The Northern Miner February 15-21, 2016 by The Northern Miner Group

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FEBRuary 15-21, 2016 / VOL. 102 ISSUE 1 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Tahoe bids $945M for Lake Shore Gold M&A

| Analysts say a competing bid is unlikely

Ross Beaty: It’s time to buy mining stocks VRIC 2016

| Good management, diversity and timing keys for investment success By Lesley Stokes lstokes@northernminer.com VANCOUVER

ining financier and entrepreneur Ross Beaty told an audience at the Vancouver Resource Investment Conference in late January that it’s a “phenomenal” time to buy resource stocks. “The tide is way out and it’s a buyer’s market everywhere across the board from oil, mining, currencies and real estate,” Beaty said. “Every so often cycles get to the point they are at today, and it’s just hard to lose. It’s a wonderful time to be in the market.” He admits most of his money has always gone into companies he either manages or is otherwise involved with, but in recent years, he’s been

The headframe and surface facilities at Lake Shore Gold’s Timmins West gold mine in Ontario. Lake Shore Gold

By Salma Tarikh starikh@northernminer.com

See Beaty / 2

ahoe Resources (TSX: THO; NYSE: TAHO) is set to buy Toronto-based junior producer Lake Shore Gold (TSX: LSG; NYSE-MKT: LSG) in a $945-million, all-share bid, with analysts on both sides of the deal approving. Reno, Nev.-based Tahoe — the operator of the Escobal silver mine in Guatemala and the La Arena gold mine in Peru — is offering 0.1467 of a share for each Lake Shore share. The deal values Lake Shore at $1.71 per share, a 14.8% premium to its Feb. 5 close and a 28.6% premium to its Feb. 4 close. “It is a decent, reasonable bid,” Haywood Securities’ analyst Kerry Smith, who covers Lake Shore, writes in an email. “The premium is more than 15%, but the deal got leaked … and Lake Shore ran up 15%.” “It seems a win-win for both companies,” Raymond James analyst Chris Thompson, who covers Tahoe, says in an interview. Both posted solid 2015 operating results and offer growth opportunities with Tahoe’s Shahuindo mine in Peru and Lake Shore’s 144 Gap zone in Timmins, Ont. “If you throw that all together and put it

PM40069240

Tahoe Resources’ flagship Escobal silver mine in Guatemala. Tahoe Resources

in one bucket, it provides a positive from a geopolitical risk perspective, or diversifying somewhat against Guatemala for Tahoe. And obviously, Lake Shore is going to benefit on the back of a strong cash-generating machine in the form of Escobal,” he says, adding that Tahoe is paying a “fair price” for the Canadian junior. Lake Shore operates the Timmins West and Bell Creek gold mines near Timmins, Ont. Last year, it produced a total of 179,600 oz. at

all-in sustaining costs of US$870 per oz., below its US$950 target. The Bell Creek mill processes ore from both operations. This year, Lake Shore is targeting total production of 170,000 to 180,000 oz. gold. This includes 10,000 to 15,000 oz. non-commercial production from the 144 Gap zone, near the Timmins West mine. (Commercial production at 144 Gap should begin in the second half.) Last year Tahoe cranked out 20.4

million oz. silver from Escobal and 230,436 oz. gold from La Arena. This year, it has guided production of 18 million to 21 million oz. silver at Escobal and 200,000 to 250,000 oz. gold. Tahoe’s gold production will come from La Arena (170,000 to 190,000 oz.) and the Shahuindo mine. Shahuindo, an initial 10,000-tonne-per-day operation, is set to hit commercial production in the second quarter. See Tahoe / 2

AME BC’s DIROM: BC MINING’s biggest issues for 2016 / 3

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FEBRUARY 15–21, 2016 / THE NORTHERN MINER

Tahoe bids $945M for Lake Shore Gold

Drills at Lake Shore Gold’s 114 Gap gold project in Timmins, which could begin commercial production this year. Lake Shore Gold Tahoe From 1

Once in full swing, it would be an annual 75,000 oz. producer. If the deal closes, Tahoe’s 2016 gold count would total 370,000 to 430,000 oz., at all-in-sustaining costs of US$950 to US$1,000 oz. “Our near-term goal will be to increase gold production to over 500,000 oz. annually, starting in 2018,” Tahoe CEO Kevin McArthur said on a conference call. The increase would come from moving 144 Gap to production; ramping up Shahuindo to 36,000 tonnes per day in 2018 to produce up to 170,000 oz. gold a year; and expanding the Bell Creek mill. The mill can treat 4,000 tonnes per day, with Tahoe looking to expand to 5,500 tonnes next year for US$30 million.

The combined company could deliver over US$350 million in operating margin a year, and modest spending across its assets could generate “industry-leading” free cash flow, McArthur added. The combination is set to close by early April. It will require approval from two-thirds of Lake Shore’s shareholders, and from a simple majority of Tahoe’s shareholders. The agreement includes Tahoe’s right to match any superior bids, and termination fees of $37.8 million payable to Tahoe and $20 million payable to Lake Shore, if t he ot her pa r t y brea k s t he contract. “I doubt there will be a higher bid,” Haywood’s Smith says. The companies that may be interested in Lake Shore — like Richmont

“There aren’t many companies that have the horsepower Tahoe has.” Chris Thompson Analyst, Raymond James

Mines (TSX: RIC; NYSE-MKT: RIC), Primero Mining (TSX: P; NYSE: PPP), Iamgold (TSX: IMG), etc. — “are too small to do it.” While Goldcorp (TSX: G; NYSE: GG) is rumoured to be interested, Smith reasons, it is unlikely the major will make a move, as it has a new CEO and Lake Shore is a “pretty small” producer. Raymond’s Thompson agrees that chances for a competing bid are low, noting majors tend to go for bigger producers, and that the intermediate

players are “all pretty pregnant in terms of what they are working on.” He points out that B2Gold (TSX: BTO; NYSE-MKT: BTG) is busy expanding into Africa, Eldorado Gold (TSX: ELD; NYSE: EGO) has its “boat full” with Greece and that Lake Shore would have been a “great acquisition” for OceanaGold (TSX: OGC) if it hadn’t picked up Romarco Minerals last year. “There aren’t many companies that have the horsepower Tahoe has … a clean balance sheet and

cash-flow capability, and the need to acquire a North American asset,” Thompson says. Once combined, Tahoe would boast four low-cost mines; a global resource of 10.4 million oz. gold across eight exploration projects in Peru and Canada; US$162 million in cash and equivalents; US$65 million in debt; and a US$2.6-billion market capitalization. Lake Shore’s chair Alan Moon would join Tahoe’s board, and the junior’s CEO Tony Makuch would become Tahoe’s president of Canadian operations. Tahoe plans to keep paying a monthly dividend of US2¢ per share. On the acquisition news, Lake Shore Gold shares rose 5% to $1.57, and Tahoe shares fell 6% to $10.91. TNM

Ross Beaty: It’s time to buy mining stocks “Every so often cycles get to the point they are at today, and it’s just hard to lose.”

Beaty From 1

beefing up his stake elsewhere in the junior resource sector. Transactions of late include taking a 9.9% stake in Kaminak Gold (TSXV: KAM) for $6.7 million; 9.7% of Dalradian Resources (TSX: DNA) for $11.3 million; and ploughing $5 million into Odin Mining and Exploration (TSXV: ODN). Beaty said the first thing he looks at when considering an investment is the quality of the company’s management team. “The companies I invest in are run by good people and people I can trust, so I don’t have to worry about it, but that’s easier said than done,” he said. “It’s not true that only good management makes good news for people. Every so often an idiot or a crook will surprisingly make money just by being lucky. This happens in our business, but more typically good management teams are where you look first.” Beaty’s second piece of advice to investors is to make sure their portfolios are well-diversified. “Say you have some assets that are in production, others advanced-stage and lower risk, then others that are much more speculative and risky,”

Ross Beaty Mining entrepreneur

Drillers at Dalradian Resources’ Curraghinalt gold project in Northern Ireland. Ross Beaty owns 9.7% of the junior. Dalradian Resources

he said. “For the more advanced projects there’s little likelihood you’ll lose money … but if you bet on the smaller companies with more exploration risk, you could get a grand slam.” But the most important factor in

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making an investment, he said, is to get the timing right. “This is not rocket science. When metal prices are trading at all-time highs they’re probably going to go down, and when they trade at alltime lows they’re probably going to go up,” he said. “Commodities go down until that magical point when you hit the bottom and the tide comes in again, and everyone makes decent amounts of money.” Beaty’s outlook for silver, copper and uranium is highly optimistic, and he reckons oil today is “one heck of a bargain,” but remains skeptical on coal, iron-ore and nickel. He’s bullish on gold, which has performed well relative to the other commodities, despite a strong U.S. dollar. “If the U.S. dollar stays strong for a projected period, that will definitely be a bearish factor in the

gold price, but I don’t think it’ll get knocked down too much,” he said. “It will certainly outperform the other metals, with the possible exception of silver.” (Beaty remains chairman of silver miner Pan American Silver [TSX: PAA; NASDAQ: PAAS]). He brushed off speculation that troubled major miners such as Teck Resources (TSX: TCK.B; NYSE: TCK) and Glencore are too deep in the hole. “Teck is not going bankrupt. It’s a well-run, deep company with fabulous world-class assets, and it will always be around,” he said. “The timing of their oilsands investment was a mistake, but what they got was a long-term, world-class asset. When oil prices turn, the stock will double quickly. It’s a great buy.” Northern Dynasty Minerals (TSX: NDM; NYSE-MKT; NAK) is another company that Beaty said

could see its shares “strike a home run” if it can attain environmental permitting for a mine at the Pebble copper-gold deposit in Alaska’s Bristol Bay region. The project has been halted since the U.S. Environmental Protection Agency (EPA) vetoed the firm’s permit application because large-scale mining in the region would wreck one of the world’s biggest salmon fisheries, and other critical habitat. The company has since launched litigation against the agency, alleging that it had “incontrovertible evidence” that the EPA cooperated too closely with environmental activists and made its decisions before undertaking a full scientific inquiry. Northern Dynasty believes its dispute with the EPA will be resolved this year. “I’ve bought some Northern Dynasty myself and I think it’s a good, safe bet today,” Beaty said. “I’m going to guess they’ll have permit success, and that will be a huge catalyst in the stock price. It’s an unbelievable orebody.” Beaty admitted he’s not a “disciplined buyer” and doesn’t analyze his investments every day. “I take my bets for the long-term and try to buy things that I only have to sell once,” he said. “I look at companies that will be taken out or those that are going to build themselves into real companies that will last beyond my lifetime.” TNM

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GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 15–21, 2016

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

Attendees at a town hall meeting hosted by the TSX Venture Exchange in Toronto last month. TMX Group

AME BC’s Dirom concerned about health of junior markets OUTLOOK 2016 By Matthew keevil

mkeevil@northernminer.com VANCOUVER

he Association for Mineral Exploration British Columbia’s (A M E BC) a nnua l Mineral Exploration Roundup conference is in the rear-view mirror, and in four weeks the mining community will gather in Toronto for the Prospectors & Developers Association of Canada convention. These two events can be seen as a barometer for what B.C. miners and mineral explorers of all levels can expect for the coming year. And there are no shortages of hot-button issues. There’s even concern that the mining business could be staring down one of the most protracted downturns in its history. While there are now low commodity prices and tough equity markets, there are more uncertainties moving forward. The prospect of China saving the day with higher gross domestic product growth seems unlikely. At home, questions percolate in Vancouver over the state of Canada’s venture capital markets, and the rise of the environmentalist movement — along with its focus on renewable technologies — has turned permitting in many jurisdictions into expensive political

| BC miners and explorers navigate spending cuts, land access

dramas. The Northern Miner sat down with AME BC president and CEO Gavin Dirom to talk about the mood at Roundup, and what’s going on between industry, government, regulators and First Nation stakeholders in the province. “People tend to paint us as eternal optimists here, but I’d like the underline the fact we’re also realistic,” Dirom said. “There was definitely a sense of that at the conference that year. We’ve been in this downturn for a while now, and we all understand the challenges we face. On a long-term basis explorers are ahead of the curve in many ways, because they are making discoveries that often take 50 years to become viable mines.” Lower commodity prices have affected the mining sector across the development spectrum over the past few years. Spending cuts have been a big theme among producers, with overall capital expenses in Canada dropping from near $22 billion in 2012 to just over $15 billion in 2015. Meanwhile, according to the Mining Association of Canada (MAC), exploration investment fell for a third year in 2014 — 18% to $1.9 billion — breaking the low experienced during the global financial crisis in 2008–09. This equals a 55% decline from an all-time high of $4.2 billion in 2011.

Delegates listen to a talk at AME BC’s Roundup at the Vancouver Convention Centre last month. AME BC

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One major theme to start the year is Canada’s moribund venture capital markets — especially when it comes to exploration-stage assets. MAC data indicates that the 1,112 mining companies listed

“We’ve been in this downturn for a while now, and we all understand the challenges we face.” Gavin Dirom President and CEO, AME BC

on the TSX Venture Exchange (TSXV) were valued at a combined $7.7 billion and raised $707 million in equity capital through late 2015. The figures show a drop from 2012, when the value of junior mining companies was $19.8 billion and the capital raised was $2.8 billion. The TMX Group has held two town hall meetings in Toronto and Vancouver to start the year. TSXV president and CEO John McCoach presented results from a White Paper the exchange released in late 2015. The document outlines three priorities to “revitalize the index,” which consists of reducing compliance and administrative costs; expanding the investor base, and generally enhance liquidity; and diversif y ing and expanding the stock list for the marketplace. “We need to remember it’s not just one organization that needs to be looked at here. This is a classic example where there are many different stakeholders and groups involved,” Dirom said. “We’re looking at a truly Canadian issue. I’d say it’s beyond public markets and the TSX. The impression I’m getting is that we’re now at such a level of concern that changes will be made … a point that gets lost a bit is that this problem expands well beyond natural resources. Other industries are not served well by venture markets either. It’s a priority we restore confidence and offer a framework under which informed investors can participate in Canadian companies,” he added. With the state of the extractive sector — and the broader Canadian economy — provincial govern-

ments and industry will look to Prime Minister Justin Trudeau’s newly elected majority government in Ottawa. The Liberals have not championed the benefits of economic stimulus via infrastructure spending, and recently indicated a potential $1-billion package for the oil and gas industries in Alberta and Saskatchewan. Meanwhile, recent comments from Finance Minister Bill Morneau hinted the federal government may boost its annual infrastructure spending above the promised $5 billion. “I’m off to Ottawa next week with a group of business and industry leaders. It’s important to make those connections and find the alignments that allow us to prioritize with a whole new government. There are clearly issues that extend beyond our industry toward the global economy,” Dirom said. “The provincial government has been pretty open in considering a wide variety of suggestions and ideas aimed at helping the industr y through these tough times. Our mutual responsibility is to boil the issues down and f ind a few pragmatic and

effective items that can make a difference. The industry, as you can imagine, is definitely open to some assistance.” The B.C. Liberals have recently considered relief for miners operating in the province. During Roundup, Minister of Energy & Mines Bill Bennett again reiterated a plan to allow miners to defer payments to the government on operational power at mines until commodity markets bounce back. Aside from the economic uncertainty there are also questions in B.C. surrounding land-access issues, and the dynamic between government, industry and First Nations. The AME BC has zeroed in on the issue, and held featured sessions on the topic at the conference. “For our part we focus on access to land for explorers and assuring there is the framework in place to allow for discovery and development,” Dirom said. “We’ve engaged the provincial government on the land access issue in a number of ways. There’s definitely a need for collaboration between ministries and stakeholders, because these are cumulative issues.” TNM

TAKE NOTICE that by Order of L. Kamerman, Mining and Lands Commissioner for the Province of Ontario, dated the 27th day of January, 2016, that Edgar Snow is Ordered to pay $335.51 (Cdn), John H. Bull is Ordered to pay $189.17 (Cdn), Ruth Ellen Reid is Ordered to pay $189.17 (Cdn), Barbara Ann Hammond is Ordered to pay $189.17 (Cdn), William Batten McPherson is Ordered to pay $36.60 (Cdn) and Robert Smith is Ordered to pay $16.25 (Cdn) and/or their respective Executors, Heirs, Successors or Assigns, plus interest at a rate of six percent, compounded annually from the date of this Order, to the applicant Miller Bay Properties Inc., the mining land taxes for all mining rights in, upon or under PCL 6294 SEC SWS MRO, bearing PIN #73429-0101 (LT), being Mining Claim S-3841 Curtin as in WP 3273, PCL 7121 SEC SWS MRO, being Part Mining Claim S-3841 Curtin, being the sly 500 feet excepting therefrom the Surface Rights Only over a strip of land 66 feet in perpendicular width along Charlton Lake, PCL 6295 SEC SWS MRO, bearing PIN #73429-0102 (LT), being Mining Claim S-3839 Curtin as in WP 3274, and PCL 6296 SEC SWS MRO, bearing PIN #73429-0103 (LT), being Mining Claim S-3840 Curtin as in WP 3275, all situate in the District of Sudbury, Province of Ontario, within three months of the date of the Order, by making payment to Miller Bay Properties Inc., c/o The Office of the Mining and Lands Commissioner, 700 Bay St., Box 2400, Toronto, Ontario, M5G 1Z6. A Notice of Dispute may be filed challenging the payment(s) which will result in a hearing before the Commissioner. Failure to make payment(s) or to request a hearing may result in an Order vesting any or all mining rights in PCL 6294, PCL 7121, PCL 6295 and PCL 6296, in Miller Bay Properties Inc., pursuant to section 196 of the Mining Act, R.S.O. 1990, c. M. 14, as amended. For further information, contact the Office of the Mining and Lands Commissioner, Box 2400, 700 Bay St., Toronto, Ontario, M5G 1Z6, tel. (416) 314-2320.

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FEBRUARY 15–21, 2016 / THE NORTHERN MINER

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Group Publisher/ Publisher: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com Editor-in-chief: John Cumming, MSc (Geol) jcumming@northernminer.com EDITOR, Special projects: Alisha Hiyate, BA (POLI SCI, HIST) ahiyate@northernminer.com Senior staff writer: Trish Saywell, BA, MA, MSc (Jour) tsaywell@northernminer.com staff writerS: Matthew Keevil, BA (Econ and Poli Sci) mkeevil@northernminer.com Lesley Stokes, BSc (Geol) lstokes@northernminer.com Salma Tarikh, BSc (Psych), MA (Jour) starikh@northernminer.com copy editor: Isa Cunanan, BSc (Health Sci. and Prof. Writing Comm.) icunanan@northernminer.com Production editor: David Perri, BA dperri@northernminer.com web editor: Adrian Pocobelli, MA (Engl) apocobelli@northernminer.com Advertising: Joe Crofts (416) 510-6816 jcrofts@northernminer.com Michael Winter (416) 510-6772 mwinter@northernminer.com Production Manager: Jessica Jubb (416) 510-5213 jjubb@glacierbizinfo.com Circulation/customer service: Laura Arnold (416) 510-6789, ext. 43564 (Toll free) 1-888-502-3456 northernminer2@northernminer.com Subscription sales: Dan Bond (416) 510-6741 (Toll free) 1-888-502-3456, ext. 43715 dbond@northernminer.com Reprints: (416) 510-6768 moliveira@northernminer.com ADDRESSES: Toronto Head Office: 38 Lesmill Road, Unit 2 Toronto, ON, M3B 2T5 (416) 510-6768 tnm@northernminer.com Western Bureau: 303 West 5th Avenue Vancouver, BC, V5Y 1J6 (604) 688-9908 Subscription rates: Canada: C$120.00 one year; 5% G.S.T. to CDN orders. 7% P.S.T. to BC orders 13% H.S.T. to ON, NB, NF orders 15% H.S.T. to NS orders. 14% H.S.T. to PEI orders U.S.A.: US$120.00 one year Foreign: US$157.00 one year GST Registration # 809744071RT001 (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 38 Lesmill Road, Unit 2 Toronto, ON M3B 2T5 Publication Mail Agreement #40069240 Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. Postmaster: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118

E D I T O R IA L

O P- E D

Executive compensation proves resilient

Silver market supply and demand trends for 2016

| Industry cost-cutting hasn’t extended to the C-suite

s if investors weren’t gloomy enough these days. Now a survey of 100 leading companies in the mining industry suggests that executive compensation has been slow to adapt to the sector downturn, and more disturbing, that “there appears to be no relationship between return on equity and CEO By Trish Saywell pay components.” tsaywell@northernminer.com The REM Report 2015 also found that “there was not a strong correlation between CEO pay and company financial performance,” and that the strongest correlation — “albeit modest”— was between CEO fixed pay and earnings before interest, taxes, depreciation and amortization. The report’s authors compared base and total fees paid to chairs and non-executive directors, as well as CEOs, chief financial officers, chief operating officers, business unit heads, group counsels and corporate executives, for the year ended Dec. 31, 2014. Its findings build on the REM Report 2014, which analyzed the remuneration practices of the top-50 mining companies in the world between 2012 and 2013. The authors are from Investec, an international specialist banking and asset management group in London; HRascent, a specialist advisory company in remuneration and compensation analysis; and Swann Global, an executive search and organizational development practice in global resources and infrastructure. Both HRascent and Swann Global are based in Melbourne, Australia. “We are now well into the fourth straight year of underperformance of the mining sector in equity markets, and the question remains whether companies are doing enough to restructure executive pay,” Jeremy Wrathall, head of Investec’s Global Natural Resources, said in a press statement introducing the report’s findings. “It seems from this report that they are not, despite industry-wide cost-cutting.” In terms of the survey’s methods, commodities spanned base and precious metals, coal, diamonds, industrial and energy minerals, and agricultural minerals, and data was sourced from the companies’ published reports. The mining companies also had to have a market capitalization of between US$0.5 billion and US$123 billion, and a primary listing in either the Toronto, New York, London, Australian or South African stock exchanges. The companies included global, major, mid-cap and smaller mining companies, and a few explorers with projects in development. “The team had to write a methodology by which salary packages on six different stock exchanges can be compared, so for example, a non-cash component in London versus Toronto versus Sydney, which was quite complex,” John Revie, Swann Global’s general manager for the U.K. and Europe, explains in a telephone interview from London. “These are the top-100 — or some of the leading 100-listed companies — around the world,” he added. “It would be interesting to see what the next 100 companies look like, or what companies ranked 800th or 1,000th might look like.” The REM report found that for CEOs, presidents, managing directors and group managing directors the median fixed pay was US$768,000, the median fixed pay plus short-term incentives was US$1.4 million and the median total package came to US$2.2 million. The data showed that the 20 highest-earning CEOs were paid more than $3.99 million, with U.K.-based CEOs fetching the most. CEOs of diversified mining companies were paid more in all categories, while CEOs of specialty commodities were paid the least. For chairs, median total fees in 2014 came to US$271,000, with a median base fee of US$158,000. (The base fee includes annual retainers, fees for chairing or being a member of a board committee, and travel and meeting attendance fees. The total fee is the base fee, plus benefits, pension and the value of equity granted for the year.) “Mining companies have in general redoubled their efforts to cut costs from every corner of the business, except, it would appear, executive remuneration, which seems to have stayed broadly flat,” Investec said in the report. Revie of Swann Global, however, stressed that while the findings might seem a little shocking, they should be taken with a grain of salt, since hard decisions by management teams often take several years to manifest in improved financial returns. “We need to be a little careful in drawing year-to-year correlations,” he cautioned. “But they are nonetheless numbers that people should be aware of in a world of shareholder advocacy.” TNM

DEPARTMENTS

Careers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Editorial. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 The Northern Miner is published weekly by BIG Mining L.P., a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-888-502-3456; Fax: (416) 447-7658; Mail to: Privacy Officer, The Northern Miner, 38 Lesmill Road, Unit 2, Toronto, ON M3B 2T5.

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Facts ‘n’ Figures

measuring performance

Metal Prices. . . . . . . . . . . . . . . . . . . . . . . . . . 7 Mining Jobs. . . . . . . . . . . . . . . . . . . . . . . . . 15 Professional Directory. . . . . . . . . . . . . 13-14 Stock Tables. . . . . . . . . . . . . . . . . . . . . . . 6-10

COMPANY INDEX Company Index B2Gold. . . . . . . . . . . . . . . . 2 Dalradian Resources . . . . 2 Dundee Economics . . . . 11 Eldorado Gold . . . . . . . . . 2 Glencore. . . . . . . . . . . . . . . 2 Goldcorp. . . . . . . . . . . . . . 2 Hudbay Minerals. . . . . . 16 Iamgold . . . . . . . . . . . . . . . 2

Kaminak Gold. . . . . . . . . . 2 Lake Shore Gold. . . . . . . . 1 Macquarie Group. . . . . 11 North American Nickel. . 16 Northern Dynasty Minerals. . . . . . . . . . . . . . . 2 OceanaGold . . . . . . . . . . . 2 Odin Mining and Exploration. . . . . . . . . . . . 2

Pan American Silver. . . . . 2 Primero Mining. . . . . . . . 2 Richmont Mines. . . . . . . . 2 Royal Nickel . . . . . . . . . . 16 Salt Lake Mining. . . . . . . 16 Swedbank. . . . . . . . . . . . . 16 Tahoe Resources. . . . . . . . 1 Teck Resources. . . . . . . . . 2 VMS Ventures. . . . . . . . . 16

| Mine production expected to decline

he following edited report was released by the Silver Institute. For more information, please visit www.silverinstitute.org. Silver is prized for its dual role as a monetary asset as well as an important industrial metal used in a range of existing and growing applications. Factors driving the silver market include supply and demand fundamentals, global economic performance, geopolitical issues, interest rates, currency fluctuations and investor sentiment, among others. Against this backdrop, the Silver Institute offers the following thoughts on this year’s silver market trends.

seen in the year’s first weeks, will also be positive for physical silver investment demand. In 2015, coin demand made up 12% of total physical demand. Silver exchange-traded fund (ETF) holdings fell 2.8% by the end of 2015, compared to yearend 2014. The decline in silver ETF holdings was smaller against gold’s 8% contraction. Silver ETF holdings should stay in stickier hands than those of gold’s investors, which shows that silver ETF holdings have more retail investors. Indian silver demand in 2016 is expected to grow on the back

Global mine supply production is projected to fall this year as much as 5% year-on-year. This would represent the first reduction to global silver mine production since 2002. Silver demand Silver industrial demand, the largest component of total silver off-take, is set to increase its share of total demand in 2016. Silver is incorporated into a variety of industrial applications and is generally price-insensitive, given the small quantities that are used in some applications and its critical contribution to these applications’ functionality. In 2015, industrial fabrication demand accounted for an estimated 54% of total physical silver demand. Silver’s use in photovoltaics for solar energy is projected to increase in 2016 and surpass the previous peak of 75.8 million oz. which was set in 2011, with global solar panel installations expected to grow at a high single-digit pace. Moreover, silver’s use in this application may account for more than 13% of total silver industrial demand in 2016, up from 1.4% a decade ago. Silver demand from ethylene oxide (EO) producers could jump to over 10 million oz. this year, in a more than 25% increase over 2015. Ethylene oxide is critical in making plastics, solvents and detergents. This growth comes off a robust 2015, when demand grew by well over 40%. Most demand is expected from new and/ or expanded EO plants in China. China could account for 80% of silver requirements for EO capacity in 2016. Jewellery fabrication is expected to increase 5% in 2016, in contrast to a modest contraction last year. While the market will likely see a decline in Chinese silver jewellery demand — which accounted for 16% of the 2015 total for silver jewellery fabrication — growth in other countries should more than offset China’s lower demand. Coin demand could be robust once again in 2016, after a record 130 million oz. demand last year. Demand will stay high this year as investors take advantage of relatively lower metal prices in the first few months. Increased interest in safe haven assets, as already

of increased investor interest and growth in jewellery, decorative items and silverware fabrication. India, long a mainstay of global silver demand, imported a record 228 million oz. silver bullion in 2015. Imports rose after a decrease in scrap flows, calling for new supply to meet annual fabrication requirements, which is a trend that is projected to continue. Silver supply Global mine supply production could fall in 2016 as much as 5% year-on-year. This would represent the first reduction to global silver mine production since 2002. The lower price environment gave little incentive for producers to invest in expanding capacity at operations. Looking ahead, many analysts expect global silver mine production to fall through 2019, as primary silver production drops from mature operations. Scrap supply, which has declined for several years, should weaken more in 2016. This outlook is based on losses in photographic scrap, a depleted pool of near-market silverware, jewellery and coins, and slowed scrap flows from industrial sources. Industrial scrap such as electronics cost more to recycle, and the current price environment has weighed on the profitability of recovering silver from end-oflife items. Silver market deficit The silver market deficit (total supply less total demand) could widen in 2016, drawing down on above-ground stocks. The larger deficit would be driven by a contraction in supply. Silver price The silver price could find solid ground this year. As of Jan. 26, silver prices are up 3.7% from the end of last year. This price appreciation comes on the back of more safe haven demand amid volatile and weakening equity markets worldwide. TNM

