The Northern Miner March 7 2016 Issue by The Northern Miner Group

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Macri aims to shake up Argentina

Goldcorp’s new-look ‘conservatism’ fails to impress Gold

| US$4.3B net loss in 2015

Geopolitics

| New president removes currency restrictions and export taxes

By Trish Saywell & Elena Mayer BUENOS AIRES, ARGENTINA

n the two months since taking the helm of Argentina, President Mauricio Macri has moved quickly to reverse the interventionist course that previous Argentine governments had pursued for more than a decade. Macri has removed almost all

Argentina’s President Mauricio Macri. The presidency of Argentina

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restrictions imposed by the previous administration of Cristina Kirchner on the purchase of foreign currency, expatriation and repatriation of funds and compulsory deposit of foreign investments. The former mayor of Buenos Aires has unified the exchange market and floated the peso, allowing foreign companies to send money to Argentina at the unified exchange rate, and abrogated restrictions on the repayment of foreign debt (principal or interest) in a bid to reach a deal with international creditors and regain access to international credit markets. In late February the national leadership and a group of holdout creditors agreed in principle to bring an end to their 15-year legal dispute over defaulted debt. Macri has removed export taxes on all metals as well as industrial and agricultural products, and taken steps to eliminate restrictions on imports, slashing the list of items requiring import approval permits from 19,000 down to 1,000. “The changes that we have seen in the last two months in terms of making changes to the economy and putting the economy back on track have really been impressive,” Canada’s ambassador to Argentina Robert Fry says. “My sense of the new government is that they are

By Matthew Keevil mkeevil@northernminer.com VANCOUVER

oldcorp’s (TSX: G; NYSE: GG) first conference call of the year marked a changing of the guard, as well-known executive Chuck Jeannes retired and made way for new president and CEO David Garofalo. Jeannes has overseen a veritable golden period over the past nine years, which saw Goldcorp emerge as a preeminent Canadian mining company. The way ahead is little murkier, however, and Garofalo will have his hands full due to stalling production growth, falling profits and a poorly received dividend cut. In fact, Garofalo’s first official day on the job involved explaining Goldcorp’s much more conservative guidance figures, which stand in contrast for a company that has often made big promises. Goldcorp recorded an annual net loss of US$4.2 billion, or $5.03 per share. During the fourth quarter, the company reported a net loss of US$4.3 billion, or $5.14 per share, which was headlined by a stark See GOLDCORP / 6 PM40069240 – PAP Registration #09263

See ARGENTINA / 2

unturned.

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Macri aims to shake up Argentina arGentina From 1

straight shooters, they’re frank, they´re much more transparent.” Fry has met Macri four or five times since his diplomatic posting to Buenos aires in april 2015. The first time was when the 56-yearold politician and president of the country’s most popular soccer team was entering the final laps of the presidential campaign. The second time was in early February when the president-elect hosted the diplomatic corps at the casa rosada (Pink house), argentina’s equivalent to the White house in Washington, D.c. “It was a sign of change,” Fry says. “That is the first time that has happened in a long time. The previous administration did not engage a lot with the diplomatic corps, shall we say.” Two days after he was sworn in, Macri invited the governors of each province to his home — an event, Fry says he was told privately by some in attendance, that hadn’t happened in many years. Macri has reached out to politicians from rival parties, too, taking Sergio Massa, a Peronist politician from the opposition party, with him to the Economic Forum in Davos, Switzerland. While he extends a hand across the political aisle, Macri champions consensus-building and teamwork CHRIS DRIELSMA President & CEO DGI Geoscience Inc.

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as a manager, local pundits claim. “It’s not all about him, he is a team builder and a team player, and he’s appointing people who know how to work with others,” independent consultant on business development and corporate affairs alberto Mario carlocchia says, who spent 17 years working for major mining companies, including angloGold ashanti, Goldcorp and Yamana Gold. The new president has surrounded himself with ministers who have experience in the business world. alfonso Prat-Gay, Macri’s finance minister, used to lead J.P. Morgan chase & co.’s currency research unit, while the Minister of Mines and Energy Juan Jose aranguren is a former cEO of Shell argentina. “They’ve put together the best cabinet I think argentina has ever had, and it’s a huge opportunity to really turn the country around,” says Miguel Morley, agrium’s managing director for South america and the president of the argentine chamber of commerce. Martin Dedeu, a lawyer, president of the Union Industrial argentina, and past president of argentina’s Mining chamber, points out that aranguren is one of the few businessmen in the country who wasn’t afraid of taking the former Peronist government to task for policies he thought were ill-advised, like keeping oil prices artificially low. “Not many other people had the courage to stand up to the previous government,” Dedeu says. “aranguren was an exception.” carlos Saravia Frias, a Buenos aires-based lawyer with his own firm, who also spent several years of his career as Secretary of Mining and was involved in drafting certain amendments to argentina’s 1993 Mining Investment Law, shares Dedeu’s view. “We spent 15 years in a nightmare in political terms,” he says. “If you tried to say something against the government, or something that was not in line with what the government was trying to do, it was a problem … aranguren was saying what he wanted. he has really committed to this government and those are the guys that we need to make the changes.” aranguren did not respond to questions before this article went to press. On the mining file, Macri has created an entirely new ministry called the Ministry of Energy and Mines (previously, responsibility for mining was lumped together under the Ministry of Production) and appointed Daniel Meilan as its Secretary. Meilan, a geologist, was also the former Secretary of Mines during part of the heyday of mineral exploration in the country during the 1990s. The government has elevated the importance of mining by creating two new posts: the Undersecretary of Mining Development, who is in charge of international relations and liaison with mining companies (Mario cappello), and Undersecretary of Mining Policy, who is responsible for local issues (Santiago Dondo).

NGEx Resources’ Filo del Sol silver-copper-gold exploration project in Argentina’s San Juan province.

In addition, argentina’s Mining Investment Law is viewed by most people in the industry as quite competitive, as it guarantees fiscal stability to mining companies for 30 years. Lawyers familiar with the code point out that changes were never imposed on the mining law by the previous government, so the legislation is still intact. “argentina has maintained the legal framework of the 1990s,” lawyer at Quevedo Law Firm Ignacio celorrio says. “To its credit, the previous government didn’t change the mining laws. It might not have respected the rules, but it never changed them. So now, with a new administration, they can sit down and say: ‘We have one of the most attractive mining frameworks in the world,’ and it would be true.’” celorrio points out that argentina doesn’t have any water problems like chile (“water permits are all straightforward here”), and has “incredible” geology.

the new president has surrounded hiMself with Ministers who have experience in the Business world. C

Paola rojas, director of business development at Synergy resource capital, an investment and corporate advisory firm that connects Latin american resource projects with investors worldwide, says that within days of Macri’s election and his removal of currency controls, people contacted her office from Brazil, canada, the U.S. and australia. “I instantly got calls from investors asking me whether it was time to go back, asking, ‘can we look at projects?’” she recalls in a telephone interview from her office in Sydney, australia. She says she’s received

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Robert Fry (left), the Canadian Ambassador to Argentina, and Sergio Unac, governor of San Juan province, meet in San Juan to send off the province’s delegation to the 2016 PDAC convention in Toronto. pROViNCE Of sAN JUAN

inquiries from 15 different groups in the last two months, compared with perhaps one or two in all of 2015. “I was surprised. I expected the attitude towards the country would change, but I didn’t expect it to happen so quickly.” rojas, whose family has for decades owned a private company providing exploration, management and other consulting services to the mining sector in argentina, chile and colombia, notes that Macri is familiar with the sector because at one time his father was connected with an exploration company, Minera Geometales, that had tenements in the country. “I’m not sure if they’re active now, but they used to explore maybe 10 years ago, so he knows the mining sector and he knows it needs foreign investment,” she says, adding that Macri is well aware that projects like Pachon, and other huge copper porphyries, require billions of investment dollars that simply aren’t available locally. “he knows that mining is one of the sectors that is going to bring in investment,” she continues. “I’m not going to say it’s one of his biggest priorities, but within his priorities it’s high.” according to Saravia Frias, Macri believes mining should become one of the pillars of argentina’s economy, particularly for have-not provinces that lack, in his words, the country’s other traditional sources of income, such as cows, soybeans and wheat. “he really knows what the mining sector means for the economy,” Saravia Frias argues. “The diversification of the economy is just common sense … and he’s convinced that an alternative for the andean mountain range provinces is mining, that’s it.” Jose Bordogna, corporate financial controller at Austral Gold (aSX: aGD), which has projects in ar-

gentina and chile, says Macri’s immediate efforts to strike a deal in the conflict with holdouts related to argentina’s 2005–10 debt negotiations, and his move to eliminate export taxes, along with the liberalization of foreign exchange controls, are crucial steps in fostering a better investment climate and lowering the cost of debt. “an agreement with the holdouts will definitely help reduce the cost of equity and debt financing for both argentina and foreign companies, bring new sources of funds and help change the sentiment about the country,” Bordogna says. ¨all these expected outcomes will consequently improve the valuations and the NPV of mining projects, a key metric that is relevant for any analyst or investor looking at a company.¨ The expected upgrade of argentina from frontier market to emerging market may also trigger a surge of capital inflows, he says. In the meantime, the argentine mining sector needs to catch up with new global ways of financing, he argues, and secure long-term financing in both local and foreign currencies. “Local financing is important, as argentine investors can also play a key role to boost the sector.” Of course, no one believes that Macri and his team can overhaul the economy overnight, particularly given argentina’s history of fractious politics and the fact that the president’s party lacks majorities in both chambers of congress. Still, many are hopeful that the government is laying the groundwork for sustainable improvements that can last longer than his term in office. “argentina has to make up for lost time,” says Dedeu, who is the past president of argentina’s Mining chamber. “and I’m really confident that it will.” tnM

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Taseko’s proxy battle with Raging River heats up Boardroom drama

| activist shareholder group wants to kick out hunter dickinson executives

By Matthew Keevil

mkeevil@northernminer.com VANCOUVER

aseko Mines (TSX: TKO; NYSE-MKT: TGB) is in the midst of a proxy battle with upstart activist shareholder group raging river capital, which has led to a flurry of press releases and a potential defamation lawsuit. On Jan. 13 raging river requisitioned a Taseko shareholder meeting to cut the company’s ties with privately owned hunter Dickinson (hDI) group. The activist shareholder collective — which owns a 5.1% equity stake in Taseko — noted that hDI executives hold three board positions at the company, including Taseko chairman ronald Thiessen (hDI’s cEO and a director of hDI) and Taseko cEO russell hallbauer (a director of hDI).

“little is Known aBout raging river. we Know they are not Being very transparent, and they have an undisclosed Bond position we Believe is a conflict of interest.” Brian Bergot ViCe-president of inVestor relations, taseko Mines

raging river subsequently cited concerns around fees and investments totalling $25.8 million paid to hDI since 2012, and a deal in November 2014 wherein Taseko acquired curis resources and its Florence copper project in arizona for $80 million. The deal represented a 21% premium on curis’ 20-day, volume-weighted trading price at the time, and raging river has framed the takeover as a “bail out” of a junior company that was nearing bankruptcy. “We had a total of two calls with the raging river group prior to them filing the requisition for the meeting. Those two calls lasted less than an hour, so they did not make any good faith attempt to engage with Taseko’s management or board,” Taseko vice-president of investor relations Brian Bergot said during a phone interview. “To put it in perspective, the services we paid for through hDI represent only 1% of our total operating costs over the past four years. We’ve had an interest in curis for a number of years, and Florence is a project we think has great potential. We worked on the friendly deal when we felt the time was right, and had two banks and legal opinions that all agree the premium paid was appropriate,” he added. Taseko has fired back with a pair of press releases aimed at questioning the reliability of a raging river director nominee, and the group’s overarching motives. On Feb. 18 the company noted that raging river had accumulated a “large position” in Taseko bonds, which hold a par value of $21.8 million. The argument is that bond holders will have priority over shareholders when it comes to proceeds from asset sales,

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Mining activity at Taseko Mines’ 75%-owned Gibraltar copper mine in south-central British Columbia. TAsEkO MiNEs

which creates a theoretical conflict of interest. Taseko then claimed a raging river director nominee failed to disclose a bankruptcy. On Feb. 25 the company pointed out that nominee Mark radzik was involved in what it termed “messy bankruptcy” proceedings in 2013. “They are not being very transparent. First there was the undisclosed bond position, and now the news about Mr. radzik’s bankruptcy proceedings. It’s just another example of their failure to disclose what we believe is material information to the shareholders,” Bergot said. The Northern Miner reached out to Kingsdale Shareholder Services executive vice-president Ian roberston, who is listed as raging river’s point of contact. robertson labelled Taseko’s tactics as “throwing mud,” and forwarded a response from the shareholder group that criticizes raging river’s “campaign of mass distraction.” radzik said in the release that “Taseko will eventually and desperately use the fact I once lost money on a lemonade stand venture when I was six as an excuse for why their conflicted and self-interested directors should not be replaced.” he added that “no amount of mud-slinging will change our view that the [hDI] related directors have gotten rich at the expense of Taseko shareholders, and no amount of attempted distraction can erase their value destruction. Today we say enough is enough. We won’t be bullied and we won’t back down. We are fighting back to ensure we can bring the change to Taseko that shareholders want.” raging river claimed it is commencing a defamation lawsuit with the “objective of elevating the tenor of the debate to focus on the real issues of Taseko.” robertson of Kingsdale responded that the group believes the allegations over the bond holdings are “not news,” and are an attempt to “distract from the ongoing conflicts of interest and underperformance

raging river seeks to correct.” raging river said it has “built up a bond position as an alternative strategy for participating in the company’s turnaround, and provide protection from the current board’s continued mismanagement and self-interested decisions.” raging river reported it has received “overwhelming expressions of support” from Taskeo shareholders — including Vertex One, which owns 3.9% of outstanding shares — endorsing the replacement of incumbent directors ronald Thiessen, russell hallbauer and robert Dickinson with independent nominees Paul Blythe, randy Davenport,

henry Park and Mark radzik. “Every shareholder will formulate their own opinion and the facts will come out in due course,” Bergot said. “We will get all these facts in front of shareholders so they can make a decision, and I believe they will ultimately support the current management team. The undisclosed bankruptcy, and the fact it has not been denied, are material facts.” raging river also noted the “sudden resignation” of independent director George Ireland on Feb. 25. Bergot said Ireland’s departure was on “good terms,” and that the company will use the vacancy as an opportunity to appoint “another strong, independent board member.” Taseko’s flagship Gibraltar copper operation lies northeast of Williams Lake, B.c. and produced 142 million lb. copper and 1 million lb. molybdenum in 2015. The company reported a $23-million net loss last year on revenues of $61.4 million. Total operating costs were US$1.96 per lb. copper, and its cash balance was $76 million to end 2015. The company’s shares have traded within a 52-week range of 35¢ to $1.22, and closed at 47¢ per share at press time. Taseko has 222 million shares outstanding for a $112-million market capitalization.

Bergot noted the $700 million in investment that Taseko has made in the past six years are now “coming to fruition,” and that annual total cash costs have dropped 22% year-on-year. The company also completed a US$70-million loan with red Kite Mine Finance to deal with $40 million due in May. “We’ve made a lot of strides in responding to current copper prices through improvements at the mine,” Bergot said. raging river followed up on March 1 with accusations of insider trading against hallbauer and vice-president Brian Battison pursuant to shares bought in January. The activist group said “these trades occurred while both executives had knowledge of non-public, material information on the [US$70-million financing] from red Kite Mine Finance.” “By Taseko’s own admission they have left the fox to guard the henhouse,” radzik said. “The [board of directors] need to take immediate action and send a message that everyone in the company will be held accountable for breaking the trust of shareholders, not to mention the law.” tnM

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E D I T O r Ia L Lukas Lundin our Mining Person of the Year for 2015 hoNours

| Mining mogul shows how to flourish during tough times

he sage investing advice to “buy low and sell high” is a simple concept, but exceedingly hard to pull off in real life over and over again. Our Mining Person of the Year for 2015, mining executive Lukas Lundin, has repeatedly bought low and sold high throughout his career in By John cuMMing many commodities and regions, and has jcumming@northernminer.com accomplished the equally challenging corollary of building and growing companies during industry downturns. Born in 1958, Lukas Lundin has led a quintessential cosmopolitan life, with much of his childhood spent in Sweden and Switzerland, followed by his earning an engineering degree from the New Mexico Institute of Mining and Technology in 1981. In 1982, Mr. Lundin headed International Petroleum corp.’s oil and gas operations and was based in Dubai from 1990 to 1995. his earliest successes in mining were as president of International Musto Exploration, which bought the Bajo de la alumbrera copper deposit in chile, which was later taken over for US$500 million by rio algom and North Ltd., and his leadership of argentina Gold, which discovered the multi-million ounce Veladero gold deposit, which was taken over by homestake Mining for US$300 million in 1999. Meanwhile in the oil sector, Lundin Oil was sold Talisman Energy for US$480 million in 2001. Today, Lukas Lundin is atop the Vancouver-based Lundin Group of companies, founded by his father adolf, and now co-led by his sons Lukas and Ian. The group’s mining companies are familiar to us all: explorer NGEx resouces, named after adolf’s personal motto, “No guts, no glory.”; emerging mid-tier base metals miner Lundin Mining; gold developer Lundin Gold; Lucara Diamond (Lundin is the “Lu” in Lucara), which last year in Botswana mined the second-largest gem diamond ever found, the 1,111-carat Lesedi La rona diamond; and uranium miner Denison Mines, a once moribund company that Lundin and his colleagues have transformed into a go-to name in the sector, even after a failed acquisition last year of Fission Uranium. Over the last three years, deep in the heart of the mining industry’s downturn, Lundin’s companies have bought Freeport-McMoran’s candelaria copper mine in chile for US$1.8 billion (Lundin Mining); rio Tinto’s Eagle nickel-copper project in Michigan’s Upper Peninsula for $325 million, which is now in production (Lundin Mining); and Kinross Gold’s spectacular Fruta del Norte gold deposit in Ecuador for only $240 million (Lundin Gold), which is now poised for development, as Ecuador changes its tune on foreign investment. and yes, that is the same Kinross that bought Lundin’s red Back Mining in 2010 for US$7.1 billion at the top of the gold market to get its hands on the prized Tasiast gold project — a purchase that has been almost completely written off in subsequent years as gold prices fell and operational difficulties emerged. In the energy sector, the Lundin Group’s stable includes ShaMaran Petroleum, Lundin Petroleum, BlackPearl resources, africa Oil corp. and Etrion. Lundin Petroleum is notably involved in one of the largest oil strikes made anywhere in the world in recent years: the Johan Sverdrup discovery on the Norwegian continental shelf. The Lundin Group also founded a Sub-Saharan africa-focused charity named the Lundin Foundation that is now chaired by Lukas Lundin, and supported by multiple publicly traded natural resource companies and others. Its mandate is to “provide risk capital in the form of investments into high potential small- and medium-sized businesses, helping generate wealth and employment to alleviate poverty on a sustained basis.” It also provides strategic grants to early stage innovations and for technical and managerial assistance. a mild-mannered family man, Lukas Lundin has his wilder side, too, as an extreme skier and motorcycle enthusiast. he has participated in the Paris-Dakar motorcycle race, as well as motorbiked with his brother Ian from cairo to cape Town in 2006 — a journey that inspired the creation of the Lundin Foundation. tnM

departMents careers . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30 Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 Events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Metal Prices . . . . . . . . . . . . . . . . . . . . . . . . .28

Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Mining Jobs . . . . . . . . . . . . . . . . . . . . . . . . .31 Professional Directory . . . . . . . . . . . . .29-30 Stock Tables . . . . . . . . . . . . . . . . . . .10, 26-28

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agnico Eagle Mines . . . . . . . . . . . . 14,15 albemarle . . . . . . . . . . . . 7 amarc resources . . . . . . 5 atac resources . . . . . . .11 avino Silver & Gold Mines . . . . . . . . . . . 5 BhP Billiton . . . . . . . . .17 canasil resources . . . . .11 capstone Mining . . . . .17 centerra Gold . . . . . . . .13 cGN Mining . . . . . . . . .20

Deep Space Industries . . 8 Deltion Innovations . . . . 8 Denison Mines . . . . . . .20 Eritrean National Mining . . . . . . . . . . . . . .19 Fission Uranium . . . . . .20 Freeport-McMoran . . .18 Goldcorp . . . . . . . . . . . . . 1 honeybee robotics . . . . 9 Moon Express . . . . . . . . . 9 Nevsun resources . . . .19

New Gold. . . . . . . . . . . . . 5 New Millennium Iron .17 Orex Minerals . . . . . . . .11 Planetary resources . . 8,9 Premier Gold Mines. . .13 rubicon Minerals . . . . . . 6 Taseko Mines. . . . . . . . 3,5 Tata Steel Minerals canada . . . . . . . . . . . . . .18 Tesla Motors . . . . . . . . . . 7 Western Lithium . . . . . . . 7

Can a company on the TSXV do a financing under 5¢? commeNtary

| Major changes enacted to rights-offering regime

he TSX Venrights offering circuture Exchange lar electronically. a requires that rights offering notice the offering price for is a “two-pager” in a financing involvthe form prescribed ing the issuance of by Form 45-106 F14, listed shares be not which contains sumless than the appli- By carole turcotte mary information c a ble d i s c ou nte d special to The Northern Miner about the rights offermarket price, subject ing with instructions to a minimum price on how to participate of 5¢ per share. The main reason and access the rights offering for this requirement is to limit the circular electronically. number of companies that have • Issuers must file a new rights an excessively dilutive structure. offering circular in the form The TSXV, however, maintains prescribed by Form 45-106F15. the discretion to waive the 5¢ miniSuch a circular is now in a quesmum on a case-by-case basis. tion and answer format that is In light of weak capital markets intended to be easier for issuers and the erosion of commodity to prepare and more straightforprices, the share prices of many ward for investors to understand exploration companies have — it must be filed but not sent dropped considerably and made to security holders. it unlikely for such companies to find investors willing to pay more than what the companies’ shares the tsx venture are trading at. exchange The TSXV provides guidance as to when it is more likely to waive Maintains the the 5¢ minimum. Let’s look at discretion to two circumstances: a rights offer- waive the 5¢ ing, and an existing shareholder MiniMuM on a exemption.

rights offerings On Dec. 8, 2015, the rights offering regime underwent significant changes compared to the old regime, through an amendment of the rights offering prospectus exemption in Section 2.1 of National Instrument 45-106 respecting prospectus exemptions. here are the main differences between the new and the old regimes: • The new rights offering exemption now permits a maximum dilution of 100%, rather than just 25% under the old regime. • removal of the requirement for a regulatory review prior to using the rights offering circular while replacing it with alternative investor protections, including the addition of statutory secondary market civil liability. This change means that investors under the rights offering will have a right of action if there is a misrepresentation in the rights offering circular or other part of the issuer’s continuous disclosure record. • Issuers must now file a new notice on SEDar and send to security holders such notice to inform them about how to access the

case-By-case Basis. Y

• The subscription price for a security issued upon exercise of a right must be, for a listed security, lower than the market price (i.e., the simple average closing price of securities of that class on the previous 20 trading days) on the day the rights offering notice is filed. • The new regime removes the ability of non-reporting issuers to use the rights offering exemption. • There is no resale restriction applicable to the rights or underlying securities issued. • The amendments create a new prospectus exemption for standby guarantors and modify certain conditions of the minimal connection exemption. existing shareholder exemption On March 14, 2014, the securities regulatory authorities in B.c., See COMMentary / 30

16-03-01 8:52 PM

GLOBaL MINING NEWS

ThE NOrThErN MINEr / March 7-13, 2016

AME BC caught off guard by Tsilquot’in, BC gov’t accord Bc politics

events Mar 6-9 PDAC 2016 Toronto, ON Email: info@pdac.ca Tel: (416) 362-1969 www.pdac.ca

| cloud of uncertainty for central B.c. explorers, aMe Bc’s dirom says

Mar 8 Advanced Awareness: An Explorationist’s Advantage Toronto, ON Email: pdac@geotech.ca Tel: (416) 362-1969 www.pdac.ca May 1-4 CIM-AGM Vancouver, BC Email: cmurphy@cim.org; cim@cim.org Tel: (514) 939-2710 www.cim.org Sep 26-28 MineExpo 2016 Las Vegas, NV Email: info@nma.org Tel: (202) 463-2639 www.minexpo.com Oct 5-6 AEMQ XPLOR 2016 Montreal, PQ Email: info@aemq.org Tel: (819) 762-1599; Toll-free (Quebec) 1-877-762-1599 www.aemq.org

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An aerial view of New Gold’s Blackwater gold project, 160 km southwest of Prince George, British Columbia. By lesley stoKes

lstokes@northernminer.com VANCOUVER

avin Dirom, president and cEO of the association for Mineral Exploration British columbia (aME Bc), told The Northern Miner during a phone interview that he was “surprised” and “concerned” when the B.c. government and Tsilhqot’in First Nation announced on Feb. 11 that it would negotiate aboriginal title across a land package twice the size of Vancouver Island in a prospective mineral district of B.c. The accord — called the “Nenqay Deni,” or the “People’s accord” — builds upon the precedent-setting Supreme court of canada decision in June 2014, which awarded primary control of nearly 1,900 sq. km of the land base in south-central B.c. to the small Tsilhqot’in First Nation. The agreement gives the duo five years to work out which additional lands within the 66,000 sq. km area of central B.c. — stretching north of Quesnel to south of Lillooet — will be subject to Tsilhqot’in management and control, along with outlining who handles the infrastructure, education and other governance issues. Private lands will not be involved in the negotiations. Dirom says that although the association supports and applauds the reconciliation plan, the agreement is “largely problematic” for attracting mineral investment — not to mention poorly timed — considering B.c.’s mining industry is already weakened due to deteriorated market conditions. “It’s clear that both the government and Tsilhqot’in will consult and engage with industry and others about this accord over the next five years,” he says. “and that seems reasonable, and it’s good, but we’re

getting to this point now where the security of tenure is in question, and that’s problematic for attracting mineral investment.” Projects under a cloud of uncertainty include New Gold’s (TSX: NGD; NYSE-MKT: NGD) Blackwater gold project, Avino Silver & Gold Mines’(TSXV: aSM; NYSEMKT: aSM) Bralorne gold mine, Amarc resources’ (TSXV: ahr; US-OTc: aXrEF) Ike copper-molybdenum-silver project and Taseko Mines’ (TSX: TKO; NYSE-MKT: TGB) Gibraltar copper-molybdenum mine, in addition to its New Prosperity gold-copper project. Dirom says the region covers 7,850 sq. km of active mineral or placer title, which have incurred over $520-million worth of exploration work in the past decade. “We just wish we had been more involved in the lead up to this agreement — to help align and define the area in question as it was apparently done with respect to private property,” he says. “It’s not that our industry or association hasn’t been publically supportive of reconciliation — of course we support that, but we want to see a balanced and transparent dialogue about other interests and rights on the public land, and that’s not happening.” With 51.1% of the land base in B.c. already locked under restricted or prohibited access, it’s no secret that B.c. is becoming an uphill battle for explorers to do business. a report published by the aME Bc in January paints a troubling picture for mineral exploration in the province, describing a bottleneck on land access that is reaching a critical threshold, and calling upon the provincial government to take action. But in the wake of the recent accord announcement, the path forward has never been more uncertain, Dirom says. “We have a timeline, but not

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much more clarity beyond that,” he says, noting that a joint-negotiating table comprised of government and Tsilhqot’in Nation representatives will lead negotiations over the next five years. “Their drivers are clear, they’re talking about culture, language, healthy communities, education, land, resources and economic development, which are all important

pillars,” he says. “But land and resources are relevant to us, and we desire to be at these tables and be involved in the conversation. We know we can play a positive role … and we’ll absolutely take them up on the opportunity to consult and engage with them on this further, but the uncertainty that it creates at this point is a problem for the industry.” tnM

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Goldcorp fails to impress GOlDCOrP From 1

impairment charge of US$3.9 billion. The writedowns include US$1.2 billion at the red Lake complex in Ontario, and US$2 billion at the Penasquito and Los Filos operations in Mexico. The company generated strong free cash flow of US$$335 million last year, but it also slashed its annual dividend payments by two-thirds from US24¢ to US8¢. “Now I’m well aware our shareholders are disappointed with some of the news … and I definitely share that disappointment. I hate that we’ve had to take such a large writedown,” Jeannes said during his final conference call. “The fact that nearly all our peers have done the same, or worse, over the last few years does not soften the blow of having to remove this value from the balance sheet in the face of lower gold prices. In addition, I know our forward-looking guidance does not meet expectations, and everyone is disappointed in the dividend cut. But at our reserve gold price we would have been paying essentially 100% of our free cash flow in dividends.” he added. Goldcorp reported record production of 3.46 million oz. in 2015 at all-in sustaining costs of US$850 per oz. It doesn’t seem the company will top that record any time soon, however, as it announced annual production guidance for the next three years of between 2.8 million and 3.1 million oz. at all-in sustaining costs ranging from US$850 to

US$925 per oz. The company’s reserves also dropped year-on-year, as it adjusted to a US$1,100 per oz. gold price. Goldcorp now reports reserves of 40.7 million oz., which marks an 18% decline from year-end reserves of 49.6 million in 2014. The more restrained guidance and reserve estimates prompted cIBc World Markets analyst David haughton to ask Garofalo whether the company was “sand-bagging” in its calculations, which effectively indicates it is under-promising, so it can beat guidance in future quarters. “We will re-orient the organization to reflect the fact that we have exited a period of large capital expenditures and mine construction, and entered a state of optimizing a strong, low-cost and sustainable 3 million oz. per year business,” Garofalo added. “We intend to compound the substantial returns we are now generating by reinvesting in a robust pipeline of internal opportunities. We’ll also continue to generate value through the divestment of non-core assets within the portfolio, and redeploying that capital in opportunities that move the needle for the company,” he added. Garofalo seemed to hint it was unlikely Goldcorp would look at any external mergers or acquisitions to boost its production portfolio, as he said the focus would be on organic growth driven by brownfield exploration and existing projects. he did indicate, however, that the company would look to invest in

Trucks at Goldcorp’s Porcupine gold mine in Timmins, Ontario.

junior explorers. “Organic growth and exploration at our mine sites will allow us to expand production at a low cost by leveraging our infrastructure and geological expertise in some of the most prolific and under-explored gold districts in the world,” Garofalo said. “Outside of our mine sites we appreciate there are few large-scale gold deposits available in the world. So we intend help cultivate the next

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generation of development opportunities by having a well-diversified portfolio of small investments in multiple junior companies,” he said. Goldcorp’s growth pipeline took a hit when it announced it was downgrading the cochenour expansion at its f lagship red Lake mine to an “advanced-stage exploration project.” The company has spent most of the US$540-million budget earmarked to develop a 5 km underground haulage drift to move ore from cochenour to processing facilities at its campbell milling operations. cochenour’s inferred gold resources declined 37% to 2.2 million oz., which the company says reflects “the reinterpretation of geology and orientation of the deposit, as well as application of a higher cut-off grade to account for more selective mining methods.” chief operating officer George Burns said the company was taking a step back due to “geologic complexities,” which may draw parallels to the rubicon Minerals (TSX: rMX; US-OTc: rBYcF) red Lake debacle at its Phoenix gold project. “Most importantly … is my disappointment in cochenour,” Jeannes said. “I helped buy this project and have pushed it along for the past seven years. We had planned, and hoped, for this deposit to be in production this year, but it is simply more geologically complex than we had expected. I am confident it will be part of red Lake’s future, but until it is understood how it will be mined it will not be in the guidance.” TD Securities analyst Greg Barnes changed his recommendation on Goldcorp from “buy” to “hold” after the results, and dropped his target price from $19 per share to $15.50 per share. Barnes noted that over the past few years the company has “struggled to meet its guidance,” which he speculates has contributed to a devaluation relative to the premium multiples it used to enjoy. GeotechAviation_NorthernMinerAd.pdf “We expect that Goldcorp will

“i hate that we’ve had to taKe such a large writedown.” chucK Jeannes retired president & Ceo, GoldCorp

have to prove to investors that the new production guidance is either the new reality or that there is inherent upside to these forecasts that is not apparent at this point … management is probably setting a conservative guidance to ensure that it can be achieved. The organic project pipeline outlined with the guidance is a little underwhelming,” Barnes added in a Feb. 26 research note. Goldcorp has traded within a 52week range of $13.55 to $27.90 per share. The company dropped nearly 14%, or $2.96, during daily trading en route to an $18.73-per-share close at press time. Goldcorp ended 2015 with US$383 million in cash and equivalents, plus an undrawn $3-billion revolving credit facility. “We’ve built in appropriate conservatism where we’ve had operating difficulties in the past. Two striking examples would be the folding at Eleonore, where we’ve built in additional dilution, and obviously removing cochenour at this stage is a change in philosophy on how we include future production ounces 2016-02-25 8:51:48 AMtnM in guidance.”

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GLOBaL MINING NEWS

ThE NOrThErN MINEr / March 7-13, 2016

Western Lithium: a producer in the making? Nevada

| Junior capitalizes on buzz surrounding tesla Motors’ gigafactory

By Matthew Keevil mkeevil@northernminer.com VANCOUVER

anagement of Western Lithium (TSX: WLc; USOTc: WLcDF) finds itself in quite the fortuitous position following the recent surge of interest in the global lithium industry. The company negotiated a merger with South american-focused Lithium americas in mid-2015, and sits on two advanced-stage projects that appear well positioned to address an emerging deficit in lithium carbonate and hydroxide markets. Western Lithium is advancing the Kings Valley clay-hosted lithium deposit in Nevada’s clayton Valley. The area hosts North america’s only producing lithium operation — Albemarle’s (NYSE: aLB) Silver Peak brine facility — and has subsequently emerged as a hot spot for speculators, due to a US$5-billion “gigafactory” Tesla Motors (NaSDaQ: TSLa) is building outside of reno. Based on a March 2014 prefeasibility study, Kings Valley hosts 27 million proven and probable tonnes grading 0.4% lithium, 3.9% potassium and 1.4% sodium. The development would advance in two stages, with an initial build costing US$248 million, and a second phase costing US$161 million. The plan would carry a 24% after-tax net present value at an 8% discount rate, along with a 20% internal rate of return.

“we’ve always focused on the developMent side, Because we Believe the lithiuM Business is not an exploration Business.”

