The Northern Miner September 26 2016 Issue 33

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SPECIAL FOCUS

MINING IN THE

SOUTHWEST U.S.

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STRIKING GOLD

THE ULTIMATE GEAR ON WHEELS

EURASIAN MINERALS

Expanding projects and 10 to watch / 7–9

Interview with CEO David Cole / 14

EDITORIAL

Canadian territories’ diverging fates / 4

September 26–October 2, 2016 / VOL. 102 ISSUE 33 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Victoria on track to gold production at Eagle

Ross Beaty and Thomas Kaplan discuss Argentina, Macri

SITE VISIT

| With $29M raise completed, now looking for project financing

INTERVIEW

| Chairman of Pan American Silver says Chubut will allow open pit at Navidad

BY TRISH SAYWELL tsaywell@northernminer.com BEAVER CREEK, COLORADO

F

ounder and chairman of Pan American Silver (TSX: PAA; NASDAQ: PAAS) Ross Beaty recently met with Mauricio Macri, the president of Argentina, and discussed the prospects of the country’s mining industry, including Pan American’s Navidad silver project.

While Pan American confirmed that it has not made an investment or construction decision on the project, Beaty told The Northern Miner during an interview at the Precious Metals Summit in Beaver Creek, near Vail, Colo., that he is excited and encouraged by the changes Macri and his ministers have made during the first nine months in office.

Beaty and Electrum Group chairman Thomas Kaplan discussed the prospects for Argentina during a sit-down interview.

The Northern Miner: Ross, you met with President Macri on Sept.

13. What are your impressions, and are you hopeful about the prospects for foreign mining companies in Argentina?

Ross Beaty: It’s a great place. It’s a tsunami. It’s wonderful. I can’t say enough good things about the Macri administration and it’s not just Macri, but it’s all of his ministers. They are first class. They’re pro-development, they’re business friendly, foreign investment friendly, and you know what’s going to happen? It’s going to end in a much wealthier population, a lot fewer poor people, a lot better services for the Argentines. It’s going See ROSS BEATY / 2

Victoria Gold’s executive vice-president Mark Araynto explains how the new Olive resource fits into the Eagle mine plan. PHOTO BY MATTHEW KEEVIL

BY MATTHEW KEEVIL mkeevil@northernminer.com

T

KENO CITY, YUKON

here’s optimism at Victoria Gold ’s (TSXV: VIT; USOTC: VITFF) Dublin Gulch camp in the Yukon Territor y, after a resurgence in precious metal markets that is creating buzz around development-stage gold projects. Driving northeast into t he project site a long an all-season, 85 km road after a quick helicopter f light into the village of Mayo, it’s evident that that company enjoys at least one advantage that’s relatively rare for northern mining projects: infrastructure.

A mine here would have ready access to grid power, which runs along the Silver Trail highway, while Victoria’s well-kept, 100-person camp looks ready to shift gears into hosting construction crews.

The company also cut its upfront capital costs by investing in used equipment. In early July, Victoria bought another 110-room, all-season camp for $257,000, and could save up to $6 million in capital expenses by making similar deals.

“It’s an example of how relatively weaker markets can help a company at our stage of development,” president and CEO John McConnell said during a conversation at the Eagle camp.

“One other benefit is that we can move ahead with a more aggressive schedule when construction begins. Ideally, we’d have everything in place to move ahead in next year.”

Victoria has spent the past few years working through the Yukon regulatory process. The company received its quartz-mining licence in late 2013, but had to wait another two years to score its water permit.

After receiving its approvals in December 2015, however, Victoria is hoping markets have improved enough to make final project financing possible.

In April the company locked down a $24-million investment from Electrum Strategic Opportunities Fund and Sun Valley Gold.

The cash influx allowed Victoria to follow up on exploration targets and complete an updated feasibility study in mid-September.

“We felt a bit of a difference in

the market around April this year,” McConnell continued over coffee in the Eagle dining hall. “Things really picked up after Goldcorp (TSX: G; NYSE: GG) acquired Kaminak Gold and the Coffee project, which draws attention to the jurisdiction, and we’re well positioned with our permits, and have an attractive economic picture.”

Victoria’s updated feasibility study includes redesigned open-pit walls and better-developed heap leach metallurgy.

Victoria’s executive vice-president Mark Ayranto says during a driving tour of the Eagle site that the toe of the primary heap-leach pad has been moved up the valley to eliminate the need for a water diversion channel.

He also points out the location of a second heap-leach pad east of the main pit.

Upfront capital costs for Eagle are an estimated $370 million, which include a $35-million contingency and all pre-stripping. This is an improvement from capital expense estimates in excess of $400 million under Victoria’s previous

PM40069240

See VICTORIA / 3

ODDS ‘N’ SODS: KEITH BARRON BETS IT ALL ON FRUTA DE NORTE / 4

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SEPTEMBER 26–OCTOBER 2, 2016 / THE NORTHERN MINER

Major Drilling sees Q1 revenue drop 18% year-over-year SUPPLIERS

| Drilling company seeing “resurgence” as commodity prices improve

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER, BRITISH COLUMBIA

M

ajor Drilling Group International (TSX: MDI; US-OTC: MJDLF) saw its quarterly revenue drop 18% yearover-year to $69 million in a financial report released in early September, representing the first quarterd of the company’s fiscal 2017.

For the first quarter ended July 31, the company registered a net loss of $9.8 million, or 12¢ per share, and reported a $33-million net cash position. The quarterly results were impacted by over $3 million bought in “inventory in preparation for potential increased activity,” while the company also had $2.8 million in capital expenses.

On a more upbeat note, Major foresees a “resurgence in demand for specialized drilling” in the future.

The company noted its first quarter revenue was up 8% compared to the fourth quarter of fiscal 2016, which it attributed to improving market conditions.

“Commodity prices have improved over the last six months, fuelling mineral financings. In fact, in June and July there was an increase in the number of financings on the Toronto Stock Exchange,” president and CEO Denis Larocque said during a conference call.

“Most mining companies remain cautious in their spending, since 2016 budgets were planned at the end of [last year] when commodity prices were low, but we’ve seen an increase in activity in the last three months,” he said.

In terms of geography, quarterly revenues from Canadian and U.S. drilling operations decreased 14% to $43.8 million, compared to the same

period last year. Meanwhile, South and Central American revenue was down 34% to $13.5 million, and Asian and African operating revenues dropped 5% to $11.8 million.

The company noted that gold and copper projects typically account for over 70% of its activity.

Major said that “senior and intermediate” mining companies represented 93% of its revenue for the quarter, while juniors accounted for 7%. Gold projects represented 57% of revenue, while copper accounted for 20% of the quarter.

Larocque said there would be more demand for drilling due to a perceived supply-demand imbalance from dwindling in-ground metal inventories.

The company noted that reserves among the largest gold companies had dropped 30% over the past four years to pre-2007 levels, and that many expect copper markets to be in deficit in two years due to “lack of exploration to replace reserves.”

Larocque added that “seniors will have discussions internally in terms of where they’re going, and some have already hinted that they want to do more, or they need to do more, to address the reserve problems. As far as juniors are concerned, the spike in financing has really only happened in the last two months, so we haven’t seen a big impact trickle down to the field quite yet.”

Major Drilling shares have traded in a 52-week range of $3.55 to $8.09, and this year jumped 49%, or $2.21, en route to a $6.71-per-share close at press time. The company has 80.1 million shares outstanding for a $528.5-million market capitalization. TD Securities has a “buy rating” on the company and a $9-per-share price target. TNM

Major Drilling mobilizes a rig to work on Dalradian Resources’ Tyrone gold project in Northern Ireland. DALRADIAN RESOURCES

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Mauricio Macri receives the sash and baton of the Argentine presidency. THE PRESIDENCY OF ARGENTINA

Ross Beaty and Thomas Kaplan discuss Argentina, Macri “ARGENTINA’S A GREAT PLACE. IT’S A TSUNAMI. IT’S WONDERFUL. I CAN’T SAY ENOUGH GOOD THINGS ABOUT THE MACRI ADMINISTRATION.”

ROSS BEATY From 1

to be a win-win, and he knows that.

He’s a very, very informed guy. He doesn’t have this absurd protectionist attitude that the Kirchner administration had and a crazy economic model that has run to its end point in Venezuela, along with other examples, like Zimbabwe, and quite frankly, the Soviet Union, and many, many other places where the experiment has been tried and failed abysmally.It’s a new world in Argentina and I can’t say enough good things.

TNM: Yes, U.S. President Obama called Macri a “man in a hurry” when he met him in March.

RB: Yup. TNM: I guess the worry is that he might get turfed out of office before he can make some of the changes he wants to make.

RB: It’s a worry. It’s a concern.

TNM: He’s taking away popular subsidies on electricity and transportation, for example, to get the economy back on track, which could hurt him.

RB: All true. If he has pushback from people who have the high expectations that the Argentine people have built up over the last 50 years in terms of being quite entitled to government handouts, for example, and the unions have been entitled to having union-friendly governments who have given them what they’ve wanted — but the result has been flat growth for 50 years.

Argentina, Canada and Australia were at the same economic level 100 years ago. They have all the resources we have, the same physical features, the same size, the same educated population. They haven’t had the same positive, proactive government. And that’s been the single defining difference. Well, OK, they’re better soccer players than we are.

But if they get the government right, they’re going to grow like crazy and increase the standard of living of every single Argentine.

TNM: The mining code is very good, and it’s been compared with the likes of Chile and Peru. It’s just enforcement that’s been a problem in the past under previous populist governments.

RB: Totally. The mining code is fine.

[Mining] is a provincial matter, so what has slowed things down hasn’t been the federal government. In fact, not even under Kirchner was the federal government particularly to blame, other than putting up walls of protection around the currency and imported goods, and crazy taxes, and so on. That’s what hurt the mining industry — that was the federal problem.

But [mining] is a provincial jurisdiction, so you have pro-mining

ROSS BEATY CHAIRMAN, PAN AMERICAN SILVER

provinces like Santa Cruz, Salta and Jujuy, and so on, and you have mining unfriendly provinces like Chubut and Rio Negro. But they’re coming to realize that mining isn’t an evil business when properly regulated, and they’re all now going to embrace the mining world that has clear economic benefits in places ... like Jujuy, where Silver Standard’s mine is. Salta certainly is a pro-mining place. Catamarca, where Alumbrera is. The wealth of that province has increased by that one mine, and San Juan, with the Veladero mine.

A lot of these people just don’t have a lot of experience with mining. It hasn’t been a traditional Argentine industry. They’re going to come to see that, and what we’re trying to do in Chubut is prove to them that a good mine, properly run, in a place that is essentially a desert, with no impact from the mine on the water, vegetation, any social fabric in the area — simply because there are no people there — is going to be a positive thing in the province, and other companies that come along that want to develop other mines in the province will have an easier time.

TNM: Navidad is in Chubut province, one of the so-called “unfriendly” provinces.

RB: Yes, it is in Chubut.

TNM: Do you think the Chubut provincial government is going to reverse its ban on open-pit mining?

RB: Yes. TNM: You’re confident of that?

RB: Yes. TNM: Tom, what is your view of Macri, and do you think he can turn the country into a better jurisdiction

for mining?

Tom Kaplan: The short answer is that Macri is phenomenal, and you hit the nail on the head — he’s in a little bit of a race against time to show some results, but there’s nothing fundamentally about Argentina that should be negative for investment, other than the fact that they display inconsistency in terms of their leadership and this penchant for populism. But if the non-populists can be ahead of the curve, they have an incredible opportunity to exhibit how different life can be when you have the right policies, considering the abysmal regime that they’ve been living under.

It’s an incredibly pregnant moment, and particularly for Pan American, having this world-class asset. One smart move by Chubut and you have incredible valuation uplift. This is really like Ross’ time to extract that moment, and he will.

Particularly being there already — he has exactly the right asset that I would want to own if I were looking at Argentina. So he’s in a great position.

TNM: Are you looking at other things in Argentina?

RB: We’ve got our head down working on Navidad, really. We are looking at other stuff, for sure, we always are, but nowhere specifically. That’s such a big deposit, such a long-life asset, such an easy one to mine. It’s right on surface, it’s high-grade, it’s got such huge resources ... that’s why we have to focus on it.

And as Tom says, it’s worth nothing in our share price, so the first permit that we get there is going to be therapeutic for our shareholders. TNM

Visiting the Navidad high-grade silver property in southern Argentina’s Chubut province in 2003. PHOTO BY THE NORTHERN MINER

2016-09-20 8:28 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 26–OCTOBER 2, 2016

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Victoria on track to gold production at Eagle

Atop Victoria Gold’s Eagle gold deposit in the Yukon, looking down towards placer-gold rich Haggert Creek. PHOTO BY MATTHEW KEEVIL

Pulling into Victoria Gold’s 100-person camp, 85 km northeast of Mayo, Yukon. PHOTO BY MATTHEW KEEVIL

VICTORIA From 1

economic studies.

The open-pit, heap-leach mine would crank out 200,000 oz. gold annually over a 10-year mine life at all-in sustaining costs of US$638 per oz. The mine plan features an after-tax net present value of $508 million at a 5% discount rate, and a 29.5% internal rate of return.

Victoria has assumed a US$1,250 per oz. gold price and a Canadian dollar exchange rate of US78¢.

“We’ve really brought down the stripping ratio, since a lot of lowergrade ore will be processed as runof-mine material,” McConnell says during the site tour. “We’ve made other improvements over our previous mine plan. We’ve had three years to optimize during the down markets, and have looked at all the different aspects.”

McConnell says the company is exploring more improvements, including year-round ore stacking similar to Kinross Gold’s (TSX: K; NYSE: KGC) Fort Knox heapleach operation in chilly Alaska.

The company figures the move to stacking ore all year, as opposed to stockpiling, could add up to $64 million in annual net revenue.

The mine plan is based on proven and probable reserves of 123 million tonnes grading 0.67 gram gold per tonne for nearly 2.7 million contained oz. gold. The relatively low grades are offset by a 0.95 to 1 strip ratio, and topographical advantages

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that are evident when taking in the view atop the Eagle deposit, which overlooks placer-rich Haggart Creek in the valley below.

“In terms of strategy we’re obviously chasing the higher-grade Eagle material, and we’ll mine year-round,” Ayranto adds, as he points out the proposed location of the main heap-leach pad. “We’re planning to stockpile for a threemonth period due to cold weather conditions, but we feel that’s a pretty conservative assumption, when you look at Fort Knox.”

Ore would be crushed at a nominal rate of 30,000 tonnes per day through a three-stage circuit. The operation would process 123 million tonnes of ore over the mine life, comprising 108 million tonnes of crushed ore and 15 million tonnes of run-of-mine ore.

Ayranto points out that the secondary pad will have 50 million tonnes in excess stacking capacity for potential mine expansion.

There is still exploration potential across the 550 sq. km Dublin Gulch property, which hosts a 13 km long belt of gold-silver mineralization known as the Potato Hills trend. The company has had recent exploration success at its Olive-Shamrock targets, which add higher-grade material to the new economic study.

Eagle’s mineralization occurs as elemental gold, both as isolated grains and most commonly in association with arsenopyrite, and less commonly with pyrite and chalcopyrite. In descending abundance,

the principal sulphides present are pyrrhotite, pyrite, arsenopyrite and chalcopyrite.

Victoria started the year with a $3.6-million budget earmarked for Olive-Shamrock, which involved in-fill drilling and expanding the strike length of confirmed nearsurface, high-grade gold.

The Olive-Shamrock zone has been tested over a 1.5 km strike length, with the 2016 program concentrated within an area of 500 by 300 metres.

As a result, Olive now hosts 7 million proven and probable tonnes of 0.95 gram gold for 200,000 contained oz., and 10 million measured and indicated tonnes grading 1.07 grams gold for 329,000 contained oz. gold. Meanwhile, the company released results from Shamrock in late July that are highlighted by 40 metres of 2.09 grams gold from 32 metres deep in hole 16-718c.

“We have Olive and Shamrock, but we need to understand the exploration potential of the entire Potato Hills trend, which may lead to significant discoveries that could extend our mine life,” Ayranto says as Victoria’s trucks pull to a stop near the site of trenching work at Olive. “But I’d point out that Eagle already has strong, robust economics, and we’re fully permitted. That’s especially important with the permit risk out there these days, and that makes Eagle a rare project.”

And the combination of improving gold markets, exploration upside, and near-term production has given

Driving around the proposed Eagle mine site at Dublin Gulch. PHOTO BY MATTHEW KEEVIL

Victoria ready access to capital markets so far this year. The company completed another $29-million, bought-deal financing in August, wherein it sold 44.3 million shares at 65¢ each. The financing was led

by Raymond James, and included: National Bank Financial, Cormark Securities, Echelon Wealth Partners, Paradigm Capital and BMO Nesbitt Burns.

“The next step for us is project financing,” McConnell says on the ride back to camp. “Obviously that’s contingent on markets and gold prices, but we’ll look at it over the next few months. Ideally we’d have it in place by year-end, but there are a lot of moving parts. We’re cautious about shareholder dilution, so you won’t see us do anything foolhardy in terms of financing.”

Victoria shares have traded in a 52-week range of 12¢ to 80¢, and have more than tripled in 2016 to close at 65¢ close at press time. The company has 496 million shares outstanding for a $288-million market capitalization. TNM

Introducing the

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Phone: (705) 476-4500 Email: mtsales@millertechnology.com

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SEPTEMBER 26–OCTOBER 2, 2016 / THE NORTHERN MINER

GLOBAL MINING NEWS · SINCE 1915

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E D I T O R IA L O P- E D Canada’s Territories on Playing high stakes poker for Fruta del Norte economic razor’s edge | A fateful boat ride into the heart for next five years of Ecuadorean gold country ODDS ‘N’ SODS

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GDP FORECAST

| Conference Board of Canada shows importance of mining to northern communities

I

t’s tough enough to have an economy dependent on commodity cycles, but doubly so in the small economies of Canada’s three territories, where the opening or closing of a single mine can make the difference between a growing or shrinking gross domestic product. That’s one of the

BY JOHN CUMMING lessons gleaned from the new Conference jcumming@northernminer.com Board of Canada report, “Territorial Outlook: Economic Forecast” by Elise Martin and Marie-Christine Bernard. The report is available for purchase at conferenceboard.ca.

According to the Conference Board’s data, the three territories are on quite different paths economically, even as the wider Canadian and U.S. economies show weak to modest growth. Noting that the “public sector will help the territorial economies over the near-term by investing in infrastructure,” the authors suggest that the financing conditions for mining will gradually improve for the territories, “mainly early in the 2020s.”

The Conference Board estimates that taken together, the three territories will see real economic growth averaging 1.8% over the 2016–2020 period on the back of the following mineral projects: De Beers and Mountain Province Diamonds’ new Gahcho Kué diamond mine in the Northwest Territories; continued development of Agnico Eagle Mines’ Meliadine and Amaruq gold projects in Nunavut; TMAC Resources’ Hope Bay gold project in Nunavut; and Goldcorp’s newly acquired Coffee gold project in the Yukon.

Of the three territories, Nunavut is best positioned to have its economy grow in the next five years, according to the report, even if its economy shrinks 2.1% as projected this year. The Conference Board expects the Nunavut economy to roar ahead by 4.9% in 2017 as metal mining makes a comeback, bolstered by infrastructure investments.

Over the long-term, the report states that “Nunavut can expect to see solid real GDP growth for the majority of the 2020s following the start of production at Meliadine.”

On the downside, mineral exploration expenses on the territory are well down from peaks achieved in the early 2010s, and the Nunavut Impact Review Board’s rejection of Sabina Gold & Silver’s Back River project has sent another chill through the mining industry when it comes to investing in early stage work.

The Northwest Territories’ economy “is on neutral this year,” the authors state, after De Beers closed its Snap Lake diamond mine in the territory in December 2015, with GDP expected to gain only 0.3% in 2016.

But with Gahcho Kué set to produce 5.3 million carats in 2017, this will “bring the economy into higher gear next year,” with 15.6% growth in real GDP, even if the “pick up in rough diamond prices is still fragile and in the early stages.”

Down the road in the 2023–2030 period, the Conference Board cautions that the territory may see “little growth” as the diamond industry matures.

And then we come to the Yukon.

To quote the authors: “Of all the provinces and territories [of Canada], Yukon’s economy is facing the bleakest near-term outlook.”

Capstone’s Minto copper mine is operating but the company has said it will stop actively mining, and process stockpiles until the mine closes, leaving the territory without a large-scale mining operation by mid-2017.

The Conference Board calculates that this will result in the territory’s GDP rising 3.6% in 2016 but contracting 7.7% in 2017, and a further 3.3% in 2018. But longer-term the picture brightens, with projects such as Coffee, Eagle and Casino in the pipeline that could help GDP grow 10% annually between 2024 and 2028.

There’s plenty more food for thought in the report, which also delves into the territories’ mixed economies, including the public sector, fisheries, construction, labour markets, education and demographics. TNM

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DEPARTMENTS Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . 12 Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . 15

Professional Directory. . . . . . . . . . . . . . . 13 Stock Tables. . . . . . . . . . . . . . . . . . . . . 10-11

COMPANY INDEX Arizona Mining. . . . . . . . . 9 Aurania Resources. . . . . . . 4 Barrick Gold. . . . . . . . . . . . 9 Capstone Mining. . . . . . . . 9 Crown Mining. . . . . . . . . . 9 Eurasian Minerals. . . . . . 14 Goldcorp. . . . . . . . . . . . . . . 1

Golden Queen Mining. . . 9 Kinross Gold. . . . . . . . . . 3,9 Klondex Mines. . . . . . . . . . 7 Lithium Americas. . . . . . 16 Major Drilling Group International . . . . . . . . . . . 1 Mcewen Mining. . . . . . . . 16

Newmont Mining . . . . . . . 8 Northern Sphere Mining.16 Pan American Silver. . . . . 1 Pilot Gold . . . . . . . . . . . . . . 7 Taseko Mines. . . . . . . . . . 16 Victoria Gold. . . . . . . . . . . 1

By Keith Barron Special to The Northern Miner

The following is the second of two parts of the abridged first chapter of an upcoming memoir entitled The Last Great Adventure, for which profits will go to the Baca Ortiz Hospital for Children in Quito, Ecuador. Part one appeared in our Aug. 22–28/16 issue.

Geologist Keith Barron codiscovered the exceptionally rich Fruta del Norte high-grade gold deposit in southeastern Ecuador — a feat for which he was cowinner of our “Mining Persons of the Year” award in 2008. He is currently president of Aurania Resources (TSXV: ARU).

For the full version of this story plus much more, please visit his blog at straighttalkonmining.com.

T

he Emperador area of southeastern Ecuador, where we had just obtained an exploration concession in April 2001, happened to be smack in the middle of a small border war. It sounds nasty, but it was the greatest set up for a mining play.

The international border between Peru and Ecuador had been until 1998 the subject of a long-running dispute between the two countries. The problem dated back to when the province of Gran Colombia broke up after independence from Spain. The coastal areas and the Andes were precisely divided between the two countries, but the international border in the largely unknown area of the “Oriente” (the East) was only loosely defined.

Nobody really cared until the late 1800s, when rubber harvesters moved into the Amazon basin.

Suddenly the area had value and both countries claimed each other’s territory. In 1904, the King of Spain mediated an uneasy truce that lasted until 1941, when both neighbours invaded each other, hoping the world’s great powers would be too busy with World War II to interfere.

But the U.S. was appalled and set up the Organization of American States to oversee the redrawing of the border. This work was aided by the U.S. Air Force who, unfortunately, took faulty high-altitude photographs of the area.

When surveyors went on the ground to erect the border monuments, they found that a river that appeared on the Air Force photos did not in fact exist. Perhaps it had been a hair or other artifact on the negatives.

As a result, for a swath of ground 78 km long, there was no official border, and maps in Ecuador had to show — by law — the phrase “Zona en la que el protocolo de Rio de Janeiro es inejecutable” (“Zone where the Peace Treaty is not in force”).

Mining companies in Ecuador were reluctant to explore close to what they considered the border, because it could inadvertently be Peru.

In 1995, the border dispute again erupted in violence, and 100,000

MY PLAN WAS TO GRAB AS MUCH TERRITORY ALONG THE BORDER AS I COULD. troops were sent into the area after an alleged incursion into Ecuador by the Peruvian army. Over six weeks, 300 soldiers from both sides were killed in what was called the Cenepa War. The U.S. sent Marines into the area under “Operation Safe Border” and, after a mediation that also included Brazil, Chile and Argentina, the border was mutually agreed as the continental divide between waters running into the Atlantic and Pacific oceans.

Border monuments were erected in 1998, and the historic dispute was finally settled.

In my first visit into this area, I saw small groups of people vacuum-dredging for gold in the river only 4 km west of the border. The source of this gold had to exist in the belt between these miners and the continental drainage divide.

Gold couldn’t have leapfrogged from Peru into Ecuador.

My plan was to grab as much territory along the border as I could, which resulted in a swath 98 km long on the Ecuador side of the border.

There were other compelling geological reasons, too. In an October 2000 Society of Economic Geologists newsletter, the border area was discussed as an inverted graben. In this case a fault basin had filled with sediments and the the faults had reversed, uplifting the area by over a kilometre into the air. Most gold occurrences were found on or beside these faults, so it was another reason the border area was a great place for us to explore.

Minga Early on, we had many run-ins with illegal miners.

Non-governmental organizations (NGOs) tend to portray illegal miners in a diffused light, as people making minimal impact on the environment, hand panning for gold in rivers and streams.

Indeed, these people existed and we left them alone.

The problem was organized teams of men from outside the area who used excavators and other heavy equipment, or explosives and diesel-powered Chilean mills.

These teams were usually persons with little experience in mining who would go out and buy the largest piece of equipment they could find, and borrow money to do so from the gold buyers at 5% interest per week.

In no time these people found themselves as indentured labour at the bottom of a debt hole, literally and figuratively.

I sympathized with these folks.

However, they were squatters, putting tailings into the rivers and freely using mercury to recover gold, and then carelessly releasing it into the environment. They had to go.

On many occasions I was personally threatened, with these threats being financed by the gold buyers. Sometimes it was through See FRUTA DEL NORTE / 5

2016-09-20 8:28 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 26–OCTOBER 2, 2016

5

Playing high stakes poker for Fruta del Norte

Claudio Cruz charging towards the ore pile at the Las Peñas property, near the village of La Zarza, Ecuador. PHOTO BY KEITH BARRON FRUTA DEL NORTE From 4

a loudspeaker mounted on a car, sometimes in the press and often on the radio, where I was called a “narco-trafficante.”

They were persistent, but couldn’t run me off.

In the village of La Zarza I heard from a local schoolteacher that a community meeting would be held “to decide whether or not to let the company stay.” This really had no teeth in law, but in practical terms, it was a big deal.

I had hired a community relations expert who advised me in the strongest terms not to return to La Zarza for the meeting, because I would be killed.

I went anyway, but acquiesced to his request that I take security with me. I had five unarmed uniformed guards and stayed at a little clapboard inn.

Again against advice, I took a stroll by myself up the muddy main street on the Saturday morning and saw a group of people clustered outside a church. I went inside and a lady told me they were having a “minga” — a community event to build an addition onto the back of the church, so the priest would have somewhere to stay when he came once a week to deliver mass.

She agreed to my offer of help, and I went round the back and joined a chain gang of men carrying rocks to lay in the foundation. After an hour we took a break and I collected the guards, and we mixed and poured cement, fetched and carried for the rest of the day.

As we finished up I asked the men present: “How many here have no work and want to work?”

All the hands shot up.

Then one gentleman asked, “What’s the job?”

I told him it would be clearing trails in the jungle with machetes.

Another said, “We do that all day anyway.”

A third asked, “What’s the pay?”

I said $6 a day, which at the time was more than the national average.

There were lots of murmurs. I told them to come to the Casa Comunal on Monday morning at 7:30 with their ID cards, prepared to work.

Only 17 men showed up on Monday, but they worked dutifully for the week alongside myself and another geologist.

On the Friday afternoon they all lined up for their pay, and I gave them cash. I was told later that for some of them it was the only paid labour they had done in their lives.

The next Monday 50 men showed up, but unfortunately I could only take a couple more.

Oh yes, the village vote. I went to the meeting, which was monopolized by a young schoolteacher from outside the area who represented an NGO, who said we would bring

1 2 3 4 5 7 8 9 14 15 16_Sept 26 2016_Main .indd 5

drugs and prostitution to the area.

Geologist Brent Hendrickson gave an honest and well-thoughtout address to the crowd about our intentions and the reality of earlyphase exploration.

The teacher retorted that we would produce another “Potosi,” bereft of all flora and fauna, and an environmental nightmare.

Brent pointed out that Potosi had been mined continuously for over 500 years, and that we hadn’t even been around for five weeks.

The crowd laughed and burst 50 different conversations. The meeting adjourned, and it seemed that everyone forgot to vote.

That seemed like a close call, but once the locals had worked for us for a while, they realized that we didn’t have horns on our heads.

One rumour that was dispelled was that we intended to mine uranium and supply it to “Ecuador’s enemies.” Each of our geologists carried GPS receivers, and in a short time the locals realized these were not Geiger counters.

After six months of tremendous support and hard work by many of the residents we had hired, I decided that a big Christmas fiesta was in order.

I borrowed a Santa suit from my brother-in-law and a fake beard, and we bought 250 dolls and toy trucks, and two cows.

We had the cows slaughtered and dressed, and our welder cobbled together a couple of barbeques out of half oil drums on supports.

On the appointed day we had a massive crowd in the village square of La Zarza, with parents bringing their children from five surrounding villages. Each child was placed on my lap for a photo with “Santa” and given a present. (I don’t know how my knees held out so long, and I lost about 5 kilos from the heat inside the woolen suit.)

Later we had all the photos developed and posted on the village notice board for parents to collect.

Our workers got a gift basket with a raw chicken, a bag of rice and sweets for the children.

Zarza One day back in the Toronto office, I got a phone call from my lawyer in Quito, who said a guy wanted permission to mine on our Princesa concession. I responded, “Is this guy naïve? He can’t just mine on my property, he has to make me a formal proposal to compensate me.

Besides, no one has found gold on Princesa yet.”

My lawyer said this fellow had told him he had indeed found gold and wanted to mine it.

Intrigued, I said I would fly down directly and meet with him at noon on Saturday by the big clock in Zamora.

Back on the ground in Zamora,

Men dredging for gold in the Rio Blanco in the southern border area of Ecuador.

I had brought along my geologist Fredy Salazar, who formerly worked for Newmont Mining, and his assistant Claudio Cruz.

No one showed up to meet us in Zamora, so I said to Fredy, “Let’s just drive to Zarza village nearby and ask people where the new mine is.”

When we got there, we flagged down Luis, the owner of the local inn, and asked him if he knew of a new mine.

He paused and said, “Sure, I can take you there, but we have to take my boat.” He had a motorized wooden boat that he used to bring fuel upstream. On our way upstream through many twists and turns, he paused to cross himself in front of a grave on the riverbank. He said it was the grave of his brother, who had drowned the previous year. It was a sober beginning to our trip.

