The Northern Miner September 5 2016 Issue

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MEXICO

Glittering silver & gold projects / 7–11

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NewCastle explores for more at Castle Mountain CALIFORNIA GOLD

| Latest intercept at historic mine cuts 1.09 grams gold over 214 metres

Orezone takes a beating after bumbled Bomboré resource GOLD

| SRK and RPA used different modelling techniques

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

S Looking northeast over the backfilled JSLA pit at NewCastle Gold’s historic Castle Mountain gold project in southern California’s San Bernardino County. NEWCASTLE GOLD

“MY ROLE IN THE PROJECT IS TO HELP BRING IT TO THE FINISH LINE, JUST AS I HAD DONE WITH DETOUR GOLD.”

BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

J Introducing the

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ust three months after merging with Catalyst Copper, aspiring gold miner NewCastle Gold (TSXV: NCA; US-OTC: CTMQF) is already churning out drill results at its flagship pastproducing Castle Mountain gold project located 90 km south of Las Vegas in southern California’s San Bernardino County.

The best drill hole intercept from the project’s South Domes deposit returned 1.09 grams gold per tonne over 213.7 metres, including 4.14 grams gold over 16 metres. Just under half of the mineralized intercept falls outside of the property’s measured and indicated resources.

The company also found 0.72 gram gold over 16.8 metres in a drill hole outside the modelled pit shell, from a new target that runs

GERALD PANNETON PRESIDENT AND CEO, NEWCASTLE GOLD

parallel to South Domes.

Newly appointed president and CEO Gerald Panneton tells The Northern Miner during a phone interview that the current drill campaign, which has been doubled to 20,000 metres, is part of the company’s larger strategy to bring the project back into production.

NewCastle has a conditionaluse permit and reclamation plan — valid until 2025 — that allows for open-pit mining of up to 8

hares of Orezone Gold (TSXV: ORE; US-OTC: ORZCF) were pummelled after the company revealed that its flagship Bomboré project in Burkina Faso, West Africa, contains much less gold than previously reported. On Aug. 22, the company said that “preliminary results” show a 30% decline in global reserves and resources.

The revelation abruptly halted the positive momentum Orezone had been building over the past few months. The company received its mining permit on Aug. 12, and See OREZONE / 2 PM40069240

million tonnes per year, with no pit back-full requirements. It also has the rights to 10 water wells, with two operating.

“We could go back to mining in six or 12 months, but we want to be careful about it. You don’t want to build a waste dump, leach pad or process plant on areas that are amazing for exploration. There are a lot of targets that we still See NEWCASTLE / 2

unturned.

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EDITORIAL: TEXAS GOLD / 4

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Orezone takes a beating after bumbled Bomboré resource OREZONE From 1

said it aimed to start construction during the second quarter of 2017. Orezone also completed a $26.5-million equity financing in July, wherein it issued 26.5 million shares to a syndicate of underwriters co-led by Raymond James and National Bank.

The company was forced to withdraw a series of technical documents including a 2015 feasibility study; 2014 preliminary economic assessment; and the suspect resource estimate, which was released in mid-2013.

The major culprit appears to be different modelling techniques by two engineering firms. The calculations were done three years ago by SRK Consulting, while the newer technical work is being led

by Roscoe Postle Associates.

Though Orezone cites the exclusion of “environmentally sensitive areas” and “two small satellite deposits set aside for artisanal miners,” it appears that more conservative methods are the main cause for the drop in in-situ gold ounces.

The company states that the “previous estimate had no boundary between the low grade and the waste domains, while the 2016 model has no grade modelling within the waste domain, and limits the grade modelling within a lowgrade domain.”

Bomboré’s 2013 resource estimate was 140 million tonnes grading 1.01 grams gold per tonne for 4.6 million oz. across all “ore” types. The technical document underpinned the feasibility study based on oxide and transitional reserves of 60 million tonnes grading 0.76 gram gold for 1.47 million contained oz. gold.

Orezone’s previous plan envisioned a two-staged build that would begin with a hybrid heapleach, carbon-in-leach operation.

The initial mining phase would have produced 135,000 oz. gold

Truckers navigate a road at Orezone Gold’s Bomboré gold property in Burkina Faso. OREZONE GOLD

annually over an eight-year life at all-in sustaining costs of US$678 per ounce. Capital expenses for the first phase were pegged at US$250 million.

“Given our recent permitting success with the project, this news is an unfortunate setback. However, it does not diminish our enthusiasm and commitment to building a mine at Bomboré,” Orezone president and CEO Ron Little said in the news release. Management did not respond to a request for comment by press time.

Orezone says its updated resource should be ready by early September.

The company intends to revise and release feasibility economics for initial production as soon as possible “to determine the next stage of development for the project.”

The company’s shares dropped 50%, or 61¢ per share, on nearly 7 million shares traded after the news. Orezone has traded within a 52-week range of 22¢ to $1.28, and last closed at 60¢ per share. The company has 154 million shares outstanding for a $65-million mar-

ket capitalization.

In response to the news, BMO Capital Markets analyst Andrew Breichmanas dropped his target price on Orezone from $1.75 per share to 75¢ per share. BMO Research also lowered its estimate of “mineable resources” from 1.5 million oz. gold to 1 million oz. gold.

“We recently had taken a constructive view on the stock based on feasibility study economics, the potential for the project to advance towards production after receiving permits and the upside

through further evaluation of the sulphide resources,” Breichmanas writes. “However, the likely negative resource update appears to place the viability of the project in question until the feasibility study is revised.”

Canaccord Genuity analyst Eric Zaunscherb cut his price target from $1.60 per share to $1.10 per share. He notes, however, that Bomboré’s “average grade is not expected to change,” and kept his “speculative buy” rating on the stock. TNM

NewCastle explores for more at Castle Mountain NEWCASTLE From 1

want to test, and South Domes is certainly one of them.”

Castle Mountain was the site of an open-pit, heap-leach operation that produced 1.24 million oz. gold at a 1.47-gram-gold head grade from 1991 to 2001, when mining was suspended due to low gold prices.

Since NewCastle acquired a 100% interest in the property four years ago, the company has drilled 21,500 metres, mostly within the historic open pits.

Last December, it updated the resource estimate for the project to 220 million measured and indicated tonnes of 0.59 gram gold for 4.1 million oz. gold.

Inferred resources tack on 40.8 million tonnes grading 0.58 gram gold for 760,000 oz. gold.

Panneton says the merger with Catalyst — a copper vehicle that was helmed by mine financiers Richard Warke and Frank Giustra — was the next step towards advancing the project.

“The work that NewCastle did was very good quality, but they didn’t have any money to drill, and the merger helped bring that work forward,” Panneton says.

Castle Mountain hosts a cluster of disseminated, low-sulphidation epithermal deposits that extend almost continuously for more than 2.5 km along strike.

The groundwork for gold mineralization began 18 million years ago, when an active volcano emptied its magma chambers and collapsed upon itself. The hydrothermal breccias and fracture zones that were created later acted as permeable conduits for gold-rich fluids to ascend and concentrate.

St r uc t u ra l i nter pretat ions, completed over the past year by NewCastle’s former management suggested that some mineralization at Castle Mountain may be more vertically oriented than others.

Panneton says previous exploration at South Domes may have missed these zones, as work consisted mainly of vertical, reverse-

circulation drill holes that rarely went beyond 250 metres deep.

“The previous management did a wonderful job pushing the geological model to a new level, and the results of this current drill program are testament to that,” he says. “There’s more than just one mineralizing system at South Domes, and it’s opening up new territory for us to expand our resource there.”

B efore joi n i ng New C a st le , Panneton was the founder, presi-

dent and CEO of Detour Gold (TSX: DGC; US-OTC: DRGDF).

Under his leadership, the company’s Detour Lake gold project, 300 km northeast of Timmins, Ont., grew from 1.5 million oz. gold in resources to 16 million oz. in reserves.

Panneton became interested in Castle Mountain because he saw it as the next gold mine he could develop.

“I didn’t join the company because I thought the project was

mature, I joined because I knew the project has great potential, it’s just a matter of drilling and understanding t he geologica l model,” he says. “My role in the project is to help bring it to the finish line, just as I had done with Detour Gold.”

Shares of NewCastle have traded in a 52-week range of 18¢ and $1.16, and closed at $1.02 at press time. The company has 157.5 million shares outstanding for a $166-million market capitalization. TNM

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A drill rig at NewCastle Gold’s historic Castle Mountain gold project in southern California. NEWCASTLE GOLD

2016-08-30 6:41 PM

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THE NORTHERN MINER / SEPTEMBER 5–11, 2016

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Cyprium starts trial mining at Potosi MEXICAN SILVER

| Junior aims to raise US$1.5M, complete resource estimate

BY SALMA TARIKH

C

starikh@northernminer.com

yprium Mining (TSXV: CUG) has begun small-scale mining at the past-producing underground Potosi silver-lead-zinc mine in northern Mexico, with plans to increase throughput.

Potosi is in Chihuahua’s historic Santa Eulalia district. Discovered in the 1500s, the district ranks as one of Mexico’s top silver and base metal producing districts.

In the past 100 years Santa Eulalia churned out nearly 500 million oz. silver, along with a lot of lead and zinc, the company’s chairman and CEO Alain Lambert says. The 48 sq. km district is also the largest carbonate-replacement deposit in Mexico.

Three companies control Santa Eulalia, which is divided into three camps.

Grupo Mexico, through its subsidiary Southern Copper (NYSE: SCCO), owns the Buena Tierra mine in the West camp and the San Antonio mine in the East camp. MAG Silver (TSX: MAG; NYSE-MKT: MAG) controls all the ground south of the district and in the Central camp. Cyprium has the Potosi mine and the nearby La Chinche project in the West camp.

The Potosi mine, held by the Valenzuela family since the 1950s, operated until 1991, before closing due to labour disputes, high costs and low metal prices.

In the past decade, third-generation owner Daniel Valenzuela extracted small amounts of ore from Potosi, with little success until 2014, Lambert notes.

The executive — who co-founded Cyprium in 2012 — describes how

Alain Lambert (left), Cyprium Mining chairman and CEO, with a visitor at the Potosi silver-lead-zinc mine in Chihuahua state, northern Mexico. CYPRIUM MINING

he learned about Potosi last year when Valenzuela was looking for a business partner.

Cyprium’s business plan — similar to other Canadian miners in Mexico, such as First Majestic Silver (TSX: FR; NYSE: AG) and Endeavour Silver (TSX: EDR;

NYSE: EXK) — calls for acquiring past-producing assets in Mexico.

“The two criteria we have are that these mines can be brought back into production inexpensively and rapidly. And they need to have very good exploration potential,” Lambert says.

Brazil Resources to buy Titiribi COLOMBIA

| Junior to pay NovaCopper $11.2M in shares

BY SALMA TARIKH

B

starikh@northernminer.com

razil Resources (TSXV: BRI; US-OTC: BRIZF) aims to grow its gold resources by acquiring the large Titiribi goldcopper project in central Colombia.

The Vancouver-based junior, which has gold projects in Brazil and Alaska, and a uranium joint venture in Saskatchewan, has agreed to buy Sunward Investments, a subsidiary of NovaCopper (TSX: NCQ; NYSE-MKT: NCQ) that owns 100% of Titiribi.

Brazil intends to pay 5 million shares and 1 million warrants exercisable at $3.50 per share for two years in exchange for Sunward.

Based on its Aug. 17 close of $2.24 per share, the acquisition price is $11.2 million, excluding warrants.

“The acquisition is prospective and located in a good area, with solid infrastructure,” Cantor Fitzgerald analyst Rob Chang writes. He has a “buy” and $3.45 target on the stock.

The Titiribi project sits 70 km southwest of Medellin in the Antioquia department, within the historical Titiribi mining district.

The project is road accessible by paved highway from Medellin and has electrical power lines within 3 km, Brazil says.

The 39 sq. km project contains several near-surface, bulk-tonnage gold-copper and related epithermal gold systems. Sunward explored nine mineralized areas, including the main Cerro Vetas, Chisperos and NW Breccia zones, and five other peripheral targets.

According to Sunward’s 2013 technical report, the deposit’s three main zones host measured and indicated resources of 4.66 million oz. gold (285.8 million tonnes grading 0.5 gram gold per tonne) and an inferred resource of 6.01 million oz. (349.4 million tonnes at 0.53 gram), using a 0.3-gram gold cut-off. They also contain 654.4 million lb. copper in measured and indicated, and 216.3 million lb. in inferred.

The project saw extensive exploration from 2012 to 2013. Through February 2013, Sunward drilled nearly 145,000 metres in 270 holes on the deposit, including 184 holes in Cerro Vetas, Chisperos and NW Breccia.

Once the transaction closes, Brazil’s geologists will review the drilling database to pinpoint areas for follow-up exploration and commission an independent resource estimate, the company’s president and CEO Garnet Dawson states.

The junior intends to release more information on its plans shortly.

The project will likely join the ranks of the company’s main gold assets, which include the Cachoeira and Sao Jorge gold projects in Brazil’s Para state and the Whistler gold-copper project in Alaska.

NovaCopper — which is changing its name to Trilogy Metals (TSX: TMQ; NYSE-MKT: TMQ) — acquired Titiribi last June as part of its acquisition of Sunward Resources.

The sale will help NovaCopper focus on its high-grade copper, zinc and precious metals projects

in northwestern Alaska, NovaCopper’s president and CEO Rick Van Nieuwenhuyse says.

Some gold assets in Antioquia near Titiribi include B2Gold’s (TSX: BTO; NYSE-MKT: BTG) Gramalote, Red Eagle Mining’s (TSX V: R D) nea r-producing San Ramon mine, Continental Gold’s (TSX: CNL) Buritica and Gran Colombia Gold’s (TSX: G C M) pro duc i n g M a r m ato mine.

Brazil closed Aug. 18, the day of the acquisition news, up 12% to $2.51 per share. TNM

The past-producing Potosi mine fits the bill. Last October, Cyprium bought 53% of the joint venture that owned the Potosi mine, the nearby San Guillermo processing facility and La Chinche from Valenzuela.

In exchange, Cyprium agreed to commit US$2.5 million to work at Potosi by year-end. So far, it has spent US$1 million, and expects to raise the rest through financings, Lambert says.

As part of the transaction, Valenzuela received 1 million Cyprium shares and 100,000 warrants exercisable at 10¢ per share. Valenzuela owns 45% of the joint venture, while Cyprium’s director Carlos Arzola holds the remaining 2%.

The historic mine has six shafts, 22 levels and is 1 km deep. However, the levels below 18 contain water.

To date, Cyprium has mined mostly the upper Tunel body, particularly on levels 2 and 4, the oxide zinc body on level 14 and the larger sulphide mineralized Santo Domingo body, which was partly mined in the past on levels 6, 9, 10 and 11.

In May, the junior rehabilitated the Potosi No. 3 shaft and improved

infrastructure and security at the mine. The No. 3 shaft gives the junior access to levels 0 to 4.

In July, Cyprium kicked off smallscale mining at Potosi, by extracting broken mineralized material left in stopes on levels 1 and 2 by past mining activities, at an extraction rate of 20 tons (18 tonnes) per day.

Cyprium aims to increase the extraction rate to 80 tons (72.5 tonnes) per day, after it receives the explosive permits to begin blasting.

The company had expected to get the explosive permit by August, but Lambert is confident that Cyprium will receive it shortly.

“Once we get the explosive permit, we can have a bigger tonnage. Then we are going to haul whatever’s stockpiled and whatever comes out of the mine to the Aldama plant for treatment,” Lambert says, noting Cyprium has been stockpiling the material extracted earlier.

The company has an exclusive right to use the 100-tonne-per-day plant — sitting 42 km from Potosi — until May 2019. It will sell all the lead and zinc concentrates with silver content produced at the plant to Trafigura Mexico.

Meanwhile, Cyprium intends to complete a resource estimate by year-end on the larger Santo Domingo body. The estimate would include old technical data and old sampling results, plus new sampling results and potential long-hole drilling.

After the resource estimate, Cyprium will consider rehabilitating shafts No. 1 and 5.

Lambert notes that shaft No. 1 is a small, 150-ton-per-day (136-tonneper-day) production shaft that will provide access to level 6 as well as levels 9 to 11, while shaft No. 5 is both a production shaft and an elevator for employees, and will go down to levels 9 to 11. The latter has a production capacity of 400 to 500 tons (363 to 454 tonnes) per day.

The executive estimates the cost for rehabilitating shaft No. 1 at several hundred thousand dollars, and US$1.5 million for shaft No. 5.

Before the company can reopen the shafts, Lambert says his yearend goals include finalizing the joint-venture interest by raising US$1.5 million. The money would improve shaft No. 3 and double capacity at the Aldama plant, as well as finish the resource estimate.

He concedes the company is also on the lookout for partners for the La Chinche exploration property, south of Potosi.

Cyprium closed Aug. 23 at 7¢ per share in a 52-week trading range of 5.5¢ to 12.5¢. TNM

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E D I T O R IA L Texas to build its own gold depository GOLD

GROUP PUBLISHER/ PUBLISHER: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com EDITOR-IN-CHIEF: John Cumming, MSC (GEOL) jcumming@northernminer.com EDITOR, SPECIAL PROJECTS: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com SENIOR STAFF WRITER: Trish Saywell, BA, MA, MSC (JOUR) tsaywell@northernminer.com WESTERN EDITOR: Matthew Keevil, BA (ECON AND POLI SCI) mkeevil@northernminer.com STAFF WRITERS: Lesley Stokes, BSC (GEOL) lstokes@northernminer.com Salma Tarikh, BSC (PSYCH), MA (JOUR) starikh@northernminer.com COPY EDITOR: Isa Cunanan, BSC (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com PRODUCTION EDITOR: David Perri, BA dperri@northernminer.com WEB EDITOR: Adrian Pocobelli, MA (ENGL) apocobelli@northernminer.com ADVERTISING: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com PRODUCTION MANAGER: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com CIRCULATION/CUSTOMER SERVICE: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com SUBSCRIPTION SALES: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com REPRINTS: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 SUBSCRIPTION RATES: Canada: C$120.00 one year; 5% G.S.T. to CDN orders.

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UK Mint has a record year

| Will be harder to mess with Texas gold

W

hen the average person thinks about Texas, a few words and phrases quickly come to mind: oldschool, wealthy, isolationist, entrepreneurial and open-carry.

Happily we can roll all these elements into one perfect Texas story for goldbugs: the news that the state government is on track to build

BY JOHN CUMMING its own gold depository to store the state and jcumming@northernminer.com anyone else’s bullion on good Texas ground, separate from the federal government’s massive hoard and greedy New York banks.

It started a little over a year ago, when Republican Texas Governor Greg Abbott signed a bill into law in Austin to “repatriate $1 billion of gold bullion from the Federal Reserve in New York to Texas.”

The bill was written by Rep. Giovanni Capriglione (R-Southlake) and sponsored in the Senate by Lois Kolkhorst, (R-Brenham).

In the original wording of the bill, the government’s finance code would be amended to create a “Texas Bullion Depository” that would be an agency of the state in the Office of the Comptroller, directed by an administrator appointed by the comptroller with the advice and consent of the governor, lieutenant governor and senate.

The depository would “hold certain bullion and specie acquired by the state or a political subdivision of the state; could receive and hold such deposits for private entities; and would use depository agents … to conduct retail transactions on behalf of the depository with current and prospective depository account holders.”

Deposits to the depository and related assets would not be subject to legislative appropriation.

Furthermore, the comptroller would establish procedures and requirements for the depository and depository agents for taxable gains and losses from depository transactions, and could establish fees, service charges and penalties to be charged to a depository holder, with receipts deposited to the state’s general revenue fund.

The law took effect Sept. 1, 2015.

Under the law, the comptroller would use independently managed firms and institutions licensed as “depository agents” to act as middlemen to conduct retail transactions on behalf of the depository.

The fees to use the depository would be set at levels “sufficient to cover the costs of implementing the provisions” of the law.

The wholesale precious metals dealer Texas Precious Metals was one local firm that responded to state Comptroller Glenn Hegar’s informal request for proposals to build a depository. According to the Dallas Morning News, Texas Precious Metals chief operating officer Tarek Saab (a former contestant on Donald Trump’s The Apprentice) has presented a plan to build a $20-million, 47,000-square-foot facility with 12-inch reinforced concrete walls and roof able to withstand 395,000 lb. of weight — to be built and operated without taxpayer money on land it owns in Shiner, 250 miles south of Fort Worth.

Meanwhile the iconic U.S. armed transport firm Brink’s says a new building is unnecessary, because the depository could simply use its excess secure-storage areas in its existing facilities in Texas.

Anthem Vault of Las Vegas is pitching its own plan, calling for “multiple vaulting locations throughout Texas to enable all Texans access to their bullion within a reasonable distance from their homes,” and an offer to create a network of “coin shops and retail storefronts” to accept deposits to the state depository.

The comptroller is expected to issue a more formal and detailed request for proposals by year-end, with observers expecting some kind of depository up and running perhaps as early as 2017.

One large potential client for the depository would be the University of Texas Investment Management Co., which had $600-million worth of gold bullion stored at HSBC Bank in New York — a fraction of the US$24-billion endowment it manages for the University of Texas.

Last July, a spokesperson for the company told the Texas Tribune that it would consider moving the gold to Texas if the storage fees were cheaper than the US$650,000 in annual fees it currently pays.

The state of Texas reportedly pays US$1 million per year in out-ofstate storage fees for its gold, and there is appetite to keep that revenue stateside.

Readers can keep up with news on the depository at the unofficial website www.texasbulliondepository.com, which is run by a blogger. TNM

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DEPARTMENTS Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 14 Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 16

FACTS ‘N’ FIGURES

| Penetrating US silver market drives revenue to 1,100-year high The following is an edited release from The Royal Mint. For more information, please visit www. royalmint.com.

T

he Roya l Mint has announced its annual results for 2015–2016, ref lecting the highest revenue in the 1,100year history of the organization in financial terms.

Significant growth in the precious metal trading activities of the company’s bullion division made a major contribution to this outcome, with increased competitiveness in the U.S. silver market at the core of the success.

Overall company revenue increased 39% to £360.6 million, or $616.5 million (2014–2015: £259.6 million), with revenue growth of at least 17% delivered by all three businesses — circulating coin, commemorative coin and bullion.

The company returned an overall operating profit of £13.1 million (2015–2016: £11.4 million), the highest since the company was vested in January 2010, reflecting a 19% increase last year.

BULLION ACTIVITIES SAW REVENUE INCREASE 64% TO £185.6 MILLION, AND ITS CONTRIBUTION TO OPERATING PROFIT RISE 87% TO £2.8 MILLION. Demonstrating consistency of performance, The Royal Mint exceeded all four of its ministerial targets for the third year in a row, operationally. A key ministerial target to achieve 10% return on average capital employed (ROACE) was exceeded — the organization achieved 17.9% ROACE, which was an increase on the previous year’s 17%. The circulating coin division achieved its 100% U.K. on-time delivery target for the fifth year in a row.

Circulating coin The Royal Mint Ltd. saw a rise in circulating coin sales by 17% to £124.0 million (2014–2015: £106 million), manufacturing some 4.4 billion coins and coin blanks for 40 countries (2014–2015: 4.6 billion for 30 countries). In the U.K., demand for domestic coinage remained strong, while a number

of contracts secured with overseas countries transitioned denominations from banknotes into coins.

The Royal Mint’s high-security, patented technology developed by the company’s in-house research and development team to bring new banknote levels of security to coins for the first time was fully commercialized and operational this year. The feature has been incorporated into the 12-sided, £1 coin that will enter circulation by the Treasury in 2017.

Bullion Growth in bullion activities saw revenue increase 64% to £185.6 million (2014–2015: £113.5 million) and contribution to operating profit increase 87% to £2.8 million (2014–2015: £1.5 million). Built on a number of precious metal trading activities, it is the company’s increased share of the U.S. silver market that is at the core of this growth.

Online precious metal trading website www.royalmintbullion. com (launched in 2014 to enable customers to buy, store and sell bullion coins at constantly updated live prices directly from The Royal Mint 24 hours a day, 365 days a year) proved attractive to small and large investors, with nearly 20,000 accounts opened by the end of March 2016.

Bullion products introduced during the year to complement the organization’s flagship Sovereign and Britannia bullion coins included Signature Gold, which helps investors benefit from economies of scale by buying fractions of large gold bars. In another noteworthy development for the division, Signature Gold was one of the Royal Mint gold products to be declared eligible for holding in self-invested personal pension schemes.

Commemorative coin and medals The organization’s commemorative coin business had another strong year, with operating profit increasing to £11 million (2014–2015: £7.3 million). Revenue rose 27% to £51 million (2014–2015: £40.1 million).

The popularity of Royaltythemed commemorative coins produced to celebrate events — such as Queen Elizabeth II becoming Britain’s longest reigning monarch (distributed to over 30 countries across the world), and the birth of Princess Charlotte — contributed to the results. Other strong performing themes included characters from the Beatrix Potter coin series. The Peter Rabbit silver proof coin sold out in eight days. TNM

Professional Directory . . . . . . . . . . . . . . . 15 Stock Tables. . . . . . . . . . . . . . . . . . . 6,12-14

COMPANY INDEX Avino Silver & Gold Mines . . . . . . . . 9,10 Brazil Resources. . . . . . . . . 3 Coeur Mining. . . . . . . . 5,10 Continental Gold. . . . . . . . 3 Cyprium Mining. . . . . . . . 3 Endeavour Silver. . . . . . 3,8 First Majestic Silver. . . . . . 3 Franco-Nevada. . . . . . . . . . 5 Freeport McMoRan. . . . . 10 Goldcorp. . . . . . . . . . . . . 5,7 Goldgroup Mining . . . . . . 9 Gran Colombia Gold . . . . 3

Great Panther Silver . . . . . 7 Hecla Mining. . . . . . . . . . 10 MAG Silver. . . . . . . . . . . . . 3 McEwen Mining . . . . . . . . 9 Minera Alamos. . . . . . . . . 9 New Gold . . . . . . . . . . . . . . 9 NewCastle Gold. . . . . . . . . 1 NovaCopper. . . . . . . . . . 3,7 NovaGold Resources. . . . . 7 Orezone Gold. . . . . . . . . . . 1 Primero Mining. . . . . . . . . 9 Red Eagle Mining . . . . . . . 3 San Marco Resources . . . . 9

Sierra Metals. . . . . . . . . . . . 9 Silver Standard Resources.

10 Southern Copper. . . . . . . . 3 Southern Silver Exploration 7 Teck Resources. . . . . . . . . 10 Timmins Gold. . . . . . . . . 11 Torex Gold Resources.10,11 Trilogy Metals. . . . . . . . . . . 3 Victoria Gold. . . . . . . . . . . 7 Wellgreen Platinum. . . . . . 7 Xtierra. . . . . . . . . . . . . . . . . 9

A one-quarter ounce silver bullion coin made by the U.K.’s Royal Mint in 2013.

2016-08-30 8:31 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 5–11, 2016

5

Coeur builds on 2016 success with exploration investment CEO INTERVIEW

| Precious metal miner’s shares up 460% year-to-date

BY SALMA TARIKH

C

starikh@northernminer.com

oeur Mining (NYSE: CDE) is reaping the fruits of its laborious corporate transformation, helped along by higher precious metal prices, as it produced earlier-than-expected positive free cash flow of US$12.2 million in the June quarter.

“What the higher gold and silver prices did was accelerate by a quarter or two some of the trends that we’ve seen in our business. Those go back over the last two years of some pretty aggressive cost reductions that we have been able to realize,” the company’s president and CEO Mitchell Krebs says in an interview.

Coeur operates five precious metal mines in Mexico, the U.S. and Bolivia, and has improved operating costs as well as lowered general and administrative (G&A) costs since 2013, Krebs says.

From 2013 to 2015, G&A fell from US$55.3 million to US$32.8 million, and should total US$30 million in 2016. Most of the initial reduction has come from streamlining and rebranding the organization, which included relocating the company’s headquarters to downtown Chicago from Coeur d’Alene, Idaho, in 2013.

Over three years, silver-equivalent production increased from 32.7 million oz. to 35.6 million oz., as Coeur added more gold ounces.

It’s now on track to meet its 2016 silver-equivalent production guidance of 33.8 million to 36.8 million oz., with Krebs noting the company might lower its annual cost guidance of US$16 to US$17.25 per equivalent oz. silver, if costs trend lower in third quarter.

In the second quarter, all-in sustaining costs per equivalent ounce of silver were US$14.82, down 11% from the same period a year ago, and 24% from US$19.59 in 2013. (On an adjusted basis, all-in sustaining costs have dropped 35% since 2013 to US$13.27 per realized equivalent oz. silver in the June quarter.)

The cost reduction came from many factors, including acquisitions and “more efficient mining through both a focus on scale and grade, depending on the mine,” Krebs notes.

Coeur is benefiting from its US$99-million acquisition of the Wharf heap-leach gold-silver mine in South Dakota from Goldcorp (TSX: G; NYSE: GG) in early 2015.

The asset is Coeur’s lowest producer and largest source of free cash flow, generating US$14.7 million in free cash flow in the June quarter.

“It looks like we already — in owning that only for a year and a half — recouped 60% of the $100-million acquisition cost. That’s as good of an acquisition you’d find in this industry, and a 20% rate of return,” Krebs says.

In late 2014, Coeur agreed to acquire junior Paramount Gold and Silver for its project that bordered the company’s Palmarejo silver-gold operation in Mexico’s Chihuahua state.

“The former property boundary between the two companies sort of split a few deposits in half, and by buying Paramount, we’ve consolidated ownership of those deposits — one of which is called Independencia,” Krebs says.

Coeur finished transitioning Palmarejo, its largest asset, from an open-pit operation to a lowertonnage, higher-grade underground mine in the second quarter.

1 2 3 4 5 11 13 14 16_SEPT5_Main .indd 5

At Coeur Mining’s Wharf gold-silver mine in South Dakota, which the miner bought for US$99 million in 2015. COEUR MINING

For a year and half, it has underground-mined the Guadalupe deposit, and in the past year has driven two declines from Guadalupe over to Independencia, where underground mining has also started.

Palmarejo’s second-quarter output totalled 2.4 million equivalent oz. silver, up 34% from the previous quarter, and 4% higher than a year ago. The adjusted cost applicable to sales was US$8.24 per realized equivalent oz. silver, down 19% over the previous quarter, and 32% lower than a year ago.

Krebs expects more cost improvements, as underground mining at Independencia reaches 1,000 tons per day by year-end. Combined, the two deposits should produce 4,000 tons per day in 2017 and beyond.