A drill rig at Western Lithium’s Kings Valley lithium project in Nevada’s Clayton Valley.

ditives used in oil-and-gas drilling fluids. “We’ve always focused our attention on the development side because we believe the lithium business is not an exploration business,” chmelauskas continued. “a lot of these major lithium deposits were discovered in the past, and it really becomes an engineering exercise that’s about getting known deposits into production. By combining our two projects we’ve focused the industry on one company that has the position to be the next producer.” Western Lithium may not have anticipated the boom in lithium prices over the past six months, but it was just such an opportunity the company was hoping for when it picked up the cauchari– Olaroz lithium brine deposit in

the Lithium americas merger. The project sits across two salt lakes on argentina’s Puna Plateau and hosts 2.7 million tonnes lithium carbonate equivalent (LcE) at a lithium cut-off grade of 354 milligrams per litre. a feasibilty study released in 2012 outlined a US$315-million development scenario at cauchari–Olaroz. The study assumes the project is built in two stages, with each stage consisting of a 20,000-tonne-per-year lithium carbonate facility and a 40,000-tonneper-year potash facility. Western Lithium is pursuing a joint-venture agreement with South Korean multinational Posco that it hopes will lead to initial production at cauchari–Olaroz in early 2017. Posco will contribute its proprietary

WEsTERN LiThiUM

lithium extraction technologies for production of lithium carbonate and lithium hydroxide. The companies estimate that the first stage of the plant would produce up to 2,500 tonnes of LcE annually, with the project eventually ramping up to 20,000 tonnes. “When it comes to brine lithium projects there are many factors that determine whether a project will work. You have to have a major focus on chemistry and engineering, because not all deposits are economically recoverable. The best brine deposits are actually in the atacama Desert in chile and argentina,” chmelauskas said. “We’re now developing two worldscale lithium projects, in what I believe are two very good jurisdictions, at a time where the mineral

is becoming important. There are four main suppliers right now, with a fifth coming online. We see our assets giving us an opportunity to become another major producer.” and Western Lithium has raised capital as market conditions have improved. In November the company closed a US$5-million line of credit with privately owned hedge fund Geologic resource Partners. Meanwhile, Western Lithium closed the final tranche of a US$5-million non-brokered private placement with Thailand’s Bangchak Petroleum in late December. The company has traded within a 52-week range of 25¢ to 96¢, and closed at 40¢ per share at press time. Western Lithium has 291 million shares outstanding for a $110.4-million market capitalization. tnM

Jay chMelausKas president, Western lithiuM

“The whole thesis around lithium being an important mineral really resonated with us prior to 2008. So we put our claims on Kings Valley, which is recognized as one of the largest lithium deposits in the world,” president Jay chmelauskas said during an interview. “We’ve developed the project through various stages of engineering and demonstration plants over the years, despite some definite highs and lows in the lithium space. We’ve remained confident in the business model through it all, but I don’t think any of us saw the industry gaining momentum like it is today,” he added. Kings Valley will be the first clayhosted lithium mine in the world. Western Lithium plans to recover lithium from clays via a proprietary process it tested at a pilot plant in Germany last year. The end product, however, will be quite similar to what is produced from a traditional lithium brine deposit. The pilot testing was scheduled to end in late January, which will set the stage for an upcoming feasibility study. Western Lithium will then proceed through permitting under the Bureau of Land Management and hopes to get the project into production by early 2019. The company has gone through the permitting process on a similar — albeit smaller — operation with its Organoclay hectatone subsidiary, which produces hectorite clay ad-

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March 7-13, 2016 / ThE NOrThErN MINEr

Space mining ready for lift off the Next froNtier

| sudbury-made drill is proven and ready to probe the moon

“there is a huge Knowledge Base in Mining that has yet to Be applied in space exploration.”

By david perri dperri@northernminer.com

ining and space exploration seem like two fields that couldn’t be further apart. Miners plunge deep into the earth’s crust, while space explorers seek to propel humankind in the opposite direction. Early champions of space mining were often not taken too seriously. “There was a huge giggle factor,” said Dale Boucher, cEO of deltion Innovations, a Sudbury-based firm that hopes to supply equipment for space miners. Boucher spoke with The Northern Miner after meeting with canadian ministers in Ottawa, where his pitch was simple: canada, as a world leader in mining capability, should be involved in space mining. “Space mining is inevitable,” Boucher said, with private firms and public space agencies banking on exploiting space resources — specifically water — to sustain life and produce propellant far more cheaply than hauling it from earth. The economic case for space mining rests on the fact that travelling through the earth’s atmosphere is expensive. according to NaSa, it costs US$10,000 to get 1 kg of material into orbit. costs balloon when delivering that cargo safely to the moon and beyond. The International Space Exploration coordination Group, comprised of 14 major national space agencies, has identified “local resources” as integral to space exploration, citing the potential for

dale Boucher Ceo, deltion innoVations

Deltion Innovations’ drill on a rover during a 2012 deployment on the slopes of Mauna Kea in Hawaii. phOTO By JOE BiBBy

simplifying missions and lowering costs, especially for long missions. Seeing an emerging market, the private sector sprung into action, with a handful of firms vying to extract space resources and set up shop as the first extraterrestrial refuelling station and supply depot. “Every miner would love to build a mine in the backyard of the facility that’s going to use their product,” Boucher said. Mining machines for space rooted in the Sudbury mining camp and originally a branch of the Norcat innovation hub, Deltion has taken a mining-centric approach to developing space technology. By focusing on building mining

machines for space, rather than adapting space instruments for mining, Boucher says Deltion has set itself apart from the competition. “There are drills on Mars right now that are science instruments — they only drill down 5 cm and then they’re done,” he said. “Our drill is designed to drill down two metres and pull up a core sample, much like the coring drills they use in the mining industry.” The lunar environment offers plenty of drilling challenges. It’s tough to keep motors from overheating — despite temperatures around -175°c — because a vacuum acts a perfect insulator, with no air to act as a coolant. and some lubricants and plastics will boil off

and redeposit elsewhere, causing malfunction. Moreover ever-present cosmic radiation can wreak havoc on electronics. With such unique challenges Deltion had to start from scratch, even building its own fabrication and testing equipment. “Nobody has built this kind of hardware before,” Boucher said. In July 2015, after 15 years of development, Deltion’s f lagship coring drill proved its capabilities in a test chamber at the NaSa Glenn research centre in Ohio, where testers recreated the moon’s harsh conditions and watched Deltion’s machine extract core from frozen lunar simulant. no longer a moon shot high-profile U.S. companies Planetary resources and deep Space Industries have garnered a lot of attention on their quest to mine near-earth asteroids, but Boucher is convinced the moon is the best place to both extract resources and supply human space activity in the near-term. In 2009 NaSa’s LcrOSS satellite

impacted the cabeus crater on the south pole of the moon, lifting a plume of material containing water ice, which may have sat in the crater’s shadowed depths for billions of years. That discovery highlighted the potential for large water resources on the moon. In the 2020s NaSa hopes to launch the resource Prospector Mission (rPM) to test targets near the moon’s south pole. Boucher calls it the “first-ever space mining mission” and notes that Deltion’s coring drill is “ready to go,” and if it’s deployed, it will offer canada a foothold on future human activity in space. Participating in space mining would promote high-value employment and transfer technology and knowledge from the space industry for the benefit of earth-based mining and beyond. Boucher points to the canadarm as an example for how canada would benefit. Once the robotic arm had a single successful space flight in 1981, NaSa stuck with the proven canadian technology and ordered four more units, plus a big maintenance contract which spanned decades. “The space industry is a lot like the mining industry — they don’t like to take risks,” he said. The deal also paved the way for canada to send astronauts into space and participate in some fashion in every shuttle mission. Given canada’s aptitude for mining, and mining’s central role in future human activity in space, “canada has a real role to play here,” Boucher said.

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ThE NOrThErN MINEr / March 7-13, 2016

Beyond water Aspiring asteroid miner Planetary resources isn’t shy about talking up the potential for platinum group metals in space. “A single platinum-rich, 500-metre wide asteroid contains 174 times the yearly world output of platinum, and 1.5 times the known world reserves of platinum group metals,” the company said. “We’ve been mining asteroids on Earth for centuries.” The challenge and cost of producing metals in space and hauling them back to Earth is too steep for many traditional mining firms to pay much attention, according to Joe Hinzer, president of mining consultancy Watts, Griffis and McOuat. “For the foreseeable future we’re going to do our traditional metal extraction here,” he said. But in a world where national space agencies are facing a fiscal squeeze, while the private sector is increasingly active in space, it is possible to offset costs with valuable metals. “Some of the metals don’t need a lot of volume to have a lot of value,” said mining entrepreneur Rob McEwen. “And if you’re coming back empty already, you can probably fill’er up. “The moon has been viewed in some ways as a catcher’s mitt for all sorts of special debris and bodies that have landed on it. And some of them are mineralized,” said McEwen, who is an investor in California-based Moon express, which is trying to win the US$30-million Google Lunar X Prize by landing the first privately-funded spacecraft on the moon in 2017.

Deltion Innovations’ coring drill inside the lunar test chamber at the NASA Glenn Research Center in Ohio. dELTiON iNNOVATiONs

Terrestrial and space mining share similar project risks and time horizons, and miners understand supply-logistics chains as well anyone, he said. “There is a huge knowledge base in mining that has yet to be applied in space exploration,” Boucher said, adding that his NaSa contacts are interested in getting a miner’s perSMSJ_Sept 2012_Pro_TH_PC spective to inform space solutions.

supportive framework that created the great economies of history, and will encourage the sustained development of space,” said co-founder and co-chairman Eric anderson. however, the bill’s conflict with the Outer Space Treaty is plain to see. “My initial reaction was that it’s a breach of international law,” said cassandra Steer, executive director of the centre for research in air and Space Law at McGill University. Equipment for rights andMobile regulations “The problem is that you can’t give Beyond the technical challenges, property rights away that you don’t Safety and Productivity a large question remains: Who, already have.” e has ocated to ato exploitsq ftInternational Lant if anyone, the right law also prevents resources in space? nations from using national laws The 1967 Outer Space Treaty, with to circumvent international obli103 signatories, including the U.S. gations. “What they’ve done is just and canada, prohibits commercial wrongful,” Steer said. activity in space. The treaty’s first Speer suspects that U.S. legislators article explicitly states that every- are fully aware of the international thing in space is the “province of law. “This might be a creative way of all mankind,” and “shall be free forcing … states to come together for exploration and use by all states and negotiate an international reSMSJ_Sept without discrimination of any kind, gime that would allow for mining to SMSJ_Sept 2012_Pro_TH_PC 2012_Pro_TH_PC on a basis of equality.” The second take place, but would have protecMobile Equipment for article adds that outer space “is not tions around it.” Safety and Productivity subject to national appropriation by The momentum towards comclaim of sovereignty, means Re-Located to a 50,000 by sq.ft . PLant!of mercializing space continued in Febuse or occupation, or by any other ruary when Luxembourg’s Deputy means.” Prime Minister Étienne Schneider Nonetheless, the treaty didn’t stop announced the country is working U.S. President Barack Obama from to become a European hub for space signing the U.S. commercial Space resource industries and is developLaunch competitiveness act into ing a “legal framework that ensures law in November 2015. The bill states that private operators working in that any american who recovers any space can be confident about their resource in space is entitled to use, rights to the resources they extract.” hold, sell or transport that resource “The current international legislaas they see fit, “in accordance with applicable law, including the international obligations of the U.S.” Authorized Fledgling asteroid miner PlanToyota Landcruiser etary resources applauded the move. Dealer “This legislation establishes the same

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tion was adopted in the sixties, when space mining was mere science fiction,” Schneider said. “Today, these rules prohibit an appropriation of space and celestial bodies, but they do not exclude the appropriation of materials which can be found there.” rules to manage space resources could be modelled on our governance of resources in the high seas, Speer said, where the International Seabed authority regulates activity beyond national jurisdictions. canada’s reputation may make it an ideal candidate to help lead any governing body that will oversee space commerce. “canadians are seen as the good guys in space,” said Speer, an australian who worked in amsterdam before taking her current post in Montreal. Moreover, canada is an exemplar when it comes to regulating resource development and creating a market that works, according to Joe hinzer, president of mining consultancy Watts, Griffis and McOuat. “Perhaps the canadian model might be a good basis for designing a system [for space] in the future,” hinzer said. The early rules for prospecting and mining in North america were

Dale Boucher, CEO of Sudbury-based Deltion innovations, thinks there may be gold in the same parts of the moon where water is suspected: the permanently shadowed areas in craters on the lunar poles. In 2013 Boucher co-authored an article published in the journal of the American Institute of Aeronautics and Astronautics that looks at data collected during NASA’s 2009 LCROSS mission. The results reveal “several spectral emission lines in the UV that are consistent with the presence of platinum, as well as silver and gold,” the article said. The authors estimate gold concentrations in the “electrostatic placer deposits” are greater than one part per thousand. To put this in perspective, the report notes that a survey of 71 Canadian gold miners indicated their reserves contain less than one part gold per million. Interestingly, the lunar gold sits at or near surface and in a form that doesn’t require the crushing of hard rocks. “Such rich gold deposits — if they exist — are entirely unprecedented on Earth.” “Moreover, the gold market — unlike the market for PGMs — is large enough to withstand infusions of hundreds of tonnes of new gold per year without significantly affecting the price of gold,” the authors argued. “Gold has served to open up several historical frontiers, including California and the Klondike. Given the tantalizing LCROSS results, it is possible that gold could serve as the catalyst that will open up the lunar frontier.” tnM

set by the prospectors and miners themselves, hinzer noted, and the space-faring nations may need to get together and form a regulatory body in the same way. he said a regime to govern space mining should be modelled on the North american system of staking claims and resource regulation. In such a scenario, canadian expertise would be vital. from sudbury to the moon? Deltion’s drill has proven its capabilities and offers a good chance to get canadian technology to the moon for the resource Prospector Mission. But without support from the canadian Space agency, the drill may never take flight. NaSa will only fund non-U.S. technology if it is unavailable domestically, and it has been pumping money into U.S. firm honeybee robotics, which is catching up to Deltion’s drilling capabilities. “I estimate we’re still about a year ahead of them,” Boucher said. In an emailed response to The Northern Miner, the cSa said that “at the moment, space mining is not a priority for the cSa, but we follow progress on initiatives in this field.” The agency “is not currently

planning or involved in a space mining mission ... cSa’s current priorities in space exploration are the International Space Station program, astronomy and planetary science missions.” Boucher says it’s not too late for canada to join the resource Prospector Mission, if Navdeep Bains, canada’s Minister of Innovation, Science and Economic Development, would direct the cSa to focus on space mining. “[Bains] must be convinced that space mining is important for canada, for canadian industry and for canadian innovation.” Boucher would also like to see the government extend flow-through financing for the space mining sector. “That will kick off the whole domino deck.” In February, australia, another mining nation, began reviewing its space legislation and regulations. The government is looking to reform the legislation with an eye towards “supporting emerging commercial opportunities” in space. canada must move quickly on space mining “to prevent other countries from taking our place,” Boucher warns. “If we wait too long, we will be pushed off the stage.” tnM

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MaRCH 7-13, 2016 / THE NORTHERN MINER

M a R K E T N EWS TORONTO STOCK EXCHANGE / February 22–26 Canada’s benchmark index slipped 0.1% to close at 12,797.79, despite higher crude prices. The S&P/TSX Capped Diversified Metals & Mining Index, however, gained 0.7% to close at 352.81. The S&P/TSX Global Gold Index fell 0.6% to 176.95, as the spot gold price declined US$4.20 per oz. to US$1,221.80. The april contract for crude oil climbed 10.6% to US$32.78 per barrel on the New York Mercantile Exchange. Shares in Talon Metals advanced 44% to 13¢ as drilling resumed on the Tamarack nickel-copper-PGM project in Minnesota. The Tamarack project includes the Tamarack North and Tamarack South projects. Talon earned an 18.5% interest in the project last December by giving US$15 million to Kennecott Exploration. For Tamarack’s late 2016 drill program, Kennecott has planned an initial seven- to nine-hole campaign to focus on three areas: 221 zone, the Neck and the Tamarack zone. The entire current resource — totalling 3.8 million indicated tonnes grading 2.4% nickel equivalent and 3.4 million inferred tonnes of 2.1% nickel equivalent — sits within the Tamarack zone. New Millennium Iron shares rose 36% to 8¢, as it fended off dissident shareholders. It recently filed a management information circular urging shareholders to dismiss the dissidents’ attempts to gain control of the

board with only 7% of the company’s shares. It also reiterated its strategy, called “NuTac,” to build shareholder value once iron ore prices turn around. On Feb. 22, the dissidents filed a management information circular, arguing the current board and management has destroyed shareholder value. They outline a plan to remove six directors, halt NuTac, lower costs and improve disclosure. To complicate matters, both parties in the following days reported that the Institutional Shareholder Services ISS supported their views, asking stakeholders to side with them during the upcoming special shareholders meeting on March 15. Goldcorp was the biggest value loser after disappointing 2015 financials, coupled with a dividend cut and lower expected production TSX MoST acTive iSSueS

First Quantum Teck Res Barrick Gold Kinross Gold Yamana Gold B2Gold Goldcorp Suncor Energy Lake Shore Gld Lundin Mng

FM TCK.B ABX K YRI BTO G SU LSG LUN

VOLUME (000s) HIGH

WEEK LOW CLOSE CHANGE

45125 5.30 41083 9.93 38964 19.99 36689 4.63 34559 3.96 34466 1.61 33800 22.78 24106 34.13 20343 1.94 16520 4.01

3.86 4.86 + 0.28 7.15 7.66 - 0.49 16.60 18.27 + 1.01 3.85 3.91 - 0.16 3.52 3.67 - 0.04 1.42 1.45 - 0.05 18.51 18.73 - 2.52 31.95 32.89 + 0.03 1.73 1.76 - 0.03 3.44 3.72 0.00

for the next three years. The miner posted an annual net loss of US$4.2 billion, or US$5.03 per share, compared to a net loss of US$2.66 per share in 2014. It also recorded a fourth-quarter loss of US$4.3 billion, which included a US$3.9-billion writedown. annual production was 3.46 million oz. gold at all-in sustaining costs of US$894 per oz., including inventory impairments. Goldcorp, however, changed its monthly dividend payments of

US2¢ to a quarterly basis. It is guiding annual gold production of 2.8 million to 3.1 million oz. during the next three years. The miner fell $2.52 per share to $18.73. Teck Resources saw heavy trading after announcing several senior executives are set to retire in the coming months, as well as restructuring senior management to streamline the organization. Teck shares slipped 49¢ to $7.66, as 41 million shares traded hands. TNM

TSX greaTeST perceNTage chaNge VOLUME (000s) HIGH

TVI Pacific MDN Inc Alderon Iron Talon Metals Geologix Ex SouthGobi Res Western Copper Golden Star New Milln Iron Luna Gold Era Res Inc Golden Mnls Loncor Res Minco Gold Lexam VG Gold First Point Mawson Res Gabriel Res Mega Uranium Canarc Res

TVI MDN ADV TLO GIX SGQ WRN GSC NML LGC ERX AUM LN MMM LEX FPX MAW GBU MGA CCM

1705 398 308 211 3111 26 866 979 333 1569 17 270 222 108 2592 167 118 803 2816 668

0.02 0.03 0.16 0.15 0.06 0.30 0.50 0.56 0.08 0.15 0.15 0.85 0.03 0.44 0.23 0.06 0.25 0.26 0.11 0.09

TSX greaTeST value chaNge

WEEK LOW CLOSE CHANGE

0.01 0.02 0.09 0.13 0.03 0.00 0.33 0.38 0.06 0.09 0.14 0.54 0.02 0.35 0.15 0.05 0.20 0.22 0.08 0.08

0.02 0.03 0.14 0.13 0.05 0.30 0.48 0.56 0.08 0.12 0.14 0.60 0.02 0.36 0.17 0.05 0.21 0.22 0.09 0.09

+ 200.0 + 50.0 + 50.0 + 44.4 + 42.9 + 42.9 + 41.2 + 36.6 + 36.4 + 35.3 - 40.4 - 29.4 - 20.0 - 19.3 - 17.5 - 16.7 - 16.3 - 15.7 - 15.0 - 15.0

VOLUME (000s)

Agrium Franco-Nevada Potash Corp SK Barrick Gold Royal Gold Kirkland Lk Gd North Am Pall HudBay Mnls First Quantum Pan Am Silver Goldcorp Dominion Diam MAG Silver Pretium Res Agnico Eagle Labrador Iron Altius Mnrls Silver Wheaton Teck Res Silver Std Res

AGU FNV POT ABX RGL KGI PDL HBM FM PAA G DDC MAG PVG AEM LIF ALS SLW TCK.B SSO

1622 8958 10853 38964 104 5737 36 9886 45125 2914 33800 1312 1515 4036 5838 1583 265 9418 41083 2229

WEEK CLOSE CHANGE

116.99 80.09 23.12 18.27 60.64 7.88 5.25 3.79 4.86 13.02 18.73 13.72 9.50 6.04 46.72 9.55 9.41 20.85 7.66 7.47

+ + + + + + + + + + -

4.04 1.34 1.06 1.01 0.84 0.57 0.40 0.35 0.28 0.28 2.52 2.09 1.63 1.01 0.90 0.80 0.66 0.58 0.49 0.48

TSX VENTURE EXCHANGE / February 22–26 The S&P/TSX Venture Composite Index is making gains towards a four-month high, rising 1.4%, or 7.3 points, to a 538.06-point weekly close, on the back of strong metal prices. Spot gold held steady during the trading period, closing at US$1,228.67 per oz., whereas three-month London Metal Exchange copper contracts rose US$90 per tonne, or 2%, to US$4,680.50 per tonne, on better-thanexpected U.S. economic data Gold producer Metanor Resources saw 14 million shares trade hands before closing up 2¢ at 7¢ per share, on news that drilling began at its new Moroy prospect, 1 km southeast of its operating Bachelor mine, in the prolific Val-d’Or gold district in Quebec. The first phase of the 60,000-metre exploration campaign will target geophysical anomalies that coincide with mineralized zones found at surface. Previous drilling on the property returned intercepts of 10.1 grams gold per tonne over 26.2 metres and 18.9 grams gold over 5.6 metres. Barkerville Gold Mines nearly topped the value-added category, rising 13¢ to a 54¢ close on no reportable news. The stock has climbed since early February, up 136%, since the company announced the close of a royalty financing and private placement

deal with Osisko Gold Royalties, valued at $25 million and $10.2 million. The company is advancing its high-grade Cariboo gold project, outside the historic placer town of Barkerville, B.C., with a number of priorities including: to begin small-scale production at the Bonanza Ledge and BC Vein deposits; upgrade, define and expand the Cow Mountain resource and initiate feasibility study; and develop regional targets through greenfield exploration. Purepoint Uranium Group jumped 4¢ to a 9¢ close on 8.6 million shares, on news of preliminary drill results at its joint-venture Hook Lake project, alongside partners Cameco and areva Resources, located in the prolific athabasca basin in Saskatchewan. a downhole calibrated gamma probe reTSX-v MoST acTive iSSueS VOLUME (000s) HIGH

Metanor Res Gentor Res Purepoint Uran Sunridge Gold Majestic Gold Ashburton Vent Barkerville Go First Mg Fin Galway Gold Eagle Graphite

MTO GNT PTU SGC MJS ABR BGM FF GLW EGA

13534 9846 8597 6996 6983 6846 5872 5866 5755 5531

0.08 0.02 0.09 0.30 0.10 0.02 0.63 0.40 0.07 0.02

WEEK LOW CLOSE CHANGE

0.05 0.02 0.04 0.28 0.09 0.02 0.42 0.36 0.04 0.02

0.07 0.02 0.09 0.29 0.09 0.02 0.54 0.38 0.05 0.02

+ + + + + -

0.02 0.01 0.04 0.01 0.01 0.00 0.13 0.01 0.01 0.01

turned a preliminary assay of 31.2 metres of 1.7% eU308, including 13.3% eU308 over 2.2 metres. The drill program is targeting the structure at shallower depths, where it crosses an interpreted stratigraphic boundary that is prospective for unconformity-related uranium deposition. Junior explorer New Oroperu nearly topped

the greatest percentage change, jumping 196.3%, or 26¢, to a 40¢ close on no material change. The company provided a corporate update on Feb. 23, at the request of Investment Industry Regulatory Organization of Canada, to disclose a project update on its Tres Cruces project in north central Peru, 10 km south of Barrick Gold’s Lagunas Norte gold deposit. TNM

TSX-v greaTeST perceNTage chaNge VOLUME (000s) HIGH

Manson Creek Cap-Ex Iron New Oroperu Stakeholdr Gld Cerro Mng Reliant Gold RJK Explor Tango Mining Gold Mtn Mng Caracara Silvr Greenshield Ex Bison Gold Res Anglo-Can Mng Cassidy Gold Pancontinental Adex Mining Darnley Bay Chimata Gold Duncan Park H White Pine Res

MCK CEV ORO SRC CRX REC RJX.A TGV GUM CSV GRX.H BGE URA CDX PUC.H ADE DBL CAT DPH WPR

641 348 368 213 117 222 1385 739 117 1042 75 166 301 483 750 576 211 3860 58 653

0.02 0.02 0.40 0.47 0.01 0.03 0.01 0.01 0.09 0.01 0.04 0.13 0.01 0.02 0.01 0.01 0.02 0.03 0.01 0.01

TSX-v greaTeST value chaNge

WEEK LOW CLOSE CHANGE

0.00 0.01 0.00 0.16 0.00 0.02 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01

0.02 0.02 0.40 0.42 0.01 0.03 0.01 0.01 0.09 0.01 0.01 0.12 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01

+ 200.0 + 200.0 + 196.3 + 133.3 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 85.7 - 52.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

VOLUME (000s)

Gold Reserve Archon Mineral New Oroperu Stakeholdr Gld Marlin Gold Barkerville Go Catalyst Coppr Sierra Iron Or Probe Metals Noront Res Pac Booker Min Elcora Res Bison Gold Res Lithium X Egy Abitibi Royalt Reservoir Mnls Chesapeake Gld Bear Creek Mng Odin Mng & Exp Anfield Nickel

GRZ ACS ORO SRC MLN BGM CCY NAA PRB NOT BKM ERA BGE LIX RZZ RMC CKG BCM ODN ANF

664 12 368 213 70 5872 155 273 363 1099 10 1920 166 816 68 52 54 1477 1531 163

WEEK CLOSE CHANGE

6.10 2.00 0.40 0.42 0.45 0.54 0.28 0.35 0.47 0.47 1.50 0.53 0.12 0.89 3.88 4.00 2.30 0.85 0.40 0.75

+ + + + + + + + + + -

0.52 0.43 0.27 0.24 0.17 0.13 0.12 0.11 0.11 0.10 0.25 0.13 0.13 0.11 0.11 0.10 0.08 0.07 0.07 0.07

U.S. MARKETS / February 22–26 The three major U.S. indexes gained for a second week in a row, on the back of higher oil prices and positive economic data. The Dow Jones Industrial average rose 1.5% to 16,639.97, while the S&P 500 Index jumped 1.6% to 1,948.04. The Nasdaq Composite Index climbed 1.9% to 4,590.47. The april contract for oil surged 10.6% to settle at US$32.78 per barrel. The U.S. economy grew 1% in the last three months of 2015, higher than the previously reported 0.7% gain. Harmony Gold, which operates in South africa and Papua New Guinea, surged 14% to US$3 per share. On Feb. 23, the company reported that it has entered into foreign exchange hedging contracts in respect to the South african rand and the U.S. dollar exchange rate, totalling US$400 million. Given the weakening rand, Harmony explains the contracts establish an attractive minimum exchange rate on the U.S. dollars that the company receives when selling gold, while leaving shareholders fully exposed to the upside in the gold price. It also provides Harmony more certainty on its margins and cash flow and ability to reduce debt. Since year-end 2015, the company has repaid another $20 million

Mar 7 Pg 10.indd 10

on its $250-million revolving credit facility, leaving the used balance at $180 million. Pretium Resources was the biggest percentage loser, dropping 13% to US$4.47 per share. On Feb. 23, the company reported underwriters agreed to buy 26.2 million shares priced at US$4.58 apiece for gross proceeds of US$120 million. The net proceeds will help develop the high-grade Brucejack gold project in B.C. and working capital during start-up. Brucejack should reach commercial production in late 2017. The underwriters, led by CIBC Capital Markets, RBC Capital Markets and Scotiabank, have an overallotment option u.S. MoST acTive iSSueS Freeport McMo* FCX Alcoa* AA Vale* VALE Barrick Gold* ABX Kinross Gold* KGC Goldcorp* GG Yamana Gold* AUY Teck Res* TCK Newmont Mng* NEM United States S* X

VOLUME (000s) HIGH

275405 7.97 162709 9.21 146050 3.34 139544 14.45 97425 3.36 88095 16.50 75422 2.86 61577 7.25 53193 26.40 51654 8.80

WEEK LOW CLOSE CHANGE

6.55 7.43 + 0.51 8.04 8.87 + 1.00 2.70 2.71 - 0.23 12.12 13.53 + 0.97 2.84 2.90 - 0.07 13.70 13.86 - 1.59 2.57 2.71 + 0.02 5.17 5.66 - 0.29 24.08 25.35 + 0.51 7.22 8.31 + 0.21

to buy another 2.2 million Pretium shares at the offering price within 30 days of closing. Barrick Gold shares saw heavy trading, closing the week up US97¢ at US$13.53 on 139.5 million shares traded. On Feb. 22, the gold miner said it would redeem up

to US$750 million in notes to help cut its US$10-billion debt by at least US$2 billion in 2016. It also highlighted the results of four studies on projects in Nevada and Peru that could grow both its output and free cash flow beyond 2020. TNM

u.S. greaTeST perceNTage chaNge Sibanye Gold* Harmony Gold* Alcoa* AngloGold Ash* Stillwater Mg* HudBay Mnls* Primero Mng* Mosaic* Peabody Enrgy* Trecora Res* Pretium Res* Dominion Diam* Goldcorp* Natural Res Pt* Vale* Rio Tinto* DRDGOLD* Vale* Endeavr Silver* Teck Res*

SBGL HMY AA AU SWC HBM PPP MOS BTU TREC PVG DDC GG NRP VALE RIO DRD VALE.P EXK TCK

VOLUME (000s) HIGH

7856 26228 162709 29976 9469 1088 4696 28198 9442 409 14313 2595 88095 230 146050 30915 1705 43713 4527 61577

14.07 3.18 9.21 12.87 8.50 3.00 1.78 27.07 2.39 10.00 5.16 11.67 16.50 9.05 3.34 29.24 3.47 2.39 1.78 7.25

u.S. greaTeST value chaNge

WEEK LOW CLOSE CHANGE

11.60 2.53 8.04 10.68 7.23 2.27 1.42 23.11 2.02 8.75 4.43 10.12 13.70 7.30 2.70 25.06 3.12 2.00 1.60 5.17

13.52 3.00 8.87 12.15 7.96 2.80 1.61 26.82 2.21 9.78 4.47 10.14 13.86 7.81 2.71 25.52 3.27 2.02 1.66 5.66

+ + + + + + + + + + -

14.1 14.1 12.7 11.7 11.6 11.1 11.0 9.9 8.3 8.3 12.9 11.8 10.3 8.2 7.8 6.8 6.6 6.5 6.2 4.9

VOLUME (000s)

MartinMarietta* Agrium* NACCO Ind* Mosaic* Franco-Nevada* Sibanye Gold* AngloGold Ash* Potash Corp SK* Alcoa* Barrick Gold* Chevron* Rio Tinto* Goldcorp* Dominion Diam* Natural Res Pt* Pretium Res* Black Hills* Teck Res* Vale* DRDGOLD*

MLM AGU NC MOS FNV SBGL AU POT AA ABX CVX RIO GG DDC NRP PVG BKH TCK VALE DRD

3479 4840 93 28198 6804 7856 29976 34804 162709 139544 49531 30915 88095 2595 230 14313 2899 61577 146050 1705

WEEK CLOSE CHANGE

142.20 86.49 50.75 26.82 59.26 13.52 12.15 17.10 8.87 13.53 84.35 25.52 13.86 10.14 7.81 4.47 56.12 5.66 2.71 3.27

+ + + + + + + + + + -

6.22 4.49 2.45 2.42 1.84 1.67 1.27 1.08 1.00 0.97 2.15 1.85 1.59 1.36 0.70 0.66 0.39 0.29 0.23 0.23

16-03-01 8:50 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7-13, 2016

Gold & Precious Metals —SPECIAL FOCUS—

A gold bar from Asanko Gold’s namesake mine in Ghana. asanKo Gold

Atac has more to discover at Rackla in Yukon Site ViSit

Orex, Canasil add weight to silver discovery in Mexico

| Canada’s first Carlin-style gold deposit hints at district scale

SilVer

| Partners strike again, 350 metres from discovery hole By lesley stoKes lstokes@northernminer.com vanCoUveR

Julia Lane, Atac Resources’ vice-president of exploration, at the Rackla gold project in the Yukon.

By Matthew Keevil

mkeevil@northernminer.com DAWSON CITY, YUKON

wooping in low via helicopter across wide, lush valleys at Atac Resources’ (TSXV: ATC; USOTC: ATADF) well-established base camp on the Rackla gold project in the central Yukon, one can appreciate the scope of the vast 1,700 sq. km property package that hosts the impressive Osiris and Anubis clusters within the regional Nadaleen Trend. Since 2010 the company has been advancing Canada’s first Carlintype gold discoveries, and though the operation isn’t humming along at the rate it was during its heyday three years ago, it seems only a matter of time before the drills turn again in earnest. Rackla became a hot story after the Nadaleen area was earmarked for grass-roots Carlin-type gold exploration. This was based on many analogous pathfinder-element anomalies in government databases from sediment samples collected from creeks draining the area — particularly because of the strong geological similarities between east-central Yukon and northeast Nevada. Vice-president of exploration Julia Lane recounts over coffee that Atac’s geological team took a journey down to Nevada seven years ago to familiarize themselves with the regional geology. The area of the Yukon where Rackla sits has similar regional characteristics to the Carlin area, and historic prospectors had toyed with discovery models that would eventually lead to Atac’s success. “We found high arsenic in till during regional stream sediment

Mar 7 Pgs 1_9 11_25 30.indd 11

Photo by Matthew Keevil

sampling just up the valley from where we’re standing. Three of us spent a day sampling our main drainages and found three anomalies. We confirmed the values in the Yukon database and they all came back looking really interesting,” Lane says. “When we originally came to the project in 2007 it was always in the back of our minds that it has a similar setting to Nevada. We didn’t focus too much on comparisons to Goldstrike or Cortez, or something similar, because we were really using those regional characteristics to look for carbonate-replacement Core samples from Atac Resources’ Rackla gold project. Photo by Matthew Keevil style discoveries,” she adds. Arsenic ended up being Atac’s now make up the 12 sq. km Osiris stratigraphic contact between broadest pathfinder element, and cluster, namely: Conrad, Osiris, limestone and an overlying pyritic led to the discovery of the Conrad Sunrise and Ibis. siltstone cap unit, where the thickzone in 2010. The company has Mineralization at Conrad is con- est mineralization occurs along since drilled nearly 75,000 metres tained within several structural and the crest of an anticlinal fold. The at the target, highlighted by 43 stratigraphic settings. Conrad Middle zone hosts strong metres of 18.44 grams gold per In the Conrad Upper zone, gold See AtAc / 12 tonne in hole 12-114. Four zones mineralization occurs along the

rex Minerals (TSXV: REX; US - OTC: OR X IF) a nd partner Canasil Resources (CVE: CLZ) are off to a strong start at their Sandra-Escobar silver project, 183 km northeast of the city of Durango, as the partners expand a discovery in the heart of Mexico’s most valued silver trend. The pair have reported the latest five holes from their 17-hole maiden drill program on the property, highlighted by 33.5 metres of 328 grams silver per tonne near surface and 350 metres east of the discovery hole announced in January, which cut 43.1 metres of 359 grams silver. Other holes collared midway returned 40.6 metres of 139 grams silver and 28.4 metres of 102 grams silver. Ben Whiting, vice-president of exploration at Orex, tells The Northern Miner during a phone interview that it’s not every day a junior explorer makes a discovery on the first drill hole of a program. “The prospect is different than a lot of the other silver deposits you see throughout north-central Mexico, which are often narrow veins with large vertical extents and a reddish gossan at surface,” he says, noting that the property falls within the Mexican Silver Trend, which is home to some of the world’s largest silver camps and deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles and Zacatecas. “But here, the prospect doesn’t have a gossan — the fluids were undersaturated in sulphur — so what we see now is just a grey rock See Orex / 14

2.3 million ounce gold Reserve (92 M tonnes averaging 0.78 g/t) 200,000 ounces of gold per year Permitted for construction and operations

16-03-01 8:54 PM

MARCH 7-13, 2016 / THE NORTHERN MINER

Atac Resources’ base camp at the Rackla gold exploration project in the central Yukon.