After another hour we pulled into the bank, and Luis told us to follow the trail for 20 minutes and we would find the mine. He stayed with the boat.

Accompanied by Luis’s dog, we followed the path until it opened into a large clearing where we found some ramshackle buildings, a Chilean mill with an ore pile next to it and what looked like the portal of a tunnel into a hill.

Claudio and Fredy rushed over to the ore pile, and I yelled, “Jesus, Fredy, you’re going to get yourself shot.”

At that moment the shutters opened on a second-story window and a woman’s head emerged. Did she fire off a string of abuse! It was in Spanish but I recognized most of the curse words.

Fredy told her to settle down and informed her I was “El dueño de la propiedad” — the owner of the property.

Immediately she ran downstairs and asked for forgiveness. She said she had been meaning to go to Quito to see me and she knew they were mining illegally but it was “only enough to feed the family.” (Which is

PHOTO BY KEITH BARRON

always the case, no matter how rich.)

She brought out some Kool-Aid and her husband returned from hunting, shotgun in hand. She hastily explained to him who we were.

He said we were free, of course, to look around and take samples, but there were much richer mines farther up the trail — one an hour in one direction, and the other an hour the other way.

The ore pile at Las Peñas, where we had been, looked impressive, and you could pan a nice stream of gold from the crushed material from the mill, but nothing would prepare me for what I saw next.

We got to the top of a ridge that looked directly down on a 100-metre-long trench with a large, exposed quartz vein.

We climbed down off the ridge onto a series of elevated wooden planks on which miners were pushing wheelbarrows of broken rock to three separate mills. There were clapboard houses around the site and we were told there were 75 people working there.

Their eyes were like saucers — clearly they had never had visitors before.

But unlike Las Peñas, here the miners were hostile to our visit, and after we grabbed a few samples we hastily retraced our steps to the boat where Luis was waiting.

We quizzed him about what we had seen, but he knew little. The miners kept to themselves.

The next day in Zamora we met again with the regional director of mining Daniel Philco, and I plotted the positions of the mine workings we had looked at on topographic maps.

It became obvious we had not been on the Princesa concession at all, but on the adjacent La Zarza concession, which was not my property.

We went in that afternoon by car to the Princesa concession from the south, through the village of San Antonio. In no time at all we found a crew of five men pouring

the cement foundations for a new mill on my property.

I yelled at them and they scattered into the bush, leaving their tools behind. (I was told that no one came back for five weeks.) There were some open workings with exposed quartz veins, which we sampled.

That evening when I plotted all the spots we had been to on the topo map, they all lined up in a row like a string of pearls.

I knew we were on to something major and I got Fredy to take me to the telephone exchange in Zumbi, the closest town.

Fredy had visited the Zarza concession years before, when he worked for Newmont. In fact, he had prepared a presentation for his bosses recommending that they pick it up, but the next morning he and a number of other employees were let go in a retrenchment. Fredy had always wanted me to see La Zarza, but we had never had the time.

Anatoli Working through old phone numbers, it took Fredy almost four hours to track down Anatoli Gatsalov, the owner of the Zarza concession, who agreed to meet with us at 11 the next morning in Quito.

It was a pretty safe bet that Gatsalov had no inkling there were illegal miners taking high grade off his property. In turn, I had no inkling of what was coming next.

Anatoli had been a career diplomat with the Russian foreign service, but when the Soviet Union broke up, he was left abandoned in Quito without a job or a plane ticket home.

Together with three partners, also from the Embassy, they staked a large concession in the border area.

Why they happened to choose that area, I don’t know.

But what happened next was most strange. A group of Colombian businessmen approached the partners to lease the concession and put it See FRUTA DEL NORTE / 16

2016-09-20 8:28 PM

6

WWW.NORTHERNMINER.COM

SEPTEMBER 26–OCTOBER 2, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / SEPTEMBER 12–16 Canada’s benchmark index weakened, ahead of the U.S. Federal Reserve’s policy-setting meeting, coupled by lower oil prices and negative developments in the banking sector.

The S&P/TSX Composite Index retreated 0.6% to 14,450.69 points, marking a second straight weekly drop. The S&P/TSX Global Mining Index lost 0.6% to finish at 234.35, and the S&P/TSX Global Gold Index sagged 0.8% to 61.45.

The spot gold price in New York retreated 1.3% to US$1,310 per ounce. October West Texas Intermediate crude fell 6.2% to US$43.03 per barrel, while November Brent crude lost 4.7% to settle at US$45.77 per barrel, due to an expected jump in oil exports from Libya and Nigeria.

Shares of European and North American banks fell after U.S. authorities ordered Deutsche Bank to pay US$14 billion to settle claims that it missold mortgage-backed securities from 2005 to 2007.

London-based Orsu Metals rose nearly 29% to 5¢, after reporting that it has received consent from Kazakhstan’s Ministry for Investments and Development to sell its indirectly held subsidiary, which holds a 94.75% interest in the Karchiga copper project. Orsu shareholders approved the sale in a meeting held on June 23. The sale still has to meet certain conditions, including the buyer

obtaining a requisite antimonopoly approval — or confirmation that the approval is not required — before closing.

Nevada-focused producer Klondex Mines gained 29¢ to close at $7.29 per share. It announced a positive production decision for its True North gold project in Manitoba, along with a reserve and resource update for True North and its two gold-silver mines in Nevada.

True North — previously San Gold’s Rice Lake mine — now has 85,500 oz. gold in reserves from 319,300 tonnes at 8.33 grams gold. Resources, inclusive of reserves, contain 294,000 oz. in measured and indicated, plus 460,000 oz. in inferred. Klondex intends to bring True North into production as its third underground mine.

Total gold-equivalent reserves at its Fire TSX MOST ACTIVE ISSUES

B2Gold BTO Kinross Gold K Yamana Gold YRI Ivanhoe Mines IVN Teck Res TCK.B Eldorado Gold ELD First Quantum FM Newmarket Gold NMI IAMGOLD IMG Barrick Gold ABX

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

32339 3.75 3.42 3.59 + 0.08 31982 5.63 5.21 5.37 - 0.04 31495 6.14 5.59 5.77 + 0.03 31309 2.17 1.83 1.86 - 0.05 30689 24.30 20.42 24.11 + 3.00 25442 5.27 4.53 5.25 + 0.69 25386 10.92 10.04 10.57 - 0.03 23931 4.32 3.86 4.25 + 0.25 23619 5.79 5.01 5.33 + 0.22 23368 23.92 22.38 22.88 unch 0.00

Creek and Midas mines in Nevada increased 5% from last year’s 444,000 to 468,000 ounces.

The increase came largely from the goldequivalent reserves at Midas jumping 41% to 174,000 oz., offsetting the decrease in reserves at Fire Creek.

Gold miner Detour Gold tumbled $1.40 to $27.84 per share, despite staking a project near its flagship Detour Lake gold mine in northeastern Ontario. The Burntbush project

contains two groups of contiguous claims, totalling 494 sq. km, on the Casa Berardi trend, 70 km south of the Detour Lake mine.

The company says the Burntbush grassroots properties could become an organic growth opportunity. It is preparing a 2017 exploration program, which will include high-resolution airborne and electromagnetic surveys, as well as field mapping and prospecting. TNM

TSX GREATEST PERCENTAGE CHANGE

Orsu Metals Stonegate Agri Nemaska Lith Teck Res Eldorado Gold Teck Res EurOmax Res Peregrine Diam Lithium Amer Eastern Platin Energy Fuels Silver Bear Rs Azarga Uranium Columbus Gold Horizonte Mnls Carpathian Gld SouthGobi Res Rockwell Diam Laramide Res Forsys Metals

OSU ST NMX TCK.A ELD TCK.B EOX PGD LAC ELR EFR SBR AZZ CGT HZM ESM SGQ RDI LAM FSY

2826 1912 13641 17 25442 30689 291 2170 5444 189 1337 2429 446 841 35 447 13 656 253 405

TSX GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Teck Res Teck Res Agnico Eagle Endeavour Mng Eldorado Gold Centerra Gold Kirkland Lk Gd Contintl Gold Klondex Mns Alacer Gold Agrium Torex Gold Detour Gold MAG Silver Potash Corp SK First Majestic Pan Am Silver Richmont Mines Energy Fuels Sandstorm Gold

0.05 0.03 0.05 + 28.6 0.03 0.02 0.03 + 25.0 1.53 1.17 1.41 + 19.5 24.42 20.75 24.18 + 16.7 5.27 4.53 5.25 + 15.1 24.30 20.42 24.11 + 14.2 0.55 0.49 0.55 + 12.2 0.25 0.21 0.25 + 11.4 1.02 0.91 1.02 + 10.9 0.85 0.78 0.85 + 10.4 3.07 2.15 2.18 - 27.3 0.33 0.24 0.25 - 20.6 0.28 0.22 0.25 - 19.4 0.77 0.61 0.61 - 18.7 0.05 0.05 0.05 - 16.7 1.45 1.15 1.19 - 15.0 0.27 0.23 0.23 - 14.8 0.10 0.08 0.09 - 14.3 0.25 0.22 0.23 - 13.5 0.08 0.07 0.07 - 12.5

VOLUME WEEK (000s) CLOSE CHANGE

TCK.A TCK.B AEM EDV ELD CG KLG CNL KDX ASR AGU TXG DGC MAG POT FR PAA RIC EFR SSL

17 24.18 30689 24.11 3631 67.99 5056 23.96 25442 5.25 14575 7.39 6612 11.94 10454 4.26 12623 7.26 12244 3.37 3985 118.45 5313 28.43 5268 27.84 4195 20.40 23120 21.11 6982 15.05 3459 22.29 3131 12.29 1337 2.18 11270 7.15

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

3.46 3.00 1.51 0.78 0.69 0.52 0.49 0.36 0.29 0.28 5.69 3.01 1.40 1.03 1.03 0.99 0.95 0.84 0.82 0.82

TSX VENTURE EXCHANGE / SEPTEMBER 12–16 The S&P/TSX Venture Composite Index fell 12.92 points to a 799.24-point close as spot gold prices declined for the second week in a row, falling US$17.50 to US$1,310.35 per ounce. A revival of factory activity in recent Chinese data drove Comex copper prices up 7¢ to US$2.16 per lb., for its biggest weekly gain in two months.

Shares of explorer Rock Tech Lithium surged 63¢ to $1.33, two days after the appointment of Brad Barnett as the company’s chief financial officer. On Aug. 29, Rock Tech increased its land holdings to 92.8 sq. km at its Georgia Lake lithium property, 145 km northeast of Thunder Bay, Ontario. The claims cover spodumene-bearing pegmatites, including the Nama Creek Main Zone North deposit, which hosts 3.2 million inferred tonnes of 1.1% lithium oxide and 6.3 million tonnes of 1% lithium oxide.

Orla Mining rose 42¢ to $1.32 per share after a proposed merger with aspiring miner Pershimco Resources. The new company would focus on continued exploration and development of Pershimco’s Cerro Quema gold-oxide project, southwestern Panama, which is in the last stages of permitting. The arrangement would entitle each Orla shareholder to receive 1 share of the new company, whereas each Pershimco shareholder would

receive 0.19 share, plus 0.04 of a “Class-A” share. Each Class-A share is transferrable for one new share, if Panama’s Ministry of Environment accepts Cerro Quema’s environmental and social impact study by Jan. 31 next year. If a resolution is not received, the right for the new shares will end. Orla also intends to raise up to $50 million via a private placement of subscription receipts at $1.75 per subscription receipt, with Pierre Lassonde, and other insiders of Orla, having voiced intentions to participate up to $30 million.

Novo Resources intercepted 74.2 grams gold per tonne over 3.1 metres and 5 grams gold over 3.1 metres at its Tuscarora gold project, 81 km north of Elko, Nevada. The junior explorer said that true widths of the epithermal-vein intercepts are estimated TSX-V MOST ACTIVE ISSUES

True North Gem TGX Am Manganese AMY Tango Mining TGV MacDonald Mns BMK Westminster Rs WMR E-Energy Vent EEV Noram Vent NRM Duncan Park H DPH Planet Mng PXI Victoria Gold VIT

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

24079 18885 17288 13032 12073 9822 9749 7497 7177 7149

0.01 0.20 0.03 0.02 0.08 0.02 0.08 0.03 0.05 0.69

0.01 0.09 0.02 0.01 0.06 0.01 0.07 0.01 0.03 0.62

0.01 unch 0.00 0.16 - 0.03 0.02 - 0.04 0.01 unch 0.00 0.06 - 0.01 0.01 unch 0.00 0.07 + 0.01 0.02 + 0.01 0.05 + 0.01 0.65 + 0.01

at half of the reported interval lengths.

The news lifted shares of the company up 26¢ to $1.79. The eight-hole program, totalling 1,500 metres, aims to test a 1 km long, sediment-covered vein target located south–southeast of the Navajo vein, the most prolific past-producing vein in the Tuscarora mining district. Historical production within Tuscarora produced 204,000

oz. gold, 7.5 million oz. silver and 300,000 oz. placer gold.

Project generator Mirasol Resources fell 32¢ to $2.53 per share after news of expanding its land holdings at its Virginia project — in southern Argentina — to 597 square kilometres. Prospecting over the new land holdings identified quartz and breccia float along a 2 km trend. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Prize Mng Tiller Res Stratabd Mnr Freeport Res Nrthn Iron Altan Rio Mnls Mezzotin Mnrls Rock Tech Lith Royal Sapphire Aurgent Gold Tango Mining Red Rock Enrgy Bandera Gold Pangolin Dia North Am Ptash Strategic Res Minfocus Expl Klondike Silv WCB Res Grenville Gold

PRZ.H TIR.H SB FRI NFE AMO MEZ RCK RSL AUR TGV RRK.H BGL PAN NPD STI MFX KS WCB GVG

54 311 2921 650 2607 545 881 1541 245 2035 17288 1968 289 2222 12 8 2848 2590 200 8

0.27 0.07 0.03 0.06 0.05 0.02 0.04 1.45 0.05 0.14 0.03 0.02 0.01 0.12 0.04 0.20 0.04 0.12 0.05 0.17

0.00 0.01 0.01 0.05 0.03 0.01 0.01 0.75 0.03 0.09 0.02 0.01 0.01 0.05 0.00 0.00 0.01 0.07 0.04 0.10

0.22 0.04 0.02 0.06 0.05 0.02 0.02 1.33 0.05 0.13 0.02 0.01 0.01 0.06 0.04 0.15 0.02 0.07 0.04 0.11

TSX-V GREATEST VALUE CHANGE

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

+ 2050.0 + 250.0 + 200.0 + 140.0 + 100.0 + 100.0 + 100.0 + 90.0 + 80.0 + 78.6 - 66.7 - 66.7 - 50.0 - 47.8 - 46.7 - 44.4 - 42.9 - 41.7 - 38.5 - 38.2

VOLUME WEEK (000s) CLOSE CHANGE

Rock Tech Lith Orla Mng Ltd Novo Res Brazil Res Prize Mng Redhill Res Wealth Mnrls Goldex Res Arianne Phosph Defiance Silvr Bear Creek Mng Gold Reserve CanAlaska Uran K92 Mng Inc Mirasol Res Gold Std Vents Pac Booker Min Abitibi Royalt Ascot Res Probe Metals

RCK OLA NVO BRI PRZ.H ML WML GDX DAN DEF BCM GRZ CVV KNT MRZ GSV BKM RZZ AOT PRB

1541 753 283 2257 54 591 1877 5 265 1434 555 90 1059 4506 478 882 8 23 425 837

1.33 1.32 1.79 2.82 0.22 1.78 1.21 0.65 0.92 0.53 3.13 5.50 0.85 1.14 2.53 2.96 1.00 7.77 2.55 1.97

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

0.63 0.42 0.26 0.24 0.21 0.18 0.14 0.12 0.12 0.11 0.50 0.50 0.35 0.33 0.32 0.30 0.27 0.23 0.21 0.20

U.S. MARKETS / SEPTEMBER 12–16 U.S. markets remained buoyant despite uncertainty ahead of the U.S. Federal Reserve meetings scheduled for Sept. 20–21. The Dow Jones Industrial Average rose 0.2% to 18,123.80 and the S&P 500 Index advanced 0.5% to 2,139.16. Spot gold lost US$17.80 per oz., falling 1.3% to US$1,310 per oz., while the Philadelphia Gold & Silver Index dropped 2.1% to 91.50. West Texas Intermediate crude fell 5% to US$43.21 per barrel. In other news, U.S. retail sales fell 0.3% in August — the first decline since March — while in the week ended Sept. 10, initial claims for state unemployment benefits increased by 1,000 to 260,000.

Shares of Agnico Eagle Mines were up US47¢ to US$51.44, with news of an updated resource estimate for its wholly owned Amaruq project in Nunavut, 50 km northwest of its Meadowbank mine. The updated resource is based on drilling up to June 30, 2016, in Amaruq’s Whale Tail and IVR deposits. The project’s inferred resource increased 13% to 3.71 million oz. gold (19.4 million tonnes grading 5.97 grams gold per tonne) — an increase of 432,000 contained oz. gold basis, compared to the estimate on Dec. 31, 2015.

6_Sept 26_MarketNews.indd 6

The 2016 exploration program also delineated a potential second source of open-pit "ore" at the V Zone. The company will release another updated resource estimate in February 2017, and management expects Amaruq will provide a new source of feed for the company’s Meadowbank mill starting in 2019.

Diamond drill results at the Malikoundi deposit at Iamgold’s Boto project in eastern Senegal lifted the company’s shares US8¢ to US$3.99. Highlights include 9 metres grading 4.76 grams gold per tonne, 12 metres grading 6.39 grams gold, 22 metres grading 4.04 grams gold, 32 metres U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 237228 11.14 9.43 9.94 - 0.33 Vale* VALE 128339 5.42 4.86 5.03 - 0.16 Hecla Mining* HL 121818 5.82 5.21 5.51 - 0.16 Yamana Gold* AUY 100313 4.69 4.26 4.39 - 0.01 Barrick Gold* ABX 98851 18.20 16.96 17.34 - 0.19 Kinross Gold* KGC 96006 4.32 3.95 4.09 - 0.06 United States S* X 91276 17.55 15.72 15.91 - 1.12 IAMGOLD* IAG 89312 4.45 3.83 3.99 + 0.08 Alcoa* AA 87226 9.80 9.34 9.44 - 0.16 Potash Corp SK* POT 72005 17.48 15.86 15.99 - 0.98

grading 5.19 grams gold and 42 metres grading 3.60 grams gold. The company reported that the program delineated near-surface, sha l low minera lization extending 500 metres along strike, north of the Malikoundi deposit, and that the

23-hole (2,217-metre) program confirmed wide intervals of high-grade mineralization in the footwall to the main deposit, which had not been fully tested previously.

Iamgold’s wholly owned, 236 sq. km project is near the Senegal-Mali border. TNM

U.S. GREATEST PERCENTAGE CHANGE

Eldorado Gold* Teck Res* Trecora Res* Natural Res Pt* Black Hills* IAMGOLD* Mechel* Agnico Eagle* McEwen Mng* Yanzhou Coal* Cloud Peak En* Fortuna Silvr* Dominion Diam* First Majestic* CONSOL Energy* Sibanye Gold* Harmony Gold* Primero Mng* Intrepid Pots* United States S*

EGO TCK TREC NRP BKH IAG MTL AEM MUX YZC CLD FSM DDC AG CNX SBGL HMY PPP IPI X

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

47521 3.99 3.46 3.99 + 14.0 49390 18.50 15.58 18.26 + 12.8 189 10.93 9.81 10.82 + 6.0 1349 29.30 24.30 27.28 + 5.6 1836 59.07 57.51 59.00 + 2.3 89312 4.45 3.83 3.99 + 2.0 2111 2.70 2.33 2.69 + 1.1 10989 53.25 50.03 51.44 + 0.9 37660 3.90 3.43 3.65 + 0.8 501 6.20 5.94 6.18 + 0.5 6107 4.09 3.38 3.41 - 15.6 11573 8.36 7.25 7.25 - 9.8 3256 8.60 7.92 7.95 - 8.0 51318 12.52 11.25 11.33 - 8.0 41632 17.94 15.41 16.44 - 7.6 7014 15.40 13.60 13.74 - 7.4 36162 3.90 3.27 3.35 - 6.9 13234 1.72 1.49 1.51 - 6.8 3719 1.37 1.24 1.24 - 6.8 91276 17.55 15.72 15.91 - 6.6

U.S. GREATEST VALUE CHANGE

Teck Res* TCK Natural Res Pt* NRP Black Hills* BKH Trecora Res* TREC Eldorado Gold* EGO Agnico Eagle* AEM IAMGOLD* IAG Southern Copp* SCCO Yanzhou Coal* YZC McEwen Mng* MUX Agrium* AGU Chevron* CVX NACCO Ind* NC Franco-Nevada* FNV Mosaic* MOS CONSOL Energy* CNX United States S* X Sibanye Gold* SBGL MartinMarietta* MLM Newmont Mng* NEM

VOLUME WEEK (000s) CLOSE CHANGE

49390 18.26 1349 27.28 1836 59.00 189 10.82 47521 3.99 10989 51.44 89312 3.99 5334 25.33 501 6.18 37660 3.65 8476 89.60 45052 97.84 131 64.44 4919 70.18 23674 25.54 41632 16.44 91276 15.91 7014 13.74 3930 173.95 40920 38.26

+ 2.07 + 1.45 + 1.30 + 0.61 + 0.49 + 0.47 + 0.08 + 0.07 + 0.03 + 0.03 - 5.61 - 3.43 - 1.92 - 1.50 - 1.47 - 1.36 - 1.12 - 1.10 - 1.05 - 1.04

2016-09-20 8:57 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 26–OCTOBER 2, 2016

7

SPECIAL FOCUS

MINING IN THE

SOUTHWEST U.S. Pilot Gold stakes more ground at Goldstrike

UTAH

| Company probes extensions of old gold mine trend

Klondex expands its arsenal GOLD

| Resurgent junior aims to bring two more mines online in Nevada, Manitoba

BY SALMA TARIKH starikh@northernminer.com

K

londex Mines (TSX: KDX; NYSE-MKT: KLDX) has evolved in the last four years from an exploration firm with one project in Nevada to a gold producer with multiple assets in the U.S. and

Canada, with no signs of slowing down.

Led by president and CEO Paul Huet since September 2012, the company operates two high-grade underground gold-silver mines in Nevada — Fire Creek and Midas — and is in the midst of expanding its reach.

See KLONDEX / 8

Exploring Lithium in Nevada and South Western U.S.

LEADERS IN PROJECT GENERATION AQUISITION AND DEVELOPMENT EXPLORING CLAYTON VALLEY AND SURROUNDING AREAS FOR A DECADE

Pilot Gold’s Goldstrike gold project in southwestern Utah. PILOT GOLD

BY TRISH SAYWELL

P

tsaywell@northernminer.com

ilot Gold (TSX: PLG) is staking more ground near its Goldstrike project in southwestern Utah near the border with Nevada, and is picking up where the old miners left off.

Between 1988 and 1994, an oxide heap-leach mine on the property churned out 209,000 oz. gold and 197,000 oz. silver from 8 million tonnes ore at an average recovered grade of 1.2 grams gold per tonne from 12 shallow pits. The mine closed due to low gold prices.

In addition to the past-producing mine, the Goldstrike property has an exploration database, shallow drill holes with un-mined oxide gold intercepts and untested gold targets.

The main target is Carlin-style, shallow oxide gold mineralization along a 7 km long and 2 km wide historic mine trend, between and down-dip to the north of historic open pits, about 50 km northwest of St. George.

Pilot Gold’s Main zone has been defined by 700 historic reversecirculation (RC) drill holes and 10 historic core holes. The company’s own work since 2015 has added another 80 RC holes and 10 core holes.

It took the company nearly 16 months at Goldstrike to work up data, validate it and create a 3-D model before drill-testing.

The additional claims Pilot Gold staked at the project in August cover projected extensions of the mineralized system. The three targets aggregate 8 sq. km and are west, north and east of the historic mine trend.

“We’ve done a good job of assembling our property position, but we just wanted to make sure that we had every possible target

1 2 3 4 5 7 8 9 14 15 16_Sept 26 2016_Main .indd 7

covered,” the company’s vice-president of exploration and geoscience Moira Smith says. “They’re really grassroots — we just wanted to secure everything in the district that looks prospective — and we’ve achieved that.”

The ATF Block target adjoins the western property boundary and covers 1.2 km of linear jasperoid exposures in Paleozoic carbonate rocks along strike of the historic mine trend, and has never been

drill tested, Smith says.

The Live Oak target is north of the project area and covers a 1.8 sq. km historic gold-in-soil geochemical anomaly. The target includes skarn associated with a faulted margin of an intrusive body. “There was some old drilling there that came up with gold in drill holes that looks promising,” Smith adds.

The Big Mac target is a Goldstrike

VENDOR & EXPLORATION MANAGEMENT

See PILOT GOLD / 8

WWW.GEOXPLOR.COM

VENDOR & OPERATOR

PURE ENERGY MINERALS LIMITED (TSXV:PE) LITHIUM X ENERGY CORP. (TSXV:LIX)

VENDOR & OPERATOR

ZADAR VENTURES LTD. (TSXV:ZAD)

Producing Gold In California Golden Queen Mining Co. Ltd. TSX: GQM | OTCQX: GQMNF TEL: (778) 373-1557 E: info@goldenqueen.com

www.goldenqueen.com

2016-09-20 8:54 PM

8

SEPTEMBER 26–OCTOBER 2, 2016 / THE NORTHERN MINER

MINING IN THE SOUTHWEST U.S.

WWW.NORTHERNMINER.COM

Pilot Gold stakes more ground at Goldstrike PILOT GOLD From 7

look-alike target 2 km southeast of the Main project area, with gold in surface samples in the basal Claron Formation.

In addition to news of the staking, the company released results from seven RC drill holes it has drilled into the Main zone. Five of the seven intersected widths grading between 0.67 gram gold per tonne and 1.08 grams gold per tonne.

Highlights included intercepts of 0.43 gram gold per tonne over 10.7 metres and 1.10 grams gold over 3 metres; 1.08 grams gold over 45.7 metres, including 3.06 grams gold over 6.1 metres; and 0.90 gram gold over 18.3 metres, including 1.32 grams gold over 7.6 metres.

The drilling is defining the edges of the main zone on the east end of the historic mine trend for a resource estimate that Pilot Gold hopes to finish in the first quarter of next year.

A total of 15 additional RC drill holes have been planned to fill in the area of the Main zone — which would cover 1,400 by 300 metres of strike on the historic mine trend.

Once all of the holes are done, the drill rig will be moved to the Peg Leg Graben — sub-parallel and southwest of the Main zone.

The Peg Leg Graben runs 1.5 km long and up to 250 metres wide and, while surface mineralization on the graben margins has been tested by drilling, the graben itself has only seen three historic drill holes, all of which returned oxide gold intercepts.

The first historic drill hole returned a 0.76 gram gold intercept over 6.1 metres, 0.66 gram gold over 9.1 metres and 1.10 grams gold over 12.2 metres, starting from 61 metres down hole. The second returned 0.67 gram gold over 27.4 metres, starting from 82.3 metres down hole, and

the third averaged 0.43 gram gold over 4.6 metres and 0.57 gram gold over 10.7 metres, starting from 18.3 metres down hole.

Pilot Gold plans to build 14 drill sites 80 metres apart along the graben, with up to four holes drilled per site.

“The Peg Leg target is high on our list,” Smith notes.

The company is adding a second drill rig to focus on other targets, including the Dip Slope area, north of the Main zone.

The 2016 infill and step-out drilling program is targeting unmined and undrilled areas between and around the historic pits on the property.

“We’re still looking at 100 or so drill holes before year-end — we’ll drill right to the end of November,” Smith says, adding that the company also expects results from its metallurgical test work.

Pilot Gold acquired 100% of Goldstrike through its August 2014 acquisition of Cadillac Mining.

The company’s other projects in the U.S. include Mineral Gulch in Idaho and Kinsley Mountain in Nevada.

Over the last year Pilot Gold’s shares have traded in a range of 22¢ to 95¢, and at press time traded at 72¢ apiece. The company has 125.8 million shares outstanding for an $89.3-million market capitalization.

Michael Gray of Macquarie has an “outperform” rating on the stock with a 90¢-per-share price target, and says in a research note that the company is one of his top picks amongst the explorers.

“Although there are many other intriguing targets to test in the more than 108 sq. km Goldstrike land package, vice-president of exploration Moira Smith’s confidence in the potential of this underexplored region has encouraged securing claims sooner rather than later.” TNM

Klondex Mines’ 1,200-ton-per-day Midas mill, which processes ore from Fire Creek and Midas. KLONDEX MINES

Klondex expands its arsenal KLONDEX From 7

It began producing from Fire Creek under a bulk sample permit in late 2013, before buying the Midas assets, some 160 km away, from Newmont Mining (NYSE: NEM) in early 2014. Huet is an expert in narrow-vein gold mining and has worked at numerous operations, including the Midas mine, when he was with Newmont from 2000 to 2007.

While Newmont had expected the Midas mine would wind down in early 2015, Huet and his team have kept it going through aggressive drilling, while beating grade and throughput expectations at the Fire Creek mine.

With the two Nevada operations performing well in 2015, Klondex was quick to look for expansion opportunities elsewhere.

It bought the True North gold assets near Bissett, Man., for US$32 million in January 2016. True North was formerly San Gold’s large Rice Lake mine and milling complex,

www.quaterra.com TSX- V:QTA

1 2 3 4 5 7 8 9 14 15 16_Sept 26 2016_Main .indd 8

|

OTCQX:QTRRF

“[NINETY-NINE PERCENT] OF THE OUNCES WERE FROM THE DRILL BIT. THEY WERE NOT DUE TO METAL PRICE INCREASES OR LOWER CUT-OFF GRADES.” JOHN SEABERG SENIOR VP, INVESTOR RELATIONS & CORP. DEVELOPMENT, KLONDEX MINES

which it sold to a Manitoba numbered company during bankruptcy proceedings. The fully permitted operation came with a large mill and 220 pieces of mobile equipment.

Since acquiring True North, Klondex has worked to bring the asset online as its third underground mine. It poured its first doré bar at the end of July, after it started processing gold in tailings. True North should produce between 8,000 and 12,000 oz. gold in the second half of this year through test stope mining and processing tailings.

Within six months of expanding into Canada, Klondex found another opportunity to grow its base back in Nevada.

In late July, it signed an agreement to buy the Hollister underground gold mine and the Aurora (previously known as Esmeralda) mine and milling complex. From 2007 to 2012, Hollister produced 425,000 equivalent oz. gold at an average 31.25 grams gold. The former mine sits 30.5 km from the Midas mill — as opposed to the Aurora mill, some 446 km away — which provides potential synergies.

Klondex uses the 1,200-ton-perday (1,089-tonne-per-day) Midas mill to process ore from Fire Creek and Midas, and aims to use it for Hollister, too.

John Seaberg, Klondex’s senior vice-president of investor relations and corporate development, notes that the Hollister mine could come online in 2017.

“Give us six months. We should produce within six months,” he says.

