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Wildcat Silver 4

Hot on Hermosa’s manganese

Western Pacific Resources 11

Eurasian pushes ahead in Turkey

Finds a partner to tackle Deer Trail

16

Asanko takes a second go at PMI

Site Visit

By Salma Tarikh

By Salma Tarikh

ISTANBUL, TURKEY — Eurasian Minerals (TSXV: EMX; NYSEMKT: EMXX) started exploring Turkey’s Western Anatolia and Eastern Pontides mineral belts for gold and silver, as well as porphyry copper targets, more than a decade ago, allowing it to stake and acquire promising projects.

“We did a lot of grassroots work here six to five years ago, and now we’ve focused down to eight projects,” Eric Jensen, the company’s general manager of exploration, says during an October site visit.

While we wait at a seaside cafe to take a ferry from Istanbul to Bandirma, Jensen gives a brief overview of the Alankoy high-sulphidation gold–copper project, the Balya zinc–lead royalty property and the Akarca gold–silver project that we’ll see during the tour.

Two hours later, we cross the Sea of Mamara to the port town of Bandirma, where we meet with Michael Sheehan, the business unit manager for Turkey, and members of his team.

Early the next morning we drive

Photo by Salma Tarikh

At Eurasian Minerals’ Alankoy gold–copper project in Turkey, from left: geologist Halil Aydincak, geologist Alper Ozbek, director of investor relations Scott Close and general manager of exploration Eric Jensen. through the rolling countryside — dotted with wind farms and a few limestone mines — to the Alankoy property in the Biga Peninsula. Jensen describes Alankoy as a “goldand copper-enriched, high-sulphidation epithermal lithocap with underlying porphyry copper–gold potential.”

Sheehan says the company wanted a property so badly in the

C o m m e n ta ry

Global mining M&A and investment in 2013 fact, the much Like in any intalked about dustry, supply– “China slowdemand imbaldown” has little ances in mining to do with price products are at collapses in the root of dramost commodimatic price flucties produced tuations and from mining. market upheavBy David McIntyre and Barbara Li Demand reals. This is what Special to The Northern Miner mains strong in has been happening in the mining industry in China, and hence globally.

Undoubtedly, there has been a 2013: market imbalances have led to rock-bottom commodity prices for weakening of “growth momentum” many minerals. The most dramatic (i.e., demand did not grow as much example of this downward ten- as expected by some), but actual dency was the 35% plunge in gold consumption of the main commodprices in a matter of weeks in the ities continues to be strong and growing. For instance, iron-ore and first halfof 2013.

The good news is that on the de- copper imports to China have been mand side, it is clear there is contin- at record levels in recent months, ued strength in most commodities, and consumption of most minerals underpinned by growth in China. In See Global M&A, Page 14

Biga Peninsula that it swapped its Balya and Sofular base-metal properties for Alankoy in 2006. The property was previously held by local base-metal miner Dedeman Madencilik.

Alankoy is adjacent to Alamos Gold’s (TSX: AGI; NYSE:AGI) Kirazli and Agi Dagi gold deposits and near Pilot Gold (TSX: PLG) and Teck Resources’ (TSX: TCK.B;

NYSE: TCK) TV Tower and Halilaga deposits. Sheehan notes several of the projects in the region may go into production as porphyries, adding that Alankoy could host a copper–gold porphyry system at depth. To test this theory, the Vancouver-based firm is seeking a drilling partner.

Eurasian operates as a royalty See Eurasian, Page 2

Minvest Partners finds niche in advanced exploration assets Private Equity Upstart Sees ‘oncein-a-generation’ opportunity

By Alisha Hiyate

Valuations in the mining sector have sunk low enough to attract value-oriented private equity funds, including big generalist firms Apollo Global Management, Carlyle Group and KKR & Co. But most of this money — as evidenced by Carlyle and KKR’s interest in Rio Tinto’s Northparkes copper mine this year — is geared towards producing or near-producing assets, leaving many juniors with earlier-stage projects stranded in the current market slump.

Sensing an opportunity in this overlooked group of assets, the Toronto-based merchant bank Minerx Group started its own private equity arm called Minvest Partners about a year ago.

“We recognized a while ago that

the industry was grinding to a halt,” says Stephen Stewart, president of Minerx and managing partner of Minvest. “We knew that there would be all sorts of opportunities available in larger junior companies, mid-tier producers or even some of the juniors that have more advancedstage assets that could be acquired at low costs, but wouldn’t be attractive to the typical private equity.”

Stewart says that while most private equity deals focus on larger cash-flowing or near cash-flowing assets, the projects Minvest is looking for are earlier stage.

“All the assets we’re looking at make no claims to production in the next twelve months, which is sort of what everybody else is looking for.”

See minvest, Page 11

In a friendly all-share deal valued at $183 million, Asanko Gold (TSX: AKG; NYSE-MKT: AKG) plans to take over PMI Gold (TSX: PMV; ASX: PVM; USOTC: PMVGF) to create an emerging mid-tier gold producer.

“This is a compelling value-accretive transaction for both Asanko and PMI shareholders, as it enables the co-development of Asanko’s Esaase gold project and PMI’s Obotan gold project — which are located within a 15 km radius of each other — as a single mining operation, capturing operating and capital-cost synergies in an excess of US$100 million,” Peter Breese, Asanko’s CEO, said on a conference call.

The combined company could be producing as much as 400,000 oz. gold a year from the asset starting in 2017.

“This transaction is obviously good news for Ghana, as it delivers certainty to the development of both Esaase and Obotan, creating a world-class mining operation in a country which has recently suffered from the weak gold price and the knock-on effect that it has had on [gold] production, jobs and government revenue,” added Peter Bradford, PMI’s CEO. “We are particularly pleased that this business combination will help reverse this negative trend in Ghana, which has a rich and enviable history of lush gold production over many years.”

PMI investors will receive 0.21 of an Asanko share for each PMI share See Asanko, Page 3 PM40069240 – PAP Registration #09263

2 december 30, 2013-january 5, 2014 THE NORTHERN MINER

Eurasian pushes ahead in Turkey

Company Index African Minerals............... 14 Alamos Gold....................... 1 Allied Nevada Gold........... 15 Anglo American................ 14 Antofagasta........................ 3 ArcelorMittal.................... 14 Asanko Gold.................. 1,15 Barrick Gold...................... 14 BHP Billiton....................... 14 Canada Lithium................ 15 Capstone Mining.............. 15 Cathay Fortune................. 14 Chihong Canada Mining... 14 China BlueChemical.......... 14 China CAMC Engineering.14 China Molybdenum.......... 14 China Nonferrous Metals.. 14 China Africa Development Fund............................ 14 Cliffs Natural Resources.... 14

regular departments Careers............................. 11 Drillers.............................. 15 Editorial.............................. 4 Events............................... 14 Meetings.......................... 14 Metal Prices........................ 7 Professional Directory.. 12-13 Stock Tables................... 6-10

Continental Gold................ 5 Dedeman Madencilik.......... 1 Detour Gold..................... 15 Dingyi Group Investment.. 14 Discovery Metals.............. 14 Elemental Minerals........... 14 Eurasian Minerals................ 1 First Quantum Minerals.... 15 Fortune Minerals.............. 14 Franco-Nevada................. 15 Freeport-McMoRan Copper & Gold.............. 3 Glencore Xstrata............... 14 Golden Band Resources...... 3 Great Basin Gold............... 14 Guizhou Guochuang......... 14 Guoxin International Development............... 14 Inova Resources................ 14 Jaguar Mining................... 14 KGHM.............................. 14 Linyi Mining Group........... 14 Lundin Mining.................. 15 Masuparia Gold.................. 3 Mercator Minerals............ 14 Minvest Partners................. 1 Mirabela Nickel................. 14 MMX Mineracao e Metalicos..................... 14 Natural Resource Partners.16 New Gold......................... 15

Newmont Mining............... 3 Norilsk Nickel.................... 14 North American Palladium.15 PanAust............................ 15 Pasinex Resources............... 3 Pilot Gold........................... 1 PMI Gold............................ 1 Rio Tinto........................... 14 Royal Gold........................ 15 Semafo............................... 6 Shandong Energy............. 14 Shandong Qixing Iron Tower................... 14 Shanxi Donghui Coal........ 14 Shenzhen Zhongjin........... 14 Sherritt International......... 14 Sichuan Hanlong Group.... 14 Silver Wheaton................. 15 Sirocco Mining.................. 15 Stonewall Mining.............. 14 Sundance Resources......... 14 Talvivaaran Kaivososakeyhtio Oyj.. 14 Teck Resources................... 1 Tianjin Materials............... 14 Triple H Coal..................... 14 Vale.................................. 14 Western Pacific Resources.16 Western Potash................ 14 Wildcat Silver.................... 11 Yanzhou Coal Mining....... 14

Photo by Salma Tarikh

Eurasian Minerals general manager of exploration Eric Jensen discusses samples at the Akarca gold–silver project in Bursa, Turkey.

Eurasian, From Page 1

generator that partners or sells its projects for cash and or share payments while keeping a net smelter return royalty (NSR). This business model protects it from development and financing risks, while preserving its healthy cash balance. At the end of September, Eurasian had $13.1 million in cash and equivalents and working capital of $14.4 million.

During the two-hour drive to Canakkale province, Sheehan explains that historically there’s been little work done on the Alankoy property. The copper–gold project was initially discovered through a Turkish–Japanese government exploration expedition between 1989 and 1991. A Japanese group drilled 12 shallow holes totalling 1,800 metres on the property. While those holes weren’t

deep enough to test for a potential porphyry system, hole no. 10 ended in copper mineralization, returning 22 metres of 0.25% copper, Sheehan says, noting that this, along with the mineralization found at Alankoy, supports the company’s porphyry theory. “So what we are seeing at Alankoy looks like the top of a porphyry system,” he says.

As we reach the property, Sheehan points to the altered red-andorange volcanic rocks by the roadside. “This stuff has been baked and cooked, and just going around you can see silica caps and silicified rocks all around the place,” he says.

Despite the highway cutting through Alankoy, most of the project is covered by soil and vegetation.

We hike up a steep hill to the out-

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crop of hole No. 10 to get a better view of the 20 sq. km property.

“This is a sizable anomaly — a big expression of alteration, with metal in it — which has to be tested, but we are really excited about it,” Jensen says.

Dedeman owns a 3% royalty on the property that Eurasian can buy at any time for US$1 million.

From Alankoy, we set off to the nearby town of Can for a quick lunch of manti topped with a dollop of yogurt before heading to the Balya royalty project. The 15 sq. km property is located in the pastproducing Balya district in the Balikesir province, 55 km southeast of Can. The district hosts skarn, vein and replacement deposits that were mined to yield lead, zinc, silver and copper from 1880 to 1938.

The Balya project is best described as a lead–zinc–silver carbonatereplacement deposit.

The Turkish government first drilled Balya in the late 1970s, when it completed eight core holes totalling 1,900 metres.

In the early 2000s, Eurasian picked up Balya in an auction for US$17,000 and sold it to Dedemen, the private Turkish miner, while retaining a 4% uncapped and “unbuyable” NSR. “We got it for a song, but we knew it was a lead–zinc, so we said ‘Yeah, it’s pretty interesting, but it’s not our cup of tea,’” Sheehan comments during the drive through the countryside.

Eurasian, looking for gold targets with underlying copper porphyry potential, exchanged Balya and its Sofular lead–zinc asset for the Alankoy prospect in 2006. “It was pretty much an easy swap,” Sheehan says.

Along with the 4% NSR, the Turkish miner advanced a US$100,000 royalty payment to Eurasian in 2007 for Balya. It also drilled the property in the following three years. To date, Dedemen has drilled over 31,000 metres in 170 core holes, mostly on the Hastanetepe zone.

Hastanetepe is a moderately dipping and measures 750-by-350 metres, hosting lead–zinc–silver mineralization in limestone and dacite.

Dedeman had planned to put the project into production as a smallscale, 500-tonne-per-day underground operation in 2012. But when it conducted drilling to sink a shaft at Hastanetepe, it encountered more mineralization. This prompted Dedeman’s management to move the location of the shaft and headframe, and keep exploring to better understand the extent and potential of mineraliza-

stories we’re working on. . .

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Our Jan. 20 issue will include a preview of what you can expect at the 2014 PDAC convention in Toronto.

Photo by Salma Tarikh

Halil Aydincak, Eurasian Minerals’ chief geologist (left), and Michael Sheehan, business unit manager for Turkey, examine the drill samples from the Akarca gold–silver project in Bursa, Turkey.

Photo by Salma Tarikh

A driller working at Eurasian Minerals’ Akarca gold–silver project in Turkey. tion at Balya.

In 2012, Dedeman drilled 3,300 metres in 32 holes and expanded the Hastanetepe zone to the east and southeast. Earlier this year, it reported assays from 11 of those holes, with the best intercept returning 13.3 metres of 3.54% lead, 4.62% zinc and 45.35 grams silver per tonne. It also uncovered a new lead–zinc–silver zone, 200 metres south of Hastanetepe.

“They encountered a nice zone of high-grade, lead–zinc–silver mineralization, and they went back to the office and did a little head-

scratching, and punched another hole and hit more mineralization.

They did it a third time and saw there was more mineralization again,” says Scott Close, the company’s director of investor relations. “They thought ‘Wow, we have a problem here,’ and so started doing stepout drilling, and still hit mineralization. So it is substantially larger than anyone could have imagined.”

While Jensen admits the production delay was “a bit frustrating,” it means that Balya could evolve into See Eurasian, Page 3

THE NORTHERN MINER december 30, 2013-january 5, 2014 3

Eurasian pushes ahead Eurasian, From Page 2

a much larger project. This would be “favourable on the royalty side for us,” he says.

The Balya project is one of the most advanced properties in Eurasian’s Turkish portfolio, and likely to be the first organic project that will generate a royalty, Close says.

The following morning we leave Mustafakemalpasa, Bursa province’s main town, to visit Eurasian’s gold–silver Akarca project, located 450 km west of the country’s capital of Ankara.

What brought the company to explore this region were the mountainous terrains. Eurasian’s Turkish geologists were studying regional maps of the area for signs of mineralization when they discovered a village in the valley, with the old Turkish word for alunite, or “Sapci,” in its name. Alunite is a mineral that occurs in epithermal gold systems. Despite the village being in an area previously labelled as “too young” to host such mineralization, the company’s geologists trekked out to the valley, Sheehan says.

“So they went out there and took a walk and the hills were covered with quartz — bladed quartz after calcite — and there was nice epithermal quartz vein float all over the place.” Surprised with what they encountered, the geologists checked the land status on the area and found it was open. “The whole area was open because nobody ever thought of staking there. So we staked the whole area in 2006,” Sheehan says. That area contains what is now the Akarca project.

“This was a great example of our geologists stepping out of the dominate paradigm that was existing in a region and looking at an opportunity that was previously unrecognized,” Jensen adds. “In this case, looking for epithermal gold–silver deposits in rocks thought to be previously post-mineralization and not prospective for this style of mineralization.”

The Akarca property comprises six main epithermal gold–silver mineralized zones on two licences.

The mineralization occurs in structurally focused, higher-grade vein zones and in disseminated, lithologically controlled, lower-grade zones. Combined, the two licences cover 39 sq. km.

Initial exploration on Akarca resulted in three discoveries: the Kucukhugla Tepe, Hugla Tepe and Fula Tepe zones. Altogether, they make up the Central Target area that is covered by one licence. (Tepe means “hill” in Turkish.)

Further exploration from 2009 to 2012 led Eurasian’s geologists to more vein targets, including the Percem Tepe, Arap Tepe and Sarikaya Tepe zones.

In June 2013, Eurasian agreed to sell Akarca to Colakoglu, a private Turkish firm, in exchange for cash payments, work commitments, gold bullion and a 3.5% NSR on any production from the property.

Colakoglu is drilling 7,000 metres to support an environmental-impact assessment expected by late 2014. Its initial focus is to confirm the near-surface oxide mineralized zones at Arap Tepe and Kucukhugla Tepe, and establish a maiden resource estimate.

Before Colakoglu, Centerra Gold (TSX: CG; US-OTC: CAGDF) had an option agreement with Eurasian to earn up to a 70% interest in the Akarca property. From 2009 to 2012, Centerra spent more than US$5 million exploring and drilling the property. It earned a 50% inter-

est in the property in early 2012, but terminated its option agreement later that year, with Eurasian regaining full ownership of Akarca in October 2012.

To date, Akarca has seen 155 drill holes totalling over 18,000 metres.

At the Central Target area, we first check out Kucukhugla Tepe, the southernmost zone. Mid-year drilling on Kucukhugla Tepe returned promising oxide intercepts, including 62.7 metres averaging 2.11 grams gold per tonne and 25.78 grams silver per tonne. The intercept included a 7-metre interval grading 10.12 grams gold and 87.78 grams silver per tonne. From Kucukhugla Tepe we head to Hugla Tepe, the relatively lower-grade central zone, before driving north to Fula Tepe.

From here, Jensen points out the village of Akarca a few kilometres away that hosts active hot springs. Akarca is one of the three villages near the property. Jensen says the company’s community relations representative regularly meets with the communities to maintain open dialogue, noting all three are supportive of the development.

There’s also an amethystine quartz vein on the Fula Tepe prospect. Sheehan notes the company has applied for a “gemstone” exploration licence to cover this mineralization.

After checking out a few amethyst samples and observing the drillers, we drop by the core shack.

We can see the mineralization at Akarca grades from 0.2 to 10 grams gold per tonne and 10 to 100 grams silver per tonne, and is oxidized to depths of 80 to 100 metres.

Sheehan admits there’s a lot of work to do before the company can fully understand the geological system at Akarca. “The mineralization that formed the Akarca system was related to hot-springs activity,” Sheehan later explains in an email. “The existing active hot springs no more than 2 km from the gold-bearing veins are quite coincidental, but to this date we have not correlated the mineralization . . . [it] most likely predates this system, and may be totally unrelated. But the spatial correlation cannot be denied.”

So far 20% of the 1.4 km strike length of vein targets on the property has been drilled, leaving plenty of upside potential. Colakoglu is drill testing the Central Target zones and the Arap Tepe prospect, while exploring for new discoveries on the property.

Along with Akarca, Balya and Alankoy, Eurasian has several other properties in Turkey, including the Golcuk copper–silver property in the Eastern Pontides metallogenic belt of northeast Turkey. Pasinex Resources (CNSX: PSE) is working to earn a 100% interest in Golcuk through share payments and work commitments. Eurasian will retain a 2.9% NSR. Outside of Turkey, Eurasian has four other business units, including Western U.S., Sweden, Australia–Asia Pacific and Haiti, where it has forged strong partnerships with Vale (NYSE: VALE), Antofagasta (LSE: ANTO; US-OTC: ANFGY), Freeport-McMoRan Copper & Gold (NYSE: FCX) and Newmont Mining (TSX: NMC; NYSE: NEM), among others.

It has controlling or shared interests in 81 projects, covering 166 properties globally.

Eurasian shares recently closed at 94¢ within a 52-week range of 81¢ to $2.15. There are 72.9 million shares outstanding.

Golden Band to halt mining operations at La Ronge

Golden Band Resources

Golden Band Resources’ Jolu gold mill in northern Saskatchewan.

Golden Band Resources (TSXV: GBN) is indefinitely suspending its Roy Lloyd and Golden Heart gold mines and the Jolu mill in northern Saskatchewan, starting Jan. 1, 2014.

The Saskatoon-based firm expects its operations to be offline for at least six months and is not certain when they may restart. Over 200 employees are set to lose their jobs as a result.

The junior producer notes that despite the improvements and cost reductions on its operations, the falling gold price and lower-than-planned grades from the Roy Lloyd underground mine and Golden Heart pit have undermined its ability to produce a profit.

To maintain its cash position, Golden Band will place the mines and mill on care and maintenance and evaluate ways to make the operations economic. On that

end, it plans to retain consultants to outline “more effective mining plans.”

It says temporarily shutting down the operations is the best way to preserve its dwindling cash balance. Golden Band had $3.4 million on hand at the end of July 2013.

Paul Saxton, the company’s CEO, said that while the mines will shut down in January, milling will continue throughout the month until the stockpiled ore on-site is processed.

For the operations to resume and be profitable, Saxton noted the gold price should be at least US$1,400 per oz.

Meanwhile, Golden Band is completing a 5,000-metre drill program at Roy Lloyd to better define the ore grade and extend the mine life. It is also continuing geological, mining and permitting studies at its other deposits in the

La Ronge gold belt in northern Saskatchewan. Some of its priority La Ronge targets include: Decade, Komis, Golden Heart and the 50%held Greywacke deposit. Masuparia Gold (TSXV: MAS; USOTC: MUPGF) owns the rest of Greywacke.

On Feb. 26, 2013, Golden Band froze mining at its 100%-held Komis gold deposit to finish a detailed mine plan and free up equipment and personnel to build a road access to the Golden Heart deposit.

It also stopped milling at Jolu and spent the next five months upgrading the plant, which restarted on Aug. 1. Meanwhile it continued mining at Roy Lloyd and stockpiling ore. The Komis project remains under review.

Golden Band recently closed at 1.5¢, within a 52-week range of 1¢ to 14¢. It has a $4.3-million market capitalization and 284.7 million shares outstanding.

Asanko takes a second go at PMI Asanko, From Page 1

held. This values each PMI share at 44¢ — a 79% premium over the 20day, volume-weighted average share price as of Dec. 16. Once the deal closes, shareholders of both companies would each own half of the combined entity.

This is Asanko’s second attempt at buying PMI. Late last year, Asanko — then known as Keegan Resources — intended to acquire PMI under the same share-exchange ratio. But that initiative was mutually terminated in February 2013 due to a lack of PMI shareholder support for the deal, then valued at $339 million. The main objection from key PMI shareholders at the time was that the merger assigned too much value to Asanko’s projects, noting the gold grade at Esaase was lower than that at Obotan.

But since then, Breese says Asanko has improved gold recoveries at Esaase, published a promising prefeasibility study, advanced permitting and lined up US$150 million in project financing.

The macroeconomic environment has also weakened from earlier this year, with tumbling gold prices and declining share prices adding to the benefits the merger could deliver, by lowering corporate costs and co-developing of the two deposits, which would create synergies, Breese adds.

The combined company is projected to have US$280 million in cash, a US$150-million debt facility and a $363-million market capitalization. It would control a consolidated, 1,000 sq. km land package in Ghana.

Both companies’ boards unani-

mously support the deal. Shareholders representing 20% of PMI and 9.4% of Asanko have already agreed to back the agreement.

The transaction requires approval from two-thirds of PMI shareholders and a simple majority

by Asanko shareholders, and contains a $9.4-million break fee.

Asanko’s CEO and management team will lead the combined company under the direction of a new board. The seven-member board will consist of Asanko’s Breese and current directors Gordon Fretwell, Marcel de Groot, Shawn Wallace and Colin Steyn, plus PMI’s CEO Bradford and director Michael Price. A chairman will be appointed early next year.

Under the integration plan, Esaase will be developed first. A feasibility study for Esaase is due early next year, with construction expected in the first half of 2014. Esaase is projected to produce 200,000 oz. gold per year for at least 10 years, with first production slated for the second half of 2015.

Initial costs for the open-pit mine are pegged at US$286.4 million.

Once Esaase comes online, Asanko will begin developing Obotan. In the meantime, it is investigating whether to transport ore from Obotan to Esaase’s expanded plant, or ship flotation concentrate to Esaase for leaching. Both scenarios would save US$100 million in development and operating costs. Obotan is targeted to start production by 2017.

“This is a unique opportunity and one that is rare in the mining industry today, because we have two deposits both with proven reserves, close to the construction phase, within a 15 km radius of each other,” Breese said on the call.

A September 2012 definitive feasibility study for Obotan envisioned an open-pit operation producing more than 200,000 oz. gold a year for 10 years, based on reserves of 34.2 million tonnes grading 2.21 grams gold per tonne for 2.43 million oz.

Esaase has reserves of 52.34 million tonnes grading 1.41 grams gold for 2.37 million oz.

On the merger news, PMI soared 45% to 40.5¢, and Asanko dipped nearly 3% to $2.04.

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Editorial

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EDITOR OF MINING MARKETS AND DIAMONDS IN CANADA:

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Editorial: TNM’s 2013 Mining Persons of the Year

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Fission Uranium’s Ross McElroy and Dev Randhawa Since the days of the Manhattan project, there have been three conventional rules for finding uranium mineralization in Saskatchewan: it occurs in the Athabasca basin, usually in the lowest sandstone unit that’s in contact with the basement rock; the best place to look is in the eastern part of the basin; and the shallow stuff has all been found, so you need to go deeper into the basin to find more.

Well, the new Patterson Lake South ultra-high-grade uranium discovery by joint-venture partners Fission Uranium and Alpha Minerals turns all that conventional wisdom on its head: the deposit is 8 km outside the southwestern edge of the basin in a relatively unexplored area, and it lies almost at surface, covered only by glacial overburden and a shallow lake.

And for this, we are awarding our 2013 “Mining Persons of the Year” to Fission president and COO Ross McElroy, the technical point man on the discovery, and Fission chairman and CEO Dev Randhawa, who has ably guided the company through not one, but two major corporate overhauls in a single year.

Ross McElroy is a veteran Fission Uranium president and COO geologist with an uncanny ability to place himself at the Ross McElroy. heart of the discovery of highgrade Canadian mineral deposits. He earned a B.Sc. in geology from the University of Alberta in 1987, and has worked in the Athabasca basin for companies such as Cameco and Areva, as well as hunted for gold for BHP Billiton in the Hope Bay gold belt in Nunavut, and for diamonds with Dia Met Minerals in the Northwest Territories.

He came aboard as Fission Energy’s top technical brains in 2007, leading the team to two major uranium discoveries in three years — including Waterbury Lake — and working with high-profile Fission Uranium chairman and CEO JV partners such as South Dev Randhawa.

Korea’s KEPCO, Rio Tinto, JOGMEC, Uranium One and Denison Mines.

Fission Energy was sold to Denison Mines in early 2013, and Fission Uranium was spun out with a bit of cash and a half stake in the PLS project, with the other half held by Alpha.

The PLS discovery has its roots in an airborne geophysical survey flown in 2009 that used proprietary technology developed by Fission. It was able to detect a radioactive boulder anomaly 2 km southwest of what is now PLS. (Fission and Alpha had an oddball arrangement whereby operatorship at PLS would alternate every two years, with Fission as operator in 2008–2009 and 2012–2013, and Alpha as operator in 2010–2011, and at one time due to resume operatorship in 2014.)

See editorial, Page 5

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C o m m e n ta ry

Bill 70 brings some certainty to Quebec

By Martine Guimond, Mira Gauvin and Ali Amadee Special to the northern miner

On Dec. 9, 2013, legislators in Quebec agreed to adopt Bill 70, which will reform Quebec’s Mining Act, RSQ, c. M-13.1, thus settling months of negotiations and uncertainty on the matter.

In May 2013, the Parti Quebecois government tabled Bill 43, which proposed a new Mining Act to replace the existing one. Given its minority status, the government required the support of members of the opposition in order for Bill 43 to pass. However, the opposition refused to offer its support, and the bill was defeated at an early stage of its adoption process in October 2013.

While many believed that the odds for the reform discussion to be revived this year were minimal, a window of opportunity was created for the government of Quebec with one of the major opposition parties co-operating on a new attempt at drafting a new bill. As a result, on Dec. 5, 2013, the government tabled Bill 70, which proposed reforming Quebec’s Mining Act by way of amendments to the existing act rather than rewriting the act. The bill was passed on December 9 and received assent on the following day.

The content of the new bill demonstrates that the government was receptive to the criticism directed at Bill 43 from interested parties, which included the opposition parties, the mining industry and Aboriginal communities. A summary of some of the major modifications proposed by Bill 70 and a comparison with the provisions of Bill 43 is provided below.

Bill 70 will allow regional county municipalities to delimit mining-incompatible territories in their land-use and development plan. Bill 70 provides that a mining-incompatible territory is one in which the viability of activities would be compromised by the impacts of mining. The controversial arbitrary power that Bill 43 gave to Quebec’s Minister of Natural Resources (the “Minister”) to revise a municipality’s designation of mining zones has been removed from the new bill.

Bill 43 required that any application for a mining lease be accompanied by a feasibility study on ore processing in Quebec. After submission of such a study, the Minister would then have had the discretion to require

the mine operator to enter an agreement to maximize economic spinoffs within Quebec.