Gold & PreciouS MetalS

WWW.NORTHERNMINER.COM

Photo by Matthew Keevil

Atac has more to discover at Rackla AtAc From 11

alteration and mineralization within multiple stacked, flat-lying bodies proximal to a laterally extensive, near vertical siltstone-limestone contact. Meanwhile, newly discovered gold mineralization below the Middle zone opens up an entirely new area for exploration. The Conrad Lower zone discovery in 2014 was highlighted by two new gold intervals that returned 42.7 metres of 3.03 grams gold and 21.7 metres of 3.15 grams gold. “We have so many anomalies on the property that we’ve simply been too busy to follow up on due to how much we’ve been drilling since 2010,” Lane says, while pointing out the Nadaleen Trend along a ridge that’s visible from Atac’s core shack. “Over the last couple of years, however, we’ve gone back out on the ground to figure some of them out and set up drill targets. During the heavy drill periods in 2012 and 2013, the property-wide data was just flowing in, so we have a wealth of information to study and hunt for new areas of interest,” she continues. Roughly 10 km west of Osiris, along regional scale northwesttrending extensional faults, sits the Anubis cluster. The area hosts an 18 sq. km geochemical footprint with peripheral occurrences

of high-grade silver-lead-zinc and gold mineralization that hint at Carlin-type mineralization, with a long-lived hydrothermal plumbing system. The Anubis zone discovery hole cut 8.5 metres of 19.85 grams gold, while rotary air-blast (RAB) drilling in 2015 intersected 47.2 metres of 3.79 grams gold. “The Anubis area hosts nine targets, and that initial discovery was made pretty much in outcrop right in the side of that little creek bed you can see from here,” Lane says during a walking tour at Rackla. “We sampled our highest grades ever there in 2012, and we think there’s potential for a lot of gold in a broad system. It’s not as easy to follow-up on as Osiris, however, due to the amount of overburden we’re dealing with. So we use the cheaper RAB drills to narrow down our targeting to facilitate higher success rates with the more expensive diamond drills.” Atac president and CEO Graham Downs says his company have curtailed its drilling rate at the project since markets tumbled two years ago. The company now leans on relatively cheaper exploration techniques to preserve its $16-million treasury in anticipation of a bounce back in gold markets. But that didn’t stop Atac from making a discovery in mid-2015, when it carried out RAB drilling on the Orion target, 300 metres west

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ConstruCtion AnD Mining serviCes

Mar 7 Pgs 1_9 11_25 30.indd 12

of the Anubis zone. Hole 15-26 cut 47.24 metres of 3.79 grams gold at the target, with mineralization starting at 15.2 metres deep and continuing through the bottom of the hole.

“we definitely have the deposits and targets to go out and spend Millions of dollars on diaMond drill caMpaigns.” grahaM downs PRESIDENT & CHIEF GEOLOGIST ATAC RESOURCES

“The key thing to take away from our programs last year was that significant discovery,” Downs says. “I can pretty much say we’re heading back out with the RAB drill, since it’s inexpensive, and we’ll try to get some ideas in terms of orientation and structure there. It’s absolutely wide open right now, so we’d like to do between 20 and 30 holes this year. Once we have those results we would move into diamond drilling if the results warrant.” Mineralization at Orion occurs

in both a debris flow-bearing fossiliferous limestone and a variably calcareous pyritic siltstone, but is most prevalent in a highly deformed and fractured structural setting in the hangingwall pyritic siltstone assemblage, where a secondary cross fault intersects the Anubis fault. “Obviously if we can discover another trend, or a segment of a trend, that would be huge,” Lane says. “Other than that we’ll continue to focus on our advanced targets and moving towards resource estimates. But really it’s about filling an exploration pipeline, where we can generate excitement with discoveries.” The wild card for Atac just may be the relatively unheralded Tiger sediment-hosted oxide gold deposit along the 20 km Rau Trend, which is a thick, northwest-trending body of carbonate-replacement style gold mineralization hosted within a moderately northeast-dipping horizon. Mineralization develops around a zone of small-scale folding and shearing. The mineralized system is a series of stacked and folded limestone horizons interbedded with locally extensive mafic flows and volcaniclastic units. The company hadn’t spent too much time on Tiger during its exploration boom years, when the more prolific Anubis and Osiris discoveries generated headlines.

With lower gold prices and volatile markets, however, the prospect of a lower-cost, heap-leach focused mine could offer Atac some upside. So the company’s 2016 exploration campaign will serve a dual purpose. First, Atac will follow-up on the Orion discovery with more RAB drilling; and second, it will extend soil sampling coverage around a newly identified 10 sq. km gold anomaly near Rackla’s airstrip, 4 km south of Tiger. The new area could host gold sourced from a “favourable package” of variably calcareous sedimentary rocks similar to those seen in a trench at the company’s Bengal showing on the western end of the Airstrip anomaly. “Tiger is a nice gem to have in our back pocket, and I think it will definitely be mined at some point. We found that new soil anomaly at the end of the season, so it needs a bunch more work,” Downs says. “At a minimum we’ll get an excavator in there to poke around. There will be plenty of follow-up geochemistry and prospecting, so there’s a big amount of work planned there this year. It’s pretty exciting stuff, and oxide gold is certainly popular right now.” In mid-2014 Atac released a preliminary economic assessment at Tiger that models a hybrid heapleach and carbon-in-leach operation with a $92.3-million capital expenditure. The 3,300-tonne-perday mine would crank out 55,000 oz. gold annually based on oxide resources totalling 2.4 million indicated tonnes of 4.25 grams gold for 337,500 contained oz. Assuming US$1,250 per oz. gold, Tiger features a $52.1-million pre-tax net present value at a 5% discount rate, along with a 30% internal rate of return and all-in sustaining costs of $626 per oz. “The feedback we’ve been getting is to not spend a lot of our capital right now. We definitely have the deposits and targets to go out and spend millions of dollars on diamond drill campaigns, but we need to make sure we can be in a position to benefit if this market uptick proves sustainable,” Downs says. “We’ve been in a bit of a holding pattern on Anubis and Osiris waiting for this market improvement. We need an indication we’ll generate value from any dollars spent there. Unfortunately we haven’t seen much love for exploration, regardless of what sort of intercepts you hit, but what we can do is generate discoveries,” he says. Atac trades in a 52-week range of 25¢ to 62¢ per share, and jumped 24¢ to start the year and last traded at 56¢. The company had 118 million shares outstanding for a $70-million market capitalization. TNM

16-03-01 8:54 PM

Gold & PreciouS MetalS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7-13, 2016

Centerra CEO touts strong balance sheet, organic growth interView

| Producer finds way to generate cash despite price pressure

By Matthew Keevil john.smith@northernminer.com vanCoUveR

enterra Gold (TSX: CG; US-OTC: CAGDF) sits in a relatively enviable position due to a healthy balance sheet and a promising development pipeline, and that’s music to the ears of newly minted executive Scott Perry, who stepped into the CEO position four months ago after serving the same role at AuRico Gold. The company’s flagship Kumtor gold mine in Kyrgyzstan, 350 km southeast of the capital Bishkek, generated US$160 million in free cash flow last year, and while many competitors have struggled under heavy debt burdens, Centerra has US$542 million in cash and equivalents. In 2015, Kumtor cranked out 520,700 oz. gold at all-in sustaining costs of US$814 per oz. Centerra dropped its cost per ounce by US$40 year-on-year due to a 10% workforce reduction, optimized mill flowsheet, lower diesel costs and favourable exchanges. Kumtor now hums along at nearly 16,500 tonnes per day, where it averaged less than 16,000 tonnes per day in early 2015.

“our asset quality and Balance sheet really distinguish us froM other coMpanies.” scott perry CEO, CENTERRA GOLD

Last year the company recorded net earnings of US$42 million, or 18¢ per share, which compares to a net loss of US$44 million, or 19¢ per share, in 2014. “We know last year was a weak gold price environment, so seeing that type of cash flow humbles you pretty quickly … our asset quality and balance sheet really distinguish us from other companies,” Perry said during an interview. “That’s an important element for us, since we have three advancedstage development projects that we’re moving forward. You can advance with confidence because you have the funding abilities, and don’t have to rely on equity or credit markets. With the cash flow from Kumtor and our balance sheet, we can do it on our own,” he added. The headline issue for Centerra over the past two years and more has been its relationship with the Kyrgyzstani government. The company was negotiating an agreement wherein Kyrgyzaltyn JSC would receive a 50% interest in Kumtor in exchange for its 32.7% equity interest in Centerra. But the outlook appeared to shift in late December when Kyrgyzstan Prime Minister T.A. Sariyev indicated the government would defer negotiations on the restructured agreement. “I visited the country at the end of January, and met with the Prime Minister and members of his government. I’d say that the restructuring negotiations in terms of our agreements have been laid to rest,” Perry said. “They are now off the table. I don’t see it coming back into play

Mar 7 Pgs 1_9 11_25 30.indd 13

Mills turning at Centerra Gold’s Kumtor gold mine in Kyrgyzstan.

because the company’s previous discussions were framed by much higher gold prices. Kumtor was materially more profitable at that time, so you can appreciate the valuation of the mine was higher. The punchline is basically math: a one-third share position in Centerra is worth a lot more than half of the mine,” he stated. Centerra expects to produce between 480,000 and 530,000 oz. gold in 2016 at all-in sustaining costs ranging from US$877 to US$968 per oz. Kumtor will account for 100% of that total, though Perry hints the company could close in on construction decisions at a pair of advanced-stage assets in Asia. In November, the Turkish government approved Centerra’s environmental impact assessment for its Oksut heap-leach operation. Assuming the company receives its final permits, the project is slated to pour first gold by late 2017. The US$221-million operation would produce 110,000 oz. gold annually at all-in sustaining costs below US$500 per oz. Assuming a US$1,250 per oz. gold price, Oksut carries a US$240-million after-tax net present value at an 8% discount rate and a 42.5% internal rate of return. “Honestly, Oksut is my favourite development project in the portfolio. I might be a bit self-serving in that assessment because it’s just such an easy mine to build. Also the site is in central Turkey, so we haven’t had any impact from the political risks in the Middle East,” Perry said. “In terms of financing, we have a great balance sheet, but we’ve recently been getting attractive project financing terms from European domicile banks. These are facilities with interest rates ranging from 3–4%. That’s pretty attractive for the project, since it’s such a quick payback period,” he added. Meanwhile, the Mongolian Parliament passed a resolution in early February wherein it set a stateownership interest in Centerra’s Gatsuurt project at 34% — which is a step toward finalizing investment agreements that will set the stage for mine development. Gatsuurt’s reserves total 17.1 million tonnes grading 2.9 grams gold per tonne for 1.6 million contained oz. at a 1.4-gram gold cut-off grade. Centerra is conducting drilling and engineering at the site to update technical studies and assess exploration upside. “Our situation in Mongolia has

CenteRRa Gold

really been de-risked with that announcement. We’re negotiating what I prefer to call a ‘stabilization agreement’ because we lock in all the elements we need to invest in the country,” Perry explained. “We have members from the Mongolian government coming out in the next

couple weeks to advance discussions, and it’s moving forward well. We’re cautiously optimistic we get everything finalized mid-year, and then it’s another 12 to 18 months to gold pour.” In terms of earlier-stage assets, Centerra entered into a fifty-fifty partnership agreement with junior Premier Gold Mines (TSX: PG; US-OTC: PIRGF) in mid-2015 on the 285 sq. km Trans-Canada property — including the multi-million ounce Hardrock gold project — in Ontario’s Geraldton-Beardmore greenstone belt. Trans-Canada hosts total measured and indicated resources of 55.4 million tonnes grading 1.7 grams gold for 3 million contained oz. Hardrock accounts for 42 million tonnes of 1.47 grams gold for nearly 2 million oz. “The joint venture in Ontario is a key element of our story. The reason I like the asset is the pure scope of the potential mine,” Perry said. “We’re talking about one of the largest undeveloped open-pit opportunities in Canada. That makes it a strategic asset, and it continues to get more attractive in the current Canadian dollar environment. There’s an upside afforded to us by the property package. It’s a great

position in extremely promising exploration ground.” Centerra made an initial cash contribution to the partnership of $85 million for its 50% interest. The company has investment commitments of $185 million to advance the project, with expenses totalling $17 million last year. In February the joint-venture partners submitted a draft environmental assessment to the provincial and federal regulators for initial review and comment. Centerra shares have traded in a 52-week range of $7.06 to $7.39, and last closed at $7.33 per share. The company has 239.4 million shares outstanding for a $1.8-billion market capitalization. “Many of our peers are carrying around a lot of debt, so their enterprise value last year was heavily impacted by balance sheet concerns. It is the beaten-up guys, the guys in distressed situations, that have bounced back early this year,” Perry said. “We’ve held our value through those tough times because essentially half our share price was cash. There has been a lot of market deterioration, and clearly our balance sheet can solve a lot of problems. So we’re always there to look at outside growth opportunities.” TNM

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

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16-03-01 8:54 PM

MARCH 7-13, 2016 / THE NORTHERN MINER

Gold & PreciouS MetalS

Orex and Canasil’s discovery in Mexico

WWW.NORTHERNMINER.COM

Agnico sees ‘stable’ production for the next three years Gold

| Amaruq, Meliadine, El Barqueno poised to deliver growth

By salMa tariKh

A A drill site at Orex Minerals and Canasil Resources’ Sandra-Escobar silver project in Mexico.

oRex MineRals

Orex From 11

that people have walked right over without looking closely,” he continues. Whiting reckons silver mineralization on the property is related to an epithermal, structurally controlled system, but rather than penetrating the overlying rhyolitic cap, the silver-rich fluids veered laterally into a permeable volcaniclastic horizon and wove itself into a blanket of flat-lying mineralization. “This is a stratiform silver deposit that we’re discovering, and it’s right at surface,” he says. “The silver is largely disseminated, grading 150 to 300 grams per tonne, but where there are stockwork zones that’s when you get the kilogram silver kicks.” Sub-interval assays within the discovery hole returned 2.1 metres of 2,271 grams silver. The partners’ first phase of drilling, totalling only 2,000 metres, covered a 500-metre strike length of the prospective horizon, which has been identified to extend for at least 750 metres at surface, and dips gently into the hillside. The next drilling phase, which may be 3,000 metres, is planned for March, and will follow the mineralization along strike and along dip. “We can’t get credit for discovering the prospect, that’s all Canasil,” Whiting says. “But now we’ve come to discover what kind of beast we

“people talK a lot aBout surface deposits Being few and far Between ... yet here we find this Beautiful one was just sitting there.” Ben whiting VICE-PRESIDENT OF ExPLORATION, OREx MINERALS

A sample of the permeable volcaniclastic rocks at the Sandra-Escobar silver project. oRex MineRals

Trenching at the Sandra-Escobar silver property.

could be looking at here.” Canasil Resources recognized the silver prospect’s potential last year by interpreting anomalous stream sediments collected from a previous mapping program. Vancouver-based Orex — a veteran explorer in Durango, backed by a management team recognized for discovering Coeur Mining’s La Preciosa silver-gold deposit — quickly became interested. The partners struck a deal last September, whereby Orex can earn 55% of the property with a $500,000 payment (already completed), and by spending $2 million on work over three years. Orex can earn another 10% for a total of 65% ownership by

High Grade Gold Deposit moving to Production in White River, Ontario Currently mining 70,000 tonne Bulk Sample Significant exploration potential Visit us at Booth #2820 - PDAC 2016 TSX - HRT

Mar 7 Pgs 1_9 11_25 30.indd 14

oRex MineRals

paying another $500,000 in cash or shares spending a further $2 million on exploration over two more years. Whiting adds that Orex is fully cashed up to see the project through these stages. With $3.5 million already in the bank, the company expects a US$2-million payment from Agnico Eagle Mines (TSX: AEM; NYSE: AEM) as part of a joint-venture deal with the miner in March last year on the Barsele gold and base-metal property in Sweden. Orex and Canasil’s share price has also taken quite a ride higher in light of the news, rising 75% and 300% in value since the duo made the discovery announcement early this year. “Both of us have been taking quite a run lately — the market is receiving the information well, and that’s good news,” he says. “People talk a lot about surface deposits being few and far between and hard to find, yet here we find this beautiful one was just sitting there.” Orex has traded in a 52-week range of 10¢ to 49¢ and closed at 42¢ at press time. It has 103.3 million shares outstanding for a $43-million market capitalization. Canasil has traded between 3¢ to 27¢ over the past year, and closed at 23¢ at press time. It has 86.7 million shares outstanding for a $19-million market capitalization. TNM

starikh@northernminer.com

gnico Eagle Mines’ (TSX: AEM; NYSE: AEM) disciplined balance of costs and growth has set it up for a solid three years of production, despite the current market volatility. The gold miner surpassed both its production and cost guidance for the fourth straight year in 2015, churning out 1.67 million oz. gold at total cash costs of US$567 per oz., net of by-products. It had guided production of 1.65 million oz. at total cash costs on a by-product basis of US$600. All-in sustaining costs (AISC) were US$810 per oz., below the expected US$850. The higher production led to lower unit costs and more net free cash f low, helping Agnico cut its net debt position US$190 million last year and strengthen its balance sheet. During this time, Agnico also doubled its exploration spending and advanced its pipeline of development projects. CEO Sean Boyd said on a conference call that 2015 was a success, “not only from an operating results point of view and improvement in financial f lexibility, but also in terms of positioning Agnico for its next phase of growth … everything pretty much unfolded according to the plan that we outlined a year ago in 2015.” However, the firm’s bottom line took a hit, after lower metal prices and higher exploration expenses in 2015. Net income was US$24.6 million, or US11¢ per share, compared to a profit of US$83 million, or US43¢ per share, in 2014. On a brighter note, Agnico sees stable production and costs for the next three years from its existing mines. Production from 2016 to 2018 should average 1.5 million oz. gold a year. For 2016, production should be up to 1.56 million oz., slightly below the previous forecast of 1.6 million oz. This is due to the expansion of the Vault pit at the Meadowbank gold mine in Nunavut, which deferred ounces this year into 2017 and 2018, extending the mine life by a year. Estimated AISC in 2016 are US$850 to US$890 per oz., with Agnico aiming to trim this in the next two years. Reserves for 2015 increased 1 million oz., not quite replenishing the 1.8 million oz. that Agnico mined last year, Boyd says, noting the company lowered its gold price assumption for reserves by US$50. On the resource side, inferred resources grew 23%, largely due to a resource increase from the Amaruq gold project in Nunavut, and initial resource estimates at the Sisar zone at the Kittila mine and the El

Barqueno project. Amaruq’s inferred resources grew 67% to 3.3 million oz. based on 16.9 million tonnes at 6.05 grams gold per tonne. A 75,000-metre drill program is underway to expand and upgrade the resource, and outline a second pit. The company intends to develop Amaruq as a satellite operation to Meadowbank, which should finish production in late 2018. It plans to secure a permit for Amaruq this year, with construction anticipated in 2018, followed by production in 2019. Boyd notes the project’s timeline depends on permitting. “We could actually have that thing built quickly, given that it is relatively straightforward … and we have the skill sets right in the region to do it, but it is really the permitting that drives that.” Also in Nunavut, Agnico has slowed development at its large Meliadine project, pushing out the potential start-up by a year to 2020. Boyd says this was a prudent move amid today’s low gold prices. Based on what Agnico knows about Amaruq and Meliadine, the Nunavut platform could become an annual 800,000 oz. producer soon, the executive says. Along with Amaruq and Meliadine, the company anticipates El Barqueno in Mexico will add sizable production in 2019 and beyond. An initial estimate pegged El Barqueno’s inferred resource at 610,000 oz. based on 19.7 million tonnes at 0.96 gram gold. Agnico has drilled another 11,000 metres since the estimate. It has 14 drills operating as part of this year’s US$13-million drill program at the project. The company says it could develop El Barqueno into a series of open pits using heap-leach processing, similar to its Creston Mascota project. Agnico also published a maiden resource at the Sisar zone at its Kittila mine in Finland. The nearby zone hosts 650,000 inferred oz. from 3.4 million tonnes at 5.91 grams gold. Given its closeness to infrastructure, Sisar could drive free cash flow once developed, Boyd says. Asked by an analyst how the company “walks the tightrope,” Boyd responded that “it’s a long-term business, and that is what really drives us. “We’ve never sort of viewed this as a race … it’s more like ‘how do we move this thing forward and improve the quality of the business as we do it?’” Agnico, which will celebrate its sixtieth year in the business in 2017, declared a quarterly dividend of US8¢ per share. It exited 2015 with US$131.6 million in cash, equivalents and short-term investments. TNM

Facilities at Agnico Eagle Mines’ Meadowbank gold mine in Nunavut. Photo by salMa taRiKh

16-03-01 8:54 PM

Gold & PreciouS MetalS

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7-13, 2016

The exploration camp at Agnico Eagle Mines’ Amaruq gold project in Nunavut, 50 km northwest of the company’s Meadowbank gold mine.

aGniCo eaGle Mines

Agnico Eagle making a splash at Whale Tail diScoVery By lesley stoKes

lstokes@northernminer.com

xcitement is building for Agnico Eagle Mines (TSX: AEM) at its Amaruq gold project, 300 km west of Hudson Bay, as exploration geologists unveil a robust mineralized system that can be traced for 2.3 km and counting, adding momentum to one of Canada’s fastest growing greenfield discoveries. A new resource upgrade at the project’s Whale Tail and IVR deposits tallies 3.3 million oz. gold in 16.9 million inferred tonnes grading 6.05 grams gold per tonne — up 67% from an estimate in December 2015, and a 120% increase since its first resource figure in 2014. For Guy Gosselin, Agnico’s vicepresident of exploration, the upgrade is likely only a glimpse of what’s to come, considering the potential he sees around the greenstone-hosted deposit. “The beauty of this system is that we can easily track the sulphidized parts of it in geophysics,” he says in an interview, noting strong, continuous magnetic and electromagnetic signatures across the deposits. “We can trace these signatures from Whale Tail to beneath Mammoth Lake, where it extends at least another 4 km, so we’re quite optimistic and excited.” Faced with depleting reserves at its nearby Meadowbank gold mine,

| Agnico boosts gold resources 67% at Amaruq in Nunavut

Agnico ramped up its desktop study of the region in 2013, and found hints of anomalous gold and arsenic within till samples 50 km northwest. A modest drill program on the newly branded Amaruq property in 2013 zeroed in on the I, V and R mineralization lenses, returning intercepts of 3.3 metres of 7.60 grams gold and 12.8 metres of 5.63 grams gold. But the lenses appeared discontinuous and structurally complex, so Agnico zig-zagged the drill rig south until it stumbled upon substantial intercepts of 21.6 metres of 8.13 grams gold and 23.7 metres of 5.99 grams gold beneath a lake shaped like a whale’s tail. Exploration budgets in 2014 ballooned to $9 million once Agnico realized it may have found the next feed for Meadowbank’s mill. The budget rose to $37.7 million in 2015. “It’s been amazing to make a discovery like that and watch it grow,” Gosselin says, noting that openended mineralization at Whale Tail has stretched to 2.3 km along strike and 600 metres deep. “It’s a brand-new camp, so we can’t refer to any studies done in that area. We’ve been involving the Geological Survey of Canada and are initiating a bunch of masters and PhD studies to understand the new belt.” He explains that mineralization is found within a moderately dipping package of carbon-rich, volcano-

“we’re going to Be around for Multiple decades in nunavut, it’s now just a Matter of MaKing our plans wisely.” guy gosselin VICE-PRESIDENT OF ExPLORATION, AGNICO EAGLE MINES

sedimentary rocks sandwiched between two rigid komatiite layers — an ideal rheological and chemical trap for cross-cutting, gold-rich structures commonly found across the Archean-aged greenstone belt. The company is also outlining high-grade, plunging ore shoots within the west-trending ore zone, which focus along the bends, or kinks, within the stratigraphy. “The geology looks a lot like a mirror image of Meliadine,” he says, referencing Agnico’s other asset 270 km southwest, which hosts 3.4 million oz. gold in proven and probable

reserves within 14.5 million tonnes grading 7.51 grams gold, and another 3.55 million oz. gold sitting in 14.7 million inferred tonnes grading 7.51 grams gold. The company said in a full-year update that Meliadine remains on track for first production in 2020, and it has budgeted $96 million there this year to extend underground development and complete optimization studies. “With the market the way it is, we have to be majeure about what we plan, and how much synergy we can create between all three of the projects,” Gosselin says. He adds t hat 80% of t he 75,000-metre, first-phase drill program at Whale Tail in 2016 will expand the inferred resource of the deposit along the higher-grade ore shoots, and to the west beneath Mammoth Lake. “At this point we thought it wasn’t really relevant to try to classify a part of the inferred into indicated,” he says. “We prefer to keep our options open, there’s still a lot more thinking to be done. It depends on how deep the deposit can go and what part of it should be mined underground or open-pit,

so at this point in time, it’s more important for us to grow the overall size of the deposit.” The remaining drilling would outline the potential open-pittable part of the deposit, he says, and if “the stars align” on permitting and studies, Whale Tail could be production-ready in 2019. In light of this timeline, the company has decided to extend the Vault pit at Meadowbank, bringing its end-of-life to the third quarter of 2018 in a bid to help bridge the production gap with what will likely become a new satellite operation at Amaruq. “Doing the pushback made a lot of sense, it’s all part of a much bigger plan. If we can move on our side to fast-track the permitting process and get Amaruq ready sooner, it’ll help fill the gap between the two,” he says. “We’re going to be around for multiple decades in Nunavut, it’s now just a matter of making our plans wisely.” Agnico shares have traded in a 52week range of $27.63 to $51.04, and closed at $49.37 at press time. The company has 217.9 million shares outstanding for a $10.8-billion market capitalization. TNM

Sirios Resources (SOI.V) – Cheechoo Gold Project s Highlights from last drilling program: 15.04 g/t Au over 12.35 m. and 4.35 g/t Au over 20.50 m. s Property right next to Goldcorp’s Eleonore Mine in the James Bay area.

Mar 7 Pgs 1_9 11_25 30.indd 15

www.sirios.com

s Continuous drilling program in 2016 focusing on high grade gold structures.

Contact: Dominique Doucet,

Objective: World-class gold deposit.

Chris Guilbaud, VP: 514-813-7862

President: 514-510-7961

16-03-01 8:54 PM

Gold & PreciouS MetalS

MARCH 7-13, 2016 / THE NORTHERN MINER

WWW.NORTHERNMINER.COM

A recipe for shrinking a mineral resource by 90% coMMentary

| Getting tabular orebody modelling right

By jun cowan

special to the northern Miner

he recent dramatic — nearly an order of magnitude — resource downgrade of a high-profile deposit has sparked lively discussions amongst geology professionals. Many geologists are discussing the technicalities of the resource estimation, such as geostatistical checks and balances, and the premature decisions made by the mining company, but I’ll focus on one simple issue, which no one has raised, that can easily result in an order of magnitude resource downgrade under specific situations. I’m referring to the tabular orebody modelling process, which has been around for decades. Used appropriately, it is a perfectly fine method, but a problem occurs when the vertical sections used to interpret tabular continuity are not orthogonal to the expected maximum grade continuity axis of a deposit. The above figure shows on the left a model of an upright fold that is mineralized (A). The red arrow points along the first-order maximum horizontal grade continuity that is expected from this fold geometry. As exploration geologists, if we recognize folding, we would place our drill hole fences parallel to the fold profile (the planar orientation shown in pink). This profile section is orthogonal to the maximum continuity of grade — serial sections parallel to this orientation will help us model grade continuities by simply drawing on these multiple serial sections and connecting them. In this situation, the continuity of high grades may be tabular locally, and parallel to bedding and the axial planar cleavage. However, the most important grade continuity would be linear high-grade shoots, parallel to the bedding-cleavage intersection line. These shoots can occur as cigarshaped geometries, or when many planar veins intersect that share a

A model of an upright mineralized fold (figure A) and that same fold rotated to a vertical plunge (figure B).

common intersection line along the fold axis. The fold on the right (B) is exactly the same fold, but rotated to a vertical plunge. In this case, the longest expected grade continuity is vertical, as shown by the arrow. Again, the best section to use for interpretation would be orthogonal to the continuity direction, which is the horizontal fold profile plane. However, in real life, the drill fences are vertical. So geologists use vertical sections as their primary interpretation planes, instead of horizontal. Decades of habit mean that geologists place more weight on interpreting vertical sections that are parallel to the drilling than on any other section. An example of such a vertical sectional plane — assumed to be parallel to the drill fences — is shown in pink on fold B. This section may be optimal for viewing the drilling data, but it is not optimal relative to the structural architecture, and it is almost uninterpretable in terms of grade continuity. If tabular grade continuity is assumed to connect out of this plane, expect problems — the true long-range continuity is parallel to the arrow and to the sections you are using for inter-

pretation, and is not orthogonal. You may see a perfectly continuous trace of grade in one section (incorrectly assuming that it’s part of a tabular zone), but the grade continuity will completely disappear in the sections on either side! Only a determined geologist will persist with tabular modelling using these sections, making tabular resource wireframes that contravene the expected grade continuities — geometries that could have been simply predicted from the structural architecture. For multi-folded host lithologies, the situation is more complex, but still decipherable. An earlier deformation may impose a strong lithological continuity, which may be oblique to the grade continuity. If you use vertical sections for modelling lithology, you have to show that the lithological continuity is horizontal. If a later grade event is oblique to the stronger lithological continuity, it isn’t logical to use the lithological continuity to predict grade continuity. These are separate events — you must clearly distinguish them, and determine appropriate modelling methods separately for each. Unfortunately, “tabular geometry modelling using vertical sections” is

JUn Cowan

nothing more than dogma burned into the heads of most geologists, due to decades of habitual sectional digitization. Because of this, it is used inappropriately in many situations. Equally unfortunately, software used by geologists tends to emphasize how quickly tabular bodies can be modelled, without cautioning users in the specifics of how, or even if, this method should be used. Leapfrog Geo’s tabular vein modelling workf low allows geologists to rapidly model tabular zones without any checks and balances written into the process, and without incorporating structural intelligence. Inexperienced geologists, particularly those who lack field experience in structural geology, will happily model tabular zones of mineralization without ever considering what is realistically possi+ble. This practice of using inappropriate vertical sections can easily lead to an order of magnitude resource downgrade, especially if you mine an assumed tabular deposit that was built using these sections. This is not a complex issue. There’s no need use geostatistical software to make dozens of experimental variograms to

Producing Gold In California

understand the expected grade patterns, when you can predict it from the structural architecture. If the geology appears “complex” and grades don’t seem to connect horizontally, maybe you’re using the wrong view to interpret your geology. If that’s the case, the grades will never connect along that direction. What the grades should do should be obvious from the structural architecture. The above illustrations of folds, and their expected continuity of mineralization, can be understood by a second-year geology student who has had some structural geological education. Not all vertical sections are created equal, and it is up to the geologist to determine what sectional orientations are appropriate for resource modelling. I recommend that you: 1) Document the structural geology at the deposit scale. There’s no need to collect thousands of foliation measurements and hire expensive structura l geolog y consultants — simply work out the structural architecture of the deposit at the first-order deposit scale using the data you already have. I have outlined a quick and accurate method in a link available at www.orefind.com, but if you’re still stuck, contact me. 2) Let the structural architecture guide the resource modelling process. There is no point in finding out the structural architecture if you’re not going to convert that knowledge into expected grade continuities at the deposit scale, and then use that information during resource estimation. Fewer resource downgrades will occur if attention is paid to the orientations of sections that are used for tabular orebody modelling. (Disclaimer: The above characterization of a deposit is fictional and for illustration purposes only.) — E. Jun Cowan, PhD, is a director and principal structural geologist of consulting firm Orefind, and the conceptual founder of Leapfrog geological modelling software. He holds an adjunct senior research fellow position at the School of Geosciences, Monash University. Based in Fremantle, Western Australia, Orefind is a geological consulting company founded by structural geologists Brett Davis and Jun Cowan. Please visit www.orefind.com for more information and to read the company blog, where this article first appeared with detailed references to key articles. TNM ➠

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GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7-13, 2016

base Metals & uraniuM —SPECIAL FOCUS—

Arena Minerals’ Atacama copper project in northern Chile.

Debt weighs on Capstone as prices languish coPPer MininG

| US$300M unsecured loan would come due in 2019

aRena MineRals

New Millennium sticks to its guns in fight with dissidents iron ore

| Critics say execs not creating value By salMa tariKh starikh@northernminer.com

PV2 operations at Capstone Mining’s Pinto Valley copper mine in Arizona, 125 km east of Phoenix.

By Matthew Keevil mkeevil@northernminer.com vanCoUveR

anagement at junior copper miner Capstone Mining (TSX: CS) responded to some pointed questions about its balance sheet during a February conference call to discuss its financial performance last year. In response to continued low copper prices, the company has already reduced operating and capital costs, but it may still need to negotiate relief on debt covenants in the first half of 2016. Capstone negotiated its largest acquisition — the US$650-million purchase of the Pinto Valley copper mine in Arizona from BHP Billiton (NYSE: BHP) — back in April 2013, when copper prices sat around US$3.35 per lb. Since then the red metal dropped below US$2 per lb., and has recovered to trade at US$2.07 per lb. at press time. In early 2014 the company came up with an updated mine plan it calls “Pinto Valley 2” (PV2), which would extend operations through 2026 based on proven and probable reserves of 232 million tonnes at 0.3% copper. Total capital costs for the new plan were pegged at US$188 million, which would lead to average annual production for the first five years of 128 million lb. copper contained in concentrate, and 6.6 million lb. copper cathode. Capstone followed up in early 2016 with its Pinto Valley 3 (PV3) plan, which extends the mine’s anticipated life by 13 years to 2039, and would increase throughput 8%, without “any major capital

Mar 7 Pgs 1_9 11_25 30.indd 17

investment.” Annual production would average 55,700 tonnes copper from 474 million tonnes proven and probable reserves grading 0.3% copper. The company reported production of 92,600 tonnes copper in 2015 at cash costs of US$2 per lb. Operating cash f low before changes in working capital for the year was US$60 million, or 16¢ per share, with a US$251.5-million net loss. Capstone’s numbers are based on a realized copper price of US$2.35 per lb. “Our objectives this year are to ensure liquidity and covenant compliance, as well as optimize our existing operations,” president and CEO Darren Pylot said during the conference call. “We have invested significant capital over the past

The company’s dwindling cash f lows at current copper prices have led to concerns about debt convenants due in the next three years. The major financial overhang comes in 2019, when Capstone is on the hook for over US$300 million under a secured debt facility. Pylot said that current copper prices could require the company to negotiate covenant relief in the next few months, and noted that discussions with lenders are “well down the track.” He added that “in addition to our cost-reduction actions and continuing cost improvements at site, we have levers we can pull, if required, to maintain covenant compliance and strengthen the

ew Millennium Iron (TSX: NML) is in the throes of a full-blown proxy fight, as disgruntled shareholders aim to replace the company’s board of directors at a special shareholders’ meeting in mid-March. Susan Milton and Greg Chorny are leading the dissident charge. Together with other members of the Milton family, they own 7% of NML, but claim over 20% of the company’s shareholders have expressed support for their concerns and proposed actions. They argue NML’s board has destroyed shareholder value, and want to replace six NML directors with four new directors, and trim the current nine-member board to seven. They would keep the three directors appointed by Tata Steel, which is NML’s largest shareholder, at 26%. In a Feb. 17 management information circular, NML urged shareholders to reject the dissidents’ attempts to gain control of the board. It said its board was revitalized in 2015 with three new independent directors, and the board now has “over 210 years of valuable, industry-specific experience.” NML argues the dissidents’ four director nominees lack operating experience in mining, and have no plans for the company’s future. A day later, the dissident shareholders fired back and said the

See cApstONe / 18

See New milleNNium / 18

CaPstone MininG

couple of years to implement the PV2 mine plan, and prepare for the high-grade Minto North ore we’ll receive this year. We’re now set up for reduced operating costs and lower capital expenditures.” Capstone estimates US$40 million in expenses this year for sustaining capital, US$2.3 million for PV3 development work and US$37.7 million for capitalized stripping at Pinto Valley, and its Minto mine in the Yukon. The company has earmarked US$8 million for brownfield and greenfield exploration, but added such spending will be “discretionary.” Capstone’s 2016 production guidance calls for 108,000 tonnes copper, with cash costs ranging from US$1.45 to US$1.55 per lb., net of by-product credits.