“That is going to drive the overall results not only for Palmarejo, but for the company,” the executive says.

Coeur will also benefit from the revised gold royalty agreement on Palmarejo with Franco-Nevada (TSX: FNV; NYSE: FNV), which came into effect in August, after

Coeur met the 400,000 oz. minimum delivery option under the original agreement. Under the revised terms, negotiated in October 2014, FrancoNevada agreed to pay US$22 million to help develop Guadalupe in 2015.

In return, it will receive half of the life-of-mine gold production from Palmarejo’s original land package for US$800 per oz., instead of US$416 per oz. previously. This saves Coeur US$40 million in annual royalty payments, Krebs says.

The revised agreement, the Paramount acquisition and the continued exploration have turned Palmarejo into a higher-margin, longer-life underground mine, he adds.

Palmarejo has an eight-year mine life. Coeur says it could extend that through ongoing exploration, where it will deepen the two deposits it is mining, convert resources to reserves and test underground targets.

After the company’s exploration results in the first half of the year, as well as higher metal prices, Coeur has increased its company-wide exploration budget by US$8 mil-

lion, mainly to upgrade resources to reserves at Palmarejo, the Kensington gold mine in Alaska and the Rochester gold-silver mine in Nevada. Nearly half of the US$8 million will go toward exploration activities, while the rest will go towards capitalized exploration.

Elsewhere in Mexico, Coeur is re-evaluating its La Preciosa silver project, located in Durango, as a lower-capital, higher-grade and lower-cost growth project, with an update expected in September. Over the medium-term, Coeur intends to complete revised economic studies for La Preciosa, where Coeur put off a construction decision in 2014, given unfavourable project economics.

Krebs says he “loves” working in Mexico. “It’s the world’s largest silver-producing country, with a great workforce, great infrastructure, and responsible permitting processes and timetables.”

While La Preciosa is likely in the company’s future, Coeur will continue to invest in Palmarejo, with Krebs noting that the company spent

US$4 billion in Mexico since 2007.

The executive says there is “still a lot to come” at Palmarejo and its other assets. “Now, it’s more about execution, and less about transition … we are a year and a half into seeing the benefits of a lot of the transitional work. But a lot of the good things that we expect to happen are still out in the future for us.”

Meanwhile, the stock is up an astonishing 460% year-to-date to close Aug. 29 at US$13.83, up from US$2.47. (The stock, however, was trading in the low thirties in late 2012.)

“Our stock price this year has outperformed every single U.S.listed equity, with a market cap of over US$250 million. We have been on a tremendous run this year,” Krebs says.

The firm, which has focused on capital discipline and strengthening its balance sheet, recently repaid a US$100 million mediumterm loan. It has a US$150-million cash position, and US$230-million total net debt. TNM

SAVE UP TO 50% OFF WITH SITE LICENSE THE NORTHERN MINER TEAM ACCOUNTS Save Up to 50% with The Northern Miner Group Account Subscriptions Each member of your team can have their own access to reliable, timely and informed analysis of global mining and exploration activity.

For pricing and other inquiries please email Dan Bond at

dbond@northernminer.com or call 1-888-502-3456 ext. 43715

Trusted provider of global mining & exploration intelligence since 1915.

2016-08-30 8:22 PM

6

WWW.NORTHERNMINER.COM

SEPTEMBER 5–11, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / AUGUST 22–26 Canada’s benchmark index fell 0.3% to 14,639.88, as U.S. Federal Reserve Chair Janet Yellen noted in a speech that “the case for an increase in the federal funds rate has strengthened in recent months.” The S&P/ TSX Global Mining Index declined 5.5% to 62.98 and the S&P/TSX Global Gold Index dropped 9.27% to 240.

Underground drill results from the Kiena mine complex near Val-d’Or, Que., sent shares of Wesdome Gold Mines soaring 47%, or 76¢, to $2.38 per share. Highlights included 94.35 grams gold per tonne over 17.4 metres, 223.12 grams gold over 14.3 metres and 8.43 grams over 8.2 metres. The Kiena mine complex is fully permitted, and has integrated mining and milling infrastructure that includes a 900-metre production shaft and a 2,000-tonne-per day mill. The mine produced 1.75 million oz. gold from 12.5 million tonnes at a 4.5-gram gold grade between 1981 and 2013. Operations were suspended in 2013 due to declining gold prices and lack of development.

Shares of Eldorado Gold fell 68¢ to $4.63 per share. The slide coincided with new exploration projects in Romania, Serbia and Brazil. In Romania, Eldorado acquired the large Bolcana porphyry copper-gold project, which is contiguous with the company’s land package in the country’s Apuseni mining

district. In Brazil, Eldorado will explore the Borborema and Nazareno gold projects under an option agreement with Votorantim Metals, and in Serbia it will explore the Karavansalija project, a large skarn and epithermal system with multiple mineralized ones and untested targets. Peter Lewis, Eldorado’s vice-president of exploration, said all of the projects include defined targets that the company plans to “drill aggressively” over the rest of 2016.

Erdene Resource Development updated the market on its gold projects in southwestern Mongolia. The company has been working on technical studies on the styles and controls of gold mineralization at its Bayan Khundii and Altan Nar projects. Both are near-surface and high-grade gold discoveries in the country’s Tian Shan gold belt. Bayan Khundii is a TSX MOST ACTIVE ISSUES

B2Gold Yamana Gold Kinross Gold First Quantum IAMGOLD Teck Res Barrick Gold Goldcorp Eldorado Gold New Gold

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

BTO YRI K FM IMG TCK.B ABX G ELD NGD

36022 4.23 3.59 3.76 - 0.49 30701 6.76 5.59 5.76 - 0.99 25427 6.29 5.35 5.60 - 0.72 24916 12.23 10.66 10.76 - 1.28 20009 6.07 4.92 5.09 - 0.97 18490 21.94 19.46 20.75 + 0.43 18348 26.59 23.19 23.69 - 2.79 17092 23.33 20.36 20.75 - 2.81 16263 5.28 4.53 4.63 - 0.68 10452 7.22 6.32 6.52 - 0.77

low-sulphidation, epithermal gold prospect and Altan Nar is a gold-polymetalic project 19 km northwest. Erdene says drilling will resume at Bayan Khundii in September and continue throughout the fourth quarter, and the program will include drill holes at Altan Nar. Among the studies underway are an environmental baseline study on both projects by a Mongolian environmental consulting company; a 3-D model of Bayan Khundii

mineralized zones to help with drill targeting; and a review of the deposit by Jeffrey Hedenquist, one of the world’s experts on epithermal gold systems. The company also plans to review its Altan Arrow discovery, 3.5 km north of Bayan Khundii. Meanwhile, it is evaluating copper and gold opportunities throughout Mongolia’s Edren Terrane through an alliance with Teck Resources. Shares of Erdene ended at 31¢, down 18%. TNM

TSX GREATEST PERCENTAGE CHANGE

Wesdome Gold Orsu Metals Stonegate Agri Formation Mtls U3O8 Corp Black Iron Polaris Mater Golden Mnls Harte Gold Kerr Mines Eastern Platin Erdene Res Dev NGEx Res Fortune Mnrls Goldgroup Mng Aura Mnls Coro Mining IAMGOLD Orosur Mng Excellon Res

WDO OSU ST ECS UWE BKI PLS AUM HRT KER ELR ERD NGQ FT GGA ORA COP IMG OMI EXN

9708 1702 496 548 2178 118 34 360 4037 1077 621 345 104 1445 2045 677 1495 20009 350 1677

2.50 0.04 0.03 0.62 0.04 0.04 1.34 1.15 0.29 0.13 0.78 0.38 1.36 0.15 0.34 0.23 0.19 6.07 0.32 2.07

1.50 0.03 0.02 0.49 0.03 0.04 1.20 0.88 0.25 0.11 0.58 0.29 1.06 0.11 0.22 0.18 0.15 4.92 0.28 1.68

2.38 0.04 0.02 0.60 0.04 0.04 1.34 1.09 0.29 0.12 0.63 0.31 1.11 0.12 0.28 0.18 0.16 5.09 0.29 1.81

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Wesdome Gold Teck Res Klondex Mns Labrador Iron Imperial Metal Polaris Mater Dynacor Gld Mn Golden Mnls Metalore Res China Gold Int Franco-Nevada Agnico Eagle Pan Am Silver Silver Wheaton Goldcorp Barrick Gold Endeavour Mng First Majestic Seabridge Gld Silver Std Res

+ 46.9 + 40.0 + 33.3 + 17.6 + 16.7 + 14.3 + 11.7 + 10.1 + 9.6 + 9.5 - 22.2 - 18.4 - 18.4 - 17.9 - 16.4 - 16.3 - 16.2 - 16.0 - 15.9 - 15.8

VOLUME WEEK (000s) CLOSE CHANGE

WDO TCK.B KDX LIF III PLS DNG AUM MET CGG FNV AEM PAA SLW G ABX EDV FR SEA SSO

9708 2.38 18490 20.75 3583 7.11 715 13.45 110 7.06 34 1.34 825 3.16 360 1.09 2 2.10 1804 2.62 2620 94.07 3551 68.16 2372 23.37 9190 34.54 17092 20.75 18348 23.69 1883 20.83 6522 17.17 527 14.40 4349 16.75

+ 0.76 + 0.43 + 0.26 + 0.25 + 0.15 + 0.14 + 0.11 + 0.10 + 0.10 + 0.09 - 5.73 - 4.05 - 3.32 - 3.07 - 2.81 - 2.79 - 2.28 - 2.25 - 2.24 - 2.20

TSX VENTURE EXCHANGE / AUGUST 22–26 The S&P/TSX Venture Composite Index dropped 3.3%, or 27.58 points, en route to an 805.53-point weekly close. Precious metals dropped after comments by the U.S. Federal Reserve hinting at an interest rate hike later this year, while copper hit a two-month low on oversupply concerns.

December contracts for gold lost 1.4%, or US$18.90, before finishing at US$1,321.50 per oz. gold. October contracts for West Texas Intermediate crude oil dropped 1.8%, or US88¢, en route to a US$47.64-per-barrel close, while December contracts for copper lost 4.2%, before finishing at US$2.08 per lb. copper.

Orezone Gold led the value-lost category after reporting that a resource update could lower in-situ gold ounces at its flagship Bomboré project in Burkina Faso, West Africa.

The company dropped 62¢ on 11.2 million shares traded, and finished at 60¢ per share.

On Aug. 22, the company said that “preliminary results” show a 30% decline in global reserves and resources. Bomboré’s 2013 resource estimate was 140 million tonnes grading 1.01 grams gold per tonne for 4.6 million oz. across all ore types.

Orezone said the decline could be due to a change in engineering companies and modelling techniques. The resource was calculated

by SRK Consulting, with the latest work led

by Roscoe Postle Associates.

The company received its mining permit on Aug. 12, and had been aiming to start construction during the second quarter of 2017.

Rusoro Mining topped the volume-traded after announcing an US$968-million arbitration award by the World Bank’s International Centre for Settlement of Investment Disputes against the government of Venezuela. The company saw 26.5 million shares traded before closing up 103% at 32¢ per share.

Rusoro filed its request for arbitration in July under the Canada-Venezuela bilateral investment treaty, and claims that Venezuela breached its obligations “by unlawfully expropriating [investments] without paying compensation, and by imposing certain TSX-V MOST ACTIVE ISSUES

Rusoro Mng Noram Vent Tango Mining Stans Energy Orezone Gold First Mg Fin Kazax Mnls Sphinx Res Westkam Gold ValGold Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

RML NRM TGV HRE ORE FF KZX SFX WKG VAL

26548 18980 17070 11332 11193 8948 7968 7890 7223 6720

0.41 0.07 0.14 0.09 0.83 1.02 0.01 0.14 0.06 0.08

0.16 0.06 0.08 0.02 0.52 0.83 0.01 0.06 0.05 0.04

0.32 + 0.07 - 0.09 - 0.07 + 0.60 - 0.97 - 0.01 unch 0.09 + 0.05 - 0.04 -

0.16 0.01 0.02 0.05 0.62 0.02 0.00 0.04 0.01 0.02

restrictions on the export of gold.”

The company has two mines in production and 10 exploration projects in Venezuela.

Novo Resources topped the value-added category after announcing a deal to expand its land position around its Beatons Creek paleoplacer gold project in Western Australia. The company gained 28¢ on 934,000 shares traded, en route to a $1.22-per-share

weekly close.

On Aug. 25 Novo reported a deal to buy three previously optioned properties from Australia-based Talga Resources, which will accept 765,115 shares in lieu of cash payments.

Novo says the Talga Talga, Warrawoona and Mosquito Creek projects could host resources that may “complement” hypothetical production at Beatons Creek. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Trident Gold Whistler Gold Stans Energy Cerro Mng Edgewater Expl Rusoro Mng Superior Mng IGC Res Reva Res Sphinx Res Regency Gold Saville Res Bandera Gold Cache Expl Jiulian Res Jazz Res Orezone Gold Randsburg Intl Goldstream Mnl Terreno Res

TTG.H WGX.H HRE CRX.H EDW RML SUI.H IGC.H GVR SFX RAU.H SRE BGL CAY JLR.H JZR ORE RGZ.H GSX.H TNO.H

611 24 11332 6 3575 26548 938 264 29 7890 236 500 663 46 34 18 11193 17 10 1817

0.03 0.02 0.09 0.03 0.06 0.41 0.01 0.01 0.32 0.14 0.03 0.03 0.01 0.27 0.05 0.18 0.83 0.01 0.14 0.08

0.01 0.00 0.02 0.03 0.02 0.16 0.01 0.01 0.00 0.06 0.03 0.02 0.01 0.10 0.02 0.09 0.52 0.01 0.00 0.04

0.03 0.02 0.07 0.03 0.06 0.32 0.01 0.01 0.32 0.09 0.03 0.02 0.01 0.10 0.02 0.09 0.60 0.01 0.09 0.05

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 400.0 + 300.0 + 250.0 + 150.0 + 120.0 + 103.2 + 100.0 + 100.0 + 77.8 + 70.0 - 90.0 - 70.0 - 66.7 - 62.3 - 55.6 - 52.8 - 50.8 - 50.0 - 47.1 - 43.8

VOLUME WEEK (000s) CLOSE CHANGE

Novo Res Bear Creek Mng Pac Booker Min Redhill Res Cancana Res Tudor Gold Rusoro Mng Reva Res Lion One Mtls Golden Arrow Abitibi Royalt Orezone Gold Gold Std Vents Mirasol Res Regency Gold Eurasian Mnls Chesapeake Gld Avino Silver Gold Reserve Roxgold

NVO BCM BKM ML CNY TUD RML GVR LIO GRG RZZ ORE GSV MRZ RAU.H EMX CKG ASM GRZ ROG

934 1817 33 2383 189 283 26548 29 366 2782 21 11193 2298 475 236 104 329 521 327 2998

1.22 3.40 1.20 1.45 0.49 1.17 0.32 0.32 1.08 1.13 7.96 0.60 3.15 2.90 0.03 1.45 6.00 2.86 6.48 1.45

+ 0.28 + 0.25 + 0.23 + 0.23 + 0.17 + 0.16 + 0.16 + 0.14 + 0.12 + 0.12 - 0.88 - 0.62 - 0.60 - 0.48 - 0.27 - 0.25 - 0.25 - 0.24 - 0.22 - 0.20

U.S. MARKETS / AUGUST 22–26 U.S. equities tumbled at the end of August, amidst speculation that the central bank would hike interest rates. The Dow Jones Industrial Average fell 0.9% to 18,395.40, and the S&P 500 Index shed 0.7% to 2,169.04. The Nasdaq retreated 0.4% to 5,218.92. Spot gold finished at US$1,320.50 per oz., down 1.5%, after interest rate concerns. Oil dropped on higher-than-expected U.S. crude inventories and diminishing hope that major oil producers would lower output to prop up prices in a September meeting. U.S. crude oil futures retreated 0.9% to US$46.98 per barrel. Meanwhile, U.S. gross domestic product growth was slightly lower than thought, growing an annual 1.1% in the second quarter, compared to an estimated 1.2%.

Kinross Gold lost US63¢ to close at US$4.30 per share, after publishing an operational update for three of its gold mines. The gold producer suspended its Maricunga mine at the end of July instead of in the fourth quarter, after a judicial decision concluded that it would enforce the country’s environmental regulatory authority’s revised sanction for June 24, 2016. The sanction lowers water pumping at the mine, among other things.

6_SEPT5_MarketNews.indd 6

As a result, Kinross laid off 300 employees at Maricunga, cautioning the earlier-thanplanned suspension should not affect its 2016 production and cost guidance.

Meanwhile, normal mining and processing resumed at Kinross’ Tasiast mine in Mauritania in August, after the temporary suspension from the expatriate work permit issue. The company also received a record of decision from the U.S. Bureau of Land Management to increase exploration and potential expansion activities at the Bald Mountain mine in Nevada. Kinross has reiterated its 2016 guidance of 2.7 million U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 153580 12.20 10.82 10.89 Yamana Gold* AUY 118595 5.24 4.31 4.42 Vale* VALE 112995 5.98 5.37 5.45 Kinross Gold* KGC 106539 4.87 4.13 4.30 Barrick Gold* ABX 89495 20.60 17.91 18.22 IAMGOLD* IAG 82907 4.70 3.80 3.90 Hecla Mining* HL 79836 6.65 5.34 5.74 United States S* X 71081 21.38 19.62 19.79 Alcoa* AA 68068 10.54 9.96 10.00 Goldcorp* GG 57818 18.07 15.73 15.95

- 1.08 - 0.83 - 0.52 - 0.63 - 2.39 - 0.80 - 1.02 - 0.59 - 0.27 - 2.38

to 2.9 million equivalent oz. gold, at all-in sustaining costs of US$890 to US$990 per oz. gold.

Potash Corp. of Saskatchewan fell US14¢ per share to US$16.04, as the firm battled low fertilizer prices. On Aug. 30, the ma-

jor’s stock price rose more than 13%, as it confirmed rumours that it was discussing a potential merger of equals with fertilizer major Agrium. The talks are preliminary, and may not result in a business combination, the company cautions. TNM

U.S. GREATEST PERCENTAGE CHANGE

Cloud Peak En* CONSOL Energy* Teck Res* Mechel* Southern Copp* NACCO Ind* Intrepid Pots* Potash Corp SK* Trecora Res* Chevron* DRDGOLD* IAMGOLD* McEwen Mng* Yamana Gold* Buenaventura* Endeavr Silver* Hecla Mining* Sibanye Gold* Seabridge Gld* Eldorado Gold*

CLD CNX TCK MTL SCCO NC IPI POT TREC CVX DRD IAG MUX AUY BVN EXK HL SBGL SA EGO

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

4555 3.98 3.38 3.83 + 7.9 16130 18.60 17.13 18.13 + 3.8 34298 17.01 15.05 15.98 + 1.1 386 1.88 1.78 1.80 + 0.6 4145 27.00 25.59 26.13 + 0.5 58 69.42 67.28 67.71 - 0.1 2685 1.38 1.30 1.32 - 0.8 34476 16.87 15.95 16.04 - 0.9 111 11.14 10.84 10.97 - 0.9 24860 102.48 100.86 101.32 - 1.0 5615 6.80 5.87 6.29 - 21.8 82907 4.70 3.80 3.90 - 17.0 23890 4.53 3.63 3.84 - 16.0 118595 5.24 4.31 4.42 - 15.8 9206 15.69 12.67 13.44 - 15.5 16660 5.44 4.45 4.71 - 15.4 79836 6.65 5.34 5.74 - 15.1 8983 19.12 16.62 16.82 - 14.7 6283 12.87 10.53 11.07 - 14.5 33191 4.10 3.48 3.56 - 14.0

U.S. GREATEST VALUE CHANGE

CONSOL Energy* CNX Cloud Peak En* CLD Teck Res* TCK Southern Copp* SCCO Mechel* MTL Intrepid Pots* IPI Turquoise HIl* TRQ NC NACCO Ind* Trecora Res* TREC Potash Corp SK* POT Franco-Nevada* FNV Newmont Mng* NEM MartinMarietta* MLM Agnico Eagle* AEM Sibanye Gold* SBGL Silver Wheaton* SLW Buenaventura* BVN Barrick Gold* ABX Goldcorp* GG First Majestic* AG

VOLUME WEEK (000s) CLOSE CHANGE

16130 18.13 4555 3.83 34298 15.98 4145 26.13 386 1.80 2685 1.32 11183 3.07 58 67.71 111 10.97 34476 16.04 3722 72.35 35400 39.93 2539 188.28 9543 52.42 8983 16.82 39811 26.56 9206 13.44 89495 18.22 57818 15.95 41123 13.19

+ 0.67 + 0.28 + 0.18 + 0.12 + 0.01 - 0.01 - 0.06 - 0.06 - 0.10 - 0.14 - 5.27 - 4.24 - 3.97 - 3.72 - 2.90 - 2.70 - 2.47 - 2.39 - 2.38 - 1.93

2016-08-30 8:26 PM

MEXICO SPECIAL FOCUS

Great Panther is poised for growth, Archer says

Electrum sees merit in Southern Silver’s Cerro las Minitas

SITE VISIT

| Ignacio satellite operation boosts silver production at Guanajuato

SILVER

| Electrum already owns 46% of the junior’s shares

BY TRISH SAYWELL tsaywell@northernminer.com

S

outhern Silver Exploration (TSXV: SSV; US-OTC: SSVFF) likes to think that its Cerro las Minitas silver-lead-zinc project in Durango, Mexico, has a lot going for it.

Not only is it close to significant deposits — some of them producing mines and owned by some of the industry’s biggest names in the precious metals space — but the junior has also caught the eye of the Electrum Group, a privately owned, natural resource investment management company founded by billionaire Thomas Kaplan.

Electrum is earning a 60% stake in the project and already owns 46% of the junior’s shares.

The New York-based investment group is well-known for its investments in the mining sector, which over the years have included NovaGold Resources (TSX: NG; NYSE-MKT: NG), NovaCopper (TSX: NG; NYSEMKT: NG), Wellgreen Platinum (TSX: WG; US-OTC: WGPLF), Victoria Gold (TSXV: VIT) and Kaminak (recently acquired by Goldcorp [TSX: G; NYSE: GG]).

Southern Silver also has an illustrious pedigree of its own, with a track record in Mexico.

Lawrence Page, who founded Southern Silver Exploration, was a director of Western Silver Corp. when the company was advancing the Penasquito project before its 2006 merger with Glamis Gold, which was later acquired by Goldcorp. Penasquito, 227 km east of Cerro las Minitas, is Mexico’s largest gold producer.

“We got Penasquito to the stage where it really became interesting See SOUTHERN SILVER / 10

Robert Archer, Great Panther Silver president and CEO, listens in during a tour of the SGS-managed lab at the GMC silver-gold mine in Guanajuato, Mexico.

BY LESLEY STOKES lstokes@northernminer.com GUANAJUATO, MEXICO

I

t’s easy for your mind to drift back into history when visiting Great Panther Silver’s (TSX: GPR; NYSE-MKT: GPL) silver-gold operations at its Guanajuato mine complex (GMC) in the city of Guanajuato, Mexico, a UNESCO World Heritage Site.

The narrow road that leads to the underground operation winds between colourful Spanish baroqueinspired architecture, with local musicians, dressed in traditional seventeenth century costumes, at almost every turn.

Beneath the vibrant city, however, is a different scene. Since 1548, miners have carved a labyrinth of tunnels that extend 4.2 km long and up to 1 km deep, largely engineered

by Spanish colonists chasing the district’s rich epithermal silver veins.

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Over its 400-year mining history, more than 1 billion oz. silver and 4 million oz. gold have been mined from the GMC, making it the second-largest silver district in Mexico, behind Fresnillo in Zacatecas state.

Great Panther showed up in town in 2005 to buy the GMC and San Ignacio claims, and its associated mining infrastructure, for US$7.3 million from the “Sociedad Cooperativa Minera Metalurgica Santa Fe de Guanajuato,” otherwise known as the Cooperative.

As we arrived at Great Panther’s

milling and office buildings, The Northern Miner was joined by president and CEO Robert Archer, who described his first experience of Guanajuato and its operations over a decade ago.

“The miners were chiselling the veins by hand on their backs, and there was very little drilling completed on the property,” he said.

“The silver price was US$7 per ounce and change and the Cooperative was losing money on a daily basis.

So we saw it as an opportunity to build resources and create a more

PHOTO BY LESLEY STOKES

modern and longer-life operation.”

Shortly after acquiring the property, Great Panther began underground mining five main veins across the GMC: Guanajuatito, Cata Clavo, Los Pozos, Santa Margarita and San Cayetano.

The ore is moved to the firm’s 1,200-tonne-per-day milling facility via underground tunnels at a rate of 400 tonnes per day.

In 2014, the company added material from its San Ignacio mine, See GREAT PANTHER / 8

Amec Foster Wheeler offices Amec Foster Wheeler projects

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Great Panther is poised for growth, Archer says

Mineralized epithermal vein in drill core from Great Panther Silver’s GMC operation in Mexico. PHOTO BY LESLEY STOKES GREAT PANTHER From 7

located 22 km from the mill. Archer says the company plans to ramp up production at San Ignacio from its current 550 tonnes per day to 700 tonnes per day by year-end.

San Ignacio is next to Endeavour Silver’s (TSX: EDR; NYSE: EXK) Lucero mine, a now-depleted satellite deposit to the company’s larger Bolanitos operation, 2 km north, which produced 277,000 oz. silver and 8,500 oz. gold during this year’s second quarter.

“San Ignacio really helped us through the downturn, especially last year. When we started production, the veins were 2 or 3 metres wide, but they ballooned out to 15 metres and the grades increased once we did step-out drilling,” he said.

“That allowed us to change the mine plan, and we increased tonnage and ounces when it was critical to keep costs down and production up.”

A drive into San Ignacio’s tunnels with Great Panther’s vice-president of exploration, Robert Brown, offers a different kind of history lesson.

The dark, volcanic walls are cut with brilliant white and banded quartz-carbonate veins that are the remnants of the hydrothermal

“SAN IGNACIO REALLY HELPED US THROUGH THE DOWNTURN … WE INCREASED THE TONNAGE AND OUNCES WHEN IT WAS CRITICAL TO KEEP COSTS DOWN AND PRODUCTION UP.” ROBERT ARCHER PRESIDENT AND CEO, GREAT PANTHER SILVER

fluids that filled the cracks.

Brown says that the degree of silver and gold mineralization largely depends on where the fluids reached boiling temperatures within the crust.

“San Ignacio was a one-phase system, it cracked and then the fluids came in. The elevations where boiling occurred is quite consistent around 2,340 metres elevation for 150 metres vertical extent,” he says, “whereas mineralization at Guana-

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Great Panther Silver’s 1,200-tonne-per-day mill at its GMC silver-gold mine in Guanajuato, Mexico. PHOTO BY LESLEY STOKES

juato occurred over and over again in several pulses, and fluctuated over larger vertical extents. Perhaps it might’ve been the core of the system, or closest to the heat source.”

While underground, Archer said the company has budgeted 16,000 metres of drilling at the GMC and San Ignacio this year.

The goal, he says, is to “increase our regional and local resource base to the point where we can justify a plant expansion.

“At this point we can’t say whether or not we’ll do it, it depends on the success of the drilling programs.

But to justify it you need a resource base first,” he said. “Guanajuato is a world-class deposit and a longlife operation, and there’s still a lot of potential to keep the mine going. We’re always finding new mineralization zones.”

The company also has access to old mining stopes at the GMC, which could add between 200,000 and 290,000 tonnes ranging from 59 to 252 grams silver per tonne and 1.03 to 3.52 grams gold per tonne.

Existing measured and indicated resources at the GMC, as of July last year, add up to 150,000 tonnes of 269 grams silver and 1.5 grams gold, for a total of 1.81 million equivalent oz. silver.

Inferred resou rces tack on 136,000 tonnes of 151 grams silver and 2.3 grams gold for 1.36 million equivalent oz. silver. Both calculations assume a US$74 net smelter return (NSR) cut-off and US$15 per oz. silver and US$1,100

per oz. gold.

“We’ll never have a large resource base here, that’s just way it is. Our goal is to replace what we mine each year and always stay a little bit ahead,” Archer said.

He adds that 30% of what Great Panther mines is outside the resource area, because the mineralization occurs too close to historical workings and can’t be block-modelled to National Instrument 43-101 reporting standards.

Last December, measured and indicated resources at San Ignacio stood at 360,000 tonnes of 145 grams silver and 3.2 grams gold for 4.3 million equivalent oz. silver. Inferred resources added 771,000 tonnes of 138 grams silver and 2.76 grams gold, for 8.3 million equivalent oz. silver. Both calculations assume a US$74 NSR cut-off and US$15 per oz. silver and US$1,100 per oz. gold.

Armed guards and muzzled dogs were standing outside of San Ignacio’s underground access ramp. It was a reminder of an insurgence by protestors at the company’s GMC facilities in March 2014.

Archer says 60 people seized the company’s main office building and plant facility before authorities could peacefully remove them four days later. He commented that in the weeks leading up to the event, violent confrontations by illegal miners were escalating underground.

“The illegal miners increased in number, and they were threatening our workers and stealing our

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equipment. When they started coming down with guns, that’s when we got guards,” he said. “The occupation happened on a Sunday, when no one was around, and they locked the gates from the inside.

The group was made up of mostly older people, some women and children, and a few middle-aged men. But it was organized by the same man who was also a leader for the illegal miners, so both events are somewhat related.”

Archer says the company hasn’t had any more problems, and he doesn’t anticipate a recurrence, but the company is keeping its security for preventative measures.

Both GMC and San Ignacio accounted for 75% of Great Panther’s production so far this year, with the rest coming from its Topia silverlead-zinc mine in Mexico’s westcentral Durango state.

During the second quarter, Great Panther processed 99,900 tonnes across its operations and produced 537,000 oz. silver and 6,010 oz. gold, at all-in sustaining costs of US$7.19 per oz. silver.

Rising gold and silver prices and favourable exchange rates bumped up the firm’s revenues to $25.6 million, in a 33% increase, compared to the same quarter last year.

As of August, the company’s cash position stood at $66 million, which includes funds from a US$29.9million bought-deal financing in July, and a US$10-million, at-themarket offering in April.

The bought-deal financing entailed 18.7 million units sold at US$1.60 apiece, with each unit comprised of a share and one-half warrant. Each whole warrant is exercisable within 18 months at US$2.25 per share.

Archer said the proceeds are partly intended for project acquisition.