The Hollister deal should end before early October. Upon closing, Klondex will pay US$63 million in cash and US$17 million in a secured promissory note, plus warrants and shares.

To help finance this endeavour, Klondex wrapped up a previously announced bought-deal private placement in August. It offered 25.9 million subscription receipts at $5 apiece for gross proceeds of $129.5 million.

A month later, it reported a positive production decision for True North, as well as resource and reserve updates for both its Canadian and Nevada assets.

Reserves at True North stand at 85,500 oz. from 319,300 tonnes at 8.33 grams gold. Measured and indicated resources are 294,000 oz., with another 460,000 oz. in inferred.

Klondex estimates producing

45,000 to 65,000 oz. a year from True North, at an annual throughput of 600 to 1,000 tons (540 to 900 tonnes) per day. It will include a detailed mine plan in the project’s technical report in October. Annual capital spending should fluctuate between $15 million and $25 million in the early years of the mine life.

Total gold-equivalent reserves at the Fire Creek and Midas deposits have increased 5% from 444,000 to 468,000 contained oz. within 625,000 tonnes, net of depletion.

This increase came from the goldequivalent reserves at Midas jumping 41% from 123,000 oz. to 174,000 equivalent oz. gold.

Despite the gold-equivalent reserves at Fire Creek falling from 321,000 oz. to 294,000 oz. due to depletion, Fire Creek’s measured and indicated resources have increased 7% to 505,000 equivalent oz. gold.

To calculate the 2016 Nevada reserves, Klondex assumed metal prices of US$1,200 per oz. gold and US$17 per oz. silver, compared to last year’s US$1,000 oz. gold and US$15.83 oz. silver. It also used higher metal prices and slightly lower cut-off grades for its 2016 resources.

“It’s important to note most of the ounces we added were from the drill bit. They were not due to metal price increases or lower cut-off grades, it was 99% from the drill bit,” Seaberg says, adding the other factors had a minimal impact.

While Klondex is expanding its arsenal, it plans to keep focusing on its Fire Creek and Midas mines.

The Bureau of Land Management approved Fire Creek’s environmental assessment this February. “That gives us more flexibility. It allows us to put in more infrastructure and development, and potentially grow the asset,” Seaberg says.

For 2016, Fire Creek and Midas should deliver between 145,000 and 150,000 equivalent oz. gold.

Fire Creek is on track to contribute 100,000 equivalent oz. gold, up from the little over 78,000 oz. it produced in 2015.

For the first half of the year, Fire Creek and Midas delivered a total of 71,592 equivalent oz. gold at cash costs of US$636 per equivalent oz. gold sold, within the 2016 cost target of US$600 to US$650.

Klondex shares closed Sept. 14 at $7.19, up 162% year-to-date. BMO analyst Brian Quast has an $8.25 target price and a “market perform” rating on the stock. TNM

2016-09-20 8:54 PM

MINING IN THE SOUTHWEST U.S.

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 26–OCTOBER 2, 2016

9

SOUTHWEST U.S. SNAPSHOT 9 projects to watch The mineral bounty of California, Nevada, Utah and Arizona is legendary, but the hard work of finding new deposits continues. Here are nine new projects large and small that are catching attention.

BARRICK GOLD Barrick Gold’s (TSX: ABX; NYSE: ABX) phenomenal Goldrush gold discovery in Nevada in 2011 and Alturas discovery in Peru in 2013 are a strong counter-argument to the common complaint that large mining companies can’t find their own deposits.

According to a 2015 prefeasibilty study at Goldrush, which tallied 8.6 million oz. gold grading 10.58 grams gold per tonne, it would cost US$1 billion to build an underground mine that would produce an average of 440,000 oz. gold annually at all-in sustaining costs of US$665 per oz. gold.

With feasibility study work underway, mine construction could start as early as 2020, with a first gold pour in 2021.

Goldrush is 6 km from Barrick’s Cortez mine and 140 km from its Goldstrike gold mine complex. Because Goldrush mineralization is refractory, it will have to be processed at the Goldstrike roaster.

CAPSTONE MINING Vancouver-based Capstone Mining (TSX: CS) has grown into a substantial miner, with three operating copper mines: Pinto Valley in Arizona, Cozamin in Mexico and Minto in the Yukon.

Pinto Valley is an open-pit coppermolybdenum-silver mine in the historic Globe-Miami copper district, 125 km east of Phoenix, and was bought from BHP Billiton in October 2013. The mill has a throughput rate of 54,000 tonnes per day, and last year the head grade was 0.4% copper, with 60,400 tonnes copper produced in cathode and in concentrate.

In 2012, the mine had a five-year life ahead, but substantive work by Capstone has extended the projected mine life to 2039.

As of Jan. 1, reserves at Pinto Valley stood at 474 million tonnes grading 0.3% copper and 0.01% moly for 1.5 million tonnes contained copper.

Another 1.5 billion tonnes at slightly lower grades are in the resource category.

CROWN MINING In June, micro-cap Crown Mining (TSXV: CWM) raised $250,000 in a

Arizona Mining confirms size potential at Taylor PROJECT UPDATE

| Drilling intercepts zinc-lead-silver mineralization, 400 metres from Taylor

BY LESLEY STOKES

D

lstokes@northernminer.com

rilling at Arizona Mining’s (TSX:AZ) Taylor zinc-leadsilver deposit, 80 km southeast of Tucson, Ariz., is revealing what could become a “world-class asset,” according to the company’s chief operating officer Donald Taylor.

A recent step-out drill hole 400 metres northwest of the carbonatereplacement deposit (CRD) returned 23.1% zinc, 13.5% lead and 207 grams per tonne silver over 7.5 metres, within a 15.1-metre interval of 13.6% zinc, 8% lead, 0.1% copper and 136 grams silver.

The mineralization matches other step-out drill holes in the area, including a 32.6-metre intercept grading 4.6% zinc, 5.5% lead, 0.04% copper and 136 grams silver, drilled 323 metres northeast of the deposit.

“Everything we’ve drilled so far has hit ore-grade intercepts over minable thicknesses, and we’re still trying to find the edges of the deposit,” Taylor tells The Northern Miner from the company’s office branch in Tucson.

Mineralization at Taylor occurs within a package of carbonate rocks underlying a volcanic stratigraphy cap that spans the company’s wholly owned, 71.1 sq. km Hermosa property.

The company first discovered the CRD in 2015, after probing below the volcanic rocks that host Hermosa’s Central manto-style oxide deposit, which has proven and probable reserves of 59.7 million tonnes grading 69 grams silver and 8.3% manganese.

In early 2016, Arizona Mining delivered Taylor’s maiden resource, which stands at 39.4 million inferred tonnes of 4.5% lead, 4.5% zinc, 0.14% copper and 67 grams silver, using a 6% equivalent zinc cut-off.

“It all started with an idea. We believed there was a clear zonation

1 2 3 4 5 7 8 9 14 15 16_Sept 26 2016_Main .indd 9

between the oxide deposit at surface and what we perceived could be a sulphide deposit located down-dip,” Taylor says. “We drilled four holes, and then bingo. The rest of the history is still being written.”

The company’s current infill and expansion drill program, totalling 38,000 metres in 28 holes, aims to test the prospective carbonate horizon below its newly acquired Trench patented mining claims, which encompass a 1.2 sq. km area northwest of the deposit.

Taylor says the carbonate rocks absorbed metal-rich fluids off-gassing from a nearby porphyry system like a sponge, and that mineralization likely bled out into the volcanic rocks above.

He adds that the past-producing Trench Camp mine — a lead-silver vein deposit that cross-cuts the volcanic rocks — could indicate what lurks below.

“We know that the prospective carbonate unit extends for 2 km beyond our current resource area, and our plan is to fully test that length by year-end,” he says. “We have very little data in that direction, but there’s an opportunity to hit mineralization all along its length.”

Taylor cites a historical drill hole at the northwestern edge of the target area, which returned intercepts of 1.4 metres of 12.7% lead, 15.6% zinc, 2.7% copper and 49 grams silver at 1.2 km deep, and 37.8 metres of 1% lead, 14.1% zinc, 0.2% copper and 208 grams silver at 1.5 km deep.

The current drill campaign is all part of the company’s larger mandate to deliver a resource update for the deposit by early next year, followed by a preliminary economic assessment.

“We’ll have to draw a line in the sand and get the resource update out, so the plan is to drill as much as possible until then,” he says. TNM

private placement, and is directing the funds towards its Lights Creek copper project in northeastern California’s Plumas County.

The project comprises four copper deposits in a quartz monzonite intrusion, which combined offer a National Instrument 43-101 compliant resource of over 2 billion lb. copper, 750,000 oz. gold and 25 million oz. silver. Specifically, the Moonlight deposit has 147 million indicated tonnes at 0.3% copper and 80 million inferred tonnes at 0.3% copper, while the Superior mine deposit adds 54 million inferred tonnes at 0.4% copper.

projected at 807,000 oz. gold and 8.3 million oz. silver.

KINROSS GOLD

NYSE: KGC) acquired 100% of the Bald Mountain open-pit, heap-leach gold mine, located in the southern extension of the Nevada’s Carlin trend, as part of

In January 2016, Kinross Gold (TSX: K;

Crown notes copper was discovered at Lights Creek in 1883, and it was mined on a large scale from 1915 until 1930. Placer Amex explored the property from 1960–1972, drilling over 400 holes and estimating a historic resource of over 4 billion lb. copper.

GOLDEN QUEEN MINING Vancouver-based Golden Queen Mining (TSX:GQM; US-OTC: GQMNF) is a gold and silver producer with a new, 50%-owned Soledad Mountain gold mine near Mojave in southeastern California, which a conventional open-pit, heapleach operation with Merrill-Crowe recovery.

In July, the company raised $16.1 million, with net proceeds used to repay part of a loan due in December.

Production at Soledad is ramping up, with 2,905 oz. gold and 29,284 oz. silver poured in July, and the company expecting an average throughput of 10,000 to 11,000 tons per day in the second half of 2016.

See SOUTHWEST / 16

Generating high quality, early stage projects with a partnership business model • Interest in over 60 precious & base metal projects on 5 continents totaling ~1.4 million acres of prospective ground; 100% equity available in 26 exploration projects • Quality technical team employing focused exploration in highly prospective belts with prudent use of investor capital • Porphyry Cu-focused portfolio in SW USA with projects in world class districts; 3rd largest land holder in Arizona • Precious Metal-focused Nevada portfolio; innovative target generation, 5 projects available

www.eurasianminerals.com TSX-V:EMX NYSE MKT:EMXX

Production would average 74,000 oz. gold and 781,000 oz. silver per year, with substantial fluctuations depending on head grade. Over the 11-year mine life, total output is

Growth focused mineral exploration company exploring and developing its 100% owned Gold Springs gold-silver project in safe, mining-friendly Nevada and Utah in the USA. > Strong Preliminary Economic Assessment (“PEA”) filed in 2015 > 43-101 compliant Gold resource estimate with significant expansion potential > Gold mineralization starts at surface > Less than 10% of bulk gold targets drilled in the 74.7 sq. km property > 20,000-foot drilling program underway — High-grade gold intersected at the Thor Vein System > Team’s track record of discovery and advancement of large mineral deposits.

Phone: (303) 584 0606 E-mail: info@trimetalsmining.com www.trimetalsmining.com TSX: TMI, TMI.B – OTCQX: TMIAF, TMIBF

2016-09-20 8:54 PM

10

S T O C K TA B L E S

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES TRADING: SEPTEMBER 12 - 16, 2016 (100s) Stock

WWW.NORTHERNMINER.COM

SEPTEMBER 26–OCTOBER 2, 2016 / THE NORTHERN MINER

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 1380 Abcourt Mines V 5329 Abcourt Mines* O 102 Aben Res* O 73 Aben Res V 126 Aberdeen Intl* O 74 Aberdeen Intl T 332 Abitibi Royalt V 23 ABT Holdings* O 80 Acacia Mining* O 13 Acme Res Inc V 167 Adamera Mnls* O 115 Adriana Res V 341 Advance Gold V 61 Advantage Lith V 322 Advantage Lith* O 24 African Gold V 668 African Mnrls* O 89 African Queen V 1721 Agave Silver* O 7 Agave Silver V 172 Agnico Eagle* N 10989 Agnico Eagle T 3631 Agrium T 3985 Agrium* N 8476 396 Aguila Amer Gd V Aim Explor* O 7158 O 193 Alabama Graph* Alacer Gold T 12244 Alamos Gold T 5900 Alamos Gold* N 22391 Alberta Star* O 6 Alchemist Mng 1724 Alcoa* N 87226 Alderon Iron* O 29 Alderon Iron T 196 Aldershot Res* O 151 Aldershot Res V 62 Aldever Res* O 107 Aldever Res V 845 Aldridge Mnrls V 61 Aldrin Res V 77 O 711 Alexandria Min* Alexandria Min V 1396 Alexco Res T 622 Alexco Res* X 2932 Algold Res V 1374 Alianza Min* O 8 Alianza Min V 175 V 888 Alix Res Alliance Res* D 1322 Almaden Mnls T 102 X 1466 Almaden Mnls* Almadex Min* O 196 Almo Capital V 286 Almonty Ind V 34 Alphamin Res V 428 Alset Energy V 653 584 Alta Vista Vnt Altair Res Inc V 132 Altan Rio Mnls V 545 Alternative ER V 58 Alternative ER* O 25 Altiplano Mnls V 103 Altitude Res V 2010 Altius Mnrls T 201 Alto Vent V 416 132 Altura Mng Ltd* O Alumina Inc* O 43 ALX Uranium V 374 ALX Uranium* O 156 Am Creek Res V 1462 Am CuMo Mng V 478 Am CuMo Mng* O 178 Am Manganese* O 1046 Am Manganese V 18885 Amador Gold* O 68 Amarc Res V 139 Amarc Res* O 27 Amarillo Gold V 125 Amazing OG* O 8 Amer Vanadium* O 380 V 425 Amer Vanadium American Lith V 1054 Americas Petro V 3620 Americas Silvr T 2318 Americas Silvr* O 586 Amerigo Res T 430 Amerigo Res* O 29 Amex Expl V 1384 Anaconda Mng* O 31 Andes Gold* O 156 Anfield Nickel V 596 Anfield Res* O 19 Anfield Res V 896 Angel Gold* O 217 Anglo American* O 163 1 Anglo American* O Anglo-Bomarc V 80 V 681 Anglo-Can Mng AngloGold Ash* N 19529 Anthem United V 4237 O 682 Anthem United* Antioquia Gold V 187 Antofagasta* O 2 573 APAC Res Inc Apogee Silver V 11 Apple Cap Inc V 77 O 105 Applied Mrnls* AQM Copper V 109 Aquila Res* O 246 Aquila Res T 369 Arch Coal* O 2265 Archon Mineral V 2 Arcturus Vents V 20 Arcus Dev Grp V 456 Arena Mnls V 851 Arena Mnls* O 109 Argentum Silvr V 104 Argentum Silvr* O 15 T 2096 Argex Titanium Argonaut Gold T 14231 Argonaut Gold* O 51 Argus Metals* O 18 Argus Metals V 117 Arian Silver* O 22 Arianne Phosph V 265 O 20 Arianne Phosph* Arrowstar Res V 48 Asanko Gold T 17617 Asanko Gold* X 5879 Asante Gold 46 Ascot Res V 425 AsiaBaseMetals V 52 Aston Bay V 394 Astorius Res V 623 Astur Gold V 32 Atacama Pac Gd V 192 Athabasca Mnls V 107 Athabasca Mnls* O 13 Athabasca Nclr V 274 Athena Silver* O 71 Atico Mng* O 58 Atico Mng V 105 Atlanta Gold* O 3 Atlantic Gold V 879 Atlatsa Res* O 52 Augustine Vent 557 Augyva Mng V 512 Aura Mnls T 365 Aurania Res V 279 Aurcana Corp V 273 Aurcana Corp* O 98 Aurgent Gold V 2035 270 AuRico Metals * O Aurvista Gold* O 66 Auryn Res* O 352 Austin Res V 982 Avalon Adv Mat* O 148 Avalon Adv Mat T 454 Avarone Metals 342 Avino Silver* X 1209 Avino Silver V 177 Avnel Gold * O 2178 Avnel Gold T 1290 Avrupa Mnls V 2989 Axmin Inc* O 19 Axmin Inc V 75 AZ Mining T 4972 Azarga Mtls V 23 Azarga Mtls* O 8 Azarga Uranium* O 524 Azarga Uranium T 446 O 4 Azincourt Uran* Azteca Gold* O 58

0.22 0.19 0.21 + 0.02 0.28 0.03 0.10 0.07 0.09 - 0.02 0.13 0.03 0.08 0.06 0.07 - 0.01 0.10 0.02 0.14 0.12 0.13 - 0.02 0.26 0.03 0.20 0.16 0.17 - 0.03 0.34 0.06 0.13 0.12 0.12 - 0.00 0.16 0.07 0.17 0.16 0.17 + 0.01 0.24 0.10 8.45 7.66 7.77 - 0.23 9.95 2.28 0.36 0.22 0.27 - 0.07 0.76 0.05 6.80 6.20 6.20 - 0.60 7.47 2.40 0.05 0.00 0.05 + 0.01 0.12 0.02 0.08 0.07 0.08 - 0.01 0.12 0.01 0.12 0.12 0.12 + 0.01 0.15 0.08 0.06 0.06 0.06 + 0.01 0.10 0.01 0.95 0.77 0.89 + 0.07 0.94 0.14 0.65 0.58 0.63 + 0.01 0.69 0.49 0.09 0.00 0.09 - 0.01 0.12 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.06 0.05 0.05 - 0.01 0.14 0.02 0.08 0.07 0.07 - 0.00 0.12 0.01 0.10 0.09 0.09 - 0.02 0.15 0.02 53.25 50.03 51.44 + 0.47 60.10 22.75 69.45 65.59 67.99 + 1.51 78.35 30.22 126.50 116.09 118.45 - 5.69 138.45 104.70 96.61 88.21 89.60 - 5.61 104.70 79.94 0.09 0.08 0.09 - 0.01 0.14 0.03 0.00 0.00 0.00 - 0.00 0.20 0.00 0.13 0.12 0.12 - 0.01 0.17 0.08 3.78 3.05 3.37 + 0.28 3.78 2.08 11.65 10.20 10.40 + 0.15 13.65 3.27 8.84 7.76 7.91 + 0.03 10.41 2.27 0.27 0.00 0.25 - 0.00 0.28 0.12 0.08 0.05 0.08 + 0.03 0.10 0.02 9.80 9.34 9.44 - 0.16 11.50 6.14 0.11 0.09 0.11 + 0.02 0.16 0.05 0.14 0.12 0.13 + 0.01 0.22 0.07 0.04 0.00 0.03 - 0.01 0.04 0.01 0.06 0.00 0.05 - 0.01 0.07 0.01 0.05 0.03 0.03 - 0.00 0.19 0.04 0.06 0.05 0.05 - 0.01 0.26 0.05 0.31 0.27 0.27 - 0.04 0.34 0.12 0.09 0.00 0.08 - 0.01 0.15 0.08 0.07 0.05 0.06 - 0.00 0.10 0.01 0.08 0.07 0.07 - 0.01 0.12 0.02 2.70 2.38 2.59 + 0.05 3.31 0.35 2.12 1.80 1.94 - 0.02 2.54 0.22 0.36 0.33 0.34 - 0.01 0.40 0.07 0.10 0.10 0.10 - 0.00 0.17 0.07 0.14 0.13 0.14 + 0.01 0.21 0.10 0.07 0.06 0.06 - 0.01 0.18 0.04 21.70 19.50 20.91 - 0.39 25.36 9.95 1.95 1.74 1.79 - 0.01 2.44 0.67 1.50 1.32 1.35 - 0.04 1.88 0.50 0.74 0.67 0.68 - 0.02 0.91 0.01 0.14 0.12 0.12 + 0.01 0.14 0.05 0.34 0.00 0.34 + 0.01 0.69 0.21 0.33 0.26 0.33 + 0.04 0.31 0.15 0.32 0.25 0.28 - 0.03 0.84 0.02 0.07 0.06 0.07 + 0.01 0.25 0.03 0.25 0.22 0.23 - 0.03 0.70 0.09 0.02 0.01 0.02 + 0.01 0.03 0.01 0.31 0.28 0.31 + 0.03 0.36 0.06 0.23 0.21 0.23 + 0.01 0.27 0.05 0.13 0.10 0.11 + 0.01 0.22 0.04 0.21 0.08 0.13 + 0.05 0.21 0.02 10.03 9.33 9.93 - 0.08 13.89 7.39 0.07 0.06 0.06 - 0.01 0.09 0.02 0.14 0.12 0.12 - 0.02 0.30 0.06 4.11 3.89 3.90 - 0.20 4.73 2.70 0.11 0.10 0.11 + 0.01 0.15 0.06 0.08 0.07 0.07 + 0.00 0.10 0.03 0.11 0.09 0.10 - 0.01 0.12 0.03 0.10 0.09 0.10 - 0.01 0.16 0.06 0.07 0.07 0.07 - 0.00 0.12 0.04 0.14 0.07 0.12 - 0.02 0.20 0.01 0.20 0.09 0.16 - 0.03 0.26 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.11 0.09 0.09 - 0.02 0.13 0.04 0.09 0.07 0.09 + 0.01 0.10 0.02 0.40 0.37 0.40 + 0.01 0.68 0.04 0.51 0.44 0.51 + 0.04 1.06 0.29 0.03 0.01 0.02 + 0.00 0.07 0.00 0.03 0.00 0.03 + 0.01 0.09 0.02 0.53 0.39 0.42 - 0.10 1.62 0.05 0.20 0.15 0.16 - 0.03 0.28 0.15 0.37 0.34 0.34 - 0.02 0.48 0.09 0.28 0.25 0.26 - 0.02 0.37 0.04 0.16 0.14 0.15 - 0.01 0.34 0.10 0.11 0.11 0.11 - 0.01 0.26 0.07 0.06 0.04 0.06 + 0.01 0.08 0.02 0.07 0.06 0.07 + 0.00 0.09 0.02 0.01 0.00 0.01 + 0.00 1.00 0.00 1.53 1.36 1.37 - 0.16 1.94 0.52 0.20 0.17 0.17 - 0.02 0.22 0.06 0.26 0.22 0.24 + 0.01 0.31 0.05 0.08 0.08 0.08 - 0.01 0.11 0.01 5.49 5.09 5.30 - 0.23 5.81 1.57 10.94 0.00 10.94 - 0.26 11.51 3.13 0.10 0.00 0.10 + 0.03 0.30 0.07 0.02 0.01 0.02 + 0.01 0.03 0.01 16.70 15.02 15.25 - 0.91 22.91 6.20 0.25 0.24 0.24 - 0.01 0.36 0.14 0.19 0.18 0.19 - 0.00 0.25 0.15 0.09 0.09 0.09 + 0.01 0.11 0.04 7.20 6.36 6.50 - 0.70 8.94 5.24 0.10 0.07 0.10 + 0.03 0.11 0.03 0.30 0.27 0.30 + 0.01 0.58 0.11 0.36 0.35 0.36 - 0.01 0.54 0.15 0.17 0.14 0.14 - 0.01 0.43 0.11 0.14 0.12 0.12 - 0.02 0.17 0.03 0.22 0.19 0.22 + 0.01 0.25 0.09 0.29 0.25 0.28 + 0.02 0.32 0.13 0.30 0.12 0.26 - 0.03 4.80 0.11 1.50 1.41 1.41 - 0.09 2.10 1.30 0.02 0.02 0.02 - 0.01 0.03 0.01 0.10 0.09 0.09 - 0.01 0.20 0.01 0.19 0.17 0.18 - 0.01 0.34 0.17 0.14 0.00 0.14 - 0.00 0.25 0.12 0.33 0.00 0.25 - 0.02 0.35 0.02 0.26 0.07 0.26 + 0.18 0.26 0.04 0.06 0.05 0.06 - 0.01 0.12 0.02 3.96 3.53 3.66 + 0.13 4.45 0.78 3.00 2.70 2.76 + 0.04 3.38 0.53 0.07 0.07 0.07 - 0.01 0.10 0.01 0.10 0.08 0.09 - 0.01 0.15 0.02 0.01 0.01 0.01 + 0.00 0.21 0.00 0.92 0.81 0.92 + 0.12 1.25 0.68 0.70 0.62 0.70 + 0.07 0.98 0.52 0.17 0.10 0.17 + 0.03 0.15 0.04 5.88 5.25 5.34 + 0.02 6.00 1.77 4.47 3.95 3.95 - 0.15 4.65 1.27 0.27 0.19 0.27 + 0.08 0.27 0.05 2.77 2.50 2.55 - 0.21 2.83 0.80 0.37 0.30 0.34 - 0.04 0.40 0.04 0.45 0.40 0.43 + 0.03 0.49 0.12 0.34 0.27 0.34 + 0.05 0.33 0.01 0.07 0.00 0.07 + 0.01 0.10 0.01 0.77 0.65 0.77 + 0.07 1.02 0.14 0.18 0.17 0.18 + 0.01 0.35 0.15 0.13 0.12 0.12 - 0.00 0.25 0.12 0.10 0.09 0.10 - 0.01 0.17 0.02 0.10 0.07 0.09 - 0.00 0.15 0.02 0.42 0.40 0.40 - 0.01 0.48 0.12 0.56 0.52 0.53 + 0.01 0.65 0.16 0.07 0.00 0.07 + 0.00 0.09 0.03 1.00 0.93 0.95 - 0.05 1.05 0.23 0.08 0.07 0.08 + 0.00 0.10 0.02 0.15 0.10 0.13 + 0.01 0.17 0.03 0.12 0.12 0.12 + 0.01 0.13 0.08 0.20 0.18 0.19 - 0.01 0.31 0.07 0.65 0.60 0.65 + 0.05 0.65 0.30 0.60 0.55 0.58 - 0.02 0.80 0.09 0.47 0.41 0.42 - 0.05 0.63 0.07 0.14 0.09 0.13 + 0.06 0.14 0.02 0.77 0.72 0.75 - 0.02 0.91 0.37 0.19 0.15 0.16 + 0.00 0.29 0.02 2.70 2.25 2.27 - 0.34 3.18 0.70 0.02 0.00 0.02 - 0.01 0.04 0.01 0.17 0.15 0.15 - 0.01 0.26 0.07 0.22 0.20 0.21 - 0.01 0.33 0.10 0.05 0.04 0.04 - 0.01 0.14 0.02 2.27 2.07 2.15 - 0.06 3.14 0.71 3.02 2.70 2.79 - 0.07 4.05 1.03 0.22 0.20 0.20 - 0.02 0.30 0.13 0.29 0.26 0.28 - 0.01 0.39 0.18 0.20 0.15 0.18 + 0.03 0.25 0.08 0.04 0.04 0.04 - 0.00 0.06 0.00 0.06 0.06 0.06 + 0.01 0.10 0.01 2.60 2.31 2.43 + 0.05 2.60 0.22 0.30 0.00 0.30 + 0.03 0.32 0.05 0.25 0.00 0.20 - 0.03 1.00 0.03 0.22 0.16 0.19 - 0.03 0.29 0.16 0.28 0.22 0.25 - 0.06 0.40 0.22 0.06 0.05 0.06 + 0.01 0.07 0.02 0.00 0.00 0.00 - 0.00 0.01 0.00

B B2Gold* X 106011 B2Gold T 32339 Bacanora Mnls V 85 Balmoral Res T 879 Balmoral Res* O 487 Bama Gold* O 0 Bandera Gold V 289 Bannerman Res* O 55 Banro T 472 Banro* X 2729 Banyan Gold V 117 Bard Vent V 61 Barisan Gold V 534 Barisan Gold* O 115 Barker Mnrls V 185 Barkerville Go* O 119 Barkerville Go V 691 Barksdale Cap V 90 Barrick Gold* N 98851 Barsele Min* O 363 Barsele Min V 347 Batero Gold V 436 Battle Mtn Gld* O 31 Battle Mtn Gld V 173 Bayhorse Silvr* O 47 Bayhorse Silvr V 1176 Bayswater Uran V 534 O 23 Bayswater Uran* BC Moly V 240 BCM Res V 58 Bear Creek Mng V 555 Bearclaw Cap V 24 Bearing Res V 174 Beaufield Res* O 215 Beeston Ent* O 423 Bell Copper V 225 Bell Copper* O 20 Bellhaven Cp&G V 70 Bellhaven Cp&G* O 57 Belmont Res V 536 Belo Sun Mng T 1961 Belvedere Res V 547 Berkeley Egy* O 15 Berkwood Res V 569 Besra Gold* O 129 Big North Grap* O 144

10-11_Sept 26_StockTables.indd 10

2.88 2.61 2.74 + 0.04 3.65 0.60 3.75 3.42 3.59 + 0.08 4.74 0.86 1.63 1.55 1.55 + 0.01 2.04 1.17 1.21 1.10 1.11 - 0.05 1.28 0.33 0.92 0.84 0.85 - 0.05 0.99 0.23 0.04 0.00 0.04 - 0.02 0.07 0.04 0.01 0.01 0.01 - 0.01 0.02 0.01 0.03 0.02 0.03 + 0.01 0.04 0.01 0.46 0.41 0.41 - 0.03 0.62 0.21 0.35 0.31 0.31 - 0.02 0.48 0.15 0.09 0.07 0.07 - 0.01 0.13 0.02 0.04 0.00 0.04 + 0.01 0.04 0.01 0.03 0.03 0.03 - 0.01 0.05 0.02 0.03 0.02 0.02 - 0.01 0.04 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 0.57 0.53 0.53 - 0.04 0.60 0.15 0.73 0.70 0.70 - 0.03 0.76 0.21 0.33 0.00 0.30 + 0.10 0.33 0.01 18.20 16.96 17.34 - 0.19 23.47 5.91 0.99 0.92 0.99 + 0.02 1.04 0.05 1.29 1.13 1.20 - 0.05 1.38 0.08 0.16 0.14 0.16 + 0.01 0.23 0.05 0.70 0.62 0.64 - 0.06 0.73 0.06 0.92 0.82 0.90 + 0.03 0.95 0.09 0.22 0.16 0.16 - 0.05 0.22 0.03 0.28 0.22 0.24 - 0.04 0.29 0.05 0.04 0.00 0.04 - 0.01 0.07 0.01 0.03 0.00 0.02 - 0.01 0.05 0.00 0.08 0.06 0.06 - 0.01 0.23 0.03 0.16 0.15 0.16 - 0.01 0.32 0.04 3.68 3.05 3.13 - 0.50 3.77 0.50 0.04 0.00 0.04 + 0.01 0.06 0.02 0.23 0.19 0.19 - 0.01 0.26 0.13 0.09 0.08 0.08 - 0.00 0.12 0.03 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.04 0.05 + 0.02 0.07 0.01 0.02 0.02 0.02 + 0.00 0.06 0.00 0.73 0.68 0.71 + 0.03 0.73 0.03 0.56 0.52 0.52 - 0.01 0.56 0.02 0.09 0.07 0.07 - 0.01 0.12 0.02 0.96 0.90 0.94 + 0.03 1.10 0.17 0.05 0.04 0.04 - 0.01 0.09 0.01 0.60 0.54 0.57 - 0.00 0.67 0.31 0.20 0.15 0.20 + 0.02 0.25 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.10 0.08 0.10 + 0.01 0.09 0.01