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MARCH 7-13, 2016 / THE NORTHERN MINER

baSe MetalS & uraniuM

WWW.NORTHERNMINER.COM

New Millennium Iron sticks to its guns New milleNNium From 17

board’s current level of experience has been “unhelpful in negotiations with Tata or in building a plan to create value.” They also claim current management and directors have done little to preserve working capital, and highlight an increase in executive compensation. “The company has been judicious in its expenditures,” Robert Patzelt, NML’s president and CEO, countered in a Feb. 22 interview. Since joining NML in January 2014, Patzelt has helped restructure the company twice and cut costs, including a 40% staff reduction. Executive compensation is in-line with similar companies, and operating costs are much lower, he contends. “We are now in a position where the cash preservation activities we’ve engaged in have resulted in us having enough working capital that we have the financial stability to go through 2018.” The company ended September 2015 with $22 million in working capital. It will release its 2015 yearend results on March 30. NML shares have declined 86% over the past two years, as the slump in iron ore prices continued. The stock price went from 49¢ on Feb. 25, 2014, to 7¢ on Feb. 25, 2016. Over the same time, iron ore prices have fallen from US$120 per tonne to US$40 per tonne, due to global oversupply and a slowing Chinese economy. Iron ore was trading above US$180 per tonne in 2011. The concerned NML shareholders, however, say management and the board are to blame for the decline, as well as for diluting NML’s 20% interest in the direct shipping

A drill rig in 2012 at New Millennium Iron’s Taconite iron ore project in the Labrador Trough.

An outcrop at New Millennium Iron’s Taconite iron ore property.

ore (DSO) project in the Labrador Trough to 6%, by not funding Tata Steel Minerals Canada’s cash calls. Last June, NML said Tata’s cash calls totalled nearly $84 million. Given limited funds and tough capital markets, the junior let its interest slide. With Tata operating the DSO project, NML has devised a strategy to develop its taconite assets in a lower-priced environment.

new MillenniUM iRon

It launched a prefeasibility level study, called “NuTac,” to re-evaluate its taconite properties in the Labrador Trough. NuTac will incorporate information from the $50-million Taconite project feasibility study that NML and Tata completed in 2014. The Taconite project comprises the large LabMag and KeMag deposits. NML also has five other nearby taconite deposits. All seven contain

new MillenniUM iRon

known resources totalling 29 million tonnes, including 6.3 million tonnes in reserves. “NuTac is a re-scope project. It is taking all of the intellectual property and knowledge from our Taconite projects, from our resource developments with DSO and all of our exploration work, and leveraging that and saying, ‘OK, there is going to be a new normal when this market turns around. We are never going back to those $180 iron ore prices. There will be a new series of prices.’” The NuTac project will focus on producing pellets, with cost estimates expected by mid-year. “The tide rises and lowers all boats, but what is interesting in this downturn is that the pellet premium spread [over concentrates] has held,” Patzelt says. “The pellet segment is a smaller part of the overall iron ore market, but it is the highest-value segment,” NML’s vice-president of investor relations Ernest Dempsey notes. The pellet market gives the company versatility by helping it service customers worldwide and not just

in China, he adds. However, the dissident shareholders dispute that with iron ore prices not expected to recover until 2020, NML will likely “run out of cash by 2018.” In the dissidents’ management information circular, dated Feb. 22, they have proposed initial steps that include halting the NuTac project; further reducing costs and executive compensation; and improving disclosure. They would provide a strategic plan within two to four months after replacing the board. “They want control of this board. They have a different point of view,” Patzelt says of the dissidents. “We have demonstrated to ourselves, the marketplace and our stakeholders that New Millennium since 2003 has not only grown and survived 2008, and is surviving this downturn, but is also well positioned as a junior company to create value for shareholders.” Shareholders are set to vote on the proxy contest in a special shareholders meeting in Toronto on March 15. TNM

Debt weighs on Capstone cApstONe From 17

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Mar 7 Pgs 1_9 11_25 30.indd 18

balance sheet. “These actions could provide significant relief in terms of debt, and allow us to remain in compliance, even if commodity prices deteriorate further and remain at depressed levels for an extended period. We are essentially set up operationally this year to handle lower copper prices through lower capital and operating programs, combined with increased grades and throughput.” On top of negotiating covenant relief, Capstone estimates it has US$50 million of finished copper concentrate available that it could use to secure short-term, highercost financing. Beyond that, the company may look at “monetization of assets,” or “partnerships,” if copper prices continue to struggle. Capstone reported cash and equivalents of US$101.6 million to end the year, along with US$250 million in net debt. BMO Capital Markets analyst Sasha Bukacheva says the company can handle its balance sheet in 2016, but is “concerned about the prospects of a refinancing gap of US$256 million in 2019, when the credit revolver matures.” BMO Research forecasts Capstone’s free cash flow generation at US$17 million in 2016, negative US$15M in 2017 and negative US$30 million in 2018. Bukacheva

The pushback at Capstone Mining’s PV2 expansion at its Pinto Valley copper mine in Arizona. CaPstone MininG

has a “market perform” rating on the company and a 50¢-per-share price target. Capstone shares have traded in a 52-week range of 27¢ to $1.71, and last closed at 38¢ per share. The company has 387 million shares outstanding for a $152-million market capitalization. “When we talk about partnerships, we’ve received inbounds on other companies wanting to po-

tentially buy assets together,” Pylot said. “Or it could be something along the lines of what FreeportMcMoRan (NYSE: FCX) did at Morenci, where we sell part of an existing asset. That was good to see. Obviously industry players have a much different value on the price of copper long-term than the equity markets. But any straight asset sales are at the bottom of our priority list.” TNM

16-03-01 8:54 PM

baSe MetalS & uraniuM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7-13, 2016

Nevsun sees bright future at Bisha uPGrade

| Nevsun boosts resources, explores underground mining opportunity at Bisha

Fresh paint on concentrate dewatering equipment, part of the zinc expansion underway at Nevsun Resources’ Bisha copper-zinc mine in Eritrea.

t’s a transformative year for Nevsun Resources (TSX: NSU; NYSE-MKT: NSU), as the company and its 40% joint-venture partner, Eritrean National Mining, remain on schedule and under budget to complete a zinc expansion project this May at their Bisha open-pit copper-zinc mine, 150 km west of Asmara in Eritrea. The zinc circuit’s capital cost has been updated to US$80 million, or US$20 million under budget. It will be used to process primary zinc ore as mining at Bisha moves below the supergene horizon and into the zinc-rich part of the volcanogenic massive sulphide (VMS) deposit. The new zinc and existing copper flotation plants could produce 225 million lb. zinc and 53 million lb. copper-in-concentrate every year through 2025 — not too different from the total copper tonnage produced at the mine in 2015. But with copper prices hitting their lowest levels since May 2009 at US$4,318 per tonne in January 2016, the transition into Bisha’s open-ended zinc resources may be well-timed, the company said.

Nevsun reckons the market will see a zinc supply gap of 300,000 tonnes this year — created by global production cuts and mine closures, which shaved 10% off supply since 2014 — and growing in subsequent years.

soMe ore Being Mined in Bisha’s open pit May Be Better Mined froM underground. The company sees other opportunities at Bisha. A recent scoping study by SRK Consulting suggests that some of the ore being mined in Bisha’s open pit may be more economic if extracted from underground workings. However, the study draws its conclusions mostly from inferred resources and recommends Nevsun drill the deposit further from underground to increase upgrade

the resource. Nevsun said in a press release that it will reach a decision to build the drive in the second half of 2017, and will continue exploration, metallurgical and geotechnical test work within the pit this year. Bisha’s measured and indicated resources stand at 625 million lb. copper and 2.96 billion lb. zinc in 25.9 million tonnes of 5.5% zinc, and 2.1% copper and 1.1% copper in supergene and primary material. Inferred resources add 74 million lb. copper and 204 million lb. zinc, in 3.2 million tonnes grading 5.9% zinc, and 1.3% copper and 1.1% copper in supergene and primary material. Re s ou rc e c a lc u l at ion s u s e US$3.15 per lb. copper and US$1.10 per lb. zinc. The scoping study suggests the mine life at Bisha could be extended with feed sourced from the openended Harena deposit, located 10 km south. Over 20,000 metres of new drilling has bumped indicated resources 15% to 3.7 million tonnes at 0.9% copper and 3.1% zinc, along with a 69% increase in primary inferred

nevsUn ResoURCes

resources, now at 10.9 million tonnes at 1.5% copper and 4% zinc. “The underground scoping study demonstrated the potential to extend Bisha Main life by transitioning to underground mining in the future and the potential to provide more feed to the Bisha mill from a Harena underground mine. In 2016, we will further assess these opportunities through more investment,” Cliff Davis, CEO of Nevsun, said in a press release. With no debt and US$430 million cash in its treasury, the Eritrea-fo-

cused miner appears well-positioned to grow in a VMS district where many targets are open-ended or underexplored. This year the company plans to spend US$11 million to drill 34,000 metres at its Bisha Main and Harena deposits, along with greenfield exploration at its Mogaraib prospect. Nevsun shares have traded within a 52-week range of $3.27 to $5.35, and closed at $4.43 per share at press time. The company has 199.8 million shares outstanding for an $897-million market capitalization. TNM

.com A crushed ore stockpile at Nevsun Resources’ Bisha copper-zinc mine in Eritrea.

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16-03-01 8:54 PM

MARCH 7-13, 2016 / THE NORTHERN MINER

baSe MetalS & uraniuM

WWW.NORTHERNMINER.COM

A drill hole map with holes from Fission Uranium’s winter 2016 campaign at the Patterson Lake South uranium project in northern Saskatchewan.

Fission URaniUM

Fission heats up PLS with twin ‘book-end’ discoveries uraniuM

By Matthew Keevil

mkeevil@northernminer.com vanCoUveR

ission Uranium (TSX: FCU; US-OTC: FCUUF) is back in the discovery business at the Patterson Lake South (PLS) uranium project just south of Saskatchewan’s Athabasca basin, after a year filled with uncertainty. Tough market conditions raised

Mar 7 Pgs 1_9 11_25 30.indd 20

| Explorer finds more success near Saskatchewan’s Athabasca basin

questions about how long the company could hold onto the asset on its own, which led to a failed merger attempt with Lukas Lundin’s Denison Mines (TSX: DML; NYSE-MKT: DNN) and a half-hearted attempt at a proxy fight by a small group of retail shareholders. This uncertainty subsided early in 2016, however, when Fission scored a white-knight investment from China’s CGN Mining.

The deal was announced and closed within two weeks, and involved a strategic investment by CGN, wherein it subscribed for nearly 97 million Fission shares at a healthy premium of 85¢ per share. Chairman and CEO Dev Randhawa says the financing closed quickly because the Chinese company had done due diligence on PLS for “around two years.” CGN now holds a 19.9% equity stake in

the company. The influx of cash — to the tune of $82 million — helps Fission get back to what it does best: exploration. The company is in the midst of a 12,000-metre drill program at PLS this year, with 60% of this total dedicated to expanding its Triple R resource. The rest is earmarked for property-wide exploration. President and chief geologist Ross McElroy describes the drill initiative as “largely a book-end” program for hitting targets east and west of the main Triple R deposit, which comprises Fission’s R780E and R00E zones. To the west, the company will test the promising R600W zone, while to the east drilling will focus on the emerging R1620E zone. “CGN has a lot of geological and engineering strengths. They have developed projects, and obviously have a goal in mind in terms of PLS,” McElroy said during an interview. “They definitely see the path the project will take, and how it will eventually be a producing mine. Our emphasis this year will be on building what we know in terms of the Triple R deposit and moving towards higher-level engineering studies. But CGN is aware of the exploration potential on the wider property package, and so we’ve also gained a partner interested in seeing us test new targets,” he added. Triple R’s indicated resource is 2.3 million tonnes grading 1.6% uranium oxide (U3O8) for 80 million contained lb., including a high-grade zone of 44.3 million lb., based on 110,000 tonnes at 18.2% U3O8 . Fission released a preliminary economic assessment on the project in late 2015 that models a $1.1-billion mine that would average 7.2 million lb. U3O8 production over a 14-year mine life. Uranium mineralization at PLS is hosted mostly within metasedimentary basement lithologies and, to a much lesser extent, within

overlying sandstone thought to be Devonian in age. The company’s goal this year is to include the R600W zone and maybe the R1620E zone in an updated resource calculation. The results from Fission’s 2016 drilling have started on a positive note. On Feb. 1 the company reported its first “wildcat” hole had intersected a 42-metre wide mineralized zone, 135 metres west of R600W. A week later Fission said its is adding 1,200 metres of drilling to the discovery, which it calls the “R840W” zone. “We really want to test R600W in terms of strike and width. We’ve put 20 holes into it since making the discovery this past winter, and the grade and width are on par with Triple R,” McElroy said. “We still haven’t established the full size, so this year we hope to expand. Funny enough it’s come full circle to a degree, because the area around the conductor at R840W is where the exploration at PLS started back in 2012.” Fission said on Feb. 16 it has another high-grade discovery at R1620E, where hole 16-460 cut 55.5 metres of total composite mineralization over 82.5 metres. The preliminary results indicate the strongest mineralization yet encountered east of the main Triple R area. “Again we’re looking at something that’s shallow, and that’s really characteristic of the emerging PLS trend,” McElroy continued. “It’s a reminder we’re dealing with a unique project that doesn’t compare to anything else discovered in the Athabasca. We’re really excited about the prospect of some high-grade growth in our resource numbers.” Fission has traded within a 52week range of 53¢ to $1.38, and last traded at 65¢ per share. The company has 484 million shares outstanding for a $319.4-million market capitalization. TNM

16-03-01 8:54 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARCH 7-13, 2016

Argentina’s Macri eliminates export taxes interView

| PwC’s Edelstein explains Argentina’s intricate tax regime

By trish saywell and elena Mayer BUENOS AIRES, ARGENTINA

Since his election to office last November, Argentina’s President Mauricio Macri has eliminated export duties of between 5% and 10% on precious and base metals and lifted similar export taxes on industrial and agricultural products. The Northern Miner and special advisor to The Northern Miner in Argentina, Elena Mayer, sat down with Andres Edelstein, a partner and tax expert at PwC Argentina in Buenos Aires, to talk about the details of the current tax regime. The Northern Miner: The corporate tax rate in Argentina is 35%. How does that stack up against other countries in the region? Andres Edelstein: Taking into account the global average, the 35% corporate income tax rate is relatively high. But in the case of mining, the accelerated depreciation system and the double deduction for exploration expenses granted by the Mining Investment Law provide some relief. TNM: How does Argentina differ from Chile and Peru? AE: Chile has a 24% first category tax, and in Peru it is currently 28%. But in the case of Chile, there is another tax for dividend distributions, so instead of 24%, a company gets taxed 35%. In Peru, a 6.8% withholding tax applies on those distributions. According to some studies, the total tax burden in Argentina has been higher than the one in Chile and Peru. However, the Macri administration’s recent repeal of export duties should have reduced the gap significantly. TNM: After removing the export duties, is the total tax more or less the same? AE: If profits are reinvested and not distributed, the tax impact in Argentina is lower. In Argentina, if profits are distributed, there is another 10% tax. That is why the tax rate is still a little bit high in Argentina. And globally, several countries have followed the corporate tax rate reduction trend, while Argentina kept the rate unchanged at 35%. In terms of the total tax burden comparison, it is not easy to make a general statement, since projectspecific factors such as the type of mineral, location, financing, etc., trigger different tax implications, so certain assumptions need to be made. Although updated studies reflecting recent tax developments in those countries should be conducted, it is clear that with the export duty repeal and the removal of exchange and trade restrictions, Argentina now offers a competitive framework. TNM: What about the 3% provincial royalties? AE: Provincial royalties are not that complicated, because they are a given rate on the mine head value. There is an issue with the concept of mine head value, however. Some provinces apply this terminology and use this as the taxable basis, and some provinces apply the rate on the gross export value, although under the country’s Mining Investment Law, there is a 3% cap on the mine head value. TNM: So the provinces decide which one they want the tax to apply to? AE: They have the right to impose royalties and establish the rate and taxable basis. However, the cap established by the Mining Investment Law should be observed by them.

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Argentina’s President Mauricio Macri announcing a mining tax cut in San Juan province last month.

Some of the provinces have agreed with mining companies to increase the taxable basis, and that is why we may have companies paying 3% on gross revenue. TNM: What is the definition of mine head value? AE: Mine head value is calculated by the deduction of certain expenses from gross revenues. Under the Mining Investment Law, the mine head value base is the value obtained in the first sale of the product, less direct costs related to exploitation (excluding the depreciation of fixed assets).

AE: In the last few years we have seen bills presented to Congress by legislators proposing an amendment to the royalty system, so this seems to be a sensitive matter. Any potential change should be carefully analyzed, taking into account all the stakeholders and the overall impact in the long run. TNM: I was recently in Ecuador — another country that hopes to encourage more foreign investment in its mining sector — and government ministers spoke of the need for a windfall profits tax. Is this something Argentina might consider?

“the first wave of Measures iMpleMented By the new adMinistration looK proMising, and we expect an exciting future.” andres edelstein PARTNER & TAx ExPERT, PwC ARGENTINA

TNM: Are there any other taxes that mining companies should be aware of? AE: In general, the other provincial taxes are not extremely relevant because there are certain exemptions (i.e., the provincial turnover tax does not apply to exports). Value-added tax (VAT) should be neutral because it only applies on domestic sales, not on exports, which are zero-rated, and exporters are allowed to recover the VAT paid on inputs — but there may be financial implications, especially during construction. TNM: Are there going to be any changes to the tax code for mining companies? AE: The new government may have some plans. A comprehensive tax reform — including a review of the corporate tax system, and other issues — might be analyzed, but probably not this year. It will take longer, eventually. But the government is working to improve the conditions for mining ventures, promote investments and at the same time bring more revenue to the provinces and local communities. TNM: Are you suggesting that the royalty may go up?

AE: The government administration is conscious of that and will work hard to improve the conditions as much as possible, but it is not easy because we are facing a fiscal deficit, and that is another constraint to deal with. TNM: We have been interviewing mining executives and government officials all week here in Buenos Aires in the lead-up to the Prospectors & Developers Association of Canada’s convention starting on March 6. Some executives have said that while mining companies have regularly contributed tax revenues to the federal government, one problem is that little seems to get back to the provinces where the mines are operating. This is a problem when it comes to encouraging a positive attitude to the sector. AE: That is another matter of concern. Revenues should be allocated in a reasonable manner, and the export duties collected by the federal government was an additional distortion. In fact, some provinces also established a kind of special contribution to finance public works, funded with resources from com-

the PResidenCy oF aRGentina

panies. But again, that was part of an agreement, because companies recognized that the provinces needed more money, and they were willing to make such an effort. TNM: In 2013 the province of Santa Cruz introduced a 1% tax on ground reserves. Did it feel that it wasn’t getting enough money from the federal government? AE: The province needed to collect more revenues, so this highly controversial tax was one of the measures to get additional resources. Political issues may have also played a role. TNM: Santa Cruz was the only province that did that. But didn’t it violate the 1993 Mining Investment Law, under which fiscal stability for mining companies is guaranteed for a period of 30 years? AE: The tax stability protection is a complex matter. This tax may well violate the tax stability rights of those mining companies with fiscal stability protection. This is clearly a new tax, and any tax that increases the tax burden of the company after the filing of the feasibility study violates the stability, to the extent that it is not offset with a similar reduction in the same jurisdiction. TNM: The federal government could not do anything about it? AE: There is a procedure to follow. Companies have started litigation procedures to protect their rights. TNM: Apart from Santa Cruz, were there any other cases where provinces have introduced extra taxes that were not sanctioned under the Mining Investment Law? AE: Other provinces have tried

to reach agreements with mining companies in their jurisdictions to not breach the fiscal stability regime. The federal government’s decision to impose export duties to companies subject to the fiscal stability regime is another example of a highly controversial measure. That happened in 2007 — five years after the export duty was introduced. Until then, the stability protection had worked pretty well, even during the debt crisis faced by the country in 2001–02. TNM: What is the situation with the VAT refunds? AE: There is no special regime other than the one established by the Mining Investment Law for the exploration phase. An exploration company is entitled to request an early refund of VAT paid to suppliers and on imports through a special system. The regime does not work for a company that is actually building a mine. So during the construction stage, the company cannot get the VAT back until the moment that production starts (exporters can request the refund of VAT on a monthly basis). It may be helpful to have a regime allowing the early recovery of VAT during the construction phase as well. TNM: Are you optimistic that there can be a mining renaissance in Argentina under the new government? AE: Argentina has a great mining potential that requires a long-term approach. There are many challenges ahead, but the first wave of measures implemented by the new administration look promising, and we expect an exciting future. TNM

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16-03-01 8:54 PM

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MARCH 7-13, 2016 / THE NORTHERN MINER

Deciding whether or not to use flow-through shares in Quebec coMMentary

| Benefits may not always outweigh the costs

By eMManuel sala and Kelley heffernan special to the northern Miner

i nera l ex plorat ion i n Canada has attracted widespread interest over the past few decades and is today considered by most as a sector in its own right. This has been made possible in no small part by a tax system that supports mining projects. In particular, flow-through financing has helped raise significant capital for preliminary exploration and development activities which, given their various negatives — including the low probability of success, large capital requirements and the extended length of time before reporting positive cash flow — have not generally been favoured by investors. But let’s focus on Quebec and the principal tax incentive schemes available to mineral exploration activities in the province, as well as the costs and intricacies associated with flow-through share financing by operating mining corporations. To help mining corporations jumpstart their often risky operations, the federal and Quebec governments have set out tax incentives for mineral exploration and mine development. However, we will limit our comments to those available with respect to Canadian exploration expenses (CEE) incurred by mining corporations. Subject to some statutory exceptions, CEE typically include, but are not limited to, any expense for the purpose of determining the existence, location, extent or quality of mineral resources, the cost of certain environmental studies and those of community consultations carried out to facilitate physical exploration. Under the Canadian federal Income Tax Act and the Quebec Taxation Act, an operating mining corporation can deduct 100% of its cumulative CEE account in computing income. Under the Quebec Mining Tax Act, CEE has a similar effect and grants the corporation an exploration allowance, equal to

Surface work at Integra Gold’s Lamaque gold project in Val-d’Or, Quebec.

the value of the CEE incurred, for application against the corporation’s annual profit. For most operating mining corporations, annual profits are subject to a 16% duty under the Mining Tax Act. An operating mining corporation that sustains an annual loss for the purpose of the Mining Tax Act may claim a 16% “refundable duties credit for losses.” Operating mining corporations carrying on activities within Quebec are also entitled to the refundable credit relating to mining, petroleum, gas or other resources of 12% (the “12% Quebec Income Tax Credit”). This 12% credit constitutes governmental assistance under federal and Quebec tax legislations, which reduces by the same amount: cumulative CEE accounts for federal and Quebec income tax legislations purposes; and the exploration allowance under the Quebec Mining Tax Act.

inteGRa Gold

flow-through’s appeal Flow-through share agreements help raise equity by enabling mining corporations to issue shares with particular tax benefits in favour of their subscribers at a premium. In a flow-through share agreement, the issuing corporation agrees to incur certain expenses eligible for tax breaks, such as those mentioned above, in an amount equal to the consideration received, and to renounce to those same eligible expenses in favour of their subscribers. This renunciation is what is most alluring to investors, since it allows eligible expenses to be deemed, for income tax purposes, the expenses of the investor, not those of the mining corporation. As a result, investors pay a higher price for flow-through shares than they would have been otherwise willing to pay for ordinary, nonflow through common shares. In fact, depending on the general mar-

ket and the prestige of the miner, flow-through share offerings can be priced at a considerable premium to the corporation’s ordinary non-flow through common share price. If a miner foregoes its CEE-related tax incentives, for every $1,000 of CEE financed by flow-through shares, it relinquishes $498 of tax savings. First, it would have received the 12% Quebec Income Tax Credit, which in this case would have amounted to $120. Then, for the rest of its CEE expenses, i.e., $880, it would have been entitled to combined federal/Quebec tax deductions of $378, as under the Canadian Income Tax Act, the Quebec Taxation Act and the Canadian Mining Tax Act, corporations are taxed at rates of 11.9%, 15% and 16%. However, such amounts only account for direct losses. When evaluating the suitability of a flowthrough financing, the operating

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Mar 7 Pgs 1_9 11_25 30.indd 22

corporation must also assess the discounted value of the tax deductions it intends to forgo. This discounting helps the corporation better appraise their current worth and more accurately evaluate the premium it needs to make flowthrough financing economically advantageous. For example, if an operating corporation accumulates annual losses, it must take into account the length of time before it can use the tax deductions, which may be significant in some cases. The tax deductions’ discounted value is inversely related to that time frame. Hence, the longer it takes for the corporation to record annual profits, the more the value of these tax deductions diminishes, and the more the premium attached to the flow-through shares becomes economically interesting. Similarly, if a corporation is profitable, the premium paid by the investors of flow-through shares must be high to offset the tax incentive losses. It will likely be too high to attract such investments. Furthermore, we should stress that, in opting for f low-through share financing, the corporation’s opportunity cost could escalate if we accounted for the fiscal incentives that would naturally arise if $498 was reinvested into the mining corporation’s operations in the form of CEE. They too would generate tax incentives, and the total opportunity cost could rise to $991. evaluation Resorting to a flow-through share scheme undoubtedly involves tradeoffs and uncertainties. The scheme’s impact and effectiveness will highly depend on the context in which the mining corporation finds itself when making the decision, but also on its future prospects. Its benefits may not always outweigh its costs. The corporation will need to determine the premium it is willing to accept. If the corporation would have no difficulties financing its ongoing operations without issuing flow-through shares, the premium that it would need to make such a manoeuvre worthwhile could be significant. The corporation must also diligently evaluate the deductions value over time, given its circumstances. From a strictly economic standpoint, a junior mining corporation, which has virtually no tax liability, will benefit from the flow-through share scheme because such shares help it monetize the tax deductions it cannot immediately take advantage of, and finance its ongoing operations. Correspondingly, flow-through share financing may be ill-suited to a profitable operating corporation, given that the premium paid by investors for such shares must offset the economic loss of the tax incentives provided for under the federal and Quebec legislations, which are positively linked with the corporation’s profitability. — Based in Montreal, Emmanuel Sala is a partner at the global law firm Dentons. His practice focuses on mergers, acquisitions, corporate reorganizations and the financing transactions of mining corporations. Emmanuel also represents mining companies at all stages of tax disputes with government authorities. He is additionally a chartered professional accountant. Kelley Heffernan is an articling student at the Montreal offices of Dentons. For more information, please visit www.dentons.com.

16-03-01 8:54 PM

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THE NORTHERN MINER / MARCH 7-13, 2016

Visiting gold mines in the DPRK Odds ‘n’ sOds

| A glimpse behind the bamboo curtain in North Korea

Soldiers guarding our Russian helicopter used to tour gold mines in North Korea in 1993. (Faces covered to hide their identities.) PhoTo by DaviD TyrwhiTT

The Changlin gold mine in North Korea showing production adit, with my black Mercedes 180D and mine officials at the entrance. PhoTo by DaviD TyrwhiTT By david tyrwhitt

Special to The Northern Miner

t was 1993. After disappointment with the Louwanzhai gold mine in Yunnan, my employer Normandy Mining wanted a break from China, and we were getting encouragement in Laos with our copper and gold exploration. A few years later, this foray into Laos would develop into a major discovery that would become an operating mine by Pan Australian Resources. This was good news for me, as Normandy chairman Robert de Crespigny awarded me a bonus if any mines were discovered in the mineral portfolio I managed. The Laos discovery fit this, and my second wife Natasha and I got a major payout in 2004. Normandy had recently formed an international joint venture with the French government named La Source. It was owned 50% by Normandy, who managed the business, and 50% by the government’s Bureau de Recherches Géologiques et Minières (BRGM). Through La Source, a number of mining proposals were brought to Normandy for review, some in South America, many in Africa, where BRGM was active, and a wild card: some gold mines in North Korea. Robert said he didn’t have any senior geologists willing to go to the Democratic People’s Republic of Korea (DPRK), and asked if I would go. I jumped at the chance, since I had already been tantalizingly close to North Korea, looking at gold mines in northeastern China. He put me in touch with a Japanese trading company, Hitachi Shoji, who apparently did a lot of business each year with the Korean gold mines, providing critical supplies and equipment. In Beijing, I met with Hitachi Shoji’s managing director and his personal assistant, who spoke English and Korean, as well as his native Japanese. I was told his mother was from Korea and father Japanese. The three of us then met in DPRK’s embassy compound in Beijing. The late afternoon meeting was held in a state room — a vast, cavernous hall with 50 tables, but only ours had been set. We were joined by Korean mining engineers, a vice-minister of mines and a vice-president of the Daesong Development Bank of the DPRK, who spoke excellent English and was the official translator. The banquet was typical Korean style of cold meats, smoked fish and kimchee. The only hot dish,

Mar 7 Pgs 1_9 11_25 30.indd 23

temperature-wise, was the turtle soup — more in deference to our Beijing location. The cold meatballs reminded me of eastern European food, something like Hungarian goulash. The conversation did not start well, as I opened up with a request for the previous year’s gold production. This produced a long silence, until eventually the banker said, “David, I am told this is a state secret.” I said, “Well, for starters” — and I was quoting from Gold Fields Mineral Services in London — “the latest report had DPRK producing 16 tonnes gold in 1992.” This led to an animated discussion with the banker, who said, “David, we are amazed that you have this information. However, if you add our alluvial gold production, we actually produced just under 20 tonnes in 1992.” From then on I was treated professionally and given full access to all their mining data. I was, after all, on my own. I feel the reception would have been different had I been accompanied by lawyers and financial advisors. The meeting ended on a positive note: I was handed a four-page folded visa to insert into my passport, and the banker said, “DPRK welcomes your visit. This loose-leaf visa will be removed on arrival, so there will be no record of your visit to DPRK — we do not wish you to have issues in your overseas travel.” I was sure, however, that there would be a record of my visit in DPRK embassy files, which would be forwarded to Pyongyang for their record and use. The next morning the three of us flew from Beijing on Air Koryo — the state-owned national flag-carrier airline of North Korea — in a Russian Tupolev 154, a twin engine jet, much like a Boeing 727. The pilots were all ex-military, but perhaps not “ex,” based on our descent into Pyongyang, which was steep like a dive-bombing mission. On the final approach I could see the airport had a double cyclone chain fence with guards and dogs patrolling, and manned anti-aircraft gun bunkers at each end of the runway. We pulled up at the arrivals apron, steps were rolled out to the aircraft and we descended. A party of officials stood to one side as we walked towards the terminal. One smaller man in a military greatcoat wearing a smart trilby hat stepped forward. “Dr. David,” he said. “Please follow me.”

We passed through a guarded side gate to a waiting black Mercedes 180-D, engine running. As I waited in the car, a man who identified himself as “Mr. Pang” took my passport and disappeared into a side office. Minutes later he appeared, and the passport was returned, minus the loose-leaf visa. We drove a half-hour into the town centre to the Koryo Hotel, a huge building that had an air bridge See DPRK / 24

A view of the Changlin gold mine from the adit portal, with additional shafts and ore dumps near the processing plant. PhoTo by DaviD TyrwhiTT

16-03-01 9:06 PM

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MARCH 7-13, 2016 / THE NORTHERN MINER

Visiting gold mines in the DPRK

An aerial view of the Changlin mine, with rock spoil in the lower centre of photo.

DprK From 23

connecting the two towers on the twentieth f loor, and a revolving restaurant on the twenty-fifth floor. (This was several years before the Malaysians built the Petronas Towers in Kuala Lumpur.) I was shown by a tall, demure hostess to my presidential suite on floor 24, just below the revolving restaurant and outfitted with a huge bedroom and a separate sauna and bathroom, complete with a tiled urinal fit for an English pub. There was also a sitting room with a coffee table and formal chairs, and in an alcove near the window stood a massive desk with a leather director’s chair. On one side of the desk I noted an old Bakelite rotary telephone. I asked the hostess if I could call my home in Australia, and she replied, “One minute, sir.” Next, Pang was there, and he answered, “Give me half an hour to arrange, then dial ‘00,’ your country code ‘61’ and your number. Also let me explain that I will accompany you on all mine visits and any cultural sites we see. For the next 10 days we will work together — it is for your protection.” I called home, but my wife Jenny was out — no doubt shopping — so I called my son Chris who lived close by in an apartment. His wife Susie answered, and was surprised I was already in North Korea, and said, “Dave, we’re worried about the nuclear threat against Seoul — it’s a major news item on CNN.”

Photo by david tyRwhitt

At these words the phone was jammed with an electronic buzzing. I called back 10 minutes later and before she could speak, I told her I was keen on a long-range weather forecast, as I was to fly the following Saturday, and asked if there was a cold front on its way from the south, or if the conditions improved for the weekend. Susan had the gumption to hear what I was really saying, and quickly said the weather looked great for the coming weekend. I told her it was too expensive to call again. Several days later, when I reported back to Robert de Crespigny in Adelaide, word had got to him of my phone tapping, so he joked that he had to discuss any business matters in code, as he believed my “girlfriend” was listening. When I confronted Mr. Pang with this, much later when I was leaving the country, he said, “David, your phone is of course recorded for your protection, this is standard procedure for all foreign visitors.” There was no denial and the bluntness of his reply was actually rather reassuring. That first night in North Korea I dined alone in the huge dining hall at the hotel. There seemed to be few guests — granted, it was winter, but this did not seem to be even a place for business, let alone tourists. And this was in a city of over 2 million within a country of 22 million, which was more than Australia’s population at the time. The whole situation seemed unreal, and it took me a long time

A gold dredge frozen into the Unsan river in North Korea, just downstream of a dredged pond. Note the spoil heaps on the left bank of river. DPRK was said to have produced 4 tonnes of gold in 1992 from this dredging, or 20% of the country’s annual production. Photo by david tyRwhitt

Mar 7 Pgs 1_9 11_25 30.indd 24

The Rakyon gold mine south of Pyongyang, North Korea. In 1993 it had a reported 3,000 workers, with geology similar to Kalgoorlie in Western Australia. Photo by david tyRwhitt

tossing and turning in my bed in the presidential suite to get to sleep. The next morning Pang collected me and we went over the proposed mine visits in the Mines Ministry offices. Five mines were discussed, the last one a development proposal that was not yet in production. However the latter sounded interesting: a large deposit that could be mined by open pit, and claimed to be free milling — that is, the gold was easy to process and recover. All the other mines were producing and indeed historic operations. We spent the afternoon at the Kim Il Sung assembly hall and plaza, with formal gardens and huge monumental bas reliefs in bronze of the loyal troops battling the Americans in the 1953 war. Dominating all was an oversize bronze statue of “The Great Leader” Kim Il Sung. Here there was no doubt which side had won. Indeed, with China’s help, they had prevailed and continued as a buffer state with South Korea. This venue is still a favoured place for young couples to get married, and that morning two bridal parties were being photographed against the Bronze Warrior sculpture. Later Pang took me down the main central boulevard — six lanes of traffic and a central concrete roadway with dual rail lines for trams, although none were to be seen. I commented that there were no trees or indeed street lights, beyond low-profile side lighting. Pang explained this dead-straight boulevard extending 2 km was also their emergency runway. He pointed out a huge “fire station complex” that was not for fire engines, but the doors could slide back and fighter jets could be brought from deep bunkers by lifts to street level. As he explained with pride, “the Americans use aircraft carriers, but in DPRK we must rely on this runway for our defence.” We descended via a subway to one of the central underground stations on a rail link running right around the central city area. I noted they were much deeper than the Melbourne loop trains I was accustomed to, and at a sublevel plaza, huge sliding doors could be brought across to seal off the deeper station level. Pang went on to tell me that each station had vast accommodations, clinics, restaurants, schools and government offices, and that “we can evacuate the centre of Pyongyang in a short period, given a nuclear attack. We have to be prepared.” I thought about this having been done in London during the air raids in World War 2, but even that was a long time ago. This was “1984 gone

viral” in 1993. It left me speechless, the rather grim apartment blocks, all a uniform 22 stories high, on each street in the central area and housing office and factory workers. There were few shops beyond essential services and few private cars, with the traffic all buses, trams and government vehicles. It reminded me of an equally grim visit I made to East Berlin in October 1958, and that had been over 30 years ago. Later we walked around the park, with young couples pushing prams and walking with smiling children to a simple workers’ cottage of the kind Kim Il Sung had grown up in. He was actually born in a remote border region in northern DPRK, but this modest cottage, I was assured, was a faithful copy of his first home. Pang told me, “Tomorrow, David, we will drive to our first gold mine. It is 200 km north of here, and we leave at 8 a.m.” changlin The next morning at 8 a.m. exactly I was collected by the same driver who had brought me from the airport, in probably the same car. Within an hour we were well out of Pyongyang, and the countryside opened up to rolling hills and broad, flat valleys. Whilst there was some cultivation of crops like maize, green vegetables and potatoes, there seemed little stock, either cattle or sheep. Perhaps it was largely market gardening for Pyongyang. I had fallen asleep and awoke with the vehicle stopped at a boom gate and guard house, and Pang

announcing we had arrived at the Changlin gold mine. A burley smiling giant of a man climbed in the front seat with the driver. Pang introduced him as “Kim the mine manager.” I assumed we were on our way to the mine office, but the car drove directly to an adit portal. We paused, honked our horn and drove into the production decline. The slope was gentle and the workings well lit, as we turned off the decline into an active stoping area. The vehicle pulled up beside the rock face and I got out, to the concern of Pang. “You must stay in the car, please. You are a VIP, and we are concerned for your safety.” I told him I had no intention of compiling my report from the back seat of a Mercedes. (Indeed, it was the first time I had been driven underground in an airport car.) Armed with my geology pick I advanced to the stope face. Kim stood beside me and offered me a hard hat, showing at least some respect of OH&S standards. The quartz-carbonate-pyrite reef they were mining was just as I had suspected from the reports I had read. The geological setting was familiar, no surprises here. We went on to examine a few other areas and eventually drove back to surface. In rather the reverse of a normal mine visit, we then walked to the mine office where tea was served as we reviewed operational plans and sections. I made extensive notes and questioned them on monthly ore-mining rate, processing tonnes and grade.

