver and trish saywell in toronto

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion MEXICdollar overrun at its O flagship development project in Rainforest reclamation Sees a bright future Chile, taken a $3.8-billion charge done right in Brazil in old tailings on a highly criticized acquisition, 4 20 changed its11-15 chief executive officer $3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915 and seen its share price sliced in half. So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of But Barrick founder and chairBy Gwen Preston in vancouver man Peter Munk vigorously deand trish saywell in toronto $11.9 million. In the last year Barrick Gold fended Barrick’s decision at the The group of seven Canadian (ABX-T, ABX-N) has announced a company’s annual general meeting multi-billion dollar overrun at its on April 24. pension funds and one interna“I convinced the board,” he told flagship development project in Chile, taken a $3.8-billion charge the standing-room-only crowd at tional investment fund say the on a highly criticized acquisition, the Metro Toronto Convention signing bonus, which would bring changed its chief executive officer Centre. “If you want to give anyand seen its share price sliced in one hell, give it to me.” Thornton’s total compensation Munk argued that the new parhalf. So it was no great surprise that adigm of mounting resource nafor 2012 to $17 million, is a Canaeight funds who are invested in the tionalism requires a brand-new dian record. gold major formally protested the approach to government concompany’s decision to offer co- tacts. And he said that the chal“This compensation is inconchairman John Thornton an “un- lenges of protecting the compasistent with the governance prinprecedented” signing bonus of ny’s assets — “90% of which, to the tune of $40 billion, are in 23 $11.9 million. ciple of pay-for-performance The group of seven Canadian different countries” — meant that the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada. pension funds and one interna- the company needed someone of and is therefore disproportiontional investment fund say the Thornton’s exceptional calibre ate and setstheawestern troubling precesigning bonus, which would bring and “unique credentials,” leverSleeper was one of the lowest-cost Sleeper lies within Site ViSit Thornton’s total compensation age and access to some of the gold mines in the world, and Para- reaches the northern Nevada capital mardentof in Canadian for 2012 to $17 million, is a Cana- world’s most important power mount believes the old mine has a rift, specifically along the SlumBy matthew keevil kets,” the consists group said in a brokers. dian record. bering Hills, which of WINNEMUCCA, NEV. — For Nev- robust future. “We believe that pay should be ada-based explorer Paramount “This compensation is inconSipping coffee inside Para- Mesozoic meta-sedimentary rocks As a group these funds sistent with the governance prin- tailored to achievements, that pay Gold and Silver (PZG-T, PZG-X), mount’s headquarters in the min- ofstatement. the Auld Lang Syne group and ciple of pay-for-performance should come after performance,” there’s a lot to be said for making ing town of Winnemucca, vice- Cretaceous granitic intrusions. collectively manage over $900 and is therefore disproportion- Munk said. “It was hard to have something old new again. In mid- president of exploration Glen van Mineralization at Sleeper falls into billion in assets. ate and sets a troubling prece- someone paid on performance if he 2010 the company picked up the Treek, who joined Paramount four main categories, including:

Commentary

El Tigre Silver

TSX-V:RRI

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Newstrike

Knowledge is Golden™ www.rivres.com

11-15

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

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silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico. BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — As founder any other is excellent, Endeavour spending Endeavour are incredibly and the and T, EXK-N), president try in 2012,Latin American than is Silver food ton are friendly likely a big part Godfrey Walaccording With theseis delicious.” a company Bradford Cooke(EDR- Earlier counbased to come. producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern capturing consums up sat down two mines Peter (FVI-T, total about 6% an idea into large Mexican silver with Cooke Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwide of how erations of the and profitable to a rural ton, working after in just per; and Mining (CS-T),silver; explorationnon-ferrous kid from get cades, op- izingAlta., became eight With the $21.5 billion. Hindespite almost four copa leader (AEM-T, Agnico-Eagle budget Mexico’s purchase years. derelated derachieving in revitalof said AEM-N), violence frequent drugMines Mining silver sector. of a third protests. companies and gold — they are mine, un- ‘I plans to pected Endeavour have Megaw, anti-mining got hooked’ repeat panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a versity. and high-potential ing to Silver growing in result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s Uniof So how land packages. ologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chammergers such success? Mexico tions been instrumental Genear-term metal such demand geology and acquisitop s achieve ( is the discovery Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s of top-10, a n d deHis colleagues takeover See ENDEAVOUR, Resources goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur y it. Mexico fallen ear, s risk First CDEhard i (FR-T, attracted this US$30 lver was t AG-N) Majestic Silver rading in Silver US$1,657p e r o z . a n at (OK-V). its bid for Orko d gol And more per oz. d 2012, M&A compared at the end a t of to US$17 See MEXICO, and