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Big North Grap V 1411 Bison Gold Res V 54 Bitterroot Res V 57 Black Hills* N 1836 Black Widow Rs V 332 BLOX Inc* O 100 Blue Rvr Res V 4395 Blue Sky Uran* O 8 23 Blue Sky Uran V Bold Vent V 284 BonTerra Res* O 435 Bravada Gold V 82 Bravada Gold* O 63 Braveheart Res* O 2 O 2107 Bravo Multinat* Bravura Vent 183 Brazil Mnrls* O 1260047 Brazil Res V 2257 BrightRock Gld* O 16 Britannia Mng* O 93 Brixton Mtls* O 74 Brixton Mtls V 152 Brookmount Exp* O 130 V 125 Buccaneer Gold Buenaventura* N 7990 Buffalo Coal V 2104 Bullfrog Gold* O 721 Bullion Gld Res V 39 Bullman Mnls V 6 Burey Gold* O 1474

0.16 0.11 0.16 + 0.03 0.14 0.02 0.50 0.49 0.50 + 0.01 0.50 0.10 0.08 0.07 0.07 + 0.01 0.10 0.03 59.07 57.51 59.00 + 1.30 64.58 37.68 0.06 0.05 0.06 + 0.01 0.09 0.01 0.01 0.01 0.01 - 0.00 0.05 0.01 0.07 0.06 0.06 - 0.01 0.08 0.03 0.47 0.44 0.44 - 0.03 0.47 0.02 0.62 0.00 0.59 - 0.02 0.74 0.04 0.04 0.04 0.04 - 0.01 0.06 0.02 0.33 0.29 0.30 - 0.01 0.37 0.12 0.27 0.23 0.27 + 0.01 0.40 0.03 0.20 0.17 0.18 - 0.04 0.31 0.01 0.05 0.05 0.05 + 0.00 0.06 0.01 0.02 0.02 0.02 - 0.00 0.10 0.02 0.59 0.53 0.59 + 0.03 0.59 0.02 0.00 0.00 0.00 + 0.00 0.00 0.00 2.91 2.40 2.82 + 0.24 3.16 0.38 0.00 0.00 0.00 - 0.00 0.01 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 0.54 0.49 0.49 - 0.04 0.92 0.03 0.74 0.66 0.67 - 0.01 1.20 0.05 0.02 0.01 0.02 + 0.00 0.02 0.00 0.04 0.03 0.04 + 0.01 0.04 0.02 14.99 13.80 13.98 - 0.32 16.45 3.30 0.03 0.02 0.02 + 0.01 0.05 0.01 0.12 0.09 0.11 + 0.02 0.12 0.01 0.11 0.00 0.11 + 0.02 0.15 0.05 0.06 0.06 0.06 + 0.02 0.09 0.03 0.10 0.05 0.06 + 0.02 0.10 0.03

C Cadillac Vent V 322 0.04 0.00 0.04 + 0.01 0.05 0.01 Q 115 1.57 1.42 1.50 + 0.03 1.57 0.48 Caledonia Mng* Caledonia Mng T 198 2.09 1.86 2.00 + 0.09 2.09 0.66 Calibre Mng V 1034 0.15 0.13 0.14 - 0.01 0.27 0.06 0.47 + 0.06 0.56 0.40 California Gl* O 51 0.49 0.40 California Gld V 153 0.65 0.52 0.65 + 0.10 1.80 0.25 Callinex Mines V 1480 0.40 0.36 0.36 - 0.03 0.69 0.23 O 586 0.30 0.27 0.28 - 0.02 0.54 0.17 Callinex Mines* Cameco Corp* N 13218 9.10 8.57 8.77 - 0.27 14.52 8.57 Cameco Corp T 6990 11.87 11.30 11.59 - 0.20 19.11 11.30 0.05 - 0.02 0.10 0.04 Cameo Res V 3530 0.06 0.05 Camino Mnls* O 18 0.21 0.00 0.21 + 0.04 0.22 0.05 0.25 - 0.03 0.29 0.07 Camino Mnls V 40 0.29 0.00 0.06 - 0.01 0.08 0.03 Can-Cal Res* O 86 0.07 0.06 Canada Coal V 366 0.05 0.03 0.04 + 0.01 0.05 0.01 Canadian Zeol V 671 0.42 0.34 0.41 - 0.01 0.47 0.08 Canadian Zeol* O 405 0.36 0.25 0.25 - 0.10 0.36 0.06 V 1059 1.10 0.84 0.85 - 0.35 1.55 0.09 CanAlaska Uran CanAlaska Uran* O 376 0.84 0.64 0.65 - 0.24 1.20 0.06 Canamex Res* O 401 0.03 0.02 0.03 - 0.00 0.06 0.02 0.08 - 0.01 0.12 0.03 Canarc Res* Q 517 0.08 0.07 Canasil Res V 560 0.66 0.62 0.64 - 0.01 0.73 0.03 0.32 - 0.03 0.40 0.06 Candelaria Mg V 222 0.35 0.32 Candente Coppr T 574 0.11 0.10 0.11 - 0.01 0.18 0.03 Candente Gold* O 50 0.03 0.03 0.03 - 0.01 0.06 0.00 V 754 0.05 0.04 0.05 - 0.01 0.09 0.01 Candente Gold Canex Energy* O 1175 0.04 0.03 0.04 - 0.08 0.12 0.03 CaNickel Mng V 5 0.07 0.00 0.07 - 0.01 0.14 0.03 0.15 + 0.01 0.16 0.04 Canstar Res V 46 0.15 0.13 Canterra Mnls V 288 0.08 0.06 0.07 - 0.01 0.10 0.03 602 0.13 0.11 0.13 + 0.01 0.15 0.03 Cantex Mn Dev V Canyon Copper V 24 0.04 0.03 0.03 - 0.01 0.04 0.01 0.18 - 0.01 0.54 0.02 Canyon Gold* O 166 0.18 0.13 T 3562 0.76 0.65 0.75 + 0.07 0.97 0.27 Capstone Mng Caracara Silvr V 2272 0.03 0.02 0.02 + 0.01 0.03 0.01 0.16 - 0.03 0.26 0.08 Cardero Res V 25 0.19 0.16 Cariboo Rose V 68 0.11 0.10 0.11 + 0.01 0.12 0.03 Carlin Gold V 473 0.05 0.05 0.05 + 0.01 0.05 0.01 T 447 1.45 1.15 1.19 - 0.21 1.45 1.00 Carpathian Gld Cartier Iron 22 0.06 0.05 0.05 - 0.01 0.11 0.01 Carube Copper* O 33 0.10 0.09 0.09 - 0.01 0.14 0.07 V 61 0.13 0.12 0.12 - 0.01 0.20 0.05 Carube Copper Casablanca Mng* O 646 0.00 0.00 0.00 + 0.00 0.00 0.00 V 462 0.14 0.13 0.13 - 0.01 0.17 0.02 Cascadero Copp Castle Mtn Mng V 3451 1.30 1.11 1.22 + 0.08 1.30 0.18 Castle Peak Mg V 372 0.05 0.04 0.04 - 0.01 0.08 0.01 Castle Res 3 0.25 0.00 0.20 - 0.05 1.50 0.05 1.08 + 0.30 1.21 0.20 Cataca Res* O 5660 1.09 0.75 Cava Res V 60 0.71 0.00 0.67 - 0.04 0.78 0.04 CB Gold V 97 0.17 0.15 0.15 - 0.02 0.18 0.04 0.23 - 0.01 0.28 0.18 Cda Carbon* O 82 0.23 0.22 Cda Rare Earth V 481 0.04 0.04 0.04 - 0.01 0.05 0.02 Cda Strtgc Met * O 46 0.18 0.13 0.14 - 0.02 0.19 0.01 0.43 0.36 0.39 + 0.01 0.44 0.10 Cda Zinc Mtls V 1516 Cdn Arrow V 91 0.01 0.01 0.01 - 0.01 0.02 0.01 Cdn Intl Mnrls V 385 0.04 0.04 0.04 - 0.01 0.13 0.01 Cdn Metals 126 0.15 0.15 0.15 - 0.05 0.44 0.06 340 0.04 0.00 0.04 + 0.02 0.05 0.01 Cdn Silvr Hunt V Cdn Zinc T 7077 0.35 0.28 0.30 - 0.03 0.41 0.06 0.23 - 0.02 0.32 0.04 Cdn Zinc* Q 353 0.27 0.21 Centamin T 590 2.62 2.29 2.33 - 0.24 3.05 1.19 Centaurus Diam* O 14 0.13 0.13 0.13 + 0.01 0.34 0.02 V 81 0.31 0.26 0.28 + 0.02 0.40 0.02 Centenera Mng Centenera Mng* O 25 0.20 0.20 0.20 - 0.02 0.26 0.02 Centerra Gold T 14575 7.48 6.71 7.39 + 0.52 8.67 5.64 Cerro Grande 106 0.06 0.03 0.05 + 0.03 0.06 0.01 Cerro Grande* O 2 0.04 0.01 0.03 - 0.00 0.06 0.00 V 83 0.11 0.10 0.10 - 0.01 0.11 0.03 Champion Bear Champion Bear* O 5 0.07 0.07 0.07 - 0.00 0.08 0.02 Champion Iron T 642 0.25 0.23 0.24 - 0.01 0.30 0.13 O 60 0.19 0.19 0.19 - 0.00 0.23 0.10 Champion Iron* Chesapeake Gld* O 8 4.48 4.18 4.18 - 0.32 5.03 1.05 V 76 5.95 5.53 5.53 - 0.17 6.50 1.39 Chesapeake Gld Chevron* N 45052 102.55 97.53 97.84 - 3.43 107.58 75.10 Chiboug Ind Mn V 15 0.14 0.00 0.14 + 0.01 0.26 0.03 V 920 0.18 0.14 0.18 - 0.01 0.30 0.02 Chilean Metals China Gold Int T 9835 3.09 2.78 3.03 + 0.05 3.09 1.72 China Mnls Mng* O 322 0.01 0.01 0.01 + 0.00 0.02 0.00 164 0.02 0.02 0.02 + 0.01 0.03 0.01 China Mnls Mng V Cibolan Gold* O 18 0.07 0.00 0.06 - 0.01 0.15 0.03 0.07 + 0.01 0.12 0.06 CKR Carbon V 399 0.08 0.06 Claim Post Res V 591 0.03 0.02 0.03 - 0.01 0.06 0.01 Clifton Mng* O 49 0.15 0.15 0.15 + 0.01 0.16 0.05 4.09 3.38 3.41 - 0.63 4.28 1.08 Cloud Peak En* N 6107 CMC Metals V 948 0.12 0.10 0.12 + 0.01 0.32 0.05 Coeur Mng* N 65191 13.33 11.62 12.43 - 0.86 16.41 1.62 Colibri Res V 50 0.19 0.16 0.19 + 0.01 0.22 0.02 V 341 0.03 0.02 0.03 + 0.01 0.04 0.01 Colombia Crest O 20 0.01 0.01 0.01 - 0.00 0.01 0.00 Colombia Crest* Colombian Mins V 99 0.19 0.17 0.17 - 0.01 0.23 0.02 0.41 - 0.04 0.71 0.05 Colorado Res V 1503 0.47 0.41 Colorado Res* O 216 0.35 0.32 0.32 - 0.02 0.54 0.04 Colt Res V 158 0.09 0.08 0.08 - 0.01 0.17 0.06 O 342 0.59 0.46 0.48 - 0.10 0.72 0.23 Columbus Gold* Columbus Gold T 841 0.77 0.61 0.61 - 0.14 0.93 0.32 Comet Inds V 105 2.75 2.65 2.75 + 0.10 2.75 1.22 V 130 0.07 0.06 0.06 - 0.01 0.08 0.01 Commander Res Commerce Res* O 267 0.06 0.05 0.05 - 0.00 0.08 0.04 Comstock Mng* X 1764 0.39 0.35 0.35 - 0.03 0.70 0.33 Comstock Mtls V 261 0.29 0.26 0.27 - 0.03 0.43 0.05 Comstock Mtls * O 23 0.22 0.21 0.22 + 0.00 0.33 0.10 Condor Res V 418 0.07 0.06 0.07 - 0.01 0.12 0.02 Confedertn Mls V 47 0.50 0.47 0.50 - 0.01 9.00 0.47 Conquest Res V 250 0.03 0.03 0.03 - 0.01 0.07 0.01 Cons Woodjam V 36 0.08 0.07 0.08 + 0.01 0.08 0.02 CONSOL Energy* N 41632 17.94 15.41 16.44 - 1.36 19.76 4.54 Contintl Gold* O 94 3.45 3.04 3.12 + 0.12 3.45 0.88 Contintl Gold T 10454 4.61 3.91 4.26 + 0.36 4.61 1.28 Copper Ck Gold V 64 0.10 0.07 0.07 - 0.03 0.10 0.05 Copper Fox Mtl V 817 0.13 0.12 0.13 + 0.01 0.24 0.11 Copper Fox Mtl* O 22 0.09 0.09 0.09 + 0.00 0.17 0.08 Copper Lake Rs V 35 0.06 0.06 0.06 + 0.01 0.08 0.03 Copper Mtn Mng* O 64 0.35 0.33 0.34 - 0.01 0.52 0.23 Copper Mtn Mng T 510 0.48 0.44 0.46 - 0.02 0.70 0.33 Copper North M* O 1 0.12 0.00 0.12 + 0.01 0.15 0.10 Copper One V 138 0.19 0.17 0.19 + 0.01 0.30 0.03 Copperbank Res* O 29 0.05 0.05 0.05 - 0.00 0.08 0.01 Coral Gold V 119 0.34 0.32 0.33 + 0.02 0.39 0.05 Corazon Gold V 43 0.33 0.00 0.30 - 0.02 0.45 0.18 Cordoba Mnls* O 330 0.64 0.52 0.63 + 0.02 0.79 0.08 Cordoba Mnls V 1026 0.85 0.68 0.85 + 0.05 1.08 0.10 Corex Gold V 707 0.13 0.11 0.12 - 0.01 0.21 0.03 Cornerstone Ca V 850 0.11 0.09 0.11 + 0.01 0.12 0.02 Cornerstone Ca* O 47 0.09 0.07 0.07 - 0.00 0.09 0.01 Coro Mining T 1564 0.15 0.12 0.13 - 0.01 0.21 0.02 Coronet Mtls V 130 0.49 0.40 0.42 - 0.05 0.60 0.03 Coronet Mtls* O 26 0.37 0.32 0.35 + 0.02 0.47 0.02 Corvus Gold T 82 0.96 0.88 0.91 + 0.03 1.38 0.33 Corvus Gold* O 68 0.74 0.67 0.73 + 0.03 1.05 0.25 Cougar Mnls V 107 0.45 0.41 0.41 - 0.04 0.82 0.09 Crazy Horse Res V 130 0.04 0.03 0.03 - 0.01 0.07 0.01 Critical Elem V 966 0.56 0.48 0.52 - 0.04 0.75 0.14 Critical Elem* O 201 0.43 0.38 0.40 - 0.03 0.58 0.10 Crown Mining V 84 0.12 0.09 0.12 + 0.02 0.20 0.04 Cruz Cap Corp* O 40 0.48 0.43 0.43 - 0.05 0.48 0.20 Cruz Cap Corp V 517 0.61 0.58 0.59 - 0.01 0.62 0.07 Crystal Pk Min V 360 0.27 0.20 0.27 + 0.06 0.42 0.13 Crystal Pk Min* O 208 0.18 0.17 0.18 + 0.02 0.32 0.11 Cypress Dev* O 114 0.10 0.09 0.10 + 0.00 0.16 0.01 Cypress Dev V 208 0.14 0.13 0.14 + 0.01 0.20 0.02 0.06 - 0.01 0.13 0.06 Cyprium Mng V 3039 0.07 0.06

D-F Dajin Res V 576 Dajin Res* O 374 Dakota Ter Res* O 38 Daleco Res* O 50 Dalradian Res* O 721 Dalradian Res T 3801 Damara Gold V 214 Danakali* O 170 Darnley Bay V 123 Debut Dmds 16 Defiance Silvr V 1434 Defiance Silvr* O 441 Del Toro Silvr* O 2539 Denison Mines* X 1668 Denison Mines T 2228 Detour Gold T 5268 Diamante Min* O 134 Diamcor Mng* O 11 Diamond Fields V 211 Dios Expl V 225 Discovery Gold* O 15 Ditem Explor* O 13 DNI Metals 86 DNI Metals* O 108 62 Dolly Vard Sil* O Dolly Vard Sil V 118 Dominion Diam T 1764 Dominion Diam* N 3256 Double Crn Res* O 1848 DRDGOLD* N 1682 Duncan Park H V 7497 Dundee Prec Mt T 3049 Dunnedin Vent* O 25 Duran Vent V 271 Durango Res V 486 Durango Res* O 45 DuSolo Fertil V 129 Dynacor Gld Mn T 257 DynaResource* O 6 Dynasty Met&Mn* O 11 Dynasty Met&Mn T 472 Eagle Graphite V 386 Eagle Plains V 286 East Africa * O 34 East Africa V 805 Eastern Platin* O 2 Eastern Platin T 189 Eastfield Res V 989 Eastmain Res T 1971

0.18 0.16 0.18 - 0.01 0.30 0.10 0.14 0.12 0.13 - 0.00 0.24 0.08 0.05 0.00 0.04 - 0.01 0.20 0.05 0.03 0.00 0.03 - 0.01 0.05 0.01 1.27 1.10 1.13 + 0.01 1.27 0.45 1.68 1.41 1.50 + 0.03 1.68 0.62 0.07 0.00 0.07 - 0.01 0.10 0.04 0.30 0.29 0.29 - 0.00 0.37 0.17 0.18 0.16 0.17 - 0.01 0.24 0.01 0.02 0.00 0.02 + 0.01 0.03 0.01 0.53 0.41 0.53 + 0.11 0.63 0.06 0.41 0.31 0.41 + 0.06 0.49 0.04 0.02 0.00 0.02 + 0.01 0.03 0.00 0.53 0.47 0.47 - 0.04 0.67 0.35 0.69 0.62 0.62 - 0.06 0.85 0.48 29.28 27.21 27.84 - 1.40 35.93 12.45 0.24 0.18 0.20 - 0.02 0.85 0.17 0.84 0.80 0.84 - 0.01 0.96 0.46 0.02 0.02 0.02 - 0.01 0.04 0.01 0.15 0.13 0.13 - 0.01 0.19 0.05 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.05 0.04 0.05 + 0.01 0.10 0.04 0.04 0.03 0.03 + 0.00 0.10 0.03 0.63 0.58 0.58 - 0.07 0.81 0.08 0.84 0.76 0.76 - 0.06 1.11 0.12 11.26 10.47 10.49 - 0.79 16.82 9.96 8.60 7.92 7.95 - 0.69 12.65 7.27 0.01 0.01 0.01 + 0.00 0.02 0.01 5.36 4.87 4.98 - 0.22 9.10 1.21 0.03 0.01 0.02 + 0.01 0.03 0.01 3.94 3.38 3.47 - 0.34 4.14 0.84 0.17 0.17 0.17 + 0.00 0.20 0.04 0.10 0.00 0.10 - 0.02 0.20 0.07 0.10 0.08 0.10 + 0.01 0.21 0.03 0.08 0.07 0.07 - 0.01 0.15 0.02 0.04 0.04 0.04 - 0.01 0.10 0.03 3.45 3.16 3.25 - 0.02 3.71 1.46 1.70 1.45 1.65 - 0.05 2.00 0.80 0.20 0.18 0.18 - 0.02 0.36 0.08 0.29 0.22 0.23 - 0.03 0.47 0.10 0.04 0.03 0.04 + 0.01 0.06 0.02 0.15 0.14 0.14 - 0.01 0.17 0.05 0.25 0.22 0.22 - 0.02 0.28 0.02 0.34 0.28 0.29 - 0.03 0.36 0.03 0.64 0.59 0.61 + 0.02 0.91 0.47 0.85 0.78 0.85 + 0.08 1.31 0.58 0.06 0.00 0.05 + 0.01 0.05 0.02 0.88 0.81 0.84 - 0.02 0.92 0.29

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

eCobalt Solns* O 121 Ecuador Gold V 74 Edgewater Expl V 411 El Capitan Prc* O 3914 El Nino Vent* O 50 V 110 El Nino Vent Elcora Res V 102 Eldorado Gold* N 47521 Eldorado Gold T 25442 Eloro Mnrls* O 173 Eloro Mnrls V 413 Ely Gold & Mnl V 1810 Ely Gold & Mnl* O 1395 Elysee Dev V 26 Emerita Res V 423 Emgold Mng V 134 Encanto Potash* O 104 O 29 Endeavour Mng* Endeavour Mng T 5056 Endeavr Silver* N 22782 Endeavr Silver T 3452 Energizer Res T 1149 Energizer Res* O 363 Energy Fuels* X 4845 Energy Fuels T 1337 Engold Mines V 44 Ensurge* O 1178 Entree Gold T 223 Entree Gold* X 407 Equitas Res V 1529 Equitas Res* O 564 Equitorial Ex V 1129 Era Res Inc V 3 46 Erdene Res Dev* O 188 Erdene Res Dev T Erin Ventures V 322 29 Eros Res Corp V Eros Res Corp V 29 Eskay Mng V 93 Ethos Gold* O 50 Ethos Gold V 189 Eurasian Mnls V 81 Eurasian Mnls* X 280 Eureka Res V 291 EurOmax Res T 291 EurOmax Res* O 14 Everest Vent V 65 Everton Res* O 26 Evolving Gold 265 O 29 Evolving Gold* Evrim Res V 362 Excalibur Res 57 Excellon Res T 685 Excellon Res* O 293 Excelsior Mng* O 23 Excelsior Mng V 181 Exeter Res* X 549 Expedition Mng* O 8 Explor Res* O 56 Explor Res V 1294 Explorex Res 83 Fairmont Res V 603 Falco Res V 874 Fancamp Expl V 1537 Far Res 1339 63 Filo Mg Corp V Finlay Minrls V 161 Fiore Explor V 797 Firebird Res V 349 Firesteel Res V 552 Firestone Vent V 1159 O 37 Firma Holdings* First Majestic T 6982 First Majestic* N 51318 V 4962 First Mg Fin First Mg Fin * O 4674 First Nickel* O 288 First Point T 404 First Quantum T 25386 Fission 3.0 V 338 Fission Uran T 2730 Fission Uran* O 762 Fjordland Exp V 1640 Flinders Res V 198 Flinders Res* O 116 Focus Graphite V 560 O 88 Focus Graphite* Focus Vent V 543 Foran Mng V 398 T 325 Formation Mtls Forsys Metals T 405 15 Fort St J Nick V Fortescue Mtls* O 30 T 5106 Fortuna Silvr 11573 Fortuna Silvr* N Fortune Bay V 39 Fortune Bay* O 18 Fortune Mnrls T 547 Fortune Mnrls* O 39 V 376 Forum Uranium Franco-Nevada* N 4919 Franco-Nevada T 2723 Freegold Vent T 39 Freeport McMo* N 237228 Freeport Res V 650 3 Fresnillo plc* O Frontier Rr Er* O 119 Frontline Gold V 780 86 Full Metal Mnl V

0.46 0.43 0.44 + 0.01 0.53 0.39 0.75 0.70 0.75 + 0.04 0.78 0.10 0.06 0.05 0.05 - 0.01 0.06 0.01 0.13 0.10 0.11 - 0.03 0.28 0.03 0.03 0.02 0.03 + 0.01 0.04 0.00 0.04 0.04 0.04 + 0.01 0.05 0.01 0.35 0.30 0.30 - 0.01 0.75 0.17 3.99 3.46 3.99 + 0.49 5.16 1.87 5.27 4.53 5.25 + 0.69 6.71 2.67 0.45 0.36 0.36 - 0.09 0.45 0.07 0.54 0.48 0.48 - 0.07 0.58 0.09 0.25 0.16 0.23 + 0.06 0.24 0.05 0.19 0.12 0.18 + 0.04 0.18 0.03 0.33 0.00 0.33 - 0.03 0.36 0.17 0.08 0.06 0.06 - 0.02 0.17 0.02 0.04 0.03 0.04 + 0.01 0.05 0.01 0.07 0.06 0.06 - 0.01 0.14 0.03 18.20 17.00 18.20 + 0.35 20.22 4.40 24.33 22.09 23.96 + 0.78 26.38 5.40 5.44 4.70 4.88 - 0.08 5.95 1.00 7.09 6.19 6.43 - 0.03 7.75 1.46 0.08 0.07 0.07 - 0.01 0.13 0.03 0.06 0.05 0.05 - 0.00 0.10 0.03 2.33 1.63 1.65 - 0.65 3.50 1.65 3.07 2.15 2.18 - 0.82 4.58 2.17 0.04 0.04 0.04 - 0.01 0.08 0.03 0.09 0.05 0.09 + 0.04 0.08 0.01 0.40 0.37 0.37 - 0.02 0.53 0.25 0.31 0.28 0.28 - 0.01 0.40 0.17 0.07 0.07 0.07 - 0.01 0.22 0.05 0.05 0.04 0.04 - 0.01 0.17 0.02 0.07 0.06 0.06 - 0.01 0.12 0.02 0.27 0.27 0.27 - 0.07 0.50 0.09 0.26 0.25 0.25 - 0.01 0.42 0.08 0.36 0.33 0.33 - 0.02 0.55 0.11 0.06 0.05 0.05 - 0.01 0.11 0.04 0.19 0.18 0.19 + 0.01 0.22 0.09 0.19 0.18 0.19 + 0.01 0.22 0.09 0.31 0.00 0.31 + 0.03 0.42 0.06 0.21 0.18 0.19 - 0.04 0.32 0.05 0.29 0.24 0.25 - 0.04 0.41 0.14 1.46 1.35 1.40 + 0.05 1.84 0.48 1.12 1.02 1.04 - 0.02 1.40 0.35 0.13 0.11 0.12 - 0.01 0.17 0.04 0.55 0.49 0.55 + 0.06 0.62 0.21 0.39 0.38 0.39 + 0.00 0.46 0.15 0.47 0.00 0.43 + 0.03 0.95 0.09 0.10 0.08 0.10 + 0.02 0.14 0.00 0.45 0.28 0.41 + 0.10 0.50 0.04 0.33 0.21 0.31 + 0.07 0.38 0.02 0.33 0.28 0.28 - 0.08 0.43 0.10 0.10 0.09 0.10 - 0.01 0.11 0.01 2.07 1.80 1.81 - 0.10 2.40 0.20 1.60 1.37 1.40 - 0.14 1.85 0.14 0.29 0.27 0.28 + 0.00 0.31 0.12 0.37 0.00 0.37 + 0.01 0.40 0.19 1.26 1.16 1.19 - 0.01 1.48 0.29 0.07 0.06 0.07 + 0.01 0.22 0.06 0.08 0.06 0.07 - 0.01 0.18 0.03 0.11 0.09 0.10 + 0.02 0.24 0.05 0.19 0.13 0.19 + 0.07 0.19 0.05 0.12 0.08 0.11 - 0.01 0.23 0.02 1.39 1.20 1.28 - 0.01 1.39 0.21 0.04 0.04 0.04 - 0.01 0.06 0.02 0.07 0.05 0.06 - 0.02 0.15 0.02 1.49 1.35 1.40 - 0.02 1.53 0.64 0.06 0.05 0.05 - 0.01 0.09 0.03 0.65 0.61 0.61 - 0.02 0.73 0.03 0.03 0.03 0.03 + 0.01 0.05 0.01 0.04 0.03 0.03 - 0.02 0.06 0.01 0.06 0.05 0.06 + 0.01 0.08 0.01 0.09 0.06 0.08 - 0.01 0.15 0.02 16.34 14.87 15.05 - 0.99 24.96 3.50 12.52 11.25 11.33 - 0.98 19.15 2.40 1.02 0.90 0.91 + 0.01 1.31 0.31 0.78 0.68 0.70 - 0.00 1.02 0.22 0.00 0.00 0.00 - 0.00 0.00 0.00 0.10 0.09 0.10 + 0.01 0.14 0.04 10.92 10.04 10.57 - 0.03 12.34 2.15 0.08 0.08 0.08 - 0.01 0.12 0.06 0.66 0.63 0.64 - 0.03 0.82 0.53 0.51 0.47 0.49 - 0.01 0.63 0.39 0.11 0.09 0.11 + 0.01 0.17 0.01 0.45 0.38 0.43 + 0.03 0.77 0.13 0.35 0.31 0.31 + 0.01 0.61 0.09 0.13 0.11 0.12 + 0.01 0.30 0.07 0.09 0.08 0.09 + 0.00 0.23 0.04 0.09 0.08 0.08 - 0.01 0.20 0.05 0.24 0.23 0.23 - 0.01 0.31 0.05 0.60 0.56 0.60 + 0.04 0.72 0.09 0.08 0.07 0.07 - 0.01 0.20 0.05 0.22 0.17 0.17 - 0.05 0.35 0.05 3.71 3.45 3.56 - 0.15 3.92 1.00 10.90 9.59 9.74 - 0.74 12.73 2.83 8.36 7.25 7.25 - 0.79 9.75 2.00 0.65 0.00 0.65 - 0.01 0.75 0.25 0.50 0.00 0.50 - 0.00 0.56 0.36 0.12 0.11 0.11 - 0.01 0.17 0.02 0.09 0.08 0.08 - 0.01 0.13 0.01 0.09 0.08 0.08 - 0.02 0.20 0.04 73.49 69.46 70.18 - 1.50 81.16 41.47 95.87 91.76 92.74 - 0.69 105.69 55.49 0.22 0.00 0.20 - 0.01 0.28 0.05 11.14 9.43 9.94 - 0.33 14.20 3.52 0.06 0.05 0.06 + 0.04 0.09 0.01 21.80 0.00 21.13 - 0.54 26.65 8.70 0.02 0.02 0.02 + 0.01 0.08 0.00 0.04 0.03 0.03 - 0.01 0.05 0.01 0.09 0.00 0.09 + 0.01 0.12 0.02