16-02-09 7:50 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 15–21, 2016

CMHF welcomes five industry leaders Class of 2016

| Inductees exemplify the best of Canadian mining

By John Cumming and Salma Tarikh

The Canadian Mining Hall of Fame’s (CMHF) 28th induction ceremony in mid-January at the Fairmont Royal York hotel in Toronto honoured five industry leaders — Keith Brimacombe, Harold Williams, Stewart Blusson, Louis Gignac and Robert Friedland — for their numerous achievements and contributions to the Canadian mining sector. “Our inductees tonight represent a broad spectrum of our industry, from explorer, promoter, mine builder, operator to professor,” said mining magnate Pierre Lassonde, who served once again as the evening’s master of ceremonies. “It’s been said that Pierre is to mining what Billy Crystal is to the Oscars,” CMHF’s chair Patricia Dillon quipped. “Although I should point out that Billy Crystal has only hosted the Oscars nine times, to Pierre’s 15.” Keith Brimacombe The evening’s first inductee was the late Keith Brimacombe (1943–1997), a renowned metallurgist and academic, whose contributions in the materials industry led to the production of higher-quality, lower-cost products. He also left an impact on the University of British Columbia (UBC) and the students that he’d taught. In a video presentation before his induction, Indira Samarasekera, president emeritus at the University of Alberta, and a former student of Brimacombe, called him “a visionary and a pioneer.” He had an “incredible ability to understand how to connect disparate pieces of information to provide insight that actually nobody had thought about,” she said. Brimacombe dedicated his career to researching ferrous and nonferrous processes. Aided by computers and information technology, his innovative work resulted in many improvements to key processes in the industry, such as the Pierce Smith converter — which is used worldwide to convert copper and iron sulphide to copper — and zinc fuming. He became a prominent figure in the field of continuous casting, where his research improved the design and efficiency of continuous-casting machines and the quality of the metals produced. “By doing that, he really greatly enhanced our understanding of how that process operates,” Steve Cockcroft, a professor of material engineering at UBC, said in the video. Brimacombe also collaborated on a process for roasting molybednite to produce molybdenum oxide, used as an alloying agent in steel. Brimacombe was born in Nova Scotia, raised in Alberta and earned a bachelor degree in metallurgical engineering from UBC in 1966. He returned to UBC as an assistant teacher and became a professor in 1979, after completing his doctorate at Imperial College in London. As a professor, he inspired and mentored new generations of professionals, and had a talent for cultivating relationships between universities and industry. “He was deeply interested in you as a person,” Samarasekera said. “Without his mentorship in what was largely a male-dominated field, there is no question I would have never be the person that I became.” In 1995, Brimacombe’s vision of

Feb 15 Pgs 1 2 3 4 5 11 13 14 16.indd 5

Judy Brimacombe (left) accepts the CMHF induction award on behalf of her late brother Keith Brimacombe from CMHF chair Patricia Dillon. Keith Houghton Photography

building a leading research facility came true with the opening of UBC’s Advanced Materials and Process Engineering laboratory. In 1997, he became the founding CEO of the Canada Foundation for Innovation, an organization dedicated to funding science and engineering research in Canada. Brimacombe was known for his “incredible energy” and taught over 50 courses worldwide. He authored 10 books, published almost 300 papers, attained 15 patents and won 28 national and international awards, including the Canada Gold Medal in science and engineering. Brimacombe’s youngest sister Judy accepted the CMHF induction on behalf of his two daughters, wife, mother, living brothers and sister. “On behalf of Keith and his family, thank you so much for this amazing honour,” Judy said as she held back tears. She recalled that when her brother died from heart failure in December 1997, her family was comforted by the “outpouring of love and support” they received from the international metallurgical society and community. “Keith was a remarkable professional, but we was an equally remarkable son, father, brother, colleague and friend.” Harold (Hank) Williams The second inductee of the evening was Harold (Hank) Williams (1934– 2010), a brilliant geologist who had the good fortune to be born, raised and educated in Newfoundland and Labrador, a province where the rocks are both well-exposed and display one of the most complete geological records dating back almost to the earth’s formation. At Memorial University of Newfoundland in St. John’s, Williams obtained a diploma in engineering and a BSc in geology in 1956 (the first student to do so), followed by an MSc degree in 1958. After earning his PhD from the University of Toronto in 1961, he joined the Appalachian section of the Geological Survey of Canada (GSC), where he made his mark as an expert mapmaker and synthesizer of vast amounts of geological data. His lifelong credo was to look at the rocks first, and build up theories from this foundation. His subsequent mapping work in Newfoundland led to his seminal 1964 paper, “The Appalachians in Northeastern Newfoundland: A two-sided symmetrical system,” which substantially advanced the new theory of plate tectonics. His 1967 geological compilation map of Newfoundland further boosted this theory, marking the first on-land syntheses of an orogenic belt within a tectonic setting. Williams set his sights on an academic career and returned in 1968

to Memorial University, where he was professor for 31 years. In 1978, he compiled and published his crowing achievement: a tectonic map of the entire North American Appalachian chain from Newfoundland to Alabama, called: “Tectonic lithofacies map of the Appalachian orogen.” It applied the theory of plate tectonics to an entire, ancient mountain belt for the first time, allowing geologists to better predict where certain rock types would appear elsewhere in the belt. It also cemented the reputation of plate tectonics, which quickly gained acceptance by the geological community worldwide, replacing cruder theories such as continental drift. It helped spawn mining’s field of regional metallogeny, or how mineral deposits evolve within a mineral belt over time, which helps minefinders pinpoint the best places to look for economic mineral deposits. He mentored a generation of geologists and helped establish Memorial as a leader in earth science research. Williams became one of the youngest fellows of the Royal Society of Canada in 1972, and received many awards, including the Geological Association of Canada’s Logan Medal. A proud Newfoundlander, Williams took to his public role with relish, and became known for his ability to take complex subjects and make them understandable to his students and the general public, now and then infusing his talks with his love for music. Williams’ public outreach inspired recently deceased Newfoundland businessman Paul Johnson to co-sponsor the creation of the $12-million, geothermal-powered Johnson GEO Centre on Signal Hill in St. John’s, N.L. Unfortunately due to a severe snow storm in Newfoundland, several of Williams’ friends and colleagues from the Rock were unable to fly to Toronto to attend the induction ceremony. Instead, Williams was represented by fellow Newfoundlander Peter Dimmell, president of Krinor Resources, who quipped that “you don’t move to Newfoundland for the weather,” and noted he’d flown in the night before. “Hank is best remembered for his pioneering work in synthesizing the geologic evolution of the Appalachian mountain chain, which led to his seminal tectonic lithofacies map of the Appalachian orogen,” Dimmell said, noting that an astonishing 10,000 copies of the map have been sold worldwide. Stewart Blusson The third inductee of the evening was Vancouver-born diamondfinder Stewart Blusson, who con-

The Northern Miner’s publisher Anthony Vaccaro (right) with Peter Dimmell, president of Krinor Resources, who accepted an induction award on behalf of the late Harold (Hank) Williams. Keith Houghton Photography

CMHF inductee Stewart Blusson (left) accepts his induction monument from Robert W. Schafer, CEO of Eagle Mines Management. Keith Houghton Photography

Pierre Gratton (left), Mining Association of Canada CEO, presents to CMHF inductee Louis Gignac. Keith Houghton Photography

Pierre Lassonde (left), Franco-Nevada chair, with CMHF inductee Robert Friedland. Keith Houghton Photography

tributed to the discovery of Ekati, Canada’s first diamond mine. Along with CMHF inductees Charles Fipke and the late Hugo Dummett, Blusson helped create a multibillion dollar diamond industry in Canada’s Far North. In his opening remarks, Lassonde described Blusson as an “incredibly successful geologist” and an “extraordinary humble philanthropist and nature lover.” As a teenager, Blusson’s love of the outdoors led him to work at a hunting and fishing lodge, where he met a prospector. “He told me about a prospecting course that winter before I went to college. My brother and I took it,” Blusson said in a video before his induction. “That hooked me on studying rocks.” In 1957, Blusson got a job with

the B.C. Forest Service, where he learned to study aerial photos. Three years later, he earned an honours bachelor degree in geology at UBC, followed by a PhD at the University of California, Berkeley, in 1964. He also learned how to fly fixed-wing planes in California. Blusson spent the next 16 years with the GSC, mapping the Yukon and the Northwest Territories. “He’s a great observer, he’s a superb observer. He’s the best mapper I think I’ve ever seen,” colleague Dirk Tempelman-Kluit said in the video. According to Tempelman-Kluit, the first conversations about looking for diamonds in Canada arose in 1969, one night while he, Blusson and Fipke were working for the GSC. See CMHF / 13

16-02-09 7:50 PM

WWW.NORTHERNMINER.COM

FEBRUARY 15-21, 2016 / THE NORTHERN MINER

M A R K E T N EWS TORONTO STOCK EXCHANGE / FEBRUARY 1–5 Toronto’s S&P/TSX Composite Index slipped 0.5% to 12,763.99 after a poor jobs report, while oil prices dropped and gold prices rebounded. The S&P/TSX Global Mining Index rose 9.4% to 45.25, while the S&P/TSX Capped Diversified Metals & Mining Index jumped 10.2% to 305.84. The S&P/TSX Global Gold Index advanced 17.2% to 164.87, as the spot gold price surged 4.3%, or US$48.20, to US$1,166 per oz. The U.S. benchmark West Texas Intermediate for delivery in March fell US$2.73 to US$30.89 per barrel. The Canadian economy lost 5,700 jobs in January, missing the 6,000-job increase that analysts had expected. The unemployment rate crept up to 7.2% from 7.1% in December. The economy in oil-producing Alberta was the heaviest hit. The province lost 10,000 jobs last month and its jobless rate rose from 7% to 7.4% — the highest since February 1996. New exploration results from Corvus Gold’s North Bullfrog property in Nevada sent its shares soaring 80% to 71¢. The company reported results from three more target areas on the property, including two in the new Eastern Steam-heated zone. Initial scout drilling on the target areas has returned wide zones of low-grade gold-silver mineralization, with some internal zones grading more than 1 gram gold per tonne. Corvus has planned an initial 9,000-metre exploration program

at North Bullfrog this year. First Quantum Minerals saw heavy trading after reporting its production and sales for fourth-quarter and full-year 2015. Its shares rose 90¢ to finish at $3.93 on 53.7 million shares traded. Last year First Quantum produced 428,229 tonnes copper, including 32,971 tonnes pre-commercial production from its Sentinel project in Zambia. It also churned out 35,472 tonnes nickel, 223,914 oz. gold and 41,139 tonnes zinc. BMO analyst Aleksandra Bukacheva says the results were in line with her expectations, and the company’s most recent guidance. Full-year copper sales were 409,000 tonnes — 2% below Bukacheva’s estimate — while sales for gold, nickel and zinc were higher than she had estimated. The miner will publish its three-year producTSX MOST ACTIVE ISSUES

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

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

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

53694 4.07 2.61 3.93 + 0.90 32598 3.26 2.27 3.21 + 0.90 32595 16.20 13.57 16.19 + 2.26 27433 1.50 1.24 1.49 + 0.22 27114 3.23 2.44 3.19 + 0.78 25461 6.19 4.67 6.00 + 0.77 22702 1.17 1.06 1.17 + 0.10 22590 19.12 15.64 19.12 + 3.16 19531 3.85 2.98 3.55 + 0.08 19257 3.99 3.10 3.98 + 0.80

tion guidance, production cost and capital expenses before releasing its 2015 financials. Bukacheva has an $8 target and “outperform” rating on the stock. Gold companies topped the value-winners’ list on the back of a higher gold price. Royal Gold gained $12.96 to finish at $54.60 per share. On Feb. 3, it reported record revenue of $98.1 million for the quarter ended Dec. 31, 2015. This is up 60% from the previous

year’s quarter of $61.3 million. Net income attributable to Royal Gold stockholders was $15.1 million, or 23¢ per share, compared to a $6.5-million net loss. Gold-equivalent ounces came in at a record 88,700, up 74% from the earlier year. Franco-Nevada shares advanced $7.60 to $69.63; Agnico Eagle Mines jumped $5.03 to $46.55 per share; and Goldcorp shares climbed $3.16 to $19.12, on no major news. TNM

TSX GREATEST PERCENTAGE CHANGE

Corvus Gold Rubicon Mnrls Thompson Creek Silver Bull Re First Point Zazu Metals Orvana Mnrls Kinross Gold Royal Nickel Rio Novo Gold Bannerman Res Vena Res Primero Mng Tanzania Rlty Talon Metals Mawson West Victory Nickel Quest Rare Mnl Horizonte Mnls SouthGobi Res

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

KOR RMX TCM SVB FPX ZAZ ORV K RNX RN BAN VEM P TNX TLO MWE NI QRM HZM SGQ

521 14882 3060 187 612 87 783 32598 4896 719 202 504 8370 942 144 59 216 858 22 12

0.71 0.07 0.35 0.06 0.07 0.18 0.18 3.26 0.25 0.10 0.04 0.02 3.78 0.45 0.14 0.02 0.03 0.07 0.05 0.25

0.39 0.03 0.23 0.04 0.05 0.00 0.11 2.27 0.17 0.07 0.03 0.02 2.14 0.24 0.10 0.02 0.00 0.06 0.04 0.00

0.71 0.05 0.35 0.06 0.07 0.18 0.16 3.21 0.22 0.10 0.03 0.02 2.25 0.29 0.10 0.02 0.02 0.06 0.04 0.21

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

TSX GREATEST VALUE CHANGE

Royal Gold Franco-Nevada Agnico Eagle Goldcorp Silver Wheaton Pan Am Silver Detour Gold Barrick Gold Seabridge Gld Osisko Gold Agrium Suncor Energy Primero Mng Energy Fuels Orocobre Tanzania Rlty Atalaya Mg plc RTG Mining North Am Pall Sierra Metals

79.7 66.7 59.1 50.0 44.4 44.0 39.1 39.0 37.5 33.3 50.0 40.0 35.5 31.8 28.6 25.0 25.0 21.4 20.0 19.2

VOLUME WEEK (000s) CLOSE CHANGE

RGL FNV AEM G SLW PAA DGC ABX SEA OR AGU SU P EFR ORL TNX AYM RTG PDL SMT

102 54.60 3472 69.63 5132 46.55 22590 19.12 10702 19.62 1777 11.73 8611 19.39 32595 16.19 489 10.32 2143 15.64 2109 119.84 18031 31.88 8370 2.25 215 3.13 110 2.35 942 0.29 1 1.90 31 0.40 21 3.96 7 1.07

+ 12.96 + 7.60 + 5.03 + 3.16 + 3.11 + 2.43 + 2.35 + 2.26 + 1.64 + 1.40 - 2.48 - 1.30 - 1.24 - 0.17 - 0.17 - 0.14 - 0.10 - 0.08 - 0.08 - 0.08

TSX VENTURE EXCHANGE / FEBRUARY 1–5 The S&P/TSX Venture Composite Index closed near a four-week high during the trading sessions, as it gained nearly 2%, or 8.63 points, en route to a 508.15-point close. Markets were buoyed by rising metal prices, while growth figures in Canada and the U.S. failed to meet expectations. Canada’s jobless rate hit a two-year high in January as Alberta shed more jobs, and the U.S. Labor Department reported that employers added just 151,000 jobs last month. A weaker outlook for the U.S. economy propelled gold futures higher, with April contracts for bullion jumping 3.7%, or US$41.40, before closing at US$1,157.80 per oz. March contracts for copper gained 2.4%, or US4.9¢, en route to a US$2.10 per lb. close, while March contracts for West Texas Intermediate crude oil lost 2.3%, or US73¢, before finishing at US$30.89 per barrel. Visible Gold Mines led the volume-traded category after receiving cash from the Quebec government pursuant to its exploration tax credits. The company saw nearly 15 million shares traded and closed up 1¢ at 3.5¢ per share. On Feb. 3 Visible Gold announced it had received a $750,000 cash payment from Revenue Quebec for exploration expenses at its Project 167 property in the James Bay region. The company reported $1.5 million in cash

reserves after the tax reimbursement. Visible Gold said its geological team and drill crews were at Project 167 for follow-up diamond drilling to test induced-polarization targets on the property’s Central Block. Abitibi Royalties rose after announcing a royalty acquired from its online “Royalty Search” platform, which it launched in June 2015. The company gained 23¢ before closing at $3.28 per share. On Feb. 5 Abitibi reported it had entered into a binding letter of intent with Frontline Gold to acquire another 1% net smelter royalty (NSR) on the Menderes gold property for $16,000. The company holds a 2% NSR interest in the project. The deal marks the eleventh royalty purchase “near an existing mine” that Abitibi has closed since launching TSX-V MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Visible Gold M VGD 14769 PXI 8719 Planet Mng New Carolin Gd LAD 7379 Metanor Res MTO 7274 Walker River WRR 6662 Decade Res DEC 5632 5464 Ashburton Vent ABR Nexgen Energy NXE 5229 Abacus Mng & Ex AME 5141 Fieldex Expl FLX 4905

0.04 0.02 0.08 0.05 0.08 0.03 0.02 0.85 0.05 0.02

0.03 0.02 0.05 0.04 0.05 0.01 0.01 0.77 0.04 0.01

0.04 + 0.02 0.07 + 0.05 + 0.06 - 0.03 + 0.01 - 0.84 + 0.04 0.02 +

0.01 0.00 0.01 0.01 0.01 0.02 0.01 0.05 0.00 0.01

its online initiative six months ago. Beleaguered junior Pacific Booker Minerals led the value-lost category after attempts to permit for an open-pit mine at its Morrison copper-gold project, 65 km northeast of Smithers, B.C. The company lost 36¢ before finishing at $1.51 per share. On Feb. 4 Pacific Booker reported it has filed two requests under the Freedom of In-

formation and Protection of Privacy Act to obtain information on the decision and the professional qualifications of three reviewers who are assessing Morrison’s application for an environmental assessment certificate. The company’s move is the most recent in a process that began when the B.C. government shot down the Morrison development in 2013. TNM

TSX-V GREATEST PERCENTAGE CHANGE

Williams Creek Emgold Mng Decade Res Metallis Res Q-Gold Res Discovery-Corp ALQ Gold Manson Creek Philippine Mtl RJK Explor Rotation Mnls Reliant Gold Black Widow Rs Spruce Ridge R Cap-Ex Iron Gentor Res Advance Gold Graniz Mondal Icon Explor Baroyeca Go&Si

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

WCX EMR DEC MTS QGR DCY ALQ MCK PHI RJX.A ROT REC BWR SHL CEV GNT AAX GRA.H IEX.H BGS

681 25 5632 186 110 113 430 69 432 120 3 364 292 178 35 137 346 58 115 96

0.02 0.02 0.03 0.06 0.04 0.08 0.06 0.01 0.06 0.01 0.02 0.04 0.02 0.01 0.01 0.02 0.02 0.02 0.02 0.01

0.01 0.01 0.01 0.00 0.00 0.05 0.04 0.00 0.03 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.01

0.02 0.02 0.03 0.06 0.04 0.08 0.06 0.01 0.06 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01

TSX-V GREATEST VALUE CHANGE

+ 200.0 + 200.0 + 150.0 + 140.0 + 133.3 + 128.6 + 120.0 + 100.0 + 100.0 + 100.0 - 60.0 - 57.1 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

Gold Reserve Reservoir Mnls Abitibi Royalt Chesapeake Gld Avino Silver Pac Iron Ore Gold Std Vents Auryn Res Lara Expl Viscount Mng Pac Booker Min Till Capital Aurania Res Wealth Mnrls Titanium Corp Archon Mineral Diamcor Mng Karmin Expl Komet Resource Nrthn Vertex

VOLUME WEEK (000s) CLOSE CHANGE

GRZ RMC RZZ CKG ASM POC GSV AUG LRA VML BKM TIL AOZ WML TIC ACS DMI KAR KMT NEE

93 96 36 84 133 16 1800 388 55 395 32 3 66 383 506 10 27 3 74 105

4.15 4.00 3.28 2.05 1.23 0.34 1.03 1.29 0.35 0.54 1.51 4.50 0.45 0.20 0.46 1.65 0.92 0.18 0.34 0.18

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

0.75 0.41 0.23 0.15 0.14 0.14 0.13 0.09 0.09 0.08 0.36 0.18 0.15 0.13 0.11 0.09 0.08 0.07 0.06 0.06

U.S. MARKETS / FEBRUARY 1–5 Persisting fears of a global economic slowdown — along with mixed economic data in the U.S., and uncertainty about whether the Federal Reserve will raise interest rates this year — sent the Dow Jones Industrial Average down 1.6% to 16,204.83, and the S&P 500 Index down 3.1% to 1,880.05. Total non-farm payroll employment rose 151,000 in January, below forecasts of 190,000, while the unemployment rate was unchanged at 4.9%, the lowest since February 2008. In December, consumer spending was f lat and factory orders fell 2.9%, while in January, the Institute for Supply Management’s Manufacturing Index came in at 48.2. Spot gold rose 4.3% to finish at US$1,173.50 per oz., while the Philadelphia Gold & Silver Index rose 20.3% to 55.30. Copper prices rose 1.4% to US$2.09 per lb., nickel dropped 5.7% to US$3.68 per lb. and West Texas Intermediate crude prices dipped below US$30 per barrel, before finishing at US$31.01 per barrel. Sibanye Gold advanced US$2.51 to US$11.37 per share on strong quarterly results and a 9% depreciation in the average rand-to-dollar exchange rate. In the quarter

Feb 15 Pgs 6.indd 6

ended Dec. 31, Sibanye produced 411,500 oz. gold at total cash costs of US$720 per oz., and all-in sustaining costs (AISCs) of US$907 per oz. The company produced 1.54 million oz. gold in 2015, and says it will produce 1.61 million oz. gold in 2016. Given the exchange rates, Sibanye expects total cash costs this year of US$735 per oz. and AISCs of US$880 per oz. Goldcorp gained US$2.39 to US$13.73. The company declared its second monthly dividend payment for 2016 of 2¢ per share, and took a stake in Gold Standard Ventures and its Railroad land package in Nevada. U.S. MOST ACTIVE ISSUES

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

Freeport McMo* FCX 312300 6.03 4.26 5.68 + 1.08 Alcoa* AA 179262 8.50 6.85 8.12 + 0.83 Vale* VALE 131702 2.77 2.14 2.61 + 0.16 Barrick Gold* ABX 108695 11.64 9.66 11.64 + 1.73 Yamana Gold* AUY 84459 2.32 1.74 2.29 + 0.59 Kinross Gold* KGC 69325 2.35 1.62 2.30 + 0.66 Newmont Mng* NEM 68416 24.50 19.60 24.41 + 4.45 Chevron* CVX 66082 86.19 79.85 82.88 - 3.59 Goldcorp* GG 65822 13.75 11.13 13.73 + 2.39 CONSOL Enrgy* CNX 58994 9.73 7.46 9.10 + 1.16

Goldcorp will acquire 16.1 million common shares for $1 per share in exchange for a 9.9% stake in the junior, which has amassed the second-largest land package on the Carlin Trend, after Newmont Mining. Rio Tinto’s shares advanced US$1.56 to

US$26.21 on no company news. According to MarketWatch, the diversified miner gave up its membership on the London Metal Exchange (LME). Rio Tinto resigned as a category-five member of the LME, and did not give a reason for its decision. TNM

U.S. GREATEST PERCENTAGE CHANGE

Kinross Gold* Yamana Gold* Harmony Gold* IAMGOLD* Sibanye Gold* Eldorado Gold* Fortuna Silvr* AngloGold Ash* Freeport McMo* Gold Fields* Primero Mng* Mechel* Natural Res Pt* NACCO Ind* Peabody Enrgy* Trecora Res* Chevron* Vedanta* Suncor Energy* MartinMarietta*

KGC AUY HMY IAG SBGL EGO FSM AU FCX GFI PPP MTL NRP NC BTU TREC CVX VEDL SU MLM

VOLUME WEEK (000s) HIGH LOW CLOSE CHANGE

69325 2.35 1.62 2.30 + 40.2 84459 2.32 1.74 2.29 + 34.7 18495 2.34 1.82 2.34 + 30.7 31736 1.88 1.44 1.87 + 29.0 9702 11.38 8.61 11.37 + 28.3 22104 2.87 2.21 2.86 + 27.7 2220 3.24 2.51 3.24 + 27.1 29556 10.74 8.37 10.73 + 26.5 312300 6.03 4.26 5.68 + 23.5 38360 4.17 3.40 4.17 + 22.6 9784 2.73 1.54 1.62 - 35.2 1765 1.80 1.43 1.65 - 17.5 1845 1.25 1.01 1.09 - 6.0 117 48.70 44.28 45.06 - 5.3 4867 4.74 3.77 4.24 - 4.7 339 11.02 10.00 10.05 - 4.5 66082 86.19 79.85 82.88 - 4.2 1675 4.36 3.65 4.24 - 3.4 35472 23.97 21.56 22.95 - 2.5 5341 126.56 117.58 123.05 - 2.0

U.S. GREATEST VALUE CHANGE

Franco-Nevada* FNV Newmont Mng* NEM Agnico Eagle* AEM Sibanye Gold* SBGL Goldcorp* GG Silver Wheaton* SLW AngloGold Ash* AU Barrick Gold* ABX Black Hills* BKH Rio Tinto* RIO Chevron* CVX NACCO Ind* NC MartinMarietta* MLM Primero Mng* PPP Agrium* AGU Suncor Energy* SU Trecora Res* TREC Mechel* MTL Peabody Enrgy* BTU Vedanta* VEDL

VOLUME WEEK (000s) CLOSE CHANGE

5822 50.06 68416 24.41 18127 33.51 9702 11.37 65822 13.73 26322 14.12 29556 10.73 108695 11.64 3379 50.85 28593 26.21 66082 82.88 117 45.06 5341 123.05 9784 1.62 5196 86.16 35472 22.95 339 10.05 1765 1.65 4867 4.24 1675 4.24

+ 5.95 + 4.45 + 4.07 + 2.51 + 2.39 + 2.36 + 2.25 + 1.73 + 1.57 + 1.56 - 3.59 - 2.53 - 2.53 - 0.88 - 0.71 - 0.60 - 0.47 - 0.35 - 0.21 - 0.15

2016-02-09 7:55 PM

GLOBAL MINING NEWS · SINCE 1915

THE NORTHERN MINER / FEBRUARY 15–21, 2016

M E TA L S , M I N I N G A N D M O N EY M A R K E T S SPOT PRICES COURTESY OF SCOTIABANK Tuesday, February 9, 2016 Precious Metals Price (US$/oz.) Change $1188.90 +65.30 Gold Silver $15.34 +1.08 Platinum $906.00 +41.00 Palladium $499.00 +4.00 Base Metals Nickel Copper Lead Zinc

Price (US$/tonne) Change $8100.00 -110.00 $4511.00 -98.50 $1815.50 -7.00 $1687.50 -35.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, February 8, 2016 (change from February 1, 2016 in brackets): Aluminium Alloy 15400 (0) Aluminium 2768125 (-27700) Copper 227100 (-12300) Lead 183725 (-4400) Nickel 439140 (-7536) Tin 4515 (-955) Zinc 462075 (-9975)

PRODUCER AND DEALER PRICES

TSX WARRANTS

Thermal Coal CAPP: US$43.10 per short ton Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$42.25 Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$9.70 Coal: CME Group Futures Mar. 2016: US$43.08; Apr. 2016: US$44.25 Cobalt: US$10.12/lb. Copper: US$2.07/lb. Copper: CME Group Futures Mar. 2016: US$2.04/lb.; Apr. 2016: US$2.03/lb Ferro-Chrome: US$1.82/kg Ferro Titanium: US$4.20/kg FerroTungsten: US$21.71/kg Ferrovanadium: US$13.17/kg Iridium: NY Dealer Mid-mkt US$520/tr oz. Iron Ore 62% Fe CFR China-S: US$44.70/tonne Iron Ore Fines: US$46.58/tonne Iron Ore Pellets: US$63.38/tonne Lead: US$0.80/lb. Magnesium: US$1.99/kg Manganese: US$1.48/kg Molybdenum Oxide: US$5.44/lb. Phosphate Rock: US$122.50/tonne Potash: US$295.00/tonne Rhodium: Mid-mkt US$640.00/tr. oz. Ruthenium: Mid-mkt US$42.00/tr. oz. Silver: Handy & Harman Base: US$15.36 per oz.; Handy & Harman Fabricated: US$19.20 per oz. Tantalite Ore: : US$122.40/kg Tin: US$7.11/lb. Uranium: U3O8, Trade Tech spot price: US$34.65/lb.; The UX Consulting Company spot price: US$34.65/lb. Zinc: US$0.76/lb. Prices current Feb. 9, 2016

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

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding as of Feb 05, 2016 (with changes from Jan 04, 2016) Largest short positions First Quantum FM 43209093 4578417 Lundin Mng LUN 34297322 357043 Potash Corp SK POT 32023016 4343030 New Gold NGD 26227284 982568 B2Gold BTO 23277508 853419 Yamana Gold YRI 20351484 4084459 Suncor Energy SU 19837594 1420957 Kinross Gold K 19096898 3985590 Barrick Gold ABX 16342752 2109091 Eldorado Gold ELD 14347554 2971552 Teck Res TCK.B 11379352 87281 IAMGOLD IMG 9699306 1490218 Thompson Creek TCM 8779037 77211 Goldcorp G 8639297 1790795 HudBay Mnls HBM 7717654 884414 Largest increase in short position First Quantum FM 43209093 4578417 Potash Corp SK POT 32023016 4343030 Yamana Gold YRI 20351484 4084459 Kinross Gold K 19096898 3985590 Eldorado Gold ELD 14347554 2971552 Largest decrease in short position Rubicon Mnrls RMX 2483166 -1705300 Namibia Rare E NRE 0 -1687000 Denison Mines DML 1176271 -1194214 Platinum Gp Mt PTM 33861 -872050 Torex Gold TXG 6811513 -751958

Short positions outstanding as of Feb 05, 2016 (with changes from Jan 04, 2016) Largest short positions First Mg Fin FF 561300 560813 Pine Cliff En PNE 329300 123200 Golden Dawn Ml GOM 178000 -15100 Integra Gold ICG 45472 -22849 Kootenay Silvr KTN 22000 -33500 Chesapeake Gld CKG 6900 1900 Avino Silver ASM 4300 400 Bear Creek Mng BCM 4000 -81300 Victoria Gold VIT 2700 -2500 Tasman Metals TSM 2200 200 Adventure Gold AGE 2000 -27000 Panoro Mnrls PML 2000 -43000 Gold Std Vents GSV 1226 -16675 Roxgold ROG 1181 -20200 Red Eagle Mng RD 600 -10600 Largest increase in short position First Mg Fin FF 561300 560813 Pine Cliff En PNE 329300 123200 Chesapeake Gld CKG 6900 1900 Avino Silver ASM 4300 400 Alabama Graph ALP 300 200 Largest decrease in short position Pershimco Res PRO 0 -93500 Bear Creek Mng BCM 4000 -81300 Panoro Mnrls PML 2000 -43000 Kootenay Silvr KTN 22000 -33500 Adventure Gold AGE 2000 -27000