Bill 70 alleviates this obligation by replacing the requirement to submit a feasibility study on ore processing in Quebec, with that of submitting “a scoping and market study” with regard to processing in Quebec. The government may, “on reasonable grounds,” require that the economic spinoffs of the mining activities within Quebec be maximized. This reasonable requirement is unique to Bill 70.

Bill 43 required the establishment of an “economic spinoff monitoring and maximization committee.” The new bill renames this committee a “monitoring committee to foster the involvement of the local community in the project as a whole.” The committee must be established within 30 days after the mining lease is issued and must be maintained until the completion of all the work provided for in the rehabilitation and restoration plan. The lessee determines the number of representatives who are to sit on the committee, which must include at least one representative of the municipal sector, one representative of the economic sector, one member of the public, and, if applicable, one representative of an Aboriginal community consulted by the government, with respect to the project.

Under Bill 70, information pertaining to extracted tonnage and royalties paid annually by mine operators are made public.

However, information with respect to agreements between mining companies and communities shall remain confidential and may only be used by the government for statistical purposes. Bill 43 required that any agreement between a holder of a mining lease and a community be made public, a provision that was strongly opposed by Aboriginal communities.

A novelty of Bill 70 is the addition of provisions specifically addressing the rights of Aboriginal communities. These provisions provide that, in applying the Mining Act, the government shall consult with Aboriginal communities separately, if the circumstances so warrant. Moreover, the government must draw up, make public and keep up to date a “Native community consultation policy” specific to the mining sector. Bill 70 specifies that taking into account the rights and interests of Aboriginal communities is See Commentary, Page 5

THE NORTHERN MINER december 30, 2013-january 5, 2014 5

OP-ED

MATTERS OF GENERAL INTEREST

editorial, From Page 4

Follow-up ground prospecting in 2011, spearheaded by Alpha’s Garrett Ainsworth, uncovered a train of high-grade, uraniumbearing boulders that were found to lead back to PLS on the shore of a lake.

With Fission resuming operatorship in 2012, and after more ground geophysical work, drilling on the lake shore in November 2012 came up with the PLS discovery hole in what is now called Zone R00E. In 2013, more ground geophysical work carried out under the direction of Fission’s vice-president of exploration Raymond Ashley, radon surveys and drilling from barges uncovered at least three more zones under the lake, stretching 1 km strike from R00E. For 2014, the challenge is to connect these zones into a single orebody and calculate the first resource estimate.

Meanwhile, Fission’s CEO Randhawa was furiously working the phones and crafting deals

throughout 2013, first finessing a sale of Fission Energy to Denison and spinning out Fission Uranium, and then mounting a friendly takeover of Alpha Minerals that put to rest the operatorship uncertainty, ensured improved liquidity and paved the way for a simpler sale of the company down the road.

Randhawa is a consummate Howe Street mining promoter — smooth-talking, polished and connected, with a proven track record of delivering the goods to investors. (Since November 2012, Fission’s stock is up about 400%, in one of the worst times for mining juniors, and uranium juniors in particular.) He earned a bachelors degree in business administration from Trinity Western College of Langley, B.C. in 1983, and an M.B.A. from the University of British Columbia in 1985.

In our next two issues, we present in-depth interviews with McElroy and Randhawa, as they discuss their careers, Fission Uranium and the PLS discovery, and the path ahead.

Bill 70 brings certainty Commentary, From Page 4

an integral part of reconciling mining activities with other possible uses of the territory.

Bill 70 allows the Minister to require that a financial guarantee be submitted along with the rehabilitation and restoration plan to cover the anticipated cost of completing the work required under such plan.

The rules for payment of the amount of the guarantee are established by regulation.

While Bill 43 made all mineral processing plant construction and operation projects and all mine development and operation projects subject to an environmental assessment regardless of the processing or production capacity of the project, the new bill limits the application of this requirement to largescale projects, namely projects where the processing or production capacity of the plant or the mine is 2,000 tonnes or more per day.

Where a rare earth processing plant or mine is involved, an environmental assessment is required regardless of the processing or production capacity of the project.

Moreover, in the case of a metal mine project where the mine has a production capacity of less than 2,000 tonnes per day, a public consultation must be held before a mining lease may be granted.

Bill 70 provides that a mining lease cannot be granted before the approval of a rehabilitation and restoration plan in accordance with the Mining Act, and the issuance of a certificate of authorization in accordance with the Environment Quality Act. However, the Minister has the discretion to grant a lease before the issuance of the certificate of authorization, if the time needed to obtain such certificate is unreasonable. It will be interesting to see how this provision will be applied in practice.

Bill 70 further provides that the rehabilitation and restoration plan, which will be submitted to the Minister for approval, shall be made public for information and consultation purposes.

Bill 43 allowed the Minister to

reject an application for a lease to mine surface mineral substances or to terminate such lease on public interest grounds. Under Bill 70, the Minister will only have this discretion with respect to sand, gravel and stone. Moreover, under the new bill, a public consultation must be held before a lease to carry on an industrial activity or to engage in commercial export may be issued.

Most of the provisions of Bill 70 came into force on Dec. 10, 2013, with the exception of certain provisions, which will come into force upon the entry into force of the corresponding modifications to the regulation respecting mineral substances other than petroleum, natural gas and brine in certain cases, and at a later date to be set by the government in other cases.

The passage of Bill 70 constitutes a compromise among politicians in order to save the much-awaited reform of Quebec’s mining law. The various political factions agreed on the importance of adopting a legislative framework to ensure greater certainty that would benefit both Quebec’s mining industry and investors willing to benefit from the opportunities to invest in that industry. Although the new bill may not accommodate all of the demands of the interested parties, regulatory stability will be a first step in the right direction for achieving further predictability and certainty, which the industry needs in the current economic environment.

— Martine Guimond is a partner in Gowlings’ Montreal office and leader of the Corporate Finance and Mergers and Acquisitions practice group, domains in which she specializes as well as in business law and corporate law.

Mira Gauvin is a partner in Gowlings’ Montreal office practicing in the area of environmental law.

Ali Amadee is an associate in Gowlings’ Montreal office, practicing in business law as well as within the China Working Group.

For more information, please visit www.gowlings.com.

Conflict at Buritica leaves two artisanal miners dead Building a commercial-scale mine in Colombia is no small task.

Despite the wave of optimism that washed over foreign investors just a few years back, the country’s violence continues to obstruct its mining future, as investors wait for it to get its first large-scale modern gold mine into production.

One company that has been operating, albeit on a pilot scale, is Continental Gold (TSX: CNL).

With its mining licence in hand and a small-scale gold mine operating on its Buritica project in the Antioquia department, the company has been a contender to become one of the earliest to have a commercial gold mine up and running.

But getting to that point is looking more difficult, as a clash with local artisanal miners erupted in November, leaving two dead.

The conflict began when police, with the support of the local government, moved in to evacuate illegal miners from sections of the site.

According to Colombian newspaper El Tiempo, two miners were killed after clashing with police. In addition, various reports claim that between five and 11 people were injured, including as many as seven police officers.

The news source quoted the Sec-

retary of the government of Antioquia, Santiago Londono, as saying 500 police and 200 soldiers arrived at the San Antonio area of Buritica on Nov. 22 to evict the 3,000 illegal miners working there.

According to the government, the eviction notice given to the illegal miners from the area was triggered by a landslide at the San Antonio area of Buritica in late October. San Antonio is in an area separate from Continental’s pilot mine site, and while no one was hurt in the landslide, the potential for more trouble pushed the government’s hand, so the decision was made to remove the illegal miners.

Those miners, however, disagree with the decision.

While there are varying reports on how the conflict began, the government says it is investigating the cause of death of the two artisanals.

The government says the illegal miners were given a month’s notice to evacuate, but many ignored the order, necessitating the involvement of the police and the military.

There are reports that water and electricity were cut off, and this stoked tension within the artisanal mining camp.

The conflict has, for the time being, abated and 1,700 people are

reported to have left the area on their own.

The turmoil was one reason that Scotiabank Mining analyst Mike Hocking downgraded Continental’s stock to “sector perform,” and cut his price target to $4 per share from $5.50.

Since the news of the deaths came out on Nov. 22, the company’s shares have fallen 8%, and were trading for $2.79 at press time.

Continental got a 30-year mining licence for Buritica in March. A tiny operating mine on the property has been producing from five veins continuously since 1992. Last year it processed 6,000 tonnes of ore with a head grade of 18.01 grams gold for 2,988 oz. gold produced. This year, up to the end of September, it had processed 5,100 tonnes grading 25.41 grams gold for 3,838 oz. gold produced.

The project is home to measured and indicated resources of 3.7 million tonnes grading 13.6 grams gold, 38 grams silver and 0.7% zinc. It also has 13.3 million tonnes of inferred resources grading 8.8 grams gold, 33 grams silver and 0.5% zinc.

By 2017 Continental wants to be processing at least 1,000 tonnes per day and then scale up to higher throughput rates.

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Mining Explained is now also available as an online course!

Gain an enhanced ability to understand, analyze and compare mining investment opportunities

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To order by phone, call: 1-800-668-2374 or

Visit EduMine for more information: www.EduMine.com/courses/online-courses/mining-explained

Order online by visiting www.NorthernMiner.com

The Northern Miner, 80 Valleybrook Drive, Toronto, ON M3B 2S9 To order by phone, call 1-800-668-2374 • Find us online at www.NorthernMiner.com

6 december 30, 2013-january 5, 2014 THE NORTHERN MINER

MARKET NEWS

Semafo hunts for second Siou

D e c e m b e r 16 -19, 2 0 13

Soil samplers at Semafo’s Mana gold project in Burkina Faso.

Soil sampling at Semafo’s (TSX: SMF; USOTC: SEMFF) Mana property in Burkina Faso has pinpointed a north-trending corridor measuring more than 14 km long and up to 4 km wide, 8 km north of the Siou deposit.

The Siou deposit — discovered by soil sampling and followed by auger and reversecirculation (RC) drilling less than two years ago — is slated to start production in the second quarter of 2014, and the company is hoping that exploration in the vicinity will turn up other equally exciting targets on its property.

“It’s the way we discovered Siou,” Robert LaVallière, Semafo’s vice-president of investor relations, says of the recent soil-sample results. “We are following the same pattern.

We go to soil, and after that we go to auger, and then we go to RC. It’s really systematic.

We need to go step-by-step here because we don’t have any outcrops.”

Semafo has budgeted $3.5 million for exploration in the fourth quarter of 2013, which will mainly consist of 120,000 metres of auger drilling, geochemical surveys and field proofing, and 8,500 more soil samples that will be taken in the Siou area to define targets for next year.

Andrew Breichmanas of BMO Capital Markets commented in a research note after the company released its latest results that “exploration programs appear to be refining the company’s geological model to improve the probability of further discoveries.”

The north-trending corridor identified by soil sampling was found within the Kokoi shear zone (part of the Siou zone), and individual samples from the anomalous area re-

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Inspiration Mg ISM Oracle Mng OMN Zincore Mtls ZNC Carpathian Gld CPN CaNickel Mng CML Marathon Gold MOZ Pac NW Cap PFN Stockport Expl SPT Nuinsco Res NWI Geovic Mng GMC South Am Silvr SAC Jaguar Mng JAG Loncor Res LN Hard Creek Ni HNC Asanko Gold AKG TVI Pacific TVI Bannerman Res BAN PC Gold PKL EMC Metals EMC Claude Res CRJ

Agrium AGU Russell Metals RUS Teck Res B TCKB Walter Energy WLT First Quantum FM Potash Cp Sask POT Horizns G Bear HGD North Am En Pa NOA Silver Std Res SSO Seabridge Gold SEA Royal Gold RGL Agnico-Eagle AEM South Am Silvr SAC Alamos Gold AGI Primero Mng P Central Fund CEFA Silver Wheaton SLW Tahoe Res THO Asanko Gold AKG Royal Cdn Mint MNT

84 226 228 14580 25 967 124 121 2598 95 3074 1512 139 116 3111 593 357 146 223 1396

0.10 0.30 0.14 0.15 0.14 0.22 0.02 0.07 0.02 0.05 1.19 0.08 0.12 0.04 2.16 0.03 0.05 0.03 0.03 0.16

0.05 0.18 0.07 0.08 0.10 0.17 0.02 0.04 0.02 0.04 0.64 0.05 0.10 0.03 1.68 0.02 0.05 0.03 0.03 0.13

0.09 0.29 0.14 0.11 0.14 0.22 0.02 0.04 0.02 0.05 0.64 0.05 0.10 0.03 1.70 0.02 0.05 0.03 0.03 0.13

+ 112.5 + 62.8 + 55.5 + 40.0 + 40.0 + 38.7 + 33.3 + 33.3 + 33.3 + 28.5 - 46.6 - 33.3 - 28.5 - 25.0 - 20.1 - 20.0 - 18.1 - 16.6 - 16.6 - 16.1

1489565 913981 6466440 34546 4552330 6770728 1671323 394925 1309679 121675 30227 4411470 3074014 1455355 5267702 220839 5796656 1004278 3110552 393086

96.65 29.60 25.66 16.40 17.93 33.47 23.49 6.35 7.08 7.83 46.40 26.75 0.64 12.21 4.70 13.81 21.07 17.01 1.70 13.60

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

1.81 1.36 1.25 1.10 0.93 0.81 0.74 0.51 0.41 0.28 1.65 1.14 0.56 0.56 0.52 0.50 0.49 0.47 0.43 0.42

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Brigus Gold BRD Sirocco Mng SIM PMI Gold PMV TriAusMin TOR Barrick Gold ABX B2Gold BTO Carpathian Gld CPN Osisko Mng OSK Goldcorp G Kinross Gold K

Xmet XME 14721 Aben Res ABN 8703 Midlands Minls MEX 6696 Caribou King R CKR 4551 Firebird Res FIX 4306 Red Pine Expl RPX 4278 Northern Sup R SUP 4233 Northern Gld M NGM 4061 Alexandria Mnl AZX 3965 Belvedere Res BEL 3799

28553 0.87 0.81 0.81 + 0.18 26202 0.40 0.35 0.37 - 0.01 24114 0.41 0.28 0.34 + 0.07 23917 0.04 0.02 0.03 0.00 15155 18.50 17.58 17.68 - 0.08 15143 2.30 2.06 2.12 - 0.11 14580 0.15 0.08 0.11 + 0.03 12834 4.83 4.37 4.55 + 0.11 12748 23.40 21.98 22.24 - 0.07 11711 4.97 4.69 4.69 - 0.19

0.19 0.01 0.02 0.06 0.01 0.07 0.04 0.04 0.04 0.02

0.10 0.01 0.01 0.04 0.01 0.06 0.03 0.03 0.03 0.02

0.11 - 0.01 0.01 0.04 0.01 + 0.07 0.03 - 0.04 + 0.03 0.02 +

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Pac Iron Ore POC Softrock Mnrl SFT Parlane Res PPP Superior Coppr SPC Homestake Res HSR Cascadia Res CCR Camino Mnls COR Bear Lake Gold BLG Belvedere Res BEL Firebird Res FIX Amanta Res AMH Advance Gold AAX Olympic Res OLA Canadn Arrow CRO Catalyst Coppr CCY Inter-Rock Mnl IRO Hunter Bay Mnl HBY Central Iron O CIO Ditem Explor DIT Gray Rock Res GRK

Gold Reach Res GRV Diamcor Mng DMI Gold Reserve GRZ Williams Creek WCX Sutter Gold SGM Kaminak Gold KAM Panoro Minls PML Philippine Mtl PHI Parlane Res PPP Superior Coppr SPC Kennady Diam KDI Aurcana Corp AUN Bear Creek Mng BCM Zenyatta Vent ZEN Sandstorm Mt&E SND Energold Drill EGD Ascot Res AOT Bacanora Mnls BCN Great Quest Me GQ Nevada Sunrise NEV

1014 223 508 413 1100 75 2100 1316 3799 4306 262 200 412 2310 469 215 114 130 45 10

0.03 0.03 0.09 0.08 0.06 0.02 0.02 0.03 0.02 0.01 0.03 0.02 0.02 0.01 0.01 0.02 0.02 0.01 0.01 0.03

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

+ 400.0 + 150.0 + 150.0 + 128.5 + 120.0 + 100.0 + 100.0 + 100.0 + 100.0 + 100.0 - 66.6 - 60.0 - 55.5 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0 - 50.0

274179 47585 21985 381699 122358 323790 51125 14875 507750 412700 109629 1135011 1150189 891004 238544 569672 169453 109500 279638 576000

1.00 1.71 3.62 0.16 0.17 0.56 0.36 0.10 0.08 0.08 4.95 0.72 1.21 2.22 1.08 1.46 0.65 0.38 0.62 0.12

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0.17 0.08 0.08 0.07 0.07 0.06 0.06 0.05 0.05 0.05 0.70 0.38 0.29 0.23 0.13 0.12 0.09 0.08 0.08 0.08

Semafo

turned promising values, with some of the highest holding more than 10,000 parts per billion gold, or 10 grams gold per tonne, LaVallière says.

The 7,100 soil-sample program was undertaken in terrain where auger drilling would have been difficult, and samples were taken primarily from Mana West, the Kokoi Southwest Block and the Bouna East Block, at line spacing of 400 metres with sample points every 25 metres.

Semafo points out that the majority of the higher-grade soil samples were taken at the contact between the Siou massive grandiorite intrusive and volcano-sedimentary rocks.

“Considering the general north–south schistosity, the prospective north part of the intrusive, called the North Apex, is believed to be located within a pressure-shadow area, hence potentially generating favourable multi-directional tension structures and shear zones permeable to hydrothermal fluids,” Semafo explained in a Dec. 9 press release.

The Siou deposit — 15 km east of the company’s flagship Mana mine and processing plant — remains open laterally and at depth, and once it reaches full production, should account for 30% of the ore mix at the Mana processing plant. (The Mana mine entered production in mid-2008.)

In the meantime, Semafo is making headway on the permitting front. It reported in early December that the government has granted the company exploration rights to the new Pompoi North permit, which lies east of the Mana East permit.

Pompoi North spans 61 sq. km and includes the Siou intrusive’s east contact. The com-

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Brigus Gold* BRD Northern Dyn* NAK Avalon Rare M* AVL Quest Rare Mn* QRM Rhino Res* RNO Dejour Enterp* DEJ Silver Bull R* SVBL North Am Pall* PAL Amcol Intl* ACO North Am En P* NOA AKG Asanko Gold* Alexco Res* AXU Thompson Crk* TC Banro* BAA Gold Fields* GFI Primero Mng* PPP NovaCopper* NCQ Intl Tower Hi* THM Fortuna Silvr* FSM AuRico Gold* AUQ

Amcol Intl* ACO BHP Billi-BBL* BBL Rio Tinto* RIO Compass Mnls* CMP Cliffs Nat Rs* CLF CBT Cabot Corp* BHP Billi-BHP* BHP Consol Energy* CNX Agrium* AGU Rhino Res* RNO Central GoldT* GTU Royal Gold* RGLD Agnico-Eagle* AEM Randgold Res* GOLD Silver Wheatn* SLW Mesabi Trust* MSB Central Fund* CEF Alamos Gold* AGI Tahoe Res* TAHO Newmont Mng* NEM

1037 1330 1786 807 42 339 1230 17955 121 57 95 1855 2040 3106 32149 249 1289 126 670 1736

0.82 0.75 0.75 + 25.5 1.39 1.17 1.36 + 19.3 0.59 0.50 0.57 + 12.2 0.47 0.41 0.47 + 12.1 11.49 9.87 11.26 + 10.6 0.16 0.10 0.13 + 10.5 0.36 0.30 0.33 + 7.9 0.51 0.41 0.47 + 7.3 32.34 30.20 32.23 + 7.0 6.01 5.37 5.94 + 6.8 2.03 1.60 1.61 - 20.3 1.40 1.16 1.19 - 14.3 2.20 1.73 1.88 - 12.1 0.57 0.47 0.47 - 11.9 3.54 2.92 3.02 - 11.4 4.69 4.37 4.39 - 10.5 1.58 1.38 1.40 - 8.5 0.44 0.38 0.38 - 7.3 3.00 2.60 2.60 - 6.8 3.74 3.37 3.41 - 6.8

pany believes it “should be prospective for gold mineralization, given its similar geology and structural similarities with the Siou deposit environment.”

Breichmanas of BMO Capital Markets says the soil samples and the addition of the Pompoi North permit “appear to be defining a number of targets for follow-up work, offering potential for further news flow from drilling programs in the coming months, which combine with anticipated operational improvements to support BMO’s ‘outperform’ rating.”

The analyst has a $3.50 target price on the stock, up from its $2.48 share price.

The Mana property, 200 km west of Ouagadougou, covers 2,119 sq. km in the Hounde belt.

In the third quarter, the Mana mine produced 38,700 oz. gold at a total cash cost of

121157 2912525 1578784 250194 26053879 1456201 8091096 8458253 404183 41846 395268 2883619 8170999 2967806 19700460 190128 5094841 1236553 60818 43632663

32.23 59.09 53.69 75.89 24.87 49.97 65.04 38.40 90.60 11.26 41.05 43.54 25.13 62.87 19.75 21.99 12.94 11.45 15.92 22.76

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2.13 1.94 1.91 1.81 1.36 1.32 1.30 1.22 1.20 1.08 2.11 1.78 1.24 1.21 0.61 0.60 0.57 0.57 0.53 0.52

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89816 70632 43639 43633 37973 37619 33230 32632 32149 26054

10.05 17.38 4.68 23.65 21.94 6.71 4.36 35.34 3.54 25.17

9.51 16.44 4.39 22.34 20.54 6.21 4.02 34.35 2.92 23.21

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less than US$800 per oz., and for the first nine months of the year, production 122,900 oz. at a total cash cost of US$725 per oz.

Semafo’s 2013 guidance remains unchanged at between 153,000 oz. and 168,000 oz. gold, with total cash costs of between US$805 and US$855 per oz.

THE NORTHERN MINER december 30, 2013-january 5, 2014 7

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Week

12-month

Stock Exc Volume High Low Last Change High Low

A Abacus Mng&Ex V Abcourt Mines V Aben Res V Aberdeen Intl T Abington Res V Abitex Res V Abitibi Royalt V V Abzu Gold Acme Res V Acrex Vent V Actus Mnls V Adamera Mnls V Adanac Moly V Adex Mining V Adriana Res V Adroit Res V Advance Gold V Advanced Expl V Adventure Gold V Afri-Can Marin V African Gold G V African Metals V African Queen V T Africo Res Agnico-Eagle* N Agnico-Eagle T AgriMinco V Agrium* N Agrium T Aguila Am Res V Alacer Gold T Alamos Gold* N Alamos Gold T Alberta Star V Alberta Star D V Alcoa* N Alder Res V Alderon Irn O* X Alderon Iron O T Aldershot Res V Aldridge Minls V Aldrin Res V Alexander Nubi V Alexandria Mnl V Alexco Res T Alexco Res* X Alhambra Res V V Alix Res Allana Potash T Alliance Mng V Alliance Rs P* Q Allied Nevada T Allied Nevada* X Almaden Mnls* X Almaden Mnls T V Almonty Ind V Alpha Gold Alpha Nat Res* N Alphamin Res V Alta Vista Vnt V V Altai Res Altair Vent V Altan Nev Mnls V Altan Rio Mnls V Altima Res V Altiplano Mnls V Altitude Res V Altius Mnrls T Alto Vent V Alturas Minls V Alum Cp China* N Alumina Inc* N Am Bull Royalt T Am Cons Minls V Am Creek Res V AM Gold V Amador Gold V Amanta Res V Amarc Res V Amarillo Gold V Amato Expl V Amcol Intl* N American Bonan T American Manga V American Vanad V Amerigo Res T Amerix Pr Mtls V Amex Expl V AMI Res V Amseco Expl V Anaconda Mng T Anconia Res V AndeanGold V Andover Mng V Anfield Nickel V Angel Gold V Angkor Gold V Anglo Pac Grp T Anglo Swiss V Anglo-Bomarc V AngloGold Ash* N Angus Mng Nami V Animas Res V Ansell Capital V

4039 5560 87033 4123 209 871 60 5764 1121 1250 3460 1466 267 3592 1267 600 2000 1136 715 907 10239 1050 10193 849 81709 44114 4467 4041 14895 200 31607 12365 14553 1800 439 898159 1990 2910 16245 60 244 14397 4100 39652 1025 18551 2995 2330 8519 1266 2173 5677 12752 2416 847 144 30 376194 300 275 250 788 43 4867 6992 27 30 796 1158 5060 1145 5524 8407 1080 4615 4685 8457 2620 4840 4465 4230 1211 3430 5078 3815 3983 10441 1485 180 2272 2395 30 2611 7362 572 1301 245 10 2562 10 131678 430 1201 2819

0.09 0.07 0.01 0.12 0.05 0.05 0.36 0.01 0.07 0.01 0.01 0.04 0.18 0.03 0.22 0.01 0.02 0.07 0.12 0.04 0.12 0.02 0.04 0.45 26.74 28.34 0.03 90.73 96.71 0.05 2.47 12.32 13.03 0.11 0.17 10.05 0.01 1.80 1.93 0.01 0.19 0.08 0.06 0.04 1.47 1.40 0.11 0.03 0.34 0.03 75.94 3.74 3.50 1.10 1.17 0.77 0.08 6.71 0.20 0.06 0.08 0.05 0.05 0.04 0.09 0.02 0.46 10.84 0.03 0.02 8.75 3.71 0.09 0.06 0.06 0.01 0.01 0.03 0.04 0.13 0.05 32.34 0.02 0.03 0.42 0.37 0.01 0.17 0.03 0.04 0.08 0.09 0.04 0.10 1.79 0.09 0.30 3.03 0.01 0.07 12.21 0.03 0.08 0.03

0.08 0.06 0.01 0.11 0.04 0.03 0.35 0.01 0.07 0.01 0.01 0.03 0.17 0.02 0.18 0.01 0.01 0.05 0.11 0.04 0.08 0.02 0.03 0.39 24.87 26.63 0.02 89.34 94.61 0.05 2.04 11.14 11.92 0.10 0.17 9.51 0.01 1.37 1.48 0.01 0.18 0.08 0.05 0.03 1.25 1.16 0.10 0.03 0.31 0.02 74.00 3.30 3.08 1.02 1.10 0.62 0.08 6.21 0.20 0.05 0.08 0.04 0.05 0.02 0.07 0.02 0.45 10.40 0.02 0.02 8.42 3.57 0.07 0.06 0.06 0.01 0.01 0.01 0.04 0.10 0.02 30.20 0.02 0.02 0.39 0.34 0.01 0.15 0.03 0.03 0.07 0.08 0.03 0.08 1.55 0.06 0.30 3.03 0.01 0.07 11.14 0.03 0.08 0.03

0.09 + 0.06 - 0.01 0.11 0.05 + 0.05 + 0.35 - 0.01 - 0.07 + 0.01 0.01 0.04 + 0.17 - 0.03 0.18 - 0.01 0.01 - 0.06 + 0.11 + 0.04 0.10 + 0.02 - 0.03 0.43 25.13 - 26.75 - 0.02 + 90.60 + 96.65 + 0.05 + 2.10 - 11.45 - 12.21 - 0.10 - 0.17 9.97 + 0.01 1.57 + 1.66 - 0.01 0.19 - 0.08 - 0.06 - 0.03 1.27 - 1.19 - 0.10 - 0.03 - 0.32 - 0.03 + 74.85 - 3.37 - 3.19 - 1.08 + 1.17 + 0.72 - 0.08 + 6.60 + 0.20 - 0.05 - 0.08 + 0.05 + 0.05 0.04 0.08 - 0.02 - 0.46 + 10.51 - 0.02 - 0.02 8.54 - 3.69 + 0.07 - 0.06 - 0.06 0.01 0.01 0.01 - 0.04 0.11 - 0.03 + 32.23 + 0.02 0.02 + 0.41 - 0.37 + 0.01 0.15 - 0.03 0.03 - 0.07 + 0.08 0.03 - 0.08 - 1.55 - 0.06 - 0.30 3.03 + 0.01 + 0.07 11.35 - 0.03 - 0.08 0.03