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5:28 PM

Photo by MAtthew Keevil

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

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

Edgewater uncovers gold at Corcoesto in Galicia Site ViSit

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

source in excess of 1 million oz. and putting the finishing touches on a feasibility study slated for release in the fourth quarter. Corcoesto lies at the end of a leisurely drive on well-maintained roads, 36 km southwest of the port city of La Coruna. The route traces alongside the deep blue of the Atlantic Ocean, and through seasonal sandy beach communities marked by the colourful hulls of fishing crafts that sway on the tide. Edgewater’s project sits around 10 km inland from any local agricultural or tourist activities, amongst green hills bristling with thin-trunked eucalyptus trees. “We have excellent government and community support,” comments vice-president exploration Greg Smith during the drive, pointing out that a local mayoral candidate recently won with a platform See EdGEwatEr, Page 18

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

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

B2Gold hits new gold at developing Otjikoto mine By Gwen Preston

VANCOUVER — With its list of gold mines having just climbed from two to three following the takeover of CGA Mining and with a fourth mine under construction, B2Gold (BTO-T) expects to churn out more than half a million ounces of gold annually by 2015. It’s a feat that is earning the company growing praise from an industry happy to see an acquisition-based success story amidst so many overpriced and failed deals. And in its latest news B2Gold reports its drills are hitting highgrade gold at a satellite zone at Otjikoto — the mine under construction in Namibia — that could well add years and ounces to the operation. Otjikoto sits 300 km north of the Namibian capital of Windhoek. The project, which B2Gold holds a 92% stake in through a partnership with Namibian EVI Gold, is home

to 29.4 million probable tonnes of open-pit reserves grading 1.42 grams gold per tonne. Open-pit mine construction at Otjikoto kicked off in January, with initial gold production expected in late 2014. Otjikoto’s current reserves support 112,000 oz. gold production annually for 12 years. However, B2Gold believes there is much more gold to discover at the burgeoning mine. To that end, the company has already completed 47 drill holes at the project this year. Thirteen of those holes were collared within the planned Otjikoto open pit to better delineate certain ore shoots, while another six holes were drilled to inform civil engineering studies. The other 28 holes all probed Wolfshag, a known but little-explored gold zone, northeast of the planned pit. Using historic data and a few drill See B2GoLd, Page 3

See Barrick, Page 3

early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels. During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially

Edgewater uncovers gold at Corcoesto in Galicia

Pages Newstrike

Site ViSit

By matthew keevil

Ana Paula

gold project

in Mexico’s

Guerrero

Endeavour Bradford Silver’s shares his Cooke recipe

PICKS,

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5, 2013

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11-15

SilverCrest

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

Page 14

A drill site at MAG Silver’s flagship Juanicipio silver property BY in Zacatecas “There VIRGINIA HEFFERNAN is state, Mexico. BY GWEN litically, support for VANCOUVER PRESTON more exploration the geology mining poMAG SILVER the people CEO of — As founder any other is excellent, Endeavour spending Endeavour are incredibly and the and T, EXK-N), president try in 2012,Latin American than is food Silver ton are friendly likely a big part Godfrey WalWith theseis delicious.” according a company Bradford Cooke(EDR- Earlier counto come. based producers SNL Metals to Halifaxsuperlatives, sulting that At least leads this year, of the answer. small, Group, geologist Miner — Fortuna three defunct has turned Mines Economics The Northern concapturing sums up sat down two mines Peter (FVI-T, total an idea into large Mexican silver with Cooke Capstone FSM-N), Silver in Mexicowhy he is still Megaw metalsworldwideabout 6% of the of how erations and profitable to a rural ton, working after in just per; and Mining (CS-T),silver; kid from get cades, explorationnon-ferrous op- izingAlta., became eight With the $21.5 billion. Hindespite almost four a leader cop(AEM-T, Agnico-Eagle budget Mexico’s purchase years. derelated derachieving in revitalAEM-N), of said violence frequent drugMines Mining silver sector. of a third protests. companies and gold — they are mine, unplans to pected ‘I got hooked’ Endeavour have Megaw, anti-mining repeat panding considering to invest were International potentially the process president Mexico their In 1976, $7.6 billion ex- ects in 2012, — and Exploration Development of what Cooke in Mexico.portfolio of exsilver majorattract the attention in was of a B.Sc. projthey spentmore than double and co-founderand The attraction with its MAG in geology in his final year of a and high-potential ing to growing Silver in versity. result output is an expert (MAG-T, of ber. the Mexican 2010, accordis partly The marketsat Queen’s Uniof So how land packages. ologists mining Recent the prices. strong precious on MexicanMVG-X), did Endeavour were hot. and has were in chamsuch success? mergers Mexico tions been instrumental Genear-term metal such demand geology and acquisitop s achieve ( is the discovery Bradford il includedM & A ) a c t world’s job offers grads were flooded that posits Cooke of several cracked v e r p r o d u in the Primero i v i t y h a s and at Christmas. cer (P-T, PPP-N) the list there. with silver producing Mining’s of top-10, a n d de- Resources His colleagues takeover See ENDEAVOUR, goldfirst time countries of Cerro must agree in the (CJO-V) d’Alene Page 13 for the industry in 2011. prices and is worth that the security Although have N) bestingMines (CDM-T,Coeur y it. Mexico fallen ear, s risk First CDEhard i (FR-T, attracted this US$30 lver was t AG-N) Majestic Silver radin in Silver g at US$1,657p e r o z . a n (OK-V). its bid for Orko d gol per oz. And more d 2012, compared at the end a t M&A of to US$17 See MEXICO, and

paramount orchestrates a golden revival at Sleeper An Evolution

in High-Grade

Silver

ExcellonResources.com

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

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29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

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13-04-24

Commentary

Rainforest reclamation done right in Brazil

and trish saywell in toronto

In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, changed its chief executive officer and seen its share price sliced in half. So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million. The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record. “This compensation is inconsistent with the governance principle of pay-for-performance and is therefore disproportionate and sets a troubling precedent in Canadian capital markets,” the group said in a statement. As a group these funds collectively manage over $900 billion in assets.

But Barrick founder and chairman Peter Munk vigorously defended Barrick’s decision at the company’s annual general meeting on April 24. “I convinced the board,” he told the standing-room-only crowd at the Metro Toronto Convention Centre. “If you want to give anyone hell, give it to me.” Munk argued that the new paradigm of mounting resource nationalism requires a brand-new approach to government contacts. And he said that the challenges of protecting the company’s assets — “90% of which, to the tune of $40 billion, are in 23 different countries” — meant that the company needed someone of Thornton’s exceptional calibre and “unique credentials,” leverage and access to some of the world’s most important power brokers. “We believe that pay should be tailored to achievements, that pay should come after performance,” Munk said. “It was hard to have someone paid on performance if he would not have been able to join to perform. So we had a bit of a chicken and an egg situation . . . sometimes you have to do things See Barrick, Page 3