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

NORTH AMERICAN STOCK EXCHANGE INDICES

52-week

IndexName Feb 05 Feb 04 Feb 03 Feb 02 Feb 01 High Low S&P/TSX Composite 12763.99 12774.50 12593.02 12442.26 12674.37 15527.30 12400.15 S&P/TSXV Composite 508.15 504.48 500.20 494.99 500.94 1050.26 883.52 S&P/TSX 60 752.04 752.18 740.22 731.70 745.53 896.74 709.99 S&P/TSX Global Gold 165.11 156.04 150.14 141.68 143.29 218.90 149.29 S&P/TSX Metals & Mining 305.84 307.92 272.02 253.19 269.45 954.68 691.69

NEW 52-WEEK HIGHS AND LOWS JANUARY 18–22, 2016 50 New Highs Agnico Eagle Altair Gold Antioquia Gold* Atlantic Coal* Belo Sun Mng Canarc Res* Centamin Claude Res* Colibri Res* Detour Gold DNI Metals Endeavour Mng Endeavour Mng* Explor Res Explor Res* Gold Std Vents Gold Std Vents* Goldex Res Goldex Res* Goldsource Min Goldsource Min* Icon Explor

Lake Shore Gld Latin Am Mnls* McEwen Mng McEwen Mng* Network Expl New Oroperu OceanaGold Philippine Mtl Platinum Gp Mt* Prospect Glob* Richmont Mines Richmont Mines* Ross River* Rubicon Mnrls* Rusoro Mng* Sibanye Gold* Sunridge Gold* TECO Enrgy* Themac Res Thompson Creek* TMAC Resources True Gold Mng True Gold Mng*

Ultra Lithium* Unigold* Walker River Wildcat Expl* Zadar Vent

Lithium Expl*

Aida Minerals Andes Gold* Arcus Dev Grp Atacama Pac Gd* Avalon Rare Mt Brookmount Exp* Cache Expl* Carpathian Gld* Darnley Bay* El Capitan Prc* Energizer Res* Equitorial Ex Gear Intl* Gentor Res* Golden Harp* Intl Star* Levon Res Ltd *

Primero Mng

Mosaic* Nrthn Vertex OceanaGold* Pistol Bay Mng*

36 New Lows

Primero Mng* Prospector Res* Rare Element* Superior Mng* Taku Gold* Tanzania Rlty* Teranga Gold Trident Gold Trinity Valley* Troy Enrgy United Silver* Uranium Res* Wellgreen Plat*

CANADIAN GOLD MUTUAL FUNDS DAILY METAL PRICES Date Feb 8 Feb 5 Feb 4 Feb 3 Feb 2 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1520/1550 1550/1570 1520/1540 1530/1550 1550/1570 Aluminum 1495/1498 1530/1532.50 1531/1530.50 1513.50/1511 1524/1523 Copper 4572/4576 4668.50/4667 4684.50/4680 4578/4580 4605/4600 1773.50/1772 1788/1788 1817/1811 1767/1764.50 1775/1765.50 Lead Nickel 8050/8100 8480/8500 8540/8550 8430/8460 8455/8490 Tin 15670/15550 15175/15075 15150/15075 14840/14750 14940/14900 1680.50/1680 1715/1713 1708/1702 1683/1677 1675/1673 Zinc PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1173.40 1158.50 1146.25 1130.00 1123.60 Gold PM 1193.25 1150.35 1156.35 1132.00 1128.50 Silver 14.94 14.91 14.74 14.41 14.26 Platinum 913.00 899.00 897.00 861.00 863.00 Palladium 496.00 517.00 509.00 493.00 495.00

FundName Feb 05 ($) Jan 29 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) AGF Prec Mtls Fd MF 16.91 15.45 1.46 9.45 -9.71 2.80 123.87 BMO Prec Mtls Fd A 13.38 12.12 1.25 10.35 -6.14 2.40 46.56 7.94 6.85 1.10 16.02 -10.12 0.63 BMO ZGD BMO ZJG 5.59 4.99 0.61 12.14 -17.04 0.62 CIBC Prec Metal Fd A 9.69 8.64 1.05 12.10 -12.33 2.62 43.08 Dyn Prec Metls Fd A 4.68 4.24 0.44 10.38 14.01 2.66 142.08 3.98 0.49 12.72 -11.00 0.80 Horizons HEP IGMacGloPrecMetCl A 6.48 5.68 0.81 14.20 -7.98 2.75 49.07 10.30 8.79 1.51 17.22 -10.54 0.61 407.29 iShares XGD Mac Prec Met Cl A 35.94 31.39 4.55 14.49 -8.10 2.51 78.17 NB Prec Met Fd Inv 9.70 8.53 1.17 13.72 -5.72 2.46 26.25 RBC GblPreMetFd A 22.94 20.52 2.42 11.82 -11.66 2.13 253.76 Sentry PreMetFd A 28.01 25.87 2.14 8.26 -6.77 2.92 167.15 Sprott Gold&PrMinFdA 24.43 1.88 7.73 -6.17 3.15 143.18 3.27 0.39 12.32 -23.58 3.21 26.10 Sprott SilverEquCl A TD PreciousMetals-I 29.23 25.72 3.51 13.65 -11.20 2.26 100.49

For daily mining news, visit www.northernminer.com

EXCHANGE RATES Feb 05 Feb 04 Feb 03 Feb 02 Feb 01 Date US$ in C$ 1.3915 1.3753 1.3781 1.4054 1.3949 0.7186 0.7272 0.7257 0.7116 0.7170 C$ in S$ Exchange rates (Quote Media, January 15, 2016) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.0167 0.6441 83.9680 13.2650 11.5170 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.4956 4.7232 48.7255 0.7121 866.8275 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4143 0.8961 116.8365 18.4509 16.0325 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.6896 6.5739 67.8800 0.9910 1197.4500

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

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

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

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

GLOBAL MINING NEWS · SINCE 1915

Reprints Reprints of any article published in The Northern Miner or on our website are available. We will provide them in a PDF format for $350.

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

VTEM™ ZTEM™ Gravity Magnetics Radiometrics Data Processing Interpretation 905 841 5004 | geotech.ca

FOCUS: GLOBAL URANIUM

ASTON BAY HOLDINGS

Plateau, Forum, Ur-Energy and U3O8 Corp. / 7–9

Attracts BHP to Storm in Nunavut / 3

ASANKO GOLD

Pours first doré in Ghana / 16

FEBRUARY 8-14, 2016 / VOL. 101 ISSUE 52 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Analysts give thumbs up to Detour’s new mine plan

Premier Clark to BC miners: ‘We're fighting for you’

ONTARIO GOLD

| Rethink de-risks Detour Lake, adds mine face

| Province extends tax breaks, ponders electricity payment deferral

ROUNDUP 2016

BY LESLEY STOKES

lstokes@northernminer.com VANCOUVER

ritish Columbia Premier Christy Clark spoke at the opening of this year’s Mineral Exploration Roundup convention, hosted by the Association for Mineral Exploration British Columbia, and told attendees the provincial government “has their back.” “Resource development is the bedrock to B.C.’s wealth,” Clark said. “In the short-term the mining industry is stretched, but I want you to know that until prices bounce back, we’re fighting for you.” Clarke said the province is “still in a good position,” touting infrastructure projects worth $7 billion without “the government going into deficit one cent.” The private sector last year created 50,000 jobs in the province, she noted, and “for the first time in 40 years,” her government is en route to eliminate operating debt. “All of this didn’t happen by accident — it happened because we had a job plan,” Clark said. “Since 2011 we have stuck with our plan with laser-beam focus, with one of our goals being to open up 17 new and expanded mines … and we’re there now, because we didn’t take our eye off the ball … and now with the condition of the economy, we

Detour Gold’s flagship Detour Lake open-pit gold mine in northeastern Ontario.

DETOUR GOLD PM40069240

BY TRISH SAYWELL tsaywell@northernminer.com

revised life-of-mine (LOM) plan that incorporates an additional mine face, enhances flexibility and further derisks Detour Gold’s (TSX: DGC) Detour Lake gold mine in northeastern Ontario has elicited a round of applause from analysts surveyed by The Northern Miner. The revised plan incorporates a second feed source from the West

Detour deposit, reduces the frontend waste-to-ore strip ratio in the first nine years from 4.8:1 to 4.0:1 (eliminating 160 million tonnes of waste) and lowers the maximum mining rate from 140 million tonnes to 124 million tonnes. Plant throughput capacity will rise to 23 million tonnes post 2018, up from 22.3 million tonnes (post 2017), and the company will process 1 million tonnes per year of fines from low-grade stockpiles (LG fines) starting in 2019. The company will also use the

West Detour pit for waste and tailings. “West Detour was the piece of the puzzle that we needed to make this work,” Paul Martin, the company’s president and CEO, says in a telephone interview from New York, adding that de-risking is “critical” for a single-asset company. “ The actua l study concept started at the end of 2014, when we were looking at lower gold prices and wanted to reduce

Contact: moliveira@northernminer.com or 416-510-6768 See CLARK / 2

Leave no

See DETOUR / 14

unturned.

Reduce uncertainty. Contact us for expertise in all aspects of mining. Contact our Mining Group at mining@weirfoulds.com Visit weirfoulds.com or follow us on:

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ROUNDUP: GOV'T, FIRST NATIONS SEEK BETTER RELATIONSHIP / 5

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Feb 15 Pgs 7.indd 7

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2016-02-09 7:54 PM

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FEBRUARY 15-21, 2016 / THE NORTHERN MINER

stoc k tab l e s

MINING STOCKS listed on CANADIAN and U.S. EXCHANGES Trading: FEBRUary 1â&#x20AC;&#x201C;5, 2016 (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

A 92 Resources V 613 0.05 0.04 0.05 - 0.01 0.06 0.03 Abcourt Mines V 705 0.06 0.05 0.06 + 0.01 0.07 0.03 Abcourt Mines* O 122 0.04 0.04 0.04 - 0.00 0.05 0.02 Aben Res* O 15 0.04 0.04 0.04 + 0.00 100.52 0.03 Aben Res V 8 0.06 0.00 0.06 - 0.02 0.30 0.06 Aberdeen Intl* O 49 0.08 0.07 0.08 + 0.01 0.13 0.07 0.12 - 0.01 0.17 0.11 Aberdeen Intl T 99 0.13 0.12 Abitibi Royalt V 36 3.28 3.00 3.28 + 0.23 5.10 1.53 ABT Holdings* O 91 0.47 0.22 0.41 + 0.16 1.61 0.05 Adamera Mnls* O 25 0.01 0.01 0.01 + 0.00 0.04 0.01 Adriana Res V 456 0.11 0.00 0.10 - 0.01 0.19 0.08 0.01 - 0.01 0.03 0.01 Advance Gold V 346 0.02 0.01 African Gold V 2158 0.05 0.04 0.05 + 0.01 0.07 0.03 African Metals V 43 0.06 0.06 0.06 - 0.03 0.11 0.02 0.02 - 0.01 0.03 0.01 African Queen V 122 0.03 0.02 0.01 - 0.00 0.03 0.01 Agave Silver* O 55 0.01 0.01 Agnico Eagle* N 18127 33.57 28.95 33.51 + 4.07 34.89 21.00 Agnico Eagle T 5132 46.66 40.68 46.55 + 5.03 45.73 27.63 T 2109 122.41 115.23 119.84 - 2.48 146.51 114.87 Agrium Agrium* N 5196 87.87 82.79 86.16 - 0.71 116.81 81.06 Aguila Amer Gd V 21 0.04 0.04 0.04 + 0.01 0.11 0.03 0.10 - 0.05 0.23 0.10 Aida Minerals 54 0.12 0.10 Aim Explor* O 10127 0.06 0.01 0.01 - 0.05 1.19 0.01 O 30 0.12 0.10 0.11 + 0.00 0.27 0.10 Alabama Graph* Alabama Graph V 948 0.16 0.14 0.15 - 0.01 0.35 0.14 2.51 + 0.33 3.23 2.08 Alacer Gold T 4884 2.54 2.16 5.44 + 0.87 9.00 3.27 Alamos Gold T 5831 5.45 4.37 Alamos Gold* N 7539 3.93 3.11 3.93 + 0.69 7.54 2.27 N 179262 8.50 6.85 8.12 + 0.83 17.10 6.14 Alcoa* Aldever Res V 305 0.18 0.14 0.15 - 0.01 0.48 0.09 0.13 + 0.01 0.21 0.12 Aldridge Mnrls V 18 0.13 0.13 0.10 - 0.03 0.26 0.09 Aldrin Res V 64 0.13 0.00 Alexander Nubi V 34 0.06 0.04 0.06 + 0.02 0.20 0.04 O 146 0.02 0.02 0.02 - 0.01 0.05 0.01 Alexandria Min* Alexco Res* X 1083 0.46 0.37 0.46 + 0.08 0.55 0.22 0.64 + 0.12 0.68 0.34 Alexco Res T 198 0.64 0.51 0.09 + 0.01 0.35 0.08 Algold Res V 121 0.10 0.00 Alianza Min V 3 0.14 0.00 0.13 - 0.01 0.45 0.10 13.37 - 0.79 40.68 10.02 Alliance Res* D 2520 14.50 12.35 Almaden Mnls T 80 0.92 0.78 0.90 + 0.06 1.46 0.65 X 413 0.66 0.58 0.65 + 0.04 1.19 0.48 Almaden Mnls* 0.20 + 0.01 0.24 0.13 Almadex Min V 208 0.20 0.16 Almo Capital V 3 0.14 0.08 0.08 - 0.05 0.14 0.08 0.24 - 0.03 0.86 0.23 Almonty Ind V 100 0.26 0.24 Alpha Nat Res* O 1509 0.02 0.01 0.02 + 0.00 1.48 0.01 0.16 - 0.02 0.32 0.11 Alphamin Res V 21 0.16 0.16 0.06 + 0.03 0.06 0.03 ALQ Gold V 430 0.06 0.04 Alta Vista Vnt 46 0.18 0.17 0.17 - 0.01 0.25 0.01 0.18 + 0.01 0.60 0.06 Altair Gold V 39 0.18 0.18 Altan Rio Mnls V 499 0.01 0.01 0.01 - 0.01 0.03 0.01 0.05 - 0.01 0.09 0.03 Alternative ER V 9 0.06 0.05 O 4 0.04 0.03 0.04 + 0.01 0.07 0.02 Alternative ER* Altitude Res V 97 0.05 0.04 0.05 + 0.02 0.21 0.02 Altius Mnrls T 247 9.26 7.79 9.10 + 0.85 15.47 7.39 Alumina Inc* O 109 3.23 2.78 3.20 + 0.29 6.38 2.70 0.07 + 0.01 0.24 0.06 ALX Uranium V 298 0.07 0.06 554 0.11 0.08 0.09 + 0.01 0.15 0.04 Am CuMo Mng V Am CuMo Mng* O 529 0.08 0.06 0.07 + 0.01 0.12 0.03 Am Manganese V 1012 0.02 0.02 0.02 + 0.01 0.05 0.01 Amalgamated Gd* O 52 0.00 0.00 0.00 - 0.00 0.03 0.00 0.05 + 0.02 0.14 0.02 Amarc Res* O 146 0.05 0.02 0.03 - 0.01 0.47 0.03 American Pot* O 6 0.04 0.00 American Pot 17 0.07 0.05 0.05 - 0.02 0.70 0.03 Americas Petro V 404 0.19 0.17 0.17 - 0.01 0.33 0.15 Americas Silvr T 5654 0.08 0.06 0.08 + 0.02 0.27 0.06 0.11 + 0.03 0.37 0.07 Amerigo Res* O 543 0.11 0.08 Amerigo Res T 572 0.15 0.12 0.15 + 0.04 0.45 0.10 Anconia Res V 399 0.02 0.02 0.02 + 0.01 0.03 0.01 Andes Gold* O 976 0.01 0.01 0.01 - 0.00 1.00 0.01 Anfield Nickel V 55 0.76 0.66 0.74 + 0.02 0.96 0.52 0.06 - 0.03 0.26 0.05 Anfield Res V 457 0.08 0.06 0.03 + 0.01 0.09 0.01 Angel Gold* O 93 0.03 0.00 Angkor Gold V 213 0.48 0.40 0.47 + 0.04 0.64 0.38 Anglo American* O 30 5.40 3.60 5.12 + 1.07 18.89 3.13 Anglo American* O 1433 2.68 1.79 2.64 + 0.65 3.93 1.57 0.13 - 0.05 0.30 0.02 Anglo-Bomarc V 131 0.18 0.13 O 0 10.28 10.15 10.15 + 2.00 11.75 6.45 AngloGold Ash* AngloGold Ash* N 29556 10.74 8.37 10.73 + 2.25 13.00 5.64 Antioquia Gold V 218 0.10 0.07 0.09 + 0.02 0.10 0.01 Antioquia Gold* O 171 0.07 0.05 0.07 + 0.02 0.07 0.01 5.26 0.00 5.26 + 0.02 12.30 5.24 Antofagasta* O 16 Apogee Silver V 35 0.18 0.16 0.16 - 0.01 0.65 0.15 Applied Mrnls* O 141 0.26 0.22 0.25 - 0.02 0.75 0.16 AQM Copper V 570 0.05 0.04 0.05 + 0.01 0.08 0.03 Aquila Res* O 113 0.10 0.09 0.10 - 0.00 0.19 0.09 O 1463 0.73 0.62 0.71 + 0.02 14.30 0.11 Arch Coal* V 10 1.74 1.65 1.65 - 0.09 2.10 1.07 Archon Mineral Arco Res V 28 0.04 0.03 0.04 + 0.01 0.09 0.03 Arctic Star V 1653 0.03 0.02 0.03 - 0.01 0.07 0.01 Arena Mnls V 200 0.26 0.23 0.23 - 0.02 0.29 0.11 O 274 0.04 0.01 0.04 + 0.02 0.05 0.01 Argentex Mng* 0.05 + 0.02 0.08 0.02 Argentex Mng V 1232 0.06 0.03 Argex Titanium T 516 0.05 0.04 0.05 + 0.01 0.60 0.03 Argonaut Gold* O 323 0.85 0.73 0.82 + 0.08 1.93 0.53 Argonaut Gold T 4823 1.18 1.01 1.16 + 0.09 2.41 0.78 Argus Metals V 164 0.05 0.04 0.05 + 0.01 0.09 0.02 Arian Silver* O 167 0.16 0.00 0.03 + 0.03 0.51 0.00 Arianne Phosph* O 49 0.60 0.57 0.60 + 0.02 0.80 0.52 1.68 + 0.23 1.96 1.25 Asanko Gold* X 1234 1.72 1.35 Asanko Gold T 3898 2.38 1.93 2.35 + 0.34 2.55 1.59 Ascot Res V 124 0.96 0.90 0.96 + 0.06 2.00 0.80 Ashburton Vent V 5464 0.02 0.01 0.01 - 0.01 0.03 0.01 Astur Gold V 186 0.01 0.01 0.01 + 0.01 0.04 0.01 ATAC Res V 568 0.43 0.33 0.40 + 0.07 0.72 0.26 Atacama Pac Gd V 208 0.21 0.14 0.20 + 0.06 0.33 0.14 Atalaya Mg plc T 1 2.00 0.00 1.90 - 0.10 3.45 1.20 Athabasca Mnls V 364 0.22 0.16 0.21 - 0.02 1.21 0.16 Atico Mng* O 106 0.19 0.15 0.19 + 0.04 0.51 0.12 Atico Mng V 207 0.28 0.21 0.27 + 0.07 0.65 0.16 Atlanta Gold V 32 0.07 0.00 0.06 + 0.01 0.11 0.05 Atlantic Coal* O 3 5.00 2.00 2.00 - 0.25 4.00 0.74 Atlantic Gold V 161 0.34 0.29 0.33 + 0.03 0.38 0.17 Atlatsa Res T 179 0.04 0.03 0.04 - 0.01 0.24 0.03 Atlatsa Res* O 104 0.03 0.03 0.03 + 0.00 0.20 0.02 Augyva Mng V 187 0.10 0.09 0.10 + 0.01 0.15 0.08 Aura Mnls T 56 0.10 0.00 0.09 + 0.01 0.12 0.06 Aurania Res V 66 0.60 0.45 0.45 - 0.15 0.60 0.30 Aurcana Corp V 398 0.14 0.12 0.14 + 0.02 0.32 0.09 Aurcana Corp* O 47 0.10 0.08 0.09 + 0.01 0.25 0.07 Aureus Mng T 400 0.07 0.05 0.06 - 0.01 0.83 0.05 AuRico Metals T 871 0.65 0.56 0.65 + 0.07 0.90 0.47 Aurion Res V 284 0.08 0.06 0.08 + 0.01 0.08 0.03 Auryn Res V 388 1.29 1.15 1.29 + 0.09 1.65 0.94 Auryn Res* O 6 0.90 0.00 0.90 + 0.04 1.29 0.70 Avalon Rare Mt T 1290 0.13 0.10 0.11 - 0.01 0.48 0.11 Avalon Rare Mt* O 123 0.09 0.07 0.07 - 0.01 0.40 0.07 Avino Silver* X 459 0.91 0.75 0.89 + 0.10 1.74 0.71 Avino Silver V 133 1.25 1.03 1.23 + 0.14 2.17 1.03 Avnel Gold T 114 0.24 0.22 0.24 + 0.04 0.31 0.18 Avrupa Mnls V 218 0.10 0.08 0.10 + 0.01 0.22 0.07 AXE Expl V 4867 0.02 0.01 0.02 + 0.01 0.03 0.01 Axmin Inc V 132 0.02 0.01 0.02 + 0.01 0.03 0.01 AZ Mining T 597 0.43 0.34 0.38 + 0.06 0.52 0.22 Azarga Uranium* O 5 0.21 0.19 0.21 + 0.00 0.32 0.18 Azimut Expl V 18 0.12 0.11 0.11 - 0.01 0.25 0.10 Azteca Gold* O 320 0.00 0.00 0.00 + 0.00 0.00 0.00

B B2Gold* X 9416 B2Gold T 22702 Bacanora Mnls V 5 Baja Mng* O 86 Balmoral Res T 1217 Balmoral Res* O 129 Bama Gold 128 Bannerman Res T 202 Banro T 887 Banro* X 4258 Banyan Gold V 217 Barkerville Go* O 134 Barkerville Go V 1494 Baroyeca Go&Si V 96 Barrick Gold T 32595 Barrick Gold* N 108695 Batero Gold V 152 Battle Mtn Gld V 70 Bayhorse Silvr V 131 Bayhorse Silvr* O 86 Bayswater Uran* O 1 BC Moly V 5 Bear Creek Mng V 778 Beaufield Res V 672 Beeston Ent* O 86

Feb 15 Pgs 8 9.indd 8

0.86 0.76 0.84 + 0.10 1.90 0.60 1.17 1.06 1.17 + 0.10 2.36 0.86 1.65 0.00 1.65 + 0.05 2.05 0.75 0.01 0.01 0.01 + 0.00 0.04 0.00 0.43 0.38 0.42 + 0.04 1.25 0.33 0.31 0.28 0.30 + 0.03 0.98 0.23 0.15 0.10 0.10 - 0.05 0.15 0.07 0.04 0.03 0.03 - 0.03 0.07 0.03 0.27 0.23 0.27 + 0.03 0.47 0.17 0.20 0.16 0.19 + 0.02 0.40 0.14 0.04 0.03 0.04 + 0.02 0.10 0.02 0.21 0.18 0.21 + 0.03 0.26 0.15 0.32 0.25 0.32 + 0.07 0.34 0.20 0.01 0.01 0.01 - 0.01 0.02 0.01 16.20 13.57 16.19 + 2.26 16.54 7.89 11.64 9.66 11.64 + 1.73 13.70 5.91 0.06 0.05 0.06 + 0.01 0.11 0.05 0.16 0.16 0.16 - 0.01 0.22 0.07 0.07 0.06 0.06 - 0.01 0.15 0.05 0.06 0.04 0.04 - 0.00 0.12 0.03 0.01 0.00 0.01 - 0.00 0.04 0.00 0.05 0.00 0.05 - 0.01 0.23 0.04 0.65 0.58 0.64 + 0.06 1.60 0.50 0.04 0.03 0.04 + 0.01 0.06 0.03 0.00 0.00 0.00 - 0.00 0.08 0.00

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Bellhaven Cp&G V 36 Bellhaven Cp&G* O 25 Belmont Res V 535 Belo Sun Mng T 1585 Benton Cap V 50 Benton Res V 795 Berkwood Res V 266 29 Big North Grap V Big North Grap* O 27 Black Hills* N 3379 Black Iron T 1159 Black Widow Rs V 292 Blind Crk Res V 31 224 Blue Rvr Res V Blue Sky Uran V 42 BonTerra Res V 350 BonTerra Res* O 116 Borneo Res Inv* O 7800 Bowmore Expl V 48 Bravada Gold V 13 Braveheart Res V 80 Bravura Vent 71 Brazil Res V 544 O 70 BrightRock Gld* Britannia Mng* O 410 Brixton Mtls V 81 Brixton Mtls* O 63 Bryn Res* O 7 Buenaventura* N 9964 Bullfrog Gold* O 227

0.07 0.04 0.07 + 0.03 0.45 0.03 0.04 0.03 0.04 + 0.02 0.40 0.02 0.03 0.02 0.03 + 0.01 0.09 0.02 0.30 0.25 0.29 + 0.03 0.30 0.15 0.02 0.00 0.02 + 0.01 0.03 0.02 0.04 0.04 0.04 + 0.01 0.06 0.03 0.01 0.01 0.01 + 0.01 0.05 0.01 0.03 0.00 0.03 - 0.01 0.25 0.02 0.03 0.01 0.01 - 0.00 0.08 0.01 51.53 48.77 50.85 + 1.57 52.96 36.81 0.05 0.03 0.04 + 0.01 0.05 0.02 0.02 0.00 0.01 - 0.01 0.08 0.01 0.05 0.00 0.05 + 0.01 0.06 0.04 0.04 0.04 0.04 - 0.01 0.05 0.03 0.05 0.00 0.05 + 0.01 0.26 0.04 0.22 0.19 0.21 + 0.01 0.43 0.09 0.16 0.12 0.16 + 0.03 0.34 0.08 0.00 0.00 0.00 - 0.00 0.28 0.00 0.06 0.05 0.05 - 0.01 0.11 0.03 0.04 0.00 0.04 - 0.01 0.07 0.02 0.03 0.02 0.03 + 0.01 0.08 0.02 0.04 0.03 0.04 + 0.02 0.08 0.02 0.53 0.48 0.52 + 0.04 0.78 0.38 0.00 0.00 0.00 + 0.00 0.00 0.00 0.01 0.00 0.01 + 0.00 0.01 0.00 0.09 0.07 0.09 + 0.02 0.18 0.05 0.06 0.04 0.06 + 0.03 0.14 0.03 0.00 0.00 0.00 + 0.00 0.03 0.00 4.87 3.94 4.86 + 0.86 12.51 3.30 0.01 0.01 0.01 + 0.00 0.03 0.01

Cache Expl V 201 Cadan Res V 11 Caledonia Mng T 68 Q 64 Caledonia Mng* Calico Res* O 5 Calico Res V 53 California Gld* O 85 California Gld V 1327 Callinex Mines V 311 O 182 Callinex Mines* Cameco Corp* N 7149 Cameco Corp T 5298 Can-Cal Res* O 140 O 87 CanAlaska Uran* V 108 CanAlaska Uran Canamex Res* O 346 Canarc Res T 396 Canarc Res* Q 398 Canasil Res V 619 Cancana Res V 149 Candente Coppr T 109 O 7 Candente Gold* Canex Energy V 1736 112 Canoe Mng Vent V Canstar Res V 274 Canterra Mnls V 733 Canyon Gold* O 1 Cap-Ex Iron V 35 T 7663 Capstone Mng Cardero Res T 33 Caribou King V 91 Carmax Mng V 120 Carpathian Gld* O 170 V 30 Carube Copper Castle Mtn Mng V 1045 Castle Res 132 V 506 Catalyst Coppr Caza Gold* O 291 Cda Carbon* O 114 Cda Carbon V 583 Cda Rare Earth V 11 10 Cda Strtgc Met * O Cda Zinc Mtls V 360 175 Cdn Intl Mnrls V 51 Cdn Mng Comp V Cdn Zinc* Q 300 Centamin T 185 Centaurus Diam* O 160 Centerra Gold T 4275 V 92 Centurion Mnls Century Global T 101 32 Chalice Gold M T Champion Bear V 40 T 435 Champion Iron O 76 Chesapeake Gld* Chesapeake Gld V 84 N 66082 Chevron* Chimata Gold V 154 China Gold Int T 1217 56 China Mnls Mng* O Cibolan Gold* O 4 Claude Res* O 643 Claude Res T 3490 Clifton Mng* O 67 Clifton Star* O 305 Cloud Peak En* N 6826 CMC Metals* O 50 Coeur Mng* N 17546 Colibri Res* O 4 Colibri Res V 3 Colonial Coal V 173 Colorado Res* O 16 Colt Res* O 34 Colt Res V 632 Columbus Gold* O 430 Columbus Gold T 2494 Commerce Res* O 59 Comstock Mng* X 1050 Comstock Mtls V 469 Confedertn Mls V 146 CONSOL Energy* N 58994 Constant Mtl V 520 Contintl Gold T 1108 Contintl Gold* O 53 Contintl Prec* O 1 Contintl Prec T 52 Copper Ck Gold V 24 Copper Fox Mtl V 301 Copper Fox Mtl* O 18 Copper Lake Rs V 660 Copper Mtn Mng T 778 Copper Mtn Mng* O 9 Copperbank Res* O 4 Coral Gold V 325 Corazon Gold V 7 Cordoba Mnls V 1635 Corex Gold V 487 Cornerstone Ca V 632 Cornerstone Ca* O 8 Coro Mining T 512 Coronet Mtls* O 7 Corvus Gold T 521 Corvus Gold* O 94 Cresval Cap V 150 Critical Elem* O 569 Critical Elem V 1482 Crystal Explor V 75 Crystal Pk Min V 130 Cyclone Uran* O 178 Cypress Dev* O 42 Cyprium Mng V 382