0.01 0.18 0.07 0.01 0.11 0.06 0.00 0.03 0.01 0.00 0.37 0.11 0.01 0.13 0.04 0.02 0.15 0.03 0.02 1.05 0.30 0.01 0.10 0.01 0.01 0.10 0.05 0.00 0.03 0.01 0.00 0.03 0.01 0.01 0.19 0.03 0.02 0.28 0.13 0.00 0.05 0.02 0.02 0.50 0.16 0.00 0.04 0.01 0.02 0.06 0.01 0.01 0.23 0.04 0.01 0.35 0.10 0.00 0.15 0.02 0.02 0.22 0.06 0.01 0.07 0.02 0.00 0.12 0.02 0.00 0.88 0.32 1.24 53.78 23.77 1.14 52.97 24.66 0.01 0.06 0.02 1.20 115.31 80.40 1.81 116.38 83.46 0.01 0.85 0.03 0.25 5.30 1.95 0.57 18.82 10.10 0.56 18.59 10.40 0.01 0.27 0.04 0.00 0.28 0.13 0.46 10.05 7.63 0.00 0.08 0.01 0.01 2.26 0.83 0.04 2.23 0.88 0.00 0.03 0.01 0.01 0.64 0.18 0.01 0.17 0.03 0.01 0.08 0.01 0.00 0.09 0.03 0.17 4.71 0.94 0.20 4.72 0.90 0.02 0.29 0.05 0.01 0.07 0.02 0.01 0.65 0.27 0.01 0.12 0.02 0.51 78.99 53.10 0.16 31.00 3.20 0.12 31.21 3.01 0.01 3.26 1.01 0.04 3.20 1.08 0.05 1.11 0.62 0.02 0.35 0.05 0.28 10.74 4.78 0.01 0.27 0.10 0.02 0.25 0.05 0.01 0.15 0.06 0.02 0.21 0.03 0.00 0.20 0.04 0.00 0.20 0.02 0.01 0.16 0.04 0.01 0.12 0.02 0.01 0.80 0.17 0.14 13.35 9.09 0.01 0.06 0.02 0.00 0.12 0.02 0.05 13.29 7.25 0.11 5.26 3.35 0.01 0.43 0.07 0.01 0.60 0.06 0.00 0.10 0.05 0.00 0.06 0.01 0.00 0.06 0.01 0.02 0.08 0.01 0.00 0.17 0.04 0.02 0.93 0.10 0.01 0.10 0.02 2.13 37.05 27.65 0.00 0.20 0.02 0.01 0.05 0.02 0.01 1.03 0.39 0.02 0.75 0.31 0.00 0.10 0.01 0.01 0.19 0.06 0.00 0.15 0.03 0.01 0.06 0.01 0.01 0.14 0.06 0.00 0.20 0.07 0.01 0.10 0.03 0.01 0.23 0.04 0.05 4.10 1.55 0.03 1.80 0.05 0.00 0.45 0.27 0.03 4.86 2.68 0.01 0.04 0.01 0.00 0.15 0.06 0.45 31.88 11.14 0.01 0.20 0.03 0.00 0.09 0.03 0.00 0.07 0.02

(100s)

Week

12-month

(100s)

Week

12-month

(100s)

Week

12-month

Stock Exc Volume High Low Last Change High Low

Stock Exc Volume High Low Last Change High Low

Stock Exc Volume High Low Last Change High Low

Antioquia Gold V Antofagasta Gd V Apogee Silver V Appalaches Res V AQM Copper V Aquila Res T Arch Coal* N Archean Star R V Arco Res V Arctic Star Rs V Arcus Dev Grp V Argentex Mng V Argentum Silvr V Argex Titanium T Argonaut Gold T Argus Metals V Arian Silver V Arianne Phosph V Armistice Res T Aroway Mnls V Arrowhead Gold V ASA (Bermuda)* N Asanko Gold T Asanko Gold* X Ascot Res V Ashburton Vent V Asher Res V Asia Now Res V Asian Minl Res V Aston Bay V Astur Gold V V Atac Res Atacama Pac Gd V Athabasca Mnls V Athabasca Uran V Atico Mng V Atlanta Gold V Atlatsa Res V Atlatsa Res* X Atna Res Ltd T Augen Gold V Augusta Res T Augusta Res* X Augyva Mng V T Aura Mnls Aura Silver Rs V V Auracle Res Auramex Res V Aurcana Corp V AurCrest Gold V Aureus Mng T AuRico Gold* N AuRico Gold T Auriga Gold V V Aurion Res Aurvista Gold V Avala Res V Avalon Rare M* X Avalon Rare Mt T Avanti Mng V Avino Silver V Avino Silver* X Avnel Gold T Avrupa Mnls V Axmin Inc V Azimut Expl V Azincourt Res V

200 702 19466 8534 2145 2109 332297 1534 10 2455 5650 1645 250 10081 19453 459 1774 990 16593 4010 9975 4560 31105 948 1694 919 5105 4024 194 120 1768 5095 261 3882 4206 486 2224 3503 12166 16920 1302 2612 593 1805 3588 1080 506 661 11350 976 165 17359 21956 11601 2595 3585 2860 17857 5192 2594 630 1740 75 568 691 1628 6408

0.03 0.36 0.02 0.10 0.12 0.12 4.36 0.14 0.01 0.13 0.02 0.10 0.03 0.67 5.68 0.03 0.43 1.39 0.04 0.22 0.01 11.94 2.16 2.03 0.75 0.04 0.25 0.01 0.05 0.15 0.30 0.70 0.78 1.58 0.02 0.60 0.03 0.61 0.59 0.11 0.03 1.73 1.61 0.09 0.10 0.01 0.01 0.03 1.12 0.03 0.59 3.74 3.95 0.04 0.04 0.04 0.06 0.59 0.63 0.05 1.29 1.20 0.15 0.11 0.05 0.16 0.28

Benton Res Berkwood Res Besra Gold BHP Billi-BBL* BHP Billi-BHP* Big North Grap BioteQ Env Bison Gold Res Bitterroot Res Black Iron Black Panther Black Widow Rs Blind Crk Res Blue Rvr Res Blue Sky Uran Bluestone Res BMO Jr Gld ETF Bold Vent Bonaparte Res Bonterra Res Boss Power Bowmore Expl Boxxer Gold Braeval Mng Bralorne Gold Brandenburg En Bravada Gold Brazil Res Brigadier Gold Brigus Gold Brigus Gold* Brilliant Res Brionor Res Brixton Mtls Brookemnt Cpt Buccaneer Gold Burnstone Vent

B2Gold* B2Gold Bacanora Mnls Baja Mng Balmoral Res Bama Gold Bandera Gold Banks Island G Bannerman Res Banro Banro* Banyan Gold Bard Vent Barisan Gold Barker Mnrls Barkerville Go Baroyeca Go&Si Barrick Gold* Barrick Gold Batero Gold Bayfield Vent Bayswater Uran BCGold BCM Res BE Res Bear Creek Mng Bear Lake Gold Bearclaw Cap Bearing Res Beaufield Res Bell Copper Bellhaven Cp&G Belmont Res Belo Sun Mng Belvedere Res Benton Cap

65321 151430 1095 24388 6585 10389 5579 3010 3574 11154 31055 797 680 12037 1980 11018 1510 706317 151546 2791 1959 1667 1723 3380 92 11501 13159 20 770 6268 935 1952 371 13904 37985 4174

2.18 2.30 0.46 0.01 0.37 0.02 0.03 0.59 0.05 0.60 0.57 0.04 0.01 0.26 0.04 0.52 0.01 17.38 18.50 0.11 0.31 0.07 0.04 0.04 0.31 1.50 0.03 0.04 0.04 0.05 0.02 0.03 0.14 0.38 0.02 0.05

Centerra Gold T Central Fund* X Central Fund T Central Gold-T T Central GoldT* X Central Iron O V Central Res V Centurion Mnls V Century Iron M T Cerro Grande M T Chalice Diam V Challenger Dee V Champion Bear V Champion Iron T Channel Res V Chesapeake Gld V Chiboug Ind Mn V Chieftain Mtls T Chilean Gold V Chimata Gold V China Gold Int T China Mnls Mng V Citation Res V Claude Res T Cliffs Nat Rs* N Clifton Star V Cloud Peak En* N CMC Metals V CMQ Res V Coalspur Mines T Cobalt Coal V N Coeur Mng* Coeur Mng T Cogitore Res V Colibri Res V Colombia Crest V Colombian Mins V Colonial Coal V Colorado Res V Colossus Minls T Colt Res V Columbia Yukon V Columbus Expl V Columbus Gold V V Comet Inds Commander Res V Commerce Res V Compass Gold V Compass Mnls* N Compliance Eny V Comstock Mng* X Comstock Mtls V Condor Res V Confedertn Mls V Cons Richland V Cons Woodjam C V Consol Energy* N Constant Mtl R V Contintl Gold T Contl Precious T Copper Ck Gold V Copper Fox Mtl V Copper Mtn Mng T Copper North M V Copper One V Coral Gold V Cordoba Mnls V Corex Gold V Cornerstone Ca V Coro Mining T Corona Gold T Coronado Res V Coronet Mtls V Corsa Coal V Cortez Gold V Corvus Gold T Cosigo Res V Cougar Mnls V Crazy Horse Rs V Cresval Cap V Critical Elem V Crocodile Gold T CuOro Res V Curis Res T Curlew Lke Res V Currie Rose Rs V CVR Partners* N Cypress Dev V

0.03 0.36 0.02 0.09 0.10 0.11 4.02 0.09 0.01 0.11 0.01 0.08 0.03 0.56 5.16 0.03 0.37 1.32 0.03 0.18 0.01 11.40 1.68 1.60 0.59 0.04 0.18 0.01 0.04 0.15 0.23 0.64 0.71 1.41 0.02 0.53 0.02 0.55 0.52 0.10 0.02 1.55 1.45 0.09 0.09 0.01 0.01 0.03 0.67 0.02 0.55 3.37 3.60 0.02 0.04 0.03 0.05 0.50 0.53 0.04 1.18 1.10 0.14 0.06 0.04 0.14 0.25

0.03 0.36 + 0.02 0.09 - 0.11 - 0.11 - 4.30 + 0.14 + 0.01 0.11 - 0.02 - 0.09 + 0.03 0.65 + 5.21 - 0.03 0.39 - 1.32 - 0.04 0.22 + 0.01 11.60 1.70 - 1.61 - 0.65 - 0.04 0.19 - 0.01 0.05 + 0.15 0.24 - 0.66 - 0.71 - 1.57 + 0.02 - 0.59 0.03 0.55 0.53 + 0.11 + 0.03 - 1.57 + 1.47 - 0.09 0.10 + 0.01 - 0.01 0.03 0.72 - 0.02 0.59 + 3.41 - 3.64 - 0.03 0.04 - 0.04 - 0.05 - 0.57 + 0.60 + 0.04 - 1.21 + 1.15 - 0.14 - 0.07 0.04 0.15 + 0.25 -

0.00 0.01 0.00 0.01 0.02 0.01 0.15 0.02 0.00 0.01 0.01 0.01 0.00 0.05 0.22 0.00 0.07 0.01 0.00 0.02 0.00 0.00 0.43 0.41 0.09 0.00 0.05 0.00 0.02 0.00 0.04 0.01 0.05 0.03 0.01 0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.01 0.00 0.01 0.01 0.00 0.00 0.38 0.00 0.03 0.25 0.26 0.00 0.01 0.01 0.01 0.06 0.06 0.01 0.03 0.02 0.02 0.00 0.00 0.01 0.02

0.11 0.85 0.09 0.13 0.14 0.20 7.95 0.19 0.02 0.29 0.06 0.33 0.15 1.40 10.21 0.17 2.65 1.69 0.12 0.60 0.03 22.35 4.13 4.18 1.50 0.10 0.36 0.09 0.08 0.25 0.94 1.89 3.09 1.82 0.13 1.13 0.05 0.61 0.59 1.29 0.13 2.90 2.90 0.14 0.40 0.04 0.06 0.10 8.32 0.07 0.80 8.50 8.41 0.10 0.18 0.25 0.25 1.64 1.61 0.11 1.90 1.95 0.39 0.17 0.18 0.48 0.36

0.03 0.35 0.02 0.05 0.03 0.08 3.47 0.08 0.01 0.08 0.01 0.07 0.03 0.56 5.03 0.02 0.35 0.84 0.03 0.16 0.01 11.39 1.68 1.60 0.59 0.04 0.08 0.01 0.02 0.12 0.22 0.61 0.71 0.68 0.02 0.44 0.01 0.14 0.15 0.09 0.02 0.48 0.45 0.07 0.08 0.01 0.01 0.02 0.67 0.02 0.31 3.37 3.59 0.01 0.04 0.03 0.04 0.46 0.50 0.04 0.75 0.71 0.11 0.04 0.03 0.13 0.08

2.02 - 2.12 - 0.38 - 0.01 0.35 + 0.02 0.02 - 0.52 - 0.05 - 0.50 - 0.47 - 0.03 - 0.01 0.26 + 0.03 - 0.41 - 0.01 16.58 - 17.68 - 0.11 + 0.31 + 0.05 - 0.03 - 0.03 - 0.31 + 1.21 - 0.02 + 0.04 0.04 0.05 0.02 0.03 0.14 + 0.34 - 0.02 + 0.05

0.06 0.11 0.08 0.00 0.05 0.00 0.01 0.06 0.01 0.07 0.06 0.01 0.00 0.02 0.01 0.01 0.00 0.16 0.08 0.02 0.02 0.03 0.01 0.01 0.01 0.29 0.01 0.00 0.00 0.00 0.00 0.00 0.02 0.02 0.01 0.00

4.06 4.02 0.76 0.13 1.26 0.06 0.05 0.84 0.13 3.09 3.15 0.09 0.15 0.45 0.07 1.00 0.02 36.08 35.50 0.50 0.45 0.14 0.11 0.12 0.45 3.47 0.06 0.05 0.17 0.15 0.08 0.17 0.18 1.83 0.15 0.10

1.78 1.87 0.13 0.01 0.27 0.02 0.01 0.47 0.04 0.50 0.47 0.03 0.01 0.04 0.03 0.39 0.01 13.43 14.22 0.09 0.14 0.01 0.02 0.03 0.02 1.17 0.01 0.03 0.03 0.05 0.02 0.03 0.05 0.33 0.01 0.03

B X T V T T V V V T T X V V V V V V N T V V V V V V V V V V V V V V T V V

1.93 2.06 0.37 0.01 0.30 0.02 0.01 0.51 0.05 0.50 0.47 0.03 0.01 0.22 0.03 0.39 0.01 16.44 17.58 0.09 0.28 0.03 0.02 0.03 0.30 1.21 0.01 0.04 0.03 0.05 0.02 0.03 0.11 0.33 0.02 0.04

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

2340 2760 5491 29125 80910 7505 2298 5012 3410 1475 46 105 535 7879 362 571 1308 2635 25 4080 449 1787 8180 2100 517 40 4110 13710 950 285530 10370 4474 327 1437 23463 755 1900

0.06 0.02 0.05 59.46 65.35 0.05 0.07 0.04 0.03 0.17 0.04 0.12 0.01 0.08 0.05 0.02 6.36 0.05 0.05 0.02 0.15 0.12 0.03 0.09 0.34 0.05 0.01 0.53 0.02 0.87 0.82 0.07 0.04 0.07 0.03 0.03 0.04

Cabot Corp* N Cache Expl V Cadan Res V Cadillac Mng V Cadillac Vent V Caledonia Mng T Calibre Mng V Calico Res V Callinan Royal V Callinex Mines V Cameco Corp* N Cameco Corp T Camino Mnls V Canada Carbon V Canada Fluorsp V Canada Lithium T Canada Rare Ea V Canada Zinc Mt V Canadn Arrow V Canadn Int Mnl V Canadn Mining V Canadn Orebods V Canadn Plat V Canadn Silvr H V Canadn Zinc T Canaf Group V CanAlaska Uran T CanAm Coal V Canamex Res V Canarc Res T Canasil Res V Cancana Res V Cancor Mines C Candente Coppr T Candente Gold T Cangold V CaNickel Mng T Cannon Pnt Res V Canstar Res V Canterra Mnls V Cantex Mn Dev V Canuc Res V Canyon Copper V V Cap-Ex Vent Capstone Mng T Caracara Silvr V Cardero Res T Caribou King R V Carlin Gold V Carlisle Goldf T Carmax Mng V Carpathian Gld T Cartier Res V Cascadero Copp V Cascadia Res V Cassidy Gold V Cassius Vent V Castle Peak Mg V Castle Res V Catalyst Coppr V Cavan Vent V Cayden Res V Caza Gold V CB Gold V Celeste Copper V Centamin T

14562 5140 440 356 710 2591 5334 3988 3463 108 76035 57429 21002 6715 531 20028 9410 7029 23100 1018 10050 30124 5490 43 5832 550 2225 1396 6012 241 1655 2035 22590 4073 8453 56 252 106 2576 11754 77 346 4088 1650 36649 135 18851 45511 2190 8842 3223 145798 2270 195 747 1386 2082 1880 5404 4686 16425 1881 1879 4148 502 1648

50.25 0.01 0.03 0.02 0.06 0.76 0.04 0.20 1.63 0.38 21.29 22.50 0.02 0.17 0.24 0.37 0.05 0.36 0.01 0.02 0.01 0.05 0.02 0.03 0.44 0.07 0.14 0.06 0.07 0.05 0.09 0.22 0.01 0.23 0.08 0.06 0.14 0.15 0.12 0.06 0.09 0.03 0.01 0.09 2.90 0.03 0.19 0.06 0.02 0.05 0.03 0.15 0.12 0.02 0.02 0.02 0.01 0.02 0.05 0.01 0.05 1.14 0.13 0.14 0.01 0.74

0.06 0.02 0.04 57.87 63.66 0.04 0.07 0.03 0.03 0.15 0.04 0.11 0.01 0.06 0.04 0.02 5.96 0.04 0.05 0.01 0.14 0.10 0.02 0.08 0.29 0.05 0.01 0.43 0.02 0.81 0.75 0.06 0.04 0.06 0.02 0.03 0.02

0.06 0.02 0.04 + 59.09 + 65.04 + 0.05 + 0.07 - 0.04 0.03 0.15 - 0.04 0.12 + 0.01 - 0.06 - 0.04 0.02 5.99 - 0.04 - 0.05 0.01 0.14 - 0.12 - 0.03 0.08 0.29 - 0.05 0.01 0.50 0.02 0.81 + 0.75 + 0.07 - 0.04 0.07 + 0.02 - 0.03 0.02 -

0.00 0.00 0.01 1.94 1.30 0.02 0.01 0.00 0.00 0.01 0.00 0.01 0.01 0.02 0.00 0.00 0.22 0.01 0.00 0.00 0.01 0.01 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.18 0.15 0.01 0.00 0.01 0.01 0.00 0.01

0.23 0.08 0.25 72.40 80.54 0.12 0.19 0.07 0.16 0.49 0.09 0.15 0.09 0.15 0.10 0.22 14.60 0.15 0.11 0.08 0.21 0.31 0.07 0.60 0.81 0.23 0.06 1.36 0.09 0.98 0.99 0.10 0.07 0.23 0.07 0.14 0.10

0.05 0.01 0.03 49.56 55.66 0.03 0.06 0.02 0.03 0.12 0.02 0.08 0.01 0.06 0.04 0.02 5.88 0.03 0.03 0.01 0.10 0.10 0.02 0.05 0.21 0.05 0.01 0.43 0.02 0.45 0.41 0.03 0.03 0.06 0.01 0.03 0.02

49.97 + 0.01 0.03 0.02 - 0.06 - 0.73 - 0.04 0.19 - 1.56 - 0.33 - 20.88 + 22.26 + 0.02 + 0.17 0.19 - 0.35 - 0.04 - 0.34 + 0.01 - 0.02 0.01 0.03 + 0.02 - 0.03 0.41 + 0.07 0.12 - 0.06 + 0.07 0.04 - 0.09 + 0.21 + 0.01 0.20 - 0.07 + 0.06 + 0.14 + 0.15 0.10 - 0.05 - 0.09 0.03 - 0.01 0.07 - 2.80 - 0.03 0.17 - 0.04 0.02 - 0.05 + 0.02 - 0.11 + 0.12 + 0.01 - 0.02 + 0.02 - 0.01 0.02 - 0.05 0.01 - 0.04 - 1.06 + 0.11 - 0.13 0.01 0.69 -

1.32 0.00 0.00 0.01 0.01 0.02 0.00 0.01 0.04 0.04 0.05 0.17 0.01 0.00 0.02 0.02 0.01 0.04 0.01 0.00 0.00 0.01 0.01 0.00 0.02 0.00 0.02 0.01 0.00 0.01 0.02 0.02 0.00 0.01 0.01 0.01 0.04 0.00 0.01 0.01 0.00 0.01 0.00 0.03 0.02 0.00 0.02 0.00 0.01 0.01 0.01 0.03 0.04 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.04 0.00 0.00 0.04

50.25 0.07 0.27 0.10 0.10 1.45 0.22 0.26 2.45 0.45 22.87 23.49 0.13 0.37 0.42 0.96 0.17 0.40 0.03 0.06 0.04 0.18 0.07 0.09 0.75 0.10 0.32 0.17 0.23 0.24 0.18 0.37 0.10 0.64 0.18 0.17 0.52 0.31 0.26 0.09 0.68 0.14 0.07 0.50 2.94 0.10 0.48 0.11 0.09 0.17 0.08 0.39 0.22 0.13 0.04 0.07 0.12 0.10 0.24 0.07 0.09 1.80 0.32 0.91 0.06 1.04

32.13 0.01 0.02 0.02 0.02 0.68 0.03 0.07 1.40 0.08 17.27 17.89 0.01 0.06 0.15 0.33 0.03 0.17 0.01 0.01 0.01 0.02 0.01 0.03 0.35 0.05 0.09 0.05 0.04 0.04 0.04 0.13 0.01 0.15 0.05 0.03 0.06 0.11 0.06 0.04 0.06 0.01 0.01 0.06 1.68 0.02 0.05 0.03 0.02 0.04 0.02 0.05 0.06 0.01 0.01 0.02 0.01 0.02 0.03 0.01 0.01 0.64 0.07 0.09 0.01 0.47

C 48.31 0.01 0.03 0.02 0.05 0.73 0.04 0.19 1.51 0.33 20.63 22.01 0.01 0.14 0.18 0.34 0.04 0.33 0.01 0.01 0.01 0.02 0.01 0.03 0.40 0.07 0.11 0.06 0.06 0.04 0.07 0.17 0.01 0.20 0.06 0.06 0.10 0.13 0.09 0.04 0.09 0.03 0.01 0.07 2.72 0.03 0.17 0.04 0.02 0.04 0.02 0.08 0.08 0.01 0.02 0.02 0.01 0.02 0.05 0.01 0.03 0.97 0.09 0.12 0.01 0.68

21120 50948 2208 57 3952 1300 100 1600 375 932 4564 2550 880 9100 8387 367 909 756 1272 11 9222 1809 2760 13959 260538 4184 8544 2590 774 11177 420 71288 504 5010 1931 2628 155 738 7685 50663 2533 260 1168 1024 1 1641 2169 18 2501 1535 8275 3806 4017 3221 647 1054 84582 500 24554 5859 340 11031 9211 1389 2380 1277 1628 6525 15479 2866 878 5 9162 12554 75 248 6777 4163 5446 620 4905 10651 682 674 883 142 2581 3736

4.15 13.73 14.66 46.00 43.55 0.01 0.04 0.06 0.49 0.03 0.03 0.04 0.09 0.33 0.04 3.08 0.07 0.15 0.09 0.05 2.93 0.02 0.02 0.16 25.17 0.19 18.15 0.04 0.04 0.25 0.01 10.70 11.35 0.03 0.01 0.01 0.26 0.30 0.18 0.18 0.28 0.02 0.08 0.32 2.29 0.05 0.07 0.01 76.98 0.03 1.75 0.04 0.06 0.18 0.04 0.06 38.59 0.06 2.95 0.10 0.03 0.45 1.59 0.04 0.06 0.10 0.55 0.09 0.06 0.11 0.42 0.17 0.09 0.17 0.26 1.18 0.26 0.04 0.07 0.02 0.17 0.12 0.14 0.59 0.03 0.03 16.00 0.02

V 3187 V 1019 T 3214 V 421 V 6028 V 233 V 290 V 1106 T 1747 X 3389 T 50 V 3315 T 20935 X 6684 V 630

0.14 0.05 0.65 0.36 0.04 0.06 0.06 0.04 0.16 0.16 0.10 0.03 1.26 1.18 0.25

3.63 12.90 13.77 44.00 40.92 0.01 0.04 0.05 0.48 0.02 0.02 0.03 0.05 0.31 0.03 2.82 0.06 0.12 0.05 0.05 2.67 0.01 0.02 0.13 23.21 0.16 16.89 0.04 0.04 0.24 0.01 9.93 10.65 0.02 0.01 0.01 0.24 0.28 0.15 0.16 0.27 0.01 0.07 0.29 2.29 0.04 0.06 0.01 74.00 0.02 1.60 0.04 0.05 0.15 0.03 0.05 36.63 0.06 2.59 0.08 0.02 0.36 1.53 0.03 0.04 0.08 0.48 0.06 0.05 0.08 0.38 0.17 0.06 0.16 0.20 1.12 0.21 0.03 0.05 0.02 0.15 0.11 0.12 0.55 0.03 0.03 15.11 0.02

4.05 + 12.94 - 13.81 - 44.04 - 41.05 - 0.01 - 0.04 - 0.06 + 0.49 0.02 0.02 0.03 - 0.06 0.31 - 0.04 + 2.83 - 0.06 - 0.12 + 0.08 - 0.05 - 2.70 + 0.01 0.02 0.13 - 24.87 + 0.18 + 17.79 + 0.04 - 0.04 0.24 - 0.01 10.00 - 10.67 - 0.02 - 0.01 0.01 0.24 - 0.28 - 0.16 - 0.17 0.27 - 0.01 0.07 - 0.31 + 2.29 + 0.05 + 0.06 - 0.01 75.89 + 0.03 + 1.67 - 0.04 0.06 + 0.15 0.04 + 0.06 38.40 + 0.06 + 2.69 - 0.09 0.02 0.38 - 1.56 + 0.04 + 0.06 - 0.10 + 0.50 0.08 + 0.06 0.10 - 0.40 - 0.17 - 0.07 + 0.17 - 0.20 - 1.12 - 0.26 - 0.04 + 0.06 + 0.02 0.17 + 0.11 - 0.14 + 0.56 - 0.03 + 0.03 15.83 0.02

0.10 0.57 0.50 1.51 2.11 0.01 0.01 0.01 0.00 0.00 0.00 0.01 0.00 0.01 0.01 0.07 0.01 0.01 0.01 0.05 0.04 0.00 0.00 0.03 1.36 0.02 0.22 0.01 0.00 0.02 0.00 0.42 0.38 0.01 0.00 0.00 0.01 0.02 0.02 0.00 0.01 0.00 0.01 0.02 0.29 0.01 0.01 0.00 1.81 0.01 0.09 0.00 0.01 0.00 0.01 0.00 1.22 0.01 0.13 0.00 0.00 0.05 0.01 0.01 0.03 0.01 0.00 0.01 0.00 0.01 0.02 0.02 0.01 0.01 0.06 0.04 0.01 0.01 0.01 0.00 0.01 0.01 0.02 0.03 0.01 0.00 0.00 0.00

10.42 22.50 22.26 64.44 64.77 0.09 0.10 0.13 0.95 0.35 0.15 0.26 0.18 0.81 0.10 10.09 0.25 3.10 0.27 0.12 4.10 0.05 0.14 0.63 40.40 0.95 20.29 0.12 0.09 0.93 0.08 25.47 24.99 0.11 0.07 0.09 0.54 0.80 1.74 5.06 0.49 0.40 0.18 0.45 3.50 0.11 0.19 0.05 91.88 0.10 2.35 0.21 0.13 0.36 0.08 0.19 39.23 0.10 9.45 0.20 0.15 1.06 4.27 0.16 0.16 0.26 0.80 0.12 0.12 0.25 0.69 0.56 0.15 0.22 0.70 1.79 0.32 0.22 0.30 0.04 0.25 0.38 0.39 1.29 0.09 0.06 30.00 0.03

2.82 12.19 13.57 44.00 40.92 0.01 0.03 0.04 0.30 0.01 0.02 0.03 0.03 0.16 0.01 2.82 0.06 0.11 0.05 0.03 2.36 0.01 0.02 0.12 15.41 0.16 14.28 0.03 0.04 0.16 0.01 9.93 10.65 0.02 0.01 0.01 0.19 0.25 0.14 0.12 0.17 0.01 0.05 0.16 2.00 0.04 0.06 0.01 64.24 0.02 1.56 0.04 0.04 0.10 0.03 0.05 26.25 0.04 2.39 0.07 0.02 0.31 1.36 0.03 0.03 0.07 0.15 0.03 0.02 0.06 0.38 0.14 0.04 0.08 0.10 0.51 0.09 0.02 0.04 0.01 0.10 0.07 0.11 0.45 0.02 0.02 15.11 0.01

0.12 - 0.05 0.61 - 0.32 - 0.04 + 0.05 - 0.05 0.04 0.14 + 0.13 + 0.10 0.03 + 1.22 + 1.15 + 0.24 +

0.01 0.00 0.02 0.03 0.01 0.02 0.00 0.00 0.03 0.01 0.00 0.01 0.03 0.03 0.04

0.39 0.08 1.60 0.56 0.07 0.20 0.28 0.29 0.25 0.25 0.16 0.12 1.60 1.62 0.25

0.10 0.02 0.48 0.28 0.02 0.04 0.03 0.03 0.10 0.09 0.05 0.02 1.01 0.97 0.07

D-F Dacha Str Mtls Dajin Res Dalradian Res Dalton Res Ltd Darnley Bay Darwin Res Decade Res Defiance Silvr Dejour Enterp Dejour Enterp* Delrand Res Delta Gold Denison Mines Denison Mines* Desert Star

0.12 0.04 0.59 0.31 0.04 0.04 0.05 0.03 0.11 0.10 0.10 0.03 1.18 1.12 0.21

METALS, MINING AND MONEY MARKETS SPOT PRICES

PRODUCER AND DEALER PRICES

COUR T E S Y OF S CO T IA B ANK

Antimony FOB China: Mid-mkt US$9,400/t Bismuth: Mid-mkt US$8.90/lb.