Although the company backed out of an option agreement for Nyrstar’s Coricancha polymetallic mine in Peru, it is evaluating the project and could still buy the mine.

“The financing has put us in a strong position. We look to buy something that will add value to our company, and having that money puts us in a much stronger position,” he said.

Shares of Great Panther have traded in a 52-week range of 47¢ to $2.82, and closed at $1.61 at press time. The company has 166.3 million shares outstanding for a $244.7-million market capitalization. TNM

2016-08-30 6:49 PM

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GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 5–11, 2016

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EXPLORATION AND MINING IN MEXICO Junior snapshot: Nine companies on the move oz. silver produced per year, plus half of any excess at US$4.20 (plus 1% inflation) per oz. silver. The rest of the silver produced is sold at spot market prices.

For many Canadian miners and mineral explorers, Mexico stands alongside Canada and the U.S. as a preferred destination for mining projects, with the country boasting a rich mineral bounty (particularly in silver and gold), excellent infrastructure, low costs, great weather and a centuries-old mining culture.

SAN MARCO RESOURCES

The following are nine examples of companies at various stages of activity in Mexico.

AVINO SILVER & GOLD MINES Vancouver-based Avino Silver & Gold Mines (TSXV: ASM; NYSEMKT: ASM) declared commercial production at its Avino silver-goldcopper mine Mexico’s Durango state during the second quarter, after years of effort by its team in Mexico and Canada. It adds a second producing silver mine to Avino’s roster.

The Avino mine has plenty of history, having been first opened by the Spaniards in the 1500s and supplying wealth to Spain for hundreds of years. Avino says the mine operated intermittently ever since, including for 27 years under Avino Silver & Gold Mines beginning in 1974.

The larger Avino property includes the company’s operating San Gonzalo silver mine, which entered commercial production in October 2012. San Gonzalo and the newly reopened Avino mine feed one conventional, three-circuit flotation mill, with a 1,500-tonne-per-day capacity.

During the second quarter, Avino’s company-wide production totalled 380,600 oz. silver, 1,500 oz. gold and 1.05 million lb. copper., or 630,000 equivalent oz. silver.

GOLDGROUP MINING Keith Piggott-led Goldgroup Mining (TSX: GGA: US-OTC: GGAZF) has two main gold assets in Mexico: the new, fully owned Cerro Prieto mine in Sonora state and the 50%-owned San Jose de Gracia development project in Sinaloa state.

While it produced gold in 2014 and 2015, Cerro Prieto achieved first commercial production in the second quarter of 2016. Goldgroup expects gold production for 2016 to be 15,000 oz. gold at a US$900 per oz. cash cost, with a 5% silver credit.

Mine optimization is ongoing, including hooking up the mine to the state power grid to lower diesel consumption.

Goldgroup’s share of the gold resources on these two properties approaches 900,000 oz. gold, but mostly in the indicated and inferred categories, and so one of Goldgroup’s immediate tasks is to upgrade and expand the resource through drilling.

The junior also has the El Mozo epithermal gold exploration project in southern Ecuador.

MCEWEN MINING McEwen Mining (TSX: MUX; NYSE: MUX) has become a well-known name in the Mexican mining scene, with its El Gallo open-pit, gold-silver mine ramp-up in Mexico’s Sinaloa state to complement its 49%-owned San Jose underground silver-gold mine in southern Argentina. El Gallo saw its first gold pour in 2013 and could produce 55,000 equivalent oz. gold in 2016 .

Despite some permitting delays, McEwen is developing the nearby El Gallo Silver mine project, which is slated to produce 5.2 million oz. silver and 6,100 oz. gold annually.

During the second quarter, McEwen bought a royalty on its El Gallo property for US$5.3 million, ending

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Processing facilities at Sierra Metals’ Bolivar copper-silver mine in Chihuahua state, Mexico. SIERRA METALS the quarter with no debt and liquid assets of US$36.7 million in cash, US$14.3 million in precious metals and US$4.7 million in marketable securities.

For all of 2016, McEwen expects to produce 99,500 oz. gold and 3.34 million oz. silver at all-in sustaining costs of US$935 per oz. gold equivalent.

At the head office in Toronto, Donald Brown is joining the company as senior vice-president of projects, after having served as vice-president of projects at Glencore, and construction manager for Bechtel’s Mining and Metals group. Brown will also help develop McEwen’s new Gold Bar gold mine project in Nevada.

MINERA ALAMOS

NYSE-MKT: NGD) has one of its four producing mines in central Mexico: Cerro San Pedro. The wholly owned open-pit, heap-leach mine is near the end of its life, with New Gold ending active mining in late June and transitioning to residual leaching.

Second-quarter gold output at Cerro San Pedro dropped to 17,287 oz. gold and 200,000 oz. silver at all-in sustaining costs of US$941 per oz. gold.

As New Gold winds down its Mexican operations, attention will move to its two growth projects — the Rainy River gold mine under construction in Ontario, and the Blackwater gold project in B.C. — as well as its three operating gold mines: New Afton in B.C., Mesquite in California and Peak Mines in Australia.

Chris Frostad’s Minera Alamos (TSXV: MAI) has two advanced, open-pit projects in northwest Mexico: the La Fortuna gold project in western Durango state, and the Los Verdes copper-molybdenum project in southeastern Sonora state.

As of June 30, the company had US$474 million in liquidity, including US$220 million in cash and equivalents.

At La Fortuna, Minera Alamos looks to build a starter-pit that would exploit 4.8 million measured and indicated tonnes grading 1.98 grams gold per tonne, or 308,000 contained oz. gold. The company aims to finish its technical reports in the fourth quarter of 2016, so that it can make a production decision in the first quarter of 2017.

Toronto-based Primero Mining (TSX: P; NYSE: PPP) has evolved in recent years into a dependable producer from two substantial mines: the world-class San Dimas underground gold-silver mine in the town of Tayolta in Mexico’s Durango state, and the underground Black Fox underground gold mine in Ontario’s Timmins camp.

Minera Alamos is expanding its property footprint around La Fortuna and rethinking the project’s expansion potential, based on positive results from its latest grassroots fieldwork.

Since mid-2014, Primero has worked on a second expansion at San Dimas that should bring the mine’s nameplate capacity to 3,000 tonnes per day during the third quarter of 2016, or an annual 215,000 equivalent oz. gold per year.

Meanwhile at the less advanced Los Verdes, the next milestone is a preliminary economic assessment.

Based in Toronto, Minera Alamos has raised $8 million over the last 12 months and is fully funded to finish its current work program, with $2 million in cash and no debt in August 2016.

PRIMERO MINING

Billing itself as “one of the largest exploration landholders in the Mulatos gold district,” San Marco Resources (TSXV: SMN) is exploring for gold in eastern Sonora state, and quietly acquiring land in part by staking hydrothermal systems defined by large alteration zones.

Though a small grassroots explorer, San Marco’s board has big names in junior mining: chairman R. Stuart (Tookie) Angus, president and CEO Robert D. Willis, Brian Lock, William Myckatyn, Craig Prenter and Andrew Carstensen.

Its main asset, the Cuatro de Mayo project in Sonora, comprises 732 sq. km within 20 km of three operating mines, and the property hosts “numerous known gold, silver and base metal showings.”

As of Dec. 31, San Marco had 27.8 million shares outstanding, or 44.7 million fully diluted, with insiders holding 21%.

SIERRA METALS Sierra Metals ( TSX: SMT ; US-OTC: DBEXF) has become an experienced polymetallic producer with three underground operations: the fully owned Bolivar copper-silver mine and Cusi silver-lead mine in southwest and central Chihuahua state, Mexico, and the 82%-owned Yauricocha silver-copper-leadzinc mine near Lima, Peru.

Company-wide, Sierra produced 3 million oz. silver equivalent in the second quarter compared to the yearago total of 3.2 million equivalent oz. silver.

The Toronto-based company took

in US$9.6 million in earnings before interest, taxes, depreciation and amortization over the first six months of 2016, and sat mid-year with US$26 million in cash, US$85 million in debt and US$41 million in liquidity.

Of note, Sierra achieved record throughput at both Bolivar and Cusi during the second quarter.

Sierra Metals is considering adding a listing on a U.S. stock exchange to boost trading volume and liquidity.

Current major shareholders are Arias Resource Capital (51%) and Black Rock (10%).

XTIERRA Toronto-based Xtierra (TSXV: XAG) has long been developing its wholly owned Balboa zinc-silver-lead project in Zacatecas state’s Central Silver Belt, having so far spent $22.6 million on the project.

The high-water mark for Xtierra was in 2014, with a resource calculation and preliminary economic assessment by Runge Pincock Minarco, which envisaged mining at a rate of 2,000 tonnes per day to exploit head grades of 2.1% zinc, 63.96 grams silver per tonne and 1.4% lead, and produce concentrates containing annual averages of 20 million lb. zinc, 1 million oz. silver and 17 million lb. lead.

Since then Xtierra has had increasingly severe working capital restraints, and as of late August 2016, was negotiating further extensions of its secured notes with its two largest shareholders (combined 66.4% interest) to avoid foreclosure. As of June 30, total assets stood at $45,000, with liabilities at $1.2 million.

The stock has gone from half a cent as recently as March, and passed the ten-bagger mark in July. At press time shares traded at 6.5¢ for a $6.5-million market capitalization, based on 116.4 million shares outstanding. TNM

For all of 2016, Primero is guiding San Dimas production at 110,000 to 120,000 oz. gold and 6.5 million to 7.5 million oz. silver, or 135,000 to 145,000 oz. gold equivalent.

NEW GOLD

Combining the two mines’ output, Primero is set to produce 195,000 to 215,000 oz. gold equivalent in 2016, at total cash costs of US$775 to US$825 per ounce.

Intermediate gold, copper and silver miner New Gold (TSX: NGD;

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Electrum sees merit in Southern Silver’s Mexican project SOUTHERN SILVER From 7

to Glamis Gold and to Goldcorp, and shareholders of Western Silver ended up with a $1.2-billion payday, if you look at the value of their share appreciation going through Glamis into Goldcorp,” Page says.

“Penasquito was a big home run for shareholders, and we wanted to see if we could emulate it again, using the same geologists and directors.”

The dream team Southern Silver put together for its exploration work in Mexico consisted of three geologists with impressive credentials: Thomas Patton, Adrian Robles Salazar and Roger Scammell.

It was Patton who, as president of Western Silver, had arranged for the company to acquire Penasquito from his former employer, Kennecott. Robles Salazar had worked with Patton at Penasquito while both men were at Kennecott, and was hired by Southern Silver as its country geologist for Mexico, and introduced the company to the Cerro las Minitas property (where he also drilled the discovery hole).

Scammell joined Southern Silver’s board in 2002 after leaving Teck Resources (TSX: TCK.B; NYSE: TCK), where he and his team found the San Nicolas VMS deposit, in the Mexican state of Zacatecas. Scammell was Teck’s country manager for Mexico from 1992 to 2002, and under his direction the company also discovered the El Limon gold skarn in Mexico’s Guerrero state, which is now owned by Torex Gold Resources (TSX: TXG). The El Limon-Guajes mine started commercial production in March and according to Torex is one of the world’s richest openpit gold mines in the world, with a resource grade of 2.65 grams gold.

Cerro las Minitas, which means “a hill of many mines,” is an area made up of artisanal workings. The orebody is centered around the Cerro las Minitas outcrop, which pokes out of gravel. Page and his team put together a claim package of 25 lineal kilometres, and acquired most of it from a Mexican national.

The project has a prestigious area code. Contiguous to Cerro las Minitas east is Hecla Mining’s (NYSE: HL) producing San Sebastian mine, while 28 km west is Coeur Mining’s (NYSE: CDE) La Preciosa project. Fourteen kilometres south are two producing mines owned by Avino Silver & Gold Mines (TSXV: ASM; NYSEMKT: ASM), and 133 km north is

Drillers at Southern Silver’s Cerro las Minitas silver-lead-zinc project in Durango state, Mexico. SOUTHERN SILVER

the Pitarillo project owned by Silver Standard Resources (TSX: SSO).

Southern Silver completed its US$4 million earn-in for 100% of Cerro las Minitas in 2015 with the help of Freeport-McMoRan (NYSE: FCX), which was interested in the property because its geologists said that a copper-gold porphyry lay underneath the outcrop at depth. Freeport spent US$5 million earning into the project before abandoning the option in 2014, and leaving Southern Silver with all the data.

“We were lucky having Freeport assist in providing money to purchase the property,” Page says. “They drilled a couple of deep holes and they also did some airborne electromagnetic surveys and ground surveys, got some values — but not enough to convince them to stay.

There still might be a deep porphyry under there, and we’ll look for it one day, but it’s expensive, so we’re drilling at a more shallow level and we’re into metallics.”

Since 2011, Southern Silver has drilled 91 core holes totalling 35,955 metres and identified a cumulative strike length at Cerro las Minitas of 1,000 metres and up to 600 metres deep. Other work includes surface geochemical and biogeochemical sampling, airborne magnetics and induced-polarization and gravity geophysics.

In March, it completed the first resource estimate on the project. The company reported that the indicated resource based on two deposits — the Blind zone and El Sol — stands at 3.7 million tonnes grading 305 equivalent grams silver per tonne (90 grams silver per tonne, 0.05 gram gold per tonne, 2.3% lead, 2.5% zinc and 0.1% copper), for 36.5 million contained oz. gold-equivalent. The resource estimate used a cut-off grade of 150 grams per tonne silverequivalent.

The inferred resource — which includes a third deposit on the western side of the central intrusion called the Santo Nino zone — measures 6.6 million tonnes grading 363 grams silver-equivalent per tonne (82 grams silver, 0.17 gram gold, 1.6% lead, 4.3% zinc and 0.2% copper), for a total of 77.25 million contained oz. silver-equivalent.

Southern Silver’s goals are to double or possibly triple the resource through further exploration on the property. Last year, drilling in the area of the historic Mina la Bocona mine intersected high-grade sulphides outside of historic mining along the eastern contact with the central intrusion, which the company says is a discovery. (Mineralization at La Bocona was not included in the resource estimate.)

Mina La Bocona was formerly

mined by artisanal workers to 220 metres deep. Highlights from Southern Silver’s drilling — 350 metres east of the historic workings — include 7.8 metres grading 13.5 grams gold, 37 grams silver, 2.2% lead and 1.7% zinc. The mineralization at La Bocona is 1.3 km from the Blind and El Sol deposits.

Earlier this year the company identified a 29.5-metre thick zone of polymetallic mineralization about 300 to 400 metres from the Blind and El Sol deposits, at 600 metres deep. “This is an area that we would want to be doing more drilling and where we have high potential to add high tonnage to the resource base,” the company’s general manager of exploration Robert Macdonald says.

“We’ve identified two main target areas to follow up at Cerro las Minitas, and we would look at another 5,000 to 10,000 metres of drilling over the next year on those programs,” Macdonald continues.

“And as we develop some of these other targets we’ll strike a balance between the development of discoveries, and deeper and expansive drilling at Cerro las Minitas itself.”

This year, Southern Silver will focus on soil sampling and rotary air blast (RAB) drilling to test the eastern and western sides of the property.

Page notes that Hecla used RAB

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drilling at its nearby San Sebastian mine.

“Hecla was able to discover their resource using RAB drilling on a shallow basis,” he says. “It was successful for Hecla, and we think it will be successful for us. And historically, when Kennecott owned Penasquito, that was the exploration tool they used to get to bedrock on a cost-efficient basis, which was a great vector to finding where the mineralization is at greater depths.

“We’re funded and the program is underway to look for targets on the balance of the property,” Page notes. “We have a pretty good idea what we have around the Cerro, and now we want to see what the balance of the property may have.”

Page hopes that Cerro las Minitas will become Electrum’s second producing mine in Mexico, after its Los Gatos project in Chihuahua. Indeed, the similarities that Electrum saw between Los Gatos and Cerro las Minitas prompted them to approach Southern Silver in the first place.

Electrum’s consultant, Larry Buchanan, sold Los Gatos to the New York-based investor group, and recommended that it take a closer look at Cerro las Minitas.

“Buchanan is the one who found the Apex silver project in Bolivia, which was very, very successful for Dr. Kaplan, and he knew about the Cerro property and recommended it to the Electrum people,” Page says.

“He also discovered the Los Gatos project in Chihuahua and thought there was a parallel between the Los Gatos property and Cerro las Minitas.”

Electrum’s privately held Sunshine Silver Mining & Refining is advancing the Los Gatos deposit, 128 km south of Chihuahua City in northern Mexico, and is working on a preliminary economic assessment.

“Los Gatos is a bit more of a vein system than what we have at Cerro las Minitas, but we are also looking at a silver-lead-zinc system primarily with very, very good zinc credits, with some precious metal enrichment in gold and copper, as well,” Macdonald says. “These are all similar intrusion-related systems — large systems that have the potential to be developed into tens of millions of tonnes of mineralization in each of the deposit areas.”

Under Electrum’s option to earn 60% of the project, it must spend US$5 million on exploration, and the group has access to capital. In June, Japan’s Dowa Metals & Mining Co. invested US$50 million for a 30% stake in the Los Gatos project.

“It’s a great relationship with Electrum because not only do we obtain capital from them, but they also have human resources from exploration right through to mining that we are able to avail ourselves of at no cost,” Page says.

As for operating in Mexico, Page says, “it’s a good jurisdiction” where Canadian companies have mined for many years, and where one of Southern Silver’s neighbours, Avino Silver & Gold, has operated since the late 1960s.

“Mexico is a good place to be, silver is a great metal to be in right now and you’ve got the zinc side as well, so all of this is coming together,” he says. “We’ve had a long drought from 2008 until now and some people disappeared, but we managed to survive and develop.

“It was difficult, but now it seems like all the components for success have come together, so we think we’ve got a bright future.”

Over the last year Southern Silver’s stock has ranged from 2.5¢ up to 66¢, and at press time traded at 50¢ per share. The company has 79.5 million shares outstanding for a $50-million market capitalization.

Management and close associates hold 10% of the company’s shares. TNM

2016-08-30 6:49 PM

MEXICO

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 5–11, 2016

11

Timmins Gold’s flagship San Francisco gold mine, 150 km north of Hermosillo, Mexico. TIMMINS GOLD

Timmins gains ‘breathing room,’ thanks to gold rally GOLD MINING

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

M

exico-focused Timmins Gold (TSX: TMM; NYSEMKT: TGD) will stay in the gold mining business thanks to the sustained rise in precious metal prices over the past six months.

Eight months ago Timmins was forced to announce the impending closure of its San Francisco operation, which lies 150 km north of Hermosillo, Mexico. The open-pit gold mine is the company’s sole producing asset, and its prospects for developing the recently acquired Ana Paula gold project looked grim at the time, owing to the firm’s weak balance sheet.

Fast forward to Aug. 12, and Timmins Gold’s second-quarter financials were headlined by adjusted earnings of US$6.4 million, or 2¢ per share, on metal revenue of US$33 million, compared to US$629,000 and US$27.8 million a year ago. The company ended the quarter with US$12.5 million in its treasury.

The company boosted its average head grade at San Francisco 12% year-on-year to 0.6 gram gold per tonne, while all-in sustaining costs

| Planned mine closure cancelled after San Francisco exceeds expectations in Q2 dropped 33% to US$761 per oz. over the same period. Timmins cranked out nearly 26,000 oz. gold during the quarter.

The company raised its full-year production guidance by 15,000 oz. to between 90,000 and 100,000 oz. As a result of the “higher sustained gold price,” management said operations at San Francisco could continue well beyond 2016. Timmins is engaged in engineering work to determine an optimal mine plan.

“San Francisco continues to exceed expectations in terms of grade, strip ratio and unit operating costs,” interim CEO Mark Backens said during a conference call. “We’re pleased to report that due to positive operating results at [the mine], we have elected to cancel its planned closure. We expect similar operating margins and associated cash flow for the balance of the year.”

Timmins boosted its balance sheet in May by selling its Caballo Blanco property to Candelaria Mining, which resulted in US$9.3-million in upfront cash payments. The company repaid a US$10.2-million loan facility and settled a $2-million debenture with the Lundin Group.

Timmins also started “pre-construction activities” at Ana Paula,

which it acquired through a merger with Newstrike Capital in early 2015. The property sits along the prospective Guerrero gold belt next to Torex Gold Resources’ (TSX: TXG; US-OTC: TORXF) emerging El Limon-Guajes mine.

The company will spend US$9.2 million at Ana Paula this year on 16,000 metres of drilling, metallurgical test work and a new feasibility study. Timmins expects to finish the studies by September, and get all construction permits before March 2018.

Based on a preliminary economic assessment released in 2014, Ana Paula could produce 116,000 oz. gold annually over eight years, at all-in sustaining costs of US$526 per oz., net of by-product credits. The study pegged initial costs at US$121.7 million, and used a US$1,300 per oz. gold price.

“With the improvements in our balance sheet and operations at San Francisco, we can unlock the value of Ana Paula. We view this project as one of the best development-stage gold projects in North America,” Backens said.

Ana Paula hosts 1.9 million oz. gold and 7.1 million contained oz. silver within 41 million tonnes grad-

ing 1.47 equivalent grams gold.

On Aug. 22 Timmins tabled an updated mine plan for San Francisco that would see operations continue through 2023. Life-of-mine production is an estimated 450,000 to 500,000 oz. gold at cash costs between US$900 and US$950 per ounce. Backens says that “expected cash flow from operations will comfortably fund the pre-construction work program at Ana Paula.”

Updated reserves at San Francisco total 574,000 contained oz. gold, within 32 million tonnes grading 0.56 gram gold.

BMO Capital Markets analyst Brian Quast noted that the updated outlook at San Francisco appears “only slightly better” than the previous mine plan at “half the amount of production.” BMO Research has

an “underperform” rating on Timmins, along with a 63¢ target price.

“Although San Francisco should help generate cash flow at the current gold price, we expect that Timmins will have to raise a substantial amount of capital [likely in the form of equity] to fund Ana Paula to completion,” Quast said.

“The repayment of debt and the recent gold price rally gives [the company] a slight amount of breathing room, in our view. We recognize that the share price likely has a lot of torque to a rising gold price, because of the optionality,” he said.

Timmins has traded within a 52week range of 10¢ to 80¢, and closed at 63¢ per share at press time. The company has 316 million shares outstanding for a $203-million market capitalization. TNM

Pure Silver.

Pure Growth.

San Sebastian Durango, Mexico

Hecla’s newest silver and gold mine Expected 2016 production 4.35 million oz. silver & 35,000 oz. gold

Celebrating the opening of our second silver mine at the Avino Property near Durango, Mexico.

Previously mined (2001-2005), reopened 2015 with new high-grade discovery Proven management with long term commitment