0.10 0.08 0.08 - 0.01 0.16 0.05 0.06 0.00 0.06 + 0.01 0.09 0.03 0.90 0.84 0.87 + 0.03 1.06 0.66 0.65 0.60 0.65 + 0.05 0.83 0.48 0.07 0.07 0.07 - 0.00 0.14 0.05 0.09 0.07 0.07 - 0.02 0.19 0.06 0.03 0.03 0.03 - 0.00 0.10 0.02 0.05 0.04 0.05 + 0.01 0.18 0.02 0.34 0.27 0.30 - 0.02 0.40 0.16 0.23 0.19 0.21 - 0.01 0.32 0.13 12.54 11.56 12.34 + 0.20 17.77 10.31 17.19 16.25 17.16 + 0.15 21.44 15.06 0.04 0.03 0.04 + 0.01 0.07 0.03 0.13 0.10 0.10 - 0.02 0.23 0.06 0.18 0.15 0.15 - 0.03 0.28 0.09 0.03 0.02 0.03 + 0.01 0.13 0.02 0.13 0.09 0.09 - 0.01 0.15 0.03 0.08 0.06 0.07 + 0.01 0.08 0.02 0.18 0.15 0.16 - 0.02 0.20 0.03 0.18 0.15 0.18 + 0.01 0.32 0.13 0.04 0.00 0.04 + 0.01 0.13 0.03 0.01 0.00 0.01 + 0.00 0.03 0.00 0.03 0.02 0.03 - 0.01 0.24 0.02 0.03 0.02 0.03 + 0.01 0.10 0.02 0.04 0.04 0.04 - 0.01 0.10 0.03 0.03 0.03 0.03 - 0.01 0.09 0.03 0.34 0.34 0.34 + 0.03 0.54 0.02 0.01 0.00 0.01 - 0.01 0.04 0.01 0.39 0.32 0.37 + 0.02 1.71 0.27 0.10 0.00 0.09 + 0.01 0.40 0.08 0.10 0.00 0.07 - 0.01 0.22 0.06 0.03 0.00 0.02 - 0.01 0.06 0.02 0.02 0.00 0.02 + 0.01 0.03 0.00 0.08 0.00 0.07 + 0.01 0.21 0.05 0.28 0.22 0.26 - 0.02 0.58 0.18 0.03 0.00 0.03 + 0.01 0.15 0.02 0.13 0.11 0.11 - 0.02 0.30 0.11 0.03 0.01 0.02 - 0.01 0.04 0.01 0.22 0.20 0.22 + 0.02 0.25 0.17 0.31 0.28 0.31 + 0.01 0.36 0.20 0.02 0.02 0.02 - 0.01 0.04 0.02 0.02 0.02 0.02 + 0.01 0.08 0.01 0.13 0.11 0.12 + 0.01 0.33 0.10 0.05 0.03 0.04 - 0.01 0.06 0.01 0.11 0.10 0.11 + 0.02 0.12 0.05 0.08 0.06 0.06 - 0.01 0.19 0.04 1.44 1.35 1.44 + 0.08 1.41 0.96 0.24 0.18 0.19 - 0.05 0.25 0.01 7.08 6.32 7.06 + 0.68 8.67 5.05 0.16 0.11 0.16 + 0.04 0.40 0.04 0.30 0.30 0.30 - 0.03 0.40 0.15 0.11 0.10 0.11 + 0.01 0.15 0.09 0.05 0.00 0.05 - 0.01 0.15 0.05 0.18 0.15 0.16 - 0.03 0.23 0.07 1.54 1.26 1.50 + 0.19 1.96 1.05 2.15 1.78 2.05 + 0.15 2.59 1.39 86.19 79.85 82.88 - 3.59 112.93 69.58 0.04 0.00 0.04 + 0.02 0.19 0.01 2.02 1.85 2.02 + 0.06 2.58 1.30 0.01 0.00 0.01 + 0.01 0.01 0.00 0.05 0.04 0.05 + 0.00 0.19 0.03 0.75 0.65 0.71 + 0.01 0.75 0.28 1.02 0.91 0.99 + 0.01 1.04 0.35 0.14 0.11 0.12 + 0.01 0.23 0.05 0.14 0.12 0.12 + 0.00 0.20 0.06 1.65 1.32 1.60 + 0.10 8.69 1.08 0.02 0.02 0.02 - 0.00 0.06 0.01 2.56 2.01 2.55 + 0.34 7.45 1.62 0.04 0.03 0.04 + 0.00 0.04 0.02 0.08 0.00 0.08 + 0.02 0.23 0.02 0.07 0.05 0.06 + 0.01 0.15 0.02 0.05 0.04 0.05 + 0.01 0.13 0.02 0.08 0.07 0.08 + 0.01 0.25 0.06 0.12 0.11 0.12 + 0.01 0.30 0.10 0.27 0.24 0.26 + 0.01 0.39 0.23 0.37 0.32 0.36 + 0.01 0.48 0.31 0.05 0.05 0.05 + 0.00 0.15 0.04 0.49 0.40 0.49 + 0.06 1.03 0.35 0.03 0.02 0.03 + 0.01 0.04 0.01 0.03 0.02 0.02 - 0.01 0.09 0.02 9.73 7.46 9.10 + 1.16 34.56 4.54 0.07 0.06 0.07 + 0.01 0.17 0.05 1.79 1.56 1.74 + 0.19 3.28 1.28 1.31 1.11 1.28 + 0.19 2.65 0.88 0.24 0.00 0.24 + 0.02 0.49 0.18 0.34 0.29 0.34 + 0.05 0.63 0.25 0.07 0.07 0.07 - 0.01 0.10 0.04 0.13 0.12 0.13 + 0.01 0.37 0.11 0.10 0.08 0.08 - 0.00 0.30 0.08 0.04 0.03 0.04 + 0.01 0.09 0.03 0.46 0.38 0.45 + 0.03 1.73 0.33 0.29 0.29 0.29 - 0.02 1.42 0.23 0.03 0.02 0.02 - 0.00 0.06 0.02 0.07 0.00 0.06 - 0.02 0.18 0.05 0.19 0.00 0.18 - 0.01 0.38 0.18 0.15 0.13 0.15 + 0.01 0.25 0.08 0.05 0.04 0.05 + 0.01 0.09 0.03 0.03 0.02 0.03 + 0.01 0.10 0.02 0.01 0.01 0.01 + 0.00 0.09 0.01 0.03 0.00 0.03 + 0.01 0.04 0.02 0.06 0.00 0.06 + 0.01 0.15 0.05 0.71 0.39 0.71 + 0.32 1.08 0.33 0.50 0.29 0.49 + 0.21 0.87 0.25 0.06 0.06 0.06 + 0.01 0.06 0.01 0.13 0.12 0.13 + 0.00 0.23 0.11 0.18 0.15 0.16 - 0.02 0.30 0.14 0.13 0.10 0.12 - 0.02 0.14 0.05 0.20 0.19 0.20 + 0.01 0.37 0.12 0.00 0.00 0.00 - 0.00 0.01 0.00 0.05 0.04 0.05 + 0.01 0.11 0.01 0.08 0.07 0.08 + 0.01 0.20 0.06

Dajin Res V 684 Dajin Res* O 919 Dakota Ter Res* O 2 Dalradian Res* O 231 Dalradian Res T 598 Damara Gold V 20 Danakali* O 324 Decade Res V 5632 Decade Res* O 148 Defiance Silvr* O 153 Defiance Silvr V 398 Del Toro Silvr* O 430 Denison Mines* X 1760 Desert Star V 302 Detour Gold T 8611 Diamante Min* O 42 Diamcor Mng V 27 Diamcor Mng* O 3 Diamond Disc* O 78

0.14 0.13 0.14 - 0.01 0.16 0.04 0.11 0.09 0.10 + 0.00 0.13 0.03 0.06 0.00 0.06 + 0.00 0.21 0.06 0.58 0.50 0.56 + 0.06 0.93 0.45 0.80 0.70 0.78 + 0.06 1.16 0.62 0.06 0.05 0.06 + 0.01 0.16 0.04 0.20 0.19 0.20 - 0.01 0.40 0.19 0.03 0.01 0.03 + 0.02 0.08 0.01 0.02 0.00 0.02 + 0.02 0.05 0.00 0.06 0.04 0.06 + 0.01 0.15 0.04 0.07 0.06 0.07 + 0.01 0.19 0.06 0.01 0.01 0.01 - 0.00 0.04 0.00 0.47 0.44 0.45 + 0.00 0.99 0.35 0.14 0.09 0.09 - 0.03 0.22 0.11 19.46 17.16 19.39 + 2.35 18.86 9.08 0.45 0.35 0.38 - 0.02 2.29 0.25 0.99 0.00 0.92 - 0.08 1.45 0.65 0.70 0.65 0.65 - 0.06 1.15 0.46 0.00 0.00 0.00 - 0.00 0.00 0.00

D-F

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Dios Expl V 210 Discovery Gold* O 167 V 567 Discovery Harb Discovery-Corp V 113 DNI Metals 135 DNI Metals* O 67 Dolly Vard Sil* O 56 46 Dolly Vard Sil V Dominion Diam* N 2016 Dominion Diam T 998 Double Crn Res* O 1769 Doubleview Cap V 123 DRDGOLD* N 1831 Dundee Prec Mt T 1868 Dunnedin Vent V 1523 Duran Vent V 725 Durango Res V 1571 DuSolo Fertil V 140 161 Dynacor Gld Mn T O 28 DynaResource* Dynasty Gold V 81 O 151 Dynasty Met&Mn* Dynasty Met&Mn T 513 Eagle Plains V 154 Eastern Platin* O 1 Eastern Res* O 9 Eastfield Res V 50 Eastmain Res T 442 51 Eco Oro Mnls T Ecuador Gd & C V 1601 Edgewater Expl* O 28 El Capitan Prc* O 1177 El Nino Vent V 73 Elcora Res V 386 Eldorado Gold T 19257 Eldorado Gold* N 22104 Electra Stone V 1176 Eloro Mnrls V 22 124 Ely Gold & Mnl V 13 Ely Gold & Mnl* O Emgold Mng V 25 V 912 Encanto Potash Encanto Potash* O 151 T 1158 Endeavour Mng O 32 Endeavour Mng* Endeavr Silver* N 3579 Endeavr Silver T 511 Energizer Res T 1208 O 718 Energizer Res* Energy Fuels* X 555 Energy Fuels T 215 Ensurge* O 50 Entourage Mtls V 414 Entree Gold T 236 Entree Gold* X 178 Equitas Res* O 11 Equitas Res V 1354 Equitorial Ex V 562 T 25 Era Res Inc 61 Erdene Res Dev* O Erin Ventures V 734 117 Eros Res Corp V Eros Res Corp V 117 Eskay Mng V 237 Ethos Gold V 416 Ethos Gold* O 17 Eurasian Mnls V 22 EurOmax Res V 87 European Metal* O 2920 O 3 Evolving Gold* Evolving Gold 20 Evrim Res V 99 Excellon Res T 376 Excellon Res* O 45 Excelsior Mng* O 43 Excelsior Mng V 393 Exeter Res T 177 Exeter Res* X 736 Explor Res* O 111 Explor Res V 2159 Fairmont Res V 115 Falco Res V 1765 Ferrum Am Mng V 715 Fieldex Expl V 4905 Firebird Res V 976 Firma Holdings* O 235 107 First Ams Gold V First Bauxite V 34 First Liberty* O 3221 First Majestic T 2361 First Majestic* N 8395 V 4525 First Mg Fin First Point T 612 First Quantum T 53694 V 711 Fission 3.0 Fission Uran T 3562 Fission Uran* O 958 Flinders Res* O 108 Flinders Res V 131 Focus Graphite* O 59 Focus Graphite V 264 Focus Vent V 183 Foran Mng V 364 Formation Mtls* O 147 Formation Mtls T 166 Forsys Metals T 66 Fortescue Mtls* O 4 Fortuna Silvr T 2024 Fortuna Silvr* N 2220 Fortune Bay T 63 Forum Uranium V 86 O 22 Forum Uranium* Franco-Nevada T 3472 Franco-Nevada* N 5822 Freegold Vent T 141 Freeport McMo* N 312300 Fresnillo plc* O 6 Frontier Rr Er* O 84 Frontline Gold V 52 Full Metal Mnl V 42 Fura Emeralds V 140

0.09 0.08 0.09 + 0.02 0.10 0.04 0.00 0.00 0.00 - 0.00 0.01 0.00 0.01 0.01 0.01 + 0.01 0.11 0.01 0.08 0.05 0.08 + 0.05 0.14 0.03 0.10 0.00 0.09 + 0.04 0.10 0.05 0.06 0.00 0.06 + 0.03 0.20 0.03 0.11 0.10 0.11 + 0.01 0.25 0.08 0.16 0.00 0.15 - 0.01 0.60 0.11 11.40 10.04 11.24 + 0.59 20.30 7.27 15.83 14.09 15.65 + 0.70 24.60 9.96 0.01 0.01 0.01 - 0.00 0.02 0.01 0.11 0.09 0.10 - 0.01 0.19 0.07 3.40 2.83 3.32 + 0.52 3.43 1.10 1.20 1.07 1.18 + 0.11 3.60 0.84 0.05 0.00 0.05 - 0.01 0.19 0.04 0.02 0.02 0.02 + 0.01 0.04 0.01 0.04 0.03 0.03 - 0.01 0.08 0.03 0.05 0.04 0.04 - 0.01 0.26 0.04 1.89 1.79 1.85 + 0.02 2.59 1.30 1.25 0.80 1.20 - 0.05 2.00 0.80 0.02 0.00 0.02 + 0.01 0.03 0.01 0.16 0.14 0.16 + 0.02 0.64 0.12 0.24 0.21 0.22 + 0.02 0.80 0.18 0.07 0.06 0.06 - 0.01 0.08 0.05 0.55 0.55 0.55 + 0.07 1.84 0.47 0.03 0.02 0.02 - 0.01 0.10 0.01 0.02 0.02 0.02 + 0.01 0.05 0.02 0.37 0.31 0.36 + 0.05 0.62 0.28 0.35 0.32 0.35 + 0.03 0.95 0.30 0.02 0.02 0.02 - 0.01 0.06 0.01 0.01 0.01 0.01 + 0.01 0.01 0.00 0.05 0.04 0.05 - 0.01 0.16 0.04 0.01 0.00 0.01 - 0.01 0.03 0.01 0.35 0.00 0.32 + 0.02 0.36 0.08 3.99 3.10 3.98 + 0.80 7.25 2.67 2.87 2.21 2.86 + 0.62 5.80 1.87 0.09 0.07 0.07 - 0.02 0.14 0.04 0.15 0.00 0.15 + 0.01 0.20 0.09 0.06 0.05 0.05 - 0.01 0.08 0.03 0.05 0.03 0.03 - 0.00 0.06 0.02 0.02 0.01 0.02 + 0.01 0.03 0.01 0.06 0.06 0.06 + 0.01 0.16 0.05 0.05 0.04 0.05 + 0.01 0.13 0.03 9.33 8.51 8.99 + 0.43 9.33 4.35 6.80 6.25 6.45 + 0.40 6.80 4.40 1.37 1.18 1.35 + 0.11 2.73 1.00 1.91 1.67 1.88 + 0.14 3.40 1.46 0.10 0.08 0.10 + 0.02 0.14 0.03 0.07 0.00 0.07 + 0.01 0.13 0.03 2.49 2.16 2.16 - 0.18 5.60 1.81 3.45 3.08 3.13 - 0.17 6.73 2.47 0.02 0.02 0.02 - 0.00 0.09 0.01 0.08 0.06 0.07 + 0.01 0.22 0.03 0.30 0.27 0.28 + 0.02 0.66 0.18 0.22 0.18 0.21 + 0.01 0.51 0.08 0.05 0.03 0.03 - 0.02 0.17 0.04 0.08 0.06 0.06 - 0.02 0.22 0.06 0.03 0.00 0.03 - 0.01 0.20 0.03 0.25 0.13 0.13 + 0.01 1.00 0.09 0.12 0.11 0.12 + 0.01 0.13 0.08 0.07 0.05 0.06 - 0.01 0.11 0.04 0.10 0.09 0.09 - 0.01 0.17 0.09 0.10 0.09 0.09 - 0.01 0.17 0.09 0.15 0.00 0.13 - 0.02 0.20 0.01 0.16 0.14 0.14 - 0.01 0.23 0.11 0.11 0.11 0.11 + 0.00 0.15 0.09 0.59 0.55 0.56 + 0.01 0.97 0.48 0.40 0.32 0.39 - 0.01 0.57 0.20 0.00 0.00 0.00 + 0.00 0.01 0.00 0.03 0.02 0.02 - 0.01 0.08 0.01 0.07 0.00 0.07 + 0.03 0.10 0.02 0.19 0.16 0.18 - 0.02 0.22 0.10 0.31 0.27 0.30 + 0.03 0.92 0.20 0.23 0.19 0.23 + 0.04 0.74 0.14 0.16 0.14 0.16 + 0.01 0.31 0.12 0.23 0.19 0.23 + 0.03 0.39 0.19 0.64 0.53 0.63 + 0.11 0.82 0.39 0.46 0.37 0.46 + 0.09 0.65 0.29 0.12 0.09 0.10 + 0.01 0.12 0.03 0.16 0.12 0.15 + 0.01 0.16 0.04 0.03 0.02 0.03 + 0.01 0.19 0.02 0.38 0.34 0.36 - 0.01 0.69 0.21 0.02 0.02 0.02 + 0.01 0.03 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.01 0.05 0.01 0.05 0.03 0.04 + 0.01 0.25 0.02 0.27 0.26 0.27 + 0.01 0.04 0.04 0.04 - 0.01 0.09 0.03 0.00 0.00 0.00 + 0.00 0.00 0.00 4.99 4.15 4.98 + 0.78 7.96 3.50 3.59 2.95 3.59 + 0.60 6.41 2.40 0.42 0.36 0.41 + 0.04 0.60 0.25 0.07 0.05 0.07 + 0.02 0.10 0.04 4.07 2.61 3.93 + 0.90 19.83 2.15 0.11 0.10 0.11 + 0.01 0.14 0.06 0.75 0.68 0.74 + 0.01 1.38 0.53 0.54 0.49 0.53 + 0.02 1.12 0.39 0.11 0.09 0.09 - 0.02 0.50 0.09 0.15 0.13 0.13 - 0.03 0.49 0.12 0.06 0.04 0.05 - 0.00 0.36 0.04 0.08 0.07 0.08 + 0.01 0.45 0.07 0.07 0.06 0.07 + 0.01 0.27 0.05 0.07 0.06 0.07 + 0.01 0.48 0.05 0.08 0.06 0.07 + 0.00 0.18 0.06 0.10 0.09 0.10 + 0.01 0.22 0.09 0.11 0.09 0.10 + 0.01 0.36 0.08 1.34 1.20 1.33 + 0.10 2.05 1.00 4.50 3.51 4.46 + 0.90 6.10 2.65 3.24 2.51 3.24 + 0.69 4.91 2.00 0.26 0.25 0.25 - 0.02 0.43 0.26 0.08 0.06 0.07 - 0.01 0.11 0.04 0.06 0.05 0.05 - 0.01 0.09 0.03 69.63 60.90 69.63 + 7.60 72.90 49.96 50.07 43.33 50.06 + 5.95 57.96 38.20 0.10 0.08 0.09 - 0.01 0.24 0.05 6.03 4.26 5.68 + 1.08 23.97 3.52 11.65 10.30 11.65 + 1.45 13.79 8.70 0.01 0.01 0.01 + 0.00 0.29 0.00 0.01 0.01 0.01 - 0.01 0.01 0.01 0.02 0.02 0.02 + 0.01 0.10 0.02 0.20 0.15 0.15 - 0.01 0.25 0.08

Gabriel Res T 693 Gainey Capital V 34 Galane Gold V 207 Galantas Gold V 110 Galway Gold V 199 Galway Mtls* O 932 Galway Mtls V 514 Garibaldi Res V 426 GB Minerals V 95 General Moly* X 289 Gensource Pot V 40 Gentor Res V 137 Geologix Ex* O 40 Geomega Res V 1224 Gespeg Cop Res V 125 GGL Res V 257 Gldn Predator V 36 Gldn Predator* O 3 Glencore Plc* O 2438 Global Cobalt V 608 Global Cop Grp V 86 Globex Mng T 111 GMCI Corp* O 1 GobiMin V 31 GoGold Res T 75 Gold & Slvr Mg* O 164300 Gold Bulln Dev V 1452 Gold Dynamics* O 72 Gold Fields* N 38360 Gold Mng USA* O 1200 Gold Mtn Mng V 86 Gold Reach Res V 84 Gold Reserve* O 438 Gold Reserve V 93 Gold Resource* X 2805 Gold Std Vents* X 2010 Gold Std Vents V 1800 Goldcorp* N 65822 Goldcorp T 22590 Golden Arrow V 313 Golden Band* O 101 Golden Dawn Ml V 1664

0.25 0.20 0.21 + 0.03 0.84 0.12 0.14 0.10 0.13 - 0.02 0.29 0.10 0.05 0.04 0.05 + 0.01 0.18 0.03 0.11 0.00 0.11 + 0.02 0.18 0.06 0.07 0.06 0.07 + 0.01 0.12 0.06 0.07 0.00 0.07 + 0.01 0.13 0.06 0.11 0.10 0.11 + 0.01 0.16 0.09 0.12 0.10 0.11 - 0.02 0.20 0.05 0.07 0.06 0.07 + 0.02 0.12 0.02 0.24 0.20 0.22 + 0.01 1.00 0.15 0.07 0.06 0.06 - 0.01 0.07 0.04 0.02 0.01 0.01 - 0.01 0.07 0.02 0.02 0.01 0.02 + 0.01 0.04 0.01 0.08 0.06 0.07 + 0.01 0.29 0.06 0.03 0.02 0.03 + 0.01 0.05 0.02 0.02 0.01 0.02 + 0.01 0.05 0.01 0.13 0.12 0.13 + 0.02 0.15 0.07 0.09 0.00 0.08 + 0.01 0.11 0.06 2.94 2.29 2.87 + 0.33 9.68 1.95 0.02 0.00 0.02 - 0.01 0.08 0.02 0.05 0.05 0.05 - 0.01 0.08 0.04 0.23 0.20 0.23 + 0.04 0.37 0.17 1.50 0.00 1.50 - 0.30 1.80 0.05 0.35 0.28 0.35 + 0.06 0.50 0.27 1.19 1.09 1.10 + 0.02 1.67 0.94 0.00 0.00 0.00 - 0.00 4.42 0.00 0.05 0.04 0.05 + 0.01 0.05 0.02 0.00 0.00 0.00 - 0.00 0.00 0.00 4.17 3.40 4.17 + 0.77 5.87 2.04 0.10 0.06 0.10 + 0.02 0.51 0.05 0.05 0.04 0.05 + 0.02 0.12 0.02 0.13 0.09 0.11 - 0.02 0.50 0.08 3.07 2.35 2.99 + 0.50 4.24 2.19 4.15 3.35 4.15 + 0.75 5.39 3.06 1.61 1.25 1.57 + 0.23 3.65 1.14 0.75 0.66 0.74 + 0.10 0.75 0.26 1.08 0.91 1.03 + 0.13 1.08 0.40 13.75 11.13 13.73 + 2.39 24.63 9.46 19.12 15.64 19.12 + 3.16 30.62 13.55 0.21 0.19 0.20 + 0.01 0.50 0.17 0.00 0.00 0.00 + 0.00 0.01 0.00 0.13 0.11 0.13 + 0.02 0.30 0.05

G-H

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Golden Harp V 30 Golden Hope V 48 Golden Mnls* X 442 Golden Mnls T 40 153 Golden Peak Mn V O 464 Golden Queen* Golden Queen T 197 Golden Reign V 260 Golden Star T 300 Golden Star* X 7604 Golden Tag V 50 Golden Valley V 441 Goldex Res V 348 T 10754 Goldgroup Mng O 28 Goldgroup Mng* V 1605 GoldQuest Mng Goldrea Res 3 V 263 Goldrock Mines O 39 Goldsource Min* V 499 Goldsource Min V 30 Goldstrike Res Gonzaga Res V 52 GoviEx Uranium 1287 Gowest Gold V 1071 Gowest Gold* O 38 GPM Metals V 213 O 65 Gran Colombia* Graniz Mondal V 58 O 1466 Graphite Corp* Graphite One V 3800 Graphite One* O 155 Great Atlantic V 16 Great Bear Res V 1031 109 Great Lakes Gr* O Great Panther T 704 X 2572 Great Panther* 166 Great Quest Fe V 43 Great Rock Dev* O O 243 Great Western* Green Arrow V 193 V 115 Greencastle Rs O 150 Greenflag Vent* O 595 Greenland M&En* Grenville Gold V 4 O 18 Grenville Gold* Grizzly Discvr V 89 Grizzly Gold* O 31 741 GTA Res & Mng V T 1996 Guyana Gldflds GWR Res V 16 Hadley Mng 66 18495 N Harmony Gold* Harte Gold T 740 V 38 Hawkeye Gld&Di V 190 Heatherdale Rs 33114 Hecla Mining* N Helio Res V 737 O 5 Hemcare Health* Heron Res T 784 Highbank Res V 898 V 78 Highland Copp 273 Highway 50 Gld V O 58 Hochschild Mg* Honey Badger E V 3174 T 22 Horizonte Mnls 28 Hornby Bay Mnl V Houston Lake V 136 HudBay Mnls T 14961 HudBay Mnls* N 1281 Hudson Res V 154 Hudson Res* O 27

0.03 0.05 + 0.01 0.07 0.05 0.03 0.11 0.21 - 0.01 0.64 0.22 0.19 0.13 0.19 + 0.02 0.56 0.20 0.17 0.19 0.26 + 0.02 0.69 0.27 0.25 0.08 0.06 0.08 + 0.02 0.09 0.04 0.48 0.84 + 0.06 1.38 0.91 0.75 0.65 1.17 + 0.07 1.67 1.24 1.08 0.06 0.09 + 0.01 0.13 0.09 0.00 0.21 0.33 + 0.06 0.51 0.34 0.27 0.14 0.24 + 0.06 0.42 0.25 0.18 0.02 0.03 + 0.01 0.06 0.03 0.03 0.07 0.09 + 0.01 0.21 0.10 0.08 0.02 0.03 + 0.01 0.06 0.06 0.02 0.05 0.06 - 0.01 0.15 0.07 0.06 0.03 0.05 - 0.01 0.12 0.05 0.05 0.07 0.15 + 0.02 0.20 0.17 0.13 0.02 0.04 + 0.01 0.10 0.04 0.00 0.15 0.25 - 0.01 0.40 0.27 0.21 0.11 0.20 + 0.01 0.21 0.22 0.19 0.13 0.28 + 0.01 0.31 0.31 0.24 0.07 0.14 + 0.02 0.21 0.14 0.00 0.01 0.02 + 0.01 0.10 0.02 0.01 0.04 0.10 + 0.02 0.26 0.15 0.09 0.05 0.07 + 0.01 0.10 0.07 0.06 0.04 0.04 - 0.01 0.07 0.05 0.04 0.08 0.13 + 0.02 0.33 0.13 0.12 0.04 0.05 + 0.00 0.43 0.06 0.00 0.01 0.01 - 0.01 0.06 0.02 0.01 0.00 0.01 - 0.00 0.02 0.01 0.01 0.07 0.09 + 0.01 0.13 0.09 0.08 0.05 0.07 + 0.01 0.11 0.07 0.05 0.03 0.04 - 0.01 0.18 0.04 0.04 0.02 0.01 0.02 + 0.01 0.09 0.01 0.08 0.07 0.08 + 0.01 0.12 0.03 0.40 0.80 + 0.08 0.84 0.81 0.71 0.30 0.58 + 0.06 0.68 0.59 0.51 0.15 0.00 0.15 + 0.04 0.63 0.11 0.01 0.00 0.01 + 0.00 0.02 0.00 0.00 0.00 + 0.00 0.05 0.00 0.00 0.04 0.04 - 0.02 0.10 0.06 0.03 0.05 0.06 - 0.01 0.09 0.07 0.06 0.00 0.04 + 0.02 0.15 0.05 0.02 0.01 0.02 - 0.01 0.08 0.03 0.02 0.04 0.08 + 0.02 0.15 0.08 0.00 0.09 0.09 - 0.00 0.09 0.09 0.09 0.01 0.04 + 0.01 0.10 0.04 0.04 0.01 0.02 + 0.01 0.04 0.02 0.01 0.03 0.02 0.03 + 0.01 0.09 0.02 2.48 4.25 + 0.58 4.48 4.25 3.66 0.01 0.04 - 0.01 0.08 0.04 0.00 0.01 0.01 - 0.01 0.12 0.01 0.00 0.53 2.34 + 0.55 3.09 2.34 1.82 0.04 0.09 + 0.01 0.10 0.09 0.08 0.02 0.05 + 0.02 0.08 0.05 0.03 0.01 0.02 + 0.01 0.05 0.02 0.00 1.45 2.19 + 0.33 3.50 2.19 1.83 0.02 0.03 + 0.01 0.07 0.04 0.03 0.01 0.06 + 0.01 0.80 0.06 0.06 0.07 0.09 + 0.01 0.14 0.09 0.07 0.05 0.07 - 0.03 0.21 0.09 0.07 0.09 0.09 - 0.01 0.30 0.10 0.09 0.12 0.08 0.12 + 0.04 0.40 0.05 0.59 0.82 + 0.11 1.70 0.82 0.74 0.04 0.03 0.03 + 0.01 0.04 0.01 0.02 0.04 - 0.01 0.06 0.05 0.04 0.06 0.00 0.06 + 0.02 0.10 0.03 0.12 0.19 + 0.03 0.20 0.19 0.16 3.15 2.41 3.05 + 0.29 12.61 2.26 2.31 1.73 2.19 + 0.24 10.37 1.56 0.24 0.40 - 0.02 0.55 0.46 0.40 0.20 0.28 - 0.01 0.44 0.30 0.28