Cadmium 99.9: Mid-mkt US$0.93/lb.

Coal: CME Group Central Appalachian Coal Futures Jan. 2014: US$54.89; Feb. 2014: US$55.20 Cobalt 99.8: US$12.50/lb.

Copper: Comex Copper Futures Jan. 2014: US$3.346/lb.; Comex Feb. 2014: $3.333/lb.

Germanium: US$1,350/kg.

Indium: NY Dealer Mid-mkt US$650.00/kg.

Iridium: Mid-mkt US$415.00/tr. oz.

Magnesium FOB China: Mid-mkt US$2,900.00/t.

Manganese FOB China: Mid-mkt US$2,350.00/t.

Molybdenum Oxide: US$9.75/lb.

Rhodium: Mid-mkt US$920.87/tr. oz.

Ruthenium: Mid-mkt US$57.00/tr. oz.

Selenium: Mid-mkt US$28.00/lb.

Silver: Base: US$19.91; Fabricated: US$23.89; Sterling: US$18.46 Tungsten: APT Tungstate FOB China mid-mkt: US$390.00 per mtu Uranium: U3O8, Trade Tech spot price: US$34.50/lb.; Uranium Exchange Co. spot price: N.A. Ferrovanadium: US$25.00/kg; Vanadium-Pentoxide: US$6.00/lb.

Prices current Dec. 18, 2013

Tuesday, December 17, 2013 Precious Metals Price (US$/oz.) Change Gold $1237.25 -8.50 $20.02 -0.03 Silver Platinum $1361.00 -20.00 $718.00 -20.00 Palladium Base Metals Nickel Lead Copper Zinc

Price (US$/tonne) Change $14092.00 +30.00 $2170.25 +7.00 $7272.00 -12.00 $1995.00 +8.00

LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, December 19, 2013 (change from December 12, 2013 in brackets): Aluminium Alloy 56580 (-1860) Aluminium 5467825 (-1640) Copper 383925 (+55725) Lead 217475 (-12150) Nickel 255120 (-5775) Tin 10210 (+96) Zinc 900100 (-23025)

for daily mining news, visit www.northernminer.com

DAILY METAL PRICES Date Dec 19 Dec 18 Dec 17 Dec 16 BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 1780/1810 1795/1830 1790/1825 1795/1830 Aluminum 1735/1781 1749/1796.50 1745/1790 1745/1790 Copper 7218/7216.50 7228/7226.50 7285.50/7270 7325/7305 Lead 2137/2162.50 2131/2160 2149.50/2175 2151/2170 Nickel 14065/14140 14030/14100 13910/13965 14055/14135 Tin 22845/22825 22740/22700 22750/22750 22845/22845 Zinc 1976/1987.50 1994.50/1995.50 1989/1993 1992/1990 PRECIOUS METAL PRICES (London fix, US$ per troy oz.)

Gold AM 1205.25 1233.25 Gold PM 1196.00 1230.50 Silver 19.34 19.94 Platinum 1321.00 1354.00 Palladium 700.00 709.00

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.$

1237.25 1231.75 20.02 1254.00 713.00

1229.50 1234.75 19.50 1355.00 717.00

Dec 13 1780/1810 1735/1781 7218/7216.50 2137/2162.50 14065/14140 22845/22825 1976/1987.50 1222.75 1232.00 19.55 1367.00 723.00

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

8 december 30, 2013-january 5, 2014 THE NORTHERN MINER

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Detour Gold T Diagnos V Diamcor Mng V Diamond Fields V Dios Expl V Discovery Vent V Discovery-Corp V Ditem Explor V DNI Metals V Dolly Vard Sil V Dominion Diam* N Dominion Diam T Donner Metals V Dorex Minls V Doubleview Cap V Duluth Metals T Dunav Res V Duncan Park H V Duncastle Gold V Dundee Prec Mt T Duran Vent V Durango Res V Dynacor Gold M T Dynasty Gold V Dynasty Met&Mn T E-Energy Vent V Eagle Hill Exp V Eagle Mtn Gold V Eagle Plains V Eagle Star Mnl V East Asia Mnls V EastCoal V Eastern Merid V Eastern Platin T Eastfield Res V Eastmain Res T Eco Oro Mnls T Edgewater Expl V El Condor Mnls V El Nino Vent V El Tigre Silvr V Eldorado Gold* N Eldorado Gold T Electra Gold V Elemental Mnls T Elgin Mng T Elissa Res V Eloro Minls V Ely Gold & Mnl V EMC Metals T Emed Mining T Emgold Mng V Encanto Potash V Endeavour Mng T Endeavr Silver T Endeavr Silve* N Endurance Gold V Energizer Res T Energold Drill V Energy Fuels T Entourage Mtls V Entree Gold* X Entree Gold T EPM Mng Vent V Equitas Res V Erdene Res Dev T Erin Ventures V Eskay Mng V Estrella Gold V Ethos Gold V Eurasian Minls V Eurasian Mnls* X EurOmax Res V Everton Res V Evolving Gold T Evrim Res V Excalibur Res C Excellon Res T Excelsior Mng V Exeter Res* X Exeter Res T Expedition Mng V Explor Res V Faircourt Gold T Fairmont Res V Falco Pac Res V Fancamp Expl V Feronia V Ferrum Am Mng V Fieldex Expl V Finlay Minrls V Firebird Res V V Firesteel Res Firestone Vent V First Bauxite V First Majesti* N First Majestic T First Mexican V First Nickel T First Point T First Quantum T Fission Uran V Fjordland Exp V Flinders Res V Focus Graphite V Foraco Intl T Foran Mng V Forbes & Man C T Formation Mtls T Forsys Metals T Fort St J Nick V Fortuna Silver T Fortuna Silvr* N Fortune Mnrls T Forum Uranium V Franco-Nevada* N Franco-Nevada T Freegold Vent T Freeport McMo* N Freeport Res V Frontier Rr Er T Frontline Gold V Full Metal Mnl V Full Metal Znc V

112197 4835 475 524 1380 2816 1470 450 3306 1372 2557 4721 7468 730 5388 2192 3090 200 1040 44505 8960 1288 1394 13550 492 1220 9319 5131 7444 765 3724 5173 10 41534 2312 5411 612 3770 3101 1940 1789 43370 77559 300 5 5732 198 160 140 2234 410 282 17673 40901 8374 6933 670 2449 5696 2272 9155 3322 1852 7691 230 1975 1374 4138 1740 1743 488 2801 622 3168 4265 620 2501 1179 6804 2468 2023 2140 3553 814 958 4089 10764 871 1685 1760 1900 43055 2840 2810 2188 19252 19384 2031 8927 1852 45523 17483 4819 1936 4758 2230 5052 780 6869 1383 762 8853 6698 1709 2054 28483 15598 1790 326320 457 1423 5100 841 86

4.68 0.14 1.80 0.02 0.06 0.16 0.16 0.01 0.04 0.13 14.10 14.94 0.01 0.10 0.06 0.94 0.06 0.01 0.03 3.09 0.02 0.10 1.75 0.02 0.87 0.01 0.07 0.08 0.08 0.22 0.04 0.04 0.02 0.07 0.03 0.25 0.38 0.08 0.01 0.03 0.17 5.78 6.15 0.01 0.40 0.14 0.02 0.02 0.09 0.03 0.15 0.03 0.16 0.59 3.68 3.46 0.07 0.14 1.54 6.02 0.03 0.31 0.32 0.18 0.04 0.13 0.08 0.05 0.03 0.17 0.96 0.90 0.19 0.04 0.03 0.28 0.15 1.12 0.15 0.57 0.59 0.02 0.09 3.90 0.05 0.40 0.06 0.08 0.02 0.01 0.03 0.01 0.05 0.01 0.16 9.83 10.44 0.04 0.02 0.16 18.02 1.06 0.01 0.41 0.29 0.60 0.18 0.17 0.09 0.36 0.02 3.17 3.00 0.28 0.34 41.53 44.20 0.25 35.34 0.04 0.32 0.01 0.02 0.04

Geonovus Mnls V Georox Res V Geovic Mng T Getty Copper V GFK Res V GGL Res V Gimus Res V Ginguro Expl V Gitennes Expl V Giyani Gold V Glass Earth V Glen Eagle Res V Global Hunter V Global Met Cl V Global Minls V Globex Mng T GMV Minerals V Gobimin V GoGold Res T Golconda Res V Gold Bulln Dev V Gold Canyon V Gold Fields* N Gold Finder Ex V Gold Mtn Mng V Gold Reach Res V Gold Reserve V Gold Resource* X Gold Std Vnt V Gold Std Vnt* X Goldbank Mng V Goldcliff Res V Goldcorp T Goldcorp* N Golden Arrow R V Golden Band V Golden Dawn Ml V Golden Goliath V Golden Harp V Golden Hope V Golden Mnls T Golden Mnls* X Golden Peak Mn V Golden Queen T Golden Reign R V Golden Share M V Golden Star T Golden Star* X Golden Tag V Golden Val Min V Goldex Res V Goldeye Expl V Goldfield* X Goldgroup Mng T GoldQuest Mng V Goldrea Res V Goldrock Mines V Goldrush Res V Goldsource Min V Goldspike Expl V Goldstar Mnls V Gossan Res V Gowest Gold V Gran Colombia T Grande Portage V Granite Ck Gld V Graphite One R V Gray Rock Res V Great Atlantic V Great Bear Res V Great Panther* X Great Panther T Great Quest Me V Great Western V Green Swan Cap V Greencastle Rs V Greenock Res V Grenville Gold V Grizzly Discvr V Groundstar Res V GTA Res & Mng V Gunpoint Expl V Guyana Frntr M V Guyana Gldflds T Guyana Prec Mt V GWR Res V Habanero Res V Hansa Res V Happy Ck Minls V Hard Creek Ni T Harmony Gold* N Harte Gold T Harvest Gold V Hawkeye Gld&Di V Heatherdale Rs V Hecla Mining* N Helio Res V Hellix Vent V Hi-Crush Part* N High Desert Gd V Highbank Res V Highland Res V Highvista Gold V Highway 50 Gld V HiHo Silver C Hinterland Mtl V Homestake Res V Honey Badger E V Horizns G Bear T Horizns G Bull T Horizonte Mnls T Hornby Bay Mnl V Houston Lake V Huakan Intl Mg V HudBay Minls T HudBay Mnls* N Hudson Res V Hudson River M V Huldra Silver V Hunt Mng V Hunter Bay Mnl V Huntington Exp V

Intigold Mines Intl Bethl Mng Intl Enexco Intl Millm Mng Intl Minls Crp Intl Montoro R Intl Northair Intl PBX Vent Intl Samuel Ex Intl Tower Hi* Intl Tower Hil Intrepid Mns Intrepid Pots* INV Metals Invenio Res Iron Creek Cap Iron Tank Res ISh COMEX G Tr Ivanhoe Mines Ivernia J.A.G. Mines Jaguar Mng Jasper Mng Jaxon Mnls Jayden Res Jazz Res Jet Gold Jiminex Josephine Mng Jourdan Res Kalimantan Gld Kaminak Gold Karnalyte Res Katanga Mng Kazax Mnls Kennady Diam Kermode Res Kesselrun Res Kestrel Gold Khalkos Expl Khan Res Killdeer Mnls Kilo Goldmines Kimber Res Kincora Copper Kings Bay Gold Kingsman Res Kinross Gold Kinross Gold* Kirkland Lk Gd Kiska Metals Kivalliq Enrgy Klondex Mns Klondike Gold Klondike Silv Knick Expl Kobex Mnls Kombat Copper Kootenay Gold KWG Res

Magellan Minls V MagIndustries T Mahdia Gold C Majescor Res V Majestic Gold V Major Drilling T Malbex Res V Mammoth Res V Manado Gold V Mandalay Res T Manitou Gold V Manson Creek V Mantis Mnls C Marathon Gold T Marengo Mng T Marifil Mines V Marlin Gold V Martina Mnls V Mason Graphite V Matamec Expl V Maudore Minls V Mawson Res T Mawson West T Max Res V Maya Gold & Si V Mazorro Res V MBAC Fertilizr T McEwen Mng* N McEwen Mng T McVicar Res V MDN Inc T MDU Res* N Meadow Bay Gd T Mechel* N Medallion Res V Mediterrn Res T Mega Precs Mtl V Mega Uranium T Megastar Dev V Melior Res V Melkior Res V Mercator Mnls T Merrex Gold V Mesa Expl V Mesabi Trust* N Messina Minls V Metalcorp V Metalex Vent V Metalore Res T Metals Ck Res V Metanor Res V Micrex Devel V Midas Gold T Midland Expl V Midlands Minls V Midnight Sun M V Midway Gold T Midway Gold* X Migao T Mill City Intl V Millrock Res V Millstream Min V Minas Buenavn* N Minaurum Gold V Minco Gold* X Minco Gold T Minco Silver T Mindoro Res V Minera IRL T Mineral Hill V Mineral Mtn Rs V Mines Managem* X Mines Managmnt T Minfocus Expl V Miranda Gold V Mirasol Res V Mkango Res V Moly Mines T Molycorp* N Monarques Res V Moneta Porcpn T Monster Mng V Montero Mg&Ex V Monument Mng V Mosaic* N Moss Lake Gld V Mountain Boy M V Mountain Prov* X Mountain Prov T MPH Vent V Mundoro Cap V Murgor Res V Mustang Minls V

Gabriel Res T Galane Gold V Galantas Gold V Galaxy Cap V Galena Intl Rs V Galore Res V Galway Gold V Galway Mtls V GAMCO Glb Gld* X Garibaldi Res V Gem Intl Res V General Moly* X Gensource Pot V Gentor Res V Geodex Mnrls V Geodrill T Geologix Ex T Geomega Res V

24519 1512 100 11491 250 1295 930 1422 36486 2064 33 9737 13870 300 113 177 7120 2687

1.29 0.10 0.02 0.06 0.04 0.02 0.09 0.11 8.95 0.13 0.01 1.20 0.04 0.04 0.04 0.72 0.10 0.10

4.02 0.11 1.60 0.01 0.05 0.14 0.12 0.01 0.03 0.10 13.72 14.55 0.01 0.10 0.05 0.82 0.04 0.01 0.02 2.51 0.02 0.06 1.58 0.01 0.82 0.01 0.06 0.07 0.07 0.18 0.04 0.03 0.02 0.06 0.03 0.22 0.36 0.07 0.01 0.02 0.16 5.35 5.73 0.01 0.40 0.12 0.02 0.02 0.09 0.03 0.14 0.03 0.14 0.50 3.34 3.12 0.05 0.12 1.45 5.72 0.02 0.28 0.30 0.16 0.04 0.10 0.06 0.04 0.03 0.14 0.87 0.83 0.18 0.03 0.02 0.26 0.10 0.97 0.11 0.50 0.54 0.01 0.07 3.71 0.05 0.36 0.05 0.08 0.02 0.01 0.03 0.01 0.03 0.01 0.10 9.11 9.76 0.02 0.02 0.14 16.67 1.00 0.01 0.35 0.26 0.57 0.14 0.12 0.08 0.33 0.02 2.77 2.60 0.25 0.31 39.08 41.72 0.22 34.35 0.04 0.30 0.01 0.01 0.04

4.03 - 0.12 - 1.71 + 0.02 0.05 + 0.15 0.16 + 0.01 - 0.03 - 0.11 + 13.90 + 14.85 + 0.01 0.10 0.06 + 0.83 - 0.06 + 0.01 0.02 2.75 + 0.02 - 0.08 + 1.68 + 0.01 0.83 - 0.01 0.07 + 0.07 - 0.07 0.18 - 0.04 0.03 - 0.02 - 0.07 0.03 0.24 + 0.36 - 0.07 - 0.01 0.03 + 0.17 + 5.43 - 5.79 - 0.01 0.40 0.13 + 0.02 - 0.02 + 0.09 0.03 - 0.14 - 0.03 0.14 - 0.50 - 3.40 - 3.18 - 0.05 0.13 - 1.46 - 5.73 - 0.02 - 0.29 - 0.31 - 0.17 - 0.04 + 0.12 + 0.07 0.04 0.03 0.14 - 0.90 0.83 - 0.18 + 0.04 0.03 0.26 + 0.14 - 0.98 - 0.12 - 0.52 + 0.55 + 0.01 - 0.07 - 3.71 0.05 0.37 - 0.05 - 0.08 0.02 - 0.01 0.03 - 0.01 + 0.04 + 0.01 0.14 + 9.20 - 9.81 - 0.02 - 0.02 0.16 + 17.93 + 1.00 - 0.01 0.39 + 0.27 + 0.58 + 0.16 0.15 - 0.08 0.34 + 0.02 2.77 - 2.60 - 0.25 0.32 39.64 - 42.30 + 0.23 - 35.19 + 0.04 + 0.31 - 0.01 0.01 0.04 -

0.33 0.01 0.08 0.00 0.01 0.00 0.04 0.01 0.01 0.01 0.03 0.24 0.00 0.00 0.01 0.01 0.01 0.00 0.00 0.09 0.01 0.02 0.10 0.00 0.02 0.00 0.01 0.01 0.00 0.01 0.00 0.02 0.01 0.00 0.00 0.01 0.03 0.01 0.00 0.01 0.02 0.21 0.18 0.00 0.00 0.01 0.01 0.01 0.00 0.01 0.02 0.00 0.02 0.07 0.12 0.15 0.00 0.01 0.12 0.21 0.01 0.02 0.02 0.01 0.01 0.02 0.00 0.00 0.00 0.02 0.00 0.05 0.01 0.00 0.00 0.03 0.04 0.08 0.01 0.01 0.01 0.01 0.03 0.00 0.00 0.01 0.01 0.00 0.01 0.00 0.01 0.01 0.01 0.00 0.03 0.37 0.34 0.01 0.00 0.01 0.93 0.04 0.00 0.04 0.01 0.01 0.00 0.02 0.00 0.01 0.00 0.18 0.19 0.00 0.00 0.10 0.28 0.01 0.85 0.01 0.01 0.00 0.00 0.01

25.47 0.15 1.90 0.08 0.20 0.43 0.19 0.04 0.24 0.25 17.01 17.43 0.18 0.14 0.17 2.53 0.40 0.03 0.10 9.18 0.12 0.32 1.96 0.04 1.80 0.02 0.15 0.54 0.15 0.42 0.36 2.30 0.04 0.29 0.08 0.90 1.67 0.54 0.06 0.30 0.30 13.65 13.45 0.03 0.58 0.80 0.14 0.04 0.19 0.09 0.22 0.09 0.37 2.34 8.23 8.34 0.13 0.36 3.10 11.50 0.27 0.62 0.62 0.59 0.04 0.27 0.11 0.11 0.12 0.33 2.15 2.20 0.69 0.10 0.20 0.37 0.32 2.85 0.29 1.49 1.49 0.05 0.65 7.46 0.16 0.90 0.16 0.12 0.17 0.03 0.13 0.13 0.18 0.12 0.35 22.24 21.80 0.10 0.07 0.60 22.55 1.48 0.05 1.25 0.80 3.10 0.62 0.69 0.28 0.87 0.05 4.93 4.80 0.64 0.68 59.03 58.09 0.79 38.00 0.10 0.96 0.03 0.11 0.09

2.88 0.05 1.06 0.01 0.04 0.09 0.07 0.01 0.03 0.09 11.95 12.31 0.01 0.07 0.04 0.81 0.04 0.01 0.01 2.50 0.02 0.06 0.84 0.01 0.53 0.01 0.06 0.07 0.07 0.10 0.03 0.02 0.01 0.06 0.03 0.19 0.32 0.04 0.01 0.02 0.12 5.35 5.73 0.01 0.28 0.09 0.02 0.01 0.06 0.02 0.08 0.02 0.10 0.42 3.03 2.89 0.02 0.11 1.43 4.75 0.02 0.22 0.25 0.16 0.01 0.07 0.05 0.03 0.03 0.14 0.81 0.78 0.14 0.02 0.02 0.21 0.10 0.90 0.10 0.50 0.53 0.01 0.07 3.70 0.04 0.17 0.04 0.06 0.02 0.01 0.03 0.01 0.03 0.01 0.07 8.81 9.25 0.02 0.01 0.10 14.22 0.52 0.01 0.32 0.25 0.53 0.14 0.12 0.06 0.32 0.02 2.65 2.56 0.23 0.26 31.54 33.05 0.20 26.37 0.03 0.28 0.01 0.01 0.03

1.00 - 0.08 - 0.02 0.04 - 0.04 0.02 0.09 + 0.11 + 8.86 + 0.13 + 0.01 - 1.10 - 0.03 0.04 0.04 0.64 + 0.09 + 0.08 -

0.18 0.02 0.00 0.01 0.00 0.00 0.01 0.01 0.02 0.01 0.01 0.05 0.00 0.00 0.00 0.02 0.01 0.02

2.85 0.96 0.06 0.15 0.11 0.08 0.49 0.24 13.76 0.17 0.05 4.25 0.08 0.13 0.15 1.35 0.20 0.41

0.41 0.08 0.01 0.02 0.03 0.02 0.06 0.09 8.72 0.04 0.01 1.04 0.03 0.02 0.02 0.61 0.07 0.08

G-H 1.00 0.08 0.02 0.04 0.04 0.02 0.08 0.10 8.72 0.10 0.01 1.09 0.03 0.03 0.04 0.61 0.08 0.08

2383 146 948 55 1067 1407 6837 1633 197 7334 535 1724 73 1860 3212 732 160 695 110 1880 14048 9984 321486 411 2395 2741 219 19609 4668 2667 667 1550 127480 379729 1352 27103 3431 2459 100 8807 695 11224 110 6187 185 758 1925 58564 10646 2456 2300 2525 2718 5339 3509 1216 1449 5745 722 230 99 310 12704 2345 4391 10 10828 100 612 354 16407 2973 2796 10813 2550 1525 200 190 7329 1050 11661 62 17188 7718 5705 10283 87 950 1648 1156 100864 15845 20 10 1236 201436 2397 229 406 5118 2858 725 1822 110 5650 350 10995 6285 16713 39583 35 1569 240 33 16689 149 2336 5258 3150 23952 1135 3287

0.05 0.09 0.05 0.03 0.36 0.03 0.13 0.17 0.01 0.38 0.02 0.20 0.04 0.03 0.07 0.33 0.02 0.36 0.94 0.06 0.04 0.23 3.54 0.07 0.12 1.00 3.75 5.02 0.81 0.77 0.02 0.02 23.40 21.94 0.21 0.02 0.01 0.04 0.02 0.02 0.50 0.48 0.04 0.99 0.15 0.12 0.50 0.47 0.05 0.04 0.01 0.09 1.99 0.10 0.27 0.01 0.40 0.02 0.13 0.03 0.13 0.03 0.04 1.03 0.03 0.06 0.14 0.03 0.03 0.14 0.75 0.79 0.70 0.08 0.02 0.07 0.01 0.05 0.02 0.18 0.19 0.21 0.01 1.87 0.08 0.04 0.01 0.03 0.14 0.04 2.54 0.06 0.04 0.02 0.04 2.82 0.05 0.04 35.09 0.11 0.11 0.50 0.04 0.38 0.01 0.02 0.06 0.01 23.74 7.03 0.12 0.12 0.06 0.09 7.99 7.47 0.33 0.01 0.03 0.02 0.02 0.02

0.04 0.05 0.04 0.03 0.26 0.02 0.10 0.14 0.01 0.29 0.02 0.16 0.04 0.03 0.06 0.31 0.01 0.34 0.89 0.05 0.03 0.19 2.92 0.07 0.09 0.79 3.50 4.61 0.72 0.67 0.02 0.02 21.98 20.54 0.18 0.01 0.01 0.03 0.02 0.01 0.44 0.42 0.04 0.66 0.13 0.09 0.46 0.43 0.04 0.04 0.01 0.08 1.91 0.08 0.23 0.01 0.36 0.01 0.12 0.02 0.09 0.02 0.03 0.94 0.02 0.06 0.12 0.03 0.03 0.13 0.68 0.72 0.60 0.07 0.02 0.06 0.01 0.03 0.02 0.13 0.12 0.21 0.01 1.64 0.06 0.03 0.01 0.02 0.12 0.03 2.35 0.06 0.04 0.02 0.04 2.65 0.04 0.04 33.57 0.10 0.09 0.43 0.02 0.37 0.01 0.02 0.03 0.01 21.23 6.31 0.12 0.09 0.06 0.09 7.45 7.01 0.27 0.01 0.02 0.02 0.01 0.01

0.05 + 0.09 + 0.05 + 0.03 0.30 - 0.02 - 0.13 + 0.14 - 0.01 0.31 - 0.02 0.19 + 0.04 - 0.03 0.07 0.31 - 0.01 0.36 + 0.92 + 0.06 0.04 + 0.20 - 3.02 - 0.07 0.12 + 1.00 + 3.62 + 4.63 - 0.76 - 0.70 - 0.02 0.02 + 22.24 - 20.84 - 0.19 - 0.01 0.01 0.03 0.02 0.01 - 0.46 + 0.44 + 0.04 - 0.81 + 0.14 - 0.12 + 0.47 - 0.43 - 0.05 - 0.04 0.01 0.08 - 1.98 + 0.08 - 0.24 0.01 0.36 - 0.01 - 0.12 0.03 + 0.13 0.02 - 0.04 + 0.98 - 0.03 + 0.06 + 0.14 + 0.03 - 0.03 - 0.14 0.71 + 0.75 + 0.62 - 0.08 - 0.02 + 0.07 0.01 0.03 - 0.02 0.18 + 0.16 + 0.21 0.01 1.64 - 0.07 0.03 - 0.01 0.02 - 0.13 - 0.03 - 2.36 - 0.06 - 0.04 0.02 0.04 2.66 - 0.05 - 0.04 - 34.94 + 0.10 - 0.11 + 0.43 - 0.03 0.37 - 0.01 + 0.02 + 0.06 + 0.01 23.49 + 6.36 - 0.12 - 0.11 + 0.06 - 0.09 7.92 + 7.47 + 0.29 - 0.01 0.03 0.02 0.01 - 0.01 -

0.01 0.04 0.01 0.00 0.05 0.01 0.01 0.01 0.00 0.08 0.00 0.01 0.01 0.00 0.00 0.04 0.00 0.01 0.02 0.00 0.01 0.01 0.39 0.00 0.02 0.17 0.08 0.22 0.03 0.04 0.00 0.01 0.07 0.22 0.02 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.18 0.02 0.02 0.02 0.02 0.01 0.00 0.00 0.01 0.04 0.02 0.00 0.00 0.03 0.01 0.00 0.01 0.00 0.01 0.01 0.02 0.01 0.01 0.02 0.03 0.01 0.00 0.02 0.01 0.08 0.01 0.01 0.00 0.00 0.02 0.00 0.01 0.04 0.00 0.00 0.21 0.00 0.01 0.00 0.01 0.01 0.01 0.10 0.01 0.00 0.00 0.00 0.11 0.02 0.01 1.05 0.03 0.01 0.02 0.00 0.01 0.01 0.01 0.03 0.00 0.74 0.23 0.01 0.01 0.01 0.00 0.09 0.11 0.03 0.00 0.00 0.00 0.01 0.01