G4G Res V 73 Gabriel Res T 226 Gainey Capital V 142 Galane Gold V 1358 Galantas Gold V 170 Galantas Gold* O 50 Galena Intl Rs V 250 Galway Gold V 121 Galway Mtls* O 80 Galway Mtls V 176 Garibaldi Res * O 89 Garibaldi Res V 359 Gem Intl Res V 620 General Moly T 4 General Moly* X 375 Genesis Mtls* O 62 Genesis Mtls V 409 Genius Props 1128 Gensource Pot V 1585 Geodex Mnrls V 11 Geologix Expl V 738 Geologix Expl* O 330 Geomega Res V 88 GGL Res V 28 Giyani Gold* O 17 Giyani Gold V 200 Gldn Predator V 498 Gldn Predator* O 85 Glen Eagle Res V 346 Glencore Plc* O 417 Global Cop Grp V 200 Globex Mng* O 91 Globex Mng T 308 GMCI Corp* O 1 GMV Minerals V 296 GMV Minerals* O 52 GoGold Res T 824 Gold & Silver* O 4709 Gold Bulln Dev* O 362 Gold Fields* N 33473 Gold Lakes* O 2555 Gold Mng USA* O 1257 Gold Mtn Mng V 1705 Gold Mtn Mng * O 389 Gold Reserve* O 193 Gold Reserve V 90 Gold Resource* X 8160 Gold Ridge Exp V 53 Gold Std Vents V 882 Gold Std Vents* X 2700 Goldbelt Emp V 61 Goldcliff Res V 29 Goldcorp T 15635 Goldcorp* N 48654 Golden Arrow V 1802 Golden Arrow* O 1216 V 53 Golden Cariboo Golden Dawn Ml V 2735 Golden Eagle* O 31 Golden Goliath* O 436 Golden Matrix* O 321662 Golden Mnls* X 1484 Golden Mnls T 110 Golden Peak Mn V 157 Golden Queen* O 526 Golden Queen T 314 Golden Reign V 999 Golden Secret V 374 Golden Sh Mng V 62 Golden Star T 482 Golden Star* X 6903 Golden Valley V 317 Goldex Res V 5 Goldgroup Mng T 298 Goldgroup Mng* O 382 GoldON Res V 88 GoldQuest Mng V 970 Goldrea Res* O 26 Goldrea Res 75 Goldsource Min* O 283 Goldsource Min V 381 Goldstar Mnls V 4262 Goldstream Mnl V 35 Goldstrike Res V 1381 GoldTrain Res 22 Gossan Res V 66 GoviEx Uranium* O 30 GoviEx Uranium V 450 Gowest Gold* O 297 GPM Metals V 1184 O 1105 Gran Colombia* Grande Portage* O 15 Grande Portage V 72 Granite Ck Gld V 57 Graphite Corp* O 1738 Graphite One* O 159 Graphite One V 1749 Gray Rock Res V 155 Great Atlantic V 962 Great Bear Res V 24 Great Lakes Gr V 1060 Great Lakes Gr* O 488 Great Panther T 1337 Great Panther* X 4354 Great Quest Fe V 38 Great Rock Dev* O 377 Great Thunder V 172 Great Western* O 864 Greatbanks Res V 98 Green Swan Cap V 546 Greencastle Rs V 228 Greenland M&En* O 105 Grenville Gold V 8 Grizzly Discvr V 214 Grizzly Gold* O 11

0.18 0.11 0.17 + 0.03 0.18 0.04 0.67 0.61 0.63 - 0.02 0.74 0.12 0.20 0.18 0.20 + 0.01 0.30 0.10 0.14 0.10 0.12 + 0.02 0.19 0.03 0.15 0.15 0.15 - 0.01 0.17 0.07 0.12 0.12 0.12 - 0.00 0.13 0.06 0.12 0.12 0.12 - 0.03 0.15 0.02 0.11 0.10 0.11 - 0.01 0.13 0.04 0.38 0.00 0.38 - 0.00 0.51 0.06 0.52 0.49 0.50 - 0.03 0.65 0.09 0.06 0.05 0.05 - 0.01 0.13 0.05 0.08 0.07 0.07 - 0.01 0.18 0.07 0.14 0.10 0.12 - 0.02 0.15 0.04 0.39 0.38 0.38 - 0.01 0.59 0.22 0.31 0.25 0.28 - 0.02 0.49 0.15 0.22 0.01 0.01 - 0.21 0.22 0.01 0.24 0.21 0.24 - 0.01 0.28 0.06 0.04 0.03 0.03 + 0.01 0.06 0.02 0.09 0.08 0.08 - 0.01 0.12 0.04 0.10 0.00 0.10 + 0.01 0.11 0.05 0.13 0.11 0.11 - 0.01 0.15 0.02 0.10 0.07 0.07 - 0.03 0.11 0.01 0.10 0.00 0.10 + 0.01 0.23 0.06 0.03 0.03 0.03 - 0.01 0.05 0.01 0.19 0.17 0.17 - 0.03 0.27 0.02 0.25 0.22 0.23 - 0.02 0.36 0.06 0.97 0.86 0.87 - 0.12 1.17 0.09 0.86 0.68 0.68 - 0.07 0.89 0.06 0.13 0.11 0.13 + 0.01 0.16 0.03 4.85 4.60 4.77 - 0.04 5.15 1.95 0.08 0.07 0.07 + 0.01 0.08 0.04 0.26 0.24 0.24 - 0.04 0.38 0.15 0.34 0.30 0.30 - 0.04 0.51 0.19 2.00 0.00 2.00 - 0.30 2.51 0.20 0.62 0.57 0.57 - 0.06 0.70 0.07 0.47 0.43 0.46 - 0.03 0.55 0.06 1.06 0.94 0.99 - 0.06 1.65 0.94 0.00 0.00 0.00 - 0.00 5.80 0.00 0.07 0.06 0.06 - 0.00 0.11 0.01 5.25 4.69 4.79 - 0.27 6.60 2.04 0.06 0.03 0.04 - 0.01 1.02 0.01 0.01 0.00 0.01 + 0.00 0.17 0.00 0.34 0.32 0.32 - 0.03 0.49 0.02 0.26 0.25 0.25 - 0.00 0.31 0.21 4.61 4.00 4.18 - 0.45 5.90 0.00 6.01 5.25 5.50 - 0.50 8.00 3.06 6.57 5.55 6.36 + 0.56 6.88 1.14 0.48 0.45 0.45 - 0.03 0.70 0.05 3.26 2.91 2.96 - 0.30 4.10 0.46 2.50 2.20 2.22 - 0.30 3.20 0.35 0.06 0.04 0.06 + 0.02 0.10 0.02 0.19 0.16 0.19 - 0.01 0.35 0.05 21.59 20.13 20.55 - 0.21 26.56 13.55 16.57 15.23 15.57 - 0.35 20.38 9.46 1.03 0.89 0.91 - 0.11 1.48 0.17 0.85 0.67 0.69 - 0.11 1.30 0.13 0.12 0.11 0.11 - 0.02 0.15 0.03 0.35 0.30 0.30 - 0.06 0.44 0.07 0.03 0.00 0.03 + 0.00 0.03 0.00 0.06 0.06 0.06 - 0.01 0.10 0.00 0.00 0.00 0.00 - 0.00 3000.00 0.00 0.81 0.74 0.80 - 0.01 1.16 0.13 1.06 0.98 1.03 - 0.01 1.51 0.19 0.30 0.23 0.30 + 0.07 0.90 0.12 0.97 0.89 0.92 - 0.01 1.56 0.48 1.26 1.18 1.20 - 0.01 2.00 0.67 0.34 0.31 0.33 - 0.01 0.36 0.07 0.50 0.44 0.44 - 0.04 0.69 0.02 0.29 0.27 0.28 + 0.02 0.29 0.04 0.98 0.92 0.97 + 0.03 1.46 0.21 0.75 0.70 0.74 + 0.00 1.13 0.14 0.35 0.32 0.34 + 0.01 0.35 0.07 0.70 0.00 0.65 + 0.12 0.90 0.10 0.30 0.28 0.29 + 0.01 0.39 0.05 0.23 0.21 0.22 - 0.01 0.30 0.03 0.21 0.17 0.20 - 0.01 0.36 0.03 0.51 0.43 0.45 - 0.02 0.68 0.09 0.10 0.08 0.10 + 0.03 0.09 0.02 0.13 0.09 0.13 + 0.03 0.14 0.03 0.34 0.29 0.30 - 0.01 0.45 0.12 0.44 0.39 0.39 - 0.04 0.57 0.15 0.05 0.03 0.04 + 0.01 0.08 0.01 0.11 0.10 0.10 - 0.01 0.40 0.09 0.30 0.24 0.26 - 0.01 0.41 0.07 0.13 0.00 0.13 + 0.03 0.20 0.05 0.10 0.07 0.07 - 0.03 0.11 0.02 0.11 0.10 0.11 + 0.01 0.16 0.08 0.15 0.13 0.15 + 0.03 0.19 0.12 0.17 0.13 0.16 - 0.01 0.22 0.04 0.34 0.26 0.28 - 0.06 0.57 0.10 0.10 0.08 0.09 - 0.00 0.18 0.04 0.14 0.10 0.10 - 0.04 0.14 0.02 0.19 0.00 0.14 - 0.05 0.22 0.04 0.05 0.04 0.05 + 0.01 0.06 0.01 0.00 0.00 0.00 - 0.00 0.02 0.00 0.07 0.06 0.06 - 0.01 0.14 0.05 0.09 0.08 0.09 - 0.01 0.18 0.07 0.10 0.09 0.09 - 0.01 0.11 0.02 0.14 0.12 0.12 - 0.01 0.14 0.03 0.29 0.00 0.26 - 0.02 0.36 0.05 0.09 0.08 0.09 + 0.01 0.13 0.06 0.07 0.06 0.07 + 0.00 0.09 0.04 1.82 1.65 1.75 + 0.03 2.82 0.51 1.39 1.26 1.31 - 0.01 2.25 0.38 0.16 0.15 0.15 - 0.03 0.38 0.11 0.01 0.00 0.01 + 0.00 0.02 0.00 0.09 0.07 0.07 - 0.01 0.24 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.03 0.03 0.03 - 0.01 0.06 0.01 0.08 0.06 0.06 - 0.02 0.14 0.01 0.12 0.11 0.11 - 0.01 0.18 0.05 0.05 0.02 0.05 + 0.01 0.17 0.00 0.17 0.10 0.11 - 0.07 0.18 0.06 0.04 0.04 0.04 - 0.01 0.10 0.01 0.11 0.00 0.11 - 0.03 0.21 0.01

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

352 Group Ten Mtls V 866 GTA Res & Mng V V 972 Guerrero Vents Gungnir Res* O 62 Gunpoint Expl V 6 Guyana Gldflds T 12349 87 Happy Ck Mnrls V 36162 N Harmony Gold* Harte Gold T 5582 Harvest Gold V 714 V 144 Hawkeye Gld&Di V 19 Heatherdale Rs 121818 Hecla Mining* N Hellix Vent* O 18 O 455 Hemcare Health* Heron Res* O 50 Heron Res T 296 Highbank Res V 430 V 3 Highland Copp 5 Highway 50 Gld V O 45 Hochschild Mg* Horizon Mnls* O 44 T 35 Horizonte Mnls Houston Lake V 191 HTI Ventures V 306 HudBay Mnls* N 1131 HudBay Mnls T 7313 Hudson Res V 86 Hudson Res* O 5 Hunt Mng* O 48 Hunt Mng V 69

0.04 0.03 0.04 - 0.01 0.07 0.01 0.11 0.09 0.10 - 0.02 0.24 0.02 0.01 0.02 + 0.01 0.04 0.02 0.02 0.00 0.03 + 0.00 0.04 0.03 0.02 0.13 0.27 - 0.03 0.32 0.30 0.00 9.40 8.50 8.74 - 0.14 10.35 2.48 0.16 0.15 0.15 - 0.01 0.19 0.08 0.53 3.35 - 0.25 4.87 3.90 3.27 0.05 0.28 - 0.02 0.35 0.30 0.27 0.01 0.08 + 0.01 0.10 0.10 0.07 0.03 0.15 + 0.03 0.15 0.15 0.12 0.01 0.05 + 0.01 0.07 0.05 0.00 1.45 5.51 - 0.16 7.26 5.82 5.21 0.00 0.04 - 0.00 0.06 0.04 0.02 0.03 0.04 + 0.01 0.25 0.04 0.03 0.05 0.11 - 0.02 0.13 0.11 0.00 0.07 0.13 - 0.02 0.17 0.15 0.00 0.04 0.06 - 0.01 0.12 0.06 0.00 0.07 0.10 - 0.01 0.17 0.10 0.00 0.22 0.22 0.22 + 0.07 0.25 0.05 0.59 3.25 - 0.27 4.16 3.62 3.25 0.05 0.35 + 0.16 0.55 0.35 0.12 0.02 0.05 - 0.01 0.06 0.05 0.05 0.13 0.29 + 0.01 0.40 0.30 0.29 0.01 0.71 - 0.03 0.98 0.78 0.68 1.56 3.77 - 0.18 6.02 4.02 3.67 2.26 4.95 - 0.21 7.85 5.23 4.83 0.34 0.35 - 0.02 0.50 0.39 0.35 0.26 0.26 - 0.02 0.39 0.29 0.26 0.01 0.30 + 0.03 0.29 0.30 0.27 0.02 0.40 + 0.03 0.38 0.40 0.35

I-Minerals V 129 IAMGOLD T 23619 89312 IAMGOLD* N Iberian Mnrls V 1291 IC Potash* O 103 Iconic Mnls V 1612 51 Iconic Mnls * O Idaho North* O 68 IDM Mining* O 625 IDM Mining V 3757 IEMR Res V 391 V 1079 IGC Res iMetal Res V 44 IMPACT Silver V 2080 O 141 Impala Platnm* O 2 Imperial Metal* Imperial Metal T 90 74 Inca One Gold V 21 Inca One Gold* O 13 Inception Mng * O O 52 Independence G* V 797 Independence G Indico Res V 1468 Inspiration Mg 208 O 53 Inspiration Mg* Integra Gold V 2159 Integra Gold* O 889 Intgr Egy Sol* O 99463 Intigold Mines V 337 Intl Lithium* O 66 351 Intl Millm Mng V 124 Intl Samuel Ex V 783 Intl Tower Hil* X 167 T Intl Tower Hil Intrepid Pots* N 3719 INV Metals T 70 76 Inventus Mg * O Inventus Mg V 116 InZinc Mining V 483 InZinc Mining* O 109 O 136 Ireland* Ironside Res V 85 Irving Res 71 Irving Res* O 8 112 Itoco Mg Corp* O O 847 Ivanhoe Mines* Ivanhoe Mines T 31309 Jaguar Mng* O 56 Jaguar Mng T 309 Jayden Res V 509 Jazz Res V 77 Jet Metal* O 3 V 4506 K92 Mng Inc K92 Mng Inc* O 1666 O 107 Kaizen Discvry* V 301 Kaizen Discvry O 187 Kapuskasing Gd* Karmin Expl V 15 Karnalyte Res T 50 KAT Expl* O 3807 Kenna Res V 456 Kennady Diam V 97 Kermode Res V 282 Kerr Mines* O 13 Kerr Mines T 186 Kesselrun Res V 322 Khalkos Expl V 64 V 681 Kilo Goldmines O 125 Kilo Goldmines* V 22 Kincora Copper 20 Kings Bay Gold V Kinross Gold T 31982 96006 Kinross Gold* N 75 Kirkland Lk Gd* O Kirkland Lk Gd T 6612 Kiska Metals* O 119 Kiska Metals V 749 Kitrinor Mtls V 72 Kivalliq Enrgy V 269 Klondex Mns T 12623 Klondike Gold V 576 O 87 Klondike Gold* Klondike Silv* O 148 Klondike Silv V 2590 Knick Expl V 492 V 1265 Kombat Copper V 100 Komet Resource Kootenay Silvr V 992

0.16 0.32 + 0.01 0.37 0.32 0.29 1.66 5.33 + 0.22 7.65 5.79 5.01 1.15 3.99 + 0.08 5.87 4.45 3.83 0.04 0.08 - 0.01 0.11 0.09 0.08 0.03 0.06 - 0.01 0.11 0.08 0.06 0.03 0.33 + 0.03 0.45 0.37 0.28 0.28 0.23 0.24 + 0.01 0.33 0.01 0.06 0.08 - 0.01 0.10 0.10 0.08 0.04 0.15 + 0.00 0.21 0.16 0.13 0.07 0.20 + 0.02 0.26 0.20 0.18 0.01 0.01 - 0.01 0.06 0.02 0.01 0.01 0.02 + 0.01 0.02 0.02 0.01 0.03 0.06 - 0.01 0.10 0.06 0.06 0.11 0.78 - 0.03 1.28 0.94 0.76 1.45 4.36 - 0.30 5.23 4.65 4.31 2.81 4.91 - 0.29 6.45 5.07 4.90 3.92 6.46 - 0.18 8.50 6.78 6.20 0.25 0.24 0.25 + 0.01 1.05 0.21 0.20 0.00 0.20 + 0.01 0.21 0.18 0.60 0.55 0.60 - 0.10 1.00 0.20 0.04 0.23 - 0.01 0.37 0.26 0.23 0.06 0.30 - 0.03 0.50 0.35 0.30 0.03 0.04 + 0.01 0.10 0.04 0.03 0.02 0.07 - 0.03 0.10 0.10 0.00 0.01 0.03 - 0.04 0.10 0.06 0.00 0.27 0.76 - 0.01 0.96 0.78 0.73 0.20 0.58 - 0.02 0.76 0.60 0.55 0.00 0.00 0.00 - 0.00 0.00 0.00 0.05 0.06 - 0.01 0.19 0.07 0.05 0.02 0.15 + 0.01 0.55 0.15 0.14 0.07 0.06 0.06 - 0.01 0.10 0.05 0.08 0.07 0.07 - 0.01 0.15 0.05 0.88 0.80 0.84 - 0.02 1.40 0.18 1.16 1.05 1.12 - 0.02 1.82 0.26 0.65 1.24 - 0.09 7.45 1.37 1.24 0.09 0.75 - 0.03 1.10 0.81 0.75 0.18 0.17 0.17 - 0.00 0.28 0.17 0.02 0.24 + 0.01 0.35 0.25 0.23 0.04 0.20 - 0.02 0.25 0.22 0.19 0.03 0.17 + 0.00 0.17 0.17 0.17 0.13 0.19 - 0.00 0.38 0.20 0.17 0.05 0.09 + 0.01 0.24 0.09 0.00 0.11 0.29 - 0.03 0.36 0.39 0.29 0.09 0.21 - 0.03 0.28 0.25 0.00 0.08 0.00 0.00 - 0.08 1.10 0.00 0.36 1.42 - 0.05 1.69 1.65 1.39 0.53 1.86 - 0.05 2.17 2.17 1.83 0.09 0.50 - 0.05 0.65 0.56 0.50 0.14 0.69 - 0.01 0.85 0.72 0.66 0.03 0.21 + 0.01 0.23 0.22 0.16 0.08 0.10 - 0.03 0.19 0.11 0.10 0.00 0.06 + 0.02 0.12 0.06 0.04 1.49 1.08 1.14 - 0.33 2.24 0.87 1.14 0.82 0.86 - 0.29 1.72 0.75 0.06 0.16 - 0.03 0.19 0.18 0.15 0.08 0.24 - 0.01 0.31 0.25 0.20 0.02 0.06 + 0.01 0.06 0.06 0.00 0.15 0.27 - 0.02 0.32 0.27 0.27 0.52 1.10 - 0.05 4.15 1.20 1.06 0.00 0.00 - 0.00 0.00 0.00 0.00 0.12 0.20 - 0.02 0.27 0.22 0.20 2.35 4.00 - 0.20 5.00 4.20 3.97 0.01 0.02 - 0.01 0.04 0.02 0.02 0.01 0.08 + 0.01 0.12 0.09 0.00 0.02 0.11 - 0.01 0.16 0.12 0.00 0.02 0.20 - 0.02 0.43 0.24 0.20 0.05 0.18 + 0.02 0.26 0.19 0.00 0.04 0.15 - 0.01 0.25 0.17 0.15 0.05 0.13 + 0.00 0.19 0.13 0.13 0.15 0.32 - 0.01 0.55 0.33 0.31 0.08 0.00 0.08 + 0.01 0.15 0.05 1.91 5.37 - 0.04 7.56 5.63 5.21 1.31 4.09 - 0.06 5.82 4.32 3.95 9.18 8.37 8.87 + 0.06 9.70 3.12 12.05 11.03 11.94 + 0.49 12.39 4.51 0.01 0.06 - 0.00 0.09 0.06 0.06 0.01 0.08 - 0.01 0.12 0.09 0.08 0.01 0.02 + 0.01 0.02 0.02 0.00 0.06 0.09 + 0.01 0.10 0.09 0.08 2.56 7.26 + 0.29 7.63 7.54 6.79 0.08 0.24 - 0.01 0.45 0.25 0.23 0.07 0.19 - 0.00 0.32 0.19 0.17 0.01 0.03 0.12 0.07 - 0.10 0.06 0.01 0.07 - 0.05 0.15 0.12 0.07 0.01 0.08 - 0.01 0.11 0.08 0.07 0.02 0.07 + 0.01 0.10 0.07 0.05 0.29 0.47 + 0.04 0.50 0.47 0.42 0.17 0.46 - 0.01 0.60 0.49 0.44

La Imperial 56 146 Labdr Iron Mns* O Labrador Iron T 503 Lago Dourado V 116 Lake Victoria* O 41 Lara Expl V 112 Laramide Res T 253 Largo Res* O 26 Largo Res T 322 228 Latin Am Mnls V 46 Latin Am Mnls* O 683 Laurion Mnl Ex V 545 Laurion Mnl Ex* O Legend Gold V 156 Legend Gold* O 93 709 Levon Res Ltd T 149 Levon Res Ltd * O 341 Lexam VG Gold* O 775 Lexam VG Gold T Li3 Energy* O 345 15628 Liberty Star* O 106 Lion One Mtls* O 306 Lion One Mtls V Lithium Amer T 5444 Lithium Amer* O 1344 Lithium Corp* O 558 22056 Lithium Expl* O O 250 Lode-Star Mg* Logan Res V 175 Lomiko Mtls* O 414 Loncor Res T 51 95 Lone Star Gold* O 16 O Lonmin plc* V 195 Lorraine Coppr 285 Los Andes Copp V Lowell Copper V 1335 Lucara Diam T 2487 Luna Gold* O 362 Luna Gold T 663 Lundin Gold T 247 Lundin Mng T 6947 Lupaka Gold V 378 Lydian Intl T 1086 Lydian Intl* O 235 Lynas Corp* O 69

0.01 0.05 - 0.01 0.05 0.05 0.05 0.02 0.01 0.01 + 0.00 0.02 0.00 13.14 - 0.15 17.17 6.85 13.44 12.82 0.05 0.19 - 0.06 0.59 0.19 0.00 0.01 0.01 + 0.00 0.03 0.01 0.01 0.21 1.32 - 0.11 1.58 1.43 1.31 0.15 0.23 - 0.04 0.38 0.25 0.22 0.08 0.34 - 0.04 0.56 0.36 0.34 0.11 0.46 - 0.03 0.72 0.47 0.44 0.36 0.28 0.35 - 0.02 0.48 0.05 0.29 0.22 0.24 - 0.05 0.36 0.06 0.04 0.03 0.03 - 0.01 0.04 0.01 0.03 0.02 0.02 - 0.01 0.03 0.00 0.02 0.04 - 0.01 0.07 0.05 0.04 0.01 0.03 - 0.01 0.05 0.04 0.03 0.57 0.44 0.50 - 0.05 0.71 0.09 0.43 0.36 0.37 - 0.04 0.54 0.07 0.27 0.22 0.27 + 0.03 0.28 0.04 0.35 0.30 0.33 + 0.02 0.35 0.05 0.01 0.02 + 0.00 0.04 0.02 0.02 0.00 0.00 - 0.00 0.01 0.00 0.00 0.79 0.69 0.69 - 0.08 0.91 0.20 1.04 0.88 0.92 - 0.17 1.17 0.26 0.26 1.02 + 0.10 1.15 1.02 0.91 0.34 0.77 + 0.07 0.87 0.77 0.69 0.02 0.09 - 0.01 0.13 0.11 0.09 0.00 0.01 - 0.00 0.45 0.01 0.01 0.01 0.04 + 0.00 0.05 0.04 0.03 0.04 0.19 + 0.01 0.26 0.20 0.19 0.02 0.02 - 0.00 0.04 0.03 0.00 0.02 0.21 - 0.01 0.25 0.21 0.00 0.00 0.00 0.00 - 0.00 0.01 0.00 2.85 0.00 2.50 - 0.28 90.00 0.55 0.04 0.09 - 0.01 0.12 0.10 0.08 0.24 0.18 0.20 - 0.05 0.25 0.05 0.12 0.34 - 0.02 0.40 0.36 0.33 1.42 3.97 - 0.05 4.39 4.13 3.95 0.02 0.21 - 0.02 0.26 0.22 0.20 0.03 0.27 - 0.03 0.33 0.29 0.26 3.75 5.59 - 0.16 6.62 5.80 5.52 2.98 4.95 - 0.12 5.79 5.18 4.91 0.04 0.17 - 0.01 0.24 0.18 0.16 0.19 0.49 - 0.02 0.52 0.51 0.47 0.13 0.40 - 0.01 0.41 0.40 0.36 0.03 0.05 + 0.00 0.10 0.05 0.04

I-J-K

L

M 0.02 0.07 + 0.01 0.18 Macarthur Mnl V 1212 0.07 0.06 0.02 0.05 + 0.01 0.14 O 795 0.05 0.05 Macarthur Mnl* 0.28 1.11 - 0.12 1.44 V 81 1.24 1.10 MacMillan Mnls 0.02 0.03 + 0.01 0.03 Madeira Mrnls V 457 0.03 0.02 0.01 0.01 - 0.01 0.03 Mag Copper 561 0.01 0.01 20.40 - 1.03 23.32 8.67 MAG Silver T 4195 22.05 19.91 0.04 0.13 + 0.01 0.35 O 177 0.13 0.10 Magellan Gold* 0.02 0.07 - 0.01 0.15 Majescor Res V 919 0.07 0.06 0.04 0.06 - 0.01 0.12 Majestic Gold V 239 0.08 0.00 0.01 0.02 + 0.00 0.04 Makena Res* O 206 0.02 0.01 0.01 0.03 + 0.01 0.05 Makena Res V 5483 0.03 0.02 0.20 0.31 - 0.03 0.46 Malbex Res V 152 0.35 0.31 0.10 0.11 + 0.01 0.15 Manado Gold V 9 0.11 0.10 0.59 1.07 - 0.01 1.35 Mandalay Res T 3126 1.13 1.03 0.01 0.04 - 0.01 0.06 V 140 0.05 0.04 Mangazeya Mng 0.02 0.06 - 0.02 0.12 Manitou Gold V 107 0.07 0.06 0.01 0.03 - 0.01 0.06 Manson Creek V 467 0.03 0.03 0.11 0.79 + 0.04 0.82 T 4744 0.80 0.69 Marathon Gold 0.85 0.95 - 0.04 1.20 Mariana Res V 358 1.00 0.93 0.02 0.71 - 0.07 0.89 Mariana Res* O 304 0.77 0.71 0.08 0.25 - 0.02 0.31 Maritime Res V 748 0.28 0.25 0.10 0.41 - 0.03 0.54 Marlin Gold* O 5 0.44 0.41 0.15 0.54 - 0.04 0.68 Marlin Gold V 82 0.58 0.53 173.95 - 1.05 206.36 108.31 MartinMarietta* N 3930 180.35 173.54 0.21 0.93 + 0.05 0.99 O 192 0.95 0.83 Mason Graphite* 0.30 1.23 + 0.06 1.28 V 517 1.25 1.09 Mason Graphite 0.20 0.31 - 0.02 0.49 V 84 0.38 0.30 Matachewan Con 0.00 0.00 + 0.00 0.01 O 1 0.00 0.00 Maudore Mnrls* 1.00 0.00 0.95 - 0.05 16.33 0.80 6 Maverix Mtls* O 0.12 0.22 - 0.04 0.28 Mawson Res* O 37 0.27 0.22 0.17 0.30 - 0.03 0.40 Mawson Res T 210 0.35 0.28 0.18 0.16 0.16 - 0.02 0.27 0.10 551 Maya Gold &Sil V 0.00 0.00 + 0.00 0.00 MBMI Res* O 3 0.00 0.00 1.05 4.79 + 0.07 6.44 McEwen Mng T 3253 5.12 4.51 0.79 3.65 + 0.03 4.92 37660 3.90 3.43 McEwen Mng* N 0.01 0.23 + 0.06 0.24 MDN Inc V 5360 0.25 0.16 0.01 0.18 + 0.05 0.18 MDN Inc* O 226 0.18 0.13 0.06 0.06 0.06 - 0.00 0.14 0.04 76 Meadow Bay Gd* O 1.23 2.69 + 0.03 2.83 N 2111 2.70 2.33 Mechel* 0.02 0.03 - 0.01 0.06 Medallion Res V 460 0.03 0.03 0.01 0.02 - 0.00 0.04 O 10 0.02 0.02 Medallion Res* 0.05 0.20 - 0.03 0.25 Medgold Res V 454 0.25 0.20 0.01 0.01 - 0.00 0.03 O 6103 0.01 0.01 Medinah Mnrls* 0.05 0.14 - 0.01 0.20 Mega Uranium T 3794 0.17 0.13 0.04 0.01 0.15 0.11 - 0.11 0.10 260 O Mega Uranium* 0.02 0.05 - 0.01 0.08 Megastar Dev V 84 0.05 0.05 0.01 0.04 + 0.01 0.06 Melkior Res V 281 0.04 0.03 0.12 0.19 - 0.02 0.31 Merrex Gold V 228 0.21 0.19 0.10 0.16 - 0.01 0.24 Merrex Gold* O 46 0.17 0.15 0.01 0.03 + 0.01 0.03 Meryllion Res 61 0.03 0.00 0.01 0.01 - 0.00 0.01 Meryllion Res* O 60 0.01 0.00 0.01 0.06 - 0.01 0.17 Mesa Expl V 116 0.08 0.06

2016-09-20 9:07 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 26–OCTOBER 2, 2016

11

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

Week

12-month

Exc Volume High Low Last Change High Low

Mesa Expl* O 81 Metalex Vent V 735 Metalo Manuf 19 Metals Creek V 1321 Metals Creek* O 80 Metals X* O 60 Metanor Res V 1545 Mexus Gold* O 3077 Mezzotin Mnrls V 881 MGX Minerals 1408 MGX Minerals* O 42 Midas Gold T 1264 Midas Gold* O 1335 Midland Expl V 218 Midnight Sun V 227 Midway Gold* O 706 MillenMin Vent V 254 Millrock Res* O 268 Millrock Res V 811 Millstream Min V 115 Minaurum Gold V 927 Minco Gold* X 492 Minco Gold T 64 Minco Silver T 180 Minco Silver* O 39 Minecorp Egy V 366 Minera Alamos V 512 Mineral Hill V 84 Mineral Mtn V 91 Mineral Mtn* O 75 Mines Manage T 7 Minfocus Expl V 2848 Mirasol Res V 478 Mkango Res V 321 Monarques Res* O 93 Monarques Res V 469 Moneta Porcpn* O 225 Moneta Porcpn T 823 Monster Mng* O 8 Monster Mng V 82 Montan Mg V 894 Montego Res 257 Montero Mg&Ex V 495 Morumbi Res V 105 Mosaic* N 23674 Mountain Boy* O 60 D 204 Mountain Prov* Mountain Prov T 210 Mukuba Res V 48 Mundoro Cap* O 19 Mundoro Cap V 286 MX Gold* O 1264 MX Gold V 5191