16-03-01 8:55 PM

GLOBAL MINING NEWS

They were quick to answer all my questions, and none of the statistics were out of line, beyond the grade at just over 3 grams gold per tonne. (This was low by Australian standards for an underground mine. Only Mt. Charlotte in Kalgoorlie could do this, and it did not make much money, even when efficiently run by Western Mining Corp.) It was my introduction to “social metal” — where the question of mine cost per ounce of gold produced is irrelevant and the key number is annual production, compared with the mine target. Here at Changlin they were seeking to mine 1 tonne (32,151 oz.) gold for 1994, and they were well on target.

there was no denial that My phone call had Been jaMMed and the Bluntness of his reply was actually rather reassuring. C

All the political bosses in Pyongyang were concerned with was the country making 6 tonnes gold that year, and Changlin could provide 20% of this. I noted to Pang that Normandy was mining over 7 tonnes gold a year in Australia, and we were expanding several operations to bring this to at least 10 tonnes by next year — Changlin looked too small for us to consider for a joint venture. Pang responded that we would need to return to Pyongyang and discuss this problem with the Mines Ministry. Apparently they had larger mines they wished to show me. unsan That evening over dinner Pang and the mining engineer laid out a tour of the Unsan mine, over 300 km northwest of Pyongyang, close to the border with China. We would also see the large-scale alluvial dredging in the Unsan river, although this operation had been shut down over winter, as the river had frozen solid. I was told we would fly to Unsan in a Russian twin-blade helicopter — those huge transport choppers used for troop movement. At the airport the next morning the chopper was painted in camouflage and the pilots were in air force uniforms, but the interior had been padded with poorquality fabric and rough curtains. The seats were benches facing each other, with sash seat belts. We flew northwest for over an hour and then descended. Below lay the Unsan river valley wide and flat, clearly recently glaciated, as was much of the landscape carved in the last ice age.

THE NORTHERN MINER / MARCH 7-13, 2016

The mine workings came into view and were smaller than I had expected. We circled over the office and landed in a recently cleared maize field, with the helicopter skids crushing the harvested stalks. The door slid open and two military jeeps with armed soldiers arrived. Guards were posted at the silent chopper and we piled into the other vehicle. At the mine site I was shown serious bomb damage — supposedly from 1953 — to the old milling operation, which now stood as a ruined shell. The more compact modern plant was on lower ground, and some of the original crushing operation had survived the bombs and been refurbished. The scene was one of desperation in salvaging what must once have been a significant operation. Locos emerged from a production adit and dumped ore into a run-ofmine stockpile near the crusher. This was in turn removed by a large Komatsu front-end loader, no doubt provided by Hitachi Shoji. The plant was 100,000 tonnes per annum, judging by the single small ball mill. I had been told the mine produced 20,000 oz. gold a year, but that they were expanding to over 30,000 oz. gold. This was still small by Australian standards, and they clearly depended on the alluvial workings for the claimed total production. Again I was told to “wait until you see the larger mine Rakyon, south of Pyongyang,” which was producing almost 3 tonnes gold per annum. After looking over some mine plans and drill core samples, we were taken to a prospective location on strike of the lode about a kilometre north of the workings. Two drill holes were shown on the section, each with good grades, but deep and over narrow widths. The high-grade lode was only a little over a metre true width. Allowing for mine dilution, I guessed the grade would fall below 10 grams. More concerning to me was that the geologists had joined the two hits over 200 metres apart and over 200 metres below surface to calculate a reserve of five tonnes gold. I said in Australia we have strict rules on the publication of reserves and resources, and they would require at least 10 times as many holes to prove this. They replied that they had no money to drill more holes, “so the reserve is our best guess.” Rather than argue I suggested that the estimated five tonnes gold, which could only be mined underground on a small scale, would be far too small for Normandy to consider, and therefore we would not be investing. We headed back to the waiting helicopter and as we arrived, the guards were standing at ease looking

My translator, standing at the Unsan gold mine. His mother was from the DPRK and his father was Japanese. He was fluent in both languages and had excellent English. He was employed at the time by Hitachi Shoji, a Japanese trading company. Photo by david tyRwhitt

Mar 7 Pgs 1_9 11_25 30.indd 25

at the chopper, their backs to us. A stiff breeze was blowing, and they hadn’t heard our jeep approaching. One guard was smoking, and his fellow guard was much at ease leaning on his gun. I saw a great photo opportunity, so I walked over to one guard and gently tapped him on the shoulder. He spun around, caught off guard with his AK-47 at his side. Holding up my camera I showed him my intention was hardly aggressive, and he heaved a sigh of relief, stood to attention and with a wide grin posed for the photo. It was my best mining photo-

this time the Minister of Mines. The food was ordinary, but the atmosphere was lifted by some powerful local white spirit and imported brandy, together with endless bottles of local beer. One retired engineer regaled the party with a fine tenor voice singing European opera. We were then joined by a demure and proper group of young ladies. Dance music started and we had over half an hour of dancing. This was strictly ballroom and the couples kept conservatively apart. These were no Geishas. At the evening’s close I said a few words of thanks for the opportunity

I knew well. Within minutes on a mobile I had reached Bobby, who immediately agreed, and said: “David — wonderful and amazing. Go for it.” The samples travelled with me safely back to Melbourne. Bobby had them air freighted to Johannesburg, and on my return visit I presented DPRK research laboratory with a copy of the report. Unfortunately the kimberlite pipes were unusual, being chemically a little different from true kimberlites, and as a result De Beers felt they would be unlikely to yield diamonds. Nonetheless, I had played

The Unsan hard rock gold mine in northern DPRK. Production from shallow underground workings was said to be 120,000 tonnes of ore per annum, with ore grade a reported 6 grams gold per tonne. Photo by david tyRwhitt

i was shown serious BoMB daMage, supposedly froM 1953, to the old Milling operation, which now stood as a ruined shell. C

graph of the trip, and I used it at the next Normandy Mining managers conference. rakyon The last visit was to the Rakyon mine, 100 km southwest of Pyongyang, close to the DMZ and South Korea. The geology was reminiscent of vintage Kalgoorlie — a combination of Great Boulder and Lake View mines, which I had visited in the mid-1960s, when I first arrived in Australia. The geology, mining and processing methods were all identical, and all underground. The ore was however rather refractory, with a high arsenic content, and as a consequence the mine shipped a sulphide gold concentrate to a smelting and refining complex in China’s Shandong province. Whilst this was a short distance across the Bohai gulf, it again brought home to me how dependant DPRK was on China. The Rakyon mine had 3,000 people working underground on three shifts, and the mill or concentrator on two shifts. Kalgoorlie was labour intensive, but not like this. Even accepting the figure of 100,000 oz. gold production per year, this added up to one man per kilo of gold produced. Even with low wages this was an expensive operation, again an example of social metal. I am sure the true cost per ounce was well over US$1,000, and in 1993, we had gold selling at US$350 per oz. DPRK wanted 20 tonnes gold a year, the mines in aggregate produced it, and the cost of that production was not critical to them. However the cost per ounce certainly would be for Normandy, if we were to consider investing. Our final banquet was a pleasant occasion, attended by another Kim,

and that Hitachi Shoji and I would discuss our strategy, and I would report to my chairman Robert de Crespigny on my return. And if we could help them with exploration at the newly discovered deposit, I hoped we could return to discuss this. As the delegates left, Minister Kim came across to me. He was well over six feet tall and looked strikingly like Leonid Brezhnev. Without warning he embraced me in a bear hug, kissed me on each cheek, and through an interpreter said, “You came as an international expert in mining, and you leave as a friend of North Korea. Please come again.” In my last day I followed up a request from Dr. Bobby Danchin, then managing director of De Beers for Australasia. He had asked if I could get some samples of kimberlite rocks he suspected occur just over the border from Heilongjiang Province in northern China. I raised this with Pang, who discussed it with the Mines Department leaders. In due course I was driven to a research facility on the outskirts of Pyongyang. In their laboratory I was introduced to the director general of the facility. He spoke good English and had spent time at an American university. He knew all about De Beers, and said this would be the deal: “I will provide rock samples, drill core and basic geology maps of our area for you to take with you tomorrow on your flight back to Australia. I want De Beers in their South African research laboratory, probably the best in the world, to examine them and give me a report.” I paused to say I was only a consultant representing De Beers, but would phone Dr. Danchin, whom

a role in solving a 30-year mystery for De Beers. My final breakfast of that first visit was eaten alone in the vast dining hall of the Koryo Hotel. I asked to settle my hotel bill, which was promptly handed to me. It was quite reasonable for the time spent, and I noticed no charge for my taped phone calls. I handed over my Amex card, the only corporate card I carried, but the woman said it would not be accepted. As I only had a few Australian dollars on me, that was a problem. She spoke with her supervisor, who came out to tell me the hotel would never accept Amex, because “we have a very poor arrangement with the Americans.” Eventually he said that “Mr. Pang assures me you will return. Next time please bring traveller’s cheques, and this time, we’ll accept Amex.” Looking back, only I could have been that naïve to expect DPRK to accept an Amex card. — David Tyrwhitt, PhD, began his career in 1959 as a diamond exploration geologist with Williamson Diamonds, a subsidiary of De Beers. He joined Newmont Mining as an exploration geologist in 1966, where he was responsible for discovering the Telfer gold mine in Australia in 1972, going on to become the founding CEO of Newmont Australia Ltd. (1984 to 1988). From 1988 to 1991, he was CEO of Ashton Mining Ltd. in Australia. Since 1991, Dr. Tyrwhitt has worked as a mining consultant on international projects and is currently a director of four mining companies, including Hawthorn Resources and Merlin Diamonds in Australia, where he resides. The preceding is an edited excerpt from his unpublished memoirs. [Editor-in-chief ’s note: Our Odds ‘n’ Sods column is dedicated to our readers’ remembrances of funny, poignant or intriguing tales from their careers in mining. If you’ d like to share your story, please send it to jcumming@northernminer. com.] TNM

16-03-01 8:55 PM

WWW.NORTHERNMINER.COM

MaRCH 7-13, 2016 / THE NORTHERN MINER

s T O C k Ta b l E s

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES Trading: Feb 22 - Feb 26, 2016 (100s) Stock

Exc Volume

Week High

Low

Last

12-month Change

High Low

a 92 Resources Abcourt Mines Aben Res Aberdeen Intl* Aberdeen Intl Abitibi Royalt ABT Holdings* Adamera Mnls Adex Mining Adriana Res Adventure Gold African Queen Agnico Eagle Agnico Eagle* Agrium 110.89 Agrium* Aguila Amer Gd Aida Minerals Aim Explor* Alabama Graph* Alabama Graph Alacer Gold Alamos Gold Alamos Gold* Alaska Pac Egy* Alberta Star* Alchemist Mng Alcoa* Alderon Iron* Alderon Iron Aldershot Res Aldridge Mnrls Aldrin Res Alexander Nubi Alexandria Min* Alexandria Min Alexco Res Alexco Res* Algold Res Alianza Min* Alianza Min Alliance Res* Almaden Mnls Almaden Mnls* Almadex Min Almo Capital Almonty Ind Alpha Nat Res* Alphamin Res ALQ Gold Alta Vista Vnt Alta Vista Vnt* Altai Res Alternative ER* Altius Mnrls Alumina Inc* ALX Uranium Am CuMo Mng* AM Gold Am Manganese Amador Gold Amara Mng* Amarc Res Amarillo Gold Amazing OG* Americas Petro Americas Silvr Americas Silvr* Amex Expl AMI Res Anaconda Mng* Anfield Nickel Anfield Res Angel Gold Angel Gold* Angkor Gold Anglo American* Anglo American* Anglo-Can Mng AngloGold Ash* AngloGold Ash* Antioquia Gold* Antofagasta* Apogee Silver* Apogee Silver Applied Mrnls* AQM Copper Aquila Res* Aquila Res Arak Res Arch Coal* Archon Mineral Arco Res Arena Mnls Argentex Mng* Argentex Mng Argex Titanium* Argonaut Gold Argonaut Gold* Argus Metals Arian Silver* Arianne Phosph* Artha Res* Asanko Gold* Asanko Gold Ascot Res Asian Minl Res Aston Bay Astur Gold Atacama Pac Gd Athabasca Mnls Athena Silver* Atico Mng Atlanta Gold Atlanta Gold* Atlantic Gold Atlatsa Res Atlatsa Res* Atna Res Ltd* Atom Energy Augustine Vent Aura Mnls Aura Silver Rs Aurania Res Aurcana Corp Aurcana Corp* AurCrest Gold Aureus Mng* Aureus Mng Aurion Res Auryn Res Auryn Res* Avala Res Avalon Rare Mt Avalon Rare Mt* Avarone Metals Avino Silver Avino Silver* Avrupa Mnls AZ Mining Azarga Uranium Azimut Expl Azincourt Uran*

V V V O T V O V V V V V T N T

1058 522 77 38 1090 68 47 141 576 1117 75 263 5838 14017 1622

N V

4840 468 31 40509 82 553 5104 5617 8309 33 2 1963 162709 32 308 36 46 29 284 361 3248 468 1473 275 49 45 1702 150 652 184 9 170 2444 85 49 1548 15 104 5 265 130 444 14 15 603 2992 25 334 313 3 456 2809 479 120 30 44 163 94 550 35 46 2977 17 301 3 29976 12 64 4 135 139 193 41 338 132 754 12 16 387 245 308 106 6742 659 34 129 70 186 1304 3782 69 621 21 807 1029 139 96 164 466 1 2414 79 96 1504 28 1210 613 640 91 1165 66 456 739 1206 273 2256 323 794 2199 593 12588 61 535 676 488 31 152 4

87.30 0.07 0.11 0.00 0.09 0.12 2.81 6.20 4.50 0.20 0.13 0.07 9.21 0.10 0.16 0.03 0.15 0.13 0.06 0.03 0.04 1.03 0.75 0.13 0.11 0.15 11.20 1.12 0.82 0.28 0.06 0.34 0.02 0.16 0.06 0.14 0.07 0.05 0.03 10.73 3.77 0.07 0.07 0.15 0.02 0.01 0.13 0.07 0.19 0.32 0.18 0.18 0.13 0.04 0.05 0.05 0.77 0.07 0.07 0.05 0.45 3.42 7.00 0.01 12.34 12.87 0.06 6.79 0.09 0.14 0.20 0.06 0.11 0.16 0.05 0.50 2.00 0.05 0.24 0.05 0.07 0.03 1.61 1.19 0.05 0.05 0.59 0.06 2.14 2.95 1.15 0.03 0.24 0.02 0.49 0.19 0.05 0.32 0.08 0.05 0.44 0.04 0.03 0.03 0.05 0.06 0.15 0.02 0.46 0.20 0.15 0.02 0.07 0.09 0.18 1.55 1.13 0.05 0.14 0.11 0.14 1.56 1.13 0.10 0.45 0.32 0.18 0.04

34466 10188 88 159 275 1626 246 2163 15363 144 1954 530 5872 38964 139544 369 410 100 39 449 76 74

1.61 1.17 1.40 0.02 0.50 0.69 0.13 0.44 0.32 0.08 0.03 0.45 0.63 19.99 14.45 0.20 0.09 0.12 0.16 0.11 0.08 0.02

O O V T T N O O N O T V V V V O V T X V O V D T X V V V O V V O V O T O V O V V V O V V O V T O V V O V V V O V O O V O N O O O V O V O T V O V V V O V O T O V O O O X T V V V V V V O V V O V T O O V T V V V O V O T V V O V T O V X V T T V O

0.05 0.04 0.05 0.07 0.06 0.06 0.07 0.06 0.07 0.09 0.07 0.08 0.11 0.00 0.10 4.20 3.80 3.88 0.51 0.27 0.51 0.02 0.00 0.02 0.01 0.01 0.01 0.12 0.11 0.11 0.20 0.00 0.20 0.03 0.02 0.03 51.49 46.40 46.72 37.24 33.87 34.55 118.11 111.23 116.99

+ + + + + + + +

0.01 0.06 0.01 0.07 0.01 0.27 0.01 0.12 0.01 0.17 0.11 4.20 0.16 1.61 0.01 0.05 0.01 0.02 0.01 0.19 0.03 0.22 0.01 0.03 0.90 51.49 0.08 37.24 4.04 146.51

86.49 0.05 0.11 0.00 0.09 0.12 2.67 5.82 4.30 0.12 0.13 0.07 8.87 0.09 0.14 0.02 0.14 0.12 0.05 0.03 0.04 0.94 0.70 0.09 0.09 0.14 10.22 1.04 0.74 0.25 0.05 0.32 0.02 0.16 0.06 0.10 0.07 0.05 0.03 9.41 3.76 0.07 0.07 0.15 0.02 0.01 0.13 0.05 0.17 0.32 0.18 0.15 0.12 0.04 0.04 0.05 0.75 0.06 0.07 0.05 0.43 3.06 6.18 0.01 12.02 12.15 0.06 6.79 0.09 0.13 0.19 0.05 0.10 0.14 0.03 0.45 2.00 0.05 0.21 0.05 0.07 0.02 1.55 1.13 0.05 0.05 0.59 0.06 2.00 2.64 1.14 0.02 0.22 0.01 0.35 0.18 0.04 0.32 0.08 0.05 0.43 0.03 0.03 0.01 0.05 0.06 0.12 0.02 0.41 0.19 0.13 0.02 0.06 0.08 0.17 1.40 1.03 0.05 0.14 0.10 0.13 1.44 1.07 0.09 0.40 0.32 0.14 0.04

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

4.49 116.81 79.94 0.01 0.11 0.03 0.01 0.23 0.08 0.00 1.19 0.00 0.00 0.27 0.08 0.01 0.35 0.11 0.05 3.23 2.08 0.07 9.00 3.27 0.03 7.54 2.27 0.11 0.25 0.00 0.01 0.19 0.12 0.04 0.08 0.01 1.00 15.32 6.14 0.03 0.28 0.05 0.05 0.35 0.07 0.01 0.05 0.01 0.01 0.21 0.12 0.01 0.26 0.09 0.01 0.20 0.04 0.01 0.05 0.01 0.01 0.06 0.02 0.11 1.14 0.34 0.06 0.83 0.22 0.01 0.35 0.07 0.01 0.24 0.07 0.01 0.35 0.10 0.36 40.03 9.95 0.03 1.39 0.65 0.04 1.12 0.48 0.02 0.26 0.13 0.01 0.14 0.05 0.05 0.86 0.21 0.00 1.38 0.01 0.01 0.32 0.11 0.02 0.06 0.03 0.01 0.25 0.01 0.03 0.14 0.01 0.01 0.12 0.05 0.00 0.07 0.02 0.66 15.47 7.39 0.34 5.83 2.70 0.01 0.21 0.06 0.00 0.12 0.03 0.05 0.30 0.07 0.01 0.05 0.01 0.01 0.01 0.01 0.03 0.25 0.10 0.01 0.18 0.04 0.01 0.20 0.04 0.02 2.80 0.29 0.01 0.33 0.15 0.03 0.18 0.09 0.01 0.23 0.04 0.01 0.07 0.02 0.01 0.06 0.01 0.00 0.05 0.02 0.07 0.96 0.52 0.01 0.26 0.05 0.02 0.10 0.01 0.01 0.09 0.01 0.01 0.64 0.38 0.02 3.93 1.57 0.07 18.89 3.13 0.01 0.02 0.01 1.03 12.34 6.45 1.27 12.87 5.64 0.00 0.07 0.01 1.23 12.30 5.24 0.02 0.45 0.08 0.02 0.65 0.11 0.01 0.75 0.16 0.01 0.08 0.03 0.00 0.19 0.09 0.01 0.24 0.12 0.02 0.10 0.02 0.05 13.70 0.11 0.43 2.10 1.07 0.02 0.09 0.03 0.01 0.29 0.11 0.02 0.05 0.01 0.01 0.08 0.02 0.01 0.49 0.01 0.03 2.15 0.78 0.03 1.77 0.53 0.01 0.09 0.02 0.01 0.51 0.00 0.01 0.80 0.52 0.02 0.07 0.02 0.02 2.14 1.25 0.08 2.95 1.59 0.06 2.00 0.80 0.01 0.08 0.02 0.03 0.32 0.08 0.01 0.04 0.01 0.05 0.49 0.14 0.02 1.17 0.15 0.03 0.14 0.02 0.01 0.65 0.16 0.01 0.11 0.05 0.01 0.07 0.03 0.09 0.44 0.17 0.01 0.23 0.03 0.00 0.19 0.02 0.00 0.10 0.00 0.02 0.15 0.03 0.02 0.09 0.03 0.02 0.16 0.06 0.01 0.02 0.01 0.05 0.60 0.30 0.01 0.32 0.09 0.01 0.25 0.07 0.04 0.01 0.01 0.01 0.68 0.05 0.02 0.83 0.05 0.03 0.18 0.03 0.01 1.65 0.94 0.02 1.29 0.70 0.01 0.08 0.03 0.02 0.48 0.10 0.02 0.40 0.07 0.08 0.12 0.02 0.03 1.98 1.03 0.01 1.56 0.71 0.01 0.20 0.07 0.04 0.52 0.22 0.05 0.43 0.24 0.03 0.25 0.10 0.01 0.05 0.02

1.42 1.45 1.03 1.08 1.24 1.30 0.01 0.01 0.42 0.42 0.55 0.59 0.10 0.13 0.30 0.36 0.22 0.26 0.06 0.08 0.02 0.02 0.32 0.40 0.42 0.54 16.60 18.27 12.12 13.53 0.15 0.20 0.07 0.09 0.11 0.11 0.00 0.14 0.08 0.09 0.06 0.07 0.00 0.02

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

0.05 0.03 0.04 0.01 0.07 0.08 0.03 0.05 0.04 0.03 0.01 0.09 0.13 1.01 0.97 0.02 0.02 0.01 0.03 0.02 0.01 0.01

80.45 0.05 0.10 0.00 0.08 0.11 2.54 5.55 4.08 0.00 0.13 0.04 8.04 0.00 0.09 0.02 0.14 0.11 0.04 0.03 0.04 0.89 0.62 0.00 0.09 0.00 9.95 1.02 0.73 0.21 0.05 0.27 0.01 0.16 0.04 0.08 0.06 0.05 0.03 8.64 3.50 0.06 0.06 0.00 0.01 0.01 0.10 0.05 0.17 0.00 0.17 0.15 0.11 0.00 0.04 0.04 0.72 0.06 0.06 0.00 0.43 2.76 5.75 0.01 0.00 10.68 0.06 0.00 0.00 0.11 0.19 0.05 0.10 0.14 0.03 0.40 0.00 0.00 0.20 0.04 0.06 0.02 1.42 1.03 0.00 0.02 0.56 0.04 1.90 2.60 1.05 0.02 0.22 0.01 0.32 0.17 0.04 0.26 0.07 0.00 0.35 0.00 0.03 0.00 0.05 0.04 0.11 0.01 0.41 0.16 0.12 0.02 0.05 0.06 0.11 1.32 0.98 0.04 0.12 0.08 0.04 1.40 1.04 0.08 0.37 0.27 0.12 0.04

0.03 0.03 0.06 0.07 0.10 1.53 0.05 0.01 0.01 0.08 0.06 0.01 27.63 21.00

b B2Gold B2Gold* Bacanora Mnls Baja Mng* Balmoral Res* Balmoral Res Bama Gold Banro Banro* Banyan Gold Barisan Gold Barkerville Go* Barkerville Go Barrick Gold Barrick Gold* Barsele Min Batero Gold Battle Mtn Gld* Battle Mtn Gld Bayhorse Silvr Bayhorse Silvr* Bayswater Uran

Mar 7 Pgs 26 27.indd 26

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

2.21 1.79 2.05 0.04 0.98 1.25 0.15 0.47 0.40 0.08 0.08 0.45 0.63 19.99 14.45 0.20 0.11 0.16 0.22 0.11 0.08 0.06

0.86 0.60 1.12 0.00 0.23 0.33 0.07 0.19 0.15 0.02 0.02 0.15 0.20 7.89 5.91 0.08 0.05 0.06 0.09 0.05 0.03 0.01

(100s) Stock

Exc Volume

Week High

Low

0.85 0.85 0.06 0.07 0.04 0.06 0.00 0.08 0.05 0.08 0.04 0.04 0.35 0.41 0.01 0.01 0.01 0.01 0.02 0.02 0.01 0.01 0.05 0.08 0.02 0.02 0.01 0.12 0.04 0.04 0.02 0.02 55.74 56.12 0.04 0.04 0.03 0.05 0.01 0.02 0.02 0.02 0.20 0.21 0.25 0.28 0.05 0.06 0.04 0.04 0.00 0.07 0.50 0.52 0.00 0.00 0.12 0.15 0.09 0.09 0.02 0.02 0.00 0.01 0.03 0.05

Bear Creek Mng V Beaufield Res V Beaufield Res* O Bellhaven Cp&G V Bellhaven Cp&G* O Belmont Res V Belo Sun Mng T Belvedere Res V Benton Cap* O Benton Cap V Berkwood Res V BHK Mining V Big North Grap V Bison Gold Res V Bitterroot Res V Bitterroot Res* O Black Hills* N Black Isle Res V Blind Crk Res V BLOX Inc* O Bold Vent V BonTerra Res* O BonTerra Res V Bowmore Expl V Bravada Gold* O Bravada Gold V Brazil Res V Britannia Mng* O Brixton Mtls V Brixton Mtls* O Bullfrog Gold* O Bullion Gld Res V Bullman Mnls V

1477 1412 26 144 56 225 3003 66 22 1012 95 49 11 166 55 13 2899 35 106 655 365 20 901 68 30 33 671 366 87 61 1170 39 867

1.05 0.07 0.06 0.15 0.08 0.04 0.48 0.01 0.01 0.02 0.01 0.08 0.02 0.13 0.04 0.02 57.74 0.04 0.05 0.02 0.03 0.21 0.30 0.06 0.06 0.07 0.53 0.01 0.15 0.09 0.03 0.01 0.05

Cadan Res V Caledonia Mng T Caledonia Mng* Q Calibre Mng V Calico Res* O California Gld* O Callinex Mines* O Callinex Mines V Cameco Corp* N Cameco Corp T Cameo Res V Camino Mnls V Can-Cal Res* O Canada Coal V Canadian Zeol V CanAlaska Uran* O CanAlaska Uran V Canamex Res V Canamex Res* O Canarc Res T Canarc Res* Q Canasil Res V Cancana Res V Candente Coppr T CaNickel Mng* O Canoe Mng Vent V Canstar Res V Canterra Mnls V Cantex Mn Dev V Canuc Res V Canyon Gold* O Cap-Ex Iron V Capstone Mng T Caracara Silvr V Cardero Res* O Caribou King V Carlin Gold V Carpathian Gld* O Cartier Iron Cartier Res V Carube Copper V Cassidy Gold V Cassius Vents V Castle Mtn Mng V Castle Peak Mg V Catalyst Coppr V Cava Res V Caza Gold V CB Gold V Cda Carbon* O Cda Carbon V Cda Rare Earth* O Cda Zinc Mtls V Cdn Intl Mnrls V Cdn Metals Cdn Zinc T Cdn Zinc* Q Centamin T Centaurus Diam* O Centenera Mng V Centerra Gold T Centurion Mnls V Cerro Mng V Chalice Gold M T Chesapeake Gld V Chesapeake Gld* O Chevron* N Chilean Metals V Chimata Gold V China Gold Int T China Mnls Mng V Chinapintza Mg V Claude Res T Claude Res* O Clear Mtn Res V Clifton Star V Clifton Star* O Cloud Peak En* N CMC Metals V CMX Gold & Sil Coeur Mng* N Colibri Res* O Colombian Mins V Colorado Res* O Colt Res* O Colt Res V Columbus Gold* O Columbus Gold T Commander Res V Commerce Res* O Commerce Res V Comstock Mng* X Comstock Mtls V Comstock Mtls* O Condor Res V Confedertn Mls V Cons Woodjam V CONSOL Energy* N Contintl Gold* O Contintl Gold T Copper Ck Gold V Copper Fox Mtl* O Copper Lake Rs V Copper Mtn Mng T Copper Mtn Mng* O Copper North M V Copper Reef Mg Coral Gold V Corazon Gold V Cordoba Mnls V Corex Gold V Cornerstone Ca V Coro Mining T Coronet Mtls V Corvus Gold T Corvus Gold* O Critical Elem V Critical Elem* O Crown Mining V Crystal Explor V Crystal Pk Min* O CTGX Mining* O Currie Rose Rs V Cypress Dev* O

38 129 135 639 199 271 68 122 6841 4365 228 10 54 1824 189 29 410 670 183 668 362 2949 335 1576 2 167 208 62 43 73 2 348 11803 1042 100 264 1544 398 708 334 5 483 1113 1967 747 155 93 16 19 61 1633 47 1385 594 224 755 234 129 368 210 4495 33 117 15 54 35 49531 49 3860 1011 413 50 3530 858 145 1706 502 5706 166 16 17677 31 52 78 14 4406 186 328 846 148 940 2301 402 237 95 78 50 44587 277 2603 434 190 53 2182 13 757 50 667 6 1276 440 1328 677 13 147 87 659 62 193 115 43 0 299 122

0.05 0.94 0.68 0.11 0.06 0.04 0.23 0.32 12.45 17.05 0.06 0.09 0.04 0.03 0.10 0.14 0.19 0.05 0.04 0.09 0.07 0.27 0.23 0.11 0.02 0.03 0.05 0.04 0.04 0.09 0.26 0.02 0.41 0.01 0.08 0.07 0.02 0.01 0.04 0.09 0.07 0.02 0.01 0.28 0.02 0.28 0.06 0.03 0.07 0.28 0.40 0.02 0.14 0.04 0.12 0.12 0.09 1.74 0.34 0.08 7.81 0.14 0.01 0.14 2.59 1.89 89.84 0.05 0.03 2.43 0.01 0.01 1.25 0.90 0.01 0.37 0.27 1.75 0.14 0.10 3.73 0.04 0.05 0.08 0.07 0.10 0.30 0.43 0.05 0.06 0.08 0.62 0.04 0.03 0.04 0.03 0.04 9.02 1.17 1.60 0.10 0.10 0.04 0.54 0.36 0.02 0.03 0.08 0.21 0.26 0.04 0.03 0.04 0.07 0.77 0.56 0.18 0.13 0.06 0.10 0.14 0.00 0.02 0.05

Last

12-month High Low

Stock

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

0.07 0.01 0.02 0.01 0.03 0.01 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.13 0.01 0.00 0.39 0.01 0.01 0.01 0.01 0.05 0.02 0.01 0.00 0.02 0.01 0.00 0.03 0.00 0.00 0.01 0.02

1.46 0.07 0.06 0.45 0.34 0.09 0.48 0.08 0.02 0.03 0.05 0.15 0.25 1.00 0.10 0.05 57.74 0.09 0.06 0.25 0.06 0.29 0.37 0.11 0.06 0.07 0.78 0.01 0.18 0.14 0.03 0.03 0.14

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

0.01 0.09 0.03 0.01 1.06 0.66 0.01 0.83 0.48 0.01 0.17 0.06 0.01 0.12 0.05 0.00 0.10 0.02 0.01 0.32 0.17 0.01 0.40 0.21 0.05 17.77 10.31 0.38 21.44 14.56 0.01 0.10 0.02 0.01 0.25 0.07 0.01 0.07 0.03 0.01 0.04 0.01 0.01 0.12 0.05 0.01 0.23 0.06 0.02 0.28 0.09 0.01 0.15 0.03 0.01 0.12 0.02 0.02 0.15 0.03 0.00 0.08 0.02 0.05 0.27 0.03 0.06 0.32 0.13 0.02 0.13 0.03 0.00 0.12 0.01 0.01 0.10 0.02 0.01 0.10 0.03 0.01 0.09 0.03 0.01 0.06 0.03 0.03 0.35 0.05 0.06 0.54 0.02 0.01 0.04 0.01 0.07 1.71 0.27 0.01 0.01 0.01 0.02 0.15 0.05 0.01 0.22 0.06 0.01 0.02 0.01 0.00 0.03 0.00 0.01 0.13 0.01 0.01 0.13 0.04 0.01 0.21 0.05 0.01 0.05 0.01 0.01 0.04 0.01 0.05 0.58 0.18 0.01 0.02 0.01 0.12 0.29 0.10 0.02 0.25 0.04 0.01 0.09 0.02 0.02 0.11 0.03 0.07 0.28 0.17 0.03 0.40 0.20 0.01 0.03 0.01 0.02 0.33 0.10 0.01 0.06 0.01 0.06 0.23 0.06 0.01 0.24 0.06 0.00 0.19 0.04 0.01 1.74 0.96 0.06 0.34 0.01 0.01 0.14 0.02 0.16 8.67 5.05 0.01 0.28 0.04 0.01 0.03 0.01 0.01 0.15 0.09 0.08 2.59 1.39 0.17 1.96 1.05 2.15 112.20 69.58 0.01 0.08 0.02 0.02 0.19 0.01 0.07 2.58 1.30 0.01 0.01 0.01 0.01 0.02 0.01 0.04 1.27 0.40 0.02 0.92 0.32 0.01 0.02 0.01 0.01 0.38 0.10 0.01 0.28 0.09 0.04 8.57 1.08 0.01 0.53 0.05 0.01 0.11 0.09 0.01 6.35 1.62 0.01 0.06 0.02 0.01 0.13 0.02 0.01 0.11 0.02 0.02 0.25 0.05 0.01 0.30 0.08 0.00 0.38 0.23 0.03 0.48 0.31 0.01 0.05 0.01 0.00 0.14 0.04 0.01 0.17 0.06 0.04 0.84 0.35 0.01 0.04 0.01 0.03 0.00 0.00 0.01 0.07 0.02 0.01 0.07 0.02 0.01 0.09 0.02 0.03 34.31 4.54 0.10 2.65 0.88 0.08 3.28 1.28 0.03 0.10 0.04 0.01 0.30 0.08 0.01 0.09 0.03 0.02 1.73 0.33 0.01 1.42 0.23 0.01 0.09 0.02 0.01 0.04 0.01 0.01 0.18 0.05 0.04 0.38 0.18 0.03 0.26 0.09 0.01 0.07 0.03 0.01 0.09 0.02 0.01 0.04 0.02 0.02 0.15 0.04 0.01 0.88 0.33 0.06 0.71 0.25 0.01 0.30 0.14 0.01 0.23 0.10 0.01 0.08 0.03 0.01 0.14 0.05 0.00 0.33 0.11 0.03 0.18 0.01 0.01 0.02 0.01 0.00 0.08 0.01