0.09 0.15 0.22 0.07 0.43 0.04 0.19 0.40 0.04 1.26 0.16 0.39 0.50 0.08 0.45 0.88 0.05 0.69 1.41 0.09 0.11 1.09 10.88 0.12 0.40 1.65 3.78 16.00 1.39 1.45 0.06 0.03 38.33 38.61 0.32 0.14 0.05 0.17 0.07 0.10 4.90 4.97 0.15 2.41 0.60 0.25 1.90 1.92 0.24 0.17 0.02 0.17 5.67 0.42 0.81 0.04 0.91 0.09 0.19 0.19 1.00 0.08 0.12 9.38 0.16 0.16 0.27 0.05 0.09 0.35 1.73 1.73 1.36 0.39 0.12 0.11 0.03 0.12 0.09 0.25 0.33 0.56 0.04 4.40 0.18 0.09 0.04 0.11 0.25 0.09 9.01 0.20 0.15 0.06 0.18 6.15 0.12 0.15 35.09 0.18 0.14 0.68 0.25 0.44 0.05 0.05 0.21 0.05 31.29 31.48 0.24 0.15 0.10 0.29 12.10 12.04 0.43 0.05 1.39 0.16 0.11 0.06

0.03 0.05 0.03 0.02 0.12 0.01 0.04 0.03 0.01 0.29 0.01 0.15 0.04 0.02 0.06 0.31 0.01 0.29 0.89 0.03 0.02 0.19 2.92 0.06 0.09 0.75 2.50 4.49 0.47 0.45 0.02 0.01 21.87 20.54 0.18 0.01 0.01 0.03 0.02 0.01 0.44 0.42 0.03 0.62 0.12 0.06 0.41 0.39 0.02 0.03 0.01 0.03 1.45 0.04 0.22 0.01 0.32 0.01 0.12 0.02 0.08 0.02 0.03 0.94 0.02 0.02 0.08 0.02 0.01 0.07 0.65 0.68 0.43 0.07 0.02 0.05 0.01 0.03 0.02 0.07 0.08 0.21 0.01 1.17 0.05 0.03 0.01 0.02 0.12 0.02 2.35 0.06 0.02 0.01 0.03 2.65 0.03 0.04 14.02 0.04 0.04 0.12 0.02 0.14 0.01 0.01 0.02 0.01 10.00 6.23 0.12 0.03 0.03 0.06 6.02 5.78 0.20 0.01 0.02 0.01 0.01 0.01

13282 51289 78983 13970 2353 252 1250 50 2217 717 3065 2336 570 960 250 19 73 843 3903 2150

0.24 3.56 3.79 0.15 0.26 0.02 0.01 0.02 0.51 15.00 0.11 0.12 0.12 0.01 0.12 0.01 0.13 0.10 0.18 0.02

0.21 3.23 3.45 0.13 0.24 0.02 0.01 0.02 0.45 14.67 0.09 0.10 0.11 0.01 0.08 0.01 0.13 0.05 0.16 0.01

1279 265 678 460 15731 4450 5933 7602 3407 1256 2432 20727 6166 29635 1393 6090 101 356 24920 9229 1736 15120 2620 198 2727 265 12220 410 1710 12810 920 3237 5422 2046 3240 1096 920 4940 6512 424 922 60 20553 993 5000 1048 253 117108 436389 12703 6008 2551 1262 29638 2518 5795 1703 4649 569 5878

0.08 0.01 0.35 0.04 2.82 0.05 0.12 0.01 0.03 0.44 0.45 0.25 14.94 0.03 0.02 0.03 0.04 12.78 1.99 0.13 0.06 0.08 0.03 0.09 0.10 0.12 0.01 0.02 0.03 0.04 0.04 0.61 1.88 0.40 0.08 5.33 0.04 0.04 0.01 0.07 0.27 0.01 0.04 0.15 0.03 0.02 0.06 4.97 4.68 2.59 0.06 0.22 1.53 0.03 0.03 0.03 0.53 0.09 0.60 0.05

La Quinta Res V La Ronge Gold V Labdr I-Ore Ro T Labdr Iron Mns T Lachlan Star T Lago Dourado M V Lake Shore Gd* X Lake Shore Gld T Lakeland Res V Lara Expl V Laramide Res T Largo Res V Latin Am Mnls V Laurentian Glf V Laurion Mnl Ex V Legend Gold V Levon Res T Lexam VG Gold T Liberty Silver T Lincoln Mng V Lion One Mtls V Lions Gate Eng V Lions Gate Mtl V Lithic Res V Lithium Americ T Logan Res V V Lomiko Mtls Loncor Res T Loncor Res* X Long Harbour E V Lornex Cap V Lorraine Coppr V Lowell Copper V Lucara Diam T Lucky Mnls V Lucky Strike R V Lumina Copper V Luna Gold T Lund Gold V Lundin Mng T Lupaka Gold T Lydian Intl T

74 2165 4776 14172 411 3150 22732 50672 2261 1489 5545 6944 1130 148 1015 968 23506 3636 11432 2527 1236 200 394 1530 1481 641 2920 1392 618 683 240 1172 74 10343 1250 145 1394 1343 10 66928 2424 3931

0.01 0.27 33.97 0.20 0.22 0.03 0.52 0.55 0.13 0.80 0.38 0.22 0.11 0.08 0.02 0.27 0.22 0.11 0.04 0.01 0.27 0.03 0.07 0.08 0.31 0.04 0.07 0.12 0.12 0.08 0.12 0.02 0.51 1.48 0.40 0.07 5.50 1.38 0.01 4.41 0.24 0.94

5365 2142 2084 9233 740 2274 491

0.11 0.01 0.02 0.10 0.05 5.56 5.24

0.06 0.01 0.26 0.04 2.73 0.03 0.11 0.01 0.02 0.38 0.40 0.24 14.40 0.02 0.02 0.03 0.04 12.34 1.83 0.12 0.05 0.05 0.03 0.09 0.09 0.11 0.01 0.02 0.02 0.03 0.04 0.51 1.44 0.36 0.06 4.55 0.03 0.03 0.01 0.05 0.26 0.01 0.02 0.15 0.03 0.01 0.05 4.69 4.39 2.27 0.05 0.20 1.47 0.02 0.02 0.02 0.51 0.08 0.53 0.04

0.07 - 0.01 0.30 - 0.04 2.77 - 0.04 + 0.11 + 0.01 0.02 - 0.38 - 0.41 - 0.25 14.85 + 0.02 0.02 - 0.03 0.04 12.34 - 1.87 - 0.13 0.06 0.05 - 0.03 0.09 - 0.09 0.11 - 0.01 0.02 0.03 + 0.03 + 0.04 - 0.56 + 1.61 + 0.37 - 0.08 + 4.95 - 0.04 + 0.04 - 0.01 0.06 - 0.26 - 0.01 0.03 + 0.15 0.03 0.01 - 0.05 - 4.69 - 4.41 - 2.34 + 0.05 - 0.20 + 1.52 0.02 - 0.03 + 0.02 - 0.53 0.09 + 0.55 - 0.05

0.01 0.00 0.05 0.00 0.04 0.01 0.01 0.00 0.01 0.03 0.02 0.00 0.27 0.00 0.01 0.00 0.00 0.36 0.09 0.00 0.00 0.03 0.00 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.01 0.06 0.16 0.03 0.01 0.70 0.01 0.01 0.00 0.01 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.19 0.18 0.03 0.01 0.01 0.00 0.01 0.01 0.01 0.00 0.01 0.06 0.00

0.18 0.05 0.70 0.13 4.92 0.05 0.34 0.09 0.10 2.49 2.48 0.35 24.05 0.20 0.06 0.10 0.08 16.43 5.45 0.17 0.11 0.99 0.10 0.65 0.60 0.22 0.11 0.05 0.09 0.08 0.09 1.65 9.65 0.93 0.38 8.74 0.07 0.53 0.11 0.08 0.30 0.05 0.13 0.42 0.11 0.03 0.08 9.83 9.99 6.93 0.15 0.46 1.74 0.10 0.18 0.05 0.64 0.26 1.02 0.07

0.06 0.01 0.23 0.02 1.77 0.02 0.10 0.01 0.02 0.30 0.31 0.20 10.60 0.02 0.01 0.03 0.04 12.14 1.29 0.11 0.04 0.05 0.03 0.08 0.06 0.09 0.01 0.01 0.02 0.03 0.04 0.46 1.17 0.36 0.06 1.00 0.01 0.03 0.01 0.03 0.09 0.01 0.02 0.07 0.01 0.01 0.02 4.69 4.39 2.21 0.04 0.18 0.91 0.02 0.02 0.01 0.45 0.07 0.53 0.04

0.01 - 0.26 - 33.25 + 0.17 - 0.21 - 0.03 0.46 + 0.50 + 0.12 0.78 + 0.33 - 0.22 + 0.11 + 0.08 - 0.02 0.24 - 0.22 0.11 - 0.03 0.01 0.26 - 0.03 0.07 + 0.08 + 0.27 - 0.03 0.06 - 0.10 - 0.10 - 0.08 + 0.12 0.02 0.45 - 1.42 - 0.39 + 0.07 + 5.42 - 1.31 - 0.01 4.35 + 0.21 - 0.74 +

0.01 0.03 0.21 0.03 0.01 0.00 0.02 0.03 0.00 0.04 0.06 0.02 0.02 0.03 0.00 0.02 0.00 0.01 0.00 0.00 0.02 0.00 0.02 0.01 0.03 0.00 0.01 0.04 0.01 0.02 0.00 0.00 0.05 0.05 0.04 0.01 0.02 0.06 0.00 0.24 0.03 0.03

0.20 0.36 36.89 1.73 1.34 0.24 0.94 0.92 0.15 1.35 1.05 0.28 0.16 0.37 0.08 0.39 0.54 0.24 0.73 0.06 0.91 0.06 0.46 0.12 1.00 0.12 0.09 0.82 0.87 0.40 0.18 0.05 1.00 1.69 0.69 0.16 10.65 3.95 0.03 5.37 0.50 2.35

0.01 0.08 28.01 0.17 0.11 0.03 0.17 0.16 0.03 0.64 0.32 0.16 0.06 0.03 0.01 0.18 0.17 0.07 0.03 0.01 0.25 0.02 0.04 0.04 0.19 0.03 0.05 0.10 0.09 0.06 0.08 0.01 0.45 0.50 0.35 0.03 3.86 1.04 0.01 3.68 0.18 0.55

0.11 - 0.01 - 0.02 - 0.09 0.03 - 5.26 - 4.95 -

0.01 0.01 0.01 0.00 0.01 0.24 0.27

0.60 0.09 0.05 0.18 0.08 11.38 11.37

0.10 0.01 0.01 0.06 0.03 5.21 4.88

L 0.01 0.25 32.88 0.17 0.18 0.03 0.45 0.47 0.11 0.71 0.32 0.21 0.09 0.07 0.01 0.23 0.20 0.10 0.03 0.01 0.26 0.03 0.06 0.07 0.27 0.03 0.06 0.10 0.09 0.08 0.12 0.02 0.45 1.33 0.36 0.07 5.26 1.28 0.01 4.03 0.20 0.68

M Macarthur Mnl MacDonald Mns MacMillan Mnls Macusani Yello Madison Minls Mag Silver Mag Silver*

T V V V V T X

0.11 0.01 0.02 0.09 0.03 5.21 4.88

4590 769 3320 933 2490 6035 4225 2360 3850 4823 2000 7837 18129 9665 18820 635 3619 24030 15703 9243 2268 408 1498 455 2842 9158 4264 82209 3259 992 5397 22298 750 8238 3027 2655 7134 5741 270 1418 1551 41506 10182 286 1901 1023 7022 1280 16 4713 20495 1845 5021 682 66958 1599 206 4810 2693 1848 2492 1330 100172 3370 886 710 2980 4941 2650 115 9990 813 61 3000 1706 371 198 16143 217519 764 19926 2458 24760 6557 107284 285 9213 693 914 35966 706 2588 821

0.10 0.21 0.06 0.05 0.10 7.18 0.02 0.04 0.07 0.79 0.06 0.01 0.03 0.22 0.02 0.02 0.10 0.01 0.59 0.09 0.10 0.48 0.55 0.08 0.25 0.02 1.56 1.89 1.99 0.25 0.05 29.82 0.18 2.44 0.24 0.02 0.11 0.08 0.08 0.09 0.03 0.10 0.04 0.02 22.57 0.07 0.01 0.22 2.95 0.03 0.13 0.05 0.76 0.70 0.02 0.17 0.90 0.86 1.10 0.14 0.09 0.01 11.41 0.03 0.19 0.20 0.70 0.02 0.19 0.10 0.04 0.62 0.62 0.02 0.16 0.89 0.07 0.12 4.88 0.13 0.08 0.01 0.03 0.24 44.80 0.09 0.01 5.01 5.32 0.02 0.26 0.02 0.02

Namibia Rare E T 2295 Natural Rs Pt* N 1528 Nautilus Minls T 4622 Navasota Res V 681 Nebu Res V 8940 Nemaska Lith V 4596 Netco Silver V 100 Network Expl V 200 Nevada Clean M V 7140 Nevada Copper T 2319 Nevada Expl V 1692 Nevada Sunrise V 5760 Nevado Res V 740 Nevsun Res T 30886 Nevsun Res* X 16458 New Carolin Gd V 2850 New Destiny Mg V 5680 New Dimen Res V 610 New Gold T 39962

0.11 20.02 0.23 0.03 0.01 0.11 0.34 0.01 0.08 1.49 0.09 0.17 0.08 3.49 3.27 0.02 0.02 0.02 5.27

0.07 0.18 0.04 0.04 0.09 6.95 0.01 0.04 0.06 0.73 0.05 0.01 0.02 0.17 0.02 0.01 0.07 0.01 0.53 0.08 0.08 0.42 0.50 0.07 0.23 0.01 1.37 1.70 1.82 0.21 0.04 28.87 0.16 2.23 0.18 0.02 0.09 0.07 0.08 0.08 0.03 0.09 0.03 0.02 21.67 0.05 0.01 0.18 2.74 0.02 0.11 0.04 0.70 0.58 0.01 0.17 0.84 0.79 0.97 0.07 0.06 0.01 10.81 0.03 0.17 0.18 0.65 0.02 0.17 0.07 0.04 0.54 0.62 0.01 0.13 0.85 0.05 0.11 4.51 0.11 0.06 0.01 0.02 0.22 43.71 0.07 0.01 4.87 5.15 0.01 0.21 0.01 0.02

0.08 + 0.20 + 0.05 + 0.05 + 0.09 - 7.10 + 0.01 0.04 0.07 - 0.74 - 0.05 - 0.01 0.02 + 0.22 + 0.02 0.01 - 0.10 + 0.01 0.53 - 0.08 - 0.09 - 0.46 - 0.52 0.07 + 0.25 - 0.01 1.50 + 1.77 - 1.88 - 0.21 0.05 29.49 + 0.16 - 2.35 + 0.19 - 0.02 0.09 - 0.08 + 0.08 + 0.09 + 0.03 - 0.09 - 0.03 0.02 21.99 - 0.06 + 0.01 0.20 - 2.74 + 0.03 + 0.11 - 0.05 0.70 - 0.68 + 0.01 0.17 + 0.85 - 0.79 - 1.01 + 0.07 0.08 + 0.01 10.98 + 0.03 - 0.17 - 0.19 0.67 0.02 0.18 0.08 - 0.04 + 0.58 + 0.62 + 0.01 - 0.15 + 0.88 + 0.05 - 0.12 4.77 + 0.11 + 0.06 - 0.01 0.02 - 0.22 - 44.68 + 0.07 - 0.01 4.91 + 5.23 + 0.02 0.22 + 0.01 0.02

0.01 0.02 0.01 0.01 0.02 0.13 0.00 0.00 0.02 0.01 0.02 0.00 0.01 0.06 0.00 0.01 0.03 0.00 0.03 0.01 0.01 0.02 0.00 0.01 0.01 0.00 0.08 0.03 0.03 0.00 0.00 0.08 0.02 0.11 0.05 0.00 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.60 0.01 0.00 0.02 0.04 0.01 0.01 0.00 0.02 0.04 0.00 0.01 0.05 0.05 0.05 0.00 0.02 0.00 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.03 0.01 0.02 0.02 0.01 0.01 0.02 0.05 0.00 0.20 0.01 0.01 0.00 0.01 0.01 0.71 0.02 0.00 0.05 0.08 0.00 0.01 0.00 0.00

0.25 0.35 0.25 0.95 0.17 12.20 0.14 0.12 0.10 1.25 0.25 0.04 0.03 0.78 0.19 0.07 0.14 0.04 0.95 0.26 1.69 1.72 0.87 0.19 0.32 0.05 3.94 4.02 3.95 0.38 0.13 30.97 0.59 7.46 0.43 0.13 0.27 0.19 0.13 0.12 0.10 0.64 0.10 0.20 28.00 0.13 0.05 0.27 4.15 0.08 0.26 0.10 2.26 1.44 0.02 0.25 1.44 1.49 1.77 0.43 0.28 0.04 36.58 0.20 0.52 0.50 2.05 0.05 0.90 0.18 0.39 1.27 1.25 0.05 0.29 2.65 0.27 0.21 11.81 0.24 0.33 0.05 0.14 0.45 64.65 0.18 0.07 5.59 5.87 0.03 0.36 0.04 0.08

0.06 0.09 0.01 0.04 0.08 6.41 0.01 0.04 0.03 0.60 0.02 0.01 0.01 0.13 0.01 0.01 0.05 0.01 0.26 0.08 0.08 0.32 0.35 0.04 0.18 0.01 1.20 1.63 1.72 0.16 0.04 20.73 0.15 1.67 0.10 0.01 0.09 0.06 0.05 0.07 0.02 0.04 0.02 0.02 17.07 0.02 0.01 0.05 2.33 0.02 0.07 0.03 0.63 0.58 0.01 0.13 0.82 0.78 0.91 0.02 0.06 0.01 10.68 0.03 0.15 0.14 0.61 0.02 0.13 0.06 0.03 0.48 0.50 0.01 0.11 0.79 0.05 0.10 4.51 0.08 0.05 0.01 0.02 0.22 39.75 0.06 0.01 3.65 3.53 0.01 0.18 0.01 0.02

0.10 19.85 + 0.22 + 0.03 + 0.01 0.10 - 0.31 - 0.01 0.07 - 1.40 + 0.09 + 0.12 - 0.07 3.44 + 3.21 + 0.01 - 0.01 - 0.02 - 5.21 +

0.00 0.13 0.01 0.01 0.00 0.01 0.02 0.00 0.01 0.05 0.01 0.08 0.00 0.14 0.09 0.01 0.01 0.01 0.06

0.25 24.30 0.68 0.75 0.04 0.53 0.43 0.04 0.11 4.02 0.18 1.15 0.24 4.63 4.68 0.10 0.09 0.06 11.28

0.09 17.30 0.20 0.03 0.01 0.08 0.05 0.01 0.01 1.24 0.06 0.12 0.04 2.77 2.65 0.01 0.01 0.01 4.99

N-O 0.10 19.48 0.20 0.03 0.01 0.10 0.31 0.01 0.07 1.35 0.08 0.12 0.07 3.24 3.05 0.01 0.01 0.02 5.01

NORTH AMERICAN STOCK EXCHANGE INDICES

I-J-K I-Minerals V Iamgold* N Iamgold T IBC Adv Alloys V IC Potash T Iconic Mnls V IEMR Res V V IGC Res IMPACT Silver V Imperial Metal T Inca One Res V Independence G V V Indico Res Infinito Gold V Infinity Mnls V Inform Res V Inlet Res V Inspiration Mg T V Integra Gold Inter-Rock Mnl V

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

0.22 - 3.27 - 3.47 - 0.14 0.25 - 0.02 0.01 0.02 0.48 - 14.86 - 0.09 - 0.11 0.12 + 0.01 0.12 0.01 0.13 0.09 + 0.17 0.01 -

0.01 0.16 0.17 0.00 0.01 0.00 0.00 0.00 0.02 0.01 0.02 0.00 0.02 0.00 0.00 0.00 0.00 0.05 0.00 0.01

0.29 12.00 11.82 0.34 0.87 0.07 0.04 0.04 1.22 15.00 0.13 0.22 0.22 0.04 0.43 0.08 0.35 0.14 0.28 0.06

0.05 3.23 3.45 0.04 0.24 0.02 0.01 0.02 0.45 10.01 0.06 0.10 0.05 0.01 0.08 0.01 0.12 0.04 0.13 0.01

CANADIAN GOLD MUTUAL FUNDS Fund name Dec. 16 Dec. 9 Change Change YTD MER* Assets*

($) ($) ($) (%) (%) (%) (M$) AGF Pr Mtl 16.50 16.38 -5.67 -39.4 -44.35 2.56 698.9 Altamira Pr & Str Mtl 8.46 8.35 -5.71 -37.7 -42.57 2.35 83.5 BMO Junior Gold Index ETF 6.20 6.06 -2.78 -51.5 -56.05 0.58 108.4 BMO Pr Mtl 12.78 12.48 -2.75 -39.2 -43.15 2.29 133.6 CIBC Pr Mtl 8.98 8.98 -4.62 -41.1 -47.06 2.40 141.8 Dynamic Can Pr Mtl 5.34 5.24 -6.43 -52.0 -58.12 1.65 811.6 London Life Precious Mtl 17.14 17.01 -8.38 -44.2 -49.39 3.37 259.2 Middlefield Precious Metals 5.76 5.72 -12.38 -46.1 -51.59 2.48 8.5 RBC Global Pr Mtl 21.84 21.60 -3.19 -39.9 -45.16 2.04 1380.4 Sentry Pr Mtl Growth 25.24 24.77 2.76 -46.8 -52.60 2.75 731.5 Sprott Gold and Pr Minls 23.92 23.67 -11.45 -47.8 -51.55 2.84 854 Sprott Gold and Pr Minls F 25.54 25.28 -10.69 -47.4 -51.10 1.78 n/a TD Pr Mtl 27.57 27.40 -7.05 -37.3 -42.80 2.15 313.9 TD Pr Mtl-A 5.82 5.78 -7.18 -37.4 -42.86 2.31 n/a iShares TSX Global Gold Index 9.69 9.43 -5.17 -42.1 -48.12 0.55 802.1 Featured fund: CIBC Precious Metals top holdings as of 09/30/13 (in weighted order): Randgold Resources, B2Gold, New Gold, Silver Wheaton, Primero Mining, Goldcorp, Agnico Eagle Mines, Tahoe Resources, Yamana Gold. Fund manager: Craig Porter.

52-week

Date TSX Composite S&P/TSX-Ven Comp S&P TSX 60 Global Gold TSX Metals & Mining Gold & Silver XAU Amex Gold Bugs

Dec 19 13392.20 887.17 770.21 151.52 740.88 80.41 190.17

Dec 18 13334.73 890.77 766.43 154.40 720.73 81.59 193.50

Dec 17 13180.16 886.07 756.18 155.21 712.52 82.60 196.40

Dec 16 13184.41 890.66 757.02 155.63 715.16 82.94 197.32

Dec 13 High Low 13125.70 13517.02 11759.04 894.47 1247.01 859.31 752.92 780.25 677.55 154.45 307.67 149.96 715.01 1050.76 662.20 82.15 169.97 79.73 195.57 455.35 188.39

TSX SHORT POSITIONS

TSX VENTURE SHORT POSITIONS

Short positions outstanding at Dec. 15/13 (with changes from Nov. 30/13).

Short positions outstanding at Dec. 15/13 (with changes from Nov. 30/13).

Largest short positions Lundin Mining LUN 62894431 New Gold NGD 47205108 Osisko Mining OSK 43720790 Kinross Gold K 34441544 Detour Gold DGC 27411973 Eldorado Gold ELD 25731228 Barrick Gold ABX 24026847 Tahoe Res. THO 19224544 B2gold BTO 17441864 Turquoise Hill TRQ 16812183 Thompson Creek. TCM 16376008 Dundee Prec. DPM 13637493 Potash Corp POT 12593928 First Majestic FR 11433837 Argonaut Gold AR 11114957 Largest increase in short position Barrick Gold ABX 24026847 Detour Gold DGC 27411973 Turquoise Hill TRQ.RT 8616118 Osisko Mining OSK 43720790 First Majestic FR 11433837 Largest decrease in short position Yamana Gold YRI 6745071 First Quantum FM 6348683 Kinross Gold K 34441544 Turquoise Hill TRQ 16812183 Eldorado Gold ELD 25731228

Largest short positions FCU 1579556 Fission Uranium Great Western GWG 865500 Tasman Metals TSM 786905 Sirios Resources SOI 477500 Mason Graphite LLG 422800 Big North Graphite NRT 355000 Sunridge Gold SGC 326000 Zenyatta Ventures ZEN 317906 New Destiny Mining NED 300000 Arianne Phosphate DAN 297800 Huldra Silver HDA 255000 Whetstone Minerals WMI 230000 Graphite One GPH 200000 First Bauxite FBX 197700 Mammoth Resources MTH 190000 Largest increase in short position Mason Graphite LLG 422800 New Destiny NED 300000 Whetstone Minerals WMI 230000 First Bauxite FBX 197700 Mukuba Resources MKU 169000 Largest decrease in short position Fission Uranium FCU 1579556 Revolver Resources RZ 200 Robex Resources RBX 0 Tasman Metals TSM 786905 Passport Potash PPI 111000

911969 -1513935 7933936 -15964191 8765669 -14960688 19203343 -353367 -1702194 -15452104 -2023183 -78657 25417 4333631 -20154 19203343 8765669 8616118 7933936 4333631 -17008269 -16167465 -15964191 -15452104 -14960688

-2253980 29500 -307000 43500 422300 138000 -73000 5243 300000 32300 140000 230000 114000 197700 55000 422300 300000 230000 197700 169000 -2253980 -2000800 -1780000 -307000 -248000

THE NORTHERN MINER december 30, 2013-january 5, 2014 9

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Stock Exc Volume High Low Last Change High Low

Stock Exc Volume High Low Last Change High Low

Stock Exc Volume High Low Last Change High Low

Stock Exc Volume High Low Last Change High Low

New Gold* X New Hana C Mng V New Milln Iron T New Nadina V New Oroperu Rs V New Pac Metals T New World Res V Newmac Res V Newmont Mng* N Newmont Mng T Newport Expl V Newstrike Cap V Newstrike Res V Next Gen Mtls V NGEx Res T Nighthawk Gold V Nikos Expl V Niocan Inc T Niogold Mng V Nitinat Mnls V NMC Res V Noble Metal Gr V Noble Mnl Expl V Noka Res V Nomad Ventures V Noram Vent V Nordex V Noront Res V Nortec Mnls V North Am En P* N North Am En Pa T North Am Nickl V North Am Pall* X North Am Pall T North Am Pot D V North Am Tung V North Arrow Mn V North Country V Northcliff Res T Northcore Res V Northern Abiti V Northern Dyn* X Northern Dyn M T Northern Freeg V Northern Gld M V Northern Graph V Northern Iron V Northern Lion V Northern Shiel V Northern Sup R V Northern Tiger V Northern Vertx V Northisle C&G V Northquest V NovaCopper T NovaCopper* X NovaGold Res T NovaGold Res* X NSGold V NSX Silver V Nubian Res V Nuinsco Res T NuLegacy Gold V Nunavik Nickel V NV Gold V NWM Mng V OceanaGold T Oceanic Iron O V Oceanus Res V Odin Mng & Exp V Olivut Res V Olympic Res V OM Group* N Omineca Mg&Mtl V Opawica Expl V Open Gold V Oracle Mng T Orbit Garant D T Orbite Alumnae T Orca Gold V Orefinders Res V Orestone Mng V Orex Expl V Orex Minls V Orezone Gold T Oroco Res V Orocobre T Orosur Mng T Orvana Mnrls T Osisko Mng T Otis Gold V Oxford Res P* N

Panoro Minls Pantheon Vent Papuan Prec Mt Paramount Gld* Paramount Gold Parlane Res Passprt Potash PC Gold Peabody Enrgy* Peat Res Pelangio Expl Pele Mtn Res Penteco Res Peregrine Diam Perseus Mng Pershimco Res Peruvian Prc M Petaquilla Mnl Philippine Mtl Phoenix Copper Pilot Gold Pinecrest Res Pinetree Cap Pitchblack Res