0.06 0.04 0.04 - 0.01 0.14 0.01 0.09 0.07 0.08 + 0.01 0.11 0.05 0.80 0.00 0.80 + 0.10 1.50 0.30 0.09 0.08 0.08 - 0.01 0.20 0.05 0.07 0.06 0.06 - 0.00 0.14 0.06 1.01 0.00 1.01 - 0.17 1.43 0.68 0.10 0.09 0.09 - 0.01 0.13 0.03 0.08 0.07 0.08 + 0.00 0.09 0.00 0.04 0.01 0.02 + 0.01 0.04 0.01 0.22 0.18 0.19 - 0.03 0.65 0.08 0.16 0.15 0.15 - 0.01 0.19 0.14 0.93 0.81 0.82 - 0.10 1.22 0.25 0.73 0.61 0.62 - 0.09 0.95 0.16 1.24 1.10 1.19 + 0.02 1.24 0.45 0.12 0.08 0.11 + 0.01 0.24 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 0.07 0.06 0.07 + 0.02 0.14 0.01 0.40 0.35 0.38 - 0.03 0.54 0.11 0.53 0.46 0.51 - 0.01 0.70 0.15 0.05 0.05 0.05 + 0.01 0.16 0.02 0.14 0.10 0.12 + 0.01 0.14 0.04 0.28 0.26 0.26 - 0.01 0.42 0.10 0.36 0.00 0.34 - 0.02 0.55 0.12 1.58 1.45 1.48 - 0.11 2.05 0.34 1.17 1.10 1.12 - 0.06 1.54 0.26 0.10 0.07 0.10 + 0.02 0.18 0.01 0.20 0.00 0.16 - 0.03 0.29 0.07 0.32 0.22 0.31 + 0.03 0.40 0.11 0.46 0.41 0.46 + 0.02 0.49 0.08 0.36 0.31 0.31 - 0.03 0.38 0.04 1.62 1.55 1.55 - 0.17 2.14 0.17 0.04 0.01 0.02 - 0.02 0.07 0.01 3.05 2.42 2.53 - 0.32 3.50 0.72 0.11 0.08 0.11 + 0.03 0.11 0.03 0.39 0.35 0.36 - 0.04 0.48 0.04 0.50 0.46 0.48 - 0.02 0.66 0.06 0.22 0.19 0.20 - 0.01 0.28 0.06 0.29 0.26 0.27 + 0.01 0.36 0.08 0.37 0.24 0.37 + 0.03 0.42 0.04 0.48 0.32 0.44 + 0.02 0.54 0.05 0.07 0.06 0.06 - 0.01 0.11 0.02 0.15 0.13 0.14 - 0.03 0.16 0.08 0.04 0.03 0.04 + 0.01 0.08 0.01 0.07 0.06 0.07 + 0.01 0.07 0.02 27.58 25.44 25.54 - 1.47 39.50 22.02 0.06 0.05 0.05 - 0.01 0.06 0.00 5.35 5.04 5.11 - 0.19 5.50 2.47 7.05 6.67 6.70 - 0.19 7.11 3.38 0.13 0.00 0.12 - 0.04 0.45 0.13 0.14 0.11 0.14 + 0.01 0.20 0.03 0.18 0.15 0.17 - 0.01 0.23 0.04 0.24 0.20 0.20 - 0.04 0.31 0.09 0.32 0.26 0.28 - 0.04 0.39 0.12

NACCO Ind* N 131 Namibia Rare E T 25 Napier Vent V 71 Natan Res V 647 Natural Res Pt* N 1349 Nautilus Mnrls* O 234 Navis Res Corp 51 Nemaska Lith* O 383 Nemaska Lith T 13641 Nevada Canyon* O 148 Nevada Clean M* O 40 Nevada Clean M V 228 T 176 Nevada Copper Nevada Egy Mtl* O 729 Nevada Egy Mtl V 1044 Nevada Expl * O 254 Nevada Expl V 301 Nevada Sunrise* O 186 Nevada Sunrise V 578 Nevada Zinc V 364 Nevsun Res* X 3374 Nevsun Res T 6451 New Carolin Gd V 1055 New Carolin Gd* O 162 New Colombia* O 11761 39 New Destiny Mg V New Dimen Res V 232 New Gold* O 21 New Gold T 13915 New Gold* X 29882 New Jersey Mng* O 140 New Milln Iron* O 17 New Nadina V 64 NewCastle Gold* O 37 Newlox Gold 107 O 346 Newmarket Gold* Newmarket Gold T 23931 Newmont Mng* N 40920 Newport Expl V 179 Newstrike Res V 141 Nexgen Energy T 6780 O 383 Nexgen Energy* Next Gen Mtls 554 Nexus Gold* O 756 Nexus Gold V 902 NGEx Res* O 14 NGEx Res T 278 Nicola Mg Inc* O 33 V 3485 Nighthawk Gold Nikos Expl V 170 Niocan Inc V 55 Niocorp Dev T 327 Niocorp Dev* O 205 Nippon Dragon V 101 Noka Res V 2420 Noram Vent* O 25 Noram Vent V 9749 O 56 Noranda Alum* Noront Res V 3241 North Am Pall T 11 North Am Pall* O 4 North Am Ptash V 12 North Arrow Mn* O 3 North Arrow Mn V 41 North Springs* O 350 Northcliff Res T 120 Northern Uran V 3647 Northisle C&G V 1064 Nouveau Monde V 269 NovaCopper* X 313 NovaCopper T 55 NovaGold Res T 4430 NovaGold Res* X 16286 Novo Res* O 207 Novo Res V 283 NRG Metals V 2752 Nrthn Freegold V 164 Nrthn Freegold* O 25 Nrthn Graphite* O 213 V 232 Nrthn Graphite Nrthn Iron V 2607 Nrthn Lion V 269 Nrthn Mnrls &E* O 150 Nrthn Shield V 2108 Nrthn Superior V 1866 Nrthn Vertex V 210 Nrthn Vertex* O 13 Nthn Dynasty T 1268 Nthn Dynasty* X 2556 Nthrn Sphere 190 NuLegacy Gold V 4017 NuLegacy Gold* O 2521 V 15 Nunavik Nickel NV Gold V 85 NV Gold* O 42 O.T. Mining* O 8 OceanaGold* O 52 OceanaGold T 10700 Oceanic Iron O V 80 Oceanus Res* O 63 Oceanus Res V 1007 Odin Mng & Exp V 77 Olivut Res* O 17 Olivut Res V 63 Opawica Expl V 140 Orbite Tech T 7170 Orbite Tech* O 375 Orca Gold V 252 Orca Gold* O 68 Orefinders Res V 2617 Oremex Silver V 186 O 22 Oremex Silver* Orex Expl V 1799 Orex Mnrls* O 186 Orex Mnrls V 533 Orezone Gold* O 332 Orezone Gold V 3319 Oriental Non F 11 Orla Mng Ltd V 753 20 Oro East Mg* O Oroco Res V 170 Orocobre T 276 Orofino Mnrls V 229 Oroplata Res* O 6603 Orosur Mng T 134 Orsu Metals* O 1083 Orsu Metals T 2826 Orvana Mnrls T 158 Orvana Mnrls* O 75 Osisko Gold T 5904 Osisko Gold* N 562 Osisko Mng Inc T 2878 Otis Gold* O 282 Otis Gold V 818 OZ Minerals* O 3

66.66 64.31 64.44 - 1.92 70.11 40.04 0.07 0.06 0.06 - 0.01 0.14 0.04 0.28 0.24 0.26 + 0.01 0.34 0.15 0.28 0.21 0.21 - 0.07 0.40 0.05 29.30 24.30 27.28 + 1.45 32.50 5.00 0.12 0.10 0.10 - 0.01 0.27 0.08 0.01 0.00 0.01 - 0.01 0.02 0.00 1.15 0.89 1.10 + 0.19 1.50 0.20 1.53 1.17 1.41 + 0.23 1.97 0.26 0.14 0.11 0.12 - 0.02 0.25 0.01 0.02 0.02 0.02 - 0.00 0.04 0.00 0.04 0.03 0.04 + 0.01 0.04 0.02 0.59 0.54 0.56 - 0.03 1.15 0.45 0.11 0.10 0.10 - 0.01 0.20 0.06 0.14 0.13 0.13 - 0.01 0.26 0.01 0.46 0.41 0.42 - 0.05 0.61 0.12 0.62 0.54 0.55 - 0.05 0.94 0.16 0.26 0.23 0.23 - 0.03 0.37 0.11 0.34 0.30 0.30 - 0.03 0.47 0.15 0.56 0.50 0.51 - 0.04 0.80 0.19 3.28 3.12 3.13 - 0.06 3.80 2.27 4.28 4.11 4.14 - 0.02 4.81 3.27 0.09 0.07 0.07 - 0.02 0.15 0.04 0.07 0.05 0.05 - 0.02 0.12 0.03 0.00 0.00 0.00 - 0.00 0.05 0.00 0.18 0.17 0.17 - 0.01 0.32 0.08 0.13 0.12 0.12 - 0.01 0.19 0.04 0.14 0.12 0.12 - 0.01 0.27 0.03 6.38 5.84 5.84 - 0.30 7.87 2.56 4.90 4.36 4.44 - 0.26 6.04 1.76 0.14 0.13 0.13 - 0.00 0.15 0.02 0.06 0.06 0.06 + 0.01 0.11 0.03 0.14 0.12 0.14 + 0.01 0.18 0.05 0.96 0.84 0.94 + 0.08 0.96 0.16 0.04 0.00 0.03 - 0.01 0.06 0.02 3.29 2.95 3.22 + 0.16 3.64 0.91 4.32 3.86 4.25 + 0.25 4.71 1.25 40.58 37.86 38.26 - 1.04 46.07 15.40 0.24 0.21 0.24 + 0.02 0.38 0.19 0.12 0.10 0.12 + 0.01 0.12 0.02 2.21 1.82 1.91 - 0.27 2.86 0.56 1.68 1.40 1.46 - 0.21 2.25 0.41 0.13 0.11 0.11 + 0.01 0.18 0.01 0.07 0.06 0.07 + 0.00 0.08 0.06 0.09 0.08 0.08 - 0.01 0.14 0.04 0.87 0.00 0.85 - 0.02 1.14 0.37 1.19 1.12 1.14 + 0.01 1.50 0.44 0.19 0.16 0.18 - 0.00 0.39 0.03 0.61 0.50 0.54 - 0.01 0.61 0.04 0.08 0.07 0.07 - 0.01 0.19 0.02 0.09 0.08 0.09 + 0.01 0.18 0.04 0.89 0.83 0.87 - 0.01 1.14 0.51 0.69 0.64 0.66 - 0.02 0.87 0.37 0.10 0.09 0.10 + 0.01 0.15 0.03 0.14 0.10 0.12 + 0.01 0.21 0.04 0.05 0.05 0.05 - 0.01 0.06 0.05 0.08 0.07 0.07 + 0.01 0.13 0.01 0.04 0.03 0.04 - 0.00 2.95 0.02 0.30 0.28 0.30 + 0.01 0.51 0.28 5.70 0.00 5.47 - 0.13 6.49 3.85 4.37 0.00 4.16 - 0.09 5.06 2.71 0.04 0.00 0.04 - 0.04 0.15 0.03 0.12 0.12 0.12 + 0.00 0.27 0.11 0.17 0.16 0.17 + 0.01 0.38 0.12 0.03 0.02 0.03 + 0.01 40.00 0.01 0.13 0.00 0.13 + 0.01 0.15 0.06 0.02 0.01 0.02 + 0.01 0.03 0.01 0.09 0.08 0.08 - 0.01 0.14 0.02 0.29 0.27 0.28 + 0.01 0.38 0.13 0.85 0.53 0.55 - 0.03 0.86 0.15 1.00 0.73 0.73 - 0.04 1.08 0.20 7.30 6.85 6.93 - 0.31 9.56 4.05 5.61 5.18 5.31 - 0.24 7.29 3.05 1.37 1.04 1.32 + 0.15 1.31 0.35 1.79 1.35 1.79 + 0.26 1.75 0.48 0.11 0.08 0.11 + 0.03 0.18 0.02 0.28 0.21 0.21 - 0.07 0.29 0.04 0.20 0.17 0.18 - 0.02 0.23 0.02 0.23 0.18 0.20 - 0.05 0.47 0.12 0.32 0.25 0.27 - 0.03 0.63 0.16 0.05 0.03 0.05 + 0.03 0.06 0.01 0.14 0.11 0.11 - 0.02 0.16 0.04 0.03 0.03 0.03 - 0.00 0.08 0.02 0.23 0.19 0.22 + 0.02 0.30 0.01 0.06 0.04 0.05 + 0.01 0.06 0.01 0.44 0.37 0.38 - 0.02 0.52 0.13 0.33 0.29 0.29 - 0.03 0.42 0.17 1.04 0.95 0.99 - 0.04 1.48 0.28 0.80 0.74 0.74 - 0.05 1.16 0.20 0.40 0.27 0.33 - 0.06 0.63 0.10 0.45 0.41 0.44 + 0.01 0.45 0.08 0.35 0.31 0.34 + 0.01 0.35 0.06 0.14 0.14 0.14 + 0.02 0.27 0.03 0.41 0.32 0.39 + 0.07 0.41 0.03 0.28 0.22 0.28 + 0.06 0.28 0.08 0.04 0.03 0.03 - 0.01 0.09 0.02 3.60 3.20 3.23 - 0.41 4.26 1.43 4.81 4.15 4.25 - 0.40 5.56 1.79 0.25 0.21 0.24 + 0.01 0.25 0.08 0.22 0.00 0.19 - 0.02 0.26 0.16 0.29 0.26 0.28 - 0.03 0.35 0.15 0.89 0.85 0.89 + 0.01 0.97 0.24 0.21 0.16 0.20 + 0.00 0.30 0.06 0.27 0.23 0.26 - 0.01 0.42 0.08 0.13 0.00 0.10 - 0.03 0.16 0.02 0.49 0.44 0.45 + 0.01 0.53 0.20 0.37 0.34 0.35 + 0.01 0.40 0.15 0.38 0.34 0.34 - 0.04 0.45 0.12 0.29 0.26 0.27 - 0.01 0.36 0.08 0.12 0.07 0.09 + 0.02 0.12 0.01 0.04 0.03 0.04 + 0.01 0.10 0.01 0.03 0.02 0.03 + 0.01 0.10 0.00 0.05 0.04 0.05 + 0.01 0.05 0.01 0.92 0.80 0.81 - 0.05 1.02 0.05 1.20 1.05 1.05 - 0.07 1.38 0.11 0.48 0.42 0.48 + 0.03 0.99 0.16 0.65 0.57 0.63 + 0.03 1.28 0.22 0.86 0.83 0.85 + 0.03 0.86 0.27 1.67 0.81 1.32 + 0.42 1.67 0.08 0.01 0.01 0.01 - 0.00 0.06 0.00 0.06 0.05 0.05 - 0.01 0.06 0.01 4.12 3.78 4.07 + 0.11 4.92 1.33 0.13 0.10 0.12 - 0.01 0.25 0.06 0.43 0.34 0.34 - 0.07 2.04 0.25 0.28 0.26 0.26 - 0.03 0.38 0.10 0.03 0.01 0.03 + 0.02 0.03 0.01 0.05 0.03 0.05 + 0.01 0.06 0.01 0.32 0.28 0.29 - 0.03 0.39 0.11 0.23 0.21 0.22 - 0.03 0.29 0.07 15.88 14.42 14.60 - 0.33 18.64 12.58 12.10 10.92 10.96 - 0.53 14.74 8.88 3.10 2.86 2.90 - 0.06 3.10 0.96 0.25 0.21 0.21 - 0.04 0.32 0.05 0.33 0.28 0.28 - 0.05 0.42 0.07 4.46 4.22 4.46 - 0.59 5.33 2.29

Pac Bay Mnrls* O 4 Pac Booker Min V 8 Pac North West* O 103 Pac Potash V 166 Pac Ridge Expl* O 7 Pac Ridge Expl V 34 Paget Mrnls V 5 Paladin Energy T 562 Palamina Corp V 9 Palamina Corp* O 3 Palladon Vent* O 5 Pan Am Silver T 3459 Pan Am Silver* D 17519 Pan Global Res V 28 Pancontinental* O 205 Pancontinental V 741 Pangolin Dia V 2222 Panoro Mnrls V 167 Paramount Gold* X 568 Pasinex Res 606 Passprt Potash* O 189 Patriot Gold* O 81 Peabody Enrgy* O 975 Pedro Res V 101 Pele Mtn Res V 392 Pele Mtn Res* O 75 Peloton Mnrls 73 Peregrine Diam T 2170 Perseus Mng T 858 Pershimco Res V 4040 Pershing Gold* D 486 Pershing Res* O 50

0.03 0.03 0.03 + 0.00 0.07 0.03 1.20 1.00 1.00 - 0.27 2.50 0.63 0.04 0.02 0.02 - 0.01 0.06 0.00 0.04 0.03 0.03 - 0.01 0.07 0.03 0.07 0.07 0.07 - 0.00 0.08 0.01 0.10 0.09 0.09 - 0.01 0.11 0.02 0.07 0.00 0.07 - 0.01 0.09 0.01 0.17 0.16 0.16 - 0.01 0.27 0.15 0.23 0.20 0.23 + 0.02 0.25 0.06 0.16 0.16 0.16 - 0.01 0.19 0.08 0.00 0.00 0.00 - 0.00 0.01 0.00 24.16 22.08 22.29 - 0.95 27.56 7.85 18.53 16.71 16.92 - 0.90 21.59 5.38 0.04 0.04 0.04 - 0.01 0.08 0.01 0.08 0.06 0.08 + 0.02 0.09 0.00 0.11 0.08 0.11 + 0.01 0.12 0.01 0.12 0.05 0.06 - 0.06 0.22 0.03 0.18 0.16 0.17 - 0.01 0.21 0.09 2.30 1.90 1.95 - 0.14 2.93 0.93 0.16 0.13 0.14 - 0.02 0.16 0.03 0.01 0.00 0.01 + 0.00 0.03 0.00 0.13 0.12 0.12 - 0.01 0.23 0.03 1.64 1.22 1.60 + 0.32 28.00 0.55 0.22 0.20 0.22 + 0.01 0.27 0.01 0.03 0.03 0.03 - 0.01 0.06 0.03 0.03 0.02 0.03 - 0.00 0.04 0.02 0.13 0.08 0.12 + 0.01 0.13 0.08 0.25 0.21 0.25 + 0.03 0.32 0.09 0.51 0.48 0.50 + 0.01 0.67 0.27 0.33 0.24 0.27 - 0.03 0.36 0.09 4.69 4.40 4.49 - 0.08 5.04 3.04 0.04 0.04 0.04 - 0.01 0.06 0.02

N-O

P-Q

10-11_Sept 26_StockTables.indd 11

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Peruvian Prc M* O 182 Petra Diamonds* O 8 Philex Mng* O 16 Pilot Gold T 1105 Pilot Gold* O 318 Pine Cliff En* O 27 Pine Cliff En T 2276 Pinecrest Res V 749 Pistol Bay Mng V 368 6 Pistol Bay Mng* O Pitchblack Res V 288 PJSC Polyus Gd* O 10 Planet Mng V 7177 Plate Res V 105 Plateau Uran* O 15 V 546 Platinex Platinum Gp Mt* X 1021 Platinum Gp Mt T 286 Playfair Mng V 136 Polaris Mater T 108 PolyMet Mng T 55 PolyMet Mng* X 677 Portage Res* O 1682 Potash Corp SK T 23120 Potash Corp SK* N 72005 Potash Ridge T 2621 Potash Ridge* O 219 PPX Mining V 1735 Precipitate Gl V 124 Premier Gold M T 9274 Premium Expl* O 26 Pretium Res* N 17890 Pretium Res T 4843 Primero Mng T 4137 Primero Mng* N 13234 Prize Mng V 54 Probe Metals V 837 Probe Metals* O 383 T 22 Prophecy Coal Prophecy Coal* O 6 Prospect Glob* O 3 Prosper Gold V 876 Prospero Silvr V 905 PUF Vent Inc * O 19 1206 PUF Vent Inc Pure Energy* O 710 Pure Energy V 1409 Pure Gold Mg* O 155 Pure Nickel V 268 Pure Nickel* O 13 V 2462 Purepoint Uran QMX Gold V 341 Quaterra Res* O 505 26 Quest Rare Mnl* O Quinto Real V 41

0.10 0.09 0.10 - 0.01 0.13 0.02 1.53 1.50 1.50 - 0.03 1.67 0.86 0.20 0.16 0.16 - 0.04 0.21 0.05 0.77 0.69 0.70 - 0.01 0.95 0.22 0.59 0.53 0.54 - 0.01 0.72 0.06 0.84 0.82 0.83 - 0.02 0.95 0.51 1.12 1.00 1.06 - 0.06 1.36 0.61 0.22 0.19 0.19 - 0.01 0.30 0.03 0.11 0.09 0.09 - 0.02 0.14 0.01 0.07 0.07 0.07 + 0.00 0.09 0.02 0.14 0.10 0.11 + 0.01 0.16 0.05 35.30 35.00 35.05 - 0.15 37.59 18.35 0.05 0.03 0.05 + 0.01 0.08 0.02 0.04 0.04 0.04 - 0.01 0.09 0.03 0.21 0.19 0.20 - 0.01 0.35 0.18 0.04 0.03 0.04 + 0.01 0.05 0.01 2.90 2.66 2.74 - 0.05 4.04 0.96 3.77 3.50 3.69 + 0.04 5.25 1.35 0.10 0.09 0.10 + 0.01 0.13 0.02 1.35 1.18 1.20 - 0.06 2.25 1.00 1.17 1.07 1.15 + 0.01 1.71 0.76 0.91 0.81 0.88 - 0.01 1.28 0.55 0.00 0.00 0.00 + 0.00 0.01 0.00 22.90 20.97 21.11 - 1.03 33.66 19.93 17.48 15.86 15.99 - 0.98 25.55 14.64 0.27 0.24 0.24 - 0.02 0.50 0.03 0.18 0.18 0.18 - 0.01 0.38 0.03 0.14 0.11 0.13 - 0.02 0.16 0.03 0.28 0.24 0.27 + 0.01 0.37 0.06 4.66 4.13 4.35 + 0.06 5.05 2.12 0.02 0.00 0.02 + 0.02 0.04 0.00 11.11 10.03 10.10 - 0.58 12.41 4.00 14.63 13.25 13.40 - 0.52 16.17 5.74 2.26 1.97 2.00 - 0.10 3.94 1.94 1.72 1.49 1.51 - 0.11 3.16 1.41 0.27 0.00 0.22 + 0.21 0.35 0.01 2.08 1.88 1.97 - 0.20 2.18 0.34 1.56 1.43 1.51 - 0.15 1.66 0.24 4.35 0.00 4.35 + 0.15 5.48 1.00 3.23 2.80 2.80 - 0.41 4.05 1.25 0.05 0.05 0.05 - 0.00 0.20 0.02 0.39 0.32 0.35 + 0.04 0.39 0.06 0.30 0.24 0.30 + 0.05 0.30 0.05 0.12 0.00 0.11 - 0.01 0.16 0.03 0.17 0.14 0.16 + 0.02 0.20 0.04 0.64 0.59 0.59 - 0.04 0.91 0.29 0.84 0.78 0.80 - 0.02 1.15 0.41 0.56 0.51 0.53 - 0.02 0.60 0.05 0.02 0.02 0.02 - 0.01 0.04 0.01 0.02 0.01 0.01 - 0.00 0.03 0.00 0.12 0.10 0.12 + 0.01 0.15 0.02 0.06 0.05 0.05 - 0.01 0.11 0.01 0.05 0.05 0.05 + 0.00 0.08 0.04 0.12 0.10 0.11 - 0.00 0.20 0.03 0.11 0.00 0.10 - 0.02 0.20 0.01

R Rackla Mtls* O 2 0.10 0.00 0.10 - 0.01 0.12 0.03 0.15 - 0.01 0.18 0.09 Radisson Mng V 217 0.16 0.14 Radius Gold V 250 0.16 0.13 0.16 + 0.01 0.17 0.05 Rainforest Res* O 20 6.30 0.00 5.30 + 0.30 7.00 0.30 V 176 0.14 0.11 0.12 + 0.01 0.25 0.07 Rainmaker Res Rainy Mtn Royl* O 27 0.05 0.04 0.04 - 0.01 0.05 0.02 Rambler Ml &Mg V 121 0.10 0.09 0.09 - 0.01 0.15 0.05 2 105.00 95.15 95.15 - 9.85 120.75 59.09 Randgold Res* O Randgold Res* D 4348 100.72 95.36 96.48 - 1.26 126.55 56.57 V 35 0.02 0.01 0.01 - 0.01 0.02 0.01 Randsburg Intl Rapier Gold V 119 0.15 0.14 0.14 - 0.01 0.17 0.03 Rare Earth Mnl* O 1 15.28 0.00 15.28 + 10.54 7.63 2.75 0.07 - 0.02 0.40 0.06 Rare Element* O 194 0.09 0.07 Rathdowney Res V 76 0.20 0.18 0.18 - 0.02 0.26 0.11 RB Energy* O 54 0.00 0.00 0.00 + 0.00 0.01 0.00 Red Eagle Mng V 818 0.83 0.77 0.79 + 0.01 0.90 0.25 244 0.63 0.58 0.59 - 0.02 0.91 0.18 Red Eagle Mng* O V 119 0.11 0.09 0.09 - 0.03 0.29 0.01 Red Hut Red Pine Expl V 2804 0.22 0.16 0.19 + 0.02 0.24 0.03

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rye Patch Gold V

2096

0.36

0.31 0.31

-

0.03

0.47 0.11

(100s) Stock

1.01 0.93 0.97 + 0.00 1.55 0.26 1.33 1.23 1.31 + 0.05 1.87 0.35 0.12 0.10 0.10 - 0.01 0.16 0.03 0.09 0.07 0.07 - 0.02 0.12 0.03 0.04 0.03 0.04 + 0.01 0.07 0.02 0.03 0.03 0.03 - 0.00 0.05 0.02 0.08 0.07 0.08 + 0.01 0.12 0.03 0.11 0.09 0.11 + 0.01 0.16 0.03 0.15 0.13 0.13 - 0.02 0.20 0.07 0.00 0.00 0.00 - 0.00 0.00 0.00 0.20 0.17 0.17 - 0.06 0.30 0.02 0.18 0.14 0.15 - 0.03 0.22 0.01 0.56 0.46 0.48 - 0.05 0.72 0.08 0.74 0.60 0.63 - 0.06 0.94 0.11 8.55 7.09 7.15 - 0.82 8.73 2.82 6.49 5.37 5.38 - 0.71 6.75 1.94 0.07 0.04 0.07 + 0.00 0.07 0.00 0.50 0.44 0.46 - 0.03 0.63 0.09 0.34 0.27 0.34 + 0.04 0.55 0.05 0.01 0.01 0.01 - 0.00 0.02 0.00 0.16 0.13 0.13 - 0.03 0.18 0.03 0.13 0.11 0.11 - 0.01 0.15 0.02 0.09 0.08 0.09 + 0.00 0.12 0.06 0.13 0.12 0.13 - 0.01 0.17 0.08 0.09 0.08 0.08 - 0.01 0.10 0.07 0.91 0.00 0.91 - 0.01 1.25 0.40 11.95 10.83 11.08 - 0.11 15.88 5.31 0.08 0.05 0.06 - 0.01 0.29 0.01 0.03 0.03 0.03 - 0.00 0.06 0.03 0.04 0.03 0.04 + 0.01 0.05 0.01 0.48 0.40 0.44 - 0.03 0.52 0.20 6.21 5.34 5.47 - 0.16 7.46 2.51 0.47 0.45 0.45 - 0.01 0.66 0.05 0.11 0.11 0.11 + 0.01 0.18 0.09 0.27 0.19 0.27 + 0.05 0.25 0.02 0.05 0.03 0.05 + 0.01 0.06 0.01 0.84 0.80 0.82 - 0.04 1.15 0.53 0.22 0.20 0.20 - 0.03 0.25 0.13 0.09 0.09 0.09 - 0.01 0.25 0.05 15.40 13.60 13.74 - 1.10 20.97 4.45 4.00 3.73 3.73 - 0.19 5.12 1.50 0.17 0.16 0.16 - 0.01 0.20 0.01 0.22 0.20 0.21 - 0.01 0.27 0.01 0.39 0.35 0.35 - 0.04 0.45 0.22 0.30 0.26 0.26 - 0.04 0.32 0.15 1.62 0.00 1.61 - 0.01 1.69 0.69 0.00 0.00 0.00 - 0.00 0.00 0.00 0.25 0.20 0.20 - 0.05 0.30 0.01 0.10 0.08 0.09 - 0.02 0.12 0.01 0.33 0.24 0.25 - 0.07 0.53 0.02 0.16 0.14 0.14 - 0.01 0.21 0.02 0.21 0.18 0.19 - 0.02 0.28 0.04 0.03 0.02 0.03 + 0.00 0.05 0.00 0.14 0.08 0.10 + 0.02 0.16 0.02 0.03 0.03 0.03 - 0.01 0.05 0.01 0.09 0.07 0.08 - 0.01 0.12 0.01 0.12 0.11 0.11 - 0.01 0.13 0.02 0.17 0.15 0.15 - 0.01 0.24 0.02 0.03 0.03 0.03 + 0.02 0.04 0.00 0.11 0.09 0.10 - 0.01 0.17 0.02 0.14 0.11 0.11 - 0.03 0.14 0.05 0.10 0.08 0.09 + 0.01 0.10 0.03 13.09 11.76 11.97 - 0.13 15.84 3.66 17.13 15.46 15.95 + 0.19 20.48 5.28 36.71 34.57 35.16 - 0.48 40.80 14.51 28.15 26.16 26.60 - 0.71 31.35 10.04 4.66 4.09 4.26 - 0.02 4.73 0.60 3.55 3.13 3.33 + 0.04 3.67 0.41 0.36 0.30 0.33 + 0.01 0.76 0.26 0.97 0.82 0.91 - 0.05 1.42 0.07 0.74 0.62 0.62 - 0.10 1.13 0.07 0.13 0.09 0.13 + 0.03 0.15 0.04 0.17 0.13 0.16 + 0.03 0.20 0.06

NEVADA, USA The Right Place, The Right Time

NEVADA SUNRISE GOLD CORP. Gold & Lithium Properties in Nevada www.nevadasunrise.ca PH: (604) 428-8028