I-Minerals* O 93 I-Minerals V 125 IAMGOLD T 7153 31736 IAMGOLD* N Iberian Mnrls V 204 IC Potash* O 110 Icon Explor V 115 Iconic Mnls V 148 IDM Mining* O 71 iMetal Res V 69 IMPACT Silver V 888 O 81 Impala Platnm* 165 Imperial Metal T 14 Imperial Metal* O 321 Inca One Gold V 45 Inca One Gold* O Q 109 Inception Mng* V 996 Independence G Infrastructure* O 504 O 18 Inspiration Mg* Integra Gold* O 702 Integra Gold V 4067 Intigold Mines V 244 392 Intl Bethl Mng V Intl Montoro V 516 Intl Montoro* O 218 470549 Intl Star* O Intl Tower Hil* X 1338 283 T Intl Tower Hil Intrepid Pots* N 5215 INV Metals T 266 InZinc Mining V 95 InZinc Mining* O 120 O 55 Ireland* Ivanhoe Mines T 3817 O 449 Ivanhoe Mines* Jaguar Mng* O 51 Jaguar Mng V 145 243 James Rvr Coal* O Jayden Res V 3 Jazz Res V 4 V 184 Jet Gold Jet Metal* O 8 Jet Metal V 3 Kaminak Gold V 2690 O 378 Kaminak Gold* Karmin Expl V 3 Karnalyte Res T 178 Katanga Mng T 421 Kenna Res V 413 Kennady Diam V 107 Kerr Mines* O 18 Kerr Mines T 1028 434 Kesselrun Res V Kestrel Gold V 349 Khalkos Expl V 14 Khan Res 68 V 356 Kilo Goldmines Kingsmen Res V 10 69325 Kinross Gold* N Kinross Gold T 32598 Kirkland Lk Gd T 3439 Kiska Metals* O 157 Klondex Mns T 3741 Klondike Gold V 71 Klondike Silv* O 4 V 540 Kombat Copper V 74 Komet Resource Kootenay Silvr V 212 KWG Res 6801

0.11 0.17 - 0.00 0.28 0.17 0.17 0.14 0.23 - 0.03 0.37 0.25 0.22 1.50 2.58 + 0.54 3.38 2.60 2.03 1.15 1.87 + 0.42 2.70 1.88 1.44 0.04 0.09 + 0.02 0.11 0.10 0.00 0.03 0.03 - 0.01 0.25 0.04 0.03 0.01 0.02 - 0.02 0.04 0.02 0.01 0.03 0.04 - 0.01 0.09 0.05 0.04 0.04 0.06 + 0.01 0.11 0.06 0.06 0.03 0.04 + 0.01 0.10 0.04 0.00 0.11 0.15 + 0.01 0.26 0.15 0.13 1.45 2.38 + 0.22 7.35 2.44 1.99 5.32 4.35 4.99 + 0.45 13.69 4.11 3.52 3.17 3.52 + 0.23 11.00 2.84 0.09 0.07 0.08 - 0.01 0.29 0.07 0.06 0.06 0.06 + 0.00 0.23 0.06 0.05 0.13 - 0.10 0.40 0.23 0.12 0.06 0.07 + 0.01 0.11 0.08 0.07 0.01 0.01 - 0.00 0.02 0.01 0.01 0.01 0.02 + 0.01 0.10 0.02 0.00 0.18 0.27 + 0.02 0.29 0.27 0.22 0.23 0.37 + 0.04 0.37 0.37 0.32 0.07 0.11 - 0.01 0.32 0.12 0.09 0.03 0.03 0.03 + 0.01 0.10 0.02 0.03 0.03 - 0.01 0.10 0.04 0.03 0.02 0.02 - 0.01 0.09 0.03 0.02 0.00 0.00 + 0.00 0.00 0.00 0.00 0.26 0.20 0.25 + 0.03 0.50 0.18 0.34 0.29 0.34 + 0.03 0.61 0.26 2.59 1.85 2.55 + 0.37 15.09 1.75 0.08 0.13 + 0.02 0.25 0.14 0.11 0.04 0.07 + 0.01 0.14 0.07 0.06 0.03 0.05 + 0.00 0.13 0.05 0.04 0.15 0.23 + 0.03 0.51 0.25 0.18 0.53 0.63 - 0.05 1.36 0.69 0.60 0.36 0.46 - 0.02 1.08 0.50 0.43 0.07 0.10 - 0.02 0.53 0.12 0.00 0.12 0.18 + 0.02 0.65 0.18 0.14 0.02 0.01 0.01 + 0.00 0.07 0.01 0.03 0.03 - 0.01 0.16 0.03 0.00 0.03 0.15 + 0.05 0.23 0.15 0.10 0.03 0.05 + 0.01 0.11 0.05 0.04 0.03 0.08 + 0.00 0.13 0.08 0.05 0.04 0.08 - 0.03 0.16 0.10 0.00 0.61 0.91 + 0.03 1.14 0.94 0.89 0.47 0.66 + 0.03 0.91 0.69 0.64 0.15 0.18 - 0.07 0.40 0.24 0.18 0.52 0.84 - 0.01 1.33 0.99 0.84 0.13 0.16 - 0.02 0.35 0.18 0.15 0.08 0.11 + 0.02 0.20 0.12 0.10 2.35 2.95 - 0.05 5.95 3.05 2.90 0.01 0.02 + 0.00 0.20 0.02 0.00 0.02 0.03 + 0.01 0.25 0.04 0.03 0.05 0.03 0.05 + 0.02 0.06 0.02 0.01 0.02 + 0.01 0.07 0.02 0.01 0.05 0.08 - 0.02 0.12 0.09 0.08 0.34 0.44 - 0.04 0.80 0.50 0.44 0.04 0.10 + 0.02 0.14 0.10 0.08 0.03 0.05 + 0.01 0.18 0.05 0.00 1.31 2.30 + 0.66 3.47 2.35 1.62 1.79 3.21 + 0.90 4.31 3.26 2.27 6.12 5.02 6.06 + 1.07 6.88 4.14 0.01 0.01 + 0.00 0.05 0.02 0.01 2.30 3.22 + 0.31 3.87 3.38 2.81 0.08 0.14 + 0.02 0.25 0.14 0.00 0.01 0.01 - 0.01 0.03 0.02 0.01 0.02 0.05 - 0.01 0.11 0.05 0.04 0.26 0.34 - 0.06 0.57 0.40 0.34 0.17 0.25 + 0.03 0.56 0.25 0.20 0.01 0.02 - 0.01 0.03 0.02 0.02

12 Labdr Iron Mns* O Labrador Iron T 1854 Lake Shore Gld T 27433 Lake Shore Gld* X 3590 Lake Victoria* O 199 Lancaster Cap V 50 Lara Expl V 55 Laramide Res T 427 Largo Res V 771 Largo Res* O 434 196 Latin Am Mnls V 481 Laurion Mnl Ex* O Legend Gold V 55 77 Levon Res Ltd * O Levon Res Ltd T 2171 267 Lexam VG Gold* O 436 Lexam VG Gold T Li3 Energy* O 239 Liberty Star* Q 9680

0.00 0.00 0.00 + 0.00 0.02 0.00 9.83 8.34 9.67 + 0.79 19.12 6.85 1.50 1.24 1.49 + 0.22 1.38 0.88 1.08 0.88 1.07 + 0.16 1.14 0.69 0.01 0.02 + 0.00 0.09 0.02 0.00 0.04 0.10 + 0.02 0.15 0.10 0.10 0.20 0.35 + 0.09 0.45 0.38 0.26 0.15 0.27 + 0.04 0.40 0.30 0.21 0.11 0.20 + 0.06 1.35 0.23 0.13 0.08 0.16 + 0.05 1.06 0.17 0.08 0.12 0.09 0.11 - 0.02 0.95 0.05 0.01 0.00 0.01 + 0.00 0.04 0.00 0.03 0.03 - 0.01 0.14 0.03 0.03 0.10 0.07 0.08 - 0.01 0.15 0.07 0.13 0.09 0.13 - 0.01 0.32 0.09 0.06 0.05 0.06 + 0.01 0.08 0.04 0.08 0.07 0.08 + 0.02 0.11 0.05 0.01 0.01 - 0.01 0.04 0.02 0.01 0.00 0.00 - 0.00 0.01 0.00 0.00

I-J-K

16-02-09 7:30 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 15–21, 2016

s toc k tab l e s (100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Lion One Mtls* O 43 Lion One Mtls V 92 Lithium Corp* O 92 Lithium Expl* O 94 316 Lithium X Egy V LKA Gold* O 48 Lode-Star Mg* O 90 Lomiko Mtls* O 232 Loncor Res T 7125 Loncor Res* O 252 Lone Star Gold* O 53 Lonmin plc* O 95 Lornex Cap 180 Lorraine Coppr V 86 411 Los Andes Copp V Lowell Copper V 22 Luna Gold T 295 Luna Gold* O 76 Lund Enterpr V 122 Lundin Gold T 862 Lundin Mng T 19531 Lupaka Gold V 381 Lydian Intl* O 46 Lydian Intl T 475 Lynas Corp* O 319

0.29 0.26 0.29 + 0.02 0.45 0.12 0.40 0.35 0.37 + 0.04 0.60 0.17 0.04 0.03 0.03 + 0.00 0.06 0.02 0.14 0.00 0.11 + 0.03 9.00 0.02 0.64 0.53 0.60 + 0.03 0.69 0.05 0.24 0.18 0.24 - 0.01 0.66 0.10 0.03 0.03 0.03 - 0.00 0.07 0.01 0.03 0.02 0.02 - 0.01 0.06 0.02 0.02 0.02 0.02 + 0.01 0.13 0.02 0.02 0.01 0.02 + 0.01 0.13 0.01 0.00 0.00 0.00 + 0.00 0.01 0.00 1.01 0.70 1.01 + 0.31 287.00 0.55 0.25 0.22 0.25 + 0.03 0.30 0.07 0.06 0.03 0.06 - 0.01 0.15 0.04 0.07 0.06 0.07 + 0.01 0.23 0.05 0.15 0.14 0.15 + 0.01 0.47 0.12 0.06 0.05 0.06 + 0.01 0.43 0.03 0.04 0.03 0.04 + 0.00 0.32 0.02 0.03 0.02 0.02 - 0.01 0.06 0.02 4.00 3.81 3.91 - 0.01 4.30 3.46 3.85 2.98 3.55 + 0.08 6.46 2.98 0.05 0.05 0.05 + 0.01 0.16 0.04 0.19 0.15 0.19 + 0.04 0.48 0.13 0.27 0.20 0.26 + 0.06 0.60 0.19 0.07 0.06 0.07 - 0.00 0.10 0.02

M Macarthur Mnl V 2999 0.03 0.02 0.02 - 0.01 0.08 0.01 O 2 0.13 0.10 0.13 + 0.03 0.15 0.01 MacMillan Mnls* MacMillan Mnls V 22 0.21 0.17 0.21 + 0.03 0.24 0.05 7.36 + 0.79 8.45 5.57 MAG Silver* X 183 7.38 6.52 MAG Silver T 814 10.24 9.11 10.20 + 1.02 10.80 6.90 Magellan Mnrls V 177 0.04 0.04 0.04 + 0.01 0.09 0.03 O 5 0.02 0.02 0.02 + 0.02 0.20 0.01 MagIndustries* Makena Res V 3759 0.02 0.01 0.01 - 0.01 0.05 0.01 0.81 + 0.03 0.99 0.59 Mandalay Res T 1613 0.83 0.64 0.01 + 0.01 0.03 0.01 Manson Creek V 69 0.01 0.00 Marathon Gold T 465 0.20 0.15 0.20 + 0.04 0.38 0.11 0.12 + 0.02 0.73 0.10 Marlin Gold* O 158 0.12 0.10 Marlin Gold V 220 0.18 0.15 0.18 + 0.02 1.09 0.15 123.05 - 2.53 178.67 113.49 MartinMarietta* N 5341 126.56 117.58 O 71 0.32 0.25 0.30 + 0.03 0.52 0.21 Mason Graphite* Mason Graphite V 276 0.44 0.34 0.43 + 0.05 0.65 0.30 V 8 0.30 0.21 0.25 - 0.05 0.49 0.17 Matachewan Con Matamec Expl V 231 0.03 0.03 0.03 + 0.01 0.07 0.02 O 33 0.02 0.01 0.02 + 0.01 0.05 0.01 Matamec Expl* 0.14 + 0.01 0.27 0.12 Mawson Res* O 43 0.14 0.12 Mawson Res T 24 0.19 0.18 0.19 + 0.02 0.30 0.15 0.02 - 0.01 0.08 0.01 Mawson West T 59 0.02 0.02 Maya Gold &Sil V 785 0.12 0.11 0.11 - 0.01 0.30 0.10 V 22 0.03 0.02 0.02 - 0.01 0.04 0.01 Mazarin 0.56 - 0.04 1.05 0.56 McChip Res V 2 0.56 0.56 McEwen Mng T 1186 2.02 1.74 1.97 + 0.25 2.00 0.84 11741 1.46 1.24 1.42 + 0.19 1.46 0.65 McEwen Mng* N Meadow Bay Gd T 582 0.08 0.06 0.07 + 0.02 0.31 0.06 92 0.05 0.04 0.04 + 0.01 0.23 0.04 Meadow Bay Gd* O N 1765 1.80 1.43 1.65 - 0.35 3.76 1.23 Mechel* Medgold Res V 284 0.07 0.05 0.07 + 0.01 0.20 0.05 O 8308 0.02 0.01 0.01 - 0.00 0.04 0.01 Medinah Mnrls* Mega Uranium T 1261 0.07 0.07 0.07 - 0.01 0.14 0.05 O 71 0.05 0.04 0.05 + 0.00 0.11 0.04 Mega Uranium* 0.01 - 0.01 0.11 0.01 Melior Res V 5 0.01 0.00 Melkior Res V 798 0.03 0.00 0.03 + 0.01 0.04 0.01 0.08 - 0.01 0.15 0.05 Menika Mining V 203 0.08 0.08 Merrex Gold V 304 0.19 0.16 0.18 + 0.01 0.23 0.08 0.13 + 0.02 0.20 0.07 Merrex Gold* O 65 0.13 0.12 0.07 - 0.01 0.12 0.04 Metalex Vent V 476 0.07 0.07 Metallis Res V 186 0.06 0.00 0.06 + 0.04 0.10 0.01 Metalo Manuf 26 0.40 0.33 0.40 + 0.07 0.40 0.32 Metalore Res T 10 1.55 1.37 1.40 - 0.05 3.72 1.40 0.09 + 0.01 0.21 0.05 Metals Creek V 403 0.09 0.08 0.70 + 0.01 1.25 0.69 Metals X* O 1 0.70 0.70 Metanor Res V 7274 0.05 0.04 0.05 + 0.01 0.08 0.03 Mexus Gold* O 7989 0.00 0.00 0.00 - 0.00 0.03 0.00 MGX Minerals 1650 0.19 0.14 0.14 - 0.01 0.70 0.12 0.22 - 0.01 0.44 0.16 Midas Gold* O 235 0.26 0.22 0.31 - 0.02 0.55 0.25 Midas Gold T 667 0.35 0.30 Millrock Res V 181 0.25 0.21 0.25 + 0.01 0.49 0.15 Millrock Res* O 34 0.18 0.15 0.17 + 0.01 0.36 0.11 Minaurum Gold V 404 0.06 0.05 0.05 + 0.01 0.10 0.04 0.14 + 0.01 0.31 0.10 Minco Gold* X 364 0.14 0.12 Minco Gold T 73 0.20 0.18 0.19 - 0.01 0.36 0.12 Minco Silver T 248 0.44 0.41 0.42 + 0.01 0.74 0.32 Minco Silver* O 66 0.31 0.29 0.31 + 0.02 0.54 0.26 Minecorp Egy V 126 0.02 0.02 0.02 - 0.01 0.15 0.01 V 221 0.10 0.00 0.10 + 0.01 0.16 0.06 Minera Alamos 0.03 + 0.01 0.06 0.02 Mineral Mtn V 418 0.03 0.00 Mines Manage* X 215 0.43 0.35 0.38 - 0.04 0.74 0.11 Minnova Corp V 583 0.45 0.40 0.43 - 0.01 0.48 0.18 Miranda Gold V 264 0.10 0.08 0.08 + 0.01 0.12 0.06 0.87 - 0.02 1.09 0.72 Mirasol Res V 167 0.92 0.85 O 5 8.09 0.00 7.90 - 0.19 14.63 7.56 Mitsui M’g* Mkango Res V 836 0.02 0.02 0.02 + 0.01 0.12 0.01 Molycorp* O 5270 0.04 0.03 0.04 - 0.00 1.15 0.02 Monarques Res V 356 0.06 0.06 0.06 + 0.01 0.13 0.06 O 80 0.11 0.11 0.11 - 0.00 0.11 0.04 Moneta Porcpn* Moneta Porcpn T 647 0.16 0.14 0.16 + 0.01 0.16 0.05 Montan Mg V 1460 0.03 0.02 0.03 + 0.02 0.26 0.02 0.05 + 0.01 0.05 0.02 Montana Gold 6 0.05 0.00 Montero Mg&Ex V 577 0.03 0.02 0.02 + 0.01 0.06 0.01 Monument Mng V 516 0.13 0.11 0.13 + 0.03 0.14 0.08 Morien Res* O 47 0.17 0.16 0.17 + 0.02 0.21 0.13 Mosaic* N 30926 25.46 22.02 24.86 + 0.76 53.83 22.02 4.48 + 0.18 5.46 3.38 Mountain Prov T 1385 4.69 4.30 Mountain Prov* D 133 3.36 3.08 3.22 + 0.13 4.40 2.47 MPH Vent V 188 0.07 0.07 0.07 - 0.02 0.11 0.04 Mundoro Cap V 32 0.09 0.08 0.08 - 0.01 0.14 0.04 Mundoro Cap* O 41 0.05 0.05 0.05 + 0.01 0.10 0.03 0.02 - 0.00 0.18 0.01 Myson Group* O 154 0.02 0.01

N-O NACCO Ind* N 117 Namibia Rare E T 87 Namibia Rare E* O 41 Napier Vent V 16 Natural Res Pt* N 1845 Nautilus Mnrls T 276 Nautilus Mnrls* O 203 Nemaska Lith V 3117 Nemaska Lith* O 20 Network Expl V 45 Nevada Clean M V 168 Nevada Clean M* O 76 Nevada Copper T 30 Nevada Expl V 549 Nevada Expl * O 597 Nevada Sunrise* O 36 Nevada Sunrise V 466 Nevada Zinc V 917 Nevsun Res T 2535 Nevsun Res* X 1280 New Carolin Gd V 7379 New Colombia* O 161 New Gold* O 70 New Gold T 6982 22250 New Gold* X New Jersey Mng* O 859 New Milln Iron T 862 New Oroperu V 4 New Pac Metals T 10 0.14 New World Res V 0.01 Newlox Gold 65 Newmac Res V 233 Newmarket Gold* O 243 Newmarket Gold T 4644 Newmont Mng* N 68416 Nexgen Energy* O 313 Nexgen Energy V 5229 NGEx Res* O 10 NGEx Res T 32 Nicola Mg Inc* O 38 Nighthawk Gold V 174 Nikos Expl V 96 Niocan Inc V 68 Niocorp Dev* O 964 Niocorp Dev T 1249 Niogold Mng* O 156 Niogold Mng V 729 Noble Metal Gr V 10 Noram Vent V 135 103 Noranda Alum* O Nord Res* O 2264 Noront Res V 686

Feb 15 Pgs 8 9.indd 9

48.70 44.28 45.06 - 2.53 62.96 40.04 0.06 0.05 0.06 + 0.01 0.20 0.04 0.04 0.03 0.04 + 0.02 0.18 0.03 0.20 0.17 0.20 + 0.03 0.35 0.11 1.25 1.01 1.09 - 0.07 9.27 0.50 0.31 0.27 0.31 + 0.03 0.55 0.24 0.23 0.19 0.23 + 0.02 0.44 0.18 0.43 0.37 0.41 + 0.04 0.48 0.15 0.31 0.26 0.30 + 0.04 0.34 0.13 0.12 0.10 0.11 + 0.01 0.14 0.02 0.03 0.03 0.03 + 0.01 0.06 0.03 0.02 0.02 0.02 + 0.00 0.05 0.00 0.65 0.00 0.65 + 0.14 2.03 0.45 0.41 0.34 0.41 + 0.06 0.94 0.05 0.30 0.26 0.29 + 0.04 0.61 0.08 0.13 0.12 0.13 + 0.01 0.36 0.09 0.19 0.16 0.19 + 0.02 0.45 0.13 0.28 0.25 0.26 + 0.01 0.44 0.19 4.06 3.54 4.06 + 0.25 5.35 3.27 2.94 2.53 2.91 + 0.22 4.36 2.27 0.08 0.05 0.07 + 0.01 0.08 0.02 0.01 0.00 0.01 + 0.00 0.02 0.00 0.08 0.05 0.08 + 0.03 0.67 0.03 4.01 3.30 3.99 + 0.54 5.09 2.52 2.89 2.34 2.89 + 0.46 4.08 1.76 0.10 0.06 0.09 + 0.02 0.12 0.02 0.07 0.05 0.06 - 0.01 0.27 0.05 0.22 0.00 0.13 - 0.02 0.22 0.07 0.20 0.00 0.20 + 0.02 0.30 151 0.03 0.02 0.03 + 0.01 0.12 0.03 0.02 0.03 + 0.01 0.08 0.02 0.08 0.07 0.07 - 0.01 0.29 0.06 1.18 1.06 1.13 + 0.04 2.45 0.61 1.60 1.46 1.56 + 0.04 1.75 0.80 24.50 19.60 24.41 + 4.45 27.90 15.39 0.62 0.54 0.60 + 0.04 0.70 0.29 0.85 0.77 0.84 + 0.05 0.89 0.33 0.45 0.41 0.45 + 0.04 0.85 0.37 0.65 0.00 0.62 + 0.04 1.10 0.44 0.06 0.05 0.06 + 0.03 0.07 0.03 0.08 0.00 0.07 - 0.01 0.30 0.04 0.04 0.00 0.04 - 0.03 0.10 0.02 0.07 0.00 0.07 - 0.02 0.14 0.04 0.63 0.46 0.59 + 0.14 1.51 0.37 0.85 0.63 0.82 + 0.20 1.90 0.51 0.29 0.27 0.28 + 0.01 0.33 0.18 0.40 0.37 0.40 + 0.02 0.46 0.24 0.01 0.01 0.01 - 0.01 0.01 0.01 0.02 0.02 0.02 + 0.01 0.03 0.01 0.33 0.28 0.32 + 0.02 27.51 0.14 0.00 0.00 0.00 + 0.00 0.01 0.00 0.35 0.31 0.35 + 0.04 0.67 0.28

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

North Am Nickl V 65 North Am Nickl* O 15 North Am Pall T 21 North Am Pall* O 14 172 North Arrow Mn V North Springs* O 0 Northern Uran V 902 Northisle C&G V 1267 Northn Empire V 3 Northquest V 1293 Norvista Cap V 39 Nouveau Monde V 1223 NovaCopper* X 308 NovaCopper T 38 X 10105 NovaGold Res* NovaGold Res T 1652 Novo Res* O 66 Novo Res V 127 NRG Metals V 154 V 30 Nrthn Freegold Nrthn Freegold* O 124 V 189 Nrthn Graphite Nrthn Graphite* O 92 18 Nrthn Mnrls &E* O Nrthn Vertex V 105 NSGold V 27 Nthn Dynasty T 451 Nthn Dynasty* X 343 V 292 NuLegacy Gold O 339 NuLegacy Gold* Nunavik Nickel V 37 V 280 NV Gold OceanaGold* O 2 OceanaGold T 13289 Oceanus Res V 35 Odin Mng & Exp V 64 60 Odin Mng & Exp* O Olivut Res* O 64 Olivut Res V 38 566 Omineca Mg &Ml V Orbite Tech T 8799 Orbite Tech* O 203 Orca Gold* O 21 Orca Gold V 883 O 11 Oremex Silver* Orezone Gold* O 44 Orezone Gold V 756 Oro East Mg* Q 74 Oroco Res V 182 Orocobre T 110 Orosur Mng T 585 Orvana Mnrls* O 144 Orvana Mnrls T 783 Osisko Gold T 2143 Otis Gold* O 114 Otis Gold V 137 OZ Minerals* O 0

0.08 0.07 0.08 + 0.01 0.28 0.07 0.06 0.06 0.06 - 0.00 0.22 0.06 4.06 3.95 3.96 - 0.08 188.00 3.85 2.93 2.80 2.88 + 0.06 149.96 2.71 0.30 0.25 0.25 - 0.02 1.34 0.15 2.25 0.00 2.25 - 0.10 40.00 0.15 0.02 0.02 0.02 + 0.01 0.10 0.01 0.04 0.02 0.02 + 0.01 0.04 0.02 0.10 0.00 0.10 + 0.01 0.15 0.06 0.22 0.19 0.22 + 0.01 0.32 0.07 0.14 0.13 0.14 + 0.04 0.16 0.08 0.15 0.13 0.13 - 0.02 0.24 0.08 0.31 0.25 0.27 + 0.01 0.74 0.15 0.42 0.00 0.39 + 0.07 0.93 0.20 4.55 4.03 4.52 + 0.31 4.60 2.65 6.31 5.67 6.28 + 0.38 6.34 3.42 0.54 0.43 0.51 + 0.04 1.20 0.29 0.72 0.60 0.68 + 0.03 1.46 0.40 0.03 0.00 0.03 + 0.01 0.12 0.02 0.05 0.00 0.05 + 0.01 0.10 0.04 0.04 0.03 0.04 - 0.00 0.08 0.02 0.23 0.19 0.20 + 0.01 0.89 0.16 0.17 0.13 0.15 + 0.01 0.70 0.12 0.03 0.03 0.03 + 0.00 0.14 0.03 0.22 0.00 0.18 - 0.06 0.30 0.09 0.07 0.07 0.07 + 0.03 0.08 0.03 0.40 0.36 0.39 + 0.01 0.83 0.28 0.29 0.26 0.28 + 0.01 0.72 0.20 0.11 0.09 0.10 + 0.01 0.17 0.08 0.09 0.07 0.08 + 0.01 0.14 0.06 0.05 0.03 0.05 + 0.01 0.17 0.03 0.02 0.01 0.01 - 0.01 0.17 0.01 2.21 0.00 2.21 + 0.22 2.39 1.43 3.36 2.88 3.35 + 0.46 3.33 1.79 0.18 0.17 0.17 - 0.01 0.35 0.14 0.38 0.34 0.36 + 0.01 0.50 0.21 0.28 0.25 0.25 - 0.02 0.40 0.17 0.10 0.07 0.07 - 0.03 0.14 0.05 0.12 0.10 0.11 + 0.01 0.17 0.08 0.06 0.04 0.06 + 0.02 0.11 0.01 0.33 0.28 0.28 - 0.04 0.53 0.20 0.22 0.20 0.20 - 0.03 0.40 0.16 0.12 0.10 0.11 + 0.03 0.35 0.08 0.17 0.14 0.15 + 0.03 0.43 0.12 0.00 0.00 0.00 + 0.00 0.01 0.00 0.21 0.17 0.20 + 0.02 0.48 0.16 0.30 0.23 0.28 + 0.04 0.61 0.22 0.03 0.02 0.02 - 0.01 0.08 0.01 0.02 0.02 0.02 + 0.01 0.05 0.01 2.50 2.30 2.35 - 0.17 2.79 1.33 0.14 0.11 0.14 + 0.03 0.21 0.10 0.11 0.08 0.11 + 0.03 0.38 0.07 0.18 0.11 0.16 + 0.05 0.47 0.11 15.75 14.06 15.64 + 1.40 18.64 12.39 0.07 0.07 0.07 + 0.02 0.10 0.01 0.10 0.09 0.10 + 0.02 0.14 0.02 2.85 0.00 2.85 + 0.22 3.81 2.29

Pac Bay Mnrls V 64 5 Pac Booker Min* X Pac Booker Min V 32 Pac Iron Ore V 16 Paget Mrnls V 151 Paladin Energy T 466 V 65 Palamina Corp Pan Am Silver* D 14999 Pan Am Silver T 1777 Panex Res* O 60 Panoro Mnrls V 301 X 100 Paramount Gold* Parlane Res V 41 Pasinex Res 262 Patriot Gold* O 112 Peabody Enrgy* N 4867 Peat Res V 136 Pelangio Expl* O 196 Pele Mtn Res* O 51 T 1560 Peregrine Diam Perseus Mng T 2516 V 548 Pershimco Res Pershing Gold* D 620 Pershing Res* O 90 214 Peruvian Prc M* O Peruvian Prc M V 1443 O 260 Petaquilla Mnl* Petro One Engy V 145 Philippine Mtl V 432 Pilot Gold* O 414 Pilot Gold T 1406 Pinecrest Res V 104 Pistol Bay Mng V 105 Plata Latina V 26 Plateau Uran* O 27 Plateau Uran V 172 593 Platinum Gp Mt* X Platinum Gp Mt T 372 Playfair Mng V 327 Playfair Mng* O 12 Polaris Mater T 69 PolyMet Mng T 36 PolyMet Mng* X 930 Potash Corp SK T 13090 Potash Corp SK* N 41860 Potash Ridge T 1075 Precipitate Gl V 146 Premier Gold M T 3733 Pretium Res* N 4043 Pretium Res T 2268 Primero Mng T 8370 Primero Mng* N 9784 Probe Metals V 8 Prophecy Coal* O 839 Prospect Glob* O 67 PUF Vent Inc* O 616 V 545 Pure Energy Pure Energy* O 306 Pure Gold Mg* O 113 Pure Gold Mg V 797 Pure Nickel* O 435 V 1392 Purepoint Uran Q-Gold Res V 110 Quartz Mtn Res V 857 Quaterra Res V 250 Quaterra Res* O 887 858 Quest Rare Mnl T Quest Rare Mnl* O 15 Quinto Real V 128