QMC Quantum Ml V 3530 QMX Gold T 2249 Quadro Res V 18 Quartz Mtn Res V 870 Quaterra Res* X 264 Quaterra Res V 844 Quest Rare Mnl T 4489 Quest Rare Mn* X 8067 Quia Res V 15915

0.05 0.03 0.04 0.08 0.08 0.08 0.50 0.47 0.01

Rackla Mtls V 2035 Radisson Mng V 1544 Radius Gold V 1441 Rainbow Res V 6802 Rainmaker Mng V 597 Rainy Mtn Royl V 3393 Ram Power T 25480 Rambler Mg&Mtl V 250 Randgold Res* Q 29678 Randsburg Intl V 50 Range Engy Res C 6000 Rapier Gold V 2495

0.02 0.07 0.10 0.04 0.15 0.02 0.09 0.55 65.36 0.02 0.03 0.06

Sennen Res V Sentry Sl PrmM T Serabi Gold T Serengeti Res V SG Spirit Gold V SGX Res V Sherritt Intl T Shield Gold V Shore Gold T Sierra Iron Or V Sierra Madre D V Sierra Metals T Signature Res V Silver Bear Rs T Silver Bull R* X Silver Bull Re T Silver Fields V Silver Grail R V Silver Mtn Mns V Silver Predatr T Silver Pursuit V Silver Range R V Silver Spruce V Silver Std Res T Silver Std Re* Q Silver Wheatn* N Silver Wheaton T Silvercorp Mt* N Silvercorp Mtl T SilverCrest M* X SilverCrest Mn V Silvermet V Simba Gold V SinoCoking Cl* Q Sirios Res V Sirocco Mng T Skeena Res V Skyharbour Res V Slam Exploratn V Slater Mng V SnipGold V Soc Quim&M Ch* N Softrock Mnrl V Solid Res V Solitario Ex&R T Solitario Ex&* X Solomon Res V Soltoro V Solvista Gold V Sona Res V Sonoro Mtls V Source Expl V South Am Silvr T Southern Arc V Southern Silvr V SouthGobi Res T Spanish Mtn Gd V Sparton Res V Sprott Ph Silv T Sprott Res T Spruce Ridge R V Spur Vent V St Andrew Gldf T St Augustine T St Elias Mns V St-Georges Plt C Stakeholdr Gld V Standard Graph V Stans Energy V Star Uranium V Starcore Int V T Stealth Mnls V Stellar Pac Vt V Stelmine Can V Stikine Energy V Stillwater Mg* N Stina Res V Stockport Expl T Stonegate Agri T Stornoway Diam T Strait Mnls V Strata Mnls V Stratabd Mnr V Strateco Res T Strategic Metl V Strategic Res V Stratton Res V Strike Graph V Strike Minls V StrikePoint Gd V Strongbow Expl V Stroud Res V Sulliden Gold T Sultan Mnrls V SunCoke Engy* N Sunridge Gold V Sunset Cove Mg V Sunward Res T Suparna Gold V Superior Coppr V Superior Mng V Supreme Res V Sutter Gold V

20227 4184 36 1503 12 5810 72617 5520 9244 4728 7748 526 200 470 12300 785 108 50 1760 2365 300 1142 671 13096 103663 197004 57966 6945 4246 3852 2972 2524 200 848 3092 262021 282 2048 2244 8245 4215 31186 2230 2863 2625 3122 1416 6600 17779 500 2000 14071 30740 4130 7534 6515 5250 630 561 8633 250 1900 10777 885 4577 732 3332 1249 13145 16950 12707 100 1661 1915 6027 39378 750 1208 6501 3343 778 9560 1742 5489 6100 299 3026 414 1054 1090 80 200 37010 11820 6006 8918 280 3142 2390 4127 330 1300 1223

0.05 2.96 0.10 0.04 0.02 0.07 3.30 0.11 0.14 0.26 0.02 1.99 0.03 0.11 0.36 0.38 0.03 0.02 0.05 0.06 0.07 0.13 0.01 7.56 7.10 20.97 22.30 2.38 2.52 1.63 1.72 0.06 0.01 1.25 0.15 0.40 0.04 0.10 0.06 0.03 0.06 24.53 0.03 0.15 0.89 0.84 0.02 0.10 0.17 0.12 0.06 0.08 1.19 0.06 0.02 0.90 0.06 0.02 7.96 2.38 0.02 0.37 0.26 0.20 0.03 0.05 0.03 0.07 0.06 0.03 0.20 0.01 0.09 0.03 0.02 11.85 0.14 0.07 0.19 0.80 0.06 0.01 0.05 0.06 0.41 0.01 0.15 0.05 0.01 0.01 0.01 0.01 0.76 0.01 22.94 0.17 0.02 0.20 0.03 0.08 0.01 0.01 0.20

TAD Mnl Expl V Tahoe Res* N Tahoe Res T Taipan Res V Tajiri Res V Takara Res V Taku Gold V Talon Metals T Tamerlane Vent V Tanqueray Expl V Tanz Roy Exp T Tanz Roy Exp* X Tanzania Mnls V Taranis Res V Tarsis Res V Tasca Res V Taseko Mines* X Taseko Mines T Tasman Metals V Tasman Mtls* X Tawsho Mng V Tearlach Res V Teck Res A T Teck Res B* N Teck Res B T Tembo Gold V Temex Res V Teranga Gold T Teras Res V Terra Firma Rs V Terraco Gold V Terrax Minls V Terreno Res V Teryl Res Corp V Teslin Rvr Res V Teuton Res V Thelon Cap V Themac Res V Thompson Creek T Thompson Crk* N Thor Expl V Threegold Res V Tigray Res V Tiller Res V Timberline Res V Timberline Rs* X Timmins Gold* X Timmins Gold T Tinka Res V Tintina Res V Tirex Res V Titanium Corp V TNR Gold V Tolima Gold V TomaGold V Torex Gold T Toro Res V Tosca Mng V Touchdown Res V Treasury Metal T Tres-Or Res V Trevali Mng T Tri Origin Exp V TriAusMin T Trillium North V Trio Gold Corp V Troy Res T Troymet Expl V True Gold Mng V True North Gem V Trueclaim Expl V Tsodilo Res V Turquoise HIl* N Turquoise Hill T TVI Pacific T Tyhee Gold V Typhoon Expl V

3550 608 10042 5523 250 4800 1200 660 950 486 1286 10943 7165 860 430 3502 24571 22219 520 2262 130 40 56 58915 64664 3552 11178 23929 843 105 2535 1762 1750 3775 100 4043 73 603 32502 20403 86 2662 810 113 230 5571 15828 17752 1590 1202 1665 563 428 50 1479 63016 30 1220 120 3597 3778 9626 2055 239165 855 1140 354 18630 33011 829 5950 85 37007 86339 5928 10120 97

0.03 16.89 17.93 0.30 0.05 0.01 0.02 0.25 0.01 0.02 2.14 2.02 0.04 0.06 0.09 0.01 1.94 2.07 0.93 0.89 0.07 0.09 27.01 24.07 25.67 0.13 0.10 0.56 0.45 0.02 0.11 0.43 0.02 0.02 0.02 0.07 0.01 0.17 2.33 2.20 0.07 0.01 0.09 0.12 0.20 0.20 1.09 1.15 0.45 0.20 0.18 0.51 0.03 0.03 0.11 1.12 0.02 0.06 0.03 0.38 0.01 0.91 0.01 0.04 0.01 0.02 0.87 0.01 0.42 0.13 0.05 0.75 3.26 3.45 0.03 0.10 0.15

163783 51 4234 1000 83 160 389 60 436326 583 138 1740 50 4601 15321 2812 4190 2539 6921 455 993 4685 1720 1663 2440 2100 503 12749 982 574 3949 3025 179545 9302 850 5392 725 4190 678 700 1456 13301 2826 2248 40608 1566 12388 551 3004 42327 1057 1946 1182 835 931 12886 7424 61099 219 130 334 25983 998 52 80 4000 15448 3847 90 3570 1386 4123 4616 1773 205 1500 2257 64 68789 4052 200 1367 2901 1900 3017 587 245 1239 15049 128342 888 140

4.95 0.04 0.65 0.02 0.15 0.50 0.02 0.25 23.65 25.10 0.05 0.65 0.06 0.02 1.55 0.07 0.02 0.16 0.10 0.04 0.05 0.01 0.04 0.13 0.01 0.15 0.49 0.23 0.03 6.01 6.40 0.25 0.51 0.52 0.01 0.09 0.70 0.03 0.21 0.01 0.01 1.39 1.49 0.03 0.04 0.70 0.01 0.04 0.06 0.04 0.02 0.51 0.03 0.10 1.68 1.58 2.55 2.41 0.03 0.01 0.05 0.02 0.12 0.06 0.02 0.01 1.64 0.10 0.20 0.02 0.21 0.02 34.43 0.06 0.01 0.02 0.30 1.67 0.39 0.40 0.11 0.02 0.01 0.24 0.54 0.04 2.22 0.20 0.59 4.83 0.05 1.18

654 165 39 500 91 10135 1237 6773 3121 1770 33425 13283 107 15668 88336 549 550

0.04 6.90 7.00 0.01 0.46 0.03 0.02 0.07 0.04 0.03 0.03 0.44 1.53 12.34 11.58 0.16 0.04

4.68 0.04 0.62 0.02 0.15 0.46 0.02 0.23 22.34 24.11 0.05 0.60 0.06 0.01 1.33 0.07 0.01 0.15 0.09 0.04 0.04 0.01 0.03 0.10 0.01 0.09 0.48 0.21 0.03 5.37 5.65 0.22 0.41 0.44 0.01 0.08 0.63 0.03 0.21 0.01 0.01 1.17 1.23 0.02 0.03 0.65 0.01 0.03 0.04 0.03 0.01 0.49 0.03 0.09 1.46 1.38 2.40 2.24 0.02 0.01 0.05 0.02 0.11 0.04 0.02 0.01 1.47 0.09 0.19 0.01 0.18 0.02 33.20 0.04 0.01 0.01 0.18 1.27 0.32 0.38 0.10 0.02 0.01 0.21 0.41 0.03 2.13 0.16 0.46 4.37 0.04 1.08

4.87 + 0.04 - 0.63 0.02 0.15 - 0.46 - 0.02 - 0.25 22.76 - 24.40 - 0.05 - 0.63 - 0.06 - 0.02 + 1.37 - 0.07 0.01 - 0.16 - 0.10 - 0.04 - 0.04 - 0.01 - 0.04 0.12 + 0.01 0.09 - 0.48 - 0.22 + 0.03 5.94 + 6.35 + 0.23 0.47 + 0.49 + 0.01 0.08 - 0.65 - 0.03 0.21 - 0.01 0.01 1.36 + 1.43 + 0.03 0.04 + 0.68 0.01 - 0.03 - 0.06 + 0.03 - 0.02 0.51 + 0.03 0.09 - 1.48 - 1.40 - 2.43 - 2.28 - 0.02 - 0.01 0.05 0.02 + 0.12 + 0.06 + 0.02 0.01 1.47 - 0.09 - 0.19 - 0.02 0.19 0.02 - 33.99 + 0.05 - 0.01 0.01 0.29 + 1.30 - 0.35 - 0.39 - 0.10 - 0.02 0.01 - 0.21 - 0.50 + 0.03 - 2.19 + 0.19 + 0.54 + 4.55 + 0.04 1.08 -

0.01 0.01 0.00 0.00 0.03 0.05 0.01 0.00 0.52 0.42 0.01 0.02 0.01 0.01 0.19 0.00 0.01 0.01 0.01 0.01 0.02 0.01 0.00 0.02 0.00 0.03 0.02 0.01 0.00 0.38 0.51 0.00 0.03 0.04 0.00 0.01 0.05 0.00 0.01 0.00 0.00 0.22 0.22 0.00 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.02 0.00 0.01 0.12 0.13 0.11 0.11 0.01 0.00 0.00 0.01 0.01 0.02 0.00 0.00 0.14 0.01 0.01 0.00 0.00 0.03 0.40 0.02 0.00 0.00 0.11 0.27 0.04 0.01 0.02 0.00 0.01 0.03 0.09 0.01 0.04 0.01 0.09 0.11 0.00 0.07

11.46 0.14 1.63 0.08 0.50 0.68 0.04 0.40 47.59 47.22 0.10 2.19 0.20 0.03 3.52 0.17 0.05 0.50 0.37 0.35 0.19 0.02 0.09 0.41 0.06 0.25 0.64 0.43 0.09 6.22 6.44 0.47 1.98 1.97 0.07 0.20 0.83 0.24 0.49 0.03 0.03 4.26 4.19 0.16 0.35 1.52 0.10 0.05 0.35 0.16 0.10 1.35 0.17 0.70 2.20 2.28 4.95 5.03 0.10 0.10 0.14 0.05 0.15 0.20 0.08 0.05 2.97 0.20 0.30 0.10 0.73 0.11 35.00 0.20 0.04 0.07 1.00 3.05 2.91 1.53 0.95 0.16 0.05 0.62 1.95 0.22 2.50 0.75 1.25 8.32 0.20 6.10

4.68 0.04 0.60 0.02 0.10 0.46 0.01 0.07 22.34 24.11 0.04 0.53 0.06 0.01 1.33 0.06 0.01 0.13 0.06 0.04 0.04 0.01 0.02 0.09 0.01 0.09 0.38 0.15 0.03 3.23 3.17 0.12 0.37 0.40 0.01 0.08 0.20 0.03 0.19 0.01 0.01 1.00 1.07 0.02 0.02 0.58 0.01 0.02 0.04 0.03 0.01 0.45 0.03 0.09 1.45 1.35 1.99 1.90 0.02 0.01 0.04 0.02 0.06 0.04 0.02 0.01 1.04 0.08 0.15 0.01 0.14 0.02 20.68 0.04 0.01 0.01 0.15 0.90 0.32 0.34 0.10 0.02 0.01 0.19 0.32 0.03 1.12 0.10 0.37 2.98 0.04 1.08

0.03 - 6.74 + 6.28 - 0.01 0.42 - 0.03 + 0.02 + 0.07 0.03 - 0.02 0.03 0.43 + 1.53 + 11.70 + 10.95 - 0.15 - 0.04

0.01 0.03 0.09 0.00 0.08 0.02 0.01 0.00 0.01 0.00 0.00 0.01 0.01 0.05 0.04 0.05 0.00

0.28 8.38 8.18 0.05 1.93 0.05 0.07 0.23 0.20 0.12 0.10 1.34 1.92 19.09 19.40 0.40 0.12

0.01 2.45 1.72 0.01 0.20 0.01 0.02 0.05 0.03 0.02 0.01 0.38 0.99 10.18 9.78 0.12 0.02

P-Q Pac Bay Mnrls Pac Booker Min Pac Booker Mn* Pac Casc Minls Pac Coal Res Pac Iron Ore Pac NW Cap Pac Potash Pac Ridge Expl Pac Wildcat Re Paget Mnls Paladin Energy Palladon Vent Pan Am Silver Pan Am Silver* Pan Global Res Pancontl Uran

V V X V V V T V V V V T V T Q V V

0.03 6.74 6.28 0.01 0.42 0.01 0.02 0.06 0.03 0.02 0.02 0.41 1.38 11.50 10.73 0.12 0.04

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

511 320 11940 31137 719 5077 15080 1458 207984 300 1081 3736 780 2969 31587 3285 1030 14640 148 130 2775 100 9218 4813

0.37 0.03 0.02 1.03 1.08 0.09 0.06 0.03 19.26 0.02 0.05 0.05 0.04 0.59 0.24 0.30 0.07 0.35 0.10 0.03 0.93 0.07 0.28 0.06

0.35 0.03 0.01 0.91 0.99 0.05 0.05 0.03 18.12 0.02 0.04 0.04 0.03 0.52 0.21 0.28 0.04 0.31 0.05 0.03 0.84 0.07 0.26 0.04

0.36 + 0.03 0.02 + 0.92 - 0.99 - 0.08 + 0.05 - 0.03 - 19.13 + 0.02 0.04 - 0.05 0.03 - 0.56 + 0.21 - 0.28 - 0.07 - 0.32 - 0.10 + 0.03 0.87 + 0.07 0.27 + 0.06 +

0.06 0.00 0.01 0.06 0.06 0.05 0.01 0.01 0.72 0.00 0.01 0.00 0.01 0.03 0.04 0.02 0.01 0.02 0.05 0.00 0.01 0.00 0.01 0.02

0.71 0.19 0.04 2.42 2.35 0.31 0.26 0.13 28.13 0.05 0.23 0.11 0.08 0.83 2.32 0.67 0.31 0.60 0.24 0.17 2.40 0.20 0.98 0.14

0.23 0.02 0.01 0.91 0.99 0.02 0.05 0.02 14.34 0.01 0.04 0.04 0.01 0.28 0.21 0.18 0.04 0.27 0.05 0.02 0.71 0.06 0.26 0.02

0.04 - 0.03 0.04 0.07 - 0.08 - 0.08 - 0.50 + 0.47 + 0.01

0.01 0.00 0.00 0.01 0.00 0.01 0.06 0.05 0.00

0.22 0.35 0.10 0.28 0.42 0.38 1.26 1.27 0.05

0.03 0.01 0.03 0.07 0.05 0.06 0.40 0.39 0.01

R 0.01 0.05 0.10 0.02 0.13 0.02 0.08 0.50 61.97 0.02 0.01 0.05

0.02 + 0.06 0.10 - 0.03 + 0.13 0.02 0.09 + 0.51 62.87 - 0.02 0.03 - 0.06 +

0.01 0.07 0.01 0.00 0.09 0.05 0.01 0.23 0.06 0.01 0.18 0.02 0.00 0.56 0.04 0.00 0.08 0.02 0.01 0.28 0.07 0.00 0.60 0.31 1.21 102.02 60.17 0.00 0.07 0.01 0.03 0.05 0.01 0.01 0.33 0.05

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www.northernminer.com PJX Res Planet Mng Plata Latina M Platinex Platinum Gp M* Platinum Gp Mt Plato Gold Playfair Mng PMI Gold PNG Gold Polar Star Mng Polaris Minls PolyMet Mng* PolyMet Mng Potash C Sask* Potash Cp Sask Powertech Uran Precipitate Gl Premier Gold M Premium Expl Pretium Res* Pretium Res Primero Mng Primero Mng* Pro-Or Mng Res Proam Expl Probe Mines Prophecy Coal Prophecy Plat Prospctr C Res Prosperity Gdf Prospero Silve Providence Res Puma Expl Purepoint U PVR Partners* Q-Gold Res

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

10 2787 40 600 642 6437 3960 2395 241136 2345 274 508 8147 1877 232413 67707 3097 2005 39605 484 43640 22667 52677 2492 1551 190 2588 24707 2607 52 928 290 1018 3696 2405 1875 226

0.12 0.07 0.12 0.01 1.12 1.18 0.01 0.01 0.41 0.03 0.15 1.75 1.00 1.05 31.53 33.59 0.07 0.10 1.52 0.14 5.70 6.06 4.98 4.69 0.12 0.02 2.22 0.10 0.69 0.07 0.04 0.09 0.10 0.21 0.07 25.40 0.02

0.12 0.03 0.12 0.01 1.05 1.12 0.01 0.01 0.28 0.03 0.13 1.70 0.95 1.02 30.62 32.39 0.07 0.08 1.33 0.12 5.01 5.36 4.67 4.37 0.10 0.01 2.10 0.06 0.57 0.07 0.04 0.08 0.07 0.17 0.06 24.57 0.02

0.12 0.05 - 0.12 - 0.01 1.07 - 1.14 - 0.01 0.01 0.34 + 0.03 0.15 1.73 + 0.96 - 1.02 + 31.37 + 33.47 + 0.07 - 0.09 1.34 - 0.12 - 5.44 - 5.76 - 4.70 - 4.39 - 0.10 + 0.01 2.10 - 0.08 0.60 - 0.07 - 0.04 - 0.08 - 0.08 + 0.19 0.06 + 24.68 - 0.02 +

0.00 0.02 0.02 0.00 0.04 0.03 0.00 0.00 0.07 0.00 0.00 0.03 0.02 0.01 0.55 0.81 0.01 0.00 0.12 0.02 0.22 0.23 0.52 0.52 0.01 0.00 0.05 0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.29 0.01

0.18 0.18 0.53 0.05 1.51 1.51 0.02 0.02 0.88 0.23 0.22 1.99 1.28 1.34 44.13 45.13 0.15 0.30 4.43 0.90 14.13 13.92 6.89 6.90 0.35 0.03 2.47 0.19 1.25 0.18 1.12 0.29 0.20 0.28 0.13 29.22 0.10

0.09 0.03 0.10 0.01 0.80 0.79 0.01 0.01 0.24 0.02 0.09 0.88 0.67 0.69 28.55 29.67 0.06 0.07 1.33 0.05 2.70 2.83 4.26 4.07 0.07 0.01 1.10 0.06 0.42 0.07 0.04 0.07 0.05 0.10 0.05 21.88 0.02

TSX Warrants Agnico-Eagle Mines (AEM.WT.U) - Wt buys sh @ US$47.25 to Dec 2/13.

Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18.

Armistice Resources (AZ.WT) - Wt buys sh @ $0.35 to Oct 31/14.

Brigus Gold (BRD.WT) - Wt buys 1.3686 sh @ $2.20 to Nov 19/14. (BRD.WT.A) - Wt buys 1 sh @$2.19 to Nov 19/14 Colossus Minerals J (CSI.WT.A) - Wt buys sh @ $8.50 to Nov 8/16. (CSI.WT.B) - Wt buys sh @ $0.90 to Aug 13/15.

Coeur Mining (CDM.WT) - Exercisable on a cashless basis. See TSX Bulletin 2013-0377 for calculation. To Apr 16/17 Crocodile Gold (CRK.WT) - Wt buys sh @ $2.25 to Mar 24/16.

Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to Nov. 20/15.

Elgin Mining (ELG.WT) - Wt buys sh @ $1.30 to May 1/14.

Endeavour Mining (EDV.WT.A) - Wt buys sh @ $2.50 to Feb. 4/14.

Faircourt Gold Income (FGX.WT.B) - Wt to buy Cl A sh @ $9.05 on Mar 31, Jun 30, Sep 30 and Dec 31 to Jun 30/14.

Formation Metals (FCO.WT) - Wt buys sh @ $2 to Mar 10/14.

Franco Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17.

Golden Minerals (AUM.WT) - Wt buys sh @ $19 to Feb 20/14.

Gran Colombia Gold (GCM.WT) - Wt buys sh @ $2.60 to Aug 24/15.

Kinross Gold (K.WT.D) - Wt buys sh @ US$21.30 to Sept 17/14.

Labrador Iron Mines (LIM.WT) - Wt buys sh @ $1.35 to Feb 13/16.

Lipari Energy (LIP.WT) - Wt buys sh @ $4.25 to Mar 11/14.

Lupaka Gold (LPK.WT) - Wt buys sh @ $2.25 to Jun 28/14.

Mega Uranium (MGA.WT.B) - Wt buys 1.11 sh @1.13 to Oct 26/14.

New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17.

Pilot Gold (PLG.WT) - Wt buys sh @ $2.20 to Oct 31/14.

Premier Royalty (NSR.WT) – Wt buys sh + 0.375 of arrangement Wt at $2 to Oct 7/14.

Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15.

Rio Novo Gold (RN.WT) - Wt buys sh @ $2.25 to Mar 8/15.

0.03 0.03 0.04 0.07 0.07 0.08 0.44 0.41 0.01

Sandstorm Gold (SSI.WT) - Wt buys 1/5 sh @US$3 to Apr 23/14.

(SSI.WT.A) Wt buys 1/5 sh @ US$5 to Oct 19/15. (SSI.WT.B) Wt buys sh @ US$14 to Sep 7/17. (SSI.WT.C) Wt entitles holder to receive 0.145 of a sh to Oct 7/14.

Stonegate Agricom (ST.WT.A) - Wt buys sh @ $0.40 to Jul 24/15.

Stornoway Diamond (SWY.WT) - Wt buys sh @ $1.20 to Mar 31/14.

U.S. Silver (USA.WT) - Wt buys sh @ $0.155 to Jul 26/14.

Veris Gold (VG.WT) – Wt buys sh @ $2.35 to Dec 18/16.

Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15.

Supplied by TMX Group.

TSX Venture Exchange Warrants Aurcana (AUN.WT) - Wt buys sh @ $1.00 to Dec 1/13.

Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sept 14/17.

Dunav Resources (DLT.WT) - Wt buys sh @ $0.50 to Mar 6/16.

Feronia (FRN.WT.A) - Wt buys sh @ $0.30 to Jul 24/14.

Flinders Resources (FDR.WT) – Wt buys sh @ $2.20 to Apr 17/14.

Infinity Minerals (IFN.WT) - Wt buys sh @ $0.30 to Apr 11/14.

Kilo Goldmines (KGL.WT) - Wt buys sh @ $0.15 to Mar 30/16.

Monarques Resources (MQR.WT) - Wt buys sh @ $0.20 to Dec 14/15.

Noront Resources (NOT.WT) - Wt buys sh @ $4 to Dec 16/14.

Northquest (NQ.WT) - Wt buys sh @ $0.50 to Dec 21/14.

Oceanic Iron Ore (FEO.WT.A) - Wt buys sh @ $0.65 to Nov 30/15. (FEO.WT.B) - Wt buys sh @ $1 to Nov 30/15.

Sarama Resources (SWA.WT) - Wt buys sh @ $1.20 to Nov 2/13.

Sendero Mining (SM.WT) - Wt buys sh @ $0.40 to Jul 9/14.

Sunridge Gold (SGC.WT) – Wt buys sh @ $0.35 to Oct 18/17.

Tembo Gold (TEM.WT) – Wt buys sh @ $1.75 to Dec 29/14.

West African Iron Ore (WAI.WT) - Wt buys sh @ $0.57 to Mar 31/16.

Supplied by TMX Group Inc.

EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date Dec 19 Dec 18 US$ in C$ 1.0676 1.0645 C$ in US$ 0.9367 0.9394

Dec 17 1.0610 0.9425

Dec 16 1.0577 0.9454

Dec 13 1.0595 0.9438

EXCHANGE RATES (Bank of Canada, Dec 19, 2013) Currency Aus $ Euro In C$ 0.9457 1.4590 In US$ 0.8858 1.3666

Japan 0.01025 0.0096

Mex P 0.08232 0.07711

SA Rand 0.1028 0.9629

UK £ 1.7488 1.6381

Rare Elemnt Rs T Rare Elemt Re* X Ratel Grp T Rathdowney Res V REBgold V Red Cresc Res T Red Eagle Mng V Red Mile Mnls V Red Moon Potsh V Red Pine Expl V Red Rock Enrgy V Red Tiger Mng V Redhawk Res T Redhill Res V Redstar Gold V Redtail Mtls V Redzone Res T Regal Res C Regent Vents V Regulus Res V Reliant Gold V Remington Res V Remo Res V Renaissance Gd T Reservoir Capt V Reservoir Mnls V Resolve Vent V Reunion Gold V Revett Mnls T Revett Mnls* X Revolution Res T Revolver Res V Rhino Res* N Richmond Mnls V Richmont Mines T Richmont Mine* X Rio Alto Mng T Rio Alto Mng* N Rio Novo Gold T Rio Silver V Rio Tinto* N Riverside Res V RJK Explor V Robex Res V RockBridge Res V Rockcliff Res V Rockgate Cap T Rockhaven Res V Rockland Mnls V Rockridge Cap V Rockwell Diam T Rocmec Mining V Rodinia Lithm V Rogue Iron Ore V Rokmaster Res V Romarco Mnrls T Rome Res V Romios Gold Rs V Roxgold V Royal Cdn Mint T Royal Gold T Royal Gold* Q Royal Nickel T RPT Uranium V RT Minerals V Rubicon Mnls* X Rubicon Mnrls T Rugby Mng V Running Fox Rs V Rupert Res V Rusoro Mng V Russell Metals T Ryan Gold V Rye Patch Gold V

1532 19055 1289 367 74 10 1152 1750 141 42775 500 2490 9427 1387 3078 16131 60 50 10 4083 100 37 160 884 10376 1994 40 12110 411 2827 6105 11857 418 300 1116 2302 34881 1479 2389 11590 15787 670 1817 3325 262 2222 1253 330 270 2890 38 2123 3461 4139 1025 23471 150 2295 6935 3930 302 28836 3778 23525 822 41296 27559 10 313 380 1402 9139 3200 7110

1.47 1.40 0.08 0.25 0.10 0.02 0.19 0.01 0.03 0.07 0.01 0.15 0.25 0.19 0.07 0.02 0.05 0.03 0.01 0.10 0.01 0.03 0.20 0.25 0.02 5.56 0.13 0.15 0.70 0.66 0.02 0.05 11.49 0.05 1.07 1.01 1.65 1.55 0.07 0.03 54.03 0.32 0.03 0.16 0.03 0.05 0.26 0.13 0.05 0.07 0.39 0.13 0.05 0.03 0.10 0.40 0.14 0.04 0.47 14.18 49.25 46.29 0.27 0.01 0.07 0.80 0.86 0.16 0.03 0.08 0.03 29.86 0.14 0.16

Sabina Gd&Slvr T Sable Res V Sacre-Coeur Ml V Sage Gold V Salazar Res V Sama Res V Samco Gold V San Gold Res T San Marco Res V Sanatana Diam V Sandspring Res V Sandstorm Gld* X Sandstorm Gold T Sandstorm Mt&E V Santa Barb Res V Santa Fe Metls V Santacruz Silv V V Sarama Res V Satori Res V Saturn Minls V Savant Expl Scorpio Gold V Scorpio Mining T Seabridge Gld* N Seabridge Gold T V Seafield Res V Secova Mtls V Sego Res V Selwyn Res T Semafo Senator Minls V Sendero Mng V

13654 623 295 1306 910 1530 150 39415 3320 16366 1005 18812 7271 2385 1425 432 5729 328 4653 2995 5041 8659 31745 11283 1216 9709 1047 1310 14083 33704 7 2891

0.64 0.02 0.11 0.02 0.18 0.27 0.09 0.12 0.04 0.04 0.22 4.43 4.68 1.23 0.03 0.06 1.07 0.20 0.01 0.09 0.04 0.22 0.24 7.75 8.24 0.03 0.04 0.07 0.08 2.81 0.12 0.02

1.29 1.23 0.08 0.25 0.10 0.02 0.17 0.01 0.03 0.06 0.01 0.13 0.23 0.15 0.05 0.01 0.04 0.03 0.01 0.10 0.01 0.03 0.20 0.21 0.01 5.32 0.12 0.10 0.67 0.63 0.02 0.04 9.87 0.04 1.01 0.96 1.46 1.38 0.05 0.02 52.35 0.31 0.02 0.14 0.03 0.04 0.22 0.12 0.04 0.05 0.36 0.10 0.03 0.02 0.05 0.36 0.14 0.04 0.42 13.60 46.40 43.43 0.25 0.01 0.02 0.70 0.74 0.16 0.02 0.07 0.03 28.14 0.13 0.14

1.38 - 1.29 - 0.08 + 0.25 0.10 - 0.02 0.18 + 0.01 0.03 0.07 0.01 0.13 - 0.23 - 0.17 + 0.06 - 0.01 0.05 - 0.03 - 0.01 - 0.10 + 0.01 - 0.03 0.20 - 0.23 + 0.01 - 5.53 - 0.12 - 0.12 + 0.68 0.64 + 0.02 0.04 + 11.26 + 0.05 + 1.02 - 0.97 - 1.49 + 1.40 + 0.06 0.02 + 53.69 + 0.32 + 0.02 - 0.15 - 0.03 - 0.04 - 0.25 + 0.12 0.05 + 0.06 + 0.36 - 0.11 + 0.04 + 0.03 + 0.10 0.37 - 0.14 0.04 - 0.46 + 13.60 - 46.40 - 43.54 - 0.27 + 0.01 - 0.07 + 0.71 - 0.75 - 0.16 + 0.03 + 0.07 0.03 29.60 + 0.13 0.15 -

0.06 0.07 0.01 0.00 0.01 0.00 0.02 0.00 0.00 0.00 0.00 0.02 0.01 0.02 0.02 0.00 0.04 0.01 0.01 0.01 0.01 0.00 0.01 0.03 0.01 0.07 0.05 0.02 0.00 0.00 0.00 0.01 1.08 0.02 0.03 0.03 0.02 0.02 0.00 0.01 1.91 0.01 0.01 0.01 0.01 0.01 0.03 0.00 0.01 0.01 0.02 0.01 0.01 0.01 0.00 0.02 0.00 0.01 0.02 0.42 1.65 1.78 0.01 0.01 0.01 0.05 0.05 0.02 0.01 0.00 0.00 1.36 0.00 0.01

3.85 3.86 0.18 0.53 0.15 0.11 0.60 0.06 0.09 0.07 0.04 0.39 0.61 0.75 0.19 0.13 0.16 0.16 0.03 0.34 0.03 0.06 0.25 0.74 0.16 5.75 0.24 0.36 3.09 3.14 0.14 0.06 16.85 0.06 3.44 3.44 5.64 5.72 0.26 0.11 60.45 0.68 0.14 0.25 0.16 0.30 0.57 0.27 0.08 1.25 0.56 0.13 0.20 0.11 0.29 1.07 0.21 0.12 0.80 18.54 82.13 83.44 0.63 0.02 0.24 2.74 2.69 0.50 0.06 0.17 0.09 29.86 0.23 0.48

1.29 1.23 0.05 0.18 0.03 0.02 0.17 0.01 0.01 0.01 0.01 0.08 0.23 0.14 0.05 0.01 0.03 0.01 0.01 0.08 0.01 0.02 0.17 0.17 0.01 1.97 0.10 0.06 0.61 0.60 0.01 0.02 9.81 0.02 1.00 0.94 1.33 1.26 0.03 0.02 39.14 0.29 0.02 0.13 0.02 0.04 0.11 0.08 0.01 0.05 0.11 0.03 0.03 0.02 0.05 0.31 0.04 0.04 0.36 13.38 40.80 38.64 0.25 0.01 0.01 0.70 0.74 0.12 0.01 0.06 0.02 23.23 0.10 0.13

0.59 + 0.01 - 0.09 - 0.01 - 0.16 + 0.26 + 0.09 0.11 - 0.04 0.04 + 0.20 - 4.08 - 4.35 - 1.08 - 0.03 0.06 + 0.96 - 0.20 0.01 0.08 - 0.03 - 0.20 + 0.21 - 7.37 + 7.83 + 0.02 - 0.04 0.07 + 0.08 2.61 + 0.12 - 0.01

0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.02 0.12 0.13 0.13 0.00 0.01 0.03 0.00 0.00 0.01 0.01 0.02 0.01 0.21 0.28 0.01 0.00 0.02 0.00 0.02 0.01 0.00

2.88 0.09 0.27 0.06 0.30 0.35 0.45 0.83 0.19 0.30 0.53 13.25 13.15 5.20 0.18 0.13 2.25 0.80 0.04 0.19 0.06 0.73 1.20 19.45 19.11 0.13 0.12 0.15 0.11 3.55 0.60 0.22

0.55 0.01 0.08 0.01 0.10 0.14 0.07 0.09 0.03 0.02 0.15 3.95 4.21 0.95 0.02 0.03 0.85 0.14 0.01 0.07 0.01 0.13 0.18 6.65 7.09 0.02 0.03 0.05 0.04 1.23 0.05 0.01

S 0.57 0.01 0.08 0.01 0.16 0.24 0.09 0.10 0.03 0.02 0.20 3.96 4.24 1.03 0.03 0.04 0.95 0.20 0.01 0.08 0.03 0.17 0.20 7.05 7.52 0.02 0.03 0.06 0.08 2.56 0.12 0.01

0.05 2.76 0.10 0.03 0.02 0.06 3.02 0.09 0.12 0.21 0.02 1.92 0.03 0.07 0.30 0.34 0.03 0.02 0.03 0.03 0.06 0.12 0.01 6.72 6.35 19.52 20.88 2.21 2.36 1.50 1.61 0.05 0.01 1.11 0.14 0.35 0.03 0.09 0.04 0.02 0.04 22.61 0.03 0.14 0.78 0.76 0.01 0.08 0.08 0.12 0.06 0.06 0.64 0.05 0.02 0.83 0.05 0.02 7.61 2.26 0.02 0.34 0.23 0.19 0.02 0.05 0.03 0.06 0.05 0.02 0.16 0.01 0.07 0.03 0.01 11.34 0.12 0.04 0.18 0.70 0.05 0.01 0.03 0.05 0.36 0.01 0.10 0.05 0.01 0.01 0.01 0.01 0.67 0.01 21.89 0.16 0.02 0.17 0.03 0.03 0.01 0.01 0.12

0.05 2.82 - 0.10 - 0.03 - 0.02 0.06 - 3.28 + 0.09 - 0.13 + 0.22 - 0.02 + 1.97 + 0.03 0.11 + 0.33 + 0.34 + 0.03 - 0.02 - 0.04 - 0.04 0.06 0.13 + 0.01 7.08 + 6.64 + 19.75 - 21.07 - 2.26 - 2.40 - 1.51 - 1.64 - 0.05 0.01 1.14 - 0.14 - 0.37 - 0.03 - 0.10 - 0.05 0.03 + 0.06 + 23.40 + 0.03 + 0.15 + 0.82 - 0.78 - 0.02 + 0.09 - 0.11 + 0.12 - 0.06 - 0.07 - 0.64 - 0.05 - 0.02 0.88 + 0.05 - 0.02 7.63 - 2.32 + 0.02 0.35 + 0.25 + 0.20 0.03 0.05 0.03 0.06 + 0.05 - 0.02 0.19 + 0.01 0.07 - 0.03 + 0.01 11.61 + 0.14 - 0.04 + 0.18 - 0.75 + 0.05 0.01 - 0.05 + 0.05 - 0.37 + 0.01 0.13 + 0.05 - 0.01 0.01 0.01 0.01 0.74 + 0.01 + 22.62 + 0.17 + 0.02 - 0.19 + 0.03 0.08 + 0.01 0.01 0.17 +

0.00 0.07 0.01 0.01 0.00 0.01 0.22 0.02 0.01 0.03 0.01 0.01 0.00 0.02 0.02 0.02 0.01 0.01 0.01 0.00 0.00 0.02 0.00 0.41 0.34 0.61 0.49 0.09 0.07 0.06 0.04 0.00 0.00 0.08 0.01 0.01 0.02 0.01 0.00 0.01 0.01 0.24 0.02 0.02 0.01 0.03 0.01 0.02 0.03 0.01 0.01 0.01 0.56 0.01 0.00 0.04 0.01 0.00 0.10 0.03 0.00 0.01 0.02 0.00 0.00 0.00 0.00 0.01 0.01 0.00 0.02 0.00 0.01 0.01 0.00 0.30 0.01 0.01 0.01 0.02 0.00 0.01 0.02 0.01 0.01 0.00 0.04 0.01 0.00 0.00 0.00 0.00 0.05 0.01 0.14 0.02 0.01 0.01 0.00 0.05 0.00 0.00 0.07

0.17 8.24 0.20 0.11 0.10 0.27 6.18 0.16 0.25 0.69 0.06 2.96 0.14 0.37 0.49 0.48 0.30 0.06 0.10 0.17 0.52 0.39 0.03 15.21 15.45 37.58 37.49 5.56 5.47 2.87 2.79 0.11 0.06 1.78 0.29 0.89 0.06 0.13 0.41 0.35 0.19 59.06 0.04 0.22 1.77 1.80 0.04 0.63 0.78 0.70 0.25 0.10 1.38 0.30 0.07 2.71 0.30 0.04 12.95 4.85 0.20 0.40 0.51 0.35 0.17 0.19 0.03 0.27 0.48 0.03 0.28 0.03 0.25 0.06 0.06 14.87 0.30 0.11 0.88 1.00 0.11 0.13 0.12 0.27 0.78 0.02 0.20 0.65 0.07 0.03 0.08 0.03 1.17 0.04 22.98 0.31 0.09 1.04 0.07 0.12 0.03 0.02 0.40

0.04 2.74 0.06 0.03 0.02 0.05 3.02 0.03 0.12 0.21 0.01 1.80 0.02 0.07 0.30 0.30 0.03 0.02 0.02 0.03 0.06 0.10 0.01 5.38 5.18 17.75 18.59 2.21 2.36 1.13 1.19 0.04 0.01 1.00 0.06 0.35 0.02 0.04 0.03 0.02 0.04 22.50 0.01 0.04 0.78 0.76 0.01 0.08 0.07 0.10 0.06 0.01 0.16 0.03 0.01 0.75 0.05 0.01 7.14 2.23 0.02 0.33 0.22 0.15 0.02 0.01 0.01 0.04 0.05 0.01 0.14 0.01 0.05 0.02 0.01 9.78 0.06 0.03 0.18 0.49 0.04 0.01 0.03 0.04 0.32 0.01 0.07 0.05 0.01 0.01 0.01 0.01 0.60 0.01 13.58 0.13 0.02 0.13 0.02 0.03 0.01 0.01 0.06

0.03 15.92 - 17.01 - 0.30 + 0.05 0.01 0.01 - 0.23 0.01 0.02 1.87 - 1.76 - 0.03 + 0.05 0.08 0.01 1.91 2.04 + 0.92 0.87 + 0.07 - 0.05 - 27.01 + 24.05 + 25.66 + 0.10 - 0.09 - 0.51 0.41 - 0.02 - 0.10 - 0.42 + 0.02 0.02 - 0.02 0.06 - 0.01 0.17 + 2.01 - 1.88 - 0.07 0.01 0.09 + 0.12 + 0.19 0.17 - 1.00 - 1.08 - 0.38 - 0.17 - 0.17 0.46 - 0.03 - 0.03 - 0.10 - 1.01 - 0.02 - 0.06 + 0.02 0.32 - 0.01 0.91 + 0.01 - 0.03 0.01 0.02 + 0.79 - 0.01 0.38 + 0.11 - 0.04 - 0.73 - 3.17 - 3.40 + 0.02 - 0.09 + 0.15

0.00 0.53 0.47 0.02 0.00 0.00 0.01 0.00 0.00 0.00 0.13 0.13 0.01 0.00 0.00 0.00 0.00 0.01 0.00 0.01 0.02 0.04 1.07 1.06 1.25 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.04 0.26 0.26 0.00 0.00 0.01 0.01 0.00 0.01 0.07 0.05 0.05 0.02 0.00 0.04 0.01 0.01 0.02 0.02 0.01 0.01 0.00 0.02 0.00 0.03 0.01 0.00 0.00 0.01 0.08 0.00 0.02 0.02 0.01 0.02 0.04 0.01 0.01 0.01 0.00

0.05 19.76 20.64 0.41 0.40 0.02 0.05 0.37 0.08 0.05 4.78 4.75 0.17 0.15 0.16 0.04 3.53 3.48 1.38 1.35 0.15 0.15 39.88 38.57 38.13 0.66 0.31 2.42 0.93 0.05 0.20 0.69 0.12 0.07 0.10 0.28 0.03 0.40 4.49 4.55 0.16 0.06 0.21 0.65 0.38 0.36 3.22 3.20 1.25 0.31 0.71 0.97 0.10 0.16 0.41 2.24 0.10 0.18 0.20 1.00 0.10 1.19 0.08 0.10 0.03 0.03 4.22 0.05 0.68 0.13 0.10 1.30 7.40 9.48 0.04 0.10 0.21

0.01 11.84 12.44 0.17 0.03 0.01 0.01 0.18 0.01 0.01 1.79 1.67 0.02 0.03 0.05 0.01 1.78 1.88 0.51 0.50 0.03 0.05 22.92 19.98 21.11 0.07 0.08 0.42 0.41 0.01 0.09 0.05 0.01 0.02 0.02 0.05 0.01 0.04 1.84 1.73 0.05 0.01 0.06 0.06 0.12 0.13 0.98 1.04 0.38 0.13 0.15 0.38 0.03 0.02 0.08 0.85 0.02 0.02 0.02 0.31 0.01 0.49 0.01 0.02 0.01 0.01 0.78 0.01 0.21 0.04 0.04 0.53 2.94 3.23 0.02 0.04 0.06

T 0.03 15.83 16.88 0.26 0.04 0.01 0.01 0.23 0.01 0.02 1.87 1.76 0.03 0.05 0.07 0.01 1.78 1.90 0.90 0.85 0.07 0.05 25.83 22.92 24.36 0.09 0.08 0.50 0.41 0.02 0.10 0.39 0.02 0.02 0.02 0.05 0.01 0.08 1.84 1.73 0.05 0.01 0.08 0.12 0.19 0.16 0.98 1.04 0.38 0.15 0.16 0.45 0.03 0.03 0.10 1.00 0.02 0.05 0.02 0.32 0.01 0.86 0.01 0.02 0.01 0.01 0.78 0.01 0.37 0.11 0.04 0.72 3.14 3.34 0.02 0.08 0.13

10 december 30, 2013-january 5, 2014 THE NORTHERN MINER

(100s)

Week

12-month

Stock Exc Volume High Low Last Change High Low

U-V U3O8 Corp UC Res Ucore Rare Mtl UEX Corp Ultra Lithium Unigold United Silver Unity Energy Ur-Energy Ur-Energy* Uracan Res Uragold Bay Rs Uranerz Energy Uranerz Energ* Uranium Ener* Uranium Partic Uranium Res* Uranium Valley Uravan Minls US Energy* US Silica Hld* US SIlver & Go Vale* ValGold Res Valterra Res Vangold Res Vanstar Mng Rs

T 5038 V 1494 V 8982 T 6761 V 500 V 6573 T 910 V 83 T 6950 X 4406 V 1940 V 544 T 1123 X 7718 X 2541 T 9117 Q 5998 V 176 V 4209 Q 3381 N 7666 T 6573 N 131090 V 174 V 3816 V 692 V 4270

0.13 0.02 0.23 0.35 0.04 0.07 0.03 0.10 1.33 1.25 0.09 0.04 1.22 1.16 1.90 5.52 2.85 0.03 0.08 3.47 32.74 0.31 15.00 0.03 0.06 0.03 0.11

0.11 0.01 0.18 0.33 0.04 0.06 0.02 0.10 1.19 1.12 0.08 0.04 1.18 1.10 1.65 5.25 2.58 0.03 0.04 3.16 31.03 0.25 14.54 0.02 0.04 0.03 0.08

0.11 - 0.01 + 0.22 0.34 + 0.04 0.07 + 0.03 0.10 + 1.19 - 1.13 0.09 + 0.04 1.20 + 1.13 + 1.77 + 5.39 + 2.70 - 0.03 - 0.07 + 3.24 + 32.21 - 0.26 - 14.81 + 0.02 - 0.06 + 0.03 0.10 +

0.01 0.01 0.00 0.01 0.00 0.01 0.00 0.01 0.02 0.00 0.02 0.00 0.01 0.01 0.11 0.01 0.12 0.01 0.03 0.04 0.08 0.04 0.14 0.01 0.02 0.00 0.01

0.36 0.05 0.53 0.84 0.11 0.42 0.20 0.54 1.41 1.38 0.11 0.12 1.67 1.64 2.74 5.77 5.99 0.12 0.12 3.78 37.14 2.18 21.88 0.10 0.20 0.31 0.19

0.08 0.01 0.18 0.31 0.03 0.06 0.02 0.08 0.73 0.72 0.04 0.04 0.84 0.80 1.40 4.70 1.75 0.03 0.03 1.45 15.52 0.25 12.39 0.02 0.02 0.03 0.04

(100s)

Week

12-month

(100s)

Week

12-month

(100s)

Week

12-month

Stock Exc Volume High Low Last Change High Low

Stock Exc Volume High Low Last Change High Low

Stock Exc Volume High Low Last Change High Low

Vantex Res Vatic Vent Vena Res Vendome Res Venerable Vent Verde Potash Veris Gold Victoria Gold Victory Nickel Victory Res Victory Vent Viking Gold Vior Mining Viper Gold Virginia Engy Virginia Mines Viscount Mng Visible Gold M Vista Gold Vista Gold* VMS Vent Volcanic Mtls Volta Res Vulcan Mnrls VVC Expl

Walter Energy* Walter Energy War Eagle Mg Waseco Res Waymar Res WCB Res Wealth Minls Wescan Goldfie Wesdome Gold West Af Iron O West Cirque Rs West High Yld West Kirkland Westcore Energ Western Copper Western Coppr* Western Lithiu Western Melv M Western Pac Rs Western Potash Western Troy C Westhaven Vent Westkam Gold Westminster Rs Westridge Res WestStar Res White Bear Res White Pine Res White Tiger Mg

Wildcat Expl Wildcat Silver Williams Creek Windfire Cap Wolf Res Dev Wolfpack Gold Woulfe Mng Xemplar Energy Xinergy Xmet Xtierra Xtra-Gold Res Yamana Gold* Yamana Gold Yanzhou Coal* Yellowhead Mng Z-Gold Expl Zadar Vent Zazu Metals Zena Mng Zenyatta Vent Zephyr Mnls Zimtu Capital Zincore Mtls

V 1197 V 140 T 1761 V 910 V 4880 T 4404 T 3575 V 16352 T 57378 V 251 V 150 V 3951 V 7691 V 250 V 1457 T 209 V 145 V 1690 T 920 X 11872 V 1884 V 71 T 7224 V 998 V 457

0.05 0.07 0.09 0.05 0.02 0.54 0.32 0.10 0.05 0.06 0.02 0.01 0.02 0.01 0.13 11.12 0.20 0.02 0.41 0.39 0.22 0.05 0.35 0.04 0.04

Wallbridge Mng T 12153

0.07

0.04 0.06 0.07 0.04 0.02 0.43 0.30 0.09 0.04 0.06 0.02 0.01 0.02 0.01 0.11 10.97 0.18 0.02 0.37 0.36 0.19 0.05 0.31 0.04 0.04

0.04 0.07 0.08 - 0.04 - 0.02 0.45 - 0.31 - 0.10 - 0.04 0.06 0.02 0.01 0.02 0.01 0.12 - 11.09 + 0.18 - 0.02 - 0.40 0.37 - 0.21 + 0.05 - 0.32 - 0.04 + 0.04 -

0.00 0.00 0.01 0.01 0.00 0.07 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.12 0.04 0.01 0.00 0.00 0.01 0.01 0.02 0.01 0.01

0.15 0.76 0.22 0.32 0.21 4.00 2.00 0.26 0.06 0.22 0.15 0.10 0.05 0.03 0.95 11.12 0.23 0.04 2.71 2.79 0.28 0.25 0.57 0.08 0.15

0.04 0.06 0.05 0.04 0.02 0.19 0.29 0.08 0.02 0.06 0.02 0.01 0.01 0.01 0.11 7.55 0.11 0.01 0.36 0.33 0.15 0.04 0.11 0.04 0.04

W-Z 0.05 0.06

+

0.01

0.15 0.05

N 27205 T 345 V 770 V 1250 V 270 V 176 V 2077 V 468 T 1520 V 2850 V 68 V 337 V 1105 V 6909 T 981 X 1103 T 1993 V 5550 V 270 T 6233 V 540 V 745 V 2055 V 1395 V 140 V 2700 V 150 V 117 V 2141

15.73 16.77 0.04 0.03 0.06 0.24 0.03 0.02 0.65 0.02 0.26 0.40 0.08 0.04 0.59 0.55 0.24 0.04 0.15 0.29 0.03 0.10 0.04 0.06 0.03 0.03 0.17 0.06 0.03

14.23 15.11 0.04 0.03 0.06 0.22 0.03 0.02 0.59 0.02 0.25 0.33 0.07 0.02 0.53 0.51 0.22 0.04 0.11 0.26 0.03 0.08 0.03 0.05 0.03 0.02 0.14 0.05 0.03

15.36 + 16.40 + 0.04 0.03 - 0.06 - 0.22 - 0.03 0.02 0.62 + 0.02 + 0.25 - 0.35 - 0.07 - 0.02 0.57 + 0.53 + 0.23 - 0.04 - 0.11 - 0.29 + 0.03 - 0.10 0.03 - 0.05 - 0.03 0.03 0.14 - 0.05 - 0.03

0.95 1.10 0.00 0.01 0.02 0.02 0.00 0.00 0.04 0.01 0.05 0.05 0.02 0.00 0.03 0.01 0.02 0.01 0.02 0.02 0.01 0.00 0.01 0.01 0.00 0.00 0.06 0.01 0.00

40.62 41.05 0.15 0.12 0.40 0.60 0.09 0.11 1.00 0.09 0.54 0.78 0.31 0.15 1.68 1.86 0.47 0.30 0.35 0.76 0.06 0.20 0.13 0.17 0.11 0.07 0.65 0.18 0.13

9.88 10.39 0.03 0.03 0.06 0.16 0.02 0.02 0.32 0.02 0.17 0.33 0.07 0.02 0.49 0.46 0.12 0.04 0.07 0.26 0.02 0.05 0.03 0.04 0.03 0.02 0.05 0.04 0.03

V 114 T 4672 V 3816 V 40 V 500 V 4009 V 3307 V 325 T 6247 V 147213 V 625 T 82 N 50587 T 92941 N 8358 T 1689 V 100 V 803 T 718 V 23 V 8910 V 907 V 303 T 2279

0.06 0.34 0.16 0.03 0.20 0.08 0.10 0.06 0.31 0.19 0.12 0.36 8.94 9.54 9.69 0.17 0.06 0.30 0.60 0.11 2.49 0.17 0.31 0.14

0.06 0.28 0.09 0.03 0.20 0.06 0.10 0.05 0.21 0.10 0.11 0.35 8.35 8.94 9.25 0.16 0.05 0.28 0.55 0.08 2.16 0.15 0.28 0.07

0.06 0.29 - 0.16 + 0.03 0.20 0.07 + 0.10 0.05 0.22 - 0.11 - 0.11 - 0.36 - 8.45 - 9.01 - 9.32 - 0.16 - 0.06 + 0.28 - 0.55 - 0.08 - 2.22 - 0.15 0.31 + 0.14 +

0.00 0.03 0.07 0.00 0.00 0.02 0.00 0.00 0.03 0.04 0.01 0.01 0.24 0.19 0.35 0.01 0.03 0.02 0.05 0.01 0.23 0.00 0.01 0.05

0.30 1.02 0.37 0.17 0.32 0.32 0.34 0.13 0.96 0.19 0.29 0.87 18.23 18.10 18.57 0.67 0.07 0.35 0.95 0.30 5.00 0.25 0.56 0.78

Stock missing or incorrect? Let us know at 1-416-510-6764 or tnm@northernminer.com. Data supplied by Reuters Canada.