Hecla-mining.com

1 2 3 4 5 11 13 14 16_SEPT5_Main .indd 11

NYSE HL

TSX.V: ASM NYSE-MKT: ASM www.avino.com

2016-08-30 6:49 PM

12

WWW.NORTHERNMINER.COM

SEPTEMBER 5–11, 2016 / THE NORTHERN MINER

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: AUGUST 22–26, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 792 0.16 0.14 0.16 + 0.01 0.28 0.03 Abacus Mng &Ex V 519 0.05 0.05 0.05 - 0.01 0.08 0.04 Abcourt Mines* O 46 0.09 0.08 0.08 - 0.01 0.10 0.02 Abcourt Mines V 1125 0.12 0.10 0.11 - 0.01 0.13 0.03 ABE Resources V 5 0.03 0.00 0.03 + 0.01 0.08 0.02 Aben Res* O 26 0.18 0.00 0.14 - 0.03 0.26 0.03 Aben Res V 510 0.23 0.17 0.18 - 0.06 0.34 0.06 Aberdeen Intl* O 332 0.13 0.12 0.12 - 0.01 0.16 0.07 Aberdeen Intl T 744 0.17 0.16 0.17 - 0.01 0.24 0.10 Abitibi Royalt V 21 8.84 7.88 7.96 - 0.88 9.95 2.20 ABT Holdings* O 130 0.70 0.35 0.43 - 0.16 0.76 0.05 Acme Res Inc V 200 0.12 0.07 0.07 - 0.04 0.12 0.02 Adamera Mnls V 1369 0.15 0.10 0.10 - 0.04 0.15 0.01 Adamera Mnls* O 359 0.12 0.07 0.09 - 0.02 0.12 0.01 Adex Mining V 1537 0.02 0.01 0.02 + 0.01 0.02 0.01 Advance Gold V 2 0.06 0.00 0.06 - 0.01 0.10 0.01 Advantage Lith V 49 0.60 0.00 0.55 - 0.05 0.76 0.14 African Queen V 1137 0.06 0.05 0.06 + 0.01 0.14 0.01 O 16 0.00 0.00 0.00 - 0.00 0.00 0.00 Aftermath Slvr* 0.09 + 0.00 0.12 0.01 Agave Silver* O 85 0.09 0.08 Agnico Eagle T 3551 73.22 66.36 68.16 - 4.05 78.35 28.15 52.42 - 3.72 60.10 21.22 Agnico Eagle* N 9543 56.69 51.20 Agrium T 979 119.98 115.40 115.78 - 0.71 139.10 104.70 Agrium* N 2062 93.00 88.73 89.04 - 1.57 105.60 79.94 Aim Explor* O 783 0.02 0.01 0.01 - 0.01 0.20 0.01 Alabama Graph* O 444 0.14 0.12 0.12 - 0.02 0.18 0.08 V 1260 0.18 0.16 0.17 - 0.01 0.24 0.11 Alabama Graph Alacer Gold T 4368 3.25 2.99 3.10 - 0.10 3.64 2.08 T 3862 11.30 9.63 9.93 - 1.17 13.65 3.27 Alamos Gold Alamos Gold* N 9038 8.76 7.44 7.65 - 0.98 10.41 2.27 Alberta Star* O 13 0.28 0.25 0.27 + 0.02 0.28 0.12 N 68068 10.54 9.96 10.00 - 0.27 11.50 6.14 Alcoa* Alderon Iron* O 62 0.09 0.09 0.09 + 0.00 0.17 0.05 0.13 + 0.01 0.22 0.07 Alderon Iron T 272 0.14 0.12 Aldershot Res V 310 0.07 0.06 0.06 + 0.01 0.07 0.01 Aldever Res* O 28 0.05 0.04 0.04 - 0.00 0.20 0.04 0.06 - 0.01 0.26 0.06 Aldever Res V 265 0.06 0.00 Aldridge Mnrls V 646 0.34 0.27 0.31 - 0.02 0.34 0.12 0.09 - 0.01 0.15 0.08 Aldrin Res V 124 0.10 0.09 Alexander Nubi V 317 0.14 0.12 0.13 - 0.02 0.16 0.04 Alexander Nubi* O 50 0.11 0.11 0.11 - 0.00 0.12 0.03 Alexandria Min V 2505 0.11 0.09 0.09 - 0.01 0.12 0.02 Alexandria Min* O 396 0.08 0.07 0.07 - 0.01 0.10 0.01 1.87 - 0.07 2.54 0.22 Alexco Res* X 4886 2.04 1.74 Alexco Res T 1365 2.62 2.26 2.43 - 0.06 3.31 0.35 Algold Res V 624 0.35 0.30 0.32 - 0.03 0.40 0.07 0.10 - 0.01 0.17 0.07 Alianza Min* O 39 0.11 0.10 Alianza Min V 68 0.15 0.00 0.14 - 0.02 0.21 0.10 V 1366 0.08 0.07 0.07 - 0.01 0.18 0.04 Alix Res Alliance Mng V 582 0.03 0.02 0.02 - 0.01 0.04 0.01 Alliance Res* D 1339 21.20 19.33 20.22 + 0.67 26.18 9.95 Almaden Mnls T 410 2.14 1.71 1.78 - 0.32 2.44 0.65 Almaden Mnls* X 3161 1.64 1.32 1.36 - 0.29 1.88 0.48 Almadex Min* O 741 0.81 0.56 0.76 - 0.04 0.91 0.01 0.98 - 0.04 1.17 0.13 Almadex Min V 917 1.04 0.73 Almo Capital V 386 0.10 0.07 0.09 + 0.02 0.14 0.05 Almonty Ind V 83 0.36 0.32 0.34 + 0.01 0.82 0.21 ALQ Gold V 217 0.13 0.11 0.11 - 0.02 0.15 0.03 0.33 - 0.03 0.84 0.02 Alset Energy V 427 0.36 0.29 18 0.04 0.04 0.04 - 0.00 0.14 0.03 Alta Vista Vnt* O Alta Vista Vnt 234 0.06 0.05 0.05 - 0.01 0.25 0.02 Altair Res Inc V 79 0.24 0.22 0.22 - 0.03 0.70 0.08 Alternative ER V 112 0.17 0.12 0.14 - 0.04 0.24 0.06 Altius Mnrls T 212 9.45 9.22 9.40 - 0.05 13.89 7.39 0.07 + 0.01 0.09 0.02 Alto Vent V 68 0.07 0.00 Altura Mng Ltd* O 133 0.12 0.09 0.12 + 0.00 0.30 0.00 0.06 - 0.01 0.08 0.01 Alturas Mnrls V 93 0.06 0.00 Alumina Inc* O 27 4.29 4.02 4.14 + 0.02 4.73 2.70 ALX Uranium V 419 0.12 0.10 0.11 - 0.01 0.15 0.06 0.08 - 0.00 0.10 0.03 ALX Uranium* O 34 0.08 0.08 Am Creek Res V 535 0.10 0.09 0.09 - 0.01 0.12 0.03 492 0.12 0.11 0.11 - 0.01 0.16 0.06 Am CuMo Mng V Am CuMo Mng* O 143 0.09 0.08 0.08 - 0.00 0.12 0.04 AM Gold V 53 0.19 0.14 0.18 + 0.04 0.45 0.07 V 5054 0.20 0.16 0.17 - 0.03 0.26 0.01 Am Manganese Am Manganese* O 358 0.16 0.12 0.13 - 0.03 0.20 0.01 0.02 + 0.01 0.02 0.01 Amador Gold V 584 0.02 0.01 Amarc Res* O 39 0.09 0.08 0.09 - 0.01 0.10 0.02 0.11 - 0.01 0.13 0.04 Amarc Res V 157 0.11 0.11 0.49 - 0.01 0.68 0.04 Amarillo Gold V 571 0.53 0.46 Amazing OG* O 41 0.57 0.46 0.55 + 0.02 1.06 0.29 O 382 0.03 0.01 0.03 + 0.01 0.08 0.00 Amer Vanadium* Amer Vanadium V 1238 0.03 0.00 0.02 - 0.01 0.10 0.02 0.55 - 0.04 1.62 0.05 American Lith V 479 0.63 0.54 V 621 0.20 0.18 0.19 - 0.02 0.28 0.15 Americas Petro Americas Silvr T 5078 0.40 0.35 0.37 - 0.02 0.48 0.09 O 1090 0.31 0.27 0.29 - 0.02 0.37 0.04 Americas Silvr* Amerigo Res* O 122 0.12 0.12 0.12 - 0.00 0.26 0.07 0.16 - 0.01 0.34 0.10 Amerigo Res T 583 0.17 0.15 AMI Res V 16 0.07 0.00 0.07 - 0.03 0.10 0.03 Anaconda Mng T 997 0.11 0.10 0.10 - 0.01 0.11 0.04 O 127 0.09 0.08 0.09 + 0.01 0.08 0.02 Anaconda Mng* Andes Gold* O 151 0.00 0.00 0.00 - 0.00 1.00 0.00 1.40 - 0.05 1.94 0.52 Anfield Nickel V 990 1.47 1.35 Angel Gold V 245 0.12 0.11 0.12 + 0.01 0.15 0.01 Angel Gold* O 188 0.10 0.09 0.10 + 0.01 0.11 0.01 0.44 - 0.05 0.50 0.38 Angkor Gold V 65 0.48 0.43 Anglo American* O 5 11.22 10.84 11.22 - 0.06 11.75 3.13 O 274 5.75 5.38 5.48 - 0.16 5.81 1.57 Anglo American* AngloGold Ash* O 5 22.25 17.81 18.07 - 4.16 22.25 8.15 AngloGold Ash* N 19081 18.68 17.36 17.73 - 1.44 22.91 6.20 Antioquia Gold* O 51 0.08 0.06 0.08 + 0.01 0.08 0.03 Antioquia Gold V 326 0.10 0.08 0.10 + 0.01 0.11 0.04 0.27 - 0.03 0.58 0.11 Apogee Silver V 24 0.30 0.00 Apple Cap Inc V 43 0.47 0.42 0.42 - 0.05 0.54 0.15 Applied Mrnls* O 137 0.18 0.15 0.17 - 0.01 0.43 0.11 AQM Copper V 329 0.17 0.15 0.17 + 0.02 0.17 0.03 Aquila Res* O 271 0.21 0.18 0.20 + 0.01 0.21 0.09 0.27 + 0.02 0.27 0.12 Aquila Res T 121 0.27 0.24 Arak Res V 347 0.04 0.03 0.04 + 0.01 0.07 0.02 Arbitrage Expl 117 0.06 0.04 0.06 + 0.02 0.12 0.01 Arch Coal* O 214 0.34 0.30 0.30 - 0.02 10.35 0.11 Arco Res V 60 0.07 0.07 0.07 + 0.01 0.08 0.03 Arcturus Vents V 20 0.01 0.00 0.01 - 0.01 0.02 0.01 210 0.11 0.09 0.10 - 0.01 0.20 0.01 Arcus Dev Grp V Arena Mnls V 714 0.20 0.18 0.18 - 0.02 0.34 0.15 Arena Mnls* O 17 0.16 0.14 0.14 - 0.02 0.25 0.12 T 3742 0.08 0.06 0.07 - 0.01 0.14 0.02 Argex Titanium Argex Titanium* O 114 0.07 0.05 0.05 - 0.01 0.11 0.01 Argonaut Gold T 5007 3.76 3.18 3.47 - 0.26 4.45 0.78 Argonaut Gold* O 82 2.87 2.48 2.65 - 0.24 3.38 0.53 Argus Metals V 34 0.15 0.10 0.10 - 0.05 0.15 0.02 Arian Silver* O 46 0.02 0.01 0.01 - 0.00 0.36 0.00 Arianne Phosph V 302 1.00 0.90 0.93 - 0.08 1.25 0.68 Arianne Phosph* O 99 0.78 0.70 0.70 - 0.06 0.98 0.52 Arrowstar Res V 8 0.13 0.12 0.12 - 0.01 0.15 0.04 Asanko Gold T 3895 5.87 5.00 5.15 - 0.67 6.00 1.77 Asanko Gold* X 2799 4.57 3.86 3.97 - 0.60 4.65 1.27 Asante Gold 55 0.24 0.15 0.20 - 0.05 0.27 0.05 Ascot Res V 353 2.32 2.11 2.29 - 0.03 2.63 0.80 AsiaBaseMetals V 27 0.39 0.35 0.39 + 0.04 0.36 0.04 Asiamet Res V 300 0.05 0.04 0.04 - 0.01 0.08 0.02 Asian Minl Res V 50 0.04 0.04 0.04 + 0.01 0.06 0.02 Astorius Res V 260 0.24 0.17 0.19 + 0.03 0.24 0.01 Astur Gold V 279 0.07 0.06 0.07 + 0.01 0.10 0.01 ATAC Res V 1583 0.81 0.59 0.71 - 0.11 0.95 0.26 Atacama Pac Gd* O 5 0.70 0.61 0.62 - 0.04 0.79 0.09 Atacama Pac Gd V 136 0.90 0.75 0.80 - 0.09 1.02 0.14 Athabasca Mnls V 876 0.19 0.17 0.18 - 0.01 0.40 0.15 Athabasca Nclr V 386 0.14 0.11 0.12 - 0.01 0.17 0.02 Atico Mng V 299 0.62 0.55 0.59 + 0.02 0.62 0.16 0.46 + 0.01 0.48 0.12 Atico Mng* O 171 0.48 0.42 Atlanta Gold* O 33 0.08 0.06 0.06 - 0.01 0.09 0.03 Atlanta Gold V 853 0.11 0.09 0.09 - 0.01 0.11 0.05 Atlantic Gold V 512 0.92 0.86 0.91 - 0.01 0.99 0.23 Atlatsa Res T 73 0.11 0.00 0.09 - 0.02 0.13 0.03 Atlatsa Res* O 19 0.08 0.08 0.08 - 0.00 0.10 0.02 Atom Energy V 16 0.04 0.04 0.04 - 0.01 0.12 0.03 Augustine Vent 516 0.15 0.13 0.14 - 0.01 0.17 0.03 Augyva Mng V 566 0.11 0.10 0.10 - 0.01 0.13 0.08 Aura Mnls T 677 0.23 0.18 0.18 - 0.04 0.31 0.06 Aura Silver Rs V 1491 0.08 0.05 0.06 - 0.01 0.08 0.01 Auramex Res V 110 0.03 0.03 0.03 + 0.01 0.03 0.01 Aurcana Corp* O 318 0.50 0.41 0.46 - 0.08 0.63 0.07 Aurcana Corp V 1111 0.66 0.53 0.58 - 0.10 0.80 0.09 AurCrest Gold V 206 0.03 0.03 0.03 + 0.01 0.05 0.01 Aureus Mng T 3900 0.06 0.05 0.05 - 0.01 0.45 0.05 Aureus Mng* O 975 0.05 0.00 0.05 + 0.00 0.31 0.03 Aurgent Gold V 29 0.08 0.06 0.07 - 0.01 0.11 0.02 AuRico Metals * O 373 0.79 0.72 0.75 - 0.02 0.91 0.37 AuRico Metals T 4827 1.01 0.94 0.97 - 0.01 1.22 0.55 Aurora Gold* O 209 0.01 0.00 0.00 - 0.00 0.02 0.00 Aurvista Gold* O 356 0.22 0.17 0.18 - 0.04 0.29 0.02 Aurvista Gold V 1356 0.27 0.22 0.24 - 0.05 0.39 0.03 Auryn Res* O 986 2.65 2.20 2.53 - 0.14 3.18 0.70 Avalon Adv Mat* O 201 0.16 0.15 0.15 - 0.01 0.26 0.07 Avarone Metals 662 0.06 0.04 0.04 - 0.01 0.14 0.02 Avino Silver V 521 3.10 2.69 2.86 - 0.24 4.05 1.03 Avino Silver* X 3347 2.42 2.07 2.25 - 0.16 3.14 0.71 Avnel Gold * O 465 0.25 0.21 0.24 - 0.00 0.30 0.13 Avnel Gold T 1456 0.32 0.27 0.32 + 0.01 0.39 0.18 Avrupa Mnls V 1164 0.19 0.16 0.17 - 0.03 0.25 0.08 AXE Expl V 595 0.04 0.00 0.03 - 0.01 0.04 0.01 Axmin Inc* O 24 0.06 0.05 0.06 + 0.01 0.06 0.00 Axmin Inc V 112 0.08 0.07 0.07 - 0.02 0.10 0.01 AZ Mining T 2195 2.20 1.92 2.02 - 0.05 2.20 0.22 Azarga Mtls V 185 0.32 0.23 0.23 + 0.01 0.32 0.05 Azarga Mtls* O 5 0.19 0.00 0.17 - 0.00 1.00 0.03 Azarga Uranium* O 3 0.20 0.20 0.20 + 0.00 0.29 0.19 Azimut Expl V 342 0.50 0.41 0.45 - 0.06 0.68 0.10 Azteca Gold* O 97 0.00 0.00 0.00 - 0.00 0.01 0.00

B B2Gold* X 34409 B2Gold T 36022 Bacanora Mnls V 56 Baja Mng* O 252 Balmoral Res T 1559 Balmoral Res* O 1025 Bama Gold 420 Bandera Gold V 663 Bannerman Res* O 197 Banro T 1361 Banro* X 6170 Banyan Gold V 490 Bard Vent V 348 Barisan Gold V 634

12-13_SEPT5_StockTables.indd 12

3.28 2.76 2.90 - 0.43 3.65 0.60 4.23 3.59 3.76 - 0.49 4.74 0.86 1.60 1.47 1.60 + 0.08 2.04 1.17 0.01 0.00 0.00 - 0.01 0.03 0.00 1.17 0.98 1.07 - 0.09 1.28 0.33 0.91 0.76 0.82 - 0.09 0.99 0.23 0.11 0.10 0.11 + 0.01 0.20 0.05 0.01 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.03 - 0.00 0.04 0.01 0.47 0.41 0.42 - 0.05 0.62 0.21 0.39 0.32 0.33 - 0.03 0.48 0.15 0.10 0.08 0.08 - 0.01 0.12 0.02 0.04 0.03 0.04 + 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.05 0.02

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Barker Mnrls V 66 Barkerville Go* O 266 Barkerville Go V 1259 Barksdale Cap V 55 Barrick Gold* N 89495 Barrick Gold T 18348 Barsele Min V 225 Barsele Min* O 44 Batero Gold V 331 231 Battle Mtn Gld V Battle Mtn Gld* O 99 Bayhorse Silvr* O 24 Bayhorse Silvr V 285 Bayswater Uran* O 4 V 400 Bayswater Uran BC Moly V 64 BCGold V 731 BCM Res V 93 Bear Creek Mng V 1817 Bearing Res V 321 Beaufield Res V 1088 Bell Copper* O 91 V 105 Bell Copper Bellhaven Cp&G V 61 Bellhaven Cp&G* O 33 Belo Sun Mng T 2550 Belvedere Res V 76 Berkeley Egy* O 5 Berkwood Res V 2135 Besra Gold* O 1945 Bethpage Cap V 93 BHK Mining V 89 Big North Grap* O 16 Big North Grap V 980 Bison Gold Res V 22 Bitterroot Res V 14 Black Iron T 118 Black Widow Rs V 137 BlackEagle Dev 61 Blackheath Res V 256 Blind Crk Res V 247 Blue Sky Uran V 40 Bluestone Res V 27 Bold Vent V 328 BonTerra Res* O 67 BonTerra Res V 1132 Bravada Gold V 355 Bravada Gold* O 26 Bravo Multinat* O 2073 Bravura Vent 145 Brazil Mnrls* O 741292 Brazil Res V 2148 Britannia Mng* O 417 Brixton Mtls* O 137 Brixton Mtls V 436 Brookmount Exp* O 362 Brunswick Res V 225 Buenaventura* N 9206 Buffalo Coal V 110 Bullfrog Gold* O 2112 Bullion Gld Res V 24 Burey Gold* O 739

0.02 0.01 0.02 + 0.01 0.02 0.01 0.55 0.48 0.52 - 0.03 0.60 0.15 0.70 0.63 0.67 - 0.03 0.76 0.20 0.21 0.00 0.21 + 0.04 0.23 0.01 20.60 17.91 18.22 - 2.39 23.47 5.91 26.59 23.19 23.69 - 2.79 30.45 7.89 1.28 1.00 1.05 - 0.10 1.38 0.08 0.99 0.79 0.81 - 0.16 1.04 0.05 0.18 0.16 0.16 - 0.02 0.23 0.05 0.79 0.64 0.77 + 0.05 0.85 0.09 0.60 0.53 0.60 + 0.04 0.66 0.06 0.13 0.12 0.12 - 0.02 0.15 0.03 0.19 0.16 0.16 - 0.02 0.20 0.05 0.03 0.00 0.03 - 0.00 0.05 0.00 0.05 0.00 0.05 - 0.01 0.07 0.01 0.09 0.00 0.09 + 0.02 0.23 0.03 0.07 0.05 0.06 - 0.01 0.13 0.03 0.19 0.13 0.16 - 0.03 0.32 0.04 3.50 3.11 3.40 + 0.25 3.77 0.50 0.20 0.00 0.18 - 0.02 0.26 0.13 0.13 0.10 0.11 - 0.02 0.16 0.03 0.05 0.04 0.05 + 0.00 0.06 0.00 0.06 0.05 0.06 + 0.01 0.07 0.01 0.48 0.40 0.48 + 0.04 0.60 0.03 0.33 0.31 0.33 - 0.04 0.46 0.02 1.02 0.87 0.94 - 0.07 1.10 0.16 0.06 0.06 0.06 - 0.01 0.09 0.01 0.62 0.57 0.62 + 0.04 0.67 0.31 0.25 0.13 0.19 + 0.02 0.22 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.08 0.00 0.08 + 0.03 0.10 0.03 0.08 0.05 0.05 - 0.03 0.10 0.03 0.06 0.05 0.05 - 0.01 0.06 0.01 0.08 0.07 0.07 - 0.01 0.08 0.02 0.37 0.00 0.36 + 0.09 0.38 0.10 0.07 0.00 0.06 - 0.01 0.10 0.03 0.04 0.04 0.04 + 0.01 0.06 0.03 0.08 0.00 0.07 - 0.02 0.09 0.01 0.12 0.03 0.05 - 0.01 0.10 0.03 0.10 0.08 0.10 + 0.01 0.18 0.08 0.14 0.11 0.12 - 0.01 0.16 0.03 0.64 0.58 0.60 - 0.06 0.74 0.04 0.15 0.14 0.14 - 0.01 0.23 0.05 0.06 0.04 0.04 - 0.01 0.06 0.02 0.32 0.30 0.31 - 0.01 0.37 0.12 0.41 0.37 0.40 - 0.01 0.51 0.13 0.27 0.21 0.22 - 0.05 0.40 0.03 0.21 0.17 0.17 - 0.05 0.31 0.01 0.02 0.02 0.02 + 0.00 0.10 0.02 0.38 0.34 0.35 - 0.01 0.38 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 2.50 2.05 2.31 - 0.10 3.16 0.38 0.01 0.00 0.00 + 0.00 0.01 0.00 0.56 0.51 0.53 - 0.04 0.92 0.03 0.75 0.66 0.69 - 0.04 1.20 0.05 0.01 0.00 0.01 + 0.00 0.02 0.00 0.03 0.02 0.03 + 0.01 0.04 0.01 15.69 12.67 13.44 - 2.47 16.45 3.30 0.02 0.01 0.02 - 0.01 0.05 0.01 0.10 0.08 0.08 - 0.01 0.12 0.01 0.12 0.09 0.09 - 0.03 0.15 0.05 0.05 0.03 0.03 - 0.02 0.07 0.04

C Cache Expl V 46 0.27 0.10 0.10 - 0.17 0.15 0.03 Cadillac Vent V 283 0.04 0.03 0.03 - 0.01 0.05 0.01 Cairo Res V 30 0.29 0.26 0.26 - 0.03 0.30 0.08 Caledonia Mng T 238 2.00 1.66 1.74 - 0.04 2.00 0.66 Caledonia Mng* Q 193 1.50 1.29 1.34 - 0.04 1.50 0.48 0.15 - 0.03 0.27 0.06 Calibre Mng V 2733 0.17 0.14 California Gl* O 55 0.50 0.48 0.48 - 0.03 0.56 0.43 Callinex Mines* O 965 0.46 0.33 0.36 - 0.09 0.54 0.17 Callinex Mines V 1253 0.60 0.42 0.47 - 0.11 0.69 0.23 Cameco Corp* N 6734 9.66 9.28 9.29 - 0.16 14.59 9.08 Cameco Corp T 4614 12.48 12.04 12.07 - 0.08 19.32 12.04 Cameo Res* O 833 0.05 0.04 0.05 + 0.00 0.08 0.02 Camino Mnls V 21 0.26 0.22 0.23 - 0.01 0.28 0.07 Camino Mnls* O 53 0.22 0.17 0.17 - 0.04 0.22 0.05 Can-Cal Res* O 63 0.07 0.07 0.07 - 0.01 0.08 0.03 0.39 + 0.02 0.45 0.08 Canadian Zeol V 245 0.39 0.35 CanAlaska Uran V 1320 1.54 1.28 1.33 - 0.07 1.55 0.09 CanAlaska Uran* O 305 1.18 0.99 1.03 - 0.05 1.20 0.06 Canamex Res V 1463 0.05 0.04 0.05 - 0.01 0.08 0.03 Canamex Res* O 478 0.04 0.03 0.04 - 0.00 0.06 0.02 0.11 - 0.01 0.15 0.04 Canarc Res T 1869 0.12 0.11 Canarc Res* Q 1214 0.10 0.08 0.09 - 0.01 0.12 0.03 Canasil Res V 1227 0.66 0.61 0.64 - 0.01 0.73 0.03 Cancana Res V 189 0.52 0.32 0.49 + 0.17 0.52 0.13 Candelaria Mg V 105 0.36 0.34 0.36 + 0.02 0.37 0.06 O 51 0.05 0.04 0.05 - 0.00 0.06 0.00 Candente Gold* Canex Energy V 862 0.03 0.03 0.03 - 0.01 0.06 0.01 CaNickel Mng V 8 0.09 0.00 0.08 - 0.01 0.14 0.03 Canoe Mng Vent V 251 0.08 0.05 0.07 + 0.01 0.09 0.02 Canstar Res V 530 0.16 0.12 0.12 - 0.03 0.16 0.04 0.09 + 0.01 0.10 0.03 Canterra Mnls V 300 0.10 0.08 Cantex Mn Dev V 44 0.11 0.00 0.10 - 0.01 0.15 0.03 Canyon Gold* O 78 0.20 0.13 0.19 + 0.02 0.54 0.02 Cap-Ex Iron* O 41 0.07 0.05 0.07 + 0.02 0.07 0.00 Cap-Ex Iron V 1541 0.09 0.07 0.08 + 0.01 0.11 0.01 Capstone Mng T 4025 0.86 0.74 0.74 - 0.11 0.97 0.27 Cardero Res V 20 0.22 0.18 0.18 - 0.05 0.26 0.08 Cardero Res* O 12 0.17 0.14 0.14 - 0.03 0.18 0.05 Carlin Gold V 282 0.05 0.04 0.04 - 0.01 0.05 0.01 Carpathian Gld 3505 0.07 0.06 0.06 - 0.01 0.07 0.00 381 0.05 0.05 0.05 - 0.00 Carpathian Gld* O Cartier Iron 203 0.05 0.00 0.04 - 0.01 0.11 0.01 Carube Copper V 8 0.14 0.00 0.14 + 0.01 0.20 0.05 Cascadero Copp V 868 0.15 0.14 0.15 + 0.01 0.17 0.02 Castle Mtn Mng V 1925 1.04 0.95 1.00 - 0.05 1.16 0.18 769 0.06 0.05 0.05 - 0.02 0.08 0.01 Castle Peak Mg V Cava Res V 20 0.69 0.00 0.69 + 0.04 0.78 0.04 Caza Gold* O 50 0.06 0.06 0.06 + 0.03 0.06 0.01 CB Gold V 91 0.18 0.14 0.17 + 0.01 0.18 0.04 Cda Carbon* O 106 0.22 0.22 0.22 - 0.00 0.28 0.18 726 0.04 0.04 0.04 + 0.01 0.05 0.02 Cda Rare Earth V Cda Strtgc Met * O 398 0.19 0.13 0.18 + 0.02 0.19 0.01 Cda Strtgc Met V 3593 0.26 0.17 0.24 + 0.04 0.26 0.03 Cdn Metals 379 0.20 0.14 0.15 - 0.15 0.44 0.06 Cdn Platinum V 56 0.02 0.02 0.02 - 0.01 0.03 0.01 Cdn Zinc* Q 580 0.28 0.21 0.26 - 0.02 0.32 0.04 0.32 - 0.04 0.41 0.06 Cdn Zinc T 1670 0.36 0.25 Centamin T 506 2.93 2.72 2.84 - 0.15 3.05 1.15 Centaurus Diam* O 93 0.18 0.10 0.12 - 0.06 0.34 0.02 Centenera Mng V 216 0.33 0.25 0.26 - 0.02 0.40 0.02 Centenera Mng* O 28 0.26 0.19 0.19 - 0.02 0.26 0.02 6.64 - 1.12 8.67 5.64 Centerra Gold T 6049 7.73 6.53 Centurion Mnls V 1505 0.09 0.07 0.07 + 0.01 0.18 0.04 Century Global T 12 0.20 0.19 0.19 + 0.01 0.35 0.15 Cerro Grande 13 0.03 0.00 0.02 - 0.01 0.06 0.01 Cerro Grande* O 68 0.06 0.02 0.02 - 0.05 0.06 0.00 0.03 + 0.02 0.03 0.01 Cerro Mng V 6 0.03 0.03 Chalice Gold M* O 73 0.13 0.12 0.12 - 0.01 0.18 0.08 Chalice Gold M T 384 0.18 0.15 0.16 - 0.02 0.21 0.10 Champion Bear V 199 0.11 0.10 0.11 + 0.01 0.11 0.03 Champion Iron* O 55 0.19 0.00 0.19 - 0.00 0.23 0.10 T 805 0.25 0.23 0.24 - 0.01 0.30 0.13 Champion Iron Chesapeake Gld* O 129 4.85 4.24 4.61 - 0.26 5.03 1.05 Chesapeake Gld V 329 6.27 5.52 6.00 - 0.25 6.50 1.39 Chevron* N 24860 102.48 100.86 101.32 - 1.00 107.58 74.31 Chiboug Ind Mn V 41 0.15 0.13 0.14 - 0.01 0.26 0.03 0.10 - 0.04 0.23 0.03 Chieftain Mtls V 79 0.14 0.08 Chilean Metals* O 164 0.22 0.14 0.15 - 0.04 0.22 0.00 Chilean Metals V 1961 0.30 0.17 0.21 - 0.10 0.30 0.02 0.02 - 0.01 0.06 0.01 Chimata Gold V 450 0.02 0.02 China Gold Int T 1804 2.77 2.48 2.62 + 0.09 2.76 1.61 China Mnls Mng* O 51 0.02 0.01 0.01 - 0.01 0.02 0.00 Cibolan Gold* O 47 0.07 0.05 0.07 + 0.01 0.15 0.03 Claim Post Res V 74 0.04 0.03 0.03 + 0.01 0.06 0.01 0.15 + 0.01 0.17 0.05 Clifton Mng* O 22 0.15 0.14 Cloud Peak En* N 4555 3.98 3.38 3.83 + 0.28 4.79 1.08 CMC Metals* O 10 0.13 0.12 0.12 - 0.00 0.13 0.07 CMC Metals V 447 0.16 0.11 0.13 - 0.05 0.32 0.05 Coeur Mng* N 33967 14.99 12.42 13.68 - 1.35 16.41 1.62 V 571 0.03 0.00 0.03 + 0.01 0.04 0.01 Colombia Crest Colombia Crest* O 1 0.01 0.01 0.01 - 0.00 0.01 0.00 Colombian Mins V 146 0.21 0.00 0.19 - 0.03 0.23 0.02 Colonial Coal V 841 0.11 0.09 0.10 - 0.01 0.18 0.02 Colorado Res V 1963 0.51 0.43 0.46 - 0.05 0.71 0.05 Colorado Res* O 139 0.39 0.34 0.36 - 0.04 0.54 0.04 Colt Res V 572 0.09 0.08 0.09 + 0.01 0.18 0.06 Colt Res* O 43 0.06 0.06 0.06 - 0.00 0.13 0.04 Columbus Gold* O 557 0.69 0.56 0.59 - 0.09 0.72 0.23 Columbus Gold T 807 0.88 0.74 0.77 - 0.10 0.93 0.32 Commander Res V 273 0.07 0.00 0.07 - 0.01 0.08 0.01 V 345 0.08 0.07 0.07 - 0.01 0.11 0.06 Commerce Res Comstock Mng* X 1845 0.38 0.35 0.36 + 0.00 0.70 0.33 Comstock Mtls V 218 0.35 0.28 0.34 - 0.01 0.43 0.05 Comstock Mtls * O 22 0.25 0.22 0.23 - 0.01 0.33 0.10 Condor Res V 316 0.08 0.07 0.08 - 0.01 0.12 0.02 Confedertn Ml* O 11 0.57 0.50 0.53 + 0.02 0.63 0.31 Confedertn Mls V 33 0.75 0.66 0.75 + 0.05 9.00 0.60 Cons Woodjam V 17 0.07 0.06 0.07 - 0.01 0.08 0.02 CONSOL Energy* N 16130 18.60 17.13 18.13 + 0.67 19.62 4.54 Constant Mtl V 718 0.12 0.10 0.11 - 0.01 0.15 0.05 Contintl Gold* O 118 3.00 2.74 2.91 - 0.01 3.31 0.88 Contintl Gold T 2497 3.87 3.53 3.76 + 0.03 4.32 1.28 Contintl Prec T 18 0.33 0.32 0.32 - 0.01 0.38 0.25 Copper Ck Gold V 17 0.08 0.07 0.08 + 0.01 0.10 0.05 Copper Fox Mtl* O 15 0.10 0.09 0.10 - 0.00 0.17 0.08 Copper Mtn Mng* O 29 0.41 0.36 0.36 - 0.01 0.52 0.23 Copper Mtn Mng T 1000 0.52 0.47 0.48 - 0.05 0.70 0.33 Copper North M V 55 0.16 0.14 0.14 - 0.01 0.45 0.13 23 0.11 0.10 0.10 - 0.01 0.15 0.10 Copper North M* O Copper One V 182 0.19 0.14 0.16 - 0.01 0.30 0.03 Copperbank Res 533 0.10 0.08 0.08 + 0.01 0.10 0.03 Copperbank Res* O 170 0.08 0.06 0.06 - 0.02 0.08 0.01 Coral Gold V 318 0.36 0.31 0.32 - 0.04 0.39 0.05 Corazon Gold V 32 0.45 0.30 0.30 - 0.08 0.45 0.18 Cordoba Mnls V 449 0.85 0.79 0.79 - 0.08 1.08 0.10 Cordoba Mnls* O 274 0.66 0.60 0.62 - 0.06 0.79 0.08 Corex Gold V 452 0.14 0.11 0.13 + 0.01 0.21 0.03 Cornerstone Ca V 909 0.11 0.09 0.09 - 0.01 0.12 0.02 Cornerstone Ca* O 170 0.08 0.07 0.08 + 0.01 0.09 0.01 Cornerstone Mt V 66 0.04 0.03 0.04 + 0.01 0.04 0.01 Coro Mining T 1495 0.19 0.15 0.16 - 0.03 0.21 0.02 Coronet Mtls* O 220 0.47 0.30 0.33 - 0.08 0.47 0.02 Coronet Mtls V 568 0.60 0.40 0.43 - 0.10 0.60 0.03 Corsa Coal V 778 0.06 0.05 0.06 + 0.01 0.09 0.02 Corvus Gold T 138 1.18 1.04 1.05 - 0.11 1.38 0.33

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Corvus Gold* O 68 Cougar Mnls V 98 Cresval Cap V 50 Critical Elem* O 105 Critical Elem V 603 Crown Mining V 101 Cruz Cap Corp* O 6 Crystal Pk Min* O 62 Crystal Pk Min V 224 Currie Rose Rs V 44 Cyclone Uran* O 125 Cypress Dev* O 78 Cypress Dev V 1847 Cyprium Mng V 1164

0.94 0.81 0.82 - 0.09 1.05 0.25 0.46 0.40 0.42 - 0.03 0.82 0.08 0.04 0.04 0.04 + 0.01 0.06 0.03 0.44 0.41 0.41 - 0.05 0.58 0.10 0.57 0.54 0.54 - 0.03 0.75 0.14 0.13 0.11 0.12 - 0.02 0.20 0.03 0.41 0.38 0.38 - 0.06 0.44 0.20 0.19 0.18 0.18 - 0.02 0.32 0.11 0.25 0.22 0.23 - 0.02 0.42 0.13 0.03 0.00 0.03 - 0.01 0.05 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 0.14 0.11 0.11 - 0.03 0.16 0.01 0.18 0.13 0.15 - 0.03 0.20 0.02 0.08 0.07 0.08 + 0.01 0.13 0.06