Del Toro Silvr* O 50 Denison Mines T 2943 Denison Mines* X 1388 Desert Star V 290 Detour Gold T 8016 Diamcor Mng V 107 Diamcor Mng* O 55 Diamond Fields V 57 Dios Expl V 383 Discovery Gold* O 400 DNI Metals* O 19 DNI Metals 452 Dolly Vard Sil* O 22 Dolly Vard Sil V 50 Dominion Diam* N 2595 Dominion Diam T 1312 Double Crn Res* O 3298 Doubleview Cap V 511 DRDGOLD* N 1705 Duncan Park H V 58 Dundee Prec Mt T 1474 Dunnedin Vent V 197 Dunnedin Vent* O 8 Durango Res V 396 Dynacor Gld Mn T 323 Dynasty Met&Mn*O 103 Dynasty Met&Mn T 615 Eagle Graphite V 5531 Eagle Plains V 210 East Africa V 642 Eastern Platin T 341 Eastern Platin* O 16 Eastfield Res V 178 Eastmain Res T 950 Eco Oro Mnls T 418 Ecuador Gd & C V 3642 Edgewater Expl* O 3 El Capitan Prc* O 662 Elcora Res V 1920 Eldorado Gold T 15922 Eldorado Gold* N 19304 Electra Stone V 1453 Eloro Mnrls V 185 Ely Gold & Mnl V 491 Ely Gold & Mnl* O 54 Elysee Dev V 129 Emgold Mng V 101 Emgold Mng* O 46 Encanto Potash* O 22 Endeavour Mng T 1302 Endeavour Mng* O 66 Endeavr Silver* N 4527 Endeavr Silver T 642 Energizer Res T 689 Energizer Res* O 117 Energy Fuels* X 492 Energy Fuels T 159 Ensurge* O 330 Entourage Mtls V 2003 Entree Gold T 409 Entree Gold* X 501 Equitas Res* O 62 Equitorial Ex V 585 Era Res Inc T 17 Erdene Res Dev* O 78 Erdene Res Dev T 241 Erin Ventures* O 2 Erin Ventures V 2078 Eros Res Corp V 158 Eros Res Corp V 158 Eskay Mng V 156 Ethos Gold* O 19 Eurasian Mnls V 115 Eurasian Mnls* X 370 Eureka Res V 263 EurOmax Res V 28 European Metal* O 7185 Europn Uran Rs* O 151 Europn Uran Rs V 1645 Everton Res* O 44 Evolving Gold 39 Evrim Res V 40 Excellon Res T 510 Excellon Res* O 105 Excelsior Mng* O 140 Excelsior Mng V 1007 Exeter Res T 168 Exeter Res* X 844 Explor Res* O 203 Explor Res V 2229 Falco Res V 1879 Falcon Gold V 130 Far Res 210 Finlay Minrls V 81 Finore Mng 33 Firebird Res V 500 Firma Holdings* O 140 First Bauxite V 233 First Majestic T 4198 First Majestic* N 12629 First Mg Fin V 5866 First Point T 167 First Quantum T 45125 Fission 3.0 V 631 Fission Uran T 2408 Flinders Res V 128 Flinders Res* O 73 Focus Graphite* O 92 Focus Graphite V 456 Focus Vent V 418 Foran Mng V 183 Forsys Metals T 57 Fortescue Mtls* O 141 Fortuna Silvr* N 1817 Fortuna Silvr T 1762 Fortune Bay T 163 Forum Uranium V 241 Forum Uranium* O 111 Four River V 10 Franco-Nevada T 8958 Franco-Nevada* N 6804 Freegold Vent T 824 Freeport McMo* N 275405 Fresnillo plc* O 17 Frontier Rr Er* O 19 Full Metal Mnl V 26 Fura Emeralds V 268

+ + + +

0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01

0.50 0.03 0.02 0.03 0.02 0.02 0.15 0.01 0.01 0.02 0.01 0.03 0.02 0.12 0.03 0.02 36.81 0.02 0.03 0.01 0.02 0.08 0.09 0.03 0.01 0.02 0.38 0.00 0.05 0.03 0.01 0.01 0.03

C 0.04 0.05 0.86 0.91 0.63 0.68 0.09 0.09 0.05 0.05 0.03 0.04 0.21 0.22 0.29 0.30 11.59 11.98 16.01 16.18 0.05 0.05 0.00 0.09 0.03 0.04 0.01 0.02 0.08 0.09 0.11 0.14 0.16 0.18 0.00 0.05 0.04 0.04 0.08 0.09 0.06 0.07 0.18 0.23 0.16 0.23 0.07 0.10 0.02 0.02 0.02 0.03 0.00 0.04 0.03 0.04 0.03 0.03 0.00 0.09 0.20 0.20 0.01 0.02 0.35 0.40 0.01 0.01 0.08 0.08 0.06 0.07 0.01 0.02 0.01 0.01 0.03 0.04 0.08 0.09 0.00 0.07 0.01 0.01 0.01 0.01 0.23 0.23 0.01 0.01 0.16 0.28 0.00 0.06 0.00 0.03 0.05 0.05 0.25 0.28 0.33 0.38 0.01 0.01 0.11 0.11 0.03 0.03 0.10 0.12 0.10 0.11 0.07 0.08 1.63 1.66 0.22 0.29 0.06 0.08 7.06 7.33 0.12 0.12 0.00 0.01 0.11 0.12 2.28 2.30 1.68 1.69 82.90 84.35 0.05 0.05 0.02 0.02 2.18 2.22 0.01 0.01 0.01 0.01 1.10 1.15 0.81 0.85 0.00 0.01 0.35 0.35 0.25 0.25 1.39 1.60 0.10 0.12 0.10 0.10 3.35 3.55 0.00 0.04 0.00 0.04 0.06 0.07 0.05 0.05 0.08 0.09 0.28 0.29 0.39 0.39 0.04 0.04 0.05 0.06 0.07 0.07 0.50 0.56 0.02 0.03 0.02 0.03 0.00 0.03 0.03 0.03 0.03 0.04 7.26 7.84 1.03 1.17 1.40 1.58 0.07 0.09 0.08 0.10 0.00 0.04 0.46 0.48 0.00 0.36 0.00 0.02 0.02 0.02 0.06 0.08 0.00 0.21 0.20 0.22 0.04 0.04 0.02 0.03 0.03 0.04 0.06 0.06 0.00 0.69 0.46 0.53 0.16 0.17 0.12 0.13 0.05 0.05 0.09 0.10 0.13 0.13 0.00 0.00 0.01 0.01 0.03 0.05

d-F Dajin Res* Dakota Ter Res* Daleco Res* Dalradian Res* Dalradian Res Darnley Bay Decade Res Defiance Silvr*

O O O O T V V O

1063 40 221 353 1915 211 1620 163

0.11 0.06 0.03 0.67 0.92 0.02 0.03 0.08

0.09 0.06 0.00 0.61 0.84 0.01 0.03 0.05

0.10 0.06 0.02 0.66 0.89 0.01 0.03 0.07

(100s)

Change

0.13 0.21 0.10 0.93 1.16 0.05 0.08 0.13

0.03 0.05 0.01 0.45 0.62 0.01 0.01 0.04

Exc Volume

Week High

Low

Last

0.01 0.67 0.49 0.05 22.82 0.91 0.65 0.02 0.08 0.00 0.05 0.07 0.14 0.20 11.67 15.94 0.01 0.10 3.47 0.01 1.24 0.06 0.04 0.04 2.17 0.31 0.44 0.02 0.06 0.07 0.78 0.53 0.03 0.39 0.36 0.03 0.01 0.04 0.75 4.19 3.08 0.09 0.21 0.08 0.06 0.19 0.01 0.01 0.05 12.39 8.88 1.78 2.46 0.09 0.07 2.42 3.32 0.01 0.07 0.41 0.31 0.04 0.03 0.15 0.13 0.18 0.03 0.06 0.12 0.12 0.12 0.11 0.65 0.48 0.08 0.40 0.00 0.01 0.02 0.03 0.07 0.23 0.43 0.31 0.20 0.29 0.73 0.53 0.18 0.24 0.42 0.01 0.03 0.04 0.04 0.02 0.06 0.05 6.50 4.80 0.40 0.06 5.30 0.10 0.67 0.22 0.15 0.06 0.08 0.07 0.11 0.10 1.59 3.62 4.99 0.31 0.10 0.07 0.07 85.86 62.09 0.15 7.97 14.00 0.01 0.03 0.16

0.01 0.59 0.43 0.04 20.59 0.00 0.65 0.01 0.00 0.00 0.05 0.00 0.13 0.00 10.12 13.68 0.01 0.08 3.12 0.01 0.95 0.05 0.04 0.03 2.07 0.27 0.37 0.02 0.06 0.05 0.70 0.52 0.02 0.35 0.25 0.02 0.01 0.04 0.49 3.83 2.80 0.07 0.18 0.06 0.05 0.19 0.01 0.00 0.04 11.21 8.27 1.60 2.20 0.08 0.06 2.12 2.92 0.01 0.06 0.36 0.26 0.02 0.02 0.14 0.13 0.16 0.03 0.05 0.10 0.10 0.10 0.10 0.56 0.41 0.07 0.37 0.00 0.00 0.01 0.02 0.04 0.16 0.36 0.27 0.19 0.25 0.66 0.48 0.14 0.20 0.38 0.01 0.02 0.03 0.04 0.02 0.04 0.04 5.82 4.25 0.36 0.05 3.86 0.08 0.62 0.00 0.11 0.05 0.07 0.00 0.00 0.00 0.00 3.38 4.61 0.27 0.08 0.05 0.00 77.75 56.70 0.12 6.55 13.50 0.00 0.00 0.16

12-month High Low

Stock

0.01 0.61 0.44 0.04 21.06 0.91 0.65 0.01 0.07 0.00 0.05 0.05 0.13 0.16 10.14 13.72 0.01 0.09 3.27 0.01 1.15 0.05 0.04 0.03 2.11 0.31 0.42 0.02 0.06 0.06 0.70 0.53 0.03 0.36 0.29 0.03 0.01 0.04 0.53 3.92 2.91 0.08 0.20 0.08 0.05 0.19 0.01 0.01 0.04 11.62 8.60 1.66 2.25 0.08 0.06 2.31 3.10 0.01 0.07 0.40 0.29 0.04 0.02 0.14 0.13 0.17 0.03 0.05 0.12 0.12 0.12 0.11 0.65 0.48 0.08 0.40 0.00 0.01 0.02 0.03 0.05 0.22 0.39 0.29 0.19 0.27 0.69 0.51 0.16 0.20 0.42 0.01 0.03 0.03 0.04 0.02 0.06 0.05 6.25 4.62 0.38 0.05 4.86 0.09 0.64 0.22 0.15 0.06 0.07 0.07 0.09 0.10 1.48 3.42 4.62 0.30 0.09 0.07 0.07 80.09 59.26 0.12 7.43 14.00 0.00 0.03 0.16

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

0.00 0.03 0.02 0.01 0.47 0.01 0.00 0.01 0.01 0.00 0.01 0.02 0.00 0.02 1.36 2.09 0.00 0.01 0.23 0.01 0.14 0.01 0.00 0.01 0.01 0.02 0.03 0.01 0.01 0.01 0.07 0.00 0.01 0.01 0.03 0.01 0.00 0.00 0.13 0.10 0.01 0.01 0.01 0.02 0.00 0.01 0.01 0.00 0.00 0.46 0.11 0.11 0.21 0.01 0.00 0.01 0.08 0.00 0.01 0.01 0.00 0.00 0.01 0.10 0.00 0.01 0.01 0.01 0.02 0.02 0.02 0.01 0.05 0.04 0.01 0.05 0.00 0.01 0.01 0.01 0.01 0.01 0.03 0.01 0.00 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.04 0.01 0.03 0.01 0.19 0.23 0.01 0.01 0.28 0.01 0.01 0.07 0.04 0.01 0.01 0.01 0.01 0.01 0.06 0.10 0.22 0.04 0.02 0.02 0.01 1.34 1.84 0.01 0.51 0.05 0.00 0.01 0.04

0.04 1.20 0.99 0.22 22.82 1.45 1.15 0.05 0.10 0.01 0.20 0.10 0.25 0.55 20.30 24.60 0.02 0.19 4.03 0.03 3.19 0.19 0.06 0.08 2.59 0.63 0.80 0.08 0.08 0.09 2.26 1.84 0.05 0.62 0.90 0.06 0.01 0.16 0.75 7.25 5.80 0.14 0.21 0.08 0.06 0.22 0.02 0.01 0.13 12.44 9.00 2.41 3.00 0.14 0.11 5.60 6.73 0.09 0.22 0.66 0.51 0.17 0.19 1.00 0.13 0.18 0.08 0.11 0.17 0.17 0.20 0.15 0.94 0.78 0.13 0.57 0.01 0.02 0.02 0.04 0.10 0.23 0.92 0.74 0.31 0.39 0.82 0.65 0.17 0.24 0.68 0.09 0.05 0.05 0.04 0.05 0.25 0.09 7.81 6.27 0.60 0.10 19.83 0.14 1.38 0.48 0.50 0.36 0.44 0.27 0.48 0.36 2.05 4.52 5.65 0.43 0.11 0.09 0.20 85.86 62.09 0.24 23.97 14.00 0.29 0.07 0.25

0.00 0.48 0.35 0.04 9.08 0.65 0.46 0.01 0.04 0.00 0.03 0.05 0.08 0.11 7.27 9.96 0.01 0.07 1.10 0.01 0.84 0.04 0.04 0.03 1.30 0.12 0.18 0.02 0.05 0.03 0.61 0.47 0.02 0.28 0.25 0.01 0.00 0.03 0.08 2.67 1.87 0.04 0.09 0.03 0.02 0.17 0.01 0.00 0.03 4.35 4.40 1.00 1.46 0.03 0.03 1.81 2.47 0.01 0.03 0.18 0.08 0.02 0.02 0.09 0.08 0.10 0.03 0.04 0.09 0.09 0.01 0.09 0.48 0.35 0.02 0.21 0.00 0.00 0.01 0.00 0.02 0.10 0.20 0.14 0.12 0.19 0.39 0.29 0.03 0.04 0.21 0.01 0.02 0.02 0.01 0.01 0.02 0.03 3.50 2.40 0.25 0.04 2.15 0.06 0.53 0.12 0.09 0.04 0.07 0.05 0.05 0.08 1.00 2.00 2.65 0.25 0.04 0.03 0.05 49.96 38.20 0.05 3.52 8.70 0.00 0.02 0.08

Gold Std Vents V Goldbank Mng V Goldbelt Emp V T Goldcorp N Goldcorp* Golden Arrow V Golden Band* O Golden Cariboo V Golden Dawn Ml V Golden Goliath* O Golden Goliath V V Golden Harp V Golden Hope Golden Hope* O X Golden Mnls* T Golden Mnls Golden Peak Mn V Golden Queen* O Golden Queen T Golden Reign V Golden Secret V Golden Sh Mng V T Golden Star X Golden Star* Golden Valley V O Goldex Res* V Goldex Res V GoldON Res GoldQuest Mng V Goldrock Mines V Goldsource Min* O Goldsource Min V Goldstar Mnls V Goldstrike Res V GoviEx Uranium Gowest Gold* O V GPM Metals Gran Colombia T Gran Colombia* O Graniz Mondal V Graphite Corp* O V Graphite One Graphite One* O Great Lakes Gr V Great Lakes Gr* O Great Panther T Great Panther* X Great Quest Fe V Great Quest Fe* O Great Rock Dev* O Great Thunder V Great Western* O Greencastle Rs V Greenland M&En* O Greenshield Ex V Grizzly Discvr* O O Grizzly Gold* Group Ten Mtls V GTA Res & Mng V Guerrero Vents V V Gungnir Res O Gungnir Res* Gunpoint Expl V Guyana Gldflds T V Hansa Res Happy Ck Mnrls V Harmony Gold* N Heatherdale Rs V Hecla Mining* N V Helio Res O Hellix Vent* Hemcare Health* O T Heron Res Highbank Res V Highbury Proj V Highland Copp V Highway 50 Gld V Hochschild Mg* O Homestake Res* O Homestake Res V Honey Badger E V Hornby Bay Mnl V Houston Lake V HudBay Mnls* N T HudBay Mnls V Hudson Res O Hudson Res*

O V T N V O V O V V V O O T Q V V

0.00 0.22 0.14 0.08 0.05 0.10 0.07 0.00 0.29 0.21 0.05 0.02 0.07 0.04 0.05 0.13 0.03 0.13 0.11 0.07 3.49 0.02 0.05 0.01 0.26 0.09 0.34 1.02 0.06 0.04 0.00 4.07 0.11 0.80 0.14 0.09 0.13 6.10 4.48 1.94 0.87

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

0.00 0.04 0.03 0.02 0.01 0.01 0.01 0.00 0.01 0.02 0.01 0.01 0.01 0.02 0.02 0.03 0.01 0.02 0.01 0.01 0.15 0.01 0.01 0.00 0.01 0.02 0.04 0.02 0.01 0.00 0.00 0.10 0.01 0.00 0.04 0.05 0.03 0.52 0.50 0.20 0.02

0.00 0.84 0.29 0.18 0.12 0.16 0.12 0.00 1.20 1.00 0.07 0.07 0.45 0.04 0.06 0.29 0.05 0.16 0.11 0.13 9.68 0.08 0.08 0.05 0.37 0.26 0.49 1.67 0.06 0.04 0.00 4.71 0.25 1.25 0.51 0.12 0.50 6.23 4.54 3.65 0.93

0.00 0.12 0.10 0.08 0.04 0.09 0.02 0.00 0.22 0.15 0.04 0.01 0.05 0.01 0.02 0.06 0.02 0.07 0.06 0.03 1.95 0.02 0.04 0.00 0.17 0.05 0.27 0.94 0.02 0.01 0.00 2.04 0.07 0.03 0.05 0.02 0.08 3.06 2.19 1.14 0.26

I-Minerals* I-Minerals IAMGOLD IAMGOLD* Iberian Mnrls IC Potash* Iconic Mnls IDM Mining* IDM Mining iMetal Res IMPACT Silver Impala Platnm* Imperial Metal* Imperial Metal Inception Mng* Indico Res Indigo Expl Inspiration Mg Inspiration Mg* Intact Gold Integra Gold Integra Gold* Intl Bethl Mng Intl Lithium Intl Tower Hil* Intl Tower Hil Intrepid Pots* INV Metals Inventus Mg InZinc Mining InZinc Mining* Ireland* Ironside Res Ivanhoe Mines* Ivanhoe Mines J.A.G. Mines Jaguar Mng* Jaguar Mng James Rvr Coal* Jayden Res Jet Gold Kaizen Discvry Kaminak Gold* Kaminak Gold Kapuskasing Gd Karmin Expl Karnalyte Res Katanga Mng Kennady Diam Kerr Mines* Kerr Mines Kesselrun Res Khalkos Expl Khan Res Kings Bay Gold Kinross Gold Kinross Gold* Kirkland Lk Gd* Kirkland Lk Gd Kiska Metals* Kiska Metals Kivalliq Enrgy Klondex Mns Klondike Gold Klondike Gold* Klondike Silv Knick Expl Kombat Copper Komet Resource KWG Res KWG Res*

Labrador Iron Lago Dourado Lake Shore Gld Lake Shore Gld* Lara Expl Laramide Res Laredo Res*

g-H G&S Minerals* Gabriel Res Gainey Capital Galantas Gold Galway Gold Galway Mtls GB Minerals Gear Intl* General Moly General Moly* Gensource Pot Gentor Res Geodex Mnrls Geologix Ex* Geologix Ex Geomega Res Getty Copper Gldn Predator Gldn Predator* Glen Eagle Res Glencore Plc* Global Cobalt Global Cop Grp Global Gold* Globex Mng GMV Minerals GobiMin GoGold Res Gold Bulln Dev Gold Bulln Dev* Gold Dynamics* Gold Fields* Gold Jub Cap Gold Lakes* Gold Mng USA* Gold Mtn Mng Gold Reach Res Gold Reserve Gold Reserve* Gold Resource* Gold Std Vents*

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

32 803 240 38 5755 154 53 20508 5 378 310 9846 21 171 3111 916 58 142 25 90 1859 1557 64 97 65 191 23 181 2682 500 172 35781 100 11 688 117 252 664 2099 3098 2860

0.00 0.26 0.14 0.11 0.07 0.10 0.10 0.00 0.31 0.22 0.06 0.02 0.07 0.04 0.06 0.14 0.03 0.16 0.11 0.08 3.71 0.02 0.05 0.01 0.28 0.10 0.34 1.09 0.06 0.04 0.00 4.35 0.13 0.80 0.16 0.09 0.15 6.23 4.54 2.08 0.93

0.00 0.22 0.10 0.08 0.04 0.10 0.04 0.00 0.28 0.20 0.05 0.02 0.00 0.02 0.03 0.09 0.02 0.00 0.11 0.07 3.14 0.02 0.05 0.01 0.26 0.09 0.30 1.00 0.05 0.04 0.00 3.73 0.11 0.80 0.10 0.00 0.13 5.04 4.00 1.68 0.82

(100s)

Change

Exc Volume

Week High

Low

Last

2713 41 75 33800 88095 487 130 147 2309 146 348 4 366 17 3255 270 101 1069 257 260 15 141 979 21268 810 55 116 31 2024 447 92 500 70 881 364 66 150 3170 154 206 2100 1593 98 1771 426 897 3758 117 25 28 67 423 311 209 75 25 87 436 621 1733 2810 1325 4 2417 334 186 26228 248 41650 136 13 12 3875 894 254 40 77 4 1 159 1463 15 23 1088 9886 37 59

1.28 0.06 0.05 22.78 16.50 0.23 0.00 0.07 0.15 0.02 0.03 0.08 0.26 0.17 0.62 0.85 0.07 1.09 1.45 0.11 0.08 0.10 0.56 0.42 0.14 0.11 0.19 0.10 0.23 0.32 0.23 0.31 0.02 0.17 0.08 0.06 0.14 0.11 0.08 0.03 0.01 0.09 0.06 0.11 0.08 1.09 0.79 0.32 0.20 0.01 0.01 0.00 0.08 0.04 0.04 0.03 0.02 0.04 0.04 0.04 0.02 0.01 0.17 4.74 0.02 0.12 3.18 0.03 2.55 0.04 0.00 0.06 0.10 0.10 0.16 0.11 0.14 0.93 0.03 0.03 0.04 0.04 0.18 3.00 4.06 0.44 0.32

1.13 1.17 0.05 0.06 0.03 0.05 18.51 18.73 13.70 13.86 0.20 0.21 0.00 0.00 0.03 0.05 0.13 0.13 0.01 0.02 0.02 0.03 0.00 0.08 0.19 0.19 0.14 0.14 0.39 0.46 0.54 0.60 0.06 0.06 0.88 1.08 1.21 1.45 0.09 0.11 0.08 0.08 0.09 0.09 0.38 0.56 0.28 0.42 0.13 0.14 0.08 0.08 0.10 0.10 0.00 0.08 0.18 0.20 0.28 0.30 0.19 0.21 0.27 0.30 0.01 0.02 0.13 0.16 0.07 0.07 0.06 0.06 0.13 0.14 0.09 0.09 0.00 0.07 0.01 0.02 0.00 0.00 0.08 0.08 0.05 0.06 0.09 0.11 0.07 0.08 0.91 0.95 0.67 0.70 0.26 0.31 0.20 0.20 0.00 0.01 0.00 0.01 0.00 0.00 0.06 0.07 0.01 0.02 0.00 0.01 0.02 0.03 0.01 0.02 0.02 0.04 0.03 0.04 0.02 0.04 0.01 0.02 0.01 0.01 0.00 0.17 4.17 4.28 0.01 0.02 0.11 0.12 2.53 3.00 0.02 0.02 2.25 2.48 0.04 0.04 0.00 0.00 0.05 0.05 0.08 0.08 0.08 0.09 0.13 0.16 0.10 0.11 0.12 0.12 0.86 0.86 0.02 0.02 0.00 0.03 0.03 0.03 0.00 0.04 0.16 0.16 2.27 2.80 3.14 3.79 0.39 0.40 0.27 0.31

17 57 12752 31206 895 84 107 232 924 5 579 113 53 139 152 137 1324 97 13 151 5352 823 322 39 1706 420 4937 886 500 169 76 123 124 328 4265 25 99 543 193 15 101 287 591 5164 355 6 20 241 83 463 1984 664 145 47 218 36689 97425 179 5737 132 1338 1701 1208 151 124 353 803 454 45 3637 4

0.17 0.23 3.43 2.48 0.09 0.04 0.07 0.08 0.10 0.07 0.30 2.32 4.02 5.60 0.14 0.05 0.02 0.04 0.04 0.34 0.41 0.31 0.03 0.07 0.33 0.46 2.34 0.16 0.04 0.06 0.04 0.32 0.03 0.53 0.70 0.03 0.16 0.22 0.01 0.04 0.04 0.14 0.93 1.22 0.03 0.22 0.90 0.21 2.98 0.07 0.09 0.08 0.09 0.44 0.01 4.63 3.36 5.90 8.13 0.02 0.03 0.08 3.90 0.17 0.12 0.03 0.03 0.07 0.38 0.03 0.01

T V T X V T O

1583 32 20343 3252 104 316 1405

11.39 0.06 1.94 1.40 0.42 0.30 0.00

12-month Change

High Low

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

0.01 0.02 0.02 2.52 1.59 0.01 0.00 0.02 0.01 0.02 0.01 0.03 0.05 0.03 0.14 0.25 0.01 0.16 0.20 0.02 0.01 0.01 0.15 0.12 0.01 0.03 0.06 0.01 0.02 0.04 0.01 0.01 0.01 0.02 0.01 0.00 0.02 0.02 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.04 0.04 0.02 0.05 0.00 0.01 0.00 0.01 0.01 0.03 0.01 0.01 0.01 0.01 0.02 0.01 0.00 0.01 0.21 0.01 0.01 0.37 0.01 0.12 0.01 0.00 0.00 0.01 0.01 0.03 0.01 0.02 0.08 0.01 0.01 0.01 0.01 0.02 0.28 0.35 0.02 0.02

1.28 0.09 0.10 27.90 22.38 0.50 0.01 0.07 0.30 0.02 0.03 0.07 0.64 0.50 0.68 0.93 0.09 1.27 1.58 0.11 0.08 0.10 0.56 0.42 0.19 0.11 0.60 0.18 0.23 0.40 0.28 0.40 0.04 0.21 0.19 0.07 0.33 0.51 0.43 0.06 0.02 0.13 0.11 0.15 0.12 1.09 0.79 0.63 0.43 0.02 0.03 0.05 0.09 0.17 0.05 0.07 0.04 0.06 0.08 0.09 0.03 0.02 0.20 4.74 0.03 0.17 3.18 0.05 3.42 0.05 0.05 0.80 0.14 0.21 0.20 0.30 0.33 1.70 0.03 0.04 0.04 0.10 0.20 10.37 12.61 0.55 0.44

0.40 0.03 0.02 13.55 9.46 0.17 0.00 0.03 0.07 0.00 0.01 0.03 0.11 0.08 0.13 0.19 0.04 0.48 0.65 0.07 0.02 0.03 0.21 0.14 0.07 0.11 0.15 0.03 0.07 0.15 0.11 0.13 0.01 0.07 0.04 0.04 0.08 0.06 0.04 0.01 0.00 0.07 0.05 0.04 0.03 0.40 0.30 0.11 0.09 0.00 0.01 0.00 0.05 0.01 0.01 0.02 0.01 0.01 0.02 0.01 0.01 0.00 0.13 2.48 0.01 0.08 0.53 0.01 1.45 0.02 0.00 0.01 0.07 0.05 0.10 0.09 0.05 0.59 0.01 0.01 0.01 0.03 0.12 1.56 2.26 0.24 0.20

i-J-K

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

0.00 0.22 3.07 2.26 0.07 0.04 0.00 0.06 0.08 0.00 0.23 1.99 3.69 4.87 0.12 0.00 0.01 0.03 0.01 0.29 0.38 0.27 0.00 0.06 0.26 0.36 1.88 0.14 0.03 0.05 0.00 0.25 0.02 0.47 0.65 0.02 0.00 0.18 0.01 0.00 0.00 0.11 0.80 1.09 0.03 0.22 0.00 0.17 2.75 0.04 0.06 0.05 0.07 0.40 0.01 3.85 2.84 5.00 6.83 0.01 0.02 0.07 3.53 0.15 0.12 0.02 0.02 0.06 0.33 0.02 0.01

0.17 0.23 3.19 2.37 0.07 0.04 0.07 0.07 0.09 0.07 0.26 2.00 3.93 5.19 0.13 0.04 0.02 0.04 0.01 0.33 0.40 0.29 0.03 0.06 0.27 0.36 2.22 0.15 0.03 0.06 0.04 0.30 0.03 0.51 0.68 0.02 0.14 0.19 0.01 0.03 0.04 0.14 0.89 1.22 0.03 0.22 0.81 0.21 2.75 0.05 0.08 0.05 0.09 0.44 0.01 3.91 2.90 5.87 7.88 0.02 0.03 0.07 3.58 0.16 0.12 0.02 0.02 0.06 0.36 0.03 0.01

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

0.01 0.01 0.20 0.09 0.02 0.00 0.02 0.01 0.01 0.01 0.01 0.30 0.19 0.04 0.01 0.01 0.01 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.16 0.01 0.01 0.01 0.01 0.05 0.01 0.03 0.02 0.01 0.02 0.01 0.00 0.01 0.02 0.03 0.01 0.01 0.01 0.04 0.09 0.01 0.05 0.00 0.01 0.04 0.02 0.04 0.01 0.16 0.07 0.57 0.57 0.01 0.01 0.01 0.24 0.01 0.00 0.01 0.01 0.01 0.01 0.01 0.00

0.28 0.37 3.55 2.57 0.11 0.25 0.08 0.11 0.14 0.10 0.30 6.53 11.00 13.69 0.35 0.16 0.02 0.05 0.10 0.35 0.41 0.31 0.10 0.09 0.43 0.57 14.60 0.20 0.11 0.14 0.13 0.51 0.35 1.08 1.36 0.06 0.36 0.49 0.07 0.16 0.11 0.32 0.93 1.28 0.10 0.40 1.33 0.30 5.95 0.14 0.20 0.09 0.12 0.80 0.01 4.63 3.36 5.90 8.13 0.05 0.06 0.16 3.90 0.23 0.19 0.05 0.03 0.11 0.54 0.03 0.03

0.11 0.14 1.50 1.15 0.04 0.03 0.03 0.04 0.07 0.03 0.11 1.45 2.81 3.92 0.05 0.02 0.01 0.03 0.01 0.03 0.23 0.18 0.02 0.02 0.18 0.26 1.75 0.08 0.01 0.04 0.03 0.15 0.02 0.36 0.53 0.01 0.07 0.12 0.01 0.03 0.03 0.08 0.47 0.61 0.02 0.15 0.52 0.13 2.35 0.01 0.02 0.02 0.05 0.34 0.01 1.79 1.31 3.12 4.49 0.01 0.01 0.06 2.30 0.08 0.06 0.01 0.01 0.02 0.26 0.01 0.00

9.36 0.05 1.73 1.24 0.37 0.23 0.00

9.55 0.06 1.76 1.30 0.37 0.26 0.00

+ -

0.80 0.01 0.03 0.01 0.01 0.03 0.00

18.30 0.15 1.94 1.40 0.45 0.40 0.03

6.85 0.05 0.88 0.69 0.20 0.15 0.00

16-03-01 8:42 PM

GlObal MINING NEWs

THE NORTHERN MINER / MaRCH 7-13, 2016

s T O C k Ta b l E s (100s) Stock

Exc Volume

Largo Res V Largo Res* O Latin Am Mnls V LeadFX Inc T Legend Gold V Lepanto Con Mg* O Levon Res Ltd T Levon Res Ltd * O Lexam VG Gold* O Lexam VG Gold T Libero Mg Corp V Liberty Star* Q Lincoln Mng V Lion One Mtls V Lion One Mtls* O Lithium Corp* O Lithium Expl* O Lithium X Egy V LKA Gold* O Logan Res V Lomiko Mtls* O Loncor Res T Lone Star Gold* O Lonmin plc* O Los Andes Copp V Lovitt Res* O Luna Gold* O Luna Gold T Lundin Gold T Lydian Intl* O Lydian Intl T Lynas Corp* O

168 177 98 4 1390 1529 756 167 1148 2592 276 8138 62 208 224 421 396 816 16 837 65 222 360 22 411 123 445 1569 42 172 811 210

Macarthur Mnl V Maccabi Vent MacMillan Mnls V Mag Copper MAG Silver T MAG Silver* X MagIndustries* O Majestic Gold V Makena Res V Malbex Res V Mandalay Res T Manitou Gold V Manson Creek V Marathon Gold T Margaux Res V Marifil Mines V Marlin Gold V Marlin Gold* O MartinMarietta* N Mason Graphite* O Mason Graphite V Matachewan Con V Matamec Expl V Matica Ent Maudore Mnrls* O Mawson Res* O Mawson Res T MaxTech Vent Maya Gold &Sil V MBAC Fertilizr T McEwen Mng T McEwen Mng* N MDN Inc T Meadow Bay Gd T Mechel* N Medallion Res* O Medgold Res V Medinah Mnrls* O Mega Uranium T Mega Uranium* O Melior Res V Melkior Res V Menika Mining V Merger Mines* O Merrex Gold* O Merrex Gold V Meryllion Res Mesa Expl V Metalo Manuf Metals Creek V Metals X* O Metanor Res V Mexus Gold* O Midas Gold* O Midas Gold T Midland Expl V Midnight Sun V Millrock Res V Millrock Res* O Millstream Min V Minaurum Gold V Minco Gold* X Minco Gold T Minco Silver T Minco Silver* O Mindoro Res V Minera Alamos V Mines Manage T Mines Manage* X Minnova Corp V Miranda Gold V Mitsui Mâ&#x20AC;&#x2122;g* O Molycorp* O Moneta Porcpn T Moneta Porcpn* O Montana Gold Montero Mg&Ex V Monument Mng V Morien Res* O Mosaic* N Mountain Boy V Mountain Prov T Mountain Prov* D Mundoro Cap V Musgrove Mnls V Myson Group* O

1465 75 26 98 1515 2393 14 6983 868 7 1155 148 641 134 427 269 70 14 3479 15 211 19 85 7431 4 71 118 237 694 1351 1178 8659 398 912 450 168 260 6923 2816 129 222 3032 4566 1 17 680 1140 259 27 1665 6 13534 11795 948 3256 245 96 529 73 32 446 1132 108 838 203 112 52 25 525 605 157 4 2664 3693 204 51 452 575 48 28198 561 238 65 124 101 367

NACCO Ind* N Namibia Rare E* O Napier Vent V Natural Res Pt* N Nautilus Mnrls T Nautilus Mnrls* O Nemaska Lith V Nemaska Lith* O Network Expl V Nevada Clean M* O Nevada Copper T Nevada Egy Mtl V Nevada Expl * O Nevada Expl V Nevada Sunrise* O Nevada Sunrise V Nevada Zinc V Nevsun Res T Nevsun Res* X New Carolin Gd V New Colombia* O New Gold* O New Gold T New Gold* X New Guinea Gld* O New Jersey Mng* O New Milln Iron T New Oroperu V New Pac Metals* O New Pac Metals T Newmarket Gold T Newmarket Gold* O Newmont Mng* N Newstrike Res V Nexgen Energy V Nexgen Energy* O NGEx Res T Nicola Mg Inc V Nighthawk Gold V Nikos Expl V Niocorp Dev T Niocorp Dev* O Niogold Mng* O Niogold Mng V Nippon Dragon V Noka Res V Noranda Alum* O