0.09 0.07 0.07 + 0.01 0.10 0.02 1.34 1.10 1.10 - 0.19 5.76 1.04 1.70 0.00 1.51 - 0.36 6.90 1.02 0.34 0.26 0.34 + 0.14 0.39 0.10 0.03 0.03 0.03 + 0.01 0.15 0.01 0.22 0.20 0.21 - 0.01 0.41 0.15 0.09 0.08 0.08 - 0.02 0.11 0.06 8.46 6.66 8.44 + 1.82 12.05 5.38 11.76 9.34 11.73 + 2.43 15.00 7.77 0.01 0.00 0.01 + 0.00 0.01 0.00 0.13 0.09 0.11 - 0.02 0.25 0.09 1.10 0.99 1.08 + 0.08 1.85 0.87 0.15 0.12 0.15 + 0.06 0.18 0.01 0.06 0.05 0.06 + 0.01 0.14 0.03 0.08 0.06 0.06 - 0.00 0.13 0.02 4.74 3.77 4.24 - 0.21 123.45 2.83 0.02 0.01 0.01 - 0.01 0.03 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.04 0.04 0.04 + 0.00 0.07 0.02 0.12 0.11 0.12 + 0.01 0.39 0.11 0.32 0.28 0.31 + 0.02 0.48 0.23 0.13 0.11 0.12 - 0.02 0.26 0.09 4.23 3.31 3.75 + 0.34 7.45 3.04 0.05 0.03 0.03 - 0.01 0.15 0.01 0.04 0.04 0.04 - 0.00 0.10 0.02 0.06 0.05 0.06 + 0.02 0.14 0.03 0.01 0.00 0.01 + 0.01 0.06 0.00 0.03 0.03 0.03 - 0.01 0.16 0.02 0.06 0.03 0.06 + 0.03 0.06 0.01 0.20 0.17 0.19 + 0.02 0.92 0.16 0.28 0.24 0.28 + 0.04 1.15 0.22 0.05 0.00 0.05 + 0.01 0.50 0.03 0.02 0.00 0.02 + 0.01 0.09 0.01 0.02 0.02 0.02 + 0.01 0.12 0.01 0.27 0.25 0.26 - 0.00 0.57 0.18 0.39 0.35 0.38 + 0.01 0.69 0.24 1.21 1.01 1.16 + 0.06 5.99 0.96 1.60 1.41 1.60 - 0.01 7.40 1.35 0.03 0.03 0.03 + 0.01 0.08 0.01 0.02 0.02 0.02 + 0.00 0.04 0.00 1.50 1.32 1.50 + 0.17 2.83 1.12 1.24 1.05 1.12 + 0.08 1.75 0.76 0.91 0.73 0.83 + 0.07 1.37 0.55 23.50 21.01 23.27 + 0.43 47.03 20.65 17.01 15.05 16.74 + 0.44 37.60 14.64 0.09 0.07 0.07 - 0.01 0.11 0.03 0.09 0.07 0.09 + 0.01 0.21 0.06 2.76 2.46 2.75 + 0.26 2.92 1.65 5.09 4.31 4.97 + 0.69 6.95 4.00 6.95 6.05 6.89 + 0.92 9.00 5.57 3.78 2.14 2.25 - 1.24 5.51 2.54 2.73 1.54 1.62 - 0.88 4.49 1.83 0.39 0.00 0.39 + 0.01 0.56 0.33 0.02 0.01 0.02 + 0.01 0.07 0.01 0.19 0.00 0.11 + 0.05 0.19 0.02 0.03 0.03 0.03 - 0.00 0.05 0.02 0.60 0.54 0.58 + 0.01 1.03 0.18 0.43 0.39 0.42 + 0.02 0.77 0.17 0.09 0.07 0.09 + 0.01 0.24 0.01 0.13 0.11 0.13 + 0.03 0.32 0.07 0.01 0.00 0.01 + 0.00 0.02 0.00 0.05 0.04 0.05 + 0.01 0.07 0.02 0.04 0.00 0.04 + 0.02 0.05 0.01 0.02 0.01 0.02 + 0.01 0.04 0.01 0.06 0.05 0.05 - 0.02 0.15 0.04 0.05 0.04 0.04 - 0.01 0.11 0.03 0.07 0.06 0.06 - 0.02 0.29 0.06 0.05 0.00 0.04 - 0.00 0.23 0.03 0.04 0.00 0.04 + 0.01 0.05 0.01

Rackla Mtls* O 1 Radisson Mng V 126 Rainy Mtn Royl V 19 Randgold Res* D 4647 Rare Element* X 970 Rathdowney Res V 131 Red Eagle Mng V 452 Red Eagle Mng* O 81 Red Hut V 305 Redhawk Res T 488 Redstar Gold V 390 Regulus Res V 202 Reliant Gold V 364 Renaissance Gd V 54 Renaissance Gd* O 16 Reservoir Mnls V 96 Reservoir Mnls* O 37 Revelo Res V 86 Richmond Mnls V 602 Richmont Mines* X 1867 Richmont Mines T 1031 Rio Novo Gold T 719 Rio Tinto* N 28593 Rio Tinto* O 4 Rio Tinto* O 4 Rise Res Inc* O 95 Riverside Res V 206 Riverside Res* O 39 RJK Explor V 120 Robex Res V 1026 Rochester Res V 100 Rockcliff Cop V 881 Rockex Mng 492 Rockhaven Res V 106

0.04 0.03 0.04 + 0.00 0.05 0.03 0.14 0.13 0.14 + 0.01 0.15 0.09 0.04 0.00 0.03 - 0.01 0.09 0.02 78.37 71.59 78.30 + 7.58 85.18 54.88 0.10 0.06 0.07 - 0.02 1.06 0.06 0.23 0.16 0.20 + 0.04 0.35 0.11 0.35 0.28 0.32 + 0.04 0.36 0.25 0.24 0.20 0.24 + 0.02 0.29 0.18 0.02 0.01 0.02 + 0.01 0.06 0.01 0.05 0.04 0.04 - 0.01 0.10 0.04 0.05 0.03 0.04 + 0.01 0.06 0.03 0.32 0.00 0.32 + 0.04 0.54 0.19 0.04 0.01 0.02 - 0.02 0.04 0.01 0.20 0.00 0.15 - 0.04 0.30 0.11 0.15 0.00 0.13 - 0.01 0.24 0.08 4.10 3.56 4.00 + 0.41 4.87 3.26 3.00 2.54 2.80 + 0.26 3.88 2.25 0.07 0.05 0.07 + 0.02 0.14 0.04 0.05 0.03 0.04 + 0.01 0.14 0.03 4.19 3.46 4.13 + 0.51 4.19 2.27 5.80 4.86 5.71 + 0.67 5.71 3.14 0.10 0.07 0.10 + 0.03 0.16 0.07 27.58 22.88 26.21 + 1.56 50.07 21.89 26.97 22.65 25.90 + 1.65 49.45 21.90 29.59 26.05 29.30 + 1.96 50.94 25.47 0.20 0.10 0.10 - 0.10 0.80 0.10 0.17 0.15 0.17 + 0.03 0.31 0.12 0.11 0.10 0.10 + 0.01 0.25 0.08 0.01 0.01 0.01 + 0.01 0.01 0.01 0.06 0.05 0.06 - 0.01 0.10 0.05 0.03 0.00 0.03 - 0.01 0.05 0.03 0.03 0.02 0.03 - 0.01 0.07 0.02 0.09 0.03 0.04 - 0.05 0.15 0.01 0.19 0.16 0.17 - 0.01 0.25 0.10

P-Q

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Rockwell Diam T 132 O 13 Rockwell Diam* Rogue Res* O 125 Rogue Res V 908 Rojo Res V 169 Romios Gold Rs V 103 Romios Gold Rs* O 9 Rosita Mg Corp V 126 Rotation Mnls V 3 V 1846 Roxgold Royal Gold T 102 Royal Gold* D 8809 Royal Nickel* O 9 Royal Nickel T 4896 Royal Rd Mnrls V 77 RTG Mining T 31 O 6435 Rubicon Mnrls* Rubicon Mnrls T 14882 Rugby Mng V 106 Rupert Res V 69 Rusoro Mng* O 327 Rusoro Mng V 634 Rye Patch Gold* O 115 Rye Patch Gold V 942

0.11 0.00 0.09 - 0.01 0.28 0.10 0.07 0.07 0.07 - 0.01 0.22 0.08 0.07 0.07 0.07 + 0.00 0.10 0.01 0.11 0.09 0.10 + 0.02 0.16 0.02 0.04 0.04 0.04 - 0.01 0.15 0.04 0.04 0.03 0.04 + 0.01 0.05 0.02 0.03 0.01 0.03 + 0.00 0.04 0.01 0.03 0.01 0.03 + 0.01 0.10 0.01 0.02 0.00 0.02 - 0.03 0.15 0.05 0.77 0.69 0.77 + 0.04 0.84 0.51 54.68 41.34 54.60 + 12.96 91.50 35.46 39.43 29.45 39.22 + 9.43 73.48 24.68 0.18 0.15 0.17 + 0.06 0.39 0.10 0.25 0.17 0.22 + 0.06 0.59 0.12 0.06 0.05 0.06 + 0.01 0.35 0.04 0.48 0.38 0.40 - 0.08 0.75 0.33 0.05 0.02 0.04 + 0.02 1.23 0.01 0.07 0.03 0.05 + 0.02 1.49 0.02 0.06 0.03 0.04 - 0.02 0.18 0.03 0.03 0.02 0.03 + 0.01 0.08 0.02 0.07 0.06 0.06 - 0.00 0.07 0.02 0.12 0.08 0.09 - 0.01 0.12 0.03 0.11 0.09 0.11 + 0.02 0.16 0.08 0.14 0.12 0.14 + 0.02 0.20 0.11

Sabina Gd&Slvr T 1065 O 104 Sabina Gd&Slvr* Sable Res V 142 Sage Gold V 150 Saint Jean* O 46 Saint Jean V 591 Salazar Res V 13 Sama Res V 323 Samex Mng* O 768 San Gold Corp* O 48 San Marco Res V 90 Sandspring Res* O 202 V 2591 Sandspring Res Sandstorm Gold T 652 Sandstorm Gold* X 3187 Santa Fe Gold* O 71 Santa Fe Mtls V 247 Santacruz Silv V 683 Santacruz Silv* O 22 Sarama Res V 15 Sarissa Res* O 2268 Satori Res V 43 Saturn Mnrls V 1713 Savary Gold V 268 Scandium Int M* O 216 Scorpio Gold V 1753 489 Seabridge Gld T Seabridge Gld* N 3961 Searchlight* O 265 Secova Mtls V 1297 Select Sands V 339 Semafo T 7844 Serengeti Res V 30 Sherritt Intl T 1765 Shore Gold T 297 Sibanye Gold* N 9702 Sidney Resrces* O 344 Sienna Res V 661 Sienna Res* O 4 Sierra Metals* O 14 Sierra Metals T 7 14629 Sierra Res* O Silver Bear Rs T 1291 Silver Bull Re T 187 988 Silver Bull Re* O Silver Dragon* O 264 Silver Predatr V 179 Silver Range V 172 Silver Shield 84 Silver Spruce V 1673 Silver Spruce* O 3 Silver Std Res T 2426 Silver Std Res* D 7632 Silver Stream* O 509 Silver Wheaton T 10702 Silver Wheaton* N 26322 Silvercorp Met T 2165 O 549 Silvercorp Met* SinoCoking Cl* D 85 Sirios Res V 281 Skeena Res V 116 Slam Explor V 162 SolidusGold V 1500 Solitario Ex&R* X 306 Sonora Gld & S V 320 Source Gold* O 55151 N 7212 Southern Copp* Southern Silvr* O 4 Southern Silvr V 124 T 12 SouthGobi Res Spanish Mtn Gd* O 74 863 Spanish Mtn Gd V Sparton Res* O 35 Sparton Res V 190 Sphinx Res V 28 Spruce Ridge R V 178 St Augustine T 120 Stakeholdr Gld V 32 Standard Graph V 915 Standard Metal* O 469 Standard Toll* O 3 Stans Energy V 506 Stans Energy* O 320 Star Minerals* O 156 Stillwater Mg* N 9527 Stina Res* O 44 Stina Res 262 Stockport Expl V 56 Stonegate Agri* O 21 Stornoway Diam T 1539 Strategic Metl V 429 Stratton Res V 58 Stria Lithium V 5 Strikepoint Gd* O 61 V 100 Strongbow Expl Sulliden Mng T 82 Suncor Energy T 18031 Suncor Energy* N 35472 Sunridge Gold V 1353 O 177 Sunridge Gold* Superior Coppr V 3372 Superior Mng* O 92 Sutter Gold* O 870 Sutter Gold V 629

0.75 0.66 0.73 + 0.08 0.80 0.30 0.54 0.47 0.51 + 0.05 0.57 0.24 0.01 0.01 0.01 + 0.01 0.03 0.01 0.05 0.00 0.04 - 0.01 0.12 0.03 0.03 0.02 0.03 + 0.01 0.04 0.01 0.04 0.04 0.04 + 0.01 0.06 0.01 0.05 0.05 0.05 - 0.02 0.16 0.03 0.10 0.10 0.10 - 0.01 0.24 0.09 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.03 0.00 0.04 0.03 0.04 + 0.01 0.07 0.02 0.13 0.08 0.12 + 0.03 0.18 0.08 0.19 0.12 0.19 + 0.06 0.44 0.11 3.58 3.11 3.58 + 0.39 5.14 2.82 2.59 2.22 2.57 + 0.29 4.14 1.94 0.00 0.00 0.00 + 0.00 0.18 0.00 0.02 0.01 0.02 + 0.01 0.03 0.01 0.12 0.09 0.11 + 0.01 0.38 0.09 0.07 0.07 0.07 + 0.00 0.31 0.06 0.08 0.06 0.08 + 0.02 0.11 0.05 0.00 0.00 0.00 - 0.00 0.02 0.00 0.05 0.04 0.04 - 0.01 0.20 0.02 0.15 0.11 0.14 + 0.03 0.24 0.09 0.05 0.04 0.05 + 0.02 0.11 0.02 0.10 0.08 0.09 + 0.01 0.17 0.06 0.07 0.05 0.06 + 0.02 0.18 0.05 10.68 8.48 10.32 + 1.64 13.55 4.34 7.84 6.03 7.43 + 1.26 9.63 3.31 0.15 0.08 0.11 - 0.01 0.44 0.06 0.06 0.04 0.06 + 0.02 0.09 0.03 0.25 0.22 0.24 - 0.02 0.50 0.09 3.98 3.46 3.94 + 0.44 4.40 2.46 0.03 0.00 0.03 - 0.01 0.07 0.02 0.74 0.68 0.72 + 0.02 3.24 0.53 0.20 0.19 0.20 - 0.01 0.30 0.13 11.38 8.61 11.37 + 2.51 11.11 4.07 0.01 0.01 0.01 + 0.00 0.02 0.00 0.03 0.00 0.03 - 0.01 0.04 0.01 0.02 0.02 0.02 + 0.00 0.02 0.01 0.78 0.75 0.75 - 0.07 1.29 0.69 1.09 0.00 1.07 - 0.08 1.63 0.84 0.00 0.00 0.00 + 0.00 0.01 0.00 0.04 0.04 0.04 + 0.01 0.10 0.02 0.06 0.04 0.06 + 0.02 0.18 0.04 0.05 0.03 0.04 + 0.01 0.15 0.02 0.02 0.02 0.02 - 0.00 0.05 0.01 0.01 0.00 0.01 - 0.01 0.04 0.01 0.05 0.04 0.05 + 0.01 0.11 0.02 0.04 0.02 0.02 - 0.01 0.08 0.01 0.08 0.07 0.07 - 0.01 0.10 0.02 0.05 0.00 0.05 + 0.00 0.07 0.01 7.55 6.04 7.50 + 1.40 10.56 5.22 5.44 4.29 5.41 + 1.05 8.02 3.66 0.01 0.00 0.00 - 0.00 0.15 0.00 19.68 16.35 19.62 + 3.11 29.04 14.51 14.17 11.63 14.12 + 2.36 23.37 10.04 0.75 0.66 0.74 + 0.03 1.79 0.60 0.55 0.48 0.53 + 0.04 1.44 0.41 0.49 0.41 0.42 - 0.01 3.15 0.26 0.09 0.08 0.09 + 0.01 0.13 0.07 0.07 0.06 0.07 + 0.01 0.13 0.06 0.07 0.05 0.06 - 0.01 0.09 0.01 0.05 0.05 0.05 + 0.01 0.23 0.04 0.47 0.43 0.45 + 0.01 0.94 0.40 0.01 0.01 0.01 - 0.01 0.03 0.01 0.00 0.00 0.00 - 0.00 2.00 0.00 27.26 23.93 26.50 + 0.58 33.31 21.55 0.03 0.02 0.03 + 0.01 0.08 0.02 0.06 0.04 0.05 - 0.01 0.13 0.03 0.25 0.00 0.21 - 0.05 1.25 0.22 0.03 0.00 0.02 + 0.01 0.04 0.01 0.04 0.03 0.03 + 0.01 0.05 0.02 0.04 0.03 0.03 - 0.01 0.04 0.00 0.05 0.04 0.04 - 0.01 0.05 0.01 0.02 0.00 0.02 + 0.01 0.07 0.01 0.01 0.01 0.01 - 0.01 0.06 0.01 0.11 0.10 0.10 - 0.01 0.17 0.07 0.10 0.08 0.10 + 0.01 2.00 0.04 0.03 0.02 0.03 + 0.01 0.04 0.01 0.20 0.13 0.20 + 0.04 1.31 0.01 0.00 0.00 0.00 - 0.00 0.19 0.00 0.02 0.01 0.01 - 0.01 0.13 0.01 0.01 0.01 0.01 + 0.00 0.10 0.01 0.00 0.00 0.00 + 0.00 0.03 0.00 7.34 6.30 6.87 + 0.32 15.07 4.99 0.11 0.10 0.11 + 0.00 0.20 0.06 0.16 0.12 0.15 + 0.02 0.19 0.12 0.03 0.02 0.03 + 0.01 0.04 0.01 0.02 0.01 0.02 + 0.00 0.04 0.01 0.76 0.69 0.76 + 0.05 0.85 0.54 0.31 0.26 0.30 + 0.02 0.34 0.24 0.12 0.08 0.11 - 0.01 0.14 0.06 0.03 0.03 0.03 - 0.01 0.11 0.02 0.01 0.00 0.01 + 0.00 0.06 0.00 0.09 0.08 0.08 - 0.01 0.18 0.05 0.24 0.22 0.24 - 0.02 0.31 0.19 32.77 30.34 31.88 - 1.30 40.93 27.32 23.97 21.56 22.95 - 0.60 33.49 18.71 0.29 0.28 0.28 - 0.01 0.30 0.13 0.21 0.20 0.21 + 0.01 0.21 0.10 0.02 0.01 0.02 + 0.01 0.05 0.01 0.00 0.00 0.00 - 0.00 0.01 0.00 0.03 0.02 0.03 + 0.01 0.09 0.02 0.04 0.00 0.04 + 0.01 0.10 0.04

Tahoe Res* N 7222 Tahoe Res T 6219 Tajiri Res V 97 Takara Res V 69 Taku Gold 42 Talon Metals T 144 Tamino Mnrls* O 12335 Tanager Energy V 318 Tantalex Res 13 Tanzania Rlty T 942 Tanzania Rlty* X 1875 Taranis Res V 41 Tartisan Res 800 Taseko Mines T 1085 Taseko Mines* X 1045 Tasman Metals V 168 Teck Res T 11 Teck Res* N 37925 Teck Res T 25461 TECO Enrgy* N 11266 Telson Res V 26 Tembo Gold V 712 Tembo Gold* O 30 Teranga Gold T 13618 Teras Res V 434 Terraco Gold V 60 Terrax Mnrls* O 45 Terrax Mnrls V 133 Terreno Res V 9 Teryl Res Corp* O 40 Teslin Rvr Res V 615

8.80 7.70 8.40 + 0.65 15.14 6.48 12.03 10.81 11.66 + 0.78 18.65 9.45 0.01 0.01 0.01 + 0.01 0.04 0.01 0.05 0.03 0.03 - 0.02 0.06 0.01 0.03 0.02 0.03 + 0.01 0.10 0.02 0.14 0.10 0.10 - 0.04 0.23 0.08 0.00 0.00 0.00 + 0.00 0.01 0.00 0.05 0.03 0.03 - 0.01 0.07 0.01 0.05 0.00 0.02 - 0.03 0.09 0.01 0.45 0.24 0.29 - 0.14 0.77 0.32 0.33 0.17 0.20 - 0.10 0.65 0.25 0.05 0.04 0.05 + 0.01 0.15 0.03 0.03 0.02 0.03 + 0.01 0.06 0.01 0.53 0.46 0.49 - 0.04 1.22 0.35 0.39 0.33 0.36 - 0.02 0.95 0.23 0.25 0.12 0.17 - 0.05 0.99 0.18 8.73 7.48 8.68 + 0.94 22.64 5.69 4.49 3.35 4.30 + 0.57 16.40 2.56 6.19 4.67 6.00 + 0.77 20.58 3.65 27.45 27.15 27.28 + 0.16 27.45 17.60 0.12 0.00 0.12 + 0.02 0.14 0.01 0.01 0.01 0.01 + 0.01 0.06 0.01 0.01 0.00 0.01 + 0.01 0.05 0.01 0.43 0.38 0.43 + 0.03 0.82 0.38 0.05 0.04 0.04 + 0.01 0.12 0.03 0.11 0.09 0.10 - 0.01 0.16 0.07 0.20 0.19 0.19 - 0.00 0.34 0.17 0.30 0.26 0.30 + 0.04 0.43 0.23 0.03 0.02 0.02 - 0.01 0.08 0.02 0.01 0.01 0.01 - 0.00 0.01 0.00 0.28 0.25 0.27 + 0.01 0.34 0.20

(100s) Stock

Week

12-month

Exc Volume High Low Last Change High Low

Teuton Res V 71 Teuton Res* O 46 100 Texas Rare Eth* O Themac Res V 1005 Thompson Creek* O 2361 Thompson Creek T 3060 Thunder Mtn Gd* O 25 Till Capital* D 7 Till Capital V 3 Timberline Res* X 219 Timberline Res V 255 Timmins Gold* X 3645 Timmins Gold T 3317 Tinka Res* O 68 Tinka Res V 137 Tintina Mines V 77 Tintina Res V 37 Tintina Res* O 17 Tirex Res* O 65 Tirex Res V 286 Titanium Corp V 506 T 4 TMAC Resources TNR Gold V 662 TomaGold V 231 Torex Gold* O 301 Torex Gold T 11037 Transition Mtl V 34 Trecora Res* N 339 Tres-Or Res V 618 Trevali Mng* O 354 Trevali Mng T 6798 Tri Origin Exp V 50 Tri-River Vent V 250 TriMetals Mng T 85 TriMetals Mng* O 88 TriMetals Mng* O 4081 Trio Resources* O 456 TriStar Gold* O 98 Troy Res* O 32 230 True Gold Mng* O True Gold Mng V 2767 651 True North Gem V Tsodilo Res V 15 14774 Turquoise HIl* N Turquoise HIl T 7006 TVI Pacific* O 157 Typhoon Expl V 71

0.06 0.04 0.04 - 0.01 0.13 0.04 0.04 0.03 0.04 + 0.01 0.09 0.03 0.19 0.18 0.18 + 0.00 0.44 0.10 0.03 0.02 0.03 + 0.01 0.03 0.01 0.26 0.16 0.25 + 0.08 1.63 0.07 0.35 0.23 0.35 + 0.13 2.04 0.16 0.07 0.06 0.07 + 0.02 0.15 0.02 3.42 0.00 3.25 - 0.25 6.23 3.24 4.75 0.00 4.50 - 0.18 8.00 4.25 0.17 0.14 0.16 + 0.03 0.78 0.08 0.22 0.20 0.22 + 0.02 0.91 0.16 0.17 0.12 0.16 + 0.03 1.08 0.07 0.23 0.17 0.22 + 0.03 1.32 0.11 0.09 0.07 0.09 + 0.01 0.34 0.07 0.12 0.10 0.12 + 0.02 0.43 0.09 0.06 0.05 0.05 - 0.01 0.06 0.02 0.07 0.06 0.07 + 0.01 0.09 0.04 0.05 0.04 0.05 + 0.01 0.08 0.03 0.13 0.08 0.08 - 0.04 0.25 0.05 0.17 0.11 0.11 - 0.03 0.30 0.07 0.54 0.43 0.46 - 0.11 1.55 0.43 6.65 6.25 6.65 + 0.40 6.65 4.85 0.02 0.02 0.02 + 0.01 0.03 0.01 0.06 0.00 0.06 + 0.01 0.13 0.04 1.03 0.90 0.97 + 0.07 1.17 0.67 1.42 1.24 1.35 + 0.09 1.45 0.85 0.11 0.10 0.10 - 0.02 0.23 0.06 11.02 10.00 10.05 - 0.47 16.50 9.23 0.03 0.02 0.03 + 0.01 0.03 0.01 0.28 0.25 0.28 + 0.03 1.03 0.18 0.42 0.34 0.39 + 0.04 1.24 0.25 0.03 0.03 0.03 - 0.01 0.04 0.01 0.06 0.06 0.06 + 0.01 0.17 0.05 0.07 0.06 0.07 + 0.01 0.13 0.04 0.05 0.04 0.05 + 0.00 0.09 0.03 0.09 0.06 0.09 + 0.01 0.15 0.06 0.00 0.00 0.00 + 0.00 0.01 0.00 0.13 0.11 0.11 - 0.02 0.18 0.09 0.21 0.15 0.20 + 0.05 0.46 0.13 0.25 0.21 0.25 + 0.05 0.25 0.11 0.35 0.29 0.35 + 0.06 0.35 0.15 0.17 0.16 0.17 + 0.01 0.20 0.07 0.63 0.58 0.58 - 0.05 1.15 0.57 2.18 1.93 2.09 + 0.03 4.74 1.55 3.08 2.72 2.91 - 0.02 5.80 2.30 0.00 0.00 0.00 - 0.00 0.02 0.00 0.04 0.03 0.04 + 0.01 0.07 0.03

U3O8 Corp T 466 U3O8 Corp* O 260 Ucore Rare Mtl* O 365 449 Ucore Rare Mtl V Ultra Lithium V 55 Umbral Enrgy* O 10 Umbral Enrgy 2723 Unigold* O 43 V 122 Unigold United Res Hdg* O 155 519 United States A* X United States S* N 47643 Ur-Energy T 485 Ur-Energy* X 1072 Uracan Res V 311 Uracan Res* O 60 Uranium Energy* X 2024 Uranium Hunter* O 2537 Uranium Res* D 2591 V 16 Uranium Valley US Energy* D 695 US Precious M* O 1446 US Rare Earths* O 233 US Tungsten* O 233 USCorp* O 1368 Vale* N 131702 Vale* N 47099 ValGold Res V 159 Vanadiumcorp V 428 Vedanta* N 1675 Vena Res* O 32 Vena Res T 504 Verde Potash T 67 Victoria Gold V 3233 Victory Nickel T 216 Victory Nickel* O 34 Victory Vent V 147 Virginia Enrgy V 188 Viscount Mng V 395 Visible Gold M V 14769 Vista Gold* X 778 Vista Gold T 77 VMS Vent V 2652 Vulcan Mnrls V 314

0.03 0.02 0.03 + 0.01 0.07 0.02 0.02 0.01 0.02 - 0.00 0.06 0.01 0.20 0.18 0.20 + 0.01 0.35 0.15 0.29 0.26 0.28 + 0.02 0.44 0.20 0.13 0.10 0.13 + 0.03 0.30 0.05 0.03 0.02 0.02 - 0.00 0.04 0.01 0.04 0.02 0.03 + 0.01 0.07 0.02 0.14 0.13 0.13 + 0.03 0.16 0.06 0.20 0.17 0.17 + 0.03 0.23 0.08 0.02 0.02 0.02 - 0.01 0.11 0.02 0.22 0.17 0.18 - 0.02 1.65 0.17 8.68 6.68 7.94 + 0.94 27.68 6.15 0.78 0.73 0.74 - 0.01 1.35 0.60 0.57 0.53 0.54 + 0.00 1.08 0.45 0.04 0.03 0.04 + 0.01 0.05 0.01 0.02 0.02 0.02 - 0.00 0.04 0.00 1.00 0.86 0.87 - 0.09 3.00 0.65 0.00 0.00 0.00 - 0.00 0.00 0.00 0.40 0.33 0.33 - 0.06 1.93 0.34 0.10 0.00 0.05 - 0.01 0.10 0.04 0.32 0.23 0.32 + 0.07 1.64 0.11 0.01 0.01 0.01 - 0.00 0.20 0.00 0.15 0.04 0.10 + 0.06 5.00 0.01 0.00 0.00 0.00 + 0.00 0.02 0.00 0.01 0.00 0.00 - 0.00 0.02 0.00 2.77 2.14 2.61 + 0.16 9.14 2.13 2.07 1.63 1.98 + 0.13 6.99 1.55 0.02 0.01 0.02 + 0.01 0.02 0.01 0.05 0.04 0.04 - 0.01 0.05 0.02 4.36 3.65 4.24 - 0.15 14.43 3.65 0.01 0.00 0.01 + 0.00 0.08 0.00 0.02 0.02 0.02 - 0.01 0.10 0.01 0.15 0.00 0.14 + 0.01 0.55 0.13 0.20 0.16 0.20 + 0.04 0.24 0.11 0.03 0.00 0.02 - 0.01 0.19 0.01 0.01 0.01 0.01 + 0.00 0.14 0.01 0.02 0.02 0.02 + 0.01 0.03 0.01 0.07 0.05 0.05 - 0.04 0.10 0.03 0.55 0.43 0.54 + 0.08 0.63 0.16 0.04 0.03 0.04 + 0.01 0.27 0.02 0.32 0.28 0.32 + 0.04 0.40 0.24 0.44 0.39 0.44 + 0.03 0.51 0.31 0.07 0.06 0.07 + 0.01 0.29 0.05 0.02 0.02 0.02 + 0.01 0.04 0.02