D-F Dajin Res V 1287 0.20 0.17 0.17 - 0.01 0.30 0.08 Dajin Res* O 396 0.15 0.13 0.13 - 0.01 0.24 0.05 16 0.10 0.05 0.10 + 0.04 0.20 0.05 Dakota Ter Res* O O 879 1.18 0.95 1.03 - 0.14 1.22 0.45 Dalradian Res* Dalradian Res T 5487 1.49 1.23 1.33 - 0.17 1.59 0.62 Danakali* O 232 0.34 0.32 0.33 + 0.00 0.37 0.17 Darnley Bay V 834 0.22 0.17 0.18 - 0.05 0.24 0.01 Defiance Silvr* O 219 0.39 0.31 0.34 - 0.03 0.49 0.04 Defiance Silvr V 834 0.50 0.40 0.45 - 0.02 0.63 0.06 0.01 0.01 0.01 + 0.00 0.03 0.00 Del Toro Silvr* O 1708 Denison Mines* X 1652 0.53 0.51 0.51 - 0.01 0.67 0.35 Denison Mines T 1022 0.69 0.66 0.67 - 0.02 0.85 0.48 Desert Star V 195 0.09 0.06 0.08 - 0.02 0.16 0.03 Detour Gold T 4615 32.19 29.15 31.03 - 0.83 35.93 12.14 O 142 0.38 0.00 0.28 - 0.10 0.85 0.17 Diamante Min* 1.07 - 0.05 1.25 0.65 Diamcor Mng V 150 1.12 1.05 Diamcor Mng* O 18 0.86 0.83 0.83 - 0.04 0.96 0.46 Diamond Disc* O 3100 0.00 0.00 0.00 + 0.00 0.00 0.00 Diamond Fields V 255 0.03 0.02 0.03 - 0.01 0.04 0.01 0.13 - 0.03 0.19 0.05 Dios Expl V 189 0.16 0.13 DNI Metals* O 47 0.04 0.03 0.04 + 0.00 0.10 0.03 84 0.68 0.59 0.61 - 0.03 0.81 0.08 Dolly Vard Sil* O Dolly Vard Sil V 201 0.88 0.79 0.82 - 0.16 1.11 0.12 Dominion Diam T 705 12.68 11.74 11.79 - 0.63 16.82 9.96 908 9.79 9.03 9.06 - 0.59 12.65 7.27 Dominion Diam* N Dorex Mnrls V 126 0.03 0.02 0.03 + 0.01 0.03 0.01 0.01 0.01 0.01 - 0.00 0.02 0.01 Double Crn Res* O 2069 V 801 0.11 0.10 0.10 + 0.01 0.16 0.06 Doubleview Cap DRDGOLD* N 5615 6.80 5.87 6.29 - 1.75 9.10 1.14 3.58 3.20 3.44 - 0.03 4.14 0.84 Dundee Prec Mt T 1333 Duran Vent V 207 0.12 0.00 0.11 + 0.01 0.20 0.07 0.09 - 0.01 0.21 0.03 Durango Res V 449 0.10 0.09 DuSolo Fertil V 277 0.05 0.04 0.05 + 0.01 0.14 0.03 0.04 - 0.00 0.09 0.02 DuSolo Fertil* O 130 0.04 0.04 825 3.64 2.90 3.16 + 0.11 3.64 1.38 Dynacor Gld Mn T Dynasty Met&Mn* O 34 0.21 0.20 0.21 - 0.01 0.36 0.08 T 830 0.35 0.25 0.26 - 0.03 0.49 0.10 Dynasty Met&Mn Eagle Graphite V 1752 0.04 0.03 0.03 - 0.01 0.07 0.02 0.15 - 0.01 0.17 0.05 Eagle Plains V 772 0.16 0.14 V 1462 0.35 0.31 0.31 - 0.02 0.36 0.03 East Africa East Africa * O 34 0.27 0.23 0.23 - 0.02 0.28 0.02 O 8 0.61 0.50 0.50 - 0.12 1.00 0.47 Eastern Platin* Eastern Platin T 621 0.78 0.58 0.63 - 0.18 1.40 0.60 0.06 + 0.01 0.10 0.01 Eastern Res* O 5 0.06 0.05 Eastmain Res T 2253 0.80 0.70 0.74 - 0.07 0.88 0.29 Eco Oro Mnls T 52 0.30 0.29 0.30 + 0.02 0.70 0.25 O 269 0.47 0.40 0.47 + 0.07 0.53 0.39 eCobalt Solns* Ecuador Gold V 703 0.72 0.66 0.72 + 0.04 0.75 0.10 V 3575 0.06 0.02 0.06 + 0.03 0.06 0.01 Edgewater Expl El Capitan Prc* O 10968 0.16 0.11 0.13 + 0.02 0.28 0.03 El Nino Vent V 57 0.04 0.03 0.03 - 0.01 0.05 0.01 0.33 - 0.01 0.75 0.16 Elcora Res V 123 0.35 0.32 Eldorado Gold* N 33191 4.10 3.48 3.56 - 0.58 5.16 1.87 4.63 - 0.68 6.71 2.67 Eldorado Gold T 16263 5.28 4.53 Electra Stone V 3009 0.05 0.04 0.04 + 0.01 0.12 0.04 Eloro Mnrls V 138 0.41 0.35 0.40 - 0.01 0.55 0.09 Ely Gold & Mnl V 386 0.17 0.15 0.17 - 0.01 0.19 0.04 Ely Gold & Mnl* O 203 0.14 0.11 0.13 - 0.01 0.14 0.03 0.35 + 0.01 0.36 0.17 Elysee Dev V 132 0.36 0.32 Emerita Res V 41 0.09 0.08 0.08 - 0.01 0.17 0.02 Empire Rock V 27 0.25 0.00 0.20 - 0.05 0.27 0.04 Encanto Potash* O 99 0.07 0.06 0.06 - 0.01 0.14 0.03 Endeavour Mng* O 89 18.26 15.00 16.04 - 1.92 20.22 4.40 20.83 - 2.28 26.38 5.10 Endeavour Mng T 1883 23.57 19.35 Endeavr Silver* N 16660 5.44 4.45 4.71 - 0.86 5.95 1.00 6.14 - 1.02 7.75 1.46 Endeavr Silver T 2657 7.01 5.76 Endurance Gold V 440 0.07 0.07 0.07 + 0.01 0.08 0.02 Energizer Res* O 583 0.06 0.05 0.05 - 0.01 0.10 0.03 Energizer Res T 2336 0.09 0.07 0.07 - 0.01 0.13 0.03 2.27 - 0.27 3.52 1.81 Energy Fuels* X 758 2.55 2.25 Energy Fuels T 379 3.24 2.90 2.95 - 0.30 4.64 2.47 Engold Mines V 265 0.04 0.04 0.04 - 0.01 0.08 0.02 Ensurge* O 609 0.03 0.02 0.03 - 0.00 0.04 0.01 Entree Gold* X 490 0.31 0.28 0.29 - 0.01 0.40 0.17 0.08 - 0.01 0.22 0.05 Equitas Res V 3110 0.09 0.08 Equitas Res* O 499 0.07 0.06 0.06 - 0.01 0.17 0.02 Era Res Inc* O 1 0.22 0.22 0.22 + 0.02 0.22 0.06 345 0.38 0.29 0.31 - 0.07 0.55 0.11 Erdene Res Dev T Erdene Res Dev* O 80 0.29 0.23 0.25 - 0.05 0.42 0.08 156 0.22 0.00 0.20 - 0.02 0.22 0.09 Eros Res Corp V Eros Res Corp V 156 0.22 0.00 0.20 - 0.02 0.22 0.09 Eskay Mng V 210 0.36 0.30 0.30 - 0.04 0.42 0.06 Ethos Gold* O 20 0.25 0.25 0.25 - 0.01 0.32 0.09 Eurasian Mnls V 104 1.75 1.36 1.45 - 0.25 1.84 0.48 X 669 1.38 1.06 1.09 - 0.22 1.40 0.35 Eurasian Mnls* Eureka Res V 384 0.17 0.13 0.17 + 0.01 0.17 0.04 O 27 0.36 0.34 0.34 - 0.02 0.46 0.15 EurOmax Res* EurOmax Res T 179 0.48 0.41 0.44 - 0.05 0.62 0.21 Everest Vent V 38 0.52 0.00 0.46 - 0.10 0.95 0.09 0.09 - 0.03 0.20 0.01 Everton Res V 2285 0.13 0.09 Everton Res* O 135 0.09 0.07 0.08 - 0.02 0.14 0.00 O 9 0.26 0.22 0.26 + 0.02 0.38 0.02 Evolving Gold* Evrim Res V 397 0.35 0.31 0.32 - 0.03 0.43 0.10 Excalibur Res* O 452 0.07 0.06 0.07 + 0.01 0.09 0.00 1.40 - 0.24 1.85 0.14 Excellon Res* O 473 1.60 1.31 Excellon Res T 1677 2.07 1.68 1.81 - 0.34 2.40 0.20 O 100 0.29 0.27 0.27 - 0.02 0.31 0.12 Excelsior Mng* Excelsior Mng V 309 0.38 0.35 0.36 - 0.01 0.40 0.19 1.16 - 0.16 1.48 0.29 Exeter Res* X 1441 1.31 1.11 Exeter Res T 601 1.70 1.44 1.50 - 0.20 1.94 0.39 Expedition Mng* O 3 0.08 0.06 0.06 - 0.02 0.22 0.06 Explor Res* O 666 0.10 0.05 0.09 - 0.01 0.18 0.03 Explor Res V 2314 0.13 0.08 0.11 - 0.02 0.24 0.05 Falco Res V 574 1.23 1.11 1.19 - 0.02 1.25 0.21 Falcon Gold V 39 0.09 0.00 0.09 - 0.01 0.20 0.03 Far Res 651 0.09 0.08 0.08 - 0.01 0.15 0.02 Finlay Minrls V 350 0.07 0.06 0.06 - 0.01 0.09 0.02 Finore Mng 207 0.08 0.06 0.08 + 0.02 0.08 0.01 Firebird Res V 130 0.04 0.03 0.03 - 0.01 0.05 0.01 Firesteel Res V 175 0.04 0.03 0.03 - 0.01 0.06 0.01 Firma Holdings* O 75 0.10 0.08 0.10 - 0.00 0.18 0.02 First Bauxite V 215 0.05 0.05 0.05 - 0.01 0.08 0.03 First Liberty* O 1723 0.00 0.00 0.00 - 0.00 0.00 0.00 First Majestic T 6522 19.35 16.63 17.17 - 2.25 24.96 3.50 First Majestic* N 41123 14.99 12.85 13.19 - 1.93 19.15 2.40 First Mexican V 934 0.06 0.04 0.04 - 0.01 0.08 0.02 First Mg Fin V 8948 1.02 0.83 0.97 - 0.02 1.31 0.25 First Mg Fin * O 8976 0.80 0.64 0.76 - 0.01 1.02 0.19 First Point T 456 0.11 0.00 0.08 - 0.01 0.14 0.04 First Quantum T 24916 12.23 10.66 10.76 - 1.28 12.34 2.15 Fission Uran T 1473 0.71 0.67 0.69 - 0.02 0.83 0.53 Fission Uran* O 954 0.56 0.52 0.53 - 0.02 0.63 0.39 Fjordland Exp V 2685 0.16 0.12 0.14 - 0.01 0.17 0.01 Flinders Res V 152 0.55 0.44 0.45 - 0.03 0.77 0.13 Flinders Res* O 70 0.43 0.35 0.35 - 0.01 0.61 0.09 Flowery Gold* O 1 0.12 0.10 0.12 + 0.02 0.12 0.06 Focus Graphite V 1486 0.17 0.14 0.14 - 0.03 0.30 0.07 Focus Graphite* O 297 0.13 0.11 0.11 - 0.02 0.23 0.04 Focus Vent V 386 0.09 0.08 0.09 - 0.01 0.20 0.05 Foran Mng V 820 0.30 0.25 0.27 - 0.02 0.31 0.05 Formation Mtls T 548 0.62 0.49 0.60 + 0.09 0.72 0.09 Fortescue Mtls* O 23 3.90 3.59 3.67 + 0.01 3.90 1.00 Fortuna Silvr T 4351 11.84 9.38 10.42 - 1.38 12.73 2.65 Fortuna Silvr* N 10075 9.19 7.25 8.03 - 1.16 9.75 2.00 Fortune Bay V 30 0.72 0.60 0.62 - 0.13 0.75 0.25 Fortune Bay* O 6 0.56 0.47 0.47 - 0.08 0.56 0.36 Fortune Mnrls T 1445 0.15 0.11 0.12 - 0.03 0.17 0.02 Fortune Mnrls* O 118 0.12 0.09 0.09 - 0.02 0.13 0.01 Forum Uranium V 179 0.10 0.09 0.09 - 0.01 0.20 0.04 Forum Uranium* O 165 0.09 0.06 0.06 - 0.03 0.14 0.03 Fox River Res 23 0.05 0.04 0.05 + 0.01 0.06 0.03 Franco-Nevada* N 3722 78.34 71.28 72.35 - 5.27 81.16 39.05 Franco-Nevada T 2620 101.12 92.26 94.07 - 5.73 105.69 51.92 Franklin Mng* O 28 0.01 0.00 0.00 - 0.00 0.01 0.00 Freegold Vent T 112 0.22 0.20 0.22 - 0.01 0.28 0.05 Freeport McMo* N 153580 12.20 10.82 10.89 - 1.08 14.20 3.52 Fresnillo plc* O 15 24.58 22.35 23.03 - 2.24 26.65 8.70 Fura Emeralds V 36 0.18 0.15 0.18 + 0.01 0.25 0.08

G-H G&S Minerals* O 370 G4G Res V 1605 Gabriel Res T 533 Gainey Capital V 341 Galane Gold V 972 Galantas Gold* O 298 Galantas Gold V 219 Galena Intl Rs V 214 Galway Gold V 756 Galway Mtls* O 232 Galway Mtls V 719 Garibaldi Res V 810 Garibaldi Res * O 161 Genesis Mtls V 507 Genius Props 904 Gensource Pot V 591 Geologix Expl* O 1360 Geologix Expl V 2058 Gespeg Cop Res V 153 GFK Res V 331 GGL Res V 17 Gitennes Expl V 35 Giyani Gold* O 15 Giyani Gold V 126 Gldn Predator V 1210 Gldn Predator* O 172 Glen Eagle Res V 532 Glencore Plc* O 753 Global Cop Grp V 743 Globex Mng T 546 Globex Mng* O 26 GMCI Corp* O 1

0.00 0.00 0.00 + 0.00 0.00 0.00 0.12 0.10 0.10 + 0.01 0.12 0.04 0.65 0.62 0.65 + 0.01 0.74 0.12 0.21 0.17 0.18 - 0.03 0.30 0.10 0.13 0.11 0.11 - 0.02 0.19 0.03 0.13 0.11 0.11 - 0.01 0.13 0.06 0.16 0.15 0.15 - 0.01 0.17 0.07 0.14 0.12 0.12 - 0.02 0.15 0.02 0.10 0.09 0.10 - 0.01 0.13 0.04 0.48 0.41 0.41 - 0.04 0.51 0.06 0.62 0.51 0.51 - 0.05 0.65 0.09 0.09 0.08 0.08 - 0.01 0.18 0.07 0.08 0.06 0.06 - 0.01 0.13 0.05 0.28 0.23 0.23 - 0.02 0.28 0.05 0.04 0.03 0.03 - 0.02 0.06 0.02 0.10 0.08 0.09 + 0.01 0.12 0.04 0.10 0.10 0.10 - 0.00 0.11 0.01 0.14 0.12 0.13 + 0.01 0.15 0.02 0.04 0.00 0.04 + 0.01 0.06 0.02 0.18 0.14 0.18 + 0.02 0.18 0.03 0.03 0.00 0.03 - 0.01 0.05 0.01 0.03 0.03 0.03 - 0.01 0.04 0.01 0.25 0.17 0.22 + 0.06 0.27 0.02 0.32 0.20 0.25 + 0.05 0.36 0.06 1.03 0.85 0.99 - 0.03 1.17 0.07 0.80 0.66 0.76 - 0.04 0.89 0.06 0.14 0.12 0.13 - 0.01 0.16 0.03 4.98 4.61 4.72 - 0.18 5.15 1.95 0.05 0.04 0.04 - 0.01 0.06 0.04 0.38 0.33 0.35 - 0.02 0.51 0.19 0.30 0.26 0.27 - 0.03 0.38 0.15 2.50 0.00 2.10 - 0.40 2.51 0.20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

O 152 GMV Minerals* GMV Minerals V 544 V 83 GobiMin GoGold Res T 1095 Gold & Silver* O 4541 51 Gold Bulln Dev* O Gold Bulln Dev V 1311 24767 Gold Fields* N 529 Gold Jub Cap V 12651 Gold Lakes* O Gold Mng USA* O 1640 Gold Mtn Mng V 1646 163 Gold Mtn Mng * O 174 Gold Reach Res V Gold Reserve* O 539 Gold Reserve V 327 X 5527 Gold Resource* Gold Std Vents V 2298 Gold Std Vents* X 7031 Gold Torrent* O 9 V 16 Goldbank Mng Goldbelt Emp V 222 Goldcliff Res V 111 T 17092 Goldcorp Goldcorp* N 57818 Golden Arrow V 2782 Golden Arrow* O 2730 68 Golden Dawn Ml* O Golden Dawn Ml V 4140 V 1177 Golden Goliath O 151 Golden Goliath* Golden Harp V 27 Golden Hope V 75 Golden Matrix* O 7176 Golden Mnls T 360 Golden Mnls* X 4060 30 Golden Peak Mn V O 1031 Golden Queen* Golden Queen T 525 Golden Reign V 606 Golden Secret V 111 12893 Golden Star* X Golden Tag V 608 Golden Valley V 1325 Goldeye Expl V 229 T 2045 Goldgroup Mng O 3308 Goldgroup Mng* GoldON Res V 169 V 1519 GoldQuest Mng Goldrea Res 79 Goldrea Res* O 90 O 1331 Goldsource Min* V 1764 Goldsource Min Goldstar Mnls V 1479 V 10 Goldstream Mnl V 2341 Goldstrike Res Gossan Res V 541 O 15 GoviEx Uranium* V 311 GoviEx Uranium Gowest Gold* O 177 Gowest Gold V 821 GPM Metals* O 7 GPM Metals V 305 O 650 Gran Colombia* T 6659 Gran Colombia V 125 Grande Portage 50 Granite Ck Gld V O 191 Graphite Corp* Graphite One V 1788 Graphite One* O 316 329 Gray Rock Res V 88 Great Bear Res V 293 Great Lakes Gr* O 653 Great Lakes Gr V Great Panther T 2174 X 7981 Great Panther* 95 Great Quest Fe V Great Thunder V 483 O 55 Great Western* 247 Green Swan Cap V V 141 Greencastle Rs O 314 Greenland M&En* Grizzly Discvr* O 87 Grizzly Gold* O 38 653 Group Ten Mtls V GTA Res & Mng V 5448 Gungnir Res* O 652 Gungnir Res V 752 Guyana Gldflds T 4208 Handa Copper V 40 Handeni Gold* O 1 721 Hard Creek Ni V 21948 N Harmony Gold* Harte Gold T 4037 V 72 Hawkeye Gld&Di 79836 Hecla Mining* N Helio Res V 891 Heron Res T 77 V 450 Highland Copp HiHo Silver 197 HiHo Silver* O 2 Hinterland Mtl V 51 O 85 Hochschild Mg* O 104 Homestake Res* V 476 Homestake Res Honey Badger E V 1131 Horizon Mnls* O 51 Houston Lake V 119 HTI Ventures V 45 HudBay Mnls T 6453 HudBay Mnls* N 1206 Hudson Res V 186 Hudson Res* O 37 Hunt Mng V 60 Hunt Mng* O 41

0.06 0.49 - 0.01 0.55 0.52 0.38 0.05 0.60 - 0.03 0.70 0.70 0.55 0.27 0.50 + 0.05 0.49 0.50 0.43 0.94 1.10 - 0.07 1.65 1.18 1.04 0.01 0.00 0.00 + 0.00 17.80 0.00 0.09 0.08 0.08 + 0.00 0.11 0.01 0.12 0.10 0.11 - 0.01 0.16 0.02 2.04 5.80 - 0.57 6.60 6.24 5.63 0.18 0.15 0.16 - 0.02 0.28 0.07 0.01 0.04 - 0.45 1.02 0.55 0.04 0.01 0.01 0.01 + 0.00 0.19 0.00 0.29 0.26 0.28 + 0.01 0.49 0.02 0.23 0.21 0.23 + 0.01 0.26 0.21 0.23 0.20 0.20 - 0.03 0.25 0.08 0.00 4.93 - 0.27 5.90 5.22 4.58 3.06 6.48 - 0.22 8.00 6.74 5.78 1.14 5.44 - 0.67 6.88 6.13 5.10 3.72 2.96 3.15 - 0.60 4.10 0.42 2.88 2.28 2.46 - 0.47 3.20 0.32 0.20 0.49 - 0.12 0.69 0.60 0.49 0.03 0.11 - 0.04 0.16 0.15 0.11 0.02 0.06 + 0.02 0.10 0.06 0.04 0.05 0.20 - 0.01 0.35 0.24 0.19 13.55 20.75 - 2.81 26.56 23.33 20.36 15.95 - 2.38 20.38 9.46 18.07 15.73 0.17 1.13 + 0.12 1.48 1.29 0.88 0.13 0.87 + 0.03 1.30 1.01 0.68 0.23 0.19 0.20 - 0.03 0.32 0.06 0.31 0.23 0.31 + 0.02 0.44 0.07 0.01 0.07 - 0.02 0.14 0.10 0.07 0.00 0.06 - 0.01 0.10 0.07 0.00 0.03 0.19 - 0.03 0.28 0.22 0.19 0.16 0.29 + 0.04 0.47 0.30 0.26 0.00 0.00 0.00 - 0.00 3000.00 0.00 0.19 1.09 + 0.10 1.51 1.15 0.88 0.13 0.85 + 0.09 1.16 0.90 0.68 0.23 0.21 0.21 - 0.01 0.90 0.12 0.48 1.01 + 0.01 1.56 1.02 0.91 0.67 1.28 - 0.01 2.00 1.31 1.16 0.07 0.30 - 0.04 0.35 0.34 0.27 0.02 0.46 - 0.08 0.69 0.50 0.45 0.14 0.74 - 0.01 1.13 0.77 0.71 0.02 0.11 - 0.02 0.18 0.12 0.09 0.07 0.32 + 0.01 0.35 0.33 0.31 0.02 0.07 - 0.01 0.08 0.08 0.07 0.05 0.28 - 0.06 0.39 0.34 0.22 0.03 0.22 - 0.04 0.30 0.26 0.17 0.03 0.18 + 0.01 0.36 0.25 0.16 0.09 0.51 - 0.07 0.68 0.57 0.49 0.03 0.12 + 0.02 0.12 0.13 0.00 0.02 0.09 + 0.01 0.09 0.09 0.08 0.11 0.29 - 0.10 0.45 0.38 0.27 0.15 0.37 - 0.12 0.57 0.49 0.36 0.01 0.04 - 0.01 0.08 0.06 0.04 0.09 0.09 - 0.08 0.40 0.14 0.00 0.07 0.31 - 0.05 0.41 0.36 0.29 0.02 0.08 + 0.02 0.08 0.09 0.07 0.08 0.12 + 0.00 0.16 0.12 0.11 0.13 0.15 + 0.02 0.19 0.16 0.14 0.04 0.17 - 0.01 0.22 0.20 0.16 0.06 0.22 - 0.02 0.28 0.25 0.20 0.07 0.26 - 0.04 0.43 0.27 0.26 0.08 0.02 0.57 + 0.37 0.39 0.34 0.04 0.09 - 0.02 0.19 0.10 0.09 0.06 0.12 - 0.01 0.25 0.13 0.11 0.04 0.22 + 0.05 0.22 0.22 0.17 0.04 0.04 0.04 + 0.01 0.06 0.01 0.00 0.01 - 0.00 0.02 0.01 0.01 0.07 0.09 + 0.01 0.18 0.09 0.08 0.05 0.06 - 0.00 0.14 0.07 0.06 0.11 0.08 0.09 + 0.01 0.10 0.02 0.32 0.27 0.27 - 0.08 0.36 0.05 0.06 0.05 0.06 - 0.00 0.09 0.04 0.08 0.07 0.08 + 0.01 0.13 0.06 0.49 1.68 - 0.11 2.82 1.78 1.57 0.37 1.29 - 0.10 2.25 1.39 1.21 0.20 0.16 0.16 - 0.04 0.38 0.11 0.01 0.08 - 0.01 0.24 0.09 0.08 0.00 0.00 + 0.00 0.00 0.00 0.00 0.09 0.08 0.09 - 0.01 0.14 0.01 0.05 0.10 - 0.02 0.18 0.12 0.10 0.00 0.04 + 0.01 0.17 0.05 0.02 0.02 0.04 + 0.00 0.05 0.04 0.04 0.01 0.11 - 0.01 0.21 0.16 0.01 0.04 0.03 0.04 + 0.01 0.07 0.01 0.24 0.13 0.15 - 0.01 0.24 0.02 0.00 0.03 + 0.00 0.04 0.03 0.00 0.01 0.04 + 0.01 0.05 0.04 0.03 9.47 8.39 8.75 - 0.47 10.35 2.48 0.03 0.07 + 0.01 0.07 0.07 0.00 0.11 0.11 - 0.09 0.53 0.11 0.00 0.04 0.03 0.03 - 0.02 0.05 0.01 0.53 3.87 - 0.23 4.87 4.12 3.72 0.05 0.29 + 0.03 0.35 0.29 0.25 0.03 0.12 - 0.01 0.15 0.14 0.11 1.45 5.74 - 1.02 7.26 6.65 5.34 0.02 0.04 - 0.01 0.08 0.05 0.04 0.07 0.14 - 0.01 0.17 0.16 0.14 0.07 0.11 + 0.01 0.18 0.11 0.11 0.09 0.02 0.25 0.09 - 0.12 0.00 0.08 0.08 - 0.01 0.10 0.08 0.08 0.01 0.04 - 0.01 0.12 0.05 0.00 0.59 3.55 - 0.61 4.16 4.02 3.39 0.01 0.13 - 0.01 0.18 0.16 0.12 0.02 0.19 - 0.01 0.24 0.21 0.16 0.04 0.03 0.03 - 0.01 0.05 0.01 0.05 0.18 + 0.03 0.55 0.18 0.10 0.13 0.30 + 0.01 0.40 0.30 0.28 0.01 0.88 + 0.03 0.98 0.91 0.83 2.26 5.63 - 0.46 7.85 6.25 5.56 1.56 4.33 - 0.39 6.02 4.86 4.29 0.34 0.38 + 0.03 0.54 0.38 0.36 0.26 0.29 + 0.02 0.41 0.30 0.27 0.02 0.38 + 0.06 0.35 0.38 0.31 0.01 0.28 + 0.08 0.24 0.28 0.24

I-Minerals V 187 I-Minerals* O 47 82907 IAMGOLD* N IAMGOLD T 20009 Iberian Mnrls V 2199 IC Potash* O 132 Icon Explor V 163 Iconic Mnls V 1720 232 Iconic Mnls * O Idaho North* O 19 IDM Mining* O 1145 IDM Mining V 6560 V 264 IGC Res iMetal Res V 68 IMPACT Silver V 1328 O 260 Impala Platnm* O 21 Imperial Metal* Imperial Metal T 110 296 Inca One Gold V 4 Inception Mng * O V 503 Independence G O 129 Independence G* Indico Res V 2382 Inform Res V 4 Infrastructure* O 0 O 5 Inspiration Mg* Intact Gold* O 200 Intact Gold V 1773 Gold* O 2082 Integra Integra Gold V 5433 Intgr Egy Sol* O 165304 Intigold Mines V 126 Intl Lithium* O 79 Intl Lithium V 503 Intl Montoro V 231 111 Intl Samuel Ex V Intl Star* O 2800 Intl Tower Hil* X 2087 217 T Intl Tower Hil Intrepid Pots* N 2685 INV Metals T 224 INV Metals* O 109 21 Inventus Mg * O Inventus Mg V 101 InZinc Mining V 529 InZinc Mining* O 53 O 422 Ireland* 45 Iron South Mng V Irving Res* O 4 Irving Res 11 111 Itoco Mg Corp* O O 1062 Ivanhoe Mines* Ivanhoe Mines T 9309 Jaguar Mng* O 202 Jaxon Mnls V 203 Jayden Res V 314 Jazz Res V 18 Jiulian Res V 34 Jubilee Gold V 19 V 3461 K92 Mng Inc K92 Mng Inc* O 1041 V 185 Kaizen Discvry V 483 Kapuskasing Gd Karnalyte Res T 162 Katanga Mng T 116 Kenna Res V 332 Kennady Diam V 30 Kermode Res V 641 Kerr Mines* O 21 Kerr Mines T 1077 Kesselrun Res V 493 Khalkos Expl V 271 O 139 Kilo Goldmines* V 1954 Kilo Goldmines V 75 Kincora Copper 21 Kings Bay Gold V O 32 Kingsmen Res* O 28 Kingsrose Mng* 106539 Kinross Gold* N Kinross Gold T 25427 149 Kirkland Lk Gd* O Kirkland Lk Gd T 3240