93 18 50 230 1697 1169 2047 61 28 352 162 699 395 312 27 303 301 2093 1846 3414 239 73 10725 20253 790 92 333 368 60 77 4688 400 53193 34 5461 195 50 440 97 34 1463 849 97 1139 575 1720 1261

Week High

0.24 0.18 0.14 0.22 0.03 0.01 0.17 0.13 0.17 0.23 0.12 0.00 0.04 0.47 0.33 0.03 0.12 0.99 0.37 0.06 0.03 0.03 0.00 1.39 0.09 0.02 0.10 0.15 4.19 0.24 0.31 0.06

Low

0.17 0.13 0.11 0.00 0.03 0.00 0.14 0.10 0.12 0.15 0.05 0.00 0.04 0.44 0.31 0.03 0.09 0.83 0.25 0.04 0.02 0.02 0.00 1.08 0.06 0.02 0.06 0.09 3.93 0.19 0.28 0.05

Last

High Low

0.17 0.13 0.14 0.20 0.03 0.01 0.15 0.10 0.12 0.17 0.05 0.00 0.04 0.44 0.32 0.03 0.10 0.89 0.29 0.04 0.03 0.02 0.00 1.38 0.09 0.02 0.09 0.12 3.96 0.22 0.29 0.06

+ + + + + + + + + + +

0.04 1.35 0.11 0.03 1.06 0.08 0.04 0.95 0.05 0.03 2.25 0.12 0.01 0.14 0.03 0.00 0.02 0.00 0.01 0.32 0.09 0.00 0.15 0.07 0.03 0.17 0.04 0.04 0.23 0.05 0.03 0.12 0.02 0.00 0.01 0.00 0.01 0.08 0.02 0.07 0.60 0.17 0.02 0.45 0.12 0.01 0.06 0.02 0.01 9.00 0.02 0.11 1.04 0.05 0.04 0.55 0.10 0.02 0.06 0.03 0.00 0.06 0.02 0.13 0.02 0.01 0.00 0.01 0.00 0.21 245.00 0.55 0.02 0.23 0.05 0.00 0.04 0.01 0.02 0.25 0.02 0.03 0.32 0.03 0.16 4.30 3.46 0.00 0.48 0.13 0.01 0.60 0.19 0.00 0.10 0.02

0.02 0.02 0.02 0.10 0.08 0.08 0.19 0.00 0.19 0.02 0.02 0.02 11.09 9.45 9.50 8.11 6.97 7.02 0.01 0.01 0.01 0.10 0.09 0.09 0.02 0.01 0.02 0.27 0.00 0.27 0.88 0.81 0.88 0.04 0.03 0.04 0.02 0.00 0.02 0.25 0.22 0.25 0.20 0.11 0.20 0.02 0.01 0.01 0.45 0.33 0.45 0.30 0.25 0.30 145.37 135.93 142.20 0.37 0.33 0.34 0.50 0.44 0.46 0.43 0.32 0.32 0.03 0.02 0.03 0.04 0.02 0.03 0.01 0.01 0.01 0.17 0.15 0.15 0.25 0.20 0.21 0.12 0.10 0.12 0.17 0.13 0.14 0.04 0.04 0.04 2.56 2.19 2.46 1.89 1.60 1.82 0.03 0.02 0.03 0.07 0.06 0.07 1.93 1.71 1.76 0.03 0.02 0.02 0.08 0.06 0.06 0.02 0.02 0.02 0.11 0.08 0.09 0.08 0.06 0.06 0.02 0.02 0.02 0.06 0.03 0.05 0.14 0.10 0.13 40.00 20.00 25.00 0.16 0.15 0.16 0.23 0.18 0.23 0.01 0.00 0.01 0.03 0.01 0.03 0.50 0.00 0.50 0.19 0.09 0.16 0.74 0.71 0.71 0.08 0.05 0.07 0.01 0.00 0.01 0.31 0.27 0.28 0.44 0.37 0.38 0.58 0.53 0.58 0.24 0.14 0.20 0.26 0.20 0.21 0.19 0.14 0.17 0.11 0.07 0.07 0.08 0.06 0.07 0.33 0.24 0.28 0.44 0.35 0.36 0.65 0.50 0.58 0.49 0.37 0.47 0.01 0.01 0.01 0.11 0.00 0.09 0.81 0.67 0.74 0.61 0.50 0.50 0.45 0.42 0.44 0.09 0.08 0.09 7.81 0.00 7.81 0.04 0.03 0.04 0.19 0.14 0.17 0.13 0.10 0.11 0.06 0.05 0.06 0.02 0.02 0.02 0.16 0.15 0.15 0.17 0.17 0.17 27.07 23.11 26.82 0.02 0.02 0.02 4.96 4.73 4.89 3.66 3.45 3.64 0.09 0.00 0.09 0.33 0.25 0.33 0.02 0.01 0.01

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

0.01 0.08 0.01 0.01 0.14 0.08 0.01 0.24 0.05 0.01 0.15 0.01 1.63 11.42 6.90 1.09 8.45 5.57 0.00 0.20 0.01 0.01 0.12 0.04 0.01 0.05 0.01 0.01 0.55 0.05 0.05 0.99 0.59 0.01 0.04 0.02 0.01 0.03 0.01 0.01 0.38 0.11 0.08 0.30 0.11 0.01 0.02 0.01 0.17 1.09 0.15 0.04 0.73 0.10 6.22 178.67 108.31 0.01 0.50 0.21 0.05 0.64 0.30 0.03 0.49 0.17 0.01 0.06 0.02 0.01 0.15 0.02 0.01 0.01 0.00 0.02 0.27 0.12 0.04 0.30 0.15 0.02 0.22 0.03 0.02 0.30 0.10 0.01 0.17 0.01 0.13 2.52 0.84 0.13 1.87 0.65 0.01 0.08 0.01 0.01 0.31 0.06 0.03 3.76 1.23 0.00 0.05 0.01 0.02 0.20 0.05 0.00 0.04 0.01 0.02 0.14 0.05 0.01 0.11 0.04 0.01 0.10 0.01 0.02 0.06 0.01 0.02 0.15 0.05 5.00 40.00 9.00 0.01 0.20 0.07 0.02 0.23 0.09 0.01 0.03 0.01 0.01 0.03 0.01 0.15 0.40 0.32 0.07 0.21 0.05 0.01 1.21 0.69 0.02 0.08 0.03 0.00 0.03 0.00 0.01 0.40 0.16 0.02 0.52 0.25 0.05 0.77 0.45 0.04 0.24 0.08 0.02 0.35 0.15 0.00 0.27 0.11 0.04 0.16 0.01 0.01 0.10 0.04 0.03 0.40 0.10 0.09 0.49 0.12 0.01 0.74 0.32 0.05 0.54 0.26 0.01 0.03 0.01 0.02 0.15 0.06 0.03 0.94 0.17 0.08 0.74 0.11 0.01 0.48 0.18 0.01 0.11 0.06 0.67 14.63 6.85 0.01 1.15 0.02 0.01 0.20 0.05 0.01 0.15 0.04 0.01 0.06 0.02 0.01 0.06 0.01 0.01 0.16 0.08 0.02 0.21 0.13 2.42 53.58 22.02 0.01 0.02 0.01 0.01 5.46 3.38 0.07 4.40 2.47 0.01 0.13 0.04 0.03 0.33 0.04 0.00 0.18 0.01

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

2.45 0.01 0.01 0.70 0.03 0.03 0.01 0.01 0.01 0.00 0.03 0.03 0.03 0.05 0.01 0.01 0.01 0.01 0.05 0.01 0.01 0.01 0.12 0.15 0.00 0.01 0.02 0.27 0.02 0.02 0.05 0.01 0.51 0.01 0.03 0.02 0.06 0.01 0.02 0.01 0.05 0.03 0.00 0.01 0.01 0.01 0.01

n-O

Mar 7 Pgs 26 27.indd 27

51.50 0.05 0.24 9.05 0.26 0.19 0.42 0.31 0.15 0.02 0.54 0.21 0.29 0.39 0.14 0.20 0.30 4.62 3.38 0.09 0.01 0.10 4.79 3.46 0.00 0.10 0.08 0.40 0.17 0.24 1.94 1.40 26.40 0.03 1.03 0.75 0.63 0.09 0.10 0.04 0.90 0.66 0.30 0.43 0.09 0.06 0.06

48.42 50.75 0.03 0.05 0.19 0.19 7.30 7.81 0.18 0.21 0.14 0.15 0.39 0.40 0.28 0.30 0.13 0.15 0.02 0.02 0.48 0.53 0.19 0.21 0.23 0.24 0.32 0.32 0.13 0.14 0.18 0.18 0.28 0.29 4.25 4.42 3.12 3.27 0.08 0.08 0.01 0.01 0.06 0.07 4.00 4.25 2.90 3.16 0.00 0.00 0.08 0.08 0.06 0.08 0.00 0.40 0.16 0.17 0.19 0.24 1.81 1.88 1.33 1.38 24.08 25.35 0.02 0.03 0.94 0.98 0.70 0.70 0.57 0.63 0.06 0.07 0.08 0.09 0.03 0.03 0.66 0.80 0.47 0.59 0.29 0.30 0.40 0.42 0.07 0.08 0.05 0.05 0.04 0.05

(100s)

12-month Change

62.96 0.18 0.35 82.40 0.55 0.44 0.48 0.34 0.15 0.05 2.03 0.21 0.61 0.94 0.31 0.38 0.42 5.35 4.36 0.10 0.02 0.60 5.04 4.03 0.01 0.12 0.27 0.40 0.17 0.30 1.94 2.45 27.90 0.08 1.03 0.75 1.09 0.15 0.28 0.07 1.90 1.51 0.33 0.46 0.15 0.26 24.71

40.04 0.03 0.11 5.00 0.16 0.12 0.15 0.13 0.02 0.00 0.45 0.02 0.08 0.05 0.09 0.13 0.19 3.27 2.27 0.02 0.00 0.03 2.52 1.76 0.00 0.02 0.05 0.07 0.11 0.14 0.80 0.61 15.39 0.02 0.40 0.34 0.44 0.04 0.04 0.02 0.51 0.37 0.18 0.24 0.03 0.03 0.02

Stock

Exc Volume

Week High

Low

0.00 0.00 0.35 0.47 0.07 0.08 0.06 0.06 3.50 3.80 4.79 5.25 0.21 0.23 0.00 2.50 0.09 0.09 0.02 0.02 0.00 0.10 0.22 0.22 0.11 0.11 0.14 0.17 0.30 0.31 6.27 6.48 4.63 4.81 0.57 0.60 0.77 0.82 0.00 0.05 0.07 0.07 0.05 0.05 0.23 0.25 0.16 0.19 0.01 0.02 0.00 0.06 0.02 0.02 0.02 0.02 0.25 0.33 0.05 0.05 0.43 0.44 0.32 0.35 0.17 0.28 0.35 0.39 0.09 0.09 0.04 0.04 0.05 0.05 3.48 3.59 2.65 2.65 0.11 0.12 0.25 0.30 0.37 0.40 0.29 0.29 0.07 0.08 0.00 0.11 0.05 0.06 0.01 0.02 0.28 0.29 0.21 0.21 0.14 0.18 0.10 0.12 0.01 0.02 0.01 0.01 0.02 0.02 0.34 0.42 0.26 0.30 0.01 0.02 0.02 0.02 2.22 2.29 0.18 0.20 0.35 0.41 0.13 0.13 0.12 0.13 0.16 0.16 13.62 13.90 0.08 0.11 0.12 0.15

Nord Res* O Noront Res V North Am Nickl V North Am Nickl* O North Am Pall* O North Am Pall T North Arrow Mn V North Springs* O Northair Silvr V Northern Uran V Northn Empire V Northquest V Norvista Cap V Nouveau Monde V NovaCopper* X NovaGold Res T NovaGold Res* X Novo Res* O Novo Res V NRG Metals V Nrthn Freegold V Nrthn Freegold* O Nrthn Graphite V Nrthn Graphite* O Nrthn Iron V Nrthn Lion V Nrthn Shield V Nrthn Superior V Nrthn Vertex V NSGold V Nthn Dynasty T Nthn Dynasty* X Nthrn Sphere* O Nthrn Sphere NuLegacy Gold* O Nunavik Nickel V O.T. Mining* O OceanaGold T OceanaGold* O Oceanic Iron O V Oceanus Res V Odin Mng & Exp V Odin Mng & Exp* O Olivut Res* O Olivut Res V Omineca Mg &Ml V Opawica Expl V Orbite Tech T Orbite Tech* O Orca Gold V Orca Gold* O Orefinders Res V Oremex Silver* O Orex Expl V Orezone Gold V Orezone Gold* O Oro East Mg* Q Oroco Res V Orocobre T Orofino Mnrls V Oroplata Res* Q Orosur Mng T Orvana Mnrls* O Orvana Mnrls T Osisko Gold T Otis Gold* O Otis Gold V

76 1099 136 25 19 36 103 1 1412 760 100 1180 749 382 214 2162 10498 179 210 25 458 5 125 92 232 4 233 383 305 6 1035 494 10 18 627 125 21 12666 6 109 723 1531 5 26 33 325 519 4911 58 1323 104 1746 230 176 1115 223 286 197 41 61 9 358 81 740 2324 219 582

0.00 0.50 0.08 0.07 3.91 5.75 0.24 2.50 0.11 0.02 0.11 0.23 0.12 0.17 0.35 6.95 5.05 0.65 0.87 0.05 0.08 0.05 0.26 0.19 0.02 0.06 0.03 0.02 0.34 0.07 0.51 0.38 0.28 0.39 0.11 0.06 0.08 3.97 2.91 0.12 0.35 0.43 0.35 0.08 0.11 0.11 0.02 0.30 0.22 0.20 0.13 0.02 0.01 0.02 0.43 0.31 0.03 0.03 2.41 0.23 0.41 0.15 0.13 0.18 14.70 0.12 0.15

Pac Bay Mnrls V Pac Booker Min V Pac Booker Min* X Pac Iron Ore V Pac Topaz V Paget Mrnls V Paladin Energy T Palamina Corp V Pan Am Silver* D Pan Am Silver T Pancontinental V Panex Res* O Pangolin Dia V Panoro Mnrls V Para Resources V Paramount Gold* X Parlane Res V Pasinex Res Passprt Potash* O Patriot Gold* O Peabody Enrgy* N Peat Res V Pelangio Expl V Pelangio Expl* O Pele Mtn Res* O Pele Mtn Res V Perseus Mng T Pershimco Res V Pershing Gold* D Pershing Res* O Petaquilla Mnl* O Petro One Engy V Phoenix Metals* O Pilot Gold T Pilot Gold* O Pine Cliff En V Pinecrest Res V Pistol Bay Mng V Pitchblack Res* O Pitchblack Res V PJX Res V Plata Latina V Plate Res V Plateau Uran* O Platinum Gp Mt* X Platinum Gp Mt T Playfair Mng V Polaris Mater T PolyMet Mng T PolyMet Mng* X Portage Res* O Potash Corp SK T Potash Corp SK* N Precipitate Gl V Premier Gold M T Pretium Res* N Pretium Res T Prime Meridian V Primero Mng T Primero Mng* N Probe Metals V Probe Metals* O Prophecy Coal T Prophecy Coal* O Prospect Glob* O PUF Vent Inc Puma Expl V Pure Energy V Pure Energy* O Pure Gold Mg* O Pure Gold Mg V Purepoint Uran V Q-Gold Res V QMC Quantum MlV QMX Gold* O Quaterra Res* O Quaterra Res V Quest Rare Mnl* O

223 10 4 7 140 5 1372 27 13816 2914 750 153 473 2746 85 159 50 248 247 75 9442 553 2270 1 206 533 2162 1718 740 50 86 229 820 5863 937 2327 674 124 2 52 30 32 29 40 1787 641 16 54 73 565 79 10853 34804 230 4362 14313 4036 125 5960 4696 363 53 2058 188 39 1120 474 1561 757 281 4534 8597 48 80 1 292 533 37

0.07 1.95 1.23 0.22 0.13 0.05 0.20 0.09 9.82 13.55 0.01 0.01 0.04 0.16 0.14 1.24 0.18 0.05 0.00 0.08 2.39 0.05 0.05 0.03 0.04 0.05 0.40 0.15 4.99 0.03 0.01 0.04 0.00 0.47 0.34 0.81 0.09 0.03 0.04 0.07 0.18 0.02 0.06 0.26 2.19 3.00 0.05 1.59 1.20 0.88 0.00 23.43 17.30 0.11 3.52 5.16 7.07 0.12 2.46 1.78 0.50 0.36 0.03 0.02 0.19 0.03 0.06 0.65 0.47 0.18 0.27 0.09 0.04 0.02 0.01 0.05 0.07 0.04

Last

12-month Change

High Low

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

0.00 0.01 0.00 0.10 0.67 0.28 0.02 0.26 0.07 0.01 0.21 0.06 0.20 149.96 2.71 0.40 188.00 3.85 0.01 1.34 0.15 0.25 40.00 0.15 0.01 0.11 0.04 0.01 0.10 0.01 0.01 0.15 0.06 0.01 0.32 0.07 0.02 0.16 0.08 0.03 0.24 0.08 0.01 0.74 0.15 0.17 6.95 3.42 0.03 5.05 2.65 0.05 1.16 0.29 0.05 1.46 0.40 0.02 0.12 0.02 0.01 0.10 0.04 0.08 0.02 0.01 0.02 0.89 0.16 0.01 0.70 0.12 0.01 0.05 0.01 0.02 0.16 0.03 0.01 0.04 0.01 0.01 0.04 0.01 0.02 0.40 0.09 0.02 0.08 0.03 0.07 0.67 0.28 0.01 0.56 0.20 0.11 0.39 0.07 0.04 0.60 0.10 0.00 0.14 0.06 0.01 0.12 0.03 0.03 0.14 0.03 0.03 4.01 1.79 0.17 2.91 1.43 0.04 0.26 0.08 0.05 0.35 0.14 0.07 0.50 0.21 0.40 0.17 0.06 0.01 0.14 0.05 0.01 0.17 0.08 0.01 0.10 0.01 0.01 0.03 0.01 0.01 0.53 0.20 0.00 0.40 0.16 0.03 0.41 0.12 0.01 0.32 0.08 0.01 0.03 0.01 0.00 0.01 0.00 0.01 0.03 0.01 0.04 0.59 0.22 0.03 0.47 0.16 0.00 0.07 0.01 0.01 0.05 0.01 0.09 2.79 1.33 0.02 0.23 0.05 0.06 0.35 0.35 0.01 0.19 0.10 0.00 0.33 0.07 0.02 0.42 0.11 0.40 18.64 12.39 0.02 0.11 0.01 0.03 0.14 0.02

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

0.02 0.10 0.02 0.25 6.90 1.02 0.12 5.50 1.04 0.07 0.39 0.10 0.01 0.13 0.06 0.01 0.15 0.01 0.02 0.40 0.15 0.02 0.11 0.06 0.36 10.44 5.38 0.28 13.55 7.77 0.01 0.03 0.01 0.00 0.01 0.00 0.01 0.07 0.03 0.02 0.25 0.09 0.06 0.18 0.06 0.10 1.85 0.87 0.05 0.21 0.01 0.01 0.13 0.03 0.00 0.27 0.00 0.00 0.13 0.02 0.17 120.30 2.01 0.01 0.05 0.01 0.01 0.05 0.01 0.02 0.04 0.01 0.00 0.07 0.02 0.01 0.09 0.03 0.04 0.48 0.23 0.04 0.26 0.09 0.93 7.45 3.04 0.00 0.15 0.03 0.01 0.04 0.00 0.01 0.12 0.02 0.00 0.04 0.00 0.09 1.10 0.22 0.05 0.88 0.16 0.03 1.65 0.74 0.01 0.50 0.03 0.01 0.09 0.01 0.00 0.08 0.03 0.02 0.20 0.05 0.04 0.29 0.13 0.01 0.12 0.01 0.02 0.21 0.03 0.01 0.57 0.18 0.01 5.99 0.96 0.02 7.40 1.35 0.01 0.08 0.01 0.22 2.83 1.12 0.03 1.75 0.76 0.01 1.37 0.55 0.00 0.01 0.00 1.06 45.81 20.65 1.08 36.70 14.64 0.01 0.21 0.06 0.01 3.52 1.65 0.66 6.95 4.00 1.01 9.00 5.57 0.02 0.19 0.05 0.19 5.51 1.94 0.16 4.49 1.41 0.11 0.56 0.33 0.08 0.42 0.24 0.01 0.08 0.01 0.01 0.06 0.01 0.08 0.19 0.02 0.01 0.12 0.02 0.01 0.15 0.03 0.04 1.03 0.18 0.02 0.77 0.17 0.06 0.24 0.01 0.07 0.32 0.07 0.04 0.07 0.02 0.01 0.05 0.01 0.01 0.03 0.01 0.00 0.03 0.01 0.00 0.11 0.03 0.01 0.15 0.04 0.00 0.18 0.03

P-Q 0.07 0.07 0.00 1.50 0.00 1.13 0.00 0.15 0.12 0.12 0.00 0.05 0.19 0.19 0.00 0.09 9.08 9.62 12.44 13.02 0.01 0.01 0.00 0.01 0.04 0.04 0.14 0.15 0.08 0.14 1.10 1.21 0.15 0.15 0.05 0.05 0.00 0.00 0.06 0.06 2.02 2.21 0.03 0.04 0.03 0.04 0.02 0.03 0.03 0.04 0.04 0.04 0.33 0.38 0.12 0.15 3.70 3.75 0.03 0.03 0.00 0.00 0.03 0.04 0.00 0.00 0.30 0.42 0.22 0.31 0.74 0.77 0.06 0.09 0.02 0.03 0.00 0.04 0.00 0.05 0.17 0.18 0.02 0.02 0.05 0.05 0.21 0.26 1.80 1.99 2.49 2.67 0.04 0.05 1.35 1.59 1.10 1.15 0.80 0.86 0.00 0.00 21.33 23.12 15.41 17.10 0.09 0.10 3.10 3.19 4.43 4.47 6.00 6.04 0.10 0.10 1.94 2.18 1.42 1.61 0.39 0.47 0.27 0.35 0.02 0.02 0.02 0.02 0.10 0.11 0.02 0.02 0.05 0.06 0.58 0.59 0.43 0.44 0.11 0.18 0.16 0.24 0.04 0.09 0.00 0.04 0.01 0.02 0.00 0.01 0.04 0.04 0.06 0.07 0.04 0.04

r Rackla Mtls* O Rackla Mtls V Radisson Mng V Rainy Mtn Royl V Rambler Ml &Mg V Randgold Res* O Randgold Res* D Rare Element* X Red Eagle Mng V Red Eagle Mng* O Red Hut V Red Pine Expl V Red Tiger Mng V Regulus Res V Reliant Gold V Renaissance Gd V Renaissance Gd* O Reservoir Mnls* O Reservoir Mnls V Resolve Vent V

1 204 89 12 285 1 5271 3220 1487 352 305 1950 16 204 222 214 29 40 52 15

0.04 0.08 0.15 0.03 0.06 91.15 93.67 0.18 0.40 0.29 0.02 0.06 0.03 0.37 0.03 0.20 0.14 3.09 4.25 0.07

0.04 0.04 0.00 0.07 0.14 0.14 0.03 0.03 0.06 0.06 0.00 91.15 88.41 89.38 0.08 0.15 0.35 0.37 0.27 0.27 0.02 0.02 0.04 0.06 0.00 0.03 0.30 0.36 0.02 0.03 0.16 0.17 0.11 0.14 2.90 2.96 4.00 4.00 0.07 0.07

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

0.00 0.01 0.02 0.01 0.01 1.20 1.47 0.05 0.03 0.03 0.01 0.02 0.01 0.04 0.02 0.02 0.01 0.05 0.10 0.02

0.05 0.13 0.15 0.09 0.27 91.15 93.67 0.89 0.42 0.30 0.06 0.15 0.08 0.54 0.04 0.30 0.24 3.88 4.87 0.07

0.03 0.05 0.09 0.02 0.05 57.00 54.88 0.06 0.25 0.18 0.01 0.03 0.02 0.19 0.01 0.11 0.08 2.25 3.26 0.04

(100s) Stock

Exc Volume

Week High

Low

Last

0.00 0.04 4.24 5.81 0.00 0.02 25.06 25.30 0.00 0.08 0.23 0.17 0.01 0.00 0.09 0.18 0.09 0.07 0.01 0.00 0.09 0.03 0.07 0.78 57.51 41.96 0.19 0.14 0.05 0.04 0.01 0.02 0.06 0.06 0.07 0.12 0.16

Revelo Res V Richmond Mnls V Richmont Mines* X Richmont Mines T Rio Novo Gold* O Rio Silver V Rio Tinto* N Rio Tinto* O Rio Tinto* O Rise Res Inc* O Riverside Res V Riverside Res* O RJK Explor V Rockcliff Cop V Rockex Mng Rockhaven Res V Rockwell Diam T Rockwell Diam* O Rodinia Lithm* O Rogue Res* O Rogue Res V Romios Gold Rs V Rouge Res V Roxgold V Royal Gold T Royal Gold* D Royal Nickel T Royal Nickel* O Rubicon Mnrls T Rubicon Mnrls* O Running Fox Rs* O Running Fox Rs V Rupert Res V Rusoro Mng* O Rusoro Mng V Rye Patch Gold* O Rye Patch Gold V

108 416 2819 1578 204 1048 30915 3 1 110 362 62 1385 560 149 663 585 79 63 52 1359 443 391 1663 104 5847 888 52 3854 2702 284 371 127 329 317 387 526

0.07 0.04 4.77 6.60 0.11 0.03 29.24 29.12 30.72 0.09 0.28 0.20 0.01 0.03 0.09 0.24 0.11 0.07 0.01 0.08 0.11 0.04 0.08 0.85 64.18 46.55 0.21 0.16 0.06 0.04 0.02 0.02 0.07 0.09 0.15 0.13 0.18

Sabina Gd&Slvr* O Sabina Gd&Slvr T Sage Gold V Saint Jean V Sama Res V San Gold Corp* O Sandspring Res* O Sandspring Res V Sandstorm Gold T Sandstorm Gold* X Santa Fe Gold* O Santacruz Silv V Sarama Res V Sarissa Res* O Satori Res V Saturn Mnrls V Scandium Int M* O Scorpio Gold V Seabridge Gld T Seabridge Gld* N Searchlight* O Secova Mtls V Select Sands V Semafo T Senator Mnrls V Sennen Potash V Serengeti Res V SG Spirit Gold V SGX Res V Sherritt Intl T Shore Gold T Sibanye Gold* N Sidney Resrces* O Sienna Res V Sienna Res* O Sierra Iron Or* O Sierra Iron Or V Sierra Metals* O Sierra Metals T Sierra Res* O Signature Res V Silver Bear Rs T Silver Bull Re* O Silver Bull Re T Silver Dragon* O Silver Grail V Silver Mtn Mns V Silver Phoenix Silver Pursuit V Silver Range V Silver Shield Silver Spruce V Silver Spruce* O Silver Std Res* D Silver Std Res T Silver Stream* O Silver Wheaton T Silver Wheaton* N Silvercorp Met T Silvercorp Met* O SinoCoking Cl* D Sirios Res* O Sirios Res V Sky Ridge V Skyharbour Res V Slam Explor V SnipGold V Solitario Ex&R T Solitario Ex&R* X Source Expl V Source Gold* O Southern Arc* O Southern Copp* N Southern Silvr* O SouthGobi Res T Spanish Mtn Gd* O Spanish Mtn Gd V Sparton Res* O Sparton Res V Spearmint Res V Squire Mg Ltd St Augustine T Stakeholdr Gld* O Stakeholdr Gld V Standard Graph V Standard Metal* O Stans Energy* O Star Minerals Star Minerals* O Starcore Intl T Starr Peak Exp V Stillwater Mg* N Stina Res Stonegate Agri* O Stornoway Diam T Strategic Metl V Strikepoint Gd* O Strikepoint Gd V Sulliden Mng T Suncor Energy T Suncor Energy* N Sunridge Gold* O Sunridge Gold V Superior Coppr V Sutter Gold* O Sutter Gold V

409 3273 142 708 67 164 691 1778 992 3384 366 1847 137 2470 227 1908 138 5115 516 4834 569 969 248 10206 39 335 578 78 298 1912 1335 7856 349 1068 121 26 273 4 47 36418 500 1185 1082 257 365 561 333 10 112 230 146 1677 6 8164 2229 147 9418 24073 2354 1308 152 692 3454 240 2084 964 254 64 454 441 20236 1 7538 27 26 107 1730 35 343 593 25 167 127 213 457 155 43 208 45 206 20 9469 133 55 2402 565 3007 658 153 24106 22207 272 6996 2525 344 526

0.71 0.99 0.05 0.05 0.16 0.00 0.27 0.36 4.12 2.98 0.00 0.28 0.08 0.00 0.06 0.18 0.10 0.11 12.87 9.30 0.12 0.07 0.31 4.96 0.10 0.13 0.07 0.11 0.02 0.74 0.20 14.07 0.01 0.07 0.05 0.28 0.39 0.79 1.05 0.00 0.05 0.10 0.06 0.09 0.02 0.05 0.01 0.10 0.03 0.05 0.04 0.07 0.05 6.10 8.42 0.01 22.50 16.32 1.37 0.98 0.48 0.12 0.17 0.23 0.05 0.07 0.08 0.72 0.58 0.02 0.00 0.18 25.08 0.03 0.30 0.05 0.07 0.03 0.05 0.02 0.10 0.11 0.35 0.47 0.04 0.15 0.01 0.03 0.02 0.50 0.10 8.50 0.14 0.02 0.89 0.38 0.02 0.12 0.28 34.13 25.23 0.22 0.30 0.02 0.05 0.06

Tahoe Res* Tahoe Res Takara Res Taku Gold Taku Gold* Talon Metals Tamino Mnrls* Tango Mining Tanzania Rlty Tanzania Rlty* Taranis Res Tartisan Res Taseko Mines Taseko Mines* Tasman Metals* Tasman Metals Teck Res Teck Res* TECO Enrgy* Telferscot Res Teranga Gold

7852 7849 11 171 267 211 1776 739 159 797 62 530 1117 981 624 1301 41083 61577 12187 149 4690

9.71 13.42 0.04 0.03 0.02 0.15 0.00 0.01 0.45 0.33 0.08 0.04 0.55 0.39 0.12 0.18 9.93 7.25 27.54 0.01 0.61

12-month High Low

Stock

0.07 0.04 4.57 6.21 0.06 0.03 25.52 25.30 30.72 0.08 0.25 0.19 0.01 0.03 0.09 0.19 0.09 0.07 0.01 0.08 0.10 0.04 0.07 0.84 60.64 44.82 0.19 0.15 0.06 0.04 0.01 0.02 0.07 0.08 0.11 0.13 0.16

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

0.02 0.01 0.23 0.40 0.03 0.01 1.85 1.15 0.78 0.01 0.02 0.02 0.01 0.01 0.01 0.03 0.01 0.00 0.00 0.01 0.01 0.01 0.02 0.05 0.84 1.47 0.02 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.03 0.01 0.01

0.14 0.14 5.00 6.90 0.13 0.03 49.67 47.95 50.56 0.77 0.30 0.24 0.01 0.06 0.15 0.24 0.28 0.22 0.03 0.10 0.16 0.06 0.08 0.96 91.50 73.48 0.59 0.39 1.49 1.23 0.02 0.03 0.07 0.09 0.15 0.16 0.20

0.04 0.03 2.27 3.14 0.06 0.01 21.89 21.90 25.47 0.08 0.12 0.08 0.01 0.02 0.01 0.10 0.09 0.07 0.00 0.01 0.02 0.02 0.03 0.51 35.46 24.68 0.12 0.10 0.02 0.01 0.00 0.01 0.02 0.02 0.03 0.08 0.11

0.68 0.95 0.04 0.04 0.11 0.00 0.22 0.31 3.83 2.85 0.00 0.22 0.07 0.00 0.05 0.17 0.09 0.10 11.74 8.68 0.10 0.05 0.30 4.51 0.07 0.10 0.07 0.11 0.02 0.73 0.20 13.52 0.01 0.06 0.05 0.28 0.35 0.79 1.02 0.00 0.05 0.07 0.05 0.07 0.01 0.03 0.01 0.10 0.03 0.05 0.04 0.06 0.05 5.54 7.47 0.00 20.85 15.41 1.15 0.84 0.36 0.12 0.15 0.23 0.04 0.06 0.08 0.72 0.54 0.02 0.00 0.18 24.63 0.03 0.30 0.05 0.06 0.03 0.05 0.02 0.10 0.10 0.30 0.42 0.04 0.12 0.01 0.03 0.02 0.39 0.06 7.96 0.13 0.02 0.89 0.31 0.01 0.12 0.28 32.89 24.35 0.22 0.29 0.02 0.05 0.06

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

0.07 0.10 0.01 0.01 0.02 0.00 0.01 0.01 0.07 0.03 0.00 0.02 0.01 0.00 0.01 0.01 0.01 0.03 0.04 0.18 0.02 0.01 0.05 0.25 0.01 0.02 0.01 0.01 0.01 0.05 0.02 1.67 0.01 0.01 0.01 0.10 0.11 0.06 0.02 0.00 0.02 0.01 0.00 0.01 0.00 0.02 0.01 0.10 0.01 0.01 0.01 0.01 0.00 0.23 0.48 0.00 0.58 0.14 0.12 0.08 0.05 0.01 0.02 0.08 0.01 0.01 0.02 0.03 0.04 0.01 0.00 0.00 0.88 0.00 0.09 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.18 0.24 0.01 0.01 0.00 0.02 0.01 0.05 0.02 0.83 0.01 0.01 0.05 0.04 0.15 0.04 0.02 0.03 0.47 0.01 0.01 0.01 0.00 0.01

0.71 0.99 0.11 0.06 0.24 0.03 0.27 0.44 4.69 3.78 0.18 0.35 0.11 0.02 0.15 0.24 0.17 0.16 13.55 9.63 0.44 0.09 0.50 4.96 0.17 0.65 0.07 0.20 0.03 3.24 0.30 14.07 0.02 0.07 0.05 0.42 0.62 1.29 1.60 0.01 0.05 0.10 0.14 0.18 0.05 0.06 0.03 0.10 0.05 0.11 0.08 0.10 0.07 8.02 10.56 0.15 27.28 21.83 1.69 1.41 2.93 0.12 0.17 0.23 0.07 0.12 0.10 1.18 0.94 0.10 2.00 0.29 33.31 0.08 1.25 0.05 0.07 0.04 0.05 0.05 0.11 0.17 0.35 1.95 0.05 1.15 0.10 0.04 0.03 0.66 0.21 15.07 0.19 0.03 0.87 0.38 0.60 0.75 0.30 40.93 33.49 0.22 0.30 0.05 0.09 0.10

0.24 0.30 0.03 0.01 0.09 0.00 0.08 0.11 2.82 1.94 0.00 0.09 0.05 0.00 0.02 0.09 0.06 0.05 4.34 3.31 0.06 0.03 0.11 2.46 0.03 0.10 0.02 0.05 0.01 0.53 0.13 4.07 0.00 0.01 0.01 0.13 0.18 0.69 0.84 0.00 0.01 0.02 0.02 0.04 0.01 0.02 0.01 0.01 0.02 0.02 0.01 0.02 0.02 3.66 5.22 0.00 14.51 10.04 0.60 0.41 0.26 0.07 0.07 0.03 0.02 0.01 0.04 0.57 0.40 0.01 0.00 0.17 21.55 0.02 0.21 0.01 0.02 0.00 0.01 0.01 0.10 0.07 0.05 0.04 0.01 0.01 0.01 0.01 0.00 0.25 0.03 4.99 0.11 0.00 0.54 0.24 0.05 0.05 0.19 27.32 18.71 0.10 0.13 0.01 0.02 0.04