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

By matthew keevil

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

B2Gold hits new gold at developing Otjikoto mine By Gwen Preston

Site ViSit

By matthew keevil

See EdGEwatEr, Page 18

in Mexico’s

STOCK

Excellon

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street,

PICKS,

in High-Grade

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

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

5, 2013

NEWSTRIKE

CAPITAL

11-15

Page 14

Silver

ExcellonResources.com

Mexico’s

Highest

Page 12

La Platosa

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Pb; 1.69%

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13-04-24

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

Site ViSit By matthew keevil

By Gwen Preston

Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions. Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels. During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially LA CORUÑA, GALICIA, SPAIN — It has been three years since Vancouver-based Edgewater Exploration (EDW-V) bought the Corcoesto gold project from Lundin Mining (LUN-T) and embarked upon a journey in northwesternmost Spain’s La Coruna province, where mining history dates back more than 4,000 years. Now Edgewater stands poised on the development threshold, having pulled together a gold re-

gold project

Endeavour Bradford Silver’s shares his Cooke recipe

An Evolution

• Market

TNM April

Sleeper was one of the lowest-cost gold mines in the world, and Paramount believes the old mine has a robust future. Sipping coffee inside Paramount’s headquarters in the mining town of Winnemucca, vicepresident of exploration Glen van Treek, who joined Paramount after a 10-year stint with Teck Resources, stands to present his geological model and outline Paramount’s exploration strategy going forward.

B2Gold hits new EdgewaterPhoto uncovers by MAtthew Keevil gold at developing Otjikoto mine in Galicia

Ana Paula

BY ALISHA

SilverCrest

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

paramount orchestrates a golden revival at Sleeper

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

Site ViSit

MEXICO

11-15

Capital’s

Four muy silver stockcaliente picks

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

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

Barrick investors revolt against $11.9m bonus By Gwen Preston in vancouver

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

5:28 PM

$3.50 • april 29-may 5, 2013 • VOl. 99, NO. 11 • SiNCE 1915

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Four muy silver stockcaliente picks

5:28 PM

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

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Endeavour Bradford Silver’s shares his Cooke recipe

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

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PM40069240 – PAP Registration #09263

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Sleeper lies within the western reaches of the northern Nevada rift, specifically along the Slumbering Hills, which consists of Mesozoic meta-sedimentary rocks of the Auld Lang Syne group and Cretaceous granitic intrusions. Mineralization at Sleeper falls into four main categories, including: early quartz-pyrite-marcasite stockwork, intermediate silicapyrite-marcasite cemented breccias tied to zones of structural weakness, late-stage zones of highgrade banded quartz veins and post-alluvial, gold-silver deposits in Pliocene gravels. During previous operations all four types of mineralization were mined, with high-grade material passing through a milling circuit, while lower-grade ore was processed via heap leaching. What made Sleeper so strong initially See ParaMount, Page 2 PM40069240 – PAP Registration #09263

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Since January 2012, CRU estimates Chinese domestic prices for the combined 10 commodities have plunged 30%, while volumes remain largely intact. “The reaction of prices reflects an overinvestment in industry across the board in most commodities, and how difficult it is to close some of that capacity,” Macoun said, listing supply as the culprit for softer prices. The oversupply has erased more than US$150 billion from China’s top imported commodities in 2015, undermining countries that heavily export to China, Macoun says. Supplies should be self-adjusting, but it is taking longer than expected, due to delays in mine closures, among other reasons. CRU says that commodity demand in China has slowed and will not return to previous levels, highlighting that 2015 was the lowest demand growth for 10 major Chinese commodities in more than a decade. (These commodities include steel, coking coal, aluminum, fertilizer, stainless steel, gold, lead, zinc and tin.) However, forecasted combined annual demand growth for these commodities will increase slightly in the near-term. Commodities such as gold, aluminum, zinc and copper should have better growth prospects. CRU estimates compounded annual growth rate from 2015 to 2020 will remain positive for most commodities, since it expects the Chinese economy to go through a cyclical upturn in 2017 to 2018. “China has been an engine of

Page 14

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El Tigre Silver Sees a bright future in old tailings

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 28–APRIL 3, 2016

Mineral Deposit Compilation Geoscientist Thunder Bay

Powerhouse Operator Key Lake Operation

Mineral Deposit Compilation Geoscientist Thunder Bay

Are you a professional geologist looking to join a dynamic team where you

You will be responsible for the safe and efficient steam production on site.