0.16 0.29 - 0.03 0.37 0.33 0.28 0.14 0.22 - 0.04 0.28 0.25 0.22 1.15 3.90 - 0.80 5.87 4.70 3.80 1.66 5.09 - 0.97 7.65 6.07 4.92 0.04 0.10 + 0.01 0.11 0.10 0.08 0.03 0.07 - 0.01 0.11 0.07 0.07 0.01 0.02 - 0.01 0.03 0.02 0.02 0.03 0.34 + 0.08 0.45 0.37 0.23 0.25 0.18 0.25 + 0.06 0.33 0.01 0.06 0.06 - 0.01 0.10 0.07 0.06 0.04 0.14 - 0.03 0.21 0.17 0.13 0.07 0.18 - 0.04 0.26 0.22 0.18 0.01 0.01 + 0.01 0.02 0.01 0.01 0.03 0.06 + 0.01 0.10 0.06 0.04 0.11 0.86 - 0.18 1.28 1.07 0.84 1.45 4.12 - 0.58 5.23 4.60 4.09 2.81 5.27 - 0.16 6.52 5.69 5.12 3.92 7.06 + 0.15 8.82 7.07 6.61 0.25 0.21 0.23 - 0.02 1.05 0.21 0.57 0.00 0.55 - 0.02 1.00 0.20 0.06 0.37 - 0.02 0.50 0.40 0.32 0.04 0.30 + 0.01 0.37 0.30 0.25 0.03 0.04 - 0.01 0.10 0.04 0.03 0.05 0.34 - 0.07 0.40 0.34 0.00 0.01 0.01 + 0.00 0.02 0.01 0.01 0.01 0.02 - 0.00 0.10 0.04 0.02 0.04 0.08 - 0.01 0.14 0.09 0.08 0.02 0.09 - 0.03 0.18 0.11 0.09 0.19 0.61 - 0.05 0.76 0.65 0.54 0.26 0.79 - 0.05 0.96 0.84 0.70 0.00 0.00 0.00 + 0.00 0.00 0.00 0.06 0.07 - 0.01 0.19 0.08 0.07 0.02 0.16 - 0.01 0.55 0.18 0.16 0.03 0.21 - 0.02 0.38 0.24 0.21 0.02 0.02 - 0.01 0.05 0.03 0.02 0.10 0.08 0.10 + 0.01 0.15 0.05 0.00 0.00 + 0.00 0.00 0.00 0.00 1.11 0.88 1.00 - 0.13 1.40 0.18 1.41 1.15 1.31 - 0.15 1.82 0.26 0.65 1.32 - 0.01 7.99 1.38 1.30 0.08 0.83 - 0.04 1.10 0.88 0.75 0.08 0.60 - 0.05 0.77 0.65 0.60 0.22 0.00 0.22 - 0.00 0.28 0.20 0.02 0.28 + 0.01 0.35 0.30 0.25 0.04 0.17 - 0.03 0.25 0.22 0.16 0.03 0.14 - 0.02 0.17 0.16 0.14 0.13 0.24 + 0.09 0.38 0.24 0.15 0.28 0.00 0.24 - 0.03 0.28 0.04 0.09 0.24 - 0.03 0.28 0.24 0.00 0.11 0.28 - 0.04 0.35 0.32 0.00 0.10 0.03 0.08 + 0.00 1.10 0.03 0.36 1.28 - 0.02 1.52 1.35 1.21 0.53 1.67 - 0.01 1.97 1.74 1.56 0.09 0.55 - 0.04 0.65 0.60 0.51 0.02 0.06 - 0.03 0.09 0.09 0.06 0.03 0.10 - 0.02 0.23 0.15 0.10 0.08 0.09 - 0.10 0.19 0.18 0.09 0.01 0.02 - 0.03 0.05 0.05 0.02 0.30 0.61 - 0.09 0.75 0.70 0.61 1.67 1.32 1.66 - 0.05 2.24 0.87 1.31 1.03 1.27 - 0.06 1.72 0.75 0.08 0.24 - 0.02 0.31 0.28 0.24 0.02 0.06 - 0.02 0.07 0.07 0.05 0.52 1.13 + 0.08 4.15 1.13 1.00 0.13 0.15 - 0.01 0.23 0.16 0.14 0.12 0.20 - 0.02 0.27 0.22 0.20 2.35 4.01 - 0.05 5.00 4.22 3.97 0.01 0.02 - 0.01 0.04 0.02 0.02 0.01 0.10 + 0.02 0.12 0.10 0.00 0.02 0.12 + 0.01 0.16 0.13 0.11 0.02 0.22 - 0.02 0.43 0.24 0.22 0.05 0.16 - 0.05 0.26 0.21 0.15 0.03 0.14 - 0.00 0.19 0.16 0.12 0.04 0.19 + 0.01 0.25 0.21 0.15 0.15 0.32 - 0.02 0.55 0.35 0.30 0.09 0.00 0.08 - 0.01 0.15 0.05 0.02 0.12 - 0.01 0.12 0.12 0.12 0.39 0.45 + 0.06 1.09 0.45 0.39 1.31 4.30 - 0.63 5.82 4.87 4.13 1.79 5.60 - 0.72 7.56 6.29 5.35 9.38 8.60 8.87 - 0.45 9.70 3.12 12.17 11.08 11.52 - 0.48 12.39 4.51

I-J-K

2016-08-30 11:45 AM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 5–11, 2016

13

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

Week

12-month

Exc Volume High Low Last Change High Low

Kiska Metals* O 119 Kiska Metals V 1019 Kivalliq Enrgy V 1583 Klondex Mns T 3583 Klondike Gold V 846 Klondike Gold* O 88 Klondike Silv* O 11 Knick Expl V 2607 Kootenay Silvr V 2865 KWG Res* O 135

0.08 0.07 0.07 - 0.00 0.09 0.01 0.10 0.09 0.09 - 0.01 0.12 0.01 0.10 0.08 0.09 - 0.01 0.10 0.06 7.41 6.37 7.11 + 0.26 7.18 2.56 0.29 0.25 0.27 - 0.03 0.45 0.08 0.23 0.20 0.21 - 0.02 0.32 0.07 0.10 0.08 0.09 - 0.02 0.12 0.01 0.11 0.06 0.10 + 0.04 0.07 0.01 0.51 0.44 0.49 - 0.02 0.60 0.17 0.03 0.01 0.01 - 0.01 0.03 0.00

Labdr Iron Mns* O 53 Labrador Iron T 715 Lago Dourado V 4 Lamelee Iron V 22 Lara Expl V 328 Laramide Res T 244 Largo Res* O 85 Largo Res T 215 22 Latin Am Mnls* O Laurion Mnl Ex V 1280 254 Laurion Mnl Ex* O Legend Gold V 403 Levon Res Ltd * O 460 955 Lexam VG Gold* O Lexam VG Gold T 1709 Li3 Energy* O 549 Libero Mg Corp V 346 10618 Liberty Star* O Lincoln Mng V 125 Lion One Mtls V 366 184 Lion One Mtls* O Lions Gate Mtl 20 Lithium Amer* O 1918 Lithium Amer T 3446 Lithium Corp* O 723 11860 Lithium Expl* O Logan Res V 1650 Lomiko Mtls V 336 Lomiko Mtls* O 260 Loncor Res* O 29 184 Lone Star Gold* O Lonmin plc* O 45 O 50 Lonmin plc* V 64 Lorraine Coppr Los Andes Copp V 56 Lucara Diam T 2628 Luna Gold* O 443 Luna Gold T 1274 Lund Enterpr V 210 Lundin Gold T 570 Lundin Mng T 9998 Lupaka Gold V 130 Lydian Intl T 1262 Lydian Intl* O 181 Lynas Corp* O 141

0.01 0.00 0.00 - 0.00 0.02 0.00 13.60 12.95 13.45 + 0.25 17.44 6.85 0.13 0.00 0.13 - 0.03 0.59 0.05 0.25 0.00 0.25 + 0.01 0.60 0.10 1.38 1.30 1.30 - 0.06 1.58 0.21 0.27 0.25 0.26 + 0.01 0.38 0.15 0.47 0.38 0.44 - 0.04 0.56 0.08 0.59 0.48 0.56 - 0.02 0.72 0.11 0.31 0.28 0.30 + 0.03 0.36 0.06 0.03 0.02 0.02 - 0.01 0.03 0.01 0.02 0.01 0.01 - 0.01 0.02 0.00 0.07 0.04 0.05 - 0.02 0.07 0.02 0.51 0.43 0.49 - 0.01 0.54 0.07 0.28 0.21 0.25 - 0.02 0.28 0.04 0.35 0.28 0.33 - 0.01 0.35 0.05 0.02 0.02 0.02 - 0.00 0.04 0.01 0.21 0.19 0.20 - 0.01 0.21 0.02 0.00 0.00 0.00 + 0.00 0.01 0.00 0.12 0.09 0.11 - 0.01 0.17 0.02 1.17 0.90 1.08 + 0.12 1.17 0.24 0.91 0.69 0.83 + 0.08 0.90 0.18 0.08 0.06 0.06 - 0.02 0.09 0.01 0.72 0.63 0.71 + 0.03 0.87 0.34 0.93 0.81 0.93 + 0.06 1.15 0.26 0.11 0.11 0.11 + 0.00 0.13 0.02 0.02 0.01 0.01 - 0.00 0.45 0.00 0.26 0.19 0.19 - 0.05 0.26 0.04 0.04 0.03 0.04 + 0.01 0.05 0.03 0.03 0.02 0.02 - 0.00 0.04 0.02 0.17 0.15 0.16 - 0.01 0.20 0.01 0.01 0.01 0.01 + 0.00 0.01 0.00 2.99 2.82 2.82 - 0.17 3.12 0.01 3.09 2.85 2.93 - 0.17 90.00 0.55 0.11 0.09 0.09 - 0.02 0.12 0.04 0.17 0.16 0.17 + 0.01 0.20 0.05 4.35 4.21 4.35 + 0.02 4.39 1.42 0.26 0.22 0.24 + 0.01 0.26 0.02 0.33 0.29 0.31 + 0.01 0.33 0.03 0.15 0.10 0.15 + 0.03 0.14 0.02 6.18 5.68 5.75 - 0.35 6.62 3.70 5.49 5.00 5.04 - 0.38 5.79 2.98 0.22 0.20 0.21 - 0.03 0.24 0.04 0.48 0.43 0.44 - 0.03 0.50 0.19 0.37 0.33 0.33 - 0.03 0.39 0.13 0.05 0.05 0.05 - 0.00 0.10 0.03

L

M Macarthur Mnl V 2124 0.08 0.07 0.07 - 0.01 0.18 0.02 Macarthur Mnl* O 22 0.06 0.05 0.05 - 0.00 0.14 0.02 0.07 - 0.02 0.14 0.07 Maccabi Vent 350 0.09 0.07 MacMillan Mnls V 893 1.20 1.04 1.20 + 0.10 1.44 0.22 0.01 - 0.01 0.05 0.01 Mag Copper 516 0.01 0.01 MAG Silver T 1489 21.05 18.89 20.38 - 0.72 22.59 8.60 Magellan Gold* O 209 0.20 0.09 0.09 - 0.04 0.35 0.04 0.00 + 0.00 0.00 0.00 Magnus Intl* O 3731 0.00 0.00 Majescor Res V 245 0.09 0.09 0.09 - 0.01 0.15 0.02 0.07 + 0.01 0.09 0.01 Majescor Res* O 61 0.07 0.06 Makena Res* O 45 0.02 0.02 0.02 - 0.00 0.04 0.01 0.03 - 0.01 0.05 0.01 Makena Res V 3032 0.03 0.02 0.36 - 0.06 0.46 0.20 Malbex Res V 137 0.41 0.36 Mammoth Res V 252 0.03 0.03 0.03 - 0.01 0.05 0.01 1.10 - 0.03 1.35 0.59 Mandalay Res T 1417 1.15 1.06 Manitou Gold V 236 0.09 0.08 0.08 - 0.01 0.12 0.02 0.04 - 0.01 0.06 0.01 Manson Creek V 388 0.05 0.03 0.93 - 0.01 1.20 0.85 Mariana Res V 192 0.98 0.92 Mariana Res* O 262 0.76 0.70 0.70 - 0.05 0.89 0.02 0.03 + 0.01 0.04 0.01 Marifil Mines V 394 0.03 0.02 Maritime Res V 546 0.28 0.24 0.24 - 0.03 0.31 0.08 0.46 - 0.01 0.54 0.10 Marlin Gold* O 54 0.46 0.36 Marlin Gold V 133 0.59 0.46 0.59 - 0.01 0.68 0.15 MartinMarietta* N 2539 196.73 187.35 188.28 - 3.97 206.36 108.31 O 158 0.96 0.79 0.86 - 0.09 0.99 0.21 Mason Graphite* Mason Graphite V 740 1.25 1.00 1.10 - 0.15 1.28 0.30 V 284 0.44 0.30 0.32 + 0.02 0.49 0.20 Matachewan Con Matamec Expl* O 259 0.07 0.05 0.06 - 0.01 0.07 0.01 Matica Ent* O 210 0.01 0.00 0.00 - 0.00 0.04 0.00 24 0.86 0.80 0.86 - 0.00 16.33 0.80 Maverix Mtls* O Mawson Res T 205 0.24 0.22 0.24 + 0.02 0.30 0.17 0.20 + 0.02 0.24 0.12 Mawson Res* O 81 0.20 0.16 MAX Res V 5 0.08 0.08 0.08 - 0.01 0.11 0.05 Maxwell Res* O 151 0.01 0.01 0.01 + 0.00 0.06 0.00 Maya Gold &Sil V 1132 0.21 0.18 0.20 - 0.02 0.27 0.10 McChip Res V 6 0.53 0.00 0.53 - 0.07 0.85 0.40 23890 4.53 3.63 3.84 - 0.73 4.92 0.72 McEwen Mng* N McEwen Mng T 3963 5.81 4.69 4.98 - 0.90 6.44 0.96 MDN Inc V 973 0.16 0.14 0.14 - 0.01 0.19 0.01 MDN Inc* O 130 0.12 0.11 0.12 - 0.00 0.14 0.01 Meadow Bay Gd* O 19 0.07 0.06 0.06 - 0.01 0.14 0.04 0.10 0.08 0.08 - 0.01 0.20 0.06 Meadow Bay Gd T 1238 Mechel* N 386 1.88 1.78 1.80 + 0.01 2.48 1.23 Medallion Res* O 131 0.02 0.02 0.02 - 0.00 0.04 0.01 Medgold Res V 934 0.23 0.17 0.23 + 0.05 0.25 0.05 Medinah Mnrls* O 17800 0.02 0.01 0.01 - 0.00 0.03 0.01 Mega Uranium* O 616 0.13 0.11 0.12 - 0.01 0.15 0.04 0.15 - 0.01 0.20 0.05 Mega Uranium T 1841 0.17 0.14 Merrex Gold V 193 0.23 0.20 0.21 - 0.02 0.31 0.10 Metallis Res V 83 0.20 0.16 0.17 - 0.04 0.28 0.02 Metalo Manuf 10 0.85 0.70 0.85 + 0.15 1.50 0.30 Metalore Res T 2 2.10 0.00 2.10 + 0.10 3.59 1.26 0.07 - 0.01 0.09 0.00 Mexus Gold* O 4766 0.08 0.06 MGX Minerals 848 0.22 0.19 0.19 - 0.02 0.70 0.08 0.71 - 0.13 0.95 0.16 Midas Gold* O 3065 0.85 0.62 Midas Gold T 2227 1.09 0.82 0.91 - 0.16 1.22 0.25 Midland Expl V 81 1.15 1.01 1.01 - 0.07 1.20 0.45 Midnight Sun V 232 0.14 0.11 0.12 - 0.04 0.24 0.08 Midway Gold* O 97 0.00 0.00 0.00 + 0.00 0.01 0.00 MillenMin Vent V 151 0.08 0.05 0.06 - 0.02 0.14 0.01 Millrock Res* O 678 0.49 0.38 0.42 - 0.05 0.54 0.11 Millrock Res V 1049 0.62 0.50 0.56 - 0.04 0.70 0.15 Millstream Min V 300 0.06 0.05 0.06 + 0.01 0.16 0.02 Milner Con Slv V 96 0.05 0.05 0.05 + 0.01 0.07 0.02 Minaurum Gold V 1379 0.12 0.10 0.10 - 0.01 0.14 0.04 Minco Gold* X 1122 0.32 0.24 0.27 - 0.04 0.42 0.10 Minco Gold T 74 0.38 0.00 0.36 - 0.03 0.55 0.12 Minco Silver T 539 1.82 1.38 1.55 - 0.16 2.05 0.34 Minco Silver* O 151 1.39 1.08 1.17 - 0.17 1.54 0.26 Minecorp Egy V 58 0.07 0.07 0.07 - 0.01 0.18 0.01 Minera Alamos V 293 0.23 0.19 0.21 - 0.03 0.29 0.07 Mineral Mtn* O 12 0.35 0.31 0.34 - 0.03 0.38 0.04 Mineral Mtn V 196 0.46 0.40 0.40 - 0.07 0.49 0.08 Mines Manage* X 1543 1.46 0.73 1.29 - 0.14 1.62 0.11 Mines Manage T 19 1.89 1.32 1.69 - 0.24 2.14 0.17 Minnova Corp V 156 0.79 0.70 0.75 + 0.04 0.90 0.23 Miranda Gold V 734 0.14 0.12 0.14 - 0.01 0.18 0.06 Mirasol Res V 475 3.38 2.59 2.90 - 0.48 3.50 0.72 Mkango Res V 485 0.07 0.07 0.07 + 0.01 0.11 0.03 Molycorp* O 2481 0.03 0.03 0.03 - 0.00 0.13 0.02 Monarques Res* O 23 0.40 0.36 0.37 - 0.02 0.48 0.04 Monarques Res V 378 0.52 0.44 0.45 - 0.04 0.66 0.06 Moneta Porcpn* O 634 0.24 0.20 0.22 - 0.01 0.28 0.06 Moneta Porcpn T 4763 0.31 0.25 0.29 - 0.01 0.36 0.07 Monster Mng* O 6 0.38 0.35 0.35 - 0.03 0.42 0.04 Monster Mng V 91 0.46 0.41 0.45 - 0.05 0.54 0.05 Montego Res 253 0.10 0.08 0.08 - 0.03 0.15 0.08 Monument Mng V 854 0.14 0.13 0.14 - 0.01 0.19 0.08 Morien Res* O 47 0.23 0.22 0.22 - 0.01 0.24 0.13 Mosaic* N 21429 29.47 27.47 27.60 - 0.47 41.35 22.02 Mountain Boy* O 2625 0.05 0.04 0.04 - 0.01 0.05 0.00 Mountain Prov* D 238 5.04 4.79 4.91 - 0.17 5.13 2.47 Mountain Prov T 253 6.49 6.13 6.41 - 0.12 6.70 3.38 Mukuba Res V 81 0.17 0.00 0.16 - 0.05 0.45 0.15 Mundoro Cap* O 53 0.16 0.16 0.16 - 0.02 0.20 0.03 Mundoro Cap V 257 0.22 0.18 0.20 - 0.02 0.23 0.04 Murchison Min 57 0.31 0.00 0.31 - 0.04 0.35 0.05 Mustang Mnrls V 1193 0.02 0.01 0.02 + 0.01 0.02 0.01 MX Gold* O 1014 0.25 0.22 0.24 - 0.01 0.31 0.08 MX Gold V 6023 0.32 0.29 0.31 - 0.02 0.39 0.10 Myson Group* O 52 0.05 0.02 0.05 + 0.02 0.06 0.00

N-O NACCO Ind* N 58 Namibia Rare E* O 3 Namibia Rare E T 52 Napier Vent* O 19 Natan Res V 33 Natural Res Pt* N 227 Nautilus Mnrls* O 628 Nautilus Mnrls T 905 Nemaska Lith* O 194 Nemaska Lith T 3912 Nevada Canyon* O 157 Nevada Clean M* O 115 Nevada Clean M V 574 T 390 Nevada Copper Nevada Egy Mtl* O 728 Nevada Egy Mtl V 955 Nevada Expl * O 636 Nevada Expl V 821 Nevada Sunrise* O 971 Nevada Sunrise V 1640 Nevada Zinc V 749 Nevado Res V 1340 Nevsun Res* X 3518 Nevsun Res T 2617 New Carolin Gd V 1760 New Carolin Gd* O 279 New Colombia* O 11411 43 New Destiny Mg V New Gold* O 291 New Gold* X 28450 New Gold T 10452 New Jersey Mng* O 233 New Milln Iron T 224 New Nadina V 35

69.42 67.28 67.71 - 0.06 70.11 40.04 0.09 0.06 0.09 + 0.03 0.09 0.03 0.09 0.00 0.09 - 0.01 0.14 0.04 0.24 0.20 0.20 - 0.04 0.26 0.19 0.33 0.27 0.31 + 0.03 0.40 0.05 19.97 18.15 18.45 - 1.60 34.80 5.00 0.12 0.10 0.12 - 0.00 0.30 0.08 0.16 0.14 0.15 + 0.01 0.40 0.10 0.91 0.79 0.84 - 0.05 1.50 0.19 1.16 1.01 1.10 - 0.04 1.97 0.22 0.19 0.13 0.13 - 0.05 0.25 0.01 0.03 0.03 0.03 + 0.00 0.04 0.00 0.04 0.02 0.03 - 0.01 0.04 0.02 0.64 0.55 0.57 - 0.06 1.20 0.45 0.11 0.09 0.10 - 0.01 0.20 0.06 0.14 0.12 0.13 - 0.01 0.26 0.01 0.53 0.34 0.48 + 0.01 0.61 0.08 0.68 0.43 0.62 + 0.05 0.94 0.05 0.35 0.24 0.27 - 0.08 0.37 0.09 0.44 0.31 0.39 - 0.05 0.47 0.13 0.59 0.50 0.58 - 0.01 0.80 0.19 0.11 0.09 0.11 + 0.01 0.11 0.01 3.20 3.00 3.13 - 0.01 3.80 2.27 4.13 3.90 4.07 + 0.05 4.81 3.27 0.10 0.08 0.10 + 0.01 0.15 0.04 0.08 0.06 0.07 - 0.01 0.12 0.03 0.01 0.01 0.01 - 0.00 0.05 0.00 0.19 0.16 0.19 + 0.02 0.32 0.08 0.14 0.10 0.10 - 0.04 0.27 0.03 5.60 4.89 5.00 - 0.69 6.04 1.76 7.22 6.32 6.52 - 0.77 7.87 2.56 0.14 0.12 0.14 - 0.00 0.15 0.02 0.09 0.08 0.09 - 0.01 0.18 0.05 0.13 0.11 0.11 - 0.02 0.18 0.05

12-13_SEPT5_StockTables.indd 13

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

New Oroperu V 302 NewCastle Gold* O 248 Newlox Gold 469 Newmac Res V 28 Newmarket Gold T 3642 O 614 Newmarket Gold* Newmont Mng* N 35400 Newport Expl V 231 O 73 Nexgen Energy* Nexgen Energy T 2504 269 Next Gen Mtls Nexus Gold V 2347 NGEx Res* O 27 NGEx Res T 104 Nickel One Res V 508 Nicola Mg Inc V 1511 Nicola Mg Inc* O 63 Nighthawk Gold V 1277 Nikos Expl V 5 Niocorp Dev* O 444 Niocorp Dev T 655 Nippon Dragon V 150 Noble Metal Gr V 73 Noble Mnl Expl V 324 Noka Res* O 8 Noka Res V 1128 Noram Vent V 18980 Noranda Alum* O 67 Noront Res V 2478 Nortec Mnls V 425 North Am Nickl* O 16 North Am Nickl V 467 North Am Pall T 14 North Am Pall* O 6 North Am Ptash V 103 North Arrow Mn V 56 77 North Springs* O Northisle C&G V 830 Northn Empire V 426 Northn Empire* O 21 Norvista Cap V 451 Nouveau Monde V 457 NovaCopper* X 369 NovaCopper T 41 NovaGold Res* X 11605 NovaGold Res T 1986 Novo Res V 934 Novo Res* O 753 NRG Metals V 406 Nrthn Freegold* O 15 V 100 Nrthn Freegold Nrthn Graphite* O 91 Nrthn Graphite V 136 Nrthn Iron V 508 Nrthn Mnrls &E* O 304 Nrthn Shield V 2981 Nrthn Vertex V 3266 Nthn Dynasty T 6496 Nthn Dynasty* X 12188 Nthrn Sphere 29 NuLegacy Gold V 1681 NuLegacy Gold* O 925 NV Gold V 162 OceanaGold T 8621 OceanaGold* O 584 Oceanus Res V 779 Oceanus Res* O 24 Odin Mng & Exp* O 14 Olivut Res* O 70 Olivut Res V 219 Omineca Mg &Ml V 438 Opawica Expl V 3 Orbite Tech T 2653 Orbite Tech* O 60 Orca Gold V 365 Orca Gold* O 121 Orefinders Res V 975 Oremex Silver V 110 Orex Mnrls V 547 Orex Mnrls* O 270 Orezone Gold V 11193 Orezone Gold* O 2044 Oriental Non F 23 Orla Mng Ltd V 135 Oro East Mg* O 195 Oroco Res* O 137 Orocobre T 322 Orofino Mnrls V 365 Oroplata Res* O 993 Orosur Mng T 350 Orsu Metals T 1702 Orsu Metals* O 2 Orvana Mnrls T 648 Orvana Mnrls* O 22 Osisko Gold T 1895 Osisko Gold* N 803 Osisko Mng Inc T 2180 Otis Gold* O 164 Otis Gold V 736 OZ Minerals* O 4

0.72 0.63 0.63 + 0.05 0.72 0.09 0.80 0.73 0.77 - 0.04 0.88 0.14 0.05 0.05 0.05 - 0.01 0.06 0.02 0.10 0.08 0.10 + 0.03 0.12 0.05 4.19 3.75 4.02 + 0.02 4.71 1.05 3.27 2.89 3.11 - 0.03 3.64 0.82 43.83 39.48 39.93 - 4.24 46.07 15.40 0.24 0.21 0.24 + 0.01 0.38 0.19 1.88 1.73 1.76 - 0.12 2.25 0.41 2.42 2.25 2.32 - 0.12 2.86 0.56 0.12 0.10 0.11 - 0.02 0.18 0.01 0.09 0.08 0.08 - 0.01 0.14 0.04 0.96 0.88 0.89 - 0.17 1.14 0.37 1.36 1.06 1.11 - 0.25 1.50 0.44 0.09 0.07 0.08 - 0.02 0.18 0.07 0.20 0.17 0.18 - 0.02 0.22 0.05 0.16 0.13 0.14 - 0.01 0.17 0.03 0.48 0.40 0.42 - 0.03 0.54 0.04 0.07 0.07 0.07 - 0.01 0.19 0.02 0.73 0.62 0.69 - 0.00 0.87 0.37 0.94 0.81 0.87 - 0.03 1.14 0.51 0.11 0.10 0.10 - 0.01 0.15 0.03 0.02 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.03 0.01 0.09 0.07 0.07 - 0.01 0.15 0.02 0.11 0.09 0.09 - 0.02 0.21 0.03 0.07 0.06 0.07 - 0.01 0.13 0.01 0.04 0.03 0.04 + 0.00 4.82 0.02 0.41 0.34 0.39 - 0.01 0.51 0.28 0.08 0.07 0.08 + 0.01 0.09 0.02 0.07 0.00 0.06 - 0.01 0.14 0.05 0.09 0.08 0.08 - 0.01 0.20 0.07 6.36 5.91 6.16 - 0.31 6.49 3.85 4.89 0.00 4.70 - 0.34 5.06 2.71 0.11 0.08 0.08 - 0.03 0.15 0.03 0.20 0.17 0.18 - 0.01 0.45 0.12 0.02 0.02 0.02 + 0.01 40.00 0.01 0.10 0.07 0.08 - 0.02 0.14 0.02 0.18 0.14 0.16 - 0.02 0.27 0.06 0.15 0.11 0.11 - 0.04 0.22 0.04 0.27 0.21 0.25 + 0.02 0.30 0.08 0.31 0.27 0.30 - 0.02 0.38 0.13 0.60 0.54 0.55 - 0.04 0.86 0.15 0.76 0.71 0.72 - 0.06 1.08 0.20 6.18 5.38 5.42 - 0.62 7.29 3.05 7.97 6.95 7.07 - 0.72 9.56 4.05 1.28 0.93 1.22 + 0.28 1.30 0.48 0.99 0.73 0.94 + 0.22 1.00 0.35 0.09 0.08 0.08 - 0.03 0.18 0.02 0.19 0.17 0.17 - 0.02 0.23 0.02 0.26 0.22 0.23 - 0.03 0.29 0.04 0.28 0.25 0.26 - 0.03 0.47 0.12 0.36 0.33 0.33 - 0.03 0.63 0.16 0.04 0.03 0.03 - 0.01 0.06 0.01 0.03 0.02 0.03 - 0.00 0.09 0.02 0.25 0.21 0.23 - 0.01 0.30 0.01 0.47 0.40 0.45 + 0.01 0.52 0.13 1.13 0.96 1.01 - 0.12 1.48 0.28 0.89 0.75 0.78 - 0.11 1.16 0.20 0.44 0.30 0.44 + 0.11 0.63 0.10 0.30 0.24 0.28 - 0.02 0.39 0.08 0.23 0.18 0.22 - 0.02 0.32 0.06 0.30 0.23 0.24 + 0.01 0.40 0.03 4.95 4.29 4.44 - 0.50 5.56 1.79 3.78 3.39 3.48 - 0.27 4.26 1.43 0.28 0.24 0.26 + 0.02 0.35 0.15 0.20 0.00 0.20 + 0.05 0.26 0.16 0.73 0.68 0.68 - 0.06 0.76 0.20 0.30 0.19 0.21 - 0.07 0.30 0.06 0.38 0.23 0.25 - 0.11 0.42 0.08 0.08 0.07 0.07 - 0.01 0.11 0.01 0.13 0.00 0.13 - 0.01 0.16 0.02 0.43 0.39 0.41 - 0.01 0.53 0.20 0.33 0.31 0.32 + 0.01 0.40 0.15 0.40 0.30 0.32 - 0.09 0.45 0.12 0.31 0.25 0.26 - 0.07 0.36 0.08 0.07 0.06 0.06 - 0.01 0.08 0.01 0.04 0.04 0.04 - 0.01 0.10 0.01 1.24 0.99 1.06 - 0.04 1.38 0.11 0.96 0.76 0.85 - 0.01 1.02 0.05 0.83 0.52 0.60 - 0.62 1.28 0.22 0.90 0.41 0.48 - 0.48 0.99 0.16 0.82 0.79 0.82 + 0.03 0.82 0.27 1.00 0.90 0.99 + 0.01 1.05 0.08 0.02 0.01 0.02 + 0.00 0.06 0.00 0.05 0.04 0.04 - 0.01 0.05 0.01 4.17 3.80 3.89 - 0.28 4.92 1.33 0.14 0.11 0.11 - 0.02 0.25 0.06 0.84 0.64 0.72 - 0.13 2.04 0.25 0.32 0.28 0.29 - 0.06 0.38 0.10 0.04 0.03 0.04 + 0.01 0.06 0.01 0.02 0.00 0.02 - 0.00 0.03 0.01 0.35 0.27 0.32 - 0.04 0.39 0.11 0.28 0.24 0.24 - 0.05 0.29 0.07 16.75 15.33 15.57 - 0.74 18.64 12.58 12.98 11.78 12.00 - 0.70 14.74 8.88 2.36 2.11 2.22 + 0.04 2.72 0.96 0.23 0.19 0.21 - 0.01 0.30 0.05 0.30 0.25 0.28 - 0.01 0.39 0.07 5.33 5.05 5.05 - 0.10 5.33 2.29