Teras Res V Teras Res* O Terrax Mnrls V Terrax Mnrls* O Teslin Rvr Res V Tesoro Mnrls V Teuton Res V Teuton Res* O Thompson Creek T Thompson Creek*O Thor Expl V Thunder Mtn Gd* O Till Capital V Till Capital* D Timberline Res* O Timberline Res V Timmins Gold* X Tinka Res* O Tinka Res V Tintina Res* O Tirex Res* O Tirex Res V TomaGold V Tonogold Res* O Torex Gold* O Torex Gold T Transition Mtl V Treasury Metal T Trecora Res* N Tres-Or Res V Trevali Mng* O Trevali Mng T Tri Origin Exp V TriMetals Mng* O TriMetals Mng* O TriMetals Mng T Trinity Res* O TriStar Gold* O TriStar Gold V Troy Res* O True Gold Mng* O True Gold Mng V True North Gem V Tsodilo Res V Turquoise HIl* N Turquoise HIl T TVI Pacific T Tyhee Gold* O

8.75 8.89 11.90 12.02 0.04 0.04 0.02 0.03 0.01 0.01 0.13 0.13 0.00 0.00 0.01 0.01 0.38 0.43 0.28 0.33 0.06 0.08 0.03 0.04 0.46 0.47 0.34 0.35 0.06 0.08 0.09 0.12 7.15 7.66 5.17 5.66 27.30 27.46 0.01 0.01 0.55 0.56

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

0.15 0.42 0.01 0.01 0.00 0.04 0.00 0.01 0.04 0.04 0.02 0.01 0.01 0.00 0.03 0.05 0.49 0.29 0.01 0.01 0.01

15.14 18.65 0.06 0.10 0.05 0.20 0.01 0.05 0.77 0.65 0.15 0.06 1.22 0.93 0.73 0.86 20.58 16.40 27.54 0.05 0.82

6.48 9.45 0.01 0.02 0.01 0.08 0.00 0.01 0.24 0.17 0.03 0.01 0.35 0.23 0.06 0.09 3.65 2.56 17.60 0.01 0.38

S 0.59 0.81 0.04 0.04 0.11 0.00 0.21 0.29 3.79 2.76 0.00 0.20 0.07 0.00 0.05 0.13 0.09 0.07 11.14 8.12 0.09 0.05 0.23 4.11 0.07 0.10 0.06 0.10 0.02 0.68 0.18 11.60 0.01 0.05 0.00 0.15 0.22 0.79 0.99 0.00 0.03 0.06 0.05 0.07 0.01 0.02 0.01 0.10 0.03 0.05 0.04 0.00 0.00 5.46 7.40 0.00 20.63 15.10 1.14 0.84 0.30 0.00 0.14 0.15 0.03 0.00 0.06 0.65 0.48 0.00 0.00 0.00 23.54 0.03 0.00 0.03 0.05 0.03 0.04 0.02 0.10 0.10 0.00 0.16 0.04 0.12 0.01 0.01 0.00 0.39 0.06 7.23 0.11 0.00 0.83 0.31 0.01 0.00 0.00 31.95 23.10 0.21 0.28 0.02 0.04 0.05

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

(100s)

Change

Exc Volume

Week

12-month

High

Low

Last

Change

High Low

486 5 904 135 333 45 156 50 3192 3172 484 113 3 84 418 237 3561 229 264 285 214 302 1324 6 595 15687 259 201 409 132 380 6001 626 82 32 123 9 151 492 29 623 5232 530 42 15196 4961 1705 2309

0.10 0.07 0.42 0.29 0.26 0.02 0.06 0.05 0.43 0.31 0.06 0.05 4.75 3.65 0.18 0.26 0.24 0.15 0.21 0.07 0.08 0.11 0.06 0.02 1.30 1.78 0.17 0.48 10.00 0.03 0.32 0.44 0.04 0.10 0.09 0.13 0.13 0.16 0.23 0.30 0.29 0.40 0.17 0.68 2.31 3.12 0.02 0.01

0.07 0.04 0.33 0.23 0.22 0.00 0.05 0.04 0.32 0.24 0.02 0.05 0.00 2.85 0.12 0.18 0.21 0.09 0.13 0.04 0.06 0.08 0.05 0.01 1.11 1.50 0.11 0.42 8.75 0.02 0.28 0.37 0.03 0.08 0.00 0.11 0.00 0.11 0.18 0.22 0.26 0.36 0.16 0.59 2.03 2.80 0.01 0.00

0.08 0.07 0.38 0.28 0.25 0.02 0.06 0.04 0.34 0.24 0.06 0.05 4.75 3.40 0.13 0.20 0.23 0.14 0.18 0.05 0.08 0.10 0.05 0.01 1.29 1.73 0.11 0.44 9.78 0.03 0.32 0.43 0.04 0.08 0.09 0.11 0.13 0.16 0.23 0.30 0.27 0.38 0.17 0.68 2.23 3.01 0.02 0.01

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

0.01 0.03 0.06 0.04 0.02 0.01 0.01 0.00 0.03 0.01 0.01 0.00 0.01 0.10 0.02 0.01 0.01 0.03 0.04 0.01 0.01 0.01 0.02 0.01 0.13 0.15 0.05 0.03 0.75 0.02 0.06 0.08 0.01 0.02 0.02 0.01 0.04 0.05 0.05 0.08 0.02 0.02 0.01 0.08 0.09 0.06 0.01 0.01

0.12 0.10 0.43 0.34 0.34 0.04 0.11 0.09 2.04 1.63 0.06 0.15 8.00 6.23 0.78 0.91 0.91 0.28 0.35 0.07 0.21 0.26 0.11 0.11 1.30 1.78 0.21 0.62 16.50 0.03 1.03 1.24 0.04 0.10 0.15 0.14 1.50 0.17 0.23 0.44 0.29 0.40 0.20 1.15 4.74 5.80 0.03 0.04

0.03 0.02 0.23 0.17 0.20 0.01 0.04 0.03 0.16 0.07 0.02 0.02 3.89 2.85 0.08 0.16 0.07 0.07 0.09 0.03 0.05 0.07 0.04 0.01 0.67 0.85 0.06 0.25 8.75 0.01 0.18 0.25 0.01 0.03 0.06 0.04 0.08 0.09 0.10 0.13 0.11 0.15 0.07 0.57 1.55 2.30 0.01 0.00

O V O X N X T V O V X O D D O O N N O V V N T V T V V T X V V V

104 592 1164 1802 90 2291 13 80 61 235 51654 2401 601 1046 27 2115 1976 6928 952 305 817 31 43713 146050 156 285 220 1157 129 75 88 3779 235 174 2685 295 1459 440

0.02 0.28 0.38 0.17 0.13 0.04 0.16 0.23 0.02 0.28 8.80 0.51 0.71 0.04 0.02 0.10 0.95 0.00 0.25 0.40 0.02 0.12 2.39 3.34 0.04 0.04 0.05 4.34 0.02 0.05 0.16 0.24 0.55 0.69 0.50 0.07 0.03 0.02

0.02 0.25 0.34 0.17 0.13 0.03 0.15 0.20 0.02 0.27 8.31 0.46 0.62 0.04 0.02 0.10 0.89 0.00 0.23 0.35 0.02 0.10 2.02 2.71 0.02 0.04 0.05 4.13 0.02 0.05 0.14 0.21 0.55 0.59 0.47 0.07 0.03 0.02

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

0.00 0.00 0.01 0.02 0.02 0.01 0.01 0.01 0.00 0.07 0.21 0.05 0.06 0.01 0.01 0.04 0.01 0.00 0.00 0.04 0.00 0.02 0.14 0.23 0.01 0.01 0.01 0.05 0.01 0.01 0.01 0.01 0.04 0.06 0.08 0.01 0.01 0.01

0.06 0.35 0.44 0.32 0.30 0.07 0.16 0.24 0.11 1.65 27.68 1.08 1.35 0.05 0.03 0.09 3.00 0.00 1.87 1.40 0.20 5.00 6.82 9.14 0.04 0.05 0.08 14.43 0.10 0.17 0.53 0.24 0.63 0.69 0.50 0.27 0.04 0.04

0.01 0.15 0.20 0.11 0.05 0.02 0.06 0.08 0.02 0.16 6.15 0.44 0.60 0.01 0.00 0.02 0.65 0.00 0.20 0.11 0.00 0.01 1.55 2.13 0.01 0.02 0.03 3.52 0.01 0.05 0.13 0.11 0.16 0.31 0.24 0.05 0.02 0.01

Walter Energy* O Waseco Res V WCB Res V Wealth Mnrls V Wellgreen Plat T Wellgreen Plat* O Wescan Gldflds V Wesdome Gold T West Af Res V West High Yld V West Kirkland V West Red Lake* O West Red Lake Western Copper* X Western Copper T Western Lith* O Western Lith T Western Uran Westhaven Vent V Westkam Gold V Westminster Rs V Westmoreland* D WestMountain* O White Metal Rs V White Mtn Engy* O White Pine Res V Wildcat Expl* O Winston Res Wolfden Res V Ximen Mng* O Ximen Mng V XLI Tech Inc* O Xtra-Gold Res T Xtra-Gold Res* O Yamana Gold T Yamana Gold* N Yanzhou Coal* N Yellowhead Mng T Zadar Vent V Zazu Metals T Zazu Metals* O Zenyatta Vent* O Zenyatta Vent V Zephyr Mnls V Zimtu Capital V

1652 68 660 171 442 101 6 1369 95 62 952 349 5434 332 866 909 2284 11 169 1302 298 1006 79 36 104 653 33 1286 1055 39 178 1325 104 530 34559 75422 60 424 1255 147 33 60 283 38 674

0.05 0.02 0.08 0.27 0.22 0.16 0.03 1.75 0.06 0.29 0.09 0.03 0.05 0.37 0.50 0.32 0.44 1.96 0.08 0.04 0.05 5.73 0.10 0.02 0.12 0.01 0.05 0.01 0.12 0.06 0.07 1.09 0.44 0.33 3.96 2.86 4.31 0.05 0.12 0.21 0.15 0.58 0.82 0.15 0.18

0.03 0.02 0.06 0.27 0.21 0.16 0.02 1.67 0.06 0.26 0.07 0.03 0.04 0.36 0.48 0.28 0.37 1.92 0.08 0.04 0.05 5.72 0.09 0.02 0.09 0.01 0.05 0.01 0.11 0.04 0.07 1.06 0.42 0.33 3.67 2.71 4.20 0.04 0.09 0.20 0.15 0.58 0.81 0.15 0.18

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

0.01 0.01 0.03 0.03 0.01 0.01 0.01 0.14 0.01 0.01 0.01 0.01 0.01 0.11 0.14 0.03 0.06 0.03 0.02 0.01 0.01 0.91 0.01 0.01 0.02 0.01 0.00 0.01 0.03 0.01 0.02 0.03 0.04 0.04 0.04 0.02 0.05 0.01 0.03 0.02 0.02 0.01 0.04 0.01 0.03

1.02 0.06 0.20 0.42 0.60 0.49 0.06 1.75 0.10 0.43 0.09 0.05 0.06 0.56 0.70 0.81 0.96 5.00 0.09 0.05 0.10 30.92 0.42 0.04 0.46 0.09 0.05 0.08 0.21 0.13 0.18 1.50 0.44 0.32 5.40 4.32 12.24 0.18 0.13 0.30 0.25 2.20 2.61 0.20 0.37

0.01 0.02 0.02 0.14 0.16 0.12 0.01 0.89 0.05 0.17 0.04 0.02 0.01 0.20 0.29 0.18 0.26 1.40 0.04 0.02 0.01 3.44 0.04 0.02 0.07 0.01 0.02 0.01 0.05 0.01 0.02 0.14 0.18 0.12 1.89 1.38 3.66 0.03 0.01 0.09 0.08 0.47 0.63 0.08 0.12

U-V U3O8 Corp* Ucore Rare Mtl* Ucore Rare Mtl UEX Corp Ultra Lithium Umbral Enrgy Unigold* Unigold United Res Hdg* United States A* United States S* Ur-Energy* Ur-Energy Uracan Res Uracan Res* Uragold Bay Rs Uranium Energy* Uranium Hunter* Uranium Res* US Energy* US Precious M* US Rare Earths* Vale* Vale* Vanadiumcorp* Vanadiumcorp Vanstar Mng Rs Vedanta* Vena Res Vendetta Mng Verde Potash Victoria Gold Viscount Mng Vista Gold Vista Gold* VMS Vent Vulcan Mnrls VVC Expl

O O V T V

0.00 0.24 0.33 0.16 0.11 0.02 0.00 0.00 0.02 0.20 7.22 0.44 0.61 0.03 0.01 0.07 0.83 0.00 0.21 0.31 0.01 0.10 2.00 2.70 0.02 0.00 0.04 3.88 0.02 0.05 0.13 0.20 0.48 0.53 0.38 0.07 0.02 0.02

W-Z 0.03 0.02 0.04 0.21 0.20 0.14 0.00 1.48 0.00 0.23 0.07 0.02 0.03 0.24 0.33 0.27 0.37 0.00 0.06 0.03 0.05 4.82 0.05 0.02 0.08 0.01 0.05 0.00 0.08 0.04 0.06 1.02 0.38 0.27 3.52 2.57 4.04 0.04 0.09 0.18 0.13 0.55 0.75 0.14 0.14

16-03-01 8:42 PM

WWW.NORTHERNMINER.COM

MARCH 7-13, 2016 / THE NORTHERN MINER

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, February 30, 2016 Precious Metals Price (US$/oz.) Gold $1240.00 Silver $14.99 Platinum $920.00 Palladium $491.00 Base Metals Nickel Copper Lead Zinc

Change +21.25 -0.22 -7.00 -8.00

Price (US$/tonne) $8670.00 $4734.50 $1781.00 $1787.50

Change +160.00 +21.00 +25.00 +21.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, February 29, 2016 (change from February 22, 2016 in brackets): Aluminium Alloy 16100 (+500) Aluminium 2760825 (-21025) Copper 195625 (-9875) Lead 213175 (-6000) Nickel 441894 (+6150) Tin 3855 (-265) Zinc 478550 (-23725)

PRODUCER AND DEALER PRICES

TSx WARRANTS

TSx VENTURE WARRANTS

Thermal Coal CAPP: US$43.13 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.05 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.55 Coal: CME Group Futures Mar. 2016: US$43.20; Apr. 2016: US$44.13 Cobalt: US$9.98/lb. Copper: US$2.07/lb. Copper: CME Group Futures Mar. 2016: US$2.05/lb.; Apr. 2016: US$2.06/lb Ferro-Chrome: US$1.82/kg Ferro Titanium: US$4.20/kg FerroTungsten: US$21.71/kg Ferrovanadium: US$13.17/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$43.20/tonne Iron Ore Fines: US$46.58/tonne Iron Ore Pellets: US$63.38/tonne Lead: US$0.84/lb. Magnesium: US$1.99/kg Manganese: US$1.48/kg Molybdenum Oxide: US$5.44/lb. Phosphate Rock: US$122.50/tonne Potash: US$295.00/tonne Rhodium: Mid-mkt US$660.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$15.79 per oz.; Handy & Harman Fabricated: US$19.74 per oz. Tantalite Ore: : US$122.40/kg Tin: US$6.99/lb. Uranium: U3O8, Trade Tech spot price: US$34.15/lb.; The UX Consulting Company spot price: US$34.25/lb. Zinc: US$0.77/lb. Prices current Feb. 16, 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

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

TSx SHORT POSITIONS

TSx VENTURE SHORT POSITIONS

Short positions outstanding as of Feb 26, 2016 (with changes from Feb 01, 2016) Largest short positions Potash Corp SK POT 33747960 3047823 First Quantum FM 32665789 -3588879 Lundin Mng LUN 31601460 -767830 B2Gold BTO 26356227 2510588 New Gold NGD 24018649 70630 Suncor Energy SU 17665223 -2270630 Kinross Gold K 17220884 1016635 Barrick Gold ABX 16759526 -796881 Yamana Gold YRI 15696299 1252207 Goldcorp G 10391254 1870207 Teck Res TCK.B 10282310 -1436855 IAMGOLD IMG 10275504 293346 Orbite Tech ORT 9621990 3890028 Lake Shore Gld LSG 8892870 2284625 Thompson Creek TCM 8695662 -256975 Largest increase in short position Orbite Tech ORT 9621990 3890028 Potash Corp SK POT 33747960 3047823 Franco-Nevada FNV 6096496 2606349 B2Gold BTO 26356227 2510588 Lake Shore Gld LSG 8892870 2284625 Largest decrease in short position Americas Silvr USA 13700 -4202810 First Quantum FM 32665789 -3588879 Suncor Energy SU 17665223 -2270630 Primero Mng P 3894145 -2194488 Peregrine Diam PGD 3093 -1520653

Short positions outstanding as of Feb 26, 2016 (with changes from Jan 18, 2016) Largest short positions Graphite One GPH 3398000 3396900 Nexgen Energy NXE 356114 132952 Zenyatta Vent ZEN 165400 -8518 Integra Gold ICG 108806 63334 Inca One Gold IO 106000 79000 Gold Std Vents GSV 103000 101774 Timberline Res TBR 47500 47200 Reservoir Mnls RMC 38200 -4900 Roxgold ROG 37681 36500 Panoro Mnrls PML 34000 32000 Kennady Diam KDI 23200 -4800 Barkerville Go BGM 18000 -25000 Kootenay Silvr KTN 17700 -4300 Pershimco Res PRO 17000 17000 First Mg Fin FF 16267 -545033 Largest increase in short position Graphite One GPH 3398000 3396900 Nexgen Energy NXE 356114 132952 Gold Std Vents GSV 103000 101774 Inca One Gold IO 106000 79000 Integra Gold ICG 108806 63334 Largest decrease in short position First Mg Fin FF 16267 -545033 Pine Cliff En PNE 100 -329200 Peruvian Prc M PPX 0 -126000 Saturn Mnrls SMI 5000 -49100 Barkerville Go BGM 18000 -25000

DAILY METAL PRICES Daily Metal Prices Date Feb 29 Feb 26 Feb 25 Feb 24 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1565/1590 1555/1580 1550/1575 1560/1580 Aluminum 1621/1585 1587.50/1571 1599/1576 1551/1544 Copper 4704.50/4690.50 4680.50/4680.50 4652/4646 4585/4585 Lead 1777/1769 1713.50/1710 1707.50/1702 1689/1691.50 Nickel 8415/8450 8405/8425 8495/8525 8515/8530 Tin 16290/15970 16100/15850 16200/16000 16140/15975 Zinc 1784.50/1780 1740/1742 1761.50/1768 1726/1731

1560/1580 1575/1564 4663/4668 4663/4668 1717.50/1723 8670/8695 16270/16075

PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1234.15 1231.00 1235.40 Gold PM 1234.90 1226.50 1236.00 Silver 14.75 15.17 15.16 Platinum 919.00 928.00 930.00 Palladium 494.00 492.00 487.00

1218.75 1221.35 15.21 929.00 498.00

1232.25 1250.75 15.32 950.00 498.00

Feb 23

ExCHANGE RATES Date S$ in C$ C$ in S$

Feb 26 1.3514 0.7400

Feb 25 1.3529 0.7391

Exchange rates (Quote Media, February 26, 2016) C$ to AUS C$ to EURO 1.0379 0.6772 C$ to UK Pound C$ to China Yuan 0.5335 4.8410 US to AUS US to EURO 1.4032 0.9148 US to UK Pound US to China Yuan 0.7208 6.5404

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.$

Feb 24 1.3702 0.7298

C$ to YEN 84.3415 C$ to India Rupee 50.8860 US to YEN 113.9895 US to India Rupee 68.8000

Feb 23 1.3795 0.7249

C$ to Mex Peso 13.5230 C$ to Swiss Franc 0.7375 US to Mex Peso 18.2761 US to Swiss Franc 0.9971

Feb 22 1.3705 0.7296

C$ to SA Rand 11.9620 C$ to S. Korea Won 920.3731 US to SA Rand US to S. Korea Won 1238.1000

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

NORTH AMERICAN STOCK ExCHANGE INDICES 52-week

IndexName Feb 26 S&P/TSX Composite 12797.79 S&P/TSXV Composite 538.06 S&P/TSX 60 751.93 S&P/TSX Global Gold 176.85 S&P/TSX Metals & Mining 352.81

Feb 25 12753.60 534.31 748.98 183.48 341.93

Feb 24 12740.27 533.74 747.86 183.35 342.50

Feb 23 12763.44 532.58 750.69 182.87 346.68

High 15527.30 1050.26 896.74 218.90 954.68

Low 12400.15 883.52 709.99 149.29 691.69

NEW 52-WEEK HIGHS AND LOWS FEBRUARY 22–26, 2016 159 New Highs Cassius Vents Agnico Eagle Agnico Eagle* Alaska Pac Egy* Almadex Min AM Gold Andes Gold* AngloGold Ash* Asanko Gold Asanko Gold* Atacama Pac Gd Atlantic Gold Aurion Res Avalon Rare Mt* Avarone Metals Barkerville Go Barkerville Go* Barrick Gold Barrick Gold* Beaufield Res Beaufield Res* Belo Sun Mng Bison Gold Res Black Hills* Bravada Gold Bravada Gold* Canasil Res Cava Res Cda Carbon Cda Carbon* Centamin Centaurus Diam* Century Global CMC Metals Cordoba Mnls Detour Gold Elcora Res Eloro Mnrls Explor Res Explor Res* Fox River Res Franco-Nevada Franco-Nevada* Fresnillo plc* Geologix Ex Geologix Ex*

Gitennes Expl Gldn Predator* Gold Bulln Dev Gold Reserve Gold Reserve* Gold Std Vents Gold Std Vents* Golden Cariboo Golden Goliath* Golden Harp Golden Reign Golden Secret Golden Sh Mng Golden Star Golden Star* GoldQuest Mng Great Panther Great Panther* Greatbanks Res* Guyana Gldflds Harmony Gold* IMPACT Silver Integra Gold Integra Gold* Kinross Gold Kinross Gold* Kirkland Lk Gd Kirkland Lk Gd* Klondex Mns Lake Shore Gld Lake Shore Gld* Lexam VG Gold Lexam VG Gold* Libero Mg Corp Lucara Diam McEwen Mng McEwen Mng* Melkior Res Merger Mines* Metalo Manuf Metals Creek Metals Creek* Midasco Cap MineralRite* Montana Gold Musgrove Mnls New Oroperu New Pac Metals*

Nexgen Energy Nexgen Energy* North Am Pall* Northair Silvr Northn Empire* NovaGold Res NovaGold Res* OceanaGold* Orofino Mnrls Otis Gold Otis Gold* Paget Mrnls* Pan Am Silver Peat Res Platinum Gp Mt Platinum Gp Mt* Premier Gold M Purepoint Uran Randgold Res* Resolve Vent Rockhaven Res Rouge Res Rusoro Mng Sabina Gd&Slvr Sabina Gd&Slvr* Salt Lake Pot* Sandspring Res Sandspring Res* Semafo Serengeti Res Sibanye Gold* Sienna Res* Signature Res Silver Bear Rs Silvercorp Met* Sirios Res Sirios Res* Sky Ridge Spanish Mtn Gd Spanish Mtn Gd* Stakeholdr Gld Stakeholdr Gld* Standard Graph* Starcore Intl Starr Peak Exp Stornoway Diam Strategic Metl Strikepoint Gd

Sunridge Gold* Taku Gold* TECO Enrgy* Torex Gold Torex Gold* Tri Origin Exp TriStar Gold True Gold Mng* Unigold* Uragold Bay Rs Victoria Gold Vista Gold Vista Gold* Wesdome Gold West Kirkland Xtra-Gold Res Xtra-Gold Res*

27 New Lows Alexander Nubi* Alliance Res* Amador Gold* Appia Energy Canadian Zeol Colorado Gldfs* Discovery Mnls* DuSolo Fertil* Golden Band* Golden Sun* Goldeye Expl* Intact Gold Maccabi Vent Nevada Iron* Pine Cliff En Primero Mng Raptor Res* Romios Gold Rs* Sarissa Res* Seafield Res* Sennen Potash* Signal Expl Tasman Metals* Timberline Res* Trecora Res* UC Res* Ur-Energy*

CANADIAN GOLD MUTUAL FUNDS FundName Feb 26 ($) AGF Prec Mtls Fd MF BMO Prec Mtls Fd A 14.61 BMO ZGD 8.60 BMO ZJG 6.36 CIBC Prec Metal Fd A 10.24 Dyn Prec Metls Fd A 5.34 Horizons HEP IGMacGloPrecMetCl A 7.06 iShares XGD 11.06 Mac Prec Met Cl A 39.18 NB Prec Met Fd Inv 10.55 RBC GblPreMetFd A Sentry PreMetFd A 31.72 Sprott Gold&PrMinFdA Sprott SilverEquCl A TD PreciousMetals-I 31.90

Feb 19 ($) 18.40 14.73 8.56 6.30 10.38 5.28 23.93 7.14 11.12 39.62 10.64 24.90 31.56 29.94 4.02 32.24

Change ($) 0.28 -0.12 0.04 0.06 -0.13 0.06 0.58 -0.08 -0.06 -0.44 -0.09 0.30 0.16 0.49 0.00 -0.34

Change (%) YTDChange (%) 1.52 1.56 -0.85 1.14 0.46 4.70 1.01 0.59 -1.30 4.56 1.14 4.18 2.40 7.07 -1.11 7.84 -0.56 8.55 -1.10 7.85 -0.85 5.57 1.20 4.80 0.49 4.21 1.64 4.05 0.07 -2.46 -1.05 4.34

MER (%) TotalAssets (M$) 2.80 124.25 2.40 46.97 0.63 0.62 2.62 44.99 2.66 229.31 0.80 2.75 53.01 0.61 465.86 2.51 83.55 2.46 27.64 2.13 265.86 2.92 171.84 3.15 150.77 3.21 26.09 2.26 103.69

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GLOBAL MINING NEWS · SINCE 1915

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Geotech_Earlug_2015_VTEM_Colour3.pdf 1 2015-09-25 9:59:47 AM

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EXCELSIOR MINING

MINES MANAGEMENT

Adjusts Gunnison copper mining plan / 3

RICHMONT MINES

Gets key approval for Montanore / 5

CEO says 2016 a ‘special year’ / 11

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Thornton’s Barrick looks leaner

Kinross credit rating cut to ‘junk’

GOLD

| Miner cuts debt, generates positive cash flow in 2015

GOLD | Profitable Russian assets still seen as risky by S&P BY TRISH SAYWELL tsaywell@northernminer.com

iting Kinross Gold’s (TSX: K; NYSE: KGC) higher costs and its “operating risk exposure” in Russia, Standard & Poor’s has lowered the Toronto-based gold producer’s long-term corporate credit rating to BB+ from BBB-. “We expect the company’s competitive position to remain weaker than its investment-grade peers over the next two years, which primarily reflects Kinross’ comparatively higher-cost structure,” the ratings agency said in a statement. “In addition, we expect that the company’s profitability will remain highly reliant on Kinross’ low-cost Russian operations [Kupol/ Dvoinoye] at least over the next year, which contribute to operating risk exposure that we no longer consider commensurate with a ‘BBB-’ rating.” The downgrade comes several days after Kinross reported a fourth-quarter net loss of US$841.9 million, or US73¢ per share. The loss includes a non-cash, after-tax impairment charge of US$430.2 million related to property, plant and equipment, and a writedown of inventory and other assets of US$235 million. For the year, Kinross posted a net loss of US$984.5 million, or US86¢ per share. The gold miner produced 2.6 million oz. gold last year at all-in sustaining costs (AISC) of US$975 per oz., and forecast that 2016 production should range from 2.7 to 2.9 million oz. gold at US$890 to US$990 per oz. AISC. Since it began a major review of mining companies on Jan. 29, S&P has downgraded Freeport-McMoRan (NYSE: FCX), Teck Resources (TSX: TCK.B; NYSE: TCK) and Anglo American (US-OTC: NGLOY;

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

See KINROSS / 2

Mar 7 Pgs 28.indd 28

Feb 22 12845.63 534.41 754.45 177.83 373.57

Barrick Gold’s Cortez Hills gold mine in Nevada, 100 km southwest of Elko.

BY SALMA TARIKH

starikh@northernminer.com

arrick Gold (TSX: ABX; NYSE: ABX) is benefitting from going back to the basics, under the direction of chair John Thornton. “Last year was the first time in four years this company generated net-positive cash flow,” Thornton told reporters on the sidelines of a Feb. 18 breakfast event in Toronto hosted by law firm Torys LLP. Despite the lower gold price, the company produced US$471 million in free cash flow in 2015, including US$387 million in the fourth quarter. This compares to 2014’s negative free cash flow of US$136 million, when gold prices on average were US$106 per oz. higher than in 2015. Last year was also the first full year Barrick was under Thornton’s guidance. Since taking the top job in April 2014, the former Goldman Sachs executive has streamlined the organization and laid out a strategy to refocus on

BARRICK GOLD

quality ounces, increase returns and cut Barrick’s heavy debt load, amounting to US$13.1 billion at the end of 2014. “We have been too highly levered, so we had no choice but to bring down the debt,” Thornton said during the event. In 2015, Barrick lowered its debt by US$3.1 billion — slightly ahead of its target — through asset sales, joint ventures and partnerships. As part of the transactions, Antofagasta (LSE: ANTO) paid US$1 billion in cash for half of Barrick’s Zaldivar copper mine in Chile, and Royal Gold (TSX: RGL; NASDAQ: RGLD) forked over US$610 million for a gold-silver stream from the Pueblo Viejo mine in the Dominican Republic. While Zaldivar initially generated buzz in the market, with 21 interested companies, Thornton noted there were only a few serious buyers. “When you get down to the bitter end and someone’s got to reach in his or her pocket and give you the money, and give the money that’s attractive to us — few people are standing,” he said. “It means that in a tougher market, trying to do more difficult things,

the sheer skill of the people actually doing the execution has got to be much higher.” This year, Barrick plans to trim its US$10-billion debt by at least US$2 billion, using its US$2.5billion cash balance, free cash flow from operations and selling more assets. Although it will focus on noncore asset sales, Barrick will keep all of its assets “on the table” to create optionality. “We would rather not sell all or part of a core asset if we can avoid it. But we don’t always have the choices, so we keep it open,” Thornton told reporters. More recently, the company said it would redeem up to US$750 million in notes to help lower debt. In 2015, Barrick reported a net loss of US$2.8 billion, or US$2.44 per share. The loss included US$3.1 billion in goodwill and asset impairments, mostly related to its suspended, half-built Pascua-Lama mine on the Chile-Argentina border, and Pueblo Viejo. Adjusted earnings were US$344 million, or

PM40069240

See BARRICK / 2

GOLD: DEMAND STEADY IN 2015, THANKS TO BULLION BUYERS / 4

16-03-01 8:42 PM

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Can a company on the TSXV do a financing under 5¢? Commentary From 4

Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Yukon, Northwest Territories and Nunavut adopted a Multilateral Instrument 45-313 respecting prospectus exemption for distribution to existing security holders (the Ontario Securities Commission later adopted such exemption pursuant to Rule 45-501) that grants a prospectus exemption for issuers that wish to raise money by distributing securities to their existing security holders, subject to the following key conditions: • The issuer must have a class of equity securities listed on the TSXV,

the Toronto Stock Exchange or the Canadian Securities Exchange; • The offering can consist only of a class of equity securities listed on the TSXV, TSX or CSE, or units consisting of the listed security and a warrant to acquire the listed security; • The issuer must make the offering available to all existing security holders that hold the same type of listed security; • Unless the investor has obtained suitability advice from a registered investment dealer, the investor can only invest a maximum of $15,000 per issuer under the exemption in a 12-month period; • The issuer must have filed all

these streamlined procedures can make the difference between a company that can get a financing to sustain itself during tough economic times and a company that will need to liquidate or reorganize because of a lack of financing. C

timely and periodic disclosure documents as required under applicable securities laws; • The issuer must issue a news release disclosing the proposed offering, including details of the use of proceeds;

• Each investor must confirm in writing to the issuer that, as at the record date, they held the type of listed security offered under the exemption; • An investor must be provided with certain rights of action in

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the event of a misrepresentation in the issuer’s continuous disclosure record; and • Although an offering document is not required, if an issuer voluntarily provides one, the issuer must file the offering document with the securities regulatory authority and an investor will have certain rights of action in the event of a misrepresentation in it. The first trade of securities issued under the exemption will be subject to a four-month hold period under Section 2.5 of National Instrument 45-102 Resale of Securities. Please also note that the existing holder exemption has a condition to use the financing to maintain or preserve the corporation’s existing operation, activities and assets. Accordingly, such exemption would not be appropriate if the financing was to be used to acquire new assets or operations. In conclusion, it is possible for a TSXV company to do a financing at a price lower than 5¢ if specific prospectus exemptions, such as the ones described above, can be used. These streamlined procedures are not well known by TSXV-listed companies because they are relatively new. They can, however, make the difference between a company that can get a financing to sustain itself during tough economic times and a company that will need to liquidate or reorganize because of a lack of financing and mounting expenses. — Carole Turcotte is a partner at global law firm Dentons and practices securities, corporate and commercial law from Dentons Canada LLP’s Montreal office. Carole advises public and private companies as well as securities dealers on various issues, including corporate financings, mergers and acquisitions, corporate reorganizations and restructurings, joint-venture operations, plans of arrangement, takeover bids, reverse takeovers, the protection of minority shareholders in special transactions, stock exchange listings and the drafting of various commercial agreements. Please visit www.dentons.com for more information.

16-03-01 8:55 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / MARcH 7-13, 2016

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

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

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

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motivated team oriented regional account sales representative for our Ca-

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

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Engineer, Reliability Key Lake Operations, SK

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Sr. Engineer, Mine McArthur River Operations, SK

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Working with the maintenance engineering department, you will be respon-

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

responsible for providing greater technical focus on asset life cycle man-

sible for providing greater technical focus on asset life cycle management.

mine engineering expertise and leadership to an underground uranium mine

agement. You will work with the team to create and implement broader,

You will work with the team to create and implement broader, more effec-

site. Core duties include mine planning and scheduling, ventilation, ground

more effective maintenance techniques and identify equipment critical to

tive maintenance techniques and identify equipment critical to operation

freezing, ground control, surveying and other activities to support under-

operation and equipment with significant failure effects.

and equipment with significant failure effects.

ground development, production and construction in a geo-technically challenging environment.

VP Business Development Langley, British Columbia

Consultation Support Officer Ontario, Canada

Occupational Health & Safety Inspector – Electrical/ Mechanical Ontario, Canada

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

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.

Financial Accountant Ontario, Canada

In this role you will source a range of materials, equipment and services,

This position will be responsible for cash management as well as playing

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an important role in the monthly reporting requirements of J.S. Redpath

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ewan operations, as well as participating in continuous improvement of

remittances.

processes and procedures.

This high-impact opportunity leading the planning, development and management of effective and integrated client support and inspection services for the Department of Energy, Mines and Resources (EMR) would suit a strategic-minded leader and seasoned natural resource administrator looking to further his or her leadership career in a spectacular setting.

Occupational Health and 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

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

Procurement Specialist Saskatoon, SK

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

Director, Compliance Monitoring & Inspections Whitehorse, YT

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.

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

President & CEO Vancouver,BC,Canada

The President and CEO will be accountable for the overall leadership and management of the business, reporting to the Wellgreen Board of Directors. Overall responsibilities include strategic planning, business planning, financial management, leadership of a highly qualified and professional team, investor relations, corporate communications and corporate compliance.

Contracts Administrator Ontario, CA

The Administrator, Contracts reviews the RFQ/RFT documents from potential clients, providing commercial and general information for tenders in addition to providing general contract support to various Operational personnel.

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Mar 7 pg 31.indd 31

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16-03-01 8:49 PM