Primary responsibility is to assist the Treasurer with global cash manage-

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heating demands as well as performing checks and required maintenance

banking relationships and other treasury functions.

istry of Northern Development and Mines, Ontario Geological Survey.

on steam production equipment as necessary.

Senior Policy Advisor Ontario Ministry of Northern Development and Mines Ontario, Canada

Chief Engineer, Maintenance Cigar Lake Operation

Geotechnical Engineer Rainy River, Ontario,

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

As a chief engineer, maintenance, you will provide oversight to the main-

Are you up for a challenge? If so, consider this opportunity with the Minis-

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Advisor where you will manage contentious issues and lead the development of policy and procedural frameworks and provide strategic policy analysis and advice.

Sr. Engineer, Mine McArthur River Operations, SK

Regional Sales Representative – Canadian Mining Saskatoon, Saskatchewan, Canada

Senior Project Controller MN, Ömnögovi, MN

The Senior Project Controller is responsible for the planning and perfor-

ABC Canada Technology Group requires a dynamic, organized and highly

Working with the McArthur River team, you will be responsible for providing

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mine engineering expertise and leadership to an underground uranium mine

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tain contact with clients in the Canadian mining market to ensure a high

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Associate Director, Global Mining Management York University, Toronto, ON Working with the maintenance engineering department, you will be

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Reporting to the President, The VP, Business Development, is responsible for proactively identifying new business opportunities while managing relationships with current accounts.

Consultation Support Officer Ontario, Canada Are you interested in engaging and building relationships with Aboriginal communities? If so, consider joining the Mineral Exploration and Development Branch of the Ministry of Northern Development and Mines, where you will provide consultation expertise and advice through the implementation and administration of the Mining Act, regulations and policies.

Occupational Health & Safety Inspector – Surface & Underground Mining Ontario, Canada

Occupational Health & Safety Inspector – Electrical/ Mechanical Ontario, Canada Do you have electrical/mechanical mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Electrical/Mechanical mining with the Ministry of Labour.

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Procurement Specialist Saskatoon, SK

The Financial Accountant is a key member of the Finance group.

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March 28 pg 15.indd 15

2016-03-22 2:19 PM

WWW.NORTHERNMINER.COM

March 28–APRIL 3, 2016 / THE NORTHERN MINER

Transparency, education needed to restore confidence in miners, Brent Cook says Retail investing

| Industry still tainted by unscrupulous actors

By Salma Tarikh

starikh@northernminer.com

rent Cook, an independent exploration analyst and editor of Exploration Insights, delivered a talk in early March at the Prospectors & Developers Association of Canada convention on whether there is a remedy to the skepticism and mistrust many retail investors have towards the mining industry. Cook isn't sure there's a simple solution. Factors that have tainted the industry's reputation include stock touts, biased analyst coverage, management spin, and confusion about the purpose of the National Instrument (NI) 43-101 standard of disclosures for mineral projects. Cook says some newsletters position relatively unheard of junior companies as favourable takeover targets, or companies with extreme mineral wealth. For example, in 2011 Stock Castle pumped up U.S.-based exploration firm Lone Star Gold (US-OTC: LSTG) as a sure takeover target for Goldcorp (TSX: G; NYSE: GG), which misled investors. Goldcorp stepped in to put an end to the rumours. Mining analysts, particularly on the sell side, may also recommend stocks based on company predictions and the fact that their job is to sell, Cook argues. In 2009, Allied Nevada Gold, now known as Hycroft Mining (TSX: ANV; US-OTC: ANVGQ), predicted cash costs for production at its Hycroft mine would be US$400 per oz. gold in 2015. Given the high demand for gold stocks then, many analysts had “buy” recommendations on the company. In early 2015, Allied Nevada filed for bankruptcy protection due to falling metal prices and an unmanageable debt load. “This is a real dilemma. I don’t know how to solve it, but it is a dilemma,” Cook said. He reckons the NI 43-101 standard is a problem for investors because it outlines what should be included in a technical report, but does not guarantee legitimacy. “Yet companies put these out — NI 43-101 compliant resource, or whatever — as if, ‘OK, we have been validated.’ But obviously that’s not the case.” An example of this is Rubicon Minerals (TSX: RMX; US-OTC: RBYCF). In January 2015, the junior said its 38,000-metre infill drill program confirmed continuity and grade of the F2 deposit. Later that year, it cautioned the deposit was more “geologically complex” than it thought and suspended all its work to update the 2013 geological model and compliant resource estimate. Come 2016, the revised resource estimate erased 2.9 million oz. from the deposit, which now contains 413,000 oz. gold. Another problem has been executives putting a positive spin on poor