Walker Lane* O 15 Walker River V 6662 Wallbridge Mng T 307 Walter Energy* O 989 21 War Eagle Mg V Waseco Res V 137 WCB Res V 875 Wealth Mnrls* O 69 Wealth Mnrls V 383 Wellgreen Plat* O 235 Wesdome Gold T 437 West Af Res V 354 West High Yld V 138 West Kirkland V 856 T 233 Western Copper Western Copper* X 103 Western Lith T 2146 Western Lith* O 1448 Western Potash T 622 Western Uran 2 Westhaven Vent V 600 Westkam Gold V 678 Westminster Rs V 112 Westmoreland* D 2355 WestMountain* O 7 Weststar Res 293 White Mtn Engy* O 96 Whitehaven Coa* O 18 Whitemud Res V 18 Wildcat Expl V 177 Williams Creek V 681 Wolfden Res V 212 WPC Res V 3022 X-Terra Res V 47 Xander Res V 15 Ximen Mng V 280 XLI Tech Inc* O 3307 Xtra-Gold Res T 14 Xtra-Gold Res* O 25 Yamana Gold T 27114 Yamana Gold* N 84459 Yanzhou Coal* N 281 Yellowhead Mng T 167 Zadar Vent V 2727 Zara Res 112 Zazu Metals* O 22 Zazu Metals T 87 Zenyatta Vent* O 6 Zinco Mng V 116 Zinco Mng* O 68 Zonte Mtls V 39

0.71 0.51 0.70 + 0.05 1.25 0.41 0.08 0.05 0.06 - 0.01 0.08 0.02 0.04 0.03 0.04 + 0.01 0.06 0.02 0.04 0.02 0.03 + 0.00 1.16 0.01 0.03 0.02 0.03 + 0.01 0.03 0.01 0.02 0.02 0.02 - 0.01 0.06 0.02 0.03 0.02 0.03 - 0.01 0.20 0.02 0.18 0.14 0.14 - 0.09 0.33 0.10 0.28 0.20 0.20 - 0.13 0.42 0.14 0.14 0.12 0.13 - 0.00 0.51 0.12 1.33 1.22 1.31 - 0.02 1.40 0.89 0.07 0.06 0.07 - 0.01 0.10 0.05 0.25 0.18 0.23 + 0.04 0.43 0.17 0.05 0.04 0.05 + 0.01 0.08 0.04 0.36 0.00 0.33 + 0.02 0.75 0.29 0.26 0.22 0.25 + 0.02 0.65 0.20 0.47 0.41 0.43 + 0.01 0.96 0.26 0.34 0.29 0.31 + 0.01 0.81 0.18 0.19 0.18 0.18 - 0.01 0.34 0.17 2.25 0.00 1.50 - 0.50 5.00 1.60 0.07 0.05 0.07 + 0.03 0.09 0.04 0.03 0.03 0.03 + 0.01 0.05 0.02 0.05 0.00 0.05 + 0.01 0.10 0.01 6.75 5.02 6.39 + 0.81 30.92 3.44 0.06 0.04 0.04 - 0.02 0.42 0.04 0.04 0.02 0.04 + 0.01 0.06 0.01 0.15 0.11 0.13 + 0.02 0.46 0.10 0.28 0.28 0.28 + 0.01 1.24 0.27 0.01 0.01 0.01 + 0.01 0.05 0.01 0.07 0.04 0.06 + 0.02 0.08 0.02 0.02 0.01 0.02 + 0.01 0.07 0.01 0.08 0.07 0.08 + 0.01 0.21 0.05 0.04 0.03 0.03 - 0.01 0.08 0.03 0.20 0.07 0.11 + 0.04 0.30 0.06 0.34 0.34 0.34 - 0.05 0.41 0.18 0.06 0.05 0.06 + 0.01 0.21 0.02 1.30 0.90 1.07 + 0.07 1.50 0.14 0.23 0.00 0.21 - 0.01 0.30 0.18 0.16 0.16 0.16 + 0.01 0.22 0.12 3.23 2.44 3.19 + 0.78 5.63 1.89 2.32 1.74 2.29 + 0.59 4.54 1.38 4.03 3.75 3.96 - 0.04 12.24 3.66 0.05 0.03 0.05 + 0.01 0.18 0.03 0.13 0.09 0.10 - 0.01 0.13 0.01 0.03 0.00 0.02 - 0.01 0.10 0.02 0.12 0.00 0.12 + 0.03 0.26 0.08 0.18 0.00 0.18 + 0.06 0.35 0.09 0.63 0.55 0.55 - 0.05 2.20 0.47 0.04 0.03 0.03 - 0.01 0.08 0.01 0.02 0.02 0.02 - 0.01 0.04 0.00 0.08 0.08 0.08 + 0.01 0.15 0.02

U-V

W-Z

16-02-09 7:30 PM

WWW.NORTHERNMINER.COM

FEBRUARY 15–21, 2016 / THE NORTHERN MINER

BID-ASK — february 1–5 , 2016 STOCK

37 Capital One ABE Res Acme Res Corp Acme Res Inc Afrasia Mnls Aftermath Slvr Alba Minerals Alberta Star Alchemist Mng Alderon Iron* Allante Potash Alpha Nat Res* Altan Nev Mnls Alturas Mnrls Amador Gold Amanta Res Amato Expl Amer Vanadium AMI Res Anglo Pac Grp Antipodes Gold APAC Res Inc Appalaches Res Appia Energy Arak Res Arch Coal* Arcturus Vents Argentum Silvr Arrowhead Gold Arrowstar Res Artha Res Asher Res Asia Now Res AsiaBaseMetals Asiamet Res Astar Mnls Atlantic Ind Atlatsa Res* Atom Energy Aurgent Gold Avalon Rare Mt* Balto Res Banks Island Barker Mnrls BE Res Bearing Res Benz Cap BHK Mining Big Bar Res Big Wind Cap Bird River Res Bluefire Mng Bluenose Gold Boss Power Buccaneer Gold Bullion Gld Res Burnstone Vent Cairo Res Canada Coal Canyon Copper Caracara Silvr Cariboo Rose Carrie Arran Cartier Iron Cartier Res Cascade Res Cascadero Copp Cassidy Gold Cdn Silvr Hunt Celeste Mng Celtic Minrls Centenera Mng Cerro Mng Chantrell Vent Chilean Metals China Mnls Mng Chinapintza Mg Cicada Vents Claim Post Res Cliffs Nat Res* Clydesdale Res Colombia Crest Comet Inds Conquest Res Cons Westview Copper One Copper Reef Mg Cornerstone Mt Cougar Mnls Crestwell Res Currie Rose Rs CWN M’g Acq Dawson Gold Declan Res Delrand Res Desert Gold Deveron Res DGS Mnls E-Energy Vent Elissa Res Emerge Res Emerita Res Endurance Gold Enfield Expl Eurotin Excalibur Res Expedition Mng Explorex Res Falcon Gold Far Res Finore Mng Fire River Gol Firesteel Res Firestone Vent First Idaho Four River Freeport Res G4G Res Galena Intl Rs GAR Limited General Moly GFM Res Gitennes Expl

12-MONTH

EXC BID ASK LAST HIGH

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

0.20 2.00 0.02 0.03 0.02 0.05 0.02 0.03 0.01 0.03 ... 0.01 0.01 0.03 0.20 0.22 0.03 0.07 ... 0.40 0.01 0.10 0.23 0.24 0.01 0.01 ... 0.01 ... 0.01 0.01 0.02 0.01 0.02 0.09 0.09 0.04 0.05 ... 1.45 0.01 0.01 0.02 0.10 0.01 0.01 0.01 ... 0.03 0.05 ... ... 0.01 0.02 0.02 0.03 0.03 0.04 0.06 0.15 0.13 0.15 0.02 0.02 0.01 0.02 0.04 0.09 0.02 0.03 0.09 0.15 ... 0.02 ... ... 0.05 0.06 0.02 0.04 0.08 0.17 0.01 0.02 0.01 0.01 0.01 0.01 0.32 0.35 0.03 0.03 0.03 0.04 0.04 0.05 0.08 0.20 ... 0.02 0.03 0.09 0.06 0.07 0.01 0.02 0.17 0.20 0.02 0.03 0.01 0.01 0.01 0.01 0.13 0.20 0.01 0.02 0.02 0.03 ... 0.01 0.03 0.04 0.05 ... 0.03 0.03 0.06 0.08 0.02 0.03 0.03 0.04 0.02 0.02 0.01 0.02 ... 0.01 ... 0.01 0.09 0.11 0.01 0.01 0.06 0.09 0.05 0.06 0.01 0.01 0.01 0.02 ... 0.01 0.01 0.01 1.45 3.20 0.02 ... 0.01 0.01 1.35 1.75 ... 0.01 0.22 0.43 0.04 0.05 0.02 0.03 0.01 0.01 0.05 0.06 0.12 0.13 0.01 0.02 0.12 0.25 0.12 0.15 ... 0.01 0.11 0.20 0.09 0.15 0.25 0.27 0.04 0.10 ... 0.01 0.13 0.14 0.05 0.07 0.03 0.04 0.02 0.03 0.01 0.06 0.01 0.02 ... 0.01 0.16 0.20 0.12 0.15 0.01 0.01 0.02 0.05 ... 0.04 0.03 0.07 0.01 0.01 0.01 0.01 0.06 0.12 0.08 0.10 0.01 0.02 0.05 0.07 0.03 0.04 ... 0.05 0.25 0.39 0.02 0.11 ... 0.01

0.20 0.21 0.03 0.08 0.02 0.04 0.02 0.06 0.01 0.02 0.01 0.03 0.01 0.04 0.20 0.23 0.05 0.08 0.14 0.52 0.01 0.07 0.24 4.16 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.09 0.16 0.04 0.06 1.45 2.05 0.01 0.04 0.05 0.11 0.01 0.01 0.05 0.03 0.10 0.58 15.00 0.01 0.03 0.02 0.06 0.03 0.08 0.07 0.14 0.12 0.20 0.02 0.05 0.02 0.03 0.04 0.14 0.03 0.04 0.09 0.16 0.01 0.01 0.06 0.45 0.05 0.15 0.02 0.04 0.09 0.40 0.01 0.01 0.01 0.17 0.01 0.02 0.35 0.03 0.04 0.03 0.35 0.04 0.15 0.10 0.10 0.01 0.05 0.03 0.08 0.07 0.39 0.01 0.04 0.17 0.26 0.02 0.04 0.01 0.04 0.01 0.04 0.13 0.26 0.01 0.04 0.03 0.12 0.01 0.01 0.03 0.07 0.05 0.07 0.03 0.14 0.06 0.13 0.02 0.05 0.03 0.05 0.02 0.05 0.01 0.07 0.01 0.01 0.01 0.11 0.14 0.01 0.03 0.06 0.15 0.05 0.08 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.05 1.43 7.17 0.02 0.08 0.01 0.01 1.40 1.75 0.01 0.01 0.22 0.64 0.05 0.20 0.03 0.04 0.01 0.04 0.05 0.15 0.13 0.16 0.01 0.02 0.20 0.50 0.12 0.15 0.01 0.03 0.11 0.75 0.09 0.50 0.24 0.32 0.05 0.06 0.01 0.01 0.14 0.25 0.05 0.07 0.03 0.07 0.02 0.08 0.01 0.10 0.01 0.05 0.01 0.05 0.18 0.20 0.11 0.19 0.01 0.09 0.04 0.05 0.01 0.04 0.09 0.75 0.01 0.08 0.01 0.01 0.06 0.15 0.07 0.20 0.01 0.02 0.05 0.10 0.03 0.04 0.05 0.10 0.33 1.20 0.02 0.02 0.01 0.01

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0.14 0.02 0.01 0.02 0.01 0.01 0.01 0.16 0.01 0.12 0.01 0.20 0.01 0.01 0.01

Giyani Gold V God’s Lake Res C Gold Jub Cap V V Goldcliff Res Golden Brg Dev V Golden Cariboo V V Goldeye Expl Goldstar Mnls V GoldTrain Res C V Gossan Res Grande Portage V V Granite Ck Gld Gravis Energy C V Gray Rock Res Greatbanks Res V Green Swan Cap V Green Valley M V V Greenock Res Greenshield Ex V Greywacke Expl C Gunpoint Expl V Handa Copper V Harvest Gold V HFX Holding V V Highbury Proj Highvista Gold V HiHo Silver C Homeland Egy V V Hunt Mng IEMR Res V IGC Res V V Indigo Expl Inform Res V Infrastructure V Inter-Rock Mnl V Intl Samuel Ex V Iron South Mng V J.A.G. Mines V Jasper Mng V Jaxon Mnls V Jiulian Res V Jubilee Gold V Kairos Cap V Karoo Expl V Kermode Res V Kings Bay Gold V Kitrinor Mtls V La Imperial C V La Quinta Res Lago Dourado V Lakeside Mnrls V V Lateral Gold Leeta Gold V Lions Bay Cap V C Lions Gate Mtl Logan Res V Lovitt Res V Magnum Goldco V Mahdia Gold C Mainstream Mnl V Mammoth Res V V Manado Gold Maritime Res V Masuparia Gold V Match Capital V Maudore Mnrls V MAX Res V MaxTech Vent C McLaren Res C Mega Copper V Megastar Dev V Mesa Expl V MetalCorp V Metallum Res V Mezzotin Mnrls V Micrex Dev V Midasco Cap V Midnight Star C MillenMin Vent V Milner Con Slv V Mindoro Res V V Mineral Hill Mines Manage T Minfocus Expl V Moag Copper C Monster Mng V Morumbi Res V Mountain Boy V Mountainstar C Mukuba Res V Murchison Min C Musgrove Mnls V Natan Res V Nebu Res V Nevado Res V V New Destiny Mg New Era Mnrls V New Klondike V Newstrike Res V Next Gen Mtls C Nitinat Mnls V Nortec Mnls V North Am Ptash V North Am Tung V NovX21 V NQ Expl V NSS Res Inc C Nthrn Sphere C Odyssey Res V Opawica Expl V Open Gold V Oracle Mng V Orefinders Res V Orestone Mng V Organic Potash C Orla Mng Ltd V Orofino Mnrls V Otterburn Res V Oxford Res V Pac Arc Res V Pac Cascade V Pac Imperial V Pac Link Mng V

0.05 0.01 1.00 0.01 0.05 0.01 0.02 0.58 0.01 0.02 0.03 0.04 0.01 0.02 0.01 0.04 0.01 0.09 0.01 0.06 0.03 0.02 0.08 0.01 0.01 0.01 0.02 0.03 0.03 0.06 0.01 0.02 0.07 0.01 0.15 0.02 0.01 0.01 0.08 0.01 0.01 0.01 0.03 0.05 0.01 0.04 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.06 0.02 0.01 0.01 0.01 0.01 0.98 0.02 0.01 1.00 0.01 0.22 0.03 0.01 0.01 0.03 0.07 0.01 0.11 0.03 0.01 0.05 0.08 0.09 0.02 0.01 0.06 0.04 0.03 0.02 0.01 0.01 0.01 0.08 0.05 0.01 0.02 0.01 0.03 0.01 0.01 0.05 0.05 0.01 0.03 0.01 0.03 0.22 0.02 0.01

12-MONTH

EXC BID ASK LAST HIGH LOW

0.08 0.09 0.05 0.10 0.09 0.10 0.01 0.01 0.08 0.12 0.03 0.05 0.02 0.03 0.01 0.02 ... 0.01 0.02 0.03 ... 0.01 0.02 0.02 0.01 ... 0.02 0.03 0.01 0.02 0.01 0.02 ... 0.01 0.08 0.10 0.04 0.16 0.01 ... 0.15 0.17 0.03 0.04 0.04 0.05 0.04 0.09 0.14 0.20 0.17 0.17 ... 0.01 ... 0.01 0.02 0.04 ... 0.01 0.01 0.01 0.01 0.02 0.01 0.03 0.01 0.02 0.03 0.07 0.01 0.02 0.05 0.07 0.02 0.02 0.03 0.07 0.03 0.04 0.02 0.04 0.22 2.50 0.02 0.02 0.01 0.02 ... 0.01 ... 0.01 ... 0.01 0.01 0.05 0.01 0.02 0.05 0.07 ... 0.01 0.07 0.12 0.03 0.10 0.01 0.02 0.02 0.06 0.05 0.06 0.03 0.07 0.03 0.05 0.01 0.01 ... 0.01 0.01 0.01 0.03 0.03 0.09 0.14 0.03 0.04 0.01 0.02 ... 0.01 0.06 0.08 0.09 0.10 0.01 0.01 0.03 0.03 0.02 0.03 0.01 0.02 0.01 0.01 0.11 0.13 0.01 0.01 0.01 0.02 0.11 0.20 0.08 0.15 0.01 0.02 0.02 0.03 ... 0.01 0.14 0.14 0.38 0.89 0.01 0.01 ... 0.09 0.01 0.01 0.03 0.03 ... 0.01 0.09 0.13 0.01 0.01 ... 0.01 0.07 0.15 ... 0.01 0.02 0.02 0.01 0.01 ... 0.01 0.05 0.10 0.01 0.01 0.02 0.03 0.02 0.03 0.05 0.07 0.02 0.02 ... 0.01 ... 0.01 0.02 0.02 0.01 0.01 ... ... 0.28 0.55 0.02 0.04 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 ... 0.01 0.01 0.07 0.10 0.12 0.07 0.12 0.19 0.25 0.02 0.03 0.01 0.01 0.01 0.02 0.01 0.02 0.01 0.03

0.09 0.11 0.05 0.10 0.10 0.24 0.01 0.02 0.08 0.18 0.03 0.06 0.02 0.06 0.01 0.04 0.01 0.01 0.02 0.05 0.01 0.02 0.02 0.03 0.01 0.01 0.02 0.04 0.01 0.14 0.01 0.05 0.01 0.01 0.10 0.04 0.05 0.01 0.01 0.15 0.20 0.03 0.12 0.04 0.06 0.09 0.15 0.15 0.25 0.17 0.28 0.01 0.02 0.01 0.01 0.02 0.40 0.01 0.01 0.01 0.02 0.01 0.02 0.03 0.03 0.01 0.02 0.07 0.07 0.01 0.30 0.05 0.10 0.02 0.06 0.03 0.07 0.03 0.06 0.02 0.04 0.50 0.50 0.02 0.03 0.02 0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.06 0.15 0.01 0.03 0.07 0.36 0.04 0.07 0.01 0.05 0.02 0.12 0.05 0.06 0.03 0.05 0.04 0.13 0.01 0.02 0.01 0.01 0.07 0.03 0.08 0.09 0.24 0.03 0.09 0.01 0.02 0.01 0.01 0.06 0.15 0.08 0.22 0.01 0.01 0.03 0.05 0.03 0.05 0.01 0.03 0.01 0.01 0.12 0.13 0.01 0.01 0.01 0.05 0.12 0.12 0.08 0.10 0.01 0.02 0.02 0.07 0.01 0.03 0.14 0.62 0.85 0.01 0.04 0.08 0.15 0.01 0.01 0.03 0.07 0.01 0.02 0.10 0.30 0.01 0.02 0.01 0.04 0.07 0.20 0.01 0.01 0.02 0.05 0.01 0.06 0.01 0.03 0.05 0.29 0.01 0.02 0.02 0.08 0.02 0.06 0.07 0.09 0.02 0.04 0.01 0.01 0.01 0.06 0.02 0.09 0.01 0.02 0.20 0.20 0.20 0.60 0.02 0.04 0.01 0.03 0.01 0.01 0.07 0.01 0.04 0.01 0.01 0.01 0.09 0.10 0.32 0.07 0.20 0.20 0.03 0.04 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01

0.05 0.01 0.07 0.01 0.06 0.03 0.02 0.01 0.01 0.02 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.13 0.03 0.01 0.01 0.10 0.14 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.05 0.05 0.01 0.02 0.01 0.02 0.50 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.05 0.01 0.07 0.03 0.01 0.01 0.03 0.02 0.02 0.01 0.01 0.01 0.08 0.03 0.01 0.01 0.04 0.03 0.01 0.02 0.02 0.01 0.01 0.08 0.01 0.01 0.05 0.08 0.01 0.02 0.01 0.17 0.01 0.07 0.01 0.02 0.01 0.09 0.01 0.01 0.04 0.01 0.01 0.01 0.01 0.04 0.01 0.02 0.02 0.03 0.02 0.01 0.01 0.02 0.01 0.20 0.10 0.02 0.01 0.01 0.01 0.01 0.01 0.06 0.05 0.01 0.01 0.01 0.01 0.01

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0.02 0.04 0.05 0.45 0.05 0.25 0.01 0.03 0.01 0.03 0.10 0.13 0.08 0.18 0.04 0.07 0.01 0.04 0.01 0.04 0.01 0.02 0.01 0.03 0.08 0.01 0.01 0.06 0.20 0.12 0.19 0.07 0.10 0.02 0.05 0.01 0.02 0.13 0.34 0.01 0.01 0.08 0.08 0.01 0.06 0.07 0.12 0.01 0.02 0.05 0.05 0.04 0.06 0.04 0.10 0.05 0.05 0.11 0.19 0.01 0.04 0.01 0.01 0.02 0.06 0.05 0.07 0.01 0.05 0.09 0.24 0.01 0.01 0.05 0.06 0.06 0.17 0.03 0.10 0.01 0.03 0.03 1.35 0.01 0.02 0.03 0.52 0.01 0.11 0.16 0.36 0.54 0.05 0.10 0.01 0.04 0.01 0.02 0.02 0.04 0.03 0.04 0.01 0.03 0.02 0.06 0.12 0.15 0.05 0.06 0.01 0.07 0.01 0.02 0.02 0.05 0.45 0.48 0.01 0.25 0.05 0.21 0.01 0.14 0.01 0.06 0.01 0.01 0.01 0.06 0.01 0.06 0.01 0.01 0.04 0.01 0.06 0.02 0.18 0.02 0.05 0.01 0.03 0.08 0.16 0.01 0.05 0.02 0.02 0.05 0.20 0.15 1.63 0.02 0.05 0.20 0.26 0.04 0.13 0.01 0.01 0.03 0.11 0.01 0.08 0.01 0.03 0.02 0.05 0.05 0.18 0.01 0.02 0.02 0.03 0.14 0.20 0.45 0.45 0.05 0.17 0.01 0.02 0.04 0.08 0.06 0.20 0.01 0.03 0.01 0.02 0.01 0.01 0.04 0.06 0.03 0.15 0.01 0.02 0.02 0.02 0.25 0.35 0.02 0.08 0.01 0.05 0.06 0.11

0.01 0.03 0.03 0.01 0.01 0.08 0.06 0.03 0.01 0.01 0.01 0.03 0.01 0.06 0.05 0.04 0.01 0.01 0.09 0.01 0.01 0.01 0.03 0.01 0.01 0.04 0.02 0.02 0.11 0.01 0.01 0.01 0.04 0.01 0.07 0.01 0.03 0.05 0.02 0.01 0.03 0.01 0.03 0.01 0.26 0.04 0.01 0.01 0.02 0.01 0.01 0.02 0.03 0.02 0.01 0.01 0.02 0.21 0.01 0.03 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.02 0.01 0.01 0.05 0.14 0.02 0.12 0.04 0.01 0.03 0.01 0.01 0.02 0.05 0.01 0.01 0.05 0.25 0.04 0.01 0.02 0.05 0.01 0.01 0.01 0.01 0.03 0.01 0.01 0.03 0.02 0.01 0.05

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16-02-09 7:30 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 15–21, 2016

‘Old school’ sectors struggling in China, Macquarie’s Hamilton says Roundup 2016

| Chinese gov’t intends to maintain country’s growth rate

By Matthew Keevil

mkeevil@northernminer.com VANCOUVER

t the Association for Mineral Exploration British Columbia’s annual Mineral Exploration Roundup convention Macquarie Group’s head of commodity research, Colin Hamilton, discussed China’s economy, the Chinese government’s “supply-side reform” strategy, and what it all means for the mining industry. This year began with sharp falls in Chinese stock markets and depreciation in the yuan. Conditions haven’t improved since then amidst weakening industrial conditions and contractions in productivity. China’s economic growth fell to 6.8% in the fourth quarter of 2015, which places the world’s second-largest economy at its lowest expansion rate in nearly 30 years.

The Chinese government has acknowledge a familiar problem across the global resource sector: overcapacity. As a result policymakers have moved toward a strategy Hamilton calls “supply-side reform,” which lowers business costs, and limits corruption and red tape. The situation is exacerbated by debt problems. According to Macquarie’s data, only half of China’s companies paid off high debt levels in 2014, and that number likely shrank to 25% in 2015. “If you think there is a lot of pain in the global mining industry, it is probably worse in China. Just like every other resource economy in the world, you’ve seen capital expenses pull back in the country,” Hamilton continued. “This is the start of dealing with an overcapacity problem. We have not seen permanent mine and smelter closures as of yet, but … we saw

A worker pours gold doré at St Andrew Goldfields’ Holt mill in Timmins, Ontario. St Andrew Goldfields

Murenbeeld of Dundee talks gold market

“If you think there is a lot of pain in the global mining industry, it is probably worse in China.”

Roundup 2016

Colin Hamilton

By matthew keevil

Head of Commodity Research, Macquarie Group

The Shanghai Composite Index fell more than 20% to start the year, wiping out last year’s gains and placing the index at its lowest point since 2014. “The Chinese government is really poor at interacting with financial markets. They are good at many things, including running a controlled economy,” Hamilton commented. “China has prett y much made a big shif t in its foreign exchange strategy and just didn’t tell anyone about it. Eventually we determined we were talking about a currency basket, but we’ve seen the move hurt commodity prices and global confidence.” The struggle China’s government is having controlling the country’s economy has a lot to do with its evolving industrial and service sectors, and demographic changes that are familiar to developing countries. Hamilton noted that the nation’s service-based industries are strong, with a 12% annual growth rate, while the “old-school industrial” sectors, which include extractive industries, have fallen into negative growth territory. “If we look at nominal U.S. dollar gross domestic product growth in China, we see the main concern for the government. The six resource-based provinces are all near, or in, recession. That’s where we’ll see no value added and no profit growth,” Hamilton said. “China is developing like any other economy. You get growth in the service sector in the tier-one and tier-two cities, and everyone wants to move there. Managing that process will probably be China’s biggest challenge.”