12-month

Syrah Res* O 30 3.15 3.10 3.15 + 0.05 4.90 1.81

S Sabina Gd&Slvr* O 751 Sabina Gd&Slvr T 1595 Sage Gold V 213 Sage Gold* O 133 Saint Jean V 1115 Saint Jean* O 311 Salazar Res* O 312 Salazar Res V 831 Sama Res V 73 Samex Mng* O 82 287 San Marco Res V San Marco Res* O 54 Sandspring Res* O 600 Sandspring Res V 2370 Sandstorm Gold T 11270 X 33672 Sandstorm Gold* Santa Fe Gold* O 2123 Santacruz Silv V 811 Sarama Res V 427 Sarissa Res* O 1758 Satori Res V 57 Savary Gold V 528 Savary Gold* O 37 Scandium Int M* O 138 Scientific Mts V 1459 ScoZinc Mg V 12 Seabridge Gld* N 6496 Searchlight* O 192 Secova Mtls* O 401 Sego Res V 56 Select Sands V 591 Semafo T 20955 Senator Mnrls V 106 Sennen Potash V 15 Serengeti Res V 1984 Shamrock Ent 495 Sherritt Intl T 1154 Shore Gold T 1023 Shoshoni Gold V 40 Sibanye Gold* N 7014 Sibanye Gold* O 5 Sienna Res* O 258 Sienna Res V 1383 Sierra Iron Or V 118 8 Sierra Iron Or* O Sierra Metals* O 2 Sierra Res* O 1054 Signal Expl V 560 Signature Res V 186 Silver Bear Rs T 2429 Silver Bull Re* O 1110 Silver Bull Re T 475 Silver Dragon* O 415 Silver Grail V 138 74 Silver Mtn Mns V Silver Predatr V 449 Silver Pursuit V 199 Silver Range V 76 Silver Scott* O 38 Silver Shield 175 Silver Spruce V 135 Silver Spruce* O 6 Silver Std Res* D 17117 Silver Std Res T 3954 Silver Wheaton T 8936 Silver Wheaton* N 30559 Silvercorp Met T 10195 O 1094 Silvercorp Met* SinoCoking Cl* D 84 Sirios Res V 1586 Sirios Res* O 212 Skeena Res* O 62 Skeena Res V 4275

Week

Exc Volume High Low Last Change High Low

T Tahoe Res* N 12239 Tahoe Res T 5099 Tajiri Res V 448 Takara Res V 382 Taku Gold 30 Tamino Mnrls* O 207 Tango Mining V 17288 Tantalex Res 397 Tanzania Rlty* X 957 Taranis Res V 246 Tartisan Res 720 Tasca Res V 479 Taseko Mines* X 541 Teck Res T 30689 Teck Res* N 49390 T 17 Teck Res Telferscot Res 45 Telson Res V 36 Telson Res * O 81 Tembo Gold* O 81 Tembo Gold V 109 Teranga Gold T 22629 Teras Res V 193 Terrax Mnrls V 1437 Terrax Mnrls* O 66 Tesoro Mnrls V 150 Teuton Res* O 26 Teuton Res V 420 Themac Res V 55 Thompson Creek* O 970 T 1179 Thompson Creek Thunder Mtn Gd* O 95 Thunderstruck V 347 Thunderstruck* O 91 Till Capital* D 41 Till Capital V 59 Tiller Res V 311 V 22 Timberline Res Timberline Res* O 38 Timmins Gold* X 4251 Timmins Gold T 6977 Tinka Res* O 180 Tinka Res V 546 Tintina Res* O 262 Tintina Res V 370 Tirex Res* O 42 Titanium Corp V 99 O 19 TMAC Resource* TMAC Resources T 106 TNR Gold V 148 Toachi Mg Inc V 298 TomaGold V 460 O 2490 Tombstone Expl* Torex Gold T 5313 Torex Gold* O 65 Tower Res V 1071 Transatlan Mng V 167 Treasury Metal T 509 Trecora Res* N 189 Tres-Or Res V 399 Trevali Mng* O 806 Trevali Mng T 3749 Tri Origin Exp V 238 TriMetals Mng T 305 O 26 TriMetals Mng* TriMetals Mng* O 234 Trinity Res* O 1 Trio Resources* O 775 TriStar Gold* O 194 TriStar Gold V 180 Troy Res* O 7 Tsodilo Res V 7 Tudor Gold V 172 Tudor Gold * O 4 Tungsten Corp* O 1773 15469 Turquoise HIl* N Turquoise HIl T 6945 Tyhee Gold* O 1438 Typhoon Expl V 128

14.22 12.98 13.36 - 0.44 17.01 6.48 18.54 17.15 17.66 - 0.32 22.13 9.45 0.11 0.07 0.10 + 0.02 0.11 0.01 0.06 0.05 0.06 + 0.01 0.10 0.02 0.16 0.00 0.14 - 0.03 0.22 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 0.03 0.02 0.02 - 0.04 0.14 0.01 0.18 0.15 0.17 + 0.03 0.18 0.01 1.04 0.88 0.95 + 0.00 1.49 0.17 0.15 0.10 0.13 - 0.02 0.15 0.04 0.04 0.03 0.04 + 0.01 0.10 0.01 0.13 0.10 0.10 - 0.01 0.15 0.00 0.46 0.42 0.44 - 0.01 0.70 0.23 24.30 20.42 24.11 + 3.00 24.30 3.65 18.50 15.58 18.26 + 2.07 18.50 2.56 24.42 20.75 24.18 + 3.46 24.42 5.69 0.01 0.01 0.01 - 0.01 0.05 0.01 0.39 0.31 0.39 + 0.09 0.55 0.04 0.26 0.23 0.25 + 0.01 0.43 0.07 0.04 0.04 0.04 - 0.00 0.06 0.01 0.06 0.05 0.05 - 0.01 0.07 0.01 1.39 1.19 1.32 + 0.11 1.39 0.38 0.18 0.14 0.18 + 0.01 0.21 0.03 0.85 0.79 0.83 + 0.04 0.96 0.24 0.65 0.60 0.65 + 0.03 0.76 0.17 0.08 0.00 0.08 + 0.02 0.08 0.01 0.33 0.25 0.32 + 0.05 0.34 0.03 0.44 0.35 0.38 - 0.01 0.46 0.04 0.06 0.04 0.04 - 0.02 0.10 0.01 0.55 0.49 0.54 + 0.03 0.60 0.07 0.73 0.64 0.73 + 0.06 0.80 0.16 0.12 0.10 0.10 - 0.02 0.15 0.02 0.11 0.09 0.09 - 0.01 0.20 0.01 0.08 0.08 0.08 - 0.00 0.09 0.04 4.46 4.09 4.32 - 0.09 5.00 2.76 5.62 5.40 5.55 - 0.15 6.00 3.28 0.07 0.01 0.04 + 0.03 0.07 0.01 0.44 0.40 0.40 - 0.03 0.72 0.16 0.34 0.25 0.25 - 0.08 0.55 0.08 0.50 0.45 0.49 + 0.01 0.63 0.07 0.66 0.60 0.64 + 0.02 0.80 0.11 0.16 0.15 0.16 + 0.00 0.22 0.07 0.21 0.20 0.21 + 0.01 0.27 0.09 0.08 0.06 0.07 - 0.01 0.12 0.03 0.10 0.08 0.10 - 0.01 0.15 0.04 0.09 0.08 0.08 - 0.01 0.16 0.05 0.77 0.70 0.74 + 0.03 1.54 0.31 12.79 12.22 12.27 - 0.72 15.16 9.26 17.22 15.94 16.10 - 0.80 19.97 5.41 0.05 0.05 0.05 + 0.01 0.09 0.01 0.43 0.39 0.43 + 0.03 0.43 0.03 0.15 0.13 0.14 - 0.01 0.17 0.04 0.01 0.01 0.01 - 0.00 0.02 0.01 32.62 27.83 28.43 - 3.01 35.17 10.90 24.91 21.09 21.09 - 3.00 27.34 7.97 0.13 0.11 0.13 + 0.02 0.13 0.01 0.09 0.08 0.08 - 0.01 0.15 0.03 0.73 0.66 0.70 - 0.01 0.85 0.32 10.93 9.81 10.82 + 0.61 14.96 8.17 0.05 0.04 0.04 - 0.01 0.06 0.02 0.69 0.66 0.69 - 0.01 0.75 0.18 0.92 0.87 0.92 + 0.01 0.98 0.25 0.07 0.06 0.07 + 0.02 0.08 0.02 0.31 0.28 0.30 + 0.02 0.36 0.06 0.23 0.20 0.22 + 0.01 0.32 0.06 0.24 0.21 0.23 - 0.00 0.28 0.04 0.03 0.00 0.03 + 0.00 0.51 0.03 0.00 0.00 0.00 - 0.00 0.00 0.00 0.32 0.15 0.28 - 0.02 0.41 0.10 0.42 0.29 0.37 - 0.02 0.53 0.14 0.36 0.32 0.32 - 0.04 0.56 0.13 0.86 0.00 0.84 - 0.02 1.03 0.50 1.25 1.10 1.15 - 0.05 2.50 0.03 0.93 0.88 0.93 + 0.05 1.26 0.78 0.00 0.00 0.00 + 0.00 0.00 0.00 3.07 2.86 2.97 - 0.06 3.67 1.55 4.04 3.77 3.92 - 0.04 4.72 2.30 0.02 0.00 0.00 - 0.01 0.02 0.00 0.10 0.10 0.10 - 0.01 0.15 0.03

U.S. Lithium* O 343 U3O8 Corp* O 329 Ucore Rare Mtl* O 516 Ucore Rare Mtl V 495 UEX Corp T 907 Ultra Lithium* O 9 Ultra Lithium V 144 Umbral Enrgy 310 Unigold V 105 Unigold* O 39 United Res Hdg* O 380 United Silver* O 2148 United States A* X 808 United States S* N 91276 Unity Energy V 179 Ur-Energy* X 1108 Uracan Res* O 129 Uracan Res V 199 Uranium Energy* X 2829 Uranium Hunter* O 2836 Uranium Res* D 1961 Uranium Valley V 29 Uravan Mnrls V 138 US Energy* D 70 US Precious M* O 2272 32 US Rare Earths* O US Tungsten* O 40 USCorp* O 210 Vale* N 128339 Vale* N 35963 ValGold Res V 2962 Valley High Mg* O 3902 Valterra Res V 337 Valterra Res* O 95 O 18 Vanadiumcorp* Vangold Res V 3318 Vantex Res V 445 Vatic Vent V 355 Vedanta* N 778 Vena Res* O 26 Vena Res V 438 Venture Mnrls* O 25 Verde Potash T 65 Victoria Gold V 7149 Victory Nickel 138 Victory Res V 475 VIPR Ind* O 48 Virginia Enrgy* O 1 Viscount Mng V 98 Visible Gold M V 321 Vista Gold* X 3093 Vista Gold T 224 Voltaic Min V 1457 VVC Expl V 132

0.06 0.03 0.03 - 0.01 0.15 0.01 0.03 0.02 0.02 + 0.00 0.03 0.01 0.28 0.25 0.26 - 0.01 0.35 0.15 0.37 0.33 0.34 - 0.01 0.45 0.20 0.23 0.21 0.21 - 0.02 0.29 0.11 0.14 0.13 0.13 + 0.01 0.27 0.06 0.19 0.15 0.18 + 0.03 0.35 0.05 0.04 0.00 0.03 - 0.01 0.10 0.02 0.53 0.45 0.49 - 0.09 0.69 0.08 0.39 0.36 0.37 - 0.04 0.51 0.06 0.02 0.01 0.01 - 0.01 0.06 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.60 0.47 0.47 - 0.10 0.59 0.16 17.55 15.72 15.91 - 1.12 27.64 6.15 0.15 0.10 0.15 + 0.04 0.48 0.10 0.53 0.50 0.53 + 0.01 0.73 0.44 0.07 0.06 0.06 - 0.01 0.07 0.00 0.07 0.07 0.07 - 0.01 0.08 0.01 1.09 1.00 1.03 - 0.03 1.47 0.65 1.00 0.00 1.00 - 1.00 6.00 1.00 1.60 1.39 1.45 - 0.08 16.08 1.26 0.14 0.12 0.14 + 0.02 0.35 0.04 0.35 0.31 0.32 - 0.03 0.42 0.05 1.95 1.75 1.75 - 0.19 3.47 0.67 0.01 0.01 0.01 + 0.00 0.08 0.00 0.19 0.00 0.14 + 0.04 0.78 0.01 0.00 0.00 0.00 + 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.03 0.00 5.42 4.86 5.03 - 0.16 6.26 2.13 4.54 4.13 4.26 - 0.14 5.12 1.55 0.04 0.03 0.04 - 0.01 0.08 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.08 0.06 0.07 - 0.01 0.09 0.01 0.06 0.05 0.05 - 0.01 0.07 0.00 0.04 0.00 0.04 + 0.00 0.05 0.01 0.03 0.01 0.02 + 0.01 0.02 0.01 0.03 0.02 0.02 - 0.01 0.04 0.01 0.10 0.07 0.08 - 0.02 0.24 0.04 9.96 9.42 9.45 - 0.54 10.57 3.52 0.08 0.08 0.08 - 0.01 0.09 0.00 0.12 0.08 0.09 - 0.01 0.14 0.04 0.03 0.03 0.03 + 0.00 0.04 0.01 0.36 0.00 0.32 - 0.04 0.48 0.13 0.69 0.62 0.65 + 0.01 0.80 0.12 0.04 0.03 0.04 + 0.01 0.05 0.02 0.05 0.04 0.05 + 0.01 0.09 0.02 0.10 0.00 0.05 - 0.05 0.15 0.10 0.03 0.00 0.03 - 0.00 0.08 0.02 0.61 0.54 0.60 + 0.03 0.91 0.32 0.04 0.04 0.04 - 0.01 0.07 0.02 1.04 0.95 1.00 - 0.01 2.09 0.25 1.37 1.26 1.33 + 0.02 2.73 0.34 0.08 0.07 0.08 + 0.01 0.52 0.03 0.03 0.03 0.03 + 0.01 0.05 0.01

Walker River V 1796 Walter Energy* O 395 Waseco Res V 116 WCB Res V 200 Wealth Mnrls* O 331 Wealth Mnrls V 1877 Wellgreen Plat T 1017 O 639 Wellgreen Plat* Wescan Gldflds V 108 Wesdome Gold T 2592 West Af Res V 945 West High Yld V 79 West Kirkland V 515 West Red Lake 827 West Red Lake* O 165 Western Copper* X 113 Western Pac Rs* O 20 Western Uran 26 Western Uran* O 19 Westhaven Vent* O 165 Westhaven Vent V 269 Westkam Gold* O 50 Westminster Rs V 12073 Westmoreland* D 617 WestMountain* O 4 White Mtn Engy* O 141 Whitehaven Coa* O 9 Wildcat Expl* O 100 Wildcat Expl V 660 Winston Gld Mg 530 Winston Gld Mg* O 23 Winston Res 5 Wolfden Res V 429 WPC Res V 1813 X-Terra Res V 124 Xander Res V 196 Xiana Mng V 23 Ximen Mng V 313 XLI Tech Inc* O 5927 Xtierra V 83 Xtra-Gold Res T 118 Xtra-Gold Res* O 39 Yamana Gold T 31495 Yamana Gold* N 100313 Yanzhou Coal* N 501 Zadar Vent V 1427 Zadar Vent * O 63 Zazu Metals T 16 Zazu Metals* O 16 Zenyatta Vent V 181 Zenyatta Vent* O 108 Zephyr Mnls V 77 Zimtu Capital V 82 Zincore Mtls V 31 Zonte Mtls V 84

0.09 0.08 0.09 + 0.01 0.10 0.02 0.04 0.03 0.03 - 0.00 0.10 0.01 0.09 0.08 0.08 - 0.01 0.09 0.02 0.05 0.04 0.04 - 0.03 0.10 0.02 0.99 0.75 0.95 + 0.12 0.96 0.10 1.30 0.98 1.21 + 0.14 1.28 0.14 0.54 0.46 0.46 - 0.06 0.62 0.16 0.41 0.36 0.36 - 0.04 0.46 0.12 0.07 0.00 0.07 + 0.02 0.10 0.02 2.83 2.52 2.55 - 0.26 2.90 0.91 0.32 0.28 0.29 - 0.02 0.40 0.05 0.20 0.17 0.18 - 0.02 0.37 0.15 0.14 0.11 0.11 - 0.03 0.17 0.04 0.30 0.24 0.30 + 0.02 0.40 0.01 0.23 0.18 0.22 - 0.00 0.31 0.02 0.75 0.69 0.71 - 0.02 1.04 0.20 0.03 0.03 0.03 - 0.01 0.04 0.00 2.17 1.75 2.10 + 0.18 5.00 1.20 1.60 1.32 1.50 + 0.01 2.67 1.19 0.10 0.09 0.09 - 0.02 0.12 0.08 0.13 0.12 0.12 - 0.02 0.16 0.04 0.04 0.04 0.04 + 0.00 0.07 0.01 0.08 0.06 0.06 - 0.01 0.18 0.02 9.10 8.02 8.68 - 0.32 16.14 3.44 0.10 0.07 0.10 + 0.03 0.20 0.04 0.09 0.07 0.09 + 0.01 0.35 0.07 1.92 1.37 1.92 + 0.55 1.70 0.25 0.07 0.06 0.07 - 0.00 0.11 0.02 0.09 0.08 0.09 + 0.01 0.16 0.02 0.52 0.46 0.48 - 0.05 0.55 0.10 0.40 0.40 0.40 + 0.01 0.40 0.10 0.01 0.00 0.01 - 0.01 0.08 0.01 0.15 0.13 0.15 + 0.02 0.19 0.05 0.09 0.08 0.09 - 0.01 0.12 0.03 0.22 0.19 0.22 + 0.02 0.31 0.06 0.45 0.39 0.39 - 0.01 0.48 0.32 0.11 0.00 0.09 - 0.03 0.21 0.03 0.16 0.15 0.16 + 0.01 0.18 0.03 0.02 0.01 0.02 + 0.01 1.50 0.00 0.07 0.06 0.07 + 0.01 0.08 0.01 0.43 0.40 0.43 + 0.03 0.56 0.18 0.33 0.28 0.33 + 0.05 0.43 0.14 6.14 5.59 5.77 + 0.03 7.87 2.00 4.69 4.26 4.39 - 0.01 5.99 1.38 6.20 5.94 6.18 + 0.03 7.02 3.66 0.16 0.14 0.15 - 0.02 0.26 0.01 0.12 0.11 0.11 - 0.01 0.20 0.06 0.26 0.23 0.25 + 0.01 0.33 0.09 0.19 0.19 0.19 + 0.00 0.24 0.08 0.95 0.90 0.95 + 0.06 1.40 0.63 0.73 0.68 0.72 + 0.04 1.04 0.47 0.35 0.29 0.33 - 0.02 0.42 0.08 0.22 0.19 0.19 - 0.03 0.38 0.12 0.24 0.18 0.18 + 0.01 0.30 0.03 0.08 0.07 0.07 - 0.01 0.15 0.02

U-V

W-Z

Red Rock Enrgy V 1968 Redhill Res* O 23 Redhill Res V 591 Redstar Gold V 1768 Redzone Res V 20 Regency Gold V 1 Regulus Res V 141 Renaissance Gd* O 86 Renaissance Gd V 100 Renforth Res 956 Resolve Vent V 621 Resource Cap V 169 Resource Cap* O 25 Reunion Gold V 1060 V 27 Richmond Mnls Richmont Mines* X 12948 Richmont Mines T 3131 Rio Novo Gold T 172 Rio Silver V 532 Rio Tinto* N 20873 Rio Tinto* O 9 Rise Res Inc 40 Riverside Res V 231 Riverside Res* O 81 Robex Res V 374 Rock Tech Lith V 1541 Rock Tech Lith* O 7 Rockcliff Cop V 1156 Rockridge Cap V 233 Rockwell Diam T 656 Rockwell Diam* O 95 Rogue Res* O 14 Rogue Res V 223 Rojo Res V 95 Romios Gold Rs* O 26 RosCan Mrnls V 125 Rosita Mg Corp V 265 Roxgold* O 172 Roxgold V 2777 Royal Gold* D 3382 Royal Nickel* O 133 Royal Nickel T 3126 Royal Sapphire V 245 RT Minerals V 239 RTG Mining T 100 Rubicon Mnrls* O 837 Rugby Mng V 94 Rupert Res V 275 Rusoro Mng* O 153 Rusoro Mng V 2577 Rye Patch Gold* O 767

0.02 0.01 0.01 - 0.01 0.03 0.01 1.29 1.25 1.29 + 0.07 1.29 0.51 1.78 1.62 1.78 + 0.18 1.78 0.06 0.16 0.14 0.14 - 0.01 0.17 0.03 0.25 0.20 0.25 + 0.05 0.32 0.06 0.25 0.00 0.25 - 0.06 0.60 0.05 1.55 1.26 1.36 - 0.14 1.87 0.19 0.45 0.40 0.43 - 0.01 0.52 0.08 0.60 0.53 0.57 - 0.01 0.66 0.11 0.05 0.04 0.04 + 0.01 0.05 0.01 0.06 0.04 0.04 - 0.02 0.30 0.04 0.25 0.20 0.21 - 0.01 0.35 0.02 0.18 0.18 0.18 - 0.00 0.21 0.02 0.04 0.03 0.04 + 0.01 0.05 0.01 0.07 0.06 0.06 - 0.01 0.14 0.03 10.21 8.83 10.09 + 0.03 11.48 2.62 13.33 11.69 12.29 - 0.84 14.99 3.50 0.21 0.18 0.18 - 0.02 0.30 0.07 0.15 0.12 0.15 + 0.01 0.17 0.02 31.21 29.62 29.90 - 0.84 40.05 21.89 30.15 29.75 29.75 - 1.04 38.70 21.90 0.20 0.16 0.16 - 0.04 0.25 0.11 0.42 0.36 0.37 - 0.02 0.49 0.12 0.32 0.28 0.28 - 0.01 0.38 0.08 0.11 0.10 0.10 - 0.01 0.17 0.05 1.45 0.75 1.33 + 0.63 1.45 0.03 0.64 0.50 0.64 + 0.14 0.64 0.02 0.11 0.10 0.11 + 0.01 0.11 0.02 0.37 0.35 0.35 - 0.03 0.57 0.05 0.10 0.08 0.09 - 0.02 0.21 0.07 0.08 0.07 0.07 - 0.01 0.16 0.05 0.43 0.41 0.43 + 0.03 0.41 0.39 0.74 0.50 0.52 - 0.04 1.50 0.49 0.13 0.12 0.12 - 0.01 0.15 0.04 0.06 0.04 0.04 - 0.02 0.08 0.01 0.04 0.03 0.04 + 0.01 0.04 0.01 0.10 0.08 0.08 - 0.02 0.14 0.01 1.22 1.10 1.19 + 0.07 1.35 0.42 1.63 1.45 1.58 + 0.11 1.76 0.55 78.91 74.30 75.56 - 0.50 87.74 24.68 0.31 0.29 0.30 - 0.01 0.50 0.10 0.42 0.37 0.39 + 0.01 0.63 0.12 0.05 0.03 0.05 + 0.02 0.07 0.03 0.10 0.08 0.08 - 0.01 0.30 0.05 0.50 0.00 0.50 - 0.06 0.70 0.33 0.05 0.04 0.04 - 0.01 0.87 0.01 0.40 0.36 0.36 - 0.02 0.58 0.03 0.85 0.79 0.79 - 0.04 0.99 0.02 0.19 0.17 0.19 - 0.01 0.31 0.02 0.25 0.21 0.24 - 0.01 0.41 0.03 0.28 0.23 0.24 - 0.03 0.37 0.08

Skyharbour Res* O 18 Skyharbour Res V 324 Slam Explor V 491 Solitario Ex&R* X 323 Sonora Gld & S V 330 Source Expl V 115 Southern Arc V 159 Southern Arc* O 28 Southern Copp* N 5334 Southern Silvr* O 460 Southern Silvr V 1273 SouthGobi Res T 13 Spanish Mtn Gd* O 353 Sparton Res V 647 Sparton Res* O 25 Spearmint Res V 991 Sphinx Res V 1328 Spruce Ridge R V 48 St Augustine T 503 St-Georges Plt* O 50 Stakeholdr Gld V 120 Stakeholdr Gld* O 12 Standard Metal* O 109 Stans Energy* O 483 Starcore Intl T 172 Starr Peak Exp V 76 Stellar Africa V 677 Stelmine Can V 43 Sterling Grp* O 231 Stillwater Mg* N 7710 Stina Res* O 350 Stockport Expl* O 39 Stonegate Agri T 1912 Stonegate Agri* O 287 Stornoway Diam T 2622 Stratabd Mnr V 2921 Strategic Metl V 292 Strategic Res* O 3 Strategic Res V 8 Stratton Res V 202 Stria Lithium V 1024 Strongbow Expl V 43 Sulliden Mng T 160 Sultan Mnrls V 61 Suncor Energy T 15214 Suncor Energy* N 21913 Sunridge Gold* O 77 Sunvest Mnrls V 79 Sutter Gold V 213 Sutter Gold* O 595

0.25 0.21 0.23 - 0.02 0.32 0.21 0.32 0.27 0.27 - 0.05 0.42 0.08 0.08 0.07 0.08 - 0.01 0.15 0.01 0.77 0.67 0.75 + 0.02 0.95 0.40 0.06 0.05 0.06 + 0.01 0.08 0.01 0.23 0.20 0.20 - 0.09 0.50 0.10 0.82 0.75 0.82 + 0.05 0.90 0.24 0.62 0.58 0.62 + 0.04 0.66 0.17 25.91 24.90 25.33 + 0.07 31.31 21.55 0.38 0.30 0.31 - 0.07 0.52 0.02 0.48 0.39 0.41 - 0.09 0.66 0.03 0.27 0.23 0.23 - 0.04 0.47 0.21 0.12 0.10 0.10 - 0.02 0.17 0.01 0.07 0.06 0.06 - 0.01 0.09 0.01 0.05 0.05 0.05 + 0.00 0.07 0.01 0.03 0.03 0.03 - 0.01 0.06 0.01 0.07 0.06 0.06 - 0.01 0.14 0.01 0.04 0.04 0.04 + 0.01 0.06 0.01 0.10 0.08 0.09 - 0.01 0.14 0.07 0.02 0.02 0.02 - 0.01 0.04 0.01 0.53 0.45 0.46 - 0.09 0.70 0.04 0.42 0.35 0.35 - 0.07 0.54 0.05 0.11 0.09 0.11 + 0.01 0.61 0.01 0.04 0.02 0.03 + 0.00 0.06 0.01 0.78 0.71 0.76 + 0.05 0.91 0.25 0.12 0.10 0.12 + 0.01 0.19 0.05 0.05 0.04 0.04 - 0.01 0.08 0.01 0.38 0.36 0.37 + 0.03 0.38 0.05 0.03 0.02 0.02 - 0.00 0.04 0.01 12.85 11.92 12.19 - 0.20 15.91 4.99 0.09 0.08 0.08 - 0.01 0.16 0.06 0.03 0.01 0.03 + 0.01 0.04 0.00 0.03 0.02 0.03 + 0.01 0.04 0.01 0.02 0.01 0.02 - 0.00 0.03 0.00 1.12 1.06 1.09 - 0.03 1.20 0.65 0.03 0.01 0.02 + 0.01 0.03 0.01 0.75 0.67 0.70 - 0.01 0.86 0.24 0.14 0.00 0.14 - 0.10 0.25 0.14 0.20 0.00 0.15 - 0.12 0.34 0.08 0.74 0.66 0.66 - 0.11 0.85 0.07 0.10 0.09 0.09 - 0.01 0.18 0.02 0.20 0.16 0.16 - 0.05 0.25 0.05 0.39 0.35 0.35 - 0.01 0.47 0.19 0.12 0.00 0.12 + 0.02 0.20 0.05 35.20 34.01 34.25 - 0.80 40.35 27.32 26.91 25.73 25.90 - 0.99 30.70 18.71 0.03 0.03 0.03 - 0.00 0.29 0.01 0.28 0.22 0.22 + 0.01 0.50 0.01 0.06 0.05 0.05 - 0.01 0.16 0.04 0.04 0.04 0.04 - 0.00 0.13 0.02

2016-09-20 9:07 PM

12

WWW.NORTHERNMINER.COM

SEPTEMBER 26–OCTOBER 2, 2016 / THE NORTHERN MINER

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, September 6, 2016 Precious Metals Price (US$/oz.)

Change 1330.05 +11.20 Gold Silver $19.60 +0.82 Platinum $1068.00 -14.00 Palladium $677.00 -16.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $10170.00 +105.00 $4635.00 +9.50 $1945.00 -24.00 $2326.50 -34.50

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, September 5, 2016 (change from August 30, 2016 in brackets): Aluminium Alloy 11680 (-100) 2216175 (-23325) Aluminium Copper 326525 (+43300) 187225 (-500) Lead Nickel 367758 (-3102) 4460 (-25) Tin 450500 (-2800) Zinc

PRODUCER AND DEALER PRICES

TSX WARRANTS

TSX VENTURE WARRANTS

Thermal Coal CAPP: US$40.00 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$40.20 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$8.25 Coal: CME Group Central Appalachian Futures Oct. 2016: US$40.00 Nov. 2016: US$40.00 Cobalt: US$12.25/lb.

Copper: US$2.15/lb.

Copper: CME Group Futures Oct. 2016: US$2.166/lb.; Nov. 2016: US$2.154/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$55.30/tonne Iron Ore Fines: US$54.72/tonne Iron Ore Pellets: US$78.52/tonne Lead: US$0.88/lb.

Magnesium: US$1.99/kg Manganese: US$1.65/kg Molybdenum Oxide: US$7.37/lb.

Phosphate Rock: US$115.00/tonne Potash: US$269.00/tonne Rhodium: Mid-mkt US$675.00/tr. oz.

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

Silver: Handy & Harman Base: US$19.27 per oz.; Handy & Harman Fabricated: US$24.08 per oz.

Tantalite Ore : US$132.01/kg Tin: US$8.80/lb.

Uranium: U3O8, Trade Tech spot price: US$25.25; The UX Consulting Company spot price: US$25.35/lb.

Zinc: US$1.00/lb.