Pac Arc Res V 84 Pac Bay Mnrls V 7 Pac Booker Min* O 13 Pac Booker Min V 33 Pac Iron Ore V 8 Pac North West* O 352 Pac Potash V 53 Pac Ridge Expl V 94 Pac Topaz V 396 Paget Mrnls V 32 Paladin Energy T 971 Palamina Corp* O 24 Palamina Corp V 118 Pan Am Silver* D 19494 Pan Am Silver T 2372 Pan Global Res V 71 V 796 Pancontinental Pancontinental* O 149 Pangolin Dia V 2359 Pantheon Vent V 191 Para Resources V 358 Parallel Mng V 86 Paramount Gold* X 878 Parlane Res V 221 Patriot Gold* O 536 Peabody Enrgy* O 335 Pedro Res V 32 Pelangio Expl* O 186 Pelangio Expl V 1572 Pele Mtn Res* O 138 Peregrine Diam T 1510 Perseus Mng T 1328 Pershimco Res V 1558 Pershing Gold* D 1356 Pershing Res* O 5 Peruvian Prc M* O 637 Philippine Mtl V 544 Pilot Gold T 1555 Pilot Gold* O 614 Pine Cliff En* O 81 Pine Cliff En T 8203 Pinecrest Res V 117 1 PJSC Polyus Gd* O Planet Mng V 1549 Plate Res V 488 Plateau Uran* O 60 Platinex V 694 454 Platinum Gp Mt T Platinum Gp Mt* X 2935 Playfair Mng V 249 Playfair Mng* O 12 Polaris Mater T 34 PolyMet Mng* X 399 PolyMet Mng T 68 Portage Res* O 918 Portofino Res V 74 Potash Corp SK* N 34476 Potash Corp SK T 9733 Potash Ridge T 2724 Potash Ridge* O 104 PPX Mining V 788 Precipitate Gl V 754 Premier Gold M T 3115 Pretium Res* N 9179 Pretium Res T 3911 Primero Mng T 3647 Primero Mng* N 6383 Prism Res V 23 Probe Metals* O 186 Probe Metals V 674 Prophecy Coal T 15 Prophecy Coal* O 5 Prosper Gold V 238 Prospero Silvr V 103 PUF Vent Inc 468 Puma Expl V 518 Pure Energy* O 1304 Pure Energy V 2032 Pure Gold Mg* O 269 Pure Gold Mg V 1403 Purepoint Uran V 3962 Q-Gold Res V 141 QMX Gold* O 69 QMX Gold V 237 Quartz Mtn Res* O 1 Quaterra Res* O 462 Quaterra Res V 359 Quest Rare Mnl* O 329

0.12 0.10 0.10 - 0.02 0.50 0.05 0.06 0.00 0.06 - 0.01 0.10 0.03 0.81 0.75 0.81 + 0.06 1.93 0.45 1.28 1.00 1.20 + 0.23 2.50 0.63 0.17 0.17 0.17 - 0.07 0.39 0.15 0.04 0.03 0.03 - 0.01 0.06 0.00 0.05 0.04 0.05 + 0.01 0.07 0.03 0.10 0.09 0.09 - 0.01 0.11 0.02 0.22 0.17 0.19 - 0.02 0.29 0.07 0.08 0.07 0.08 + 0.01 0.09 0.01 0.18 0.17 0.17 - 0.01 0.27 0.15 0.19 0.18 0.18 - 0.02 0.19 0.08 0.25 0.00 0.23 - 0.02 0.25 0.06 20.57 17.44 17.97 - 2.80 21.59 5.38 26.62 22.57 23.37 - 3.32 27.56 7.85 0.08 0.06 0.06 - 0.02 0.08 0.01 0.12 0.08 0.10 + 0.02 0.12 0.01 0.09 0.05 0.07 + 0.01 0.09 0.00 0.14 0.12 0.14 + 0.02 0.22 0.03 0.18 0.17 0.17 - 0.02 0.27 0.10 0.31 0.24 0.25 - 0.07 0.36 0.08 0.18 0.15 0.18 + 0.01 0.17 0.05 2.01 1.63 1.70 - 0.30 2.93 0.93 0.16 0.11 0.13 - 0.02 0.21 0.01 0.17 0.13 0.13 - 0.02 0.23 0.03 1.45 1.32 1.33 - 0.06 41.10 0.55 0.22 0.00 0.21 - 0.03 0.25 0.01 0.04 0.04 0.04 - 0.00 0.06 0.01 0.06 0.04 0.05 - 0.01 0.08 0.01 0.03 0.03 0.03 - 0.00 0.04 0.02 0.25 0.21 0.23 - 0.02 0.32 0.09 0.53 0.47 0.49 - 0.05 0.67 0.27 0.33 0.27 0.30 - 0.02 0.36 0.09 4.33 3.77 4.15 + 0.12 5.04 3.04 0.04 0.00 0.04 - 0.00 0.06 0.02 0.11 0.09 0.10 - 0.02 0.13 0.02 0.06 0.04 0.04 - 0.03 0.18 0.01 0.84 0.74 0.79 - 0.06 0.95 0.22 0.65 0.57 0.60 - 0.05 0.72 0.06 0.81 0.76 0.76 - 0.05 0.95 0.51 1.09 0.95 0.99 - 0.01 1.36 0.61 0.24 0.21 0.21 - 0.02 0.30 0.03 35.75 0.00 35.25 - 0.50 37.59 16.75 0.05 0.04 0.04 + 0.01 0.08 0.02 0.04 0.03 0.03 - 0.01 0.11 0.03 0.25 0.22 0.22 - 0.03 0.35 0.18 0.04 0.04 0.04 + 0.01 0.05 0.01 4.33 3.99 4.04 - 0.08 5.25 1.35 3.38 3.07 3.11 - 0.11 4.04 0.96 0.12 0.10 0.10 - 0.01 0.13 0.02 0.08 0.07 0.08 + 0.01 0.08 0.01 1.34 1.20 1.34 + 0.14 2.25 1.00 0.93 0.88 0.88 - 0.03 1.28 0.55 1.20 1.13 1.18 - 0.01 1.71 0.76 0.00 0.00 0.00 - 0.00 0.01 0.00 0.10 0.08 0.10 + 0.03 0.10 0.06 16.87 15.95 16.04 - 0.14 26.10 14.64 21.79 20.61 20.86 + 0.06 34.43 19.93 0.26 0.22 0.22 - 0.04 0.50 0.03 0.19 0.17 0.17 - 0.03 0.38 0.02 0.14 0.10 0.12 - 0.02 0.16 0.03 0.30 0.25 0.29 - 0.03 0.37 0.06 4.76 4.17 4.41 - 0.29 5.05 2.03 11.46 9.34 10.09 - 1.34 12.41 4.00 14.79 12.12 13.13 - 1.54 16.17 5.74 2.28 2.03 2.08 - 0.21 4.07 1.94 1.79 1.57 1.60 - 0.18 3.16 1.41 0.20 0.18 0.20 + 0.02 0.23 0.05 1.18 0.99 1.06 - 0.03 1.18 0.24 1.54 1.23 1.37 - 0.04 1.54 0.34 4.54 4.02 4.15 - 0.15 6.00 1.00 3.50 3.09 3.20 - 0.20 4.05 1.25 0.36 0.28 0.32 + 0.03 0.39 0.06 0.28 0.24 0.27 - 0.01 0.28 0.05 0.09 0.07 0.09 + 0.02 0.20 0.04 0.07 0.07 0.07 - 0.01 0.10 0.03 0.67 0.57 0.67 + 0.04 0.91 0.29 0.87 0.74 0.85 + 0.02 1.15 0.40 0.55 0.49 0.52 - 0.04 0.60 0.05 0.70 0.63 0.68 - 0.01 0.77 0.07 0.12 0.10 0.11 - 0.02 0.15 0.02 0.06 0.00 0.05 - 0.01 0.14 0.01 0.06 0.04 0.04 - 0.01 0.08 0.01 0.07 0.06 0.06 - 0.01 0.11 0.01 0.04 0.04 0.04 - 0.00 0.04 0.00 0.06 0.05 0.06 - 0.00 0.08 0.04 0.08 0.07 0.08 - 0.01 0.10 0.05 0.13 0.11 0.12 - 0.00 0.20 0.03

P-Q

R Rackla Mtls V 28 0.15 0.00 0.14 - 0.01 0.16 0.05 Radisson Mng V 306 0.18 0.15 0.17 - 0.01 0.18 0.09 Rainforest Res* O 4 7.00 0.00 6.40 - 0.60 7.00 0.30 Rainy Mtn Royl V 32 0.06 0.00 0.06 + 0.02 0.08 0.03 Rambler Ml &Mg V 200 0.09 0.08 0.09 - 0.01 0.21 0.05 Randgold Res* D 4795 106.47 98.40 99.09 - 9.51 126.55 54.88

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Randsburg Intl V 17 Rapier Gold V 125 Rare Element* O 355 Rathdowney Res V 260 RB Energy* O 126 Red Eagle Mng V 1486 Red Eagle Mng* O 655 Red Hut V 154 Red Pine Expl V 1977 Red Tiger Mng V 33 Redhawk Res T 148 Redhill Res V 2383 Redhill Res* O 26 Redzone Res V 12 Regency Gold V 236 Regulus Res V 173 Renaissance Gd* O 206 Renforth Res 185 Resource Cap V 20 Resource Cap* O 13 Reunion Gold V 190 Reva Res V 29 Revelo Res V 303 Rheingold Expl 38 Richmond Mnls V 82 Richmont Mines* X 2580 Richmont Mines T 1978 Rio Novo Gold T 125 Rio Silver V 341 Rio Tinto* O 1 Rio Tinto* N 19367 Rio Tinto* O 4 Rise Res Inc 69 Riverside Res V 363 O 170 Riverside Res* RJK Explor V 39 Rock Tech Lith* O 11 90 Rock Tech Lith V Rockcliff Cop V 822 Rockex Mng 36 Rockhaven Res V 449 Rockland Mnls V 120 V 15 Rockridge Cap Rockwell Diam T 65 O 6 Rodinia Lithm* Rogue Res* O 74 Romios Gold Rs V 305 218 Romios Gold Rs* O Rosita Mg Corp V 660 Rotation Mnls V 62 Rouge Res V 1176 Roughrider Exp V 170 Roxgold* O 155 Roxgold V 2998 Royal Gold* D 3828 Royal Nickel T 1151 Royal Nickel* O 60 Royal Rd Mnrls V 1182 RT Minerals V 25 Rubicon Mnrls* O 670 Rubicon Mnrls T 1127 Rugby Mng V 358 Rupert Res V 302 Rusoro Mng* O 2013 Rusoro Mng V 26548 558 Rye Patch Gold* O Rye Patch Gold V 870

0.01 0.01 0.01 - 0.01 0.02 0.01 0.13 0.11 0.11 - 0.03 0.15 0.03 0.10 0.07 0.10 + 0.01 0.40 0.06 0.19 0.19 0.19 - 0.01 0.26 0.11 0.00 0.00 0.00 + 0.00 0.01 0.00 0.85 0.77 0.82 + 0.01 0.90 0.25 0.66 0.33 0.63 + 0.00 0.91 0.18 0.12 0.09 0.11 - 0.02 0.29 0.01 0.20 0.15 0.18 + 0.02 0.24 0.03 0.07 0.07 0.07 + 0.01 0.10 0.02 0.08 0.07 0.08 - 0.01 0.10 0.04 1.50 1.06 1.45 + 0.23 1.50 0.06 1.13 0.82 1.10 + 0.17 1.12 0.51 0.22 0.21 0.21 - 0.01 0.32 0.06 0.03 0.03 0.03 - 0.27 0.60 0.05 1.60 1.42 1.51 - 0.15 1.87 0.19 0.44 0.36 0.41 - 0.01 0.52 0.08 0.03 0.02 0.03 + 0.01 0.05 0.01 0.23 0.00 0.19 - 0.05 0.35 0.02 0.17 0.00 0.17 - 0.04 0.21 0.02 0.04 0.04 0.04 + 0.01 0.05 0.01 0.32 0.00 0.32 + 0.14 0.40 0.08 0.09 0.08 0.09 + 0.01 0.11 0.04 0.03 0.02 0.02 - 0.01 0.05 0.01 0.06 0.00 0.06 - 0.01 0.14 0.03 9.51 8.10 8.85 - 0.50 11.48 2.41 12.26 10.44 11.51 - 0.54 14.99 3.19 0.28 0.24 0.24 - 0.04 0.30 0.07 0.17 0.13 0.16 + 0.04 0.17 0.02 32.49 0.00 31.35 - 0.58 38.70 21.90 32.83 31.22 31.54 - 0.52 40.05 21.89 37.72 0.00 37.10 - 0.97 39.53 25.47 0.20 0.17 0.19 - 0.04 0.25 0.11 0.40 0.37 0.39 - 0.01 0.49 0.12 0.32 0.28 0.31 - 0.01 0.38 0.08 0.18 0.00 0.16 - 0.02 0.25 0.05 0.50 0.48 0.48 - 0.02 0.53 0.02 0.65 0.56 0.65 + 0.03 0.70 0.03 0.09 0.08 0.08 - 0.01 0.11 0.02 0.15 0.00 0.10 - 0.05 0.75 0.02 0.27 0.24 0.27 + 0.03 0.29 0.10 0.08 0.06 0.07 - 0.01 0.11 0.01 0.35 0.31 0.31 - 0.04 0.57 0.05 0.11 0.11 0.11 + 0.01 0.23 0.07 0.01 0.00 0.01 + 0.00 0.03 0.00 0.05 0.00 0.04 - 0.38 1.06 0.36 0.09 0.08 0.08 - 0.01 0.10 0.02 0.07 0.05 0.06 - 0.01 0.08 0.01 0.10 0.07 0.09 - 0.02 0.14 0.01 0.30 0.27 0.30 + 0.03 0.30 0.02 0.68 0.60 0.61 - 0.04 0.73 0.03 0.11 0.09 0.09 - 0.02 0.15 0.05 1.29 1.09 1.10 - 0.19 1.35 0.42 1.67 1.42 1.45 - 0.20 1.76 0.55 83.81 73.64 75.90 - 7.35 87.74 24.68 0.39 0.35 0.37 - 0.03 0.63 0.12 0.30 0.28 0.29 - 0.01 0.50 0.10 0.13 0.11 0.13 + 0.02 0.18 0.04 0.13 0.09 0.10 - 0.06 0.30 0.05 0.05 0.04 0.05 - 0.00 0.87 0.01 0.07 0.06 0.06 - 0.01 1.13 0.02 0.50 0.40 0.40 - 0.10 0.58 0.03 0.89 0.82 0.85 - 0.04 0.99 0.02 0.31 0.12 0.25 + 0.12 0.31 0.02 0.41 0.16 0.32 + 0.16 0.41 0.03 0.28 0.23 0.25 - 0.02 0.37 0.08 0.35 0.31 0.33 - 0.02 0.47 0.11

Sabina Gd&Slvr* O 1564 T 2434 Sabina Gd&Slvr Sage Gold V 320 Sage Gold* O 58 Saint Jean* O 90 Salazar Res V 343 2 Salt Lake Pot* O Sama Res V 148 Samex Mng* O 117 20 San Marco Res* O San Marco Res V 119 Sanatana Diam V 752 Sandspring Res V 1038 O 855 Sandspring Res* Sandstorm Gold* X 11287 Sandstorm Gold T 3669 Santa Fe Gold* O 668 Santacruz Silv V 2475 Sarama Res V 1031 Sarissa Res* O 767 Satori Res V 24 Saturn Mnrls V 304 Saville Res V 500 233 Scandium Int M* O Scientific Mts V 1400 Scorpio Gold V 858 ScoZinc Mg V 4 ScoZinc Mg* O 4 Seabridge Gld* N 6283 Seabridge Gld T 527 Searchlight* O 141 Secova Mtls V 821 Sego Res V 180 Select Sands V 1114 Semafo T 5766 Senator Mnrls V 80 Sennen Potash V 246 Serengeti Res V 986 Shamrock Ent 142 Sherritt Intl T 1097 Shore Gold T 1966 V 35 Shoshoni Gold Sibanye Gold* N 8983 Sibanye Gold* O 1 Sidney Resrces* O 145 Sienna Res* O 38 Sienna Res V 2422 Sierra Iron Or V 135 Sierra Metals T 163 Sierra Metals* O 2 Signal Expl V 69 Signature Res V 328 Silver Bear Rs T 2063 Silver Bull Re* O 2449 Silver Bull Re T 1444 Silver Dragon* O 1614 Silver Mtn Mns V 1335 Silver Predatr V 607 Silver Pursuit V 271 Silver Range V 601 Silver Scott* O 4 Silver Shield 372 Silver Spruce* O 63 Silver Spruce V 511 Silver Std Res T 4349 Silver Std Res* D 13792 Silver Wheaton T 9190 Silver Wheaton* N 39811 Silvercorp Met T 5541 Silvercorp Met* O 1896 SinoCoking Cl* D 45 Sirios Res V 3368 Sirios Res* O 193 Skeena Res* O 76 Skeena Res V 1582 Skyharbour Res V 347 Skyharbour Res* O 37 Slam Explor V 406 Solitario Ex&R T 47 Solitario Ex&R* X 439 Sona Res V 37 Sonora Gld & S V 899 Sonoro Mtls V 546 Southern Arc V 280 Southern Arc* O 15 Southern Copp* N 4145 Southern Silvr V 1000 Southern Silvr* O 706 Spanish Mtn Gd V 1616 Spanish Mtn Gd* O 147 Sparton Res V 202 Sparton Res* O 31 Sphinx Res V 7890 St Augustine T 223 St Elias Mns* O 17 Stakeholdr Gld V 615 Stakeholdr Gld* O 31 Standard Graph V 577 Standard Graph* O 43 Standard Metal* O 65 Stans Energy V 11332 Stans Energy* O 583 Star Gold* O 61 Starr Peak Exp V 63 Stelmine Can V 77 Stillwater Mg* N 12421 Stina Res* O 70 Stina Res 736 Stockport Expl V 706 Stone Ridge Ex 25 Stonegate Agri* O 46 Stonegate Agri T 496 T 1426 Stornoway Diam Strategic Metl V 453 Strategic Res V 12 Stratton Res V 170 Stria Lithium V 137 Strikepoint Gd V 275 Strikepoint Gd* O 139 Sulliden Mng T 196 Sultan Mnrls V 300 Suncor Energy T 10077 Suncor Energy* N 13543 Sunridge Gold* O 389 Sunvest Mnrls V 89 Superior Mng V 938 Sutter Gold V 59 Sutter Gold* O 89 Syrah Res* O 9

0.99 0.86 0.96 - 0.02 1.55 0.24 1.28 1.12 1.23 - 0.04 1.87 0.32 0.15 0.11 0.12 - 0.02 0.16 0.03 0.12 0.09 0.09 - 0.02 0.12 0.03 0.04 0.03 0.03 - 0.01 0.05 0.02 0.13 0.11 0.11 - 0.03 0.16 0.03 0.40 0.38 0.40 + 0.02 0.40 0.15 0.10 0.09 0.09 - 0.01 0.20 0.07 0.00 0.00 0.00 + 0.00 0.00 0.00 0.22 0.18 0.18 - 0.04 0.22 0.01 0.26 0.21 0.23 - 0.02 0.30 0.02 0.03 0.02 0.03 + 0.01 0.04 0.01 0.80 0.71 0.75 - 0.06 0.94 0.11 0.63 0.54 0.58 - 0.06 0.72 0.08 6.30 5.31 5.61 - 0.61 6.75 1.94 8.14 6.87 7.27 - 0.76 8.73 2.82 0.06 0.06 0.06 - 0.00 0.07 0.00 0.50 0.41 0.49 - 0.01 0.63 0.09 0.35 0.27 0.32 - 0.04 0.55 0.05 0.01 0.01 0.01 + 0.00 0.02 0.00 0.17 0.15 0.15 - 0.01 0.18 0.02 0.12 0.11 0.11 - 0.01 0.22 0.08 0.03 0.02 0.02 - 0.04 0.05 0.01 0.12 0.10 0.10 - 0.02 0.17 0.08 0.09 0.08 0.08 - 0.01 0.10 0.07 0.09 0.08 0.08 - 0.01 0.11 0.05 1.14 1.05 1.05 + 0.10 1.25 0.40 0.89 0.89 0.89 + 0.42 1.01 0.37 12.87 10.53 11.07 - 1.87 15.88 5.31 16.60 13.63 14.40 - 2.24 20.71 7.13 0.08 0.06 0.07 + 0.01 0.34 0.01 0.05 0.05 0.05 - 0.01 0.10 0.03 0.04 0.04 0.04 - 0.01 0.05 0.01 0.48 0.43 0.45 - 0.03 0.51 0.20 6.63 5.85 6.02 - 0.55 7.46 2.51 0.60 0.45 0.60 + 0.11 0.66 0.04 0.11 0.10 0.11 + 0.01 0.26 0.09 0.21 0.14 0.17 - 0.04 0.22 0.02 0.06 0.04 0.05 - 0.01 0.06 0.01 0.86 0.81 0.81 - 0.03 1.23 0.53 0.21 0.18 0.20 - 0.03 0.25 0.13 0.10 0.08 0.10 + 0.02 0.25 0.05 19.12 16.62 16.82 - 2.90 20.97 4.07 5.12 4.40 4.40 - 0.72 5.12 1.50 0.01 0.01 0.01 + 0.00 0.02 0.00 0.18 0.15 0.16 - 0.01 0.20 0.01 0.23 0.21 0.21 - 0.01 0.27 0.01 0.34 0.28 0.34 + 0.01 0.45 0.22 2.14 1.78 2.00 - 0.07 2.19 0.95 1.58 1.46 1.52 - 0.10 1.69 0.69 0.16 0.15 0.16 + 0.01 0.30 0.01 0.12 0.09 0.09 - 0.02 0.12 0.01 0.48 0.39 0.41 - 0.03 0.53 0.02 0.19 0.13 0.16 - 0.02 0.21 0.02 0.23 0.16 0.21 - 0.03 0.28 0.04 0.03 0.02 0.03 + 0.00 0.05 0.00 0.03 0.03 0.03 - 0.01 0.05 0.01 0.12 0.00 0.09 + 0.02 0.12 0.01 0.12 0.09 0.11 + 0.01 0.13 0.02 0.19 0.15 0.17 - 0.01 0.24 0.02 0.01 0.01 0.01 + 0.00 0.02 0.00 0.10 0.07 0.10 + 0.04 0.17 0.01 0.10 0.07 0.10 + 0.02 0.10 0.02 0.14 0.10 0.14 + 0.03 0.13 0.04 19.72 16.44 16.75 - 2.20 20.48 5.28 15.32 12.67 12.87 - 1.88 15.84 3.66 37.74 33.16 34.54 - 3.07 40.80 14.51 29.24 25.64 26.56 - 2.70 31.35 10.04 4.22 3.61 3.95 - 0.26 4.45 0.60 3.27 2.73 3.04 - 0.23 3.41 0.41 0.39 0.36 0.36 - 0.00 0.89 0.26 1.06 0.87 1.00 - 0.07 1.42 0.07 0.81 0.68 0.74 - 0.09 1.13 0.07 0.13 0.11 0.11 - 0.02 0.15 0.04 0.16 0.13 0.13 - 0.03 0.20 0.06 0.35 0.31 0.33 - 0.01 0.42 0.08 0.28 0.24 0.27 - 0.01 0.32 0.24 0.09 0.08 0.08 - 0.01 0.14 0.01 1.11 1.02 1.03 - 0.12 1.29 0.57 0.88 0.78 0.79 - 0.10 0.95 0.40 0.08 0.06 0.06 - 0.02 0.10 0.01 0.07 0.06 0.06 - 0.01 0.08 0.01 0.15 0.13 0.14 - 0.01 0.15 0.04 0.76 0.71 0.74 + 0.01 1.00 0.24 0.58 0.54 0.55 - 0.02 0.66 0.17 27.00 25.59 26.13 + 0.12 31.31 21.55 0.55 0.47 0.53 - 0.01 0.66 0.03 0.43 0.36 0.41 - 0.01 0.52 0.02 0.19 0.15 0.15 - 0.03 0.22 0.02 0.15 0.12 0.12 - 0.03 0.17 0.01 0.08 0.07 0.07 - 0.01 0.09 0.01 0.06 0.00 0.06 - 0.01 0.07 0.01 0.14 0.06 0.09 + 0.04 0.14 0.01 0.12 0.10 0.10 - 0.01 0.14 0.07 0.00 0.00 0.00 - 0.01 0.01 0.00 0.52 0.42 0.45 - 0.03 0.70 0.04 0.41 0.00 0.37 - 0.01 0.54 0.05 0.07 0.06 0.06 - 0.01 0.13 0.01 0.05 0.05 0.05 - 0.00 0.09 0.00 0.14 0.10 0.14 + 0.04 0.80 0.01 0.09 0.02 0.07 + 0.05 0.04 0.01 0.06 0.01 0.06 + 0.04 0.03 0.01 0.07 0.06 0.06 - 0.01 0.15 0.05 0.11 0.09 0.11 - 0.02 0.19 0.05 0.30 0.26 0.26 - 0.03 0.30 0.05 13.96 12.60 12.88 - 0.96 15.91 4.99 0.10 0.08 0.10 - 0.01 0.16 0.06 0.13 0.10 0.12 + 0.02 0.19 0.10 0.03 0.02 0.03 + 0.01 0.06 0.01 0.17 0.10 0.10 - 0.02 0.17 0.08 0.02 0.01 0.02 + 0.01 0.03 0.00 0.03 0.02 0.02 + 0.01 0.04 0.01 1.13 1.08 1.10 - 0.03 1.20 0.65 0.78 0.67 0.68 - 0.11 0.86 0.24 0.28 0.27 0.27 - 0.03 0.34 0.08 0.77 0.60 0.70 - 0.11 0.85 0.07 0.11 0.10 0.10 - 0.01 0.18 0.02 0.22 0.19 0.19 - 0.04 0.55 0.05 0.19 0.15 0.15 - 0.04 0.21 0.08 0.44 0.38 0.39 - 0.04 0.47 0.19 0.14 0.11 0.11 - 0.04 0.20 0.05 36.74 36.07 36.48 - 0.07 40.35 27.32 28.57 27.90 28.08 - 0.35 30.70 18.71 0.02 0.02 0.02 + 0.00 0.29 0.01 0.20 0.17 0.20 + 0.02 0.55 0.01 0.01 0.01 0.01 + 0.01 0.01 0.01 0.06 0.06 0.06 - 0.01 0.16 0.04 0.05 0.04 0.04 - 0.01 0.13 0.02 3.52 3.24 3.25 - 0.24 4.90 1.81

S

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

T Tahoe Res* N 13201 Tahoe Res T 5861 Tajiri Res V 689 Takara Res V 64 Taku Gold* O 20 Taku Gold 30 Tanager Energy V 327 Tango Mining V 17070 Tanzania Rlty T 342 Tanzania Rlty* X 1481 Taranis Res V 281 Tasca Res V 101 Taseko Mines* X 1502 Taseko Mines T 259 Tasman Metals* O 185 Tasman Metals V 395 Teck Res T 16 Teck Res* N 34298 Teck Res T 18490 Telferscot Res 270 Telson Res * O 31 Telson Res V 63 Tembo Gold V 466 Tembo Gold* O 128 Teranga Gold T 6903 Teras Res V 253 Teras Res* O 15 Terraco Gold V 391 Terrax Mnrls* O 46 Terrax Mnrls V 1785 Terreno Res V 1817 Teuton Res* O 56 Teuton Res V 324 Theia Res V 192 Thompson Creek T 1720 Thompson Creek* O 935 Thor Expl V 72 Thunder Mtn Gd* O 165 Thunderstruck V 814 Till Capital V 16 Till Capital* D 19 Timberline Res V 199 Timberline Res* O 309 Timmins Gold T 6791 Timmins Gold* X 9782 Tinka Res* O 204 Tinka Res V 497 Tintina Res V 694 Tintina Res* O 112 Tirex Res* O 90 Titanium Corp V 77 TMAC Resource* O 56 TMAC Resources T 239 TNR Gold V 550 Toachi Mg Inc V 48 TomaGold V 796 Tombstone Expl* O 222 Tonogold Res* O 10 Torex Gold* O 180 Torex Gold T 4315 Tower Res V 1506 Treasury Metal T 344 Trecora Res* N 111 Trevali Mng* O 757 Trevali Mng T 4822 Tri Origin Exp V 471 Trident Gold V 611 Trigen Res V 145 TriMetals Mng* O 128 TriMetals Mng* O 176 TriMetals Mng T 300 Trinity Res* O 1 Trinity Valley V 1336 TriStar Gold* O 72 TriStar Gold V 77 Troy Res* O 42 True North Gem V 469 Trueclaim Expl V 73 Tsodilo Res V 18 Tudor Gold V 283 Turquoise HIl T 3571 Turquoise HIl* N 11183 TVI Pacific* O 62 Typhoon Expl V 356