A driller at Almaden Minerals’ Ixtaca gold-silver project in Mexico. Analyst Brent Cook commended the firm for its disclosures about the project. Almaden Minerals

“The reality is that the outlandish cons work.” Brent Cook Analyst & editor, Exploration Insights

results, Cook argues. For instance, on Feb. 17, 2016, Iamgold’s (TSX: IMG; NYSE: IAG) president and CEO Steve Letwin said his company performed well in 2015, but in the same release Iamgold reported an annual US$797.1-million net loss, or US$2.04 per share, compared to a US$269.5-million loss in 2014. “I can’t reconcile these two statements,” Cook said. “This is the president of a major company, and this is what they are telling their shareholders — their retail shareholders.” Other disconnects in the industry include higher executive compensation even as share prices have declined, Cook says, adding that general and administrative costs are “out of whack.” Retained earnings for gold companies are below other resource industries, he continued, arguing companies are not adding value per share. He points to a slide in Gold Resource’s (NYSE-MKT: GORO) recent presentation that compares the gold-ounce production that companies need to generate a cent in annual dividend. Newmont Mining (NYSE: NEM) has to produce 524,000 oz. gold a year before it can pay a cent in annual dividend, while Gold Resource claims it needs 42,000 oz. to give its shareholders a cent in annual dividend. “What this shows is that over time gold companies have continually diluted their shareholders to

A conveyor at Hycroft Mining’s now shuttered namesake gold mine in Nevada. The miner filed for bankruptcy in 2015. Hycroft Mining

March 28 Pgs 1 2 3 4 5 11 13 14 16.indd 16

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

raise money and issue equity. They can’t make money mining,” Cook lamented. Also confounding retail investors is the way companies highlight costs, at times using low or negative cash costs, when their all-in sustaining costs are in fact rather high. “The reality is that the outlandish cons work. The industry standards fail to protect investors. The accounting is archaic and confusing. Management’s spin is misleading. Shareholders’ interest is not really aligned with management or sellside analysts. And demand is usually out of sync with supply,” Cook said. Mining is an “extremely complex industry” and requires numerous fields of specialization — such as geology, resource estimation, mining, metallurgy, mining and finance — which leaves room for confusion, Cook claims. He adds that there are not enough top-tier deposits left in the world that offer high margins to fulfill the needs of the estimated 1,500 exploration companies, 150 sellside analysts and 40 or so research firms. The sector may find one or two top-tier projects a year, with first production taking another 10 to 20 years. Meanwhile, Cook proposes that possible remedies to rebuild investor confidence include full disclosure from companies and better investor education. He says there are already enough regulations in the industry, and suggests companies could benefit from better transparency by providing more context, diagrams and maps in their NI 43-101 reports, resource estimates and company websites for investors. In his view, two examples of good disclosures are recent news releases by Mirasol Resources (TSXV: MRZ; US-OTC: MRZLF) on its earn-in agreement with a subsidiary of AngloGold Ashanti (NYSE: AU), and by Almaden Minerals (TSX: AMM; NYSEMKT: AAU) on its recent drill results from its Ixtaca zone. Cook says that both provide investors enough details to make an informed decision. TNM

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