Feb 15 Pgs 1 2 3 4 5 11 13 14 16.indd 11

| US dollar, equity markets weigh on prices

mkeevil@northernminer.com VANCOUVER

material steel capacity cuts. These are great things because they will help solve global imbalances. We’re just not sure how quickly we’ll see the impact.” The good news for global miners is the Chinese government is keen on keeping the country’s current growth rate. If the economy limits its raw resource overcapacity and triggers a rebound in base metals demand, this should relieve prices for global copper producers, Hamilton argued, noting he was “pretty comfortable” that Chinese demand would get “sequentially better” over the next three to four months. The cutbacks in copper supply are a global phenomenon. Hamilton noted that Chilean governmentowned copper giant Codelco hasn’t seen copper output expand since 2004, as the Chilean government has cut back on capital expenses for expansion. “Things will finally come to a head due to the negative outlook by credit markets in terms of commodities … we’ll see supply cuts accelerate over the second half of this year. Everyone will try to sell assets at the same time, but there just aren’t buyers,” Hamilton said. “It may take years to rebalance our current commodity markets, but it starts with a rise in oil prices, which can provide the stability to move forward and lead the cycle, he said. “We still see growth in copper markets, unlike something like steel, which we believe has peaked. Copper demand in construction is still going up year-on-year in China.” TNM

uring a spirited macroeconomic session at the annual Mineral Exploration Roundup conference — hosted by the Association for Mineral Exploration British Columbia — Du ndee E conom ic s ch ief economist Martin Murenbeeld opined on the gold market’s nearterm future, saying that while the world economy faces headwinds, conditions are ripe for a sustainable rally in precious metal prices. The U.S. dollar Murenbeeld noted that gold “does not typically rise” in U.S. dollar terms if the “dollar itself is rising against other currencies.” The U.S. dollar has been on a two-year bull run driven by a perceived economic recovery and a need for safe-haven investments, due to structural problems among other major global economies in Europe and Asia. In December the U.S. Federal Reserve raised its key interest rate from 0.00–0.25% to 0.25–0.5%. Rate increases are a way of saying that the economy is gaining strength. Another hike could be in store before April, which doesn’t always mean an upcoming fall for the U.S. dollar. “The dollar is fundamentally overvalued … at some point it has to come down. That’s what I’m waiting for, and hopefully it will be this year, because that would be positive for commodity prices,” Murenbeeld said. “There are problems with a dollar that is over valued, and that’s why we’re pretty pessimistic on U.S. gross domestic product (GDP). The dollar is a heavy hand in growth. It effects investment, exports and vexes the Federal

“The [U.S. dollar] is fundamentally overvalued … at some point it has to come down.” Martin MurenbeeLd Chief Economist, Dundee Economics

Reserve, because it is trying to promote inf lation. So the high dollar will be the number-one reason why t he economy w ill likely ‘underperform’ policy expectations, and interest rates won’t be raised nearly the amount everyone expects,” he added. The market might structurally decrease the value of the dollar, but there are other things that could end the rally. Republican candidates in the U.S. election have discussed a tariff on imports in excess of 40%. Murenbeeld noted that according to his models, this is around how “overvalued” the U.S. dollar is at the moment. Equity markets Broader equity performance could be another influence on gold markets, Murenbeeld said. Between late 2011 and July 2015, Standard & Poor’s 500 Index gained 80%, or 931.83 points, as the U.S. recovered

from its Great Recession. During the same four-year period, gold bullion futures contracts dropped nearly US$800 per oz. Gold prices have rallied to start 2016, even as equities struggle. The S&P 500 is down nearly 10% to start the year, while February contracts for bullion have gained nearly 6%, or US$59.60 per oz. “The correlation between gold and the S&P 500 has been profoundly negative over the past four years — more so than it has been over the long-term — and that’s why gold is such a great portfolio diversifier,” Murenbeeld explained. “W hat we saw a rou nd f ive months ago was that equity markets hit a major bump in the road, which obviously leads to higher demand for diversification. I’m of the opinion that we are in for a volatile year in the equity markets,” he added. What’s in store Other factors could help boost the gold price. Rising debt-toGDP levels, stalled inflation rates and a lack of liquidity could mean more global market shocks in the form of bankruptcies and defaults. Murenbeeld said that during a recent trip to Shanghai, he was told the Chinese government looked to raise its gold reserves from 1,700 tonnes to close to 5,000 tonnes. According to Dundee’s probability numbers, gold could break out of its downward trend and stay above US$1,200 per oz. as soon as this year. “There are two things I believe will happen this year,” Murenbeeld said. “First, the Federal Reserve is not going to raise interest rates as much as the market expects. Second, you will see more protectionism out of the U.S., because the economy is going to disappoint policy-makers, which will increase the pressure to act.” TNM

16-02-09 7:51 PM

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“He had that commitment and he never wavered,” Tempelman-Kluit recalled of Blusson. In 1981, Blusson left the GSC to explore for diamonds in Canada’s Far North, ignoring the naysayers. “Why wouldn’t Canada have diamonds? It just makes obvious geological sense that it would,” Blusson shared in the video. He spent a summer going over maps and realized the rocks in the glacial eskers that carry diamond indicator minerals had come from bedrock 500 km east, near Lac de Gras. His unique exploration technique also helped his success. “Our sampling technique was to use a float plane and concentrate on beaches where there was an esker system,” Blusson said. If diamond indicator minerals were not found in an esker catchment area, he and business partner and fellow geologist Fipke would fly to another target. Using this method, they intermittently sampled 850 km from the Mackenzie Valley eastwards to Lac de Gras, where they discovered the largest kimberlite field in North America. Ten kilometres from this site now sits the Ekati mine, which BHP opened in 1998. Dominion Diamond now operates Ekati, and future development of the Jay pipe could extend the mine’s life from 2020 to at least 2030. But success didn’t come easy. Ekati’s key sample in 1985 sat in a garage until the partners had enough money to process it in 1988. “In ’86 to ’87, we had no funding to grow,” Blusson said, adding that their private investors were getting impatient. Once the key sample was processed, which carried many diamonds along with over 10,000 diamond indicator grains, the partners took their discovery to Dummett, a BHP executive, who was instrumental in developing the Ekati mine. “Something that means a great deal to me, is being associated with all of you — the greatest people in mining that we ever seen,” Blusson told the crowd during his accep-

Feb 15 Pgs 1 2 3 4 5 11 13 14 16.indd 13

Three of the CMHF’s 2016 inductees, from left: Robert Friedland, Louis Gignac and Stewart Blusson. Keith Houghton Photography

tance speech. “Along with that association, it means for me, the late Hugo Dummett and Chuck and I, are again united.” While there was never a dull day working on the field, Blusson recounted his two most terrifying experiences were a bear attack and a helicopter crash. On a softer note, he shared “the most important thing that ever happened” to him in Canada’s Far North — after which he shifted his career with the GSC to diamond exploration — was meeting his beloved wife Marilyn. As a philanthropist, Blusson has donated to various universities, combined with matching grants from governments, totalling $468.5 million. Louis Gignac The next inductee to take the podium

was mine-builder Louis Gignac (b. 1950). Lassonde described his friend as a “bigger-than-life individual who can’t do anything small,” for example, having five children, including four grown sons who now work with him in his independent consulting firm G Mining Services Inc. Gignac was born in Sherbrooke, Que., and grew up in Quebec’s rural Eastern Townships. He said in a video the decision whether to go into farming or mining was easy, in that mining “was half the work and twice the pay, and sounded more interesting. More than that, I was looking for adventure. I was on the farm and wanted to see the rest of the world, and pretty much achieved that.” He obtained a mining engineering degree from Laval University

(1973), a master’s degree in mineral engineering from the University of Minnesota (1974) and a doctor of engineering degree from the University of Missouri-Rolla (1979). Gignac’s association with gold miner Cambior began in 1986, when he was appointed CEO with a mandate to privatize mining assets held by Quebec government-owned Soquem. He led Cambior through its $158-million initial public offering and acquisition of Soquem’s mining assets. He then set the company on a string of acquisitions — including Aiguebelle Resources and Sullivan Mines — that saw Cambior’s annual gold production rise from 52,000 oz. to 694,100 oz. by 2004, plus niobium. A highlight was Cambior’s daunting development of the Omai mine well up the Essequibo River in remote Guyana in 1992 in partnership with Golden Star Resources, with Omai at one point ranking as South America’s largest gold mine. Gignac ably led the company through one of its most trying times when a major tailings spill forced Omai’s closure in 1995 and made headlines around the world. After restructuring the company around the turn of the millennium in response to low gold prices, Gignac oversaw Cambior’s return to the Amazon jungle to build the $100-million Rosebel gold mine in neighbouring Suriname in 2002. Having produced 9.2 million oz. gold over 20 years, Cambior merged with Iamgold in 2006, with the transaction valuing Cambior at US$1.3 billion, and the merged entity at US$3 billion. “In one’s career, one can never plan on a straight path,” Gignac said. “You have to roll with the punches and seize opportunities as they present themselves. But in the end you’re not going to make it by yourself. Yes, you need managers, but you also need a lot of good partners to make it.” To date, Gignac has helped build 15 mines in Canada and six worldwide, and has most recently consulted on building Merian in Suriname and Essakane in Burkina Faso. “It’s the thrill of the game,” he

said. “Often going from a place with no infrastructure to a modern industrial complex, to the benefit of everybody — shareholders, investors and the local population — and managing that.” Among other honours, Gignac received the Viola MacMillan Award for mine development in 1992, was named The Northern Miner’s “Mining Man of the Year” in 1994 and received a Doctorate Honoris Causa from the Université de Montréal in 1998. It was an “immense pleasure” to be inducted, Gignac said from the podium, and acknowledged he had “not made life easy” for his employees over the years, and joked that maybe he had a better memory than they did if they supported his nomination. Gignac recalled a boss from the early days of his career who advised him that “the hardest thing is to become known as a tough son of a bitch, but that once you were known as one, you had it made. That’s a guideline I applied for most of my career.” Switching to French, he thanked thousands of past workers and colleagues with whom he had faced great challenges over the years, but expressed gratitude that they always provided “complete and constant support.” He also thanked his wife of 43 years, Brenda from South Dakota, for “support and grounding,” and said she “not only accepted to live in most of the mining towns in eastern Canada for the first 20 years of my career, but also thrived in them.” Robert Friedland The last inductee of the night was entrepreneur, financier and companymaker Robert Friedland, one of the best promoters in the business. He has helped raise more than US$10 billion on world capital markets through companies affiliated with his Singapore-based Ivanhoe Capital. “Our industry has never been so exciting as when Robert was at the centre of the action,” Lassonde remarked. “There’s never See CMHF / 14

16-02-09 7:51 PM

WWW.NORTHERNMINER.COM

FEBRUARY 15–21, 2016 / THE NORTHERN MINER

CMHF welcomes five industry leaders CMHF F om 13

been enough mustard n Canada to cover that hot dog ” Ch cago-born Fr ed and graduated w th a po t ca sc ence degree rom Reed Co ege Oregon n 1974 H s first bus ness venture was nvestng n t mber and and app e orchards w th co ege r end and bus ness partner Steve Jobs o App e ame One o the t mber b ocks had an o d m ne that sparked Fr ed and s nterest n m n ng In the ear y 80s he acqu red a ormer s ver producer — the Deer Tra m ne n Utah — and so d t to a Canad an stock promoter “At that t me at a young age rea z ng that the stock markets cou d va ue a t red o d m ne ke that underground so h gh y was qu te a reve at on That s actua y what started t ” Fr ed and sa d n a v deo be ore h s nduct on H s first game-chang ng d scovery was Vo sey s Bay n Labrador a arge n cke -copper-coba t depos t dent ed by geo og sts A Ch s ett and Chr s Verb sk who d been contracted by D amond F e ds Resources a company Fr ed and co ounded n 1992 The pro ect attracted the nterest o ma or n cke firms Inco bought Vo sey s Bay or $4 3 b on n 1996 and put t n product on n 2005 Va e now operates Vo sey s Bay As CEO o Ivanhoe M nes rom 1996 to 2012 Fr ed and was determ ned to exp ore Mongo a “Mongo a s one o the ast great p aces that has never been exp ored w th modern sc ence ” he sa d n the v deo In 2000 Ivanhoe M nes began exp or ng the Oyu To go coppergo d prospect n Mongo a wh ch BHP had d sm ssed “They ound a

ot o smoke but they never rea y d scovered the source o the fire That takes a ot o ntest na ort tude and we near y went bankrupt do ng t ” Fr ed and exp a ned It was on ho e 151 that Ivanhoe d scovered the ma n orebody and after 271 ho es that t rea zed t had a wor d-c ass pro ect R o T nto acqu red a ma or ty stake n Ivanhoe n 2012 and renamed t “Turquo se H Resources ” R o started open-p t product on at Oyu To go n 2012 and ntends to deve op a mass ve underground m ne “There are a ew peop e around that are ser a m ne nders and Robert s one o those ” Norman Keev Teck Resources cha rman sa d n the v deo In 1998 Fr ed and aunched Ivanp ats to exp ore Sub-Saharan A r ca The company ater was renamed Ivanhoe M nes It ho ds a tr o o exc t ng deve opment pro ects nc ud ng the Kamoa copper pro ect d scovered n the Democrat c Repub c o the Congo n 2009 Ivanhoe c a ms Kamoa s the wor d s argest undeve oped h gh-grade copper depos t “It s ndeed a humb ng exper ence to be here w th my Canad an brothers and s sters n m n ng ” Fr ed and to d the crowd dur ng h s acceptance speech He spent the o ow ng 10 m nutes p tch ng h s new bus ness venture n Ho ywood where Ivanhoe P ctures s work ng on a sc ence-fict on te ev s on ser es about m n ng or copper on Mars tentat ve y ca ed Red Rush Be ore summar z ng the scr pt — wr tten by renowned Canad an author Ma co m G adwe and fi m/ TV wr ter Char es Rando ph — Fr ed and sa d he was “ rr tated”

by how mov es dep ct m ners as the “bad guys ” and used James Cameron s 2009 sc -fi fi m Avatar as an examp e “We have enough arrows n our back or be ng n the m n ng bus ness I mean everyth ng you touch s a product o m n ng You a know we have to e ther grow t or m ne t ” Fr ed and sa d Red Rush — p anned as a 12-part ser es— s set n the 25th century n an a -e ectr c utur st c wor d where peop e no onger burn hydrocarbons but are runn ng out o copper So 32 000 peop e set off to Mars to ook or copper and sett e there By the 29th century the Mart ans “become a ot ke the Saud s used to be ” Fr ed and exp a ned grow ng wea thy by contro ng the sa e o copper to peop e on earth “Th s s go ng to be a rea y ser ous product on open ng near you ” he added “I can assure you the m ners are the good guys ” Comment ng br efly on the downturn n the resource sector Fr ed and remarked that “th s s a t me n m n ng where great ortunes are ost but t s a so a t me where great ortunes are made ” He thanked the crowd aga n or h s nduct on and e t w th th s teaser that Ivanhoe s set to announce another d scovery n the “near uture ” — The Northern M ner s one o the our member organ zat ons o the CMHF nc ud ng the Canad an Inst tute o M n ng Meta urgy and Petro eum the M n ng Assoc at on o Canada and the Prospectors & Deve opers Assoc at on o Canada To read the b ograph es o a the CMHF s nductees and obta n a nom nat on orm p ease v s t www m n ngha offame ca TNM

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In the last year Barrick Gold (ABX-T, ABX-N) has announced a multi-billion dollar overrun at its MEXICO flagship development project in Chile, taken a $3.8-billion charge on a highly criticized acquisition, 4 20 changed its11-15 chief executive officer and seen its share price sliced in half. So it was no great surprise that eight funds who are invested in the gold major formally protested the company’s decision to offer cochairman John Thornton an “unprecedented” signing bonus of $11.9 million. The group of seven Canadian pension funds and one international investment fund say the signing bonus, which would bring Thornton’s total compensation for 2012 to $17 million, is a Canadian record. “This compensation is inconsistent with the governance principle of pay-for-performance the past-producing pit at Paramount Gold and Silver’s Sleeper gold-silver project in Nevada. and is therefore disproportionate setstheawestern troubling preceSleeper was one of the lowest-cost Sleeperand lies within Site ViSit gold mines in the world, and Para- reaches the northern Nevada capital mardentof in Canadian mount believes the old mine has a rift, specifically along the SlumBy matthew keevil kets,” the consists group said in a bering Hills, which of WINNEMUCCA, NEV. — For Nev- robust future. Sipping coffee inside Para- Mesozoic meta-sedimentary rocks ada-based explorer Paramount statement. As a group these funds Gold and Silver (PZG-T, PZG-X), mount’s headquarters in the min- of the Auld Lang Syne group and granitic intrusions. there’s a lot to be said for making ing town of Winnemucca, vice- Cretaceous collectively manage over $900 something old new again. In mid- president of exploration Glen van Mineralization at Sleeper falls into billion in assets. main categories, including: 2010 the company picked up the Treek, who joined Paramount four

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By matthew keevil

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

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

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

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

Endeavour Bradford Silver’s shares his Cooke recipe

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

El Tigre Silver Sees a bright future in old tailings

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

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

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

B2Gold hits new gold at developing Otjikoto mine By Gwen Preston

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

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

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

Edgewater uncovers gold at Corcoesto in Galicia

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

Page 14

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

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13-04-24

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

and trish saywell in toronto

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

By matthew keevil

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

B2Gold hits new gold at developing Otjikoto mine By Gwen Preston

Site ViSit

By matthew keevil

in Mexico’s

STOCK

Excellon

29 2013

Issue.indd

Yet to be

Resources

Inc. 20 Victoria

Street,

PICKS,

in High-Grade

Valued

Suite 900,

Ag; 3.11%

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Guerrero

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

5, 2013

NEWSTRIKE

CAPITAL

11-15

Page 14

Silver

ExcellonResources.com

Mexico’s

Highest

Page 12

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Silver

Pb; 1.69%

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13-04-24

Site ViSit By matthew keevil

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

By Gwen Preston

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

gold project

Endeavour Bradford Silver’s shares his Cooke recipe

An Evolution

• Market

TNM April

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

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

Site ViSit

Ana Paula

BY ALISHA

SilverCrest

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

paramount orchestrates a golden revival at Sleeper

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

MEXICO

11-15

Capital’s

Four muy silver stockcaliente picks

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

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

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

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

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

5:28 PM

Commentary

See ParaMount, Page 2

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

El Tigre Silver Sees a bright future in old tailings

5:28 PM

Photo by MAtthew Keevil

Maiden Ag Resource Due Q2 Strong Cash Position TSX.V: GRG www.goldenarrowresources.com

Commentary

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

Barrick investors revolt against $11.9m bonus

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

El Tigre Silver 4

Sees a bright future in old tailings

Pages Newstrike

MEXICO

11-15

Capital’s

Ana Paula

gold project

in Mexico’s

Four muy silver stockcaliente picks Guerrero

STOCK

PICKS,

TSX-V:RRI

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

5, 2013

NEWSTRIKE

CAPITAL

11-15

SilverCrest

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

Endeavour Bradford Silver’s shares his Cooke recipe

Knowledge is Golden ™ www.rivres.com

gold belt.

BY ALISHA

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

Page 14

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

paramount orchestrates a golden revival at Sleeper An Evolution

in High-Grade

Silver

ExcellonResources.com

Mexico’s

• Market Excellon

TNM April

29 2013

Issue.indd

Yet to be

Resources

Inc. 20

Victoria

Street,

Valued

Suite 900,

Ag; 3.11%

Discovery

Toronto,

Ontario,

Highest

Page 12

La Platosa

Grade

Mine

Silver

Pb; 1.69%

in a Rising

Canada

Producer

Zn; 0.075 g/t Au Silver Market

M5C 2N8

TSX:EXN

Contact:

Brendan Cahill 416 info@excellonresources.com 364 1130

13-04-24

5:28 PM

By Gwen Preston in vancouver and trish saywell in toronto

In the last year Barrick Gold (ABX-T, ABX-N) has a

See ParaMount, Page 2

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

PM40069240 – PAP Registration #09263

Site ViSit By matthew keevil

Edgewater uncovers gold at Corcoesto in Galicia Site ViSit

By matthew keevil

B2Gold hits new gold at developing Otjikoto mine By Gwen Preston

Photo by MAtthew Keevil

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

See B2GoLd, Page 3

See ParaMount, Page 2 PM40069240 – PAP Registration #09263

Empower Your Team With Analysis From The Northern Miner See EdGEwatEr, Page 18

See B2GoLd, Page 3

Sm thers

Terrace

K t mat

A map show ng he e eva on o he 6 700 sq km eg on whe e Geosc ence BC conduc ed an a bo ne magne c su vey n wes cen a B sh Co umb a Geo c ence

Geoscience BC tables mag survey of central BC for explorers Roundup 2016

| Data set has ‘few equals in the world’ in scale and public accessibility By lesley stokes

lstokes@northernminer.com VANCOUVER

ruce Madu, vice-president of minerals and mining for Geoscience BC, has already lined up interesting targets from the latest airborne magnetic survey the organization f lew last year over west-central B.C., but he’s going to leave it to explorers to find the paydirt. Geoscience BC revealed the survey results at a press conference on Jan. 26 at the Mineral Exploration Roundup convention in Vancouver, and Madu said the data will help guide explorers into a new frontier of mineral exploration for the province. “Finding mineral deposits is a metaphorical hunt for a needle in a haystack,” he said. “With vast tracks of underexplored terrain, knowing where to start is a major challenge — there are endless haystacks. Good geoscience helps explorers narrow their focus and get into the right places to make discoveries.” Highlights of the high-definition survey were displayed beside the presenters as a smattering of bright pinks and blues, which geoscientists can interpret as the many geological structures and rock types that may be of economic interest. Madu says that the $2.4-million survey — which was flown at 250-metre line spacing over 6,700 sq. km through Kitimat, Terrace and Smithers — was a much-needed makeover for the province. “The last survey over this area was completed in the 1960s and spaced at 2 km lines,” he said. “It’s a bit like when you traded in your old television, bought your first flat screen and watched your first hockey game. Suddenly you can see the players and see the actions without needing that red dot along the hockey puck.” The data is free for the public to interpret, Madu said, and can be downloaded or viewed using Geoscience BC’s earth science viewer, which includes access to other mineral tenures, min-

eral occurrences, geology and chemistry. B.C.’s Minister of Energy & Mines Bill Bennett said during the press conference that ever since Geoscience BC was established in 2005, the non-profit organization — jointly funded by the province and industry — has delivered information that hasn’t been seen anywhere else in the country. “If you look at the work Geoscience BC has done over the years, you can track t he investment it’s created, certainly t hrough online sta k ing, but beyond that to identification of deposits and project development,” Bennett said. “You and I may only see bright colours, but there are people who see something much more … and that will fuel their decision to register a claim and drill holes that can add up to millions of dollars in expenses.” He added that in 2001, B.C. accounted for 6% of the exploration dollars spent in Canada under a Liberal provincial government, and since then, with the pro-business Liberals retaining power, it has grown to 21% — accounting for $338 million spent in 2014. Although lower numbers are expected in 2015 considering the economic downturn, Bennett said that B.C. needs to maintain its share of Canadian investment. “The most important thing is how we’re doing in the context of Canada,” he said. “I suspect our numbers are down, but as long as we maintain or improve our share of Canadian investment that means the province is competing effectively.” Geoscience BC revealed more details of its next proposed survey for 2016, which will link data collected from the 2015 survey to other data sets the organization has generated. “This new survey is potentially the largest one ever done by us,” Madu said. “It will contribute to the mosaic of geophysics, geology and chemistry data sets we’ve collected, with few equals in the world in terms of scale and public accessibility.” TNM

16 02 09 7 51 PM

GLOBAL MINING NEWS

THE NORTHERN MINER / FEBRUARY 15-21, 2016

Financial Accountant Ontario, Canada

The Financial Accountant is a key member of the Finance group. This position will be responsible for cash management as well as playing an important role in the monthly reporting requirements of J.S. Redpath Limited and its affiliates. The Financial Accountant analyzes key account balances, cost allocations and ensures timely submission of monthly tax remittances.

Director, Compliance Monitoring & Inspections Whitehorse, YT

This high-impact opportunity leading the planning, development and management of effective and integrated client support and inspection services

RECRUIT SMARTER WITH MINING JOBS The Northern Miner’s new section dedicated to recruiting in mining

Engineer, Reliability Key Lake Operations, SK Working with the maintenance engineering department, you will be responsible for providing greater technical focus on asset life cycle management. You will work with the team to create and implement broader, more effective maintenance techniques and identify equipment critical to operation and equipment with significant failure effects.

Sr. Engineer, Mine McArthur River Operations, SK Working with the McArthur River team, you will be responsible for providing mine engineering expertise and leadership to an underground uranium mine site. Core duties include mine planning and scheduling, ventilation, ground freezing, ground control, surveying and other activities to support under-

for the Department of Energy, Mines and Resources (EMR) would suit a

ground development, production and construction in a geo-technically

strategic-minded leader and seasoned natural resource administrator look-

challenging environment.

ing to further his or her leadership career in a spectacular setting.

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

Consultation Support Officer Ontario, Canada

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

One listing is all you need Print Edition.

Labour.

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

Circulated to TNM 20K+ readership Economic Geologist Whitehorse, YT

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

4 INDUSTRY JOB BOARDS

Do you have surface and underground mining experience and are you looking for a new challenge? Does health and safety matter to you? If so, then this is a great opportunity for you. Bring your underground experience and your enthusiasm for workplace health and safety to the position of Occupational Health and Safety Inspector for Mining with the Ministry of Labour.

This is a permanent full-time position, working 75 hours bi-weekly. The Yukon Geological Survey provides geoscience and related technical information to enable stewardship and sustainable development of Yukon’s energy, mineral and land resources.

CANADIAN Mining Journal Procurement Specialist Saskatoon, SK

In this role you will source a range of materials, equipment and services, conduct RFQ’s/RFP’s and interact closely with internal and external stakeholders. In your work, you will be contributing to value creation from pro-

EMAIL sales@mining-jobs.net or CALL 416-510-6772 AND START RECRUITING SMARTER TODAY.

curement activities, acting as a service provider to our partners in Saskatchewan operations, as well as participating in continuous improvement of processes and procedures.

President & CEO Vancouver,BC,Canada

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

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

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

Contracts Administrator Ontario, CA

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

For full job details visit MINING-JOBS.NET and enter the For Online full jobReference details visit No.MINING-JOBS.NET in the search fieldand enter the Job Name in the search field

Feb 15 pg 15.indd 15

16-02-09 3:31 PM

WWW.NORTHERNMINER.COM

FEBRUARY 15–21, 2016 / THE NORTHERN MINER

Events Feb 18 YMP Distinguished Speaker Event with Pierre Lassonde Toronto, ON Email: ymptoronto@gmail.com www. youngminingprofessionals.com Feb 21-24 SME Annual Meeting Pheonix, AZ Email: cs@smenet.org Tel: (303) 9484200 www.smeannualconference.com Mar 6-9 PDAC 2016 Toronto, ON Email: info@pdac.ca Tel: (416) 362-1969 www.pdac.ca Mar 8 Advanced Awareness: An Explorationist’s Advantage Toronto, ON Email: pdac@geotech.ca Tel: (416) 362-1969 www.pdac.ca

Drill core from Salt Lake Mining’s Beta Hunt gold mine in Western Australia. Royal Nickel

A worker on a ramp at Salt Lake Mining’s Beta Hunt gold mine in Australia. Royal Nickel

Royal Nickel to become copper, gold producer M&A

Sep 26-28 MineExpo 2016 Las Vegas, NV Email: info@nma.org Tel: (202) 463-2639 www.minexpo.com Oct 5-6 AEMQ XPLOR 2016 Montreal, PQ Email: info@aemq.org Tel: (819) 762-1599; Toll-free (Quebec) 1-877-762-1599 www.aemq.org

For more event information, please go to: www.northernminer.com/events/

| Junior buys interests in two low-cost producing mines

By Salma Tarikh

May 1-4 CIM-AGM Vancouver, BC Email: cmurphy@cim.org; cim@cim.org Tel: (514) 939-2710 www.cim.org

starikh@northernminer.com

oyal Nickel (TSX: RNX), also known as RNC, is taking advantage of low commodity prices to transform into a multi-asset nickel, gold and copper producer. RNC, the owner of the large but low-grade Dumont nickel project in Quebec, is buying two-thirds of private firm Salt Lake Mining, whose main asset is the wholly owned Beta Hunt nickel-gold mine in the Western Australia’s Kambalda district. It is also acquiring VMS Ventures (TSXV: VMS) for its 30% interest in the Reed copper mine, near Flin Flon, Man. Hudbay Minerals (TSX: HBM; NYSE: HBM) is Reed’s majority owner and operator. “We are picking up operations that are cash-generating and provide leverage exposure for investors to nickel, copper and gold,” CEO Mark Selby said on a conference call. Salt Lake shareholders will receive 32.5 million RNC shares and $2.5 million in cash, while VMS will get 36 million RNC shares and $3.5 million in cash. It will also receive the payment of a dividend in kind of 30 million North American Nickel (TSXV: NAN; US-OTC: WSCRF) shares, currently held by VMS. The acquisitions will turn RNC into a cash-generating metals producer from a single-asset junior that is struggling to fund its flagship nickel project amid low nickel prices. A 2013 feasibility study for Dumont estimates start-up costs at US$1.2 billion, with total costs for the expected 33-year life mine rising to US$2.8 billion. The study used a long-term nickel price of US$9 per lb. Spot nickel has recently traded at US$3.80 per lb. Although the low price environment makes it hard to finance capital-intensive projects, it also provides good buying opportuni-

ties, particularly near the bottom of a commodity cycle. “The mining industry is a cyclical business, and everybody seems to forget it is cyclical at the top, and they go off and do a bunch of stupid deals … and at the bottom, they go into hiding,” Selby said in an interview. “Both assets were attractive and will generate attractive returns on investments, so it was the right time to pick them up.” In 2015 — on a 100% basis for Beta Hunt and 30% basis for Reed — the two operations produced 4,000 tonnes nickel, 4,000 tonnes copper and 3,300 oz. gold. This year they should churn out 3,500 to 4,500 tonnes nickel, 4,000 to 4,500 tonnes copper and 35,000 to 45,000 oz. gold, as production at Beta Hunt ramps up. Both mines are low-cost producers. Estimated 2016 cash costs at Beta Hunt should come in between zero and negative US$1 per lb. nickel, net of gold credits. On a co-product basis, expected all-in sustaining costs are US$3.75 to US$4.25 per lb. nickel and US$800 to US$900 per oz. gold. Last December, Hudbay reported the high-grade Reed mine could deliver 15,000 tonnes copper a year at cash costs of $1.64 per lb., on a 100% basis. The mine has an estimated four-year life, but remains open at depth. Selby notes that Beta Hunt could generate US$10 million in cash flow this year on a 100% basis, and if nickel prices rebound to US$5 per lb., the cash flow could double. Reed produced $4 million in cash flow last year and should deliver the same in the following years, Selby adds. This is based on the fact that VMS repaid $4.3 million of the contribution loan — comprising its 30% share of Reed’s development costs incurred by Hudbay — using cash flow from the mine last year, Rob Buchanan, RNC’s director of investor relations,

said in an email. Selby says part of the total cash f low will help repay debt at the mines, which totals $36 million — $16 million at Beta Hunt and $20 million at Reed. RNC intends to refinance the current facility at Beta Hunt, which requires payment in nickel and gold, so it can generate cash in the fourth quarter. Depending on copper prices, it could repay the VMS debt as “early as 2017, or as late as the end of 2018,” Selby says. Meanwhile, RNC will file a preliminary economic assessment for Beta Hunt shortly, and likely complete a feasibility study later this year to incorporate drilling. But Selby notes that the Dumont project remains the company’s focus. RNC plans to publish a fixed cost estimate for 70% of the project’s capital by the end of March. Given that the 2013 feasibility study used a long-term oil price of US$90 per barrel and a CanadianU.S. exchange rate of US90¢, RNC is “cautiously optimistic” that capital costs will improve, as both inputs have dropped, partly offsetting the lower nickel price. It will decide whether to update Dumont’s feasibility later this year. RNC has a mandate with Norway’s Swedbank for a US$600-million bond financing for Dumont. Once nickel prices recover, the company will market the bond financing. But before this happens, the long-term nickel price assumption would have to be between US$6 and US$7 per lb., Selby says. Scotiabank estimates nickel prices could hit US$6 per lb. For now, RNC will look for other base metal and precious metal assets to acquire. “We are not so focused on a particular geography or metal. At the end of the day … what matters most is to pick those investments that we think will generate the best returns for

our shareholders,” Selby says. Both the Beta Hunt and Reed transactions should close in March. The company ended Feb. 2 at 21¢ per share, up a combined 31% since announcing the acquisitions a day earlier. TNM

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An outcrop at Royal Nickel’s Dumont nickel project in Quebec. Royal Nickel

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