Prices current Sept. 20, 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 Cntl Gold Inc. (CNL.WT.A) - Wt buys sh @ $4.75 to Nov 26/17 Dlrdn Resources (DNA.WT.A) - Wt buys sh @ $1.5 to Jul 31/17 Excellon Resources (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 (GGD.WT) - Wt buys sh @ $1.7 to Jun 7/18 Golden Queen Mng (GQM.WT) - Wt buys sh @ $2 to Jul 25/19 Gran Colomb (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 Intl (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 Dyn (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20 Northern Dyn (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21 Northern Dyn (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 (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22 Osisko Gold (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19 Osisko Mining (OSK.WT) - 20 Wt buys sh @ $3 to Aug 25/18

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

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Sep 01, 2016 (with changes from Aug 16, 2016) Largest short positions LUN 43545559 76464 8/16/2016 Lundin Mng Potash Corp SK POT 34038960 591136 8/16/2016 New Gold NGD 23595941 259052 8/16/2016 Kinross Gold K 21578003 -1786894 8/16/2016 BTO 20563003 805182 8/16/2016 B2Gold ELD 19859318 1511090 8/16/2016 Eldorado Gold Teranga Gold TGZ 14487578 3440882 8/16/2016 Suncor Energy SU 13642062 1374770 8/16/2016 CG 12611743 1072883 8/16/2016 Centerra Gold Thompson Creek TCM 10594362 55500 8/16/2016 FM 10513354 -2011436 8/16/2016 First Quantum Goldcorp G 9568735 1812723 8/16/2016 TCK.B 9205597 -849631 8/16/2016 Teck Res Argonaut Gold AR 8912630 337108 8/16/2016 IMG 8870767 -4955488 8/16/2016 IAMGOLD Largest increase in short position Pine Cliff En PNE 6550390 6189800 8/16/2016 Teranga Gold TGZ 14487578 3440882 8/16/2016 G 9568735 1812723 8/16/2016 Goldcorp Eldorado Gold ELD 19859318 1511090 8/16/2016 YRI 6579937 1478039 8/16/2016 Yamana Gold Largest decrease in short position Jaguar Mng JAG 249800 -11650573 8/16/2016 IAMGOLD IMG 8870767 -4955488 8/16/2016 GCM 457400 -3941700 8/16/2016 Gran Colombia Argex Titanium RGX 1558800 -2322100 8/16/2016 First Quantum FM 10513354 -2011436 8/16/2016

Short positions outstanding as of Sep 01, 2016 (with changes from Aug 16, 2016) Largest short positions FF 2048300 -481250 8/16/2016 First Mg Fin Victoria Gold VIT 1921354 -992245 8/16/2016 Integra Gold ICG 1643100 -8462 8/16/2016 Focus Graphite FMS 972912 -914 8/16/2016 GRG 786110 606510 8/16/2016 Golden Arrow Rye Patch Gold RPM 601298 61798 8/16/2016 GSV 521635 125035 8/16/2016 Gold Std Vents Probe Metals PRB 442700 225700 8/16/2016 Castle Mtn Mng NCA 351400 -349600 8/16/2016 CKR Carbon CKR 300000 300000 8/16/2016 WAF 284715 278315 8/16/2016 West Af Res ATAC Res ATC 230300 -20200 8/16/2016 IMPACT Silver IPT 226200 66300 8/16/2016 GoldQuest Mng GQC 180661 135919 8/16/2016 MX Gold MXL 160531 -548637 8/16/2016 Largest increase in short position Golden Arrow GRG 786110 606510 8/16/2016 CKR Carbon CKR 300000 300000 8/16/2016 West Af Res WAF 284715 278315 8/16/2016 Probe Metals PRB 442700 225700 8/16/2016 MTO 158100 156100 8/16/2016 Metanor Res Largest decrease in short position Victoria Gold VIT 1921354 -992245 8/16/2016 MX Gold MXL 160531 -548637 8/16/2016 FF 2048300 -481250 8/16/2016 First Mg Fin Castle Mtn Mng NCA 351400 -349600 8/16/2016 SSV 23100 -314014 8/16/2016 Southern Silvr

DAILY METAL PRICES Daily Metal Prices Date Sept 5 Sept 2 Sept 1 Aug 31 Aug 30 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1570/1590 1570/1590 1570/1590 1575/1590 1575/1590 Aluminum 1568/1586 1591/1609 1586.50/1607 1600.50/1622 1627/1641 Copper 4602.50/4614.50 4606.50/4615 4619/4632 4602/4617 4608/4625 Lead 1958/1966.00 1939.50/1945 1912/1924 1874.50/1878 1879.50/1887 Nickel 10045/10040 9875/9925 9745/9790 9720/9790 9715/9775 Tin 19575/19495 19295/19225 19140/19075 18870/18800 18820/18780 2363/2362 2348/2347 2329/2325 2327/2318 2317/2314 Zinc

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

Gold AM 1328.30 1311.50 1305.70 1314.45 1318.85 Gold PM 1326.35 1324.70 1309.50 1309.25 1318.15 Silver 19.49 18.75 18.65 18.74 18.78 Platinum 1065.00 1052.00 1043.00 1050.00 10673.00 Palladium 676.00 670.00 666.00 674.00 690.00

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

Sep 16 Sep 15 Sep 14 Sep 13 Sep 12 1.3214 1.3158 1.3195 1.3176 1.3040 0.7568 0.7601 0.7578 0.7584 0.7669

Exchange rates (Quote Media, September 16, 2016) C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand C$ to AUS 1.0101 0.6783 77.4590 14.8432 10.7300 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.5821 5.0480 50.7705 0.7422 852.2523 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.3356 0.8963 102.2770 19.6163 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.7693 6.6701 67.0753 0.9804 1126.0500

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.$

12_Sept 26_MMMM.indd 12

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

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

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

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

TSX WARRANTS CONT'D Primero Mining (P.WT.C) - Wt buys sh @ $3.35 to Jun 24/18 Quest Rare Mls (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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Sep 16 Sep 15 Sep 14 Sep 13 Sep 12 High Low 14366.46 14349.10 14597.14 15527.30 12400.15 S&P/TSX Composite 14450.69 14503.67 S&P/TSXV Composite 799.24 802.62 802.35 797.17 813.90 1050.26 883.52 843.08 845.40 835.90 834.71 849.64 896.74 709.99 S&P/TSX 60 S&P/TSX Global Gold 234.35 237.26 236.47 236.17 243.39 218.90 149.29 S&P/TSX Metals & Mining 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS 110 New Highs

Duncan Park H

Novo Res

Tiller Res

Advantage Lith

E-Energy Vent

Novo Res*

Tower Res

Alacer Gold

Eastfield Res

Nrthn Superior

Almo Capital

Ely Gold & Mnl

NuLegacy Gold

United States A*

Alphamin Res

Ely Gold & Mnl*

NV Gold

Altitude Res

Ensurge*

NV Gold*

Apex Res *

Explorex Res

Orefinders Res

Wealth Mnrls

Argentum Silvr*

G4G Res

Oriental Non F

Wealth Mnrls*

Arrowstar Res

Global Cop Grp

Orla Mng Ltd

Whitehaven Coa*

Astorius Res

Golden Sh Mng

Orsu Metals*

Winston Gld Mg*

Aurgent Gold

Goldrea Res*

Osisko Mng Inc

20 New Lows

AZ Mining

Great Atlantic

Peloton Mnrls

Barksdale Cap

Harvest Gold

Prize Mng

Baroyeca Go&Si

Hawkeye Gld&Di

Prospero Silvr

Bellhaven Cp&G

Hunt Mng

PUF Vent Inc *

Bellhaven Cp&G*

Hunt Mng*

Rare Earth Mnl*

Bard Vent*

Belvedere Res*

IGC Res

Redhill Res

Cameco Corp

Big North Grap

Irving Res

Redhill Res*

Cameco Corp*

Big North Grap*

Ivanhoe Mines

Regency Gold

Energy Fuels

Bison Gold Res

Kapuskasing Gd

Rock Tech Lith

Bravura Vent

Kapuskasing Gd*

Rock Tech Lith*

Burey Gold*

Kitrinor Mtls

Rogue Res

Caledonia Mng

Lovitt Res*

Rogue Res*

Caledonia Mng*

Martina Mnls

RosCan Mrnls

Great Bear Res*

Camino Mnls

MDN Inc

Serengeti Res

Inca One Gold*

Canex Energy

MDN Inc*

Stelmine Can

Kapuskasing Gd*

Castle Mtn Mng

Mezzotin Mnrls

Stratabd Mnr

Kitrinor Mtls

China Gold Int

Midland Expl

Strategic Res*

Comet Inds

Minsud Res

Sunvest Mnrls

Meryllion Res*

Cons Westview

Mkango Res

Tajiri Res

Contintl Gold

Morumbi Res

Tantalex Res

Contintl Gold*

NewCastle Gold*

Teck Res

Noram Vent*

Dalradian Res

Newstrike Res

Teck Res*

Osisko Gold*

Dalradian Res*

Nighthawk Gold

Tesoro Mnrls

West Red Lake*

Uranium Hunter* Vangold Res

Anglo-Bomarc Avarone Metals* Avnel Gold

Energy Fuels* Excelsior Mng Golden Tag

Napier Vent* Nickel One Res

CANADIAN GOLD MUTUAL FUNDS FundName Sep 16 ($) AGF Prec Mtls Fd MF 28.09 BMO Prec Mtls Fd A 22.45 BMO ZGD BMO ZJG CIBC Prec Metal Fd A 12.97 Dyn Prec Metls Fd A Horizons HEP IGMacGloPrecMetCl A 10.45 iShares XGD 14.64 Mac Prec Met Cl A 59.21 15.19 NB Prec Met Fd Inv RBC GblPreMetFd A 37.95 Sentry Pre Met Fd A 50.95 Sprott Gold&PrMinFdA 45.38 Sprott SilverEquCl A 8.43 TD PreciousMetalsInv 45.49

Sep 09 ($) 28.51 22.43 12.26 10.36 13.03 8.42 31.17 10.67 14.72 60.52 15.34 38.54 51.23 45.76 8.59 46.24

Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) -0.42 -1.47 78.14 2.78 202.02 0.02 0.10 78.54 2.40 78.82 -0.50 -3.89 79.25 0.63 43.65 -0.32 -2.91 96.50 0.60 92.41 -0.06 -0.42 53.11 2.62 61.86 -0.27 -3.08 95.58 2.66 464.96 -1.65 -5.05 68.85 0.80 -0.23 -2.12 95.76 2.76 103.04 -0.09 -0.59 76.34 0.61 773.22 -1.31 -2.17 99.27 2.51 146.14 -0.15 -0.98 81.93 2.46 43.25 -0.59 -1.54 85.30 2.13 454.14 -0.28 -0.54 96.79 2.90 273.48 -0.38 -0.83 82.85 3.19 277.12 -0.16 -1.88 142.09 3.23 102.89 -0.75 -1.62 80.00 2.26 177.05

GLOBAL MINING NEWS · SINCE 1915

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2016-09-20 8:41 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 26–OCTOBER 2, 2016

13

PROFESSIONAL DIRECTORY srk consulting

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Consulting services from exploration through to mine closure

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2016-09-20 8:50 PM

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WWW.NORTHERNMINER.COM

SEPTEMBER 26–OCTOBER 2, 2016 / THE NORTHERN MINER

Eurasian finds success in US INTERVIEW

BY SALMA TARIKH

D

avid Cole, president and CEO of Eurasian Minerals (TSX: EMX; NYSE-MKT: EMXX), took some time during a visit to Toronto to chat with The Northern Miner about the company’s business model, recent developments and upcoming catalysts.

The royalty and prospector generator holds about 70 projects covering 1.4 million acres across five continents. Its key assets include the Leeville Royalty property that covers part of Newmont’s underground gold operations in Nevada’s Carlin trend, the Malmyzh porphyry copper-gold project in Far East Russia held by private firm IG Copper (51%), and Freeport-McMoRan (49%), with Eurasian holding a 39% interest in IGC. It also has organically grown royalty interests in Turkey, and the Cukaru Peki royalty property in Serbia. The following is an edited transcript of the Sept. 7 interview: The Northern Miner: What led you to form Eurasian Minerals in 2003?

David Cole: I spent the first 18 years of my career with Newmont Mining.

While I was with Newmont, I was typically on the pointy end of the stick, going around the world doing generative exploration. I did work in the mining environment just to understand what that environment was like. But my passion has always been value creation through the discovery process. And I had the opportunity to work in Indonesia, South East Asia, Nevada and the Western U.S., as well as Peru and the Andes. One of my last positions with Newmont was as the exploration manager of Turkey — that was very educational, and I had a passion for the exploration potential in Turkey.

During this process, I was fascinated with what made money and what didn’t. It was clear to me that the royalty model was very, very intriguing. I saw Pierre Lassonde

| David Cole highlights Eurasian Minerals’ key projects around the globe

build Franco-Nevada on the back of royalty acquisitions that he made in the Carlin trend. And the fact that Pierre Lassonde made an exorbitant amount of money off his royalties — with few employees and few headaches — I thought was enviable. So I always had a lot of respect for that.

In addition, there was a prospect generator by the name of Lyle Campbell who was executing the private prospect-generation business model in Nevada. He built a portfolio organically in the state of Nevada by staking properties, adding value by doing good geology, selling those properties off, and keeping advance minimum royalty income flow coming in and production royalties coming in from a portfolio. This portfolio augmented in value over Lyle Campbell’s life.

I thought this was just a fabulous example. So with these two models in mind, I left Newmont to found Eurasian Minerals and pursue the prospect-generation business model, and leverage the value of discovery.

TNM: When did you leave Newmont?

DC: I left Newmont in February 2003, and we had Eurasian public

by December on the TSX Venture.

TNM: How has the company’s business model evolved over the last 13 years?

DC: Our business model initially was pure organic growth of a portfolio executing the prospect-generation business model, where we acquired large tracts of prospective mineral real estate, added value and sold or joint-ventured assets.

We added the ability to make strategic investments, where we used the same geological talent and the same business acumen that we had around the world doing prospect generation. And if they identified a strategic investment [we could] make it a share placement or an open market placement.

That has led to such things as our investment in IG Copper, which

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A drill rig at Eurasian Minerals’ Akarca gold-silver project in Turkey in late 2013. PHOTO BY SALMA TARIKH

has the big copper-gold discovery in Russia.

And as our understanding of the prospect generation process and business evolved, we realized that what we really wanted is a good royalty. Tweaking the prospectgeneration business model into a royalty generation business model where 100% of the project equity is available to our customers has facilitated more deal flow … what I really want is a good royalty. If I can negotiate a royalty upfront I am more likely to get a good one, as opposed to a joint venture, where you have an option to dilute to a royalty.

TNM: What stage are the projects at when you negotiate a royalty?

DC: These are typically early-stage assets, where we are acquiring properties and adding value with geological interpretations. It is largely model driven. And we sell these projects and keep a royalty in these properties. Also, we have stage gate payments or advanced minimum royalty income flow that comes in alongside these deals.

What we realized is that organically growing a portfolio of royalties is an accretive business, but it takes a long time for it to come into fruition because of the lead time to go into production. To help leapfrog the process, we felt it was prudent to buy royalties.

We did go out and buy the cashf lowing royalty on the Leeville mine in the Carlin trend, where Newmont is the operator. We’re just delighted to own that royalty.

We bought it because we believe in Newmont’s ability to find more ores on the property … they continue to announce favourable results within the corridor.

To augment our portfolio of organically grown royalties, we should buy royalties if and when we can.

There are a couple of good examples in our portfolio of royalties that we bought, namely the Leeville royalty, but also on the royalty in Serbia, on the fantastic new [Cukaru Peki] discovery, which Nevsun is advancing on the Brestovac licence. This is the former Reservoir Minerals property, which Nevsun purchased.

It is a key asset and royalty in our portfolio that we’ve purchased.

TNM: The company has 30 projects in the U.S., including the Leeville royalty. What are some other interesting projects there?

DC: In addition to our key asset and assets in Nevada, we are also one of the largest landowners in Arizona. That would include a nice property position in proximity to the Resolution [copper] discovery in Superior Arizona. We have the

Superior West property, which is in the hands of BHP Billiton. We have done a myriad of deals with major and junior companies in Arizona on the properties that we have there.

Newmont has already completed the Leeville Turf 3 ventilation shaft [in Nevada] at the expense of US$300 million. They anticipate doubling production, which we are delighted to hear. We already saw an increase in the royalty payment over the last few months.

TNM: How much of an increase should you see in the royalty payment over a year?

DC: We expect to see the royalty move from being a $1.5-millionper-annum payer to over $3 million.

TNM: Given Eurasian is active globally, how does the company balance its exposure to a country’s geopolitical risk with the country’s mineral potential?

DC: We have a history of doing this. It speaks to your focus on the United States. Early in the history of the company when the market was strong, we were dominantly in pioneering regions of the world, places like Serbia, Haiti, Turkey, et cetera. During the downturn, we have shifted our focus and worked in top-tier, politically stable venues, which include the western U.S. and northern Europe. We now have 50% of our portfolio in the United States.

TNM: How much of that has to do with investors becoming more risk averse and investing in companies in safer jurisdictions when commodity prices fall?

DC: The best way for me to explain it, which is actually a twist on your question, if you don’t mind, is that we want to get the best bang for our prospecting dollars. We want to acquire the most prospective mineral real estate for the cost.

When it was a competitive environment, we went to crazy places like Haiti, Serbia — we were pioneers in Serbia. We were in Kyrgyzstan.

We were in Turkey. In the downturn, we went in prospective areas in Nevada, Arizona, Sweden and Norway and to a lesser degree in New Zealand and Australia. So it depends on the ratio of competitor activity and geological political risk.

TNM: Did the recent political events in Turkey play a role in the company’s decision to sell its Akarca and Sisorta projects to two Turkish firms in August?

DC: It certainly would look that way if you look at how the events unfolded, and then we sold. We were negotiating the sales long before the failed coup. Those deals were in the works. They were not precipitated because of the change

in the political environment. They were precipitated by our business model.

TNM: The company’s latest management discussion and analysis noted it had a $2.6-million working capital position at the end of June, and that it might raise additional capital to complete its planned programs. How long will the working capital last?

DC: That can last a long time because we are operating at near cash flow neutrality. Keep in mind that before that, we sold Akarca for US$2 million, which includes the cash equivalent of 500 oz. gold, which is paid to us every six months, in addition to other cash payments coming in. So between the US$2.6 million we had in the bank in June plus another [more than 2-point million] — plus we sold Sisorta for a quarter million, which is C$3 million, which is collectively C$5.6 million. We spent a little bit of money, but because we are operating near cash flow neutrality with the deal flow we have, that 2.6 could last a long time.

TNM: How much cash does the company have?

DC: It is safe to say C$4 million.

TNM: Would Eurasian look to raise more money in the near-term to fulfill its planned programs?

DC: That is not necessary because of the additional monies we have gotten from our deal flow.

TNM: What are upcoming catalysts that investors should look for?

DC: Ongoing revenue and exploration upside from the Leeville royalty property is an asset within the company. Advancing the Cukaru Peki royalty property in Serbia — long-term this is an absolute company maker. Another hands-down company maker is our strategic investment in IG Copper — one of the bigger new copper-gold discoveries in the world — and that is the Malmyzh strategic investment.

This could become the most lucrative, once crystallized. The organic royalty interests that have been grown in Turkey, including Akarca, Sisorta and Balya, which are being fast tracked to production ... would be value drivers. Collectively these are worth more than our market cap by a margin. TNM — Eurasian shares closed Sept. 15 at $1.40, up 141% year-to-date, helped by higher commodity prices, continued deal flow, including the sale of Akarca, and the recent strategic industry law approval for Malmyzh, signalling support from the Russian government and a new development phase for the project. Eurasian has 74 million shares outstanding and a $103.5-million market capitalization.

2016-09-20 8:35 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / SEPTEMBER 26–OCTOBER 2, 2016

15

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2016-09-20 8:35 PM

16

WWW.NORTHERNMINER.COM

SEPTEMBER 26–OCTOBER 2, 2016 / THE NORTHERN MINER

SOUTHWEST U.S. SNAPSHOT 9 projects to watch SOUTHWEST From 9 a US$610-million cash deal with Barrick Gold.

Bald Mountain produced 161,000 equivalent oz. gold in 2015, and Kinross says the mine could have an annual production range of 175,000 to 300,000 equivalent oz. gold, with an annual all-in sustaining cost range of US$700 to US$1,130 per equivalent oz. gold over the three-year period from 2016 through 2018.

In the village of La Zarza, men gather for a “minga” or community event — in this case, to build an addition to a church so the local priest had a place to stay when he came once a week to deliver mass. (Keith Barron at back in white hat.) CREDIT: KEITH BARRON

Playing high stakes poker for Fruta del Norte FRUTA DEL NORTE From 5

into production. Anatoli said no one had found any gold up to that point, but the Colombians acted as if that wasn’t important.

The Colombians imported a wash plant and heavy equipment, and mined alluvial gravels along the Rio Blanco.

Luis, my boatman from La Zarza, told me a year later the whole thing had been a dummy operation, set up to launder Colombian drug money.

The Colombians were buying raw gold from the local gold buyers over the spot price with dirty drug money, and declaring the gold as production from the plant. This in turn was sold to the Banco Central for sucres, which could easily be exchanged for pesos and repatriated to Colombia.

All the Colombians needed was a convincingly real mining project in a gold rich area where there was lots of mining activity.

Meanwhile Anatoli and his partners were getting a cash payment every month, so they were happy.

And no one ever went down south to Zamora-Chinchipe to check out the operation, which suited the Colombians just fine.

Luis was present on-site a few weeks into the mining operation, on a day that changed everything.

One scoop of the excavator exposed the bedrock, which was covered with “chispas de oro” (nuggets) scattered like rice. The Colombians were amazed.

Further testing down to bedrock showed gold just about everywhere in the basal gravels. The Colombians hastily ordered more equipment and within a couple of months had 11 excavators on site mining a whopping 8 to 13 kg gold (up to 416 oz.) every week.

Anatoli was oblivious to all this, and only became aware of the scale of the mining when he got a letter from the government, demanding the partners, as the concession owner, clean up the many stagnant pits of water and gravel piles left after the Colombians had decamped a few years later. It must have looked like the battlefield of the Somme.

More years later, the Ecuadorian manager of the mining operation was tossed into prison by the leaders of the local town of Los Encuentros, because no taxes had ever been paid to the municipality. But the company had long since dissolved, and after a month they let him go.

Anatoli’s partners had taken off back to Russia when the reclamation order was made, leaving him holding the bag. He told me he had

1 2 3 4 5 7 8 9 14 15 16_Sept 26 2016_Main .indd 16

spent $1 million restoring the site with bulldozers. This had to be an exaggeration, but he felt like he had been swindled and wanted to make me pay for it.

(Years later it would all get torn up again by illegal miners, after my company Aurelian Resources was sold to Kinross.)

Looking back, the gold the Colombians had been mining was only coming from satellite deposits around Fruta del Norte, which itself is a blind deposit and does not come to surface.

In 1997, Anatoli convinced Climax Mining of Australia to explore the Zarza concession. Early into the exploration, however, the BreX fraud in Indonesia was exposed, crushing junior mining internationally.

Climax held on for a short while by joint-venturing the project with an Argentine outfit, but they soon gave up after a drilling campaign and left Ecuador in 1999.

It was David Shatwell, a consultant working for Climax, who sampled the discovery outcrop at Fruta del Norte. It yielded high levels of arsenic and antimony, but little gold.

In 2006, Steve Leary and his team would sample the same outcrop, but added mercury to the assay requests.

It was off the charts. But I am getting ahead of myself.

(I visited Andean Resources’ Cerro Negro property in Patagonia in 2010, and wanted to shake David’s hand, but he was on field break. He’s responsible for that discovery, now in production by Goldcorp. Clearly he’s a great exploration geologist.)

Fredy Salazar and I drove all through the night, after we had first contacted Anatoli by phone.

We finally got to the port of Machala and boarded a flight to Guayaquil, then a second flight to Quito in time for our 11 o’clock meeting.

Climax Anatoli still held the Zarza concession, but now his main business was selling medical equipment. His secretary escorted us to his office past a glass-walled conference room.

There on the big table were spread out dozens of maps that were being carefully scrutinized by someone Fredy recognized.

“That guy’s a mining engineer,” Fredy whispered.

“Yikes,” I thought.

After our introductions, Anatoli said, “Isn’t it curious that after years of nothing, two people show up the same day with offers to buy my mining concession?”

The engineer was going through all the Climax Mining reports. This

was a fine kettle of fish.

It turns out the engineer had a suitcase with $160,000 in it, and wanted to buy the concession outright. He was working for the illegal miners!

After my surprise visit to the property, they must have realized the jig was up: either they had to stop mining and run off, or buy out the concession.

I couldn’t very well tell Anatoli that this money was the illegal proceeds of gold from his own concession. As far as anyone knew, Climax had found nothing worthwhile, and that was pretty much the end of it.

The two discoveries, one of which I saw with the 75 miners, I named “Aguas Mesas Norte,” and the other “Aguas Mesas Sur.” (Aguas Mesas is a nonsense name that I borrowed from the “Aguas Mesas Lode” in a B-movie released at the time named “Eight-Legged Freaks.”)

These discoveries I suspect were unknown to Anatoli as we sat in his office, but I’ll never know. He was a pretty canny character.

Anatoli told me I had 24 hours to come up with a better offer, and it had to be “in cash.”

That night I didn’t sleep one wink.

It was the greatest piece of exploration ground I had ever seen in my life, and the doughnut hole in the middle of my (then) 460 sq. km concession.

This was mid-2002. I was already 18 months into exploration, and everything was being funded out of my pocket. I had enough money banked to top the other offer, but then I’d have nothing left to operate.

That’s when I called my dad. My parents were in Las Vegas of all places, with another couple. Dad was playing poker at the aptly named Golden Nugget Casino.

He must have been on a winning streak and was in a great mood. I told him I had just seen the most exciting gold prospect of my career and had to have it, and “could I please borrow $200,000?”

The phone went quiet for a second and then he said, “If you really think it’s that great, I trust your instincts.”

The next day I had my stake and my own poker game of sorts to play with Anatoli. He certainly played hardball, but finally accepted $250,000 — a cash payment of $50,000, and the rest in stages over the next year-and-ahalf. Hallelujah! Later over vodka shots he said he would have taken $200,000.

Little did we know that four years later, almost $20 billion in gold and silver would be discovered on the concession. TNM

As of Dec. 31, 2014, Bald Mountain had proven and probable gold reserves of 1.36 million oz. based on 60 million tonnes at 0.70 gram gold equivalent per tonne, plus measured and indicated resources of 4.2 million oz. based on 207 million tonnes of 0.63 equivalent gram gold.

at its Florence in-situ recovery copper project, acquired via its takeover of Curis Resources in November 2014.

Probable reserves stand at 340 million tons grading 0.3% copper for 2.4 billion lb. copper. The project looks good on paper, with power, transportation, road and rail infrastructure in place; a pre-tax net present value of US$850 million, with a 31% internal rate of return at an 8% discount rate; and life-of-mine direct operating costs of US80¢ per lb. copper recovered.

Taseko says most of Phase 1 operating permits are in place at Florence, with two outstanding permits needed to move forward with a test facility. TNM

MEETINGS Sep 27

Ascot Resources

Sep 27

Thompson Creek Metals

Sep 28

Rio Silver

AGS

Sep 29

Zenyatta Ventures

AGS

Sep 29

Wabi Exploration

AGS

Oct 05

Corazon Gold

AG

Oct 05

Corazon Gold

AGS

LITHIUM AMERICAS

Oct 06

Canadian Platinum

AG

While Vancouver-based Lithium Americas (TSX: LAC; US-OTC: LACDF) (which changed its name from “Western Lithium” in March) has a focus on its Cauchari-Olaroz lithium project in Argentina’s Jujuy province, it also has a foot in Nevada’s burgeoning lithium scene, with its Lithium Nevada project (formerly named the Kings Valley project), which it describes as “one of the largest lithium resources in North America.”

Oct 07

Dolly Varden Silver

AG

Oct 07

Morumbi Resources

Oct 11

Lateral Gold

Oct 12

Altitude Resources

Oct 12

Eastern Platinum

Oct 14

Ecuador Gold and Copper

Oct 17

Lions Gate Metals

Oct 18

Aurcrest Gold

Oct 18

Berkwood Resources

AE

Oct 18

Flinders Resources

AG

Oct 18

Sceptre Ventures

Oct 18

Thompson Creek Metals

Oct 19

Genesis Metals

Oct 19

Group Ten Metals

AGS

Oct 19

Tarku Resources

AGS

Oct 20

Bell Copper

Oct 20

Canterra Minerals

Oct 20

Ecuador Gold and Copper

Oct 20

Elcora Advanced Materials

AG

Oct 20

GTA Resources and Mining

AGS

Oct 20

Independence Gold

Oct 20

Northern Freegold Resources

McEwen Mining (TSX: MAI; NYSE: MUX) has two development-stage gold projects in Nevada: Gold Bar and Tonkin in the Battle Mountain-EurekaCortez gold trend of Eureka County.

Oct 20

Orosur Mining

AGS

Oct 20

Corvus Gold

AGS

Oct 21

Rhyolite Resources

AGS

Oct 21

Minsud Resources

AS

Oct 25

Chilean Metals

A

McEwen is spending US$3.5 million at Gold Bar in 2016. The scope of its feasibility study is a conventional open-pit mine, with an oxide gold heap leach recovery circuit; an initial $60-million capital cost; 20% after-tax internal rate of return at US$1,150 per oz.; a 65,000 oz. gold average annual production; and an estimated cash cost of US$728 per oz. gold.

Oct 25

Callinex Mines

AGS

Oct 27

Playfair Mining

AG

Oct 28

Red Ore Gold

AS

Oct 28

Fancamp Exploration

AG

Oct 31

Hornby Bay Mineral Exploration AS

Oct 31

Inca One Gold

Oct 31

Luna Gold

Kinross says brownfield and greenfield exploration will be “key aspects” of its strategy going forward at Bald Mountain to build the resource and reserve base.

Lithium Americas says it is intent on advancing engineering studies to produce lithium hydroxide on a commercial scale at Lithium Nevada in Humboldt County, and wants to set “new standards for environmental sustainable resource development.”

MCEWEN MINING

If the mine is approved by regulators in early 2017, mine construction would follow over the next 10 to 12 months.

According to a 2008 estimate, Tonkin has a measured and indicated resource of 32.3 million tonnes at 1.4 grams gold per tonne for 1.5 million oz. gold.

AS S

S AGS A S AGS A AS

AGS S AG

AG AG AGS

AG AG

AG S

Nov 01 Academy Explorations

AG

Nov 01 Orestone Mining

AG

Nov 01 Ucore Rare Metals

AG

Nov 03 Colorado Resources

AG

Nov 03 Nevada Energy Metals

AGS

Nov 03 Agrium

S

Nov 04 Ely Gold & Minerals

A

Nov 07 Goldeye Explorations

S

Nov 07 Omineca Mining and Metals Nov 08 Bold Ventures

AS AGS

Nov 08 Discovery Harbour Resources AGS Nov 08 Great Thunder Gold

AG

Nov 09 Galore Resources

AGS

NORTHERN SPHERE MINING

Nov 09 North Arrow Minerals

AG

Northern Sphere Mining (CSE: NSM) is a microcap company based in Toronto with an eye on gold and silver, and is aiming to raise $1.5 million in a private placement.

Nov 09 Nubian Resources

AG

Over the last few months at its 80%-owned Arizona silver property in Arizona, it has produced 500 oz. silver from a pilot run and built a stockpile of 300 tonnes of high-grade feed material while it dewatered and cleared the adit at its Buckeye mine.

Nov 10 Khan Resources

S

Nov 15 Nortec Minerals

AGS

TASEKO MINES Taseko Mines (TSX: TKO) is well known among miners in B.C., but is also active southeast of Phoenix, Ariz.,

Nov 09 Rainy Mountain Royalty

AG

Nov 10 Scorpion Resources

AGS

Nov 10 Bellhaven Copper & Gold

AG

Nov 10 Chilean Metals

A

Nov 16 Reliant Gold

AS

Nov 16 Castle Peak Mining

AG

Nov 16 Golden Predator Mining

AG

Nov 17 Killdeer Minerals

AG

Nov 18 Troymet Exploration

AGS

Nov 22 Kitrinor Metals

AS

Nov 24 Valterra Resource

AG

Dec 08 Santa Rosa Resources

AG

MEETINGS LEGEND A – Annual E – Extraordinary G – General S – Special

2016-09-20 8:35 PM