14.80 13.20 13.67 - 1.31 17.01 6.48 19.11 17.10 17.77 - 1.48 22.13 9.45 0.07 0.06 0.07 + 0.01 0.07 0.01 0.08 0.07 0.08 - 0.01 0.10 0.02 0.14 0.13 0.14 + 0.00 0.14 0.01 0.19 0.00 0.17 + 0.02 0.22 0.02 0.08 0.07 0.08 + 0.01 0.10 0.02 0.14 0.08 0.09 - 0.02 0.14 0.01 1.30 1.03 1.16 - 0.14 1.95 0.24 1.00 0.80 0.89 - 0.11 1.49 0.17 0.14 0.09 0.11 + 0.02 0.15 0.04 0.13 0.11 0.11 - 0.01 0.15 0.00 0.52 0.47 0.47 - 0.05 0.70 0.23 0.67 0.61 0.62 - 0.05 0.88 0.35 0.26 0.20 0.21 - 0.02 0.41 0.06 0.34 0.27 0.27 - 0.02 0.54 0.09 22.00 19.75 20.90 + 0.08 22.30 5.69 17.01 15.05 15.98 + 0.18 16.94 2.56 21.94 19.46 20.75 + 0.43 22.27 3.65 0.04 0.01 0.01 - 0.03 0.05 0.01 0.34 0.28 0.28 - 0.10 0.43 0.07 0.49 0.36 0.37 - 0.13 0.55 0.04 0.07 0.05 0.06 - 0.01 0.07 0.01 0.06 0.05 0.05 - 0.01 0.06 0.01 1.31 1.15 1.18 - 0.14 1.39 0.38 0.15 0.12 0.12 - 0.01 0.18 0.03 0.11 0.10 0.11 + 0.00 0.13 0.02 0.18 0.16 0.18 + 0.01 0.19 0.07 0.73 0.55 0.63 - 0.09 0.76 0.17 0.91 0.70 0.83 - 0.05 0.96 0.24 0.08 0.04 0.05 - 0.04 0.08 0.02 0.29 0.26 0.27 - 0.00 0.34 0.03 0.35 0.32 0.35 - 0.02 0.46 0.04 0.17 0.12 0.13 - 0.04 0.17 0.05 0.75 0.64 0.65 - 0.10 0.95 0.16 0.57 0.49 0.49 - 0.09 0.73 0.07 0.16 0.13 0.16 + 0.02 0.16 0.02 0.12 0.10 0.10 - 0.01 0.15 0.02 0.12 0.08 0.09 - 0.03 0.20 0.01 5.30 5.15 5.30 + 0.09 5.90 3.28 4.44 4.07 4.31 - 0.13 4.77 2.76 0.51 0.41 0.42 - 0.05 0.72 0.16 0.40 0.32 0.33 - 0.07 0.55 0.08 0.67 0.57 0.63 - 0.04 0.80 0.11 0.52 0.44 0.47 - 0.05 0.63 0.07 0.17 0.15 0.16 - 0.00 0.22 0.07 0.21 0.20 0.21 + 0.01 0.27 0.09 0.13 0.09 0.10 - 0.03 0.15 0.04 0.10 0.07 0.08 - 0.03 0.12 0.03 0.09 0.08 0.09 - 0.00 0.16 0.05 0.70 0.63 0.65 + 0.03 1.54 0.31 14.57 13.13 13.54 - 1.32 15.16 9.26 18.80 17.09 17.48 - 1.47 19.97 5.30 0.05 0.05 0.05 - 0.01 0.09 0.01 0.40 0.38 0.38 - 0.02 0.43 0.03 0.16 0.13 0.14 - 0.01 0.17 0.04 0.01 0.01 0.01 - 0.00 0.02 0.01 0.03 0.03 0.03 - 0.01 0.07 0.01 26.03 22.88 24.49 - 1.06 26.13 7.97 33.71 29.22 31.83 - 1.15 33.71 10.70 0.11 0.08 0.10 + 0.02 0.11 0.01 0.79 0.70 0.75 - 0.05 0.85 0.32 11.14 10.84 10.97 - 0.10 14.96 8.17 0.74 0.66 0.69 - 0.05 0.75 0.18 0.96 0.85 0.89 - 0.07 0.98 0.25 0.08 0.06 0.06 - 0.01 0.08 0.02 0.03 0.01 0.03 + 0.02 0.03 0.01 0.11 0.09 0.11 + 0.02 0.11 0.03 0.23 0.19 0.21 - 0.02 0.32 0.06 0.24 0.21 0.23 - 0.01 0.28 0.04 0.31 0.27 0.29 - 0.01 0.36 0.06 0.10 0.00 0.10 + 0.07 0.87 0.03 0.02 0.02 0.02 + 0.01 0.04 0.01 0.39 0.35 0.35 - 0.02 0.41 0.10 0.50 0.45 0.46 - 0.04 0.53 0.14 0.42 0.34 0.34 - 0.08 0.56 0.13 0.10 0.08 0.09 - 0.01 0.20 0.07 0.05 0.04 0.04 - 0.01 0.05 0.01 0.78 0.69 0.78 + 0.01 1.03 0.50 1.20 0.99 1.17 + 0.16 2.50 0.03 4.05 3.89 3.98 - 0.04 4.72 2.30 3.14 3.02 3.07 - 0.06 3.67 1.55 0.02 0.02 0.02 + 0.01 0.03 0.00 0.15 0.10 0.13 + 0.03 0.13 0.03

U.S. Lithium* O 51 U3O8 Corp* O 296 U3O8 Corp T 2178 Ucore Rare Mtl V 778 465 Ucore Rare Mtl* O UEX Corp T 1324 Ultra Lithium V 201 Ultra Lithium* O 13 Umbral Enrgy 972 V 254 Unigold Unigold* O 45 United Res Hdg* O 466 United Silver* O 562 United States S* N 71081 Unity Energy V 224 Ur-Energy T 129 Ur-Energy* X 897 Uracan Res V 305 Uracan Res* O 46 618 Uragold Bay Rs V Uranium Energy* X 3092 Uranium Res* D 21256 Uranium Valley V 13 Uravan Mnrls V 371 US Energy* D 51 US Precious M* O 2555 US Rare Earths* O 5 USCorp* O 2306 Vale* N 112995 Vale* N 30626 ValGold Res V 6720 Valley High Mg* O 725 Valterra Res* O 473 Valterra Res V 656 Vanadiumcorp* O 45 Vanstar Mng Rs V 204 Vedanta* N 876 Vena Res* O 76 Vena Res V 56 Vendetta Mng V 485 Vendome Res V 299 Verde Potash T 27 Victoria Gold V 6405 Victory Nickel 21 Victory Res V 349 Victory Vent V 108 Virginia Enrgy V 613 Virginia Enrgy* O 177 Viscount Mng V 293 Vista Gold* X 6386 Vista Gold T 612 Voltaic Min V 385

0.04 0.03 0.04 + 0.00 0.15 0.01 0.03 0.02 0.03 - 0.00 0.04 0.01 0.04 0.03 0.04 + 0.01 0.04 0.02 0.40 0.35 0.38 - 0.02 0.45 0.20 0.31 0.28 0.29 - 0.01 0.35 0.15 0.23 0.21 0.22 - 0.02 0.29 0.11 0.17 0.15 0.16 + 0.01 0.35 0.05 0.14 0.12 0.13 - 0.01 0.27 0.06 0.04 0.03 0.03 - 0.01 0.10 0.02 0.52 0.46 0.49 - 0.03 0.69 0.08 0.40 0.36 0.38 - 0.02 0.51 0.06 0.01 0.01 0.01 - 0.00 0.07 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 21.38 19.62 19.79 - 0.59 27.64 6.15 0.14 0.11 0.13 - 0.01 0.48 0.10 0.75 0.69 0.72 - 0.03 0.98 0.60 0.59 0.53 0.54 - 0.03 0.73 0.44 0.07 0.06 0.06 - 0.01 0.08 0.01 0.05 0.05 0.05 - 0.01 0.06 0.00 0.23 0.19 0.22 + 0.02 0.31 0.02 1.14 1.01 1.01 - 0.06 1.47 0.65 2.13 1.30 1.46 + 0.03 16.08 1.26 0.14 0.00 0.14 + 0.02 0.35 0.04 0.38 0.00 0.31 - 0.09 0.42 0.05 2.12 1.97 1.99 - 0.13 3.84 0.67 0.01 0.01 0.01 - 0.00 0.08 0.00 0.11 0.00 0.04 - 0.07 1.10 0.01 0.01 0.00 0.00 - 0.00 0.03 0.00 5.98 5.37 5.45 - 0.52 6.26 2.13 4.99 4.54 4.58 - 0.41 5.12 1.55 0.08 0.04 0.04 - 0.02 0.08 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.04 0.03 0.04 + 0.01 0.04 0.00 0.05 0.04 0.05 + 0.01 0.05 0.01 0.05 0.04 0.05 + 0.01 0.05 0.01 0.07 0.06 0.07 - 0.01 0.10 0.03 10.57 9.92 10.00 - 0.55 10.57 3.52 0.09 0.07 0.09 + 0.01 0.09 0.00 0.14 0.12 0.12 - 0.01 0.14 0.04 0.11 0.09 0.09 - 0.02 0.13 0.05 0.02 0.01 0.02 + 0.01 0.03 0.01 0.37 0.34 0.35 + 0.02 0.48 0.13 0.67 0.51 0.60 - 0.07 0.80 0.12 0.03 0.00 0.03 - 0.01 0.05 0.02 0.05 0.00 0.05 + 0.01 0.09 0.02 0.04 0.03 0.04 + 0.01 0.06 0.01 0.04 0.00 0.04 - 0.01 0.10 0.04 0.04 0.03 0.03 - 0.01 0.08 0.02 0.64 0.54 0.64 + 0.04 0.91 0.32 1.13 0.93 1.01 - 0.10 2.09 0.25 1.45 1.21 1.30 - 0.12 2.73 0.34 0.20 0.15 0.18 - 0.02 0.52 0.03

Walker River V 2784 Walter Energy* O 382 War Eagle Mg V 869 Wealth Mnrls V 975 Wealth Mnrls* O 105 Wellgreen Plat* O 270 Wellgreen Plat T 966 Wesdome Gold T 9708 West Af Res V 1183 West High Yld V 119 West Kirkland V 1166 West Red Lake* O 361 West Red Lake 1783 Western Copper* X 311 Western Copper T 380 Western Pac Rs V 520 Western Pac Rs* O 30 Western Troy C V 69 Western Uran 20 Western Uran* O 46 Westkam Gold* O 712 Westkam Gold V 7223 Westminster Rs V 1920 Westmoreland* D 871 WestMountain* O 12 Whistler Gold V 24 White Metal Rs V 78 White Mtn Engy* O 15 Whitehaven Coa* O 12 Wildcat Expl* O 43 Wildcat Expl V 355 Winston Res 400 Wolfden Res V 415 WPC Res V 1903 X-Terra Res V 58 Xander Res V 162 Xiana Mng V 303 Ximen Mng V 384 Ximen Mng* O 17 XLI Tech Inc* O 15011 Xtierra V 225 Xtra-Gold Res* O 8 Yamana Gold T 30701 Yamana Gold* N 118595 Yanzhou Coal* N 78 Yellowhead Mng T 104 Zadar Vent V 5267 Zadar Vent * O 245 Zazu Metals* O 5 Zazu Metals T 51 Zenyatta Vent V 393 Zenyatta Vent* O 53 Zephyr Mnls V 41 Zimtu Capital V 49 Zonte Mtls V 247

0.09 0.07 0.07 - 0.02 0.10 0.02 0.05 0.03 0.04 + 0.01 0.15 0.01 0.03 0.03 0.03 + 0.01 0.04 0.01 0.84 0.76 0.79 - 0.04 1.06 0.14 0.63 0.59 0.60 - 0.08 0.83 0.10 0.40 0.33 0.37 + 0.00 0.46 0.12 0.53 0.43 0.46 - 0.01 0.62 0.16 2.50 1.50 2.38 + 0.76 2.24 0.89 0.34 0.27 0.30 - 0.06 0.40 0.05 0.18 0.15 0.16 - 0.01 0.39 0.15 0.16 0.13 0.14 - 0.01 0.17 0.04 0.31 0.23 0.28 + 0.03 0.29 0.02 0.40 0.30 0.38 + 0.07 0.37 0.01 0.88 0.75 0.80 - 0.08 1.04 0.20 1.12 0.97 1.04 - 0.09 1.35 0.29 0.05 0.03 0.03 - 0.02 0.05 0.01 0.04 0.02 0.02 - 0.02 0.04 0.00 0.03 0.02 0.02 - 0.01 0.05 0.01 2.40 1.90 1.90 - 0.44 5.00 1.20 1.85 1.49 1.55 - 0.27 2.67 1.19 0.05 0.03 0.03 - 0.02 0.07 0.01 0.06 0.05 0.05 - 0.01 0.09 0.02 0.06 0.05 0.05 - 0.02 0.18 0.02 8.90 7.94 7.96 - 0.55 16.54 3.44 0.10 0.00 0.10 + 0.03 0.20 0.04 0.02 0.00 0.02 + 0.02 0.02 0.01 0.10 0.08 0.10 + 0.03 0.13 0.02 0.09 0.09 0.09 + 0.01 0.35 0.07 1.48 1.37 1.37 - 0.18 1.55 0.25 0.06 0.00 0.06 - 0.01 0.11 0.02 0.09 0.09 0.09 - 0.01 0.16 0.02 0.01 0.00 0.01 + 0.01 0.08 0.01 0.13 0.11 0.11 - 0.01 0.19 0.05 0.08 0.07 0.07 - 0.01 0.12 0.03 0.22 0.20 0.20 - 0.02 0.31 0.06 0.46 0.40 0.40 - 0.08 0.48 0.28 0.21 0.12 0.12 - 0.05 0.16 0.03 0.14 0.13 0.13 - 0.02 0.18 0.03 0.11 0.11 0.11 - 0.01 0.13 0.01 0.01 0.00 0.01 - 0.00 1.50 0.00 0.07 0.06 0.07 - 0.01 0.08 0.01 0.36 0.32 0.36 + 0.03 0.43 0.12 6.76 5.59 5.76 - 0.99 7.87 1.89 5.24 4.31 4.42 - 0.83 5.99 1.38 5.85 5.45 5.45 - 0.24 7.02 3.66 0.08 0.07 0.08 + 0.01 0.10 0.03 0.14 0.10 0.13 - 0.01 0.26 0.01 0.11 0.08 0.09 - 0.02 0.20 0.06 0.21 0.20 0.20 - 0.01 0.24 0.08 0.28 0.23 0.24 - 0.03 0.33 0.09 0.92 0.75 0.77 - 0.09 1.46 0.63 0.70 0.58 0.60 - 0.09 1.12 0.47 0.35 0.30 0.30 - 0.03 0.42 0.08 0.23 0.20 0.21 - 0.02 0.38 0.12 0.08 0.07 0.07 - 0.01 0.15 0.02

U-V

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2016-08-30 11:45 AM

14

WWW.NORTHERNMINER.COM

SEPTEMBER 5–11, 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 PRODUCER AND DEALER PRICES

SPOT PRICES COURTESY OF SCOTIABANK Tuesday, August 30, 2016 Precious Metals Price (US$/oz.)

Change 1318.85 -19.65 Gold Silver $18.78 -0.20 Platinum $1082.00 -33.00 Palladium $693.00 -12.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $9855.00 +50.00 $4603.00 -12.00 $1873.50 -2.00 $2303.50 -11.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, August 26, 2016 (change from August 19, 2016 in brackets): Aluminium Alloy 11780 (0) 2246350 (+1300) Aluminium Copper 271575 (-60950) 187225 (+200) Lead Nickel 370566 (-2946) 4530 (-195) Tin 454175 (-1700) Zinc

TSX WARRANTS

Thermal Coal CAPP: US$39.50 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$41.10 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.70 Coal: CME Group Central Appalachian Futures Oct. 2016: US$40.00 Nov. 2016: US$40.00 Cobalt: US$11.91/lb.

Copper: US$2.10/lb.

Copper: CME Group Futures Oct. 2016: US$2.074/lb.; Nov. 2016: US$2.072/lb Ferro-Chrome: US$1.94/kg Ferro Titanium: US$3.80/kg FerroTungsten: US$26.87/kg Ferrovanadium: US$19.33/kg Iridium: NY Dealer Mid-mkt US$650.00/tr oz.

Iron Ore 62% Fe CFR China-S: US$58.80/tonne Iron Ore Fines: US$54.72/tonne Iron Ore Pellets: US$78.52/tonne Lead: US$0.85/lb.

Magnesium: US$1.99/kg Manganese: US$1.65/kg Molybdenum Oxide: US$7.48/lb.

Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$665.00/tr. oz.

Ruthenium: Mid-mkt US$42.00/tr. oz.

Silver: Handy & Harman Base: US$18.79 per oz.; Handy & Harman Fabricated: US$23.48 per oz.

Tantalite Ore : US$132.01/kg Tin: US$8.58/lb.

Uranium: U3O8, Trade Tech spot price: US$25.75; The UX Consulting Company spot price: US$25.25/lb.

Zinc: US$1.05/lb.

Prices current August 30, 2016

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

Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining Inc. J (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18 Primero Mining Corp (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Minerals (QRM.WT) - Wt buys sh @ $0.4 to Jul 17/17 RTG Mining (RTG.WT) - Wt buys sh @ $1.5 to Jun 04/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$4 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17 Sandstorm Gold (SSL.WT.A) - Wt buys sh @ US$5 to Oct 19/15 (SSL.WT.B) - Wt buys sh @ US$14 to Sep 07/17

TSX VENTURE WARRANTS Atlantic Gold (AGB.WT) - Wt buys sh @ $0.6 to Aug 20/18 Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18 Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19 Desert Star Resources Ltd (DSR.WT) - Wt buys sh @ $0.25 to Jun 05/17 Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19 Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21 Mission Gold (MGL.WT) - Wt buys sh @ $0.17 to Sep 13/17 Monarques Gold (MQR.WT.A) - Wt buys sh @ $0.18 to Dec 15/17 Sunridge Gold (SGC.WT) - Wt buys sh @ $0.35 to Oct 18/17 West African Resources (WAF.WT) - Wt buys sh @ $0.4 to Jan 17/17 West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19

NORTH AMERICAN STOCK EXCHANGE INDICES TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Aug 16, 2016 (with changes from Aug 02, 2016) Largest short positions LUN 43469095 -586325 8/2/2016 Lundin Mng Potash Corp SK POT 33447824 91500 8/2/2016 Kinross Gold K 23364897 357509 8/2/2016 New Gold NGD 23336889 -83746 8/2/2016 BTO 19757821 101518 8/2/2016 B2Gold ELD 18348228 775455 8/2/2016 Eldorado Gold IAMGOLD IMG 13826255 5649394 8/2/2016 First Quantum FM 12524790 -6401082 8/2/2016 SU 12267292 1643006 8/2/2016 Suncor Energy Jaguar Mng JAG 11900373 11661665 8/2/2016 CG 11538860 111461 8/2/2016 Centerra Gold Teranga Gold TGZ 11046696 2205631 8/2/2016 Thompson Creek TCM 10538862 5500 8/2/2016 Teck Res TCK.B 10055228 2414047 8/2/2016 DGC 8757331 -14345 8/2/2016 Detour Gold Largest increase in short position Jaguar Mng JAG 11900373 11661665 8/2/2016 IAMGOLD IMG 13826255 5649394 8/2/2016 TCK.B 10055228 2414047 8/2/2016 Teck Res Teranga Gold TGZ 11046696 2205631 8/2/2016 AUE 2090600 2090600 8/2/2016 Aureus Mng Largest decrease in short position Gran Colombia GCM 4399100 -14745400 8/2/2016 First Quantum FM 12524790 -6401082 8/2/2016 FVI 757697 -3129393 8/2/2016 Fortuna Silvr Copper Mtn Mng CUM 4327192 -1284365 8/2/2016 Golden Star GSC 4212900 -1164800 8/2/2016

Short positions outstanding as of Aug 16, 2016 (with changes from Aug 02, 2016) Largest short positions FF 2529550 -1061350 8/2/2016 First Mg Fin Integra Gold ICG 1651562 -130903 8/2/2016 Purepoint Uran PTU 425500 420400 8/2/2016 Gold Std Vents GSV 396600 310440 8/2/2016 GDM 392100 390100 8/2/2016 Goldstar Mnls Pure Gold Mg PGM 251000 -194400 8/2/2016 ATC 250500 -47800 8/2/2016 ATAC Res Condor Res CN 202000 201100 8/2/2016 Kootenay Silvr KTN 189480 58045 8/2/2016 IMPACT Silver IPT 159900 -29136 8/2/2016 WKM 132300 84600 8/2/2016 West Kirkland Unigold UGD 122500 -1000 8/2/2016 ALT 120400 120000 8/2/2016 Alturas Mnrls Bear Creek Mng BCM 116300 -1000 8/2/2016 Ucore Rare Mtl UCU 100600 -27900 8/2/2016 Largest increase in short position Purepoint Uran PTU 425500 420400 8/2/2016 Goldstar Mnls GDM 392100 390100 8/2/2016 Gold Std Vents GSV 396600 310440 8/2/2016 Condor Res CN 202000 201100 8/2/2016 ALT 120400 120000 8/2/2016 Alturas Mnrls Largest decrease in short position First Mg Fin FF 2529550 -1061350 8/2/2016 Cascadero Copp CCD 42800 -902000 8/2/2016 GRZ 34000 -854900 8/2/2016 Gold Reserve Roxgold ROG 825 -213788 8/2/2016 PGM 251000 -194400 8/2/2016 Pure Gold Mg

DAILY METAL PRICES Daily Metal Prices Date Aug 29 Aug 26 Aug 25 Aug 24 Aug 23 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy N/A 1575/1590 1575/1590 1575/1590 1575/1590 Aluminum N/A 1627/1643 1623/1636 1656/1666 1652/1666 Copper N/A 4621/4635 4639/4647 4658/4673 4717/4733 Lead N/A 1877.50/1886 1839.50/1849 1849.50/1858 1849.50/1859 Nickel N/A 9770/9830 9790/9825 10215/10265 10230/10270 Tin N/A 18915/18925 18850/18845 18935/18870 18550/18535 N/A 2324.50/2319 2285.50/2279 2312/2304.50 2305/2299 Zinc

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

Gold AM N/A 1324.90 1324.50 1337.30 1338.50 Gold PM N/A 1318.75 1321.30 1327.25 1342.00 Silver N/A 18.67 18.50 18.84 18.98 Platinum N/A 1077.00 1074.00 1090.00 1108.00 Palladium N/A 690.00 685.00 692.00 695.00

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

Aug 26 Aug 25 Aug 24 Aug 23 Aug 22 1.3004 1.2922 1.2927 1.2913 1.2946 0.7689 0.7738 0.7736 0.7744 0.7719

Exchange rates (Quote Media, August 26, 2016) C$ to AUS C$ to EURO C$ to YEN 1.0167 0.6866 78.3190 C$ to UK Pound C$ to China Yuan C$ to India Rupee 0.5853 5.1355 51.6510 US to AUS US to EURO US to YEN 1.3226 0.8932 101.8260 US to UK Pound US to China Yuan US to India Rupee 0.7612 6.6685 67.1365

C$ to Mex Peso 14.2866 C$ to Swiss Franc 0.7524 US to Mex Peso 18.5824 US to Swiss Franc 0.9782

52-week

Index Aug 26 Aug 25 Aug 24 Aug 23 Aug 22 High Low S&P/TSX Composite 14639.88 14630.72 14626.24 14764.77 14748.19 15527.30 12400.15 S&P/TSXV Composite 805.53 801.93 789.52 817.79 820.24 1050.26 883.52 S&P/TSX 60 853.20 852.65 852.91 860.07 858.27 896.74 709.99 S&P/TSX Global Gold 240.00 240.60 238.09 256.62 261.70 218.90 149.29 S&P/TSX Metals & Mining 670.38 670.38 670.38 670.38 670.38 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS MONTH XX–XX, 2016 132 New Highs Adamera Mnls* Alberta Star* Aldershot Res Aldridge Mnrls Amador Gold Amador Gold* Anaconda Mng* Aquila Res* Argentum Silvr* AsiaBaseMetals Astorius Res Atico Mng Atico Mng* Atlanta Gold Aura Silver Rs Aurion Res Axmin Inc* AZ Mining Azarga Mtls Bannerman Res* Bearing Res Berkwood Res Bison Gold Res BlackEagle Dev Blue Sky Uran* Caledonia Mng Caledonia Mng* Cancana Res Canstar Res Cap-Ex Iron*

CB Gold Cda Strtgc Met Cda Strtgc Met * Cerro Grande* Chilean Metals* China Gold Int China Mnls Mng China Mnls Mng* Corazon Gold Coronet Mtls Coronet Mtls* Desert Star* Dynacor Gld Mn Edgewater Expl Elysee Dev Era Res Inc* Flowery Gold* Fort St J Nick* Fortescue Mtls* G4G Res Genesis Mtls GFK Res GobiMin Goldcliff Res Golden Harp* Golden Sh Mng GoldON Res* Goldrea Res Goldrea Res* Gossan Res Grande Portage

Gray Rock Res GTA Res & Mng Hunt Mng Hunt Mng* Inform Res Iron South Mng Klondex Mns Knick Expl Lago Dourado* Laurion Mnl Ex* Libero Mg Corp Lion One Mtls Lion One Mtls* Logan Res Luna Gold Luna Gold* Lund Enterpr Nevado Res New Oroperu Noble Metal Gr Oriental Non F OZ Minerals* Pac Arc Res Pancontinental Pancontinental* Parallel Mng Playfair Mng* Portofino Res Probe Metals Probe Metals* Prospero Silvr*

Redhill Res Redhill Res* Redstar Gold Remington Res Reva Res Rio Silver Rogue Res Rusoro Mng Rusoro Mng* Salt Lake Pot* Shoshoni Gold Signature Res Silver Predatr Silver Spruce Sphinx Res St-Georges Plt* Stans Energy Stans Energy* Stone Ridge Ex Taku Gold* Tango Mining Teck Res* Theia Res Thor Expl Torex Gold Tower Res Trident Gold Trigen Res Trueclaim Expl Typhoon Expl ValGold Res

Valterra Res* Vena Res Vena Res* Wesdome Gold West Red Lake West Red Lake* Western Pac Rs Western Pac Rs* Xiana Mng

21 New Lows Aurora Gold* Avnel Gold Bearing Res Cameco Corp Cassidy Vents* Desert Star* Gespeg Cop Res Goldstream Mnl Highbury Proj HiHo Silver HiHo Silver* Kincora Copper* Manado Gold Martina Mnls Medinah Mnrls* Montego Res Napier Vent* Osisko Gold* RJK Explor* Royal Gold* XLI Tech Inc*

CANADIAN GOLD MUTUAL FUNDS Fund Aug 26 ($) Aug 19 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 28.33 30.59 -2.26 -7.39 100.50 2.78 233.40 BMO Prec Mtls Fd A 22.31 23.52 -1.21 -5.13 97.87 2.40 88.97 12.46 13.77 -1.31 -9.49 115.31 0.63 BMO ZGD BMO ZJG 10.35 11.43 -1.08 -9.48 132.25 0.60 CIBC Prec Metal Fd A 13.20 14.19 -0.99 -6.99 77.82 2.62 71.91 Dyn Prec Metls Fd A 8.37 8.98 -0.61 -6.79 125.06 2.66 542.37 Horizons HEP 34.81 -3.61 -10.19 97.63 0.80 IGMacGloPrecMetCl A 10.77 11.48 -0.71 -6.17 125.78 2.76 122.66 iShares XGD 14.98 16.51 -1.53 -9.28 111.40 0.61 916.69 Mac Prec Met Cl A 61.14 65.19 -4.05 -6.22 130.51 2.51 171.52 NB Prec Met Fd Inv 15.43 16.62 -1.19 -7.16 108.54 2.46 49.81 RBC GblPreMetFd A 38.07 40.65 -2.58 -6.35 110.97 2.13 519.86 51.59 54.22 -2.62 -4.84 116.25 2.90 305.63 Sentry Pre Met Fd A Sprott Gold&PrMinFdA 45.96 50.49 -4.53 -8.97 121.19 3.19 332.25 8.61 9.42 -0.80 -8.52 168.86 3.23 104.99 Sprott SilverEquCl A TD PreciousMetalsInv 46.73 50.37 -3.64 -7.23 108.40 2.26 208.70

C$ to SA Rand 11.0460 C$ to S. Korea Won 862.9630 US to SA Rand US to S. Korea Won 1122.5100

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

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

14_SEPT5_MMMM.indd 14

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

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

1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton

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

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

2016-08-30 4:53 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 5–11, 2016

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Providing Robust High Precision Potassium, Overhauser and Proton Magnetometers with New add-on or stand alone VLF for resistivity depth sections

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Celebrating 35 Years Leading the World of Magnetics

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TDEM New ! GPRTEM System Magnetics Gradiometer HELIMAGER Heliborne & Fixed-wing Magnetics, Radiometrics and Gravity

L. NARDELLA ASSOCIATES LTD.

2292 blvd. Industriel, Suite 207, Laval (Quebec) H7 S 1P9 Telephone: (450) 967-1000 Fax: (450) 967-4445 Tel. CALGARY: (403) 254-4851 Tel MISSISSAUGA: (905) 381-0415

Tel: Fax: e-mail: Website:

(905) 764-5505 (905) 764-8093 sales@terraplus.ca www.terraplus.ca

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GOLDAK AIRBORNE SURVEYS

CONSULTING

TERRAPLUS INC. 52 W. Beaver Creek Rd., Unit 12 Richmond Hill, Ontario L4B 1L9 (Canada)

TRI-MAXIAL MAGNETIC GRADIOMETER 1024 channel radiometrics Full 4 sensor - 3 axis gradiometry 3D attitude correction system True gradient guided gridding process

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tel 306 249 4474 - www.goldak.ca

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

GYRO BOREHOLE SURVEYING CORRIVEAU J.L. & ASS. INC.

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Toronto Denver London Vancouver Quebec City Geological and Mining Consultants www.rpacan.com +1 (416) 947-0907

15_SEPT5_ProDirectory .indd 15

Providing geophysical services for over 20 years

PETROS EIKON

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Val-d’Or (Quebec) Tel: (819)825-3702 www.corriveaujl.com E-mail: bureau@corriveaujl.com

Worldwide experience in sedimentary and hardrock

Processing through final Interpretation PETROSEIKON.COM

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

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

2016-08-30 11:32 AM

16

WWW.NORTHERNMINER.COM

SEPTEMBER 5–11, 2016 / THE NORTHERN MINER

www.northernminerjobs.com

Regional Resident Geologist Thunder Bay, ON. Canada

HR Coordinator Dubreuilville, ON. Canada

Maintenance Planner Dubreuilville, ON. Canada

Bring your geoscience, analytical and customer service/communication

Reporting to the Mechanical Superintendent the Maintenance Planner

·Administer and lead the internal and external recruitment process for

expertise to the Ontario Geological Survey’s Resident Geologist Program

provides leadership and is responsible to develop, implement and main-

full-time, student and contract workers, including posting, conducting

and play a key role with the Ministry of Northern Development and Mines’

tain reliability based maintenance strategies based on preventive and

interviews, reference checks, and orientation.

geoscience team operating out of Thunder Bay, Ontario.

predictive maintenance to ensure maximum availability and production.

·Manage employees on Short Term Disability, Long Term Disability and WSIB in consultation with the Occupational Health Nurse. ·Coordinates scheduling of HR activities and programs for employees as required.

Assay Laboratory Manager Calgary, Canada

Assistant or Associate Professor (Economic Geology) Ottawa, ON. Canada

District Geologist Thunder Bay, ON. Canada

The Department of Earth Sciences at Carleton UniBring your geoscience, analytical and customer services expertise to the

versity invites applications from qualified candidates

The successful candidate will have a firm grasp of the managerial skills

Ontario Geological Survey’s Resident Geologist Program and join the

for a preliminary (tenure-track) appointment in eco-

required to run an assay laboratory. This includes wet chemistry, fire

Ministry of Northern Development and Mines’ exciting team in Red Lake’s

nomic geology at the rank of Assistant or Associate Professor beginning

assay, ICP and AA spectrometry, and an all-round knowledge of lab

mining district.

in 2017. Applicants must have a Ph.D. in Earth Sciences, have demon-

operations.

strated excellence in teaching, possess a strong commitment to research and scholarship, as reflected in peer-reviewed publications, have strong connections with industry, and be engaged in a research area that has a strong field component.

Recruit smarter with mining jobs The Northern Miner’s new section dedicated to recruiting in mining

One listing is all you need Print Edition.

+

Circulated to TNM 20K+ readership

4 industry Job Boards

CANADIAN Mining Journal Email sales@mining-jobs.net or call 416-510-6772 and s t a r t r e c r u i t i n g s m a r te r t o d a y For full job details visit MINING-JOBS.NET and enter thejob Online Reference No. in the search field For full details visit www.northernminerjobs.com and enter the Job Name in the search field

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16-08-30 4:12 PM