NEW 52-WEEK HIGHS AND LOWS — December 16-19, 2013 15 New Highs Alcoa* Atlatsa Res Atlatsa Res* Cabot Corp* Desert Star Equitas Res Hi-Crush Part* Imperial Metal Intl Montoro R Russell Metals Stakeholdr Gld Star Uranium True North Gem Virginia Mines Xmet

470 New Lows Abcourt Mines Aben Res Abington Res Abzu Gold Acrex Vent Actus Mnls Adamera Mnls Adex Mining Advance Gold Alder Res Aldershot Res Alliance Mng Almonty Ind Altan Rio Mnls Altiplano Mnls Alto Vent Alturas Minls Am Bull Royalt Am Cons Minls AM Gold Amador Gold Amarc Res Amarillo Gold Amato Expl American Bonan American Manga American Vanad Amerix Pr Mtls AMI Res AndeanGold Anfield Nickel Anglo Swiss AngloGold Ash* Apogee Silver Arco Res Arcus Dev Grp Argentum Silvr Argex Titanium Arrowhead Gold Asanko Gold Asanko Gold* Ascot Res Ashburton Vent Asia Now Res Atacama Pac Gd Athabasca Uran Augen Gold Auracle Res Aurcana Corp AuRico Gold* Aurvista Gold Avanti Mng Baja Mng Bama Gold Bandera Gold Banro Banro* Banyan Gold Bard Vent Barkerville Go Baroyeca Go&Si Batero Gold BCGold BCM Res Bear Lake Gold Bearing Res Beaufield Res Bell Copper Bellhaven Cp&G Bitterroot Res Blind Crk Res Blue Rvr Res Bluestone Res Bonterra Res Bowmore Expl Boxxer Gold Brandenburg En Bravada Gold Brazil Res Brigadier Gold Brixton Mtls Buccaneer Gold Burnstone Vent Cadillac Mng Camino Mnls Canadn Arrow Canadn Int Mnl Canadn Orebods Canadn Plat Canadn Silvr H Canarc Res Cancor Mines Canyon Copper Carlin Gold Carmax Mng Cascadero Copp Cassidy Gold Cassius Vent Catalyst Coppr Celeste Copper Central Gold-T Central GoldT* Central Iron O Challenger Dee Chesapeake Gld Chiboug Ind Mn Chilean Gold China Mnls Mng Citation Res CMQ Res Cobalt Coal Coeur Mng* Coeur Mng Cogitore Res Colibri Res Colombia Crest Columbia Yukon Commerce Res Compass Gold Compliance Eny

Comstock Mtls Cons Richland Cons Woodjam C Copper Ck Gold Copper North M Corona Gold CVR Partners* Darwin Res Diamond Fields Ditem Explor DNI Metals Donner Metals Dunav Res Duran Vent Durango Res Dynasty Gold E-Energy Vent Eagle Hill Exp Eastfield Res El Condor Mnls El Nino Vent Eldorado Gold* Eldorado Gold Electra Gold Elissa Res Entourage Mtls EPM Mng Vent Estrella Gold Ethos Gold Evolving Gold Excalibur Res Expedition Mng Explor Res Fieldex Expl Finlay Minrls Firesteel Res Firestone Vent Foran Mng Forbes & Man C Frontline Gold Galane Gold Galore Res GAMCO Glb Gld* Gem Intl Res Gensource Pot Geodrill Geomega Res Georox Res Giyani Gold Global Hunter Globex Mng GMV Minerals GoGold Res Gold Canyon Gold Fields* Gold Mtn Mng Goldbank Mng Goldcorp* Golden Band Golden Dawn Ml Golden Goliath Golden Hope Golden Mnls Golden Mnls* Goldex Res Goldrea Res Goldrush Res Goldsource Min Goldspike Expl Gossan Res Gowest Gold Gran Colombia Grande Portage Green Swan Cap Greenock Res Grenville Gold Grizzly Discvr Gunpoint Expl Guyana Frntr M GWR Res Habanero Res Hansa Res Harmony Gold* Harte Gold Hecla Mining* Hellix Vent Honey Badger E Horizonte Mnls Hudson River M Huldra Silver Hunter Bay Mnl Huntington Exp Iamgold* Iamgold Iconic Mnls IEMR Res IGC Res IMPACT Silver Independence G Infinito Gold Infinity Mnls Inform Res Inter-Rock Mnl Intigold Mines Intl Bethl Mng Intl PBX Vent Intl Samuel Ex Iron Creek Cap Iron Tank Res Jaguar Mng Jasper Mng Jet Gold Kalimantan Gld Katanga Mng Kazax Mnls Kesselrun Res Killdeer Mnls Kinross Gold Kinross Gold* Klondike Gold Klondike Silv Kootenay Gold La Quinta Res Labdr Iron Mns Lago Dourado M Laramide Res Laurion Mnl Ex Liberty Silver Lincoln Mng Loncor Res Loncor Res* Lowell Copper Lund Gold MacDonald Mns Madison Minls Mag Silver Mag Silver*

Malbex Res Mammoth Res Manson Creek Marifil Mines Martina Mnls Matamec Expl Mega Precs Mtl Metalcorp Metals Ck Res Midland Expl Millrock Res Minaurum Gold Mindoro Res Mkango Res Molycorp* Monster Mng Montero Mg&Ex Monument Mng Murgor Res Mustang Minls Nautilus Minls Nebu Res Network Expl Nevada Sunrise New Carolin Gd New Destiny Mg New Gold*

New Hana C Mng New Nadina New Pac Metals Newmont Mng* Newmont Mng Newstrike Res NGEx Res Nikos Expl Nitinat Mnls NMC Res Noram Vent Nortec Mnls North Am Tung North Country Northcore Res Northern Abiti Northern Freeg Northern Iron Northern Shiel Northern Sup R Northern Tiger Northquest NSGold NSX Silver Nuinsco Res NV Gold NWM Mng

Odin Mng & Exp Olympic Res Omineca Mg&Mtl Opawica Expl Open Gold Orefinders Res Orestone Mng Orex Expl Oroco Res Oxford Res P* Pac NW Cap Pac Ridge Expl Pan Global Res Papuan Prec Mt Paramount Gld* Paramount Gold Passprt Potash Pelangio Expl Pele Mtn Res Perseus Mng Peruvian Prc M Philippine Mtl Pinetree Cap Planet Mng Platinex Plato Gold Playfair Mng

Premier Gold M Proam Expl Prophecy Coal Prospctr C Res Prosperity Gdf QMC Quantum Ml Quartz Mtn Res Quia Res Rackla Mtls Rainbow Res Rainy Mtn Royl Range Engy Res Rapier Gold Rare Elemnt Rs Rare Elemt Re* Red Cresc Res Red Eagle Mng Red Mile Mnls Red Rock Enrgy Redhawk Res Redstar Gold Redtail Mtls Reliant Gold Reservoir Capt Rio Silver Rockcliff Res Rockridge Cap

Rodinia Lithm Rogue Iron Ore Rokmaster Res Romios Gold Rs Royal Nickel RPT Uranium Rubicon Mnls* Rubicon Mnrls Sacre-Coeur Ml Sage Gold San Marco Res Sanatana Diam Satori Res Sendero Mng Serengeti Res SG Spirit Gold Sherritt Intl Shore Gold Sierra Iron Or Silver Bear Rs Silver Bull R* Silver Fields Silver Predatr Silver Pursuit Silver Spruce Silvercorp Mt* Silvercorp Mtl

Simba Gold Sirocco Mng SnipGold Solitario Ex&R Solitario Ex&* Solomon Res Sonoro Mtls Spruce Ridge R St Elias Mns Stans Energy Stealth Mnls Stonegate Agri Strata Mnls Stratabd Mnr Strategic Res Strike Graph Strike Minls Strongbow Expl Stroud Res Sunset Cove Mg Superior Mng Supreme Res Takara Res Taku Gold Tamerlane Vent Tasca Res Taseko Mines*

Tearlach Res Teras Res Teryl Res Corp Teslin Rvr Res Teuton Res Thelon Cap Thompson Creek Thompson Crk* Threegold Res Timmins Gold* Timmins Gold Tinka Res TNR Gold Toro Res Touchdown Res Tres-Or Res Tri Origin Exp TriAusMin Trillium North Trio Gold Corp Troy Res UC Res Ucore Rare Mtl United Silver Uranium Valley US SIlver & Go ValGold Res

Vangold Res Vatic Vent Vendome Res Venerable Vent Victory Res Victory Vent Viper Gold Virginia Engy Vulcan Mnrls VVC Expl Waseco Res Waymar Res Wescan Goldfie West Af Iron O West High Yld West Kirkland Westcore Energ Western Melv M Western Potash Westkam Gold White Tiger Mg Windfire Cap Zena Mng Zincore Mtls

BID-ASK — december 16-19, 2013

12-MONTH

12-MONTH

STOCK EXC

BID ASK LAST HIGH LOW

STOCK EXC

Abitibi Mng Afferro Mng Alita Res Allied Gold Alpha Mnls Amara Mng Andean Am Gold Anglo-Can Mng Archon Mineral Arctic Hntr Ur Arcturus Res Argonaut Expl Armadillo Res Arrowstar Res Artha Res AsiaBaseMetals Astar Mnls Astorius Res Aurania Res Aurtois Expl Azumah Res Black Isle Res Blackstone Ven Blue Gold Mng Bravura Vent Brazilian Gold Bullman Mnls Calvista Gold Canada Gold Cariboo Rose Carrie Arran R Cascade Res Chalice Gold M CIC Energy Claim Post Res Clear Mtn Res Cliffmont Res Cline Mng Cobriza Mtls Conquest Res Contintl Nickl Corazon Gold Creso Expl Cricket Res Crosshair Eny* Crown Gold Cuervo Res Dakar Res Dawson Gold Deer Horn Mtls Desert Eagle R Desert Gold DGM Mnls Diamonds North Dominion Mnls* Dot Res Driven Capital Dundarave Res DV Res Ecometals Esperanza Res Eureka Res Europn Uran Rs Eurotin Extorre Gold M Falcon Gold Fire River Gol G4G Res Geocom Res* Geomark Expl Glenmark Cap Global Ur Fund Gold Ridge Exp GoldMountain* Goldstrike Res Gonzaga Res Green Valley M Gryphon Gold GTO Res Guerrero Expl Highbury Proj ICN Res Indigo Expl Inform Expl Inova Res Inter-Citic Mn Intl Lithium Iron South Mng James Bay Res Jiulian Res Karmin Expl Kenieba Goldf Kettle River Kola Mng Lipari Energy Lithium One Los Andes Copp Lounor Expl Lovitt Res Magma Metals Mainstream Mnl Manicouagan Ml Maritime Res Marklnd AGF PM Masuparia Gold Matnic Res

0.01 1.10 0.09 2.25 5.55 0.20 0.16 0.03 1.27 0.06 0.02 0.01 0.01 0.02 0.01 0.05 0.16 0.09 0.30 0.01 0.02 0.01 0.01 0.46 0.04 0.10 0.20 1.09 0.06 0.04 0.07 0.01 0.10 1.99 0.04 0.11 0.07 0.01 0.12 0.01 0.40 0.01 0.08 0.02 0.02 0.02 0.02 0.30 0.12 0.01 0.01 0.08 0.04 0.02 0.08 0.03 0.01 0.10 0.06 0.04 1.01 0.03 0.13 0.02 4.27 0.02 0.01 0.01 0.05 0.96 0.08 1.64 0.02 0.04 0.10 0.05 0.01 0.01 0.04 0.01 0.41 0.06 0.03 0.08 0.16 2.04 0.02 0.02 0.55 0.05 0.18 0.01 0.02 0.09 0.46 1.15 0.18 0.01 0.05 0.09 0.01 0.02 0.25 5.86 0.06 0.04

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0.01 2.50 0.09 2.29 5.68 0.29 0.17 0.03 1.35 0.07 0.03 0.02 0.05 0.02 0.02 0.10 0.30 0.12 0.60 0.01 0.03 0.02 0.01 0.49 0.04 0.10 0.29 1.10 0.08 0.08 0.14 0.01 0.28 2.00 0.05 0.11 0.08 0.01 0.13 0.01 0.90 0.01 0.08 0.04 0.03 0.02 0.01 0.50 0.14 0.01 0.02 0.15 0.04 0.03 0.18 0.04 0.01 0.18 0.15 0.05 1.03 0.08 0.13 0.04 4.28 0.03 0.01 0.01 0.09 1.00 0.12 1.67 0.05 0.05 0.10 0.15 0.01 0.01 0.05 0.01 0.62 0.07 0.03 0.20 0.20 2.05 0.03 0.03 0.55 0.14 0.25 0.02 0.02 0.24 0.49 1.18 0.22 0.01 0.08 0.09 0.01 0.02 0.28 8.25 0.10 0.05

0.01 1.57 0.10 2.25 5.45 0.21 0.16 0.02 1.27 0.06 0.02 0.01 0.02 0.02 0.02 0.05 0.14 0.12 0.35 0.01 0.02 0.02 0.01 0.47 0.04 0.11 0.23 1.09 0.07 0.04 0.08 0.01 0.13 1.99 0.04 0.10 0.08 0.01 0.12 0.01 0.40 0.01 0.12 0.03 0.02 0.02 0.01 0.40 0.15 0.01 0.01 0.09 0.04 0.02 0.01 0.03 0.01 0.10 0.05 0.05 1.01 0.03 0.12 0.03 4.27 0.02 0.01 0.01 0.02 0.98 0.08 1.64 0.05 0.05 0.08 0.10 0.01 0.01 0.04 0.01 0.50 0.06 0.03 0.09 0.15 2.04 0.02 0.02 0.54 0.05 0.25 0.01 0.02 0.10 0.47 1.15 0.22 0.01 0.06 0.09 0.01 0.07 0.25 5.82 0.09 0.04

0.02 2.40 0.10 3.70 7.60 1.72 0.43 0.05 1.65 0.12 0.05 0.06 0.04 0.10 0.05 0.07 0.30 0.15 0.60 0.02 0.11 0.03 0.01 0.95 0.07 0.25 0.70 1.10 0.13 0.06 0.25 0.01 0.26 2.45 0.07 0.20 0.43 0.84 0.16 0.04 1.12 0.08 0.13 0.15 0.26 0.04 0.19 0.40 0.17 0.05 0.07 0.25 0.08 0.08 0.09 0.09 0.02 0.25 0.11 0.05 1.70 0.09 0.46 0.19 11.27 0.13 0.08 0.02 0.03 1.00 0.11 2.05 0.08 0.35 0.33 0.28 0.02 0.13 0.09 0.13 0.67 0.30 0.11 0.70 0.60 2.05 0.07 0.09 0.52 0.12 0.45 0.02 0.05 0.14 0.49 1.46 0.35 0.06 0.27 0.28 0.04 0.08 0.44 10.41 0.18 0.15

0.01 0.83 0.05 0.00 0.00 0.00 0.00 0.02 0.60 0.05 0.02 0.01 0.01 0.02 0.01 0.03 0.14 0.04 0.25 0.01 0.00 0.01 0.01 0.00 0.03 0.00 0.20 0.00 0.06 0.03 0.08 0.01 0.11 0.00 0.02 0.07 0.05 0.00 0.00 0.01 0.00 0.01 0.02 0.03 0.00 0.01 0.01 0.35 0.05 0.01 0.01 0.07 0.03 0.00 0.00 0.02 0.01 0.09 0.04 0.01 0.00 0.01 0.08 0.02 0.00 0.02 0.01 0.01 0.00 0.00 0.03 0.00 0.02 0.00 0.07 0.09 0.01 0.00 0.04 0.01 0.50 0.00 0.03 0.07 0.00 0.00 0.01 0.02 0.52 0.05 0.16 0.01 0.02 0.02 0.00 0.00 0.16 0.01 0.05 0.00 0.01 0.03 0.18 0.00 0.04 0.02

V V V V V V T T V V T V V V V T V T V V V V V T V V V V V V V V T V V V V V C V T V V V T V V V V V V V V V T V V V V V V V V V V T V V T V V V V V V V V V V V V V V Q V V V V V T T V V V T T V V V T V V V V V

BID ASK LAST HIGH LOW

1.70 0.07 0.13 0.01 0.01 0.04 0.12 5.00 0.06 0.01 0.02 0.02 0.32 0.01 0.03 0.10 0.01 12.10 0.01 0.01 0.02 0.04 0.02 1.70 0.02 1.94 0.04 0.04 0.10 0.15 0.01 0.01 0.07 0.06 0.05 0.08 0.09 0.13 0.01 0.20 0.74 0.03 0.01 0.02 3.37 0.03 0.03 0.06 0.02 0.03 0.02 0.03 0.03 0.01 0.03 0.13 0.01 2.10 0.03 0.23 0.02 0.10 0.03 0.06 0.01 4.78 0.03 0.01 0.50 0.04 0.04 0.01 0.01 0.01 0.04 0.02 0.01 0.08 0.15 0.03 0.20 0.03 0.13 0.05 0.07 0.06 0.03 0.09 0.20 2.85 0.26 0.01 0.25 0.03 3.75 0.59 0.01 0.05 0.04 0.87 0.08 0.01 0.11 0.05 0.06

1.75 0.09 0.15 0.01 0.01 0.10 0.15 5.09 0.10 0.01 0.02 0.03 0.35 0.01 0.03 0.16 0.01 12.90 0.01 0.01 0.02 0.07 0.04 1.99 0.03 1.99 0.09 0.05 0.10 0.20 0.01 0.01 0.08 0.07 0.08 0.10 0.09 0.14 0.02 0.24 0.76 0.04 0.02 0.03 3.37 0.04 0.03 0.12 0.02 0.04 0.03 0.03 0.03 0.01 0.04 0.28 0.01 2.90 0.01 0.24 0.03 0.19 0.04 0.06 0.01 4.88 0.17 0.01 0.55 0.04 0.04 0.01 0.01 0.02 0.06 0.03 0.01 0.10 0.26 0.13 0.30 0.09 0.49 0.05 0.08 0.12 0.04 0.11 0.25 2.86 0.27 0.02 0.35 0.04 8.54 0.60 0.01 0.07 0.05 1.04 0.09 0.02 0.54 0.07 0.09

1.70 0.12 0.12 0.01 0.01 0.05 0.15 4.75 0.06 0.01 0.02 0.03 0.32 0.01 0.03 0.13 0.01 12.11 0.01 0.01 0.05 0.08 0.02 1.66 0.03 1.99 0.04 0.04 0.10 0.12 0.01 0.01 0.07 0.06 0.05 0.08 0.09 0.13 0.02 0.20 0.76 0.03 0.01 0.02 3.42 0.04 0.03 0.08 0.02 0.03 0.03 0.03 0.03 0.02 0.04 0.13 0.01 2.10 0.01 0.24 0.02 0.07 0.03 0.06 0.01 4.78 0.03 0.01 0.53 0.04 0.06 0.01 0.01 0.02 0.04 0.03 0.01 0.07 0.20 0.05 0.20 0.06 0.11 0.01 0.07 0.10 0.04 0.09 0.20 2.85 0.26 0.02 0.28 0.03 4.00 0.59 0.01 0.06 0.05 1.10 0.08 0.01 0.20 0.05 0.06

1.90 0.30 1.00 0.02 0.02 0.12 0.20 6.95 0.08 0.05 0.62 0.05 0.82 0.09 0.15 1.10 0.01 31.00 0.04 0.04 0.06 0.08 0.30 3.35 0.10 2.63 0.13 0.10 0.15 0.25 0.04 0.03 0.11 0.12 0.17 0.25 0.21 0.17 0.03 0.29 2.60 0.07 0.02 0.04 6.10 0.06 0.10 0.20 0.28 0.55 0.21 0.03 0.07 0.07 0.30 0.40 0.04 2.10 0.21 0.60 0.22 0.30 0.08 0.09 0.03 7.48 0.10 0.01 0.88 0.07 0.07 0.02 0.04 0.07 0.20 0.06 0.01 0.20 0.45 0.16 0.39 0.13 0.32 0.11 0.35 0.14 0.29 0.30 0.28 2.86 0.27 0.05 0.45 0.15 6.11 0.60 0.04 0.09 0.19 2.34 0.16 0.04 0.23 0.15 0.11

1.10 0.09 0.06 0.01 0.01 0.04 0.13 0.00 0.04 0.01 0.00 0.02 0.00 0.01 0.02 0.00 0.01 0.00 0.01 0.01 0.05 0.02 0.02 1.48 0.02 0.00 0.03 0.04 0.00 0.12 0.01 0.01 0.00 0.00 0.04 0.03 0.00 0.13 0.00 0.11 0.00 0.03 0.01 0.01 0.00 0.01 0.02 0.04 0.00 0.03 0.03 0.00 0.02 0.01 0.00 0.13 0.01 1.70 0.00 0.00 0.01 0.06 0.02 0.03 0.01 0.00 0.03 0.01 0.00 0.00 0.01 0.01 0.01 0.01 0.00 0.03 0.01 0.05 0.13 0.05 0.11 0.03 0.09 0.00 0.06 0.05 0.02 0.08 0.20 0.00 0.00 0.01 0.28 0.03 0.00 0.00 0.00 0.00 0.00 0.71 0.04 0.01 0.09 0.04 0.02

0.04 0.28 0.06 0.03 0.06 0.05 0.09 0.05 0.13 0.01 0.05 0.34 8.31 8.86 6.68 0.15 0.02 0.17 0.46 0.08 0.67 0.12 0.27 0.07

THE NORTHERN MINER december 30, 2013-january 5, 2014 11

Wildcat touts manganese upside at Hermosa in Arizona

Wildcat Silver

Wildcat Silver plans to recover Hermosa’s manganese with magnetic separation.

VANCOUVER — The full picture is coming into focus for Wildcat Silver (TSXV: WS; US-OTC: WLDVF) at its flagship Hermosa polymetallic project, 80 km southeast of Tucson, Ariz. Though the company has released two preliminary economic assessments on Hermosa over the past four years, a prefeasibility study (PFS) released on Dec. 10 is the first model that takes into account the project’s full slate of mineral endowments, which include silver, electrolytic manganese metal (EMM), gold, zinc and copper.

Wildcat has tallied a maiden reserve estimate at Hermosa of 54 million proven and probable tonnes grading 69 grams silver per tonne, 0.09 gram gold per tonne, 8.3% manganese, 1.79% zinc and 0.07% copper. Measured and indicated resources tack on 172 million tonnes at 37 grams silver, 0.06 gram gold, 5.67% manganese, 1.59% zinc and 0.06% copper.

The Manto-type deposit at Hermosa features replacement-skarn mineralization formed at a contact point between carbonate limestones and rhyolitic volcanic rocks.

Structural episodes and fracturing hydrothermal fluids have emplaced high concentrations of metals into four mineralization types, namely: vein-controlled sooty manganese, disseminated silver and iron in rhyolites, replacementstyle Manto oxides in carbonates and volcanics, and strongly silicified zones.

Hermosa’s development costs are pegged at US$835 million, with US$189 million earmarked for a specialized processing facility that would allow Wildcat to produce EMM domestically.

The company notes that 97% of the world’s EMM is produced in China, with North America importing 100% of the EMM it consumes.

Manganese is the world’s fourth most heavily consumed metal, with a global output of 16 million tonnes per year, of which more than 90% is used in steel manufacturing.

Much of Wildcat’s PFS work focused on producing a 35% manganese concentrate that could be used as feed stock at a 55,000-tonneper-year EMM plant. The company says that the EMM facility

would be independent of the main mill, which would allow it greater flexibility, since that part of the project could be financed separately or funded through cash flows.

Hermosa’s mill would hum along at 13,700 tonnes per day, or 5 million tonnes per year. The mine would annually produce a life-of-mine average of 5.7 million oz. silver, 110 million lb. EMM, 10,000 oz. gold, 10 million lb. zinc and 3 million lb. copper. Average cash costs are expected to be US$4.45 per oz. silver and US74¢ per lb. EMM, with silver cash costs falling, net of by-product credits.

Wildcat’s base-case assumes metal prices of US$23.50 per oz. silver, US$1,250 per oz. gold, US92¢ per lb. zinc and US$3.25 per lb. copper. The company forecast an average-realized price of US$1.19 per lb.

EMM flake, with the three-year trailing price across target markets pegged at US$1.40 per lb.

Hermosa’s base case would carry a US$61-million, after-tax net present value at a 7.5% discount rate, along with a 21.3% internal rate of return and a 2.8-year payback period. It should be noted that results are based on full ownership, while Wildcat owns 80% of the project alongside private outfit Diamond Hill Investment.

Wildcat’s next steps at Hermosa include a 48-hole geotechnical and infill drill program, as well as environmental baseline studies over the next year. The company will also fine-tune its metallurgy to improve recoveries, which stand at 79% silver, 28% manganese, 90% gold, 61% copper and 8% zinc.

Wildcat reported US$1.2 million in cash and equivalents at the end of September, and has traded within a 52-week window of 28¢ and $1.02.

Following its PFS announcement the company reached a 41¢ high during intraday trading before closing down 11% at 33.5¢ per share, on 164,000 shares traded. Wildcat had 143 million shares outstanding at press time for a $51-million market capitalization.

Career Opportunities OUTSIDE SALES & SERVICE ENGINEER OUR CLIENT, with head offices in Timmins, Ontario, is a large, growing product distributor and repair facility serving the mining industry throughout Northern Ontario, Quebec and other parts of Canada. Reporting to the Director of Sales, we are looking for an energetic, motivated and mature individual to manage sales accounts on a full time basis.

Key Responsibilities and Accountabilities: • Service all sales accounts in a designated territory at regular intervals • Perform basic troubleshooting at sites for equipment lines represented in order to facilitate: 1. new equipment sales; 2. existing equipment upgrades and/or replacements; 3. repair work related to pumps, cyclones, valves, agitators, mill liner solutions and ceramic lining systems in a mineral processing plant.

• Generate and manage to fruition all quotations for sales opportunities • Participate in supporting account sites with commissioning and servicing duties in accordance with the equipment supplied Qualifications: • Degree/Diploma in engineering (mechanical or process), specialization in metallurgy preferred • 5-10 years of sales experience • Operations experience considered an asset, though not required • Bilingual language skills (English & French) preferred but not necessary If you possess these qualifications and skills and wish to apply them in an exciting business environment, please forward your resume (heading: Outside Sales & Service Engineer) with references and salary expectations by Monday January 6, 2014 to jobs@rosspope.com Ross Pope LLP 101 Cedar Street South Timmins Ontario P4N 2G7 ATT: Human Resources www.rosspope.com

CAREERS Advertising Rates $12.65 per agate line. Minimum size 2 columns x 1” $354.20.

Closing date is 10 days prior to publication date.

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For further Careers advertising information contact: Joe Crofts (416) 510-6816 - jcrofts@northernminer.com, Dave Chauvin (416) 510-6824 - dchauvin@northernminer.com Teri Richardson (604) 688-9908 - trichardson@northernminer.com Fax: (416) 510-5138 Canada:1-800-268-7742, ext. 6824, USA:1-800-387-0273, ext. 6824.

Minvest Partners finds niche minvale, From Page 1

Minerx and Minvest’s principals are financiers, geologists, engineers and lawyers who used to do traditional mining exploration and development deals — until the public capital markets began drying up.

Minvest Partners (no relation to Minvest Capital) turned to private equity because it needed patient investors.

“I don’t know when the market is going to turn, but I know it’s not short-term,” says Stewart, who has 15 years of experience as a financier in the mining industry, working alongside his father and Minerx founder and chairman Alexander Stewart. “The public markets, the traditional financing partners of the mining and metals space — whether it’s retail or institutions . . . they’ve been beaten down so hard that they don’t want to participate.”

Traditional investors also have a shorter time horizon that is more focused on the current share price, Stewart notes.

“If they make 30%, they’re going to sell,” he says, explaining that the short-term view doesn’t necessarily align with the time it will take for the industry to recover.

That leaves a space for private equity, and for gold-focused Minvest — which has a time horizon of up to five years — the opportunity to buy advanced exploration projects in friendly deals at bargain prices.

The company is guided by the question: “What are the miners going to be looking for in three to five years?” Stewart says.

“Everything is all geared towards making the asset nice and shiny, so that when the mining companies shift their attentions back away from deleveraging and cost-cutting and towards replenishing depleted reserves, we want to be the group that has a nice portfolio of lowhanging fruit — assets that will be first looked at.”

Once Minvest makes an acquisition, its technical team is responsible for proving up the economics in anticipation of the mining sector’s recovery.

“We want to intelligently develop the assets without taking on too much exploration risk. Because quite honestly, you can buy ounces in the ground for cheaper than it costs to explore for them,” Stewart says.

That means not pouring money into exploration to add ounces, but focusing on the economics and advancing existing resources through the preliminary economic assessment, prefeasibility and feasibility study stages.

“Optimizing and enhancing the assets economics is, we believe, the best way to create value right now,” he adds. “We’re not looking to blow our brains out with huge drill budgets — that’s destroying capital instead of creating it . . . [because] nobody’s attributing value to those ounces.”

In addition to focusing on mineable gold projects, Minvest is only interested in “the best jurisdictions” — namely Canada, the U.S. and parts of South America.

Minvest so far has one investor, and is looking for others who also see opportunity in the downturn.

While it hasn’t closed any acquisitions yet, Minvest has been evaluating assets for some time, and continuing extensive due diligence on several projects owned by publicly listed companies.

Because it has been going about its business quietly, cash-starved juniors and mid-tiers with proper-

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ties to sell aren’t lining up around the block — yet.

“I suspect as we do deploy capital, as we start to close a deal or two, we’ll probably get a lot more attention, as issuers are highly motivated to raise capital any way they can.”

Stewart says.

In the meantime, Minvest is sorting the good projects from the bad to make the most of the current buyer’s market, which is attracting all sorts of sophisticated investors to the mining industry.

“Private equity and many smart

Full Time

people see the opportunity and recognize that it’s going to take some time, but if you can be patient, you have the right team, the right strategy, and the ability to identify and evaluate the good assets and separate them from the bad assets, of which there are many. If you can do that and buy right and hold onto it for a little bit, there’s a real opportunity — a once-in-a-generation type of opportunity.”

— This article originally appeared on The Northern Miner’s sister website www.miningmarkets.ca.

12 december 30, 2013-january 5, 2014 THE NORTHERN MINER

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14 december 30, 2013-january 5, 2014 THE NORTHERN MINER

Global mining M&A and investment Global M&A, From Page 1

will be at record levels for 2013.

A core issue confronting mining companies in 2013 has been an underestimation of the onslaught of new supply coming online for many commodities during 2011– 2013. This onslaught has tilted many commodities into a situation of prolonged oversupply, leading to dramatic and protracted price drops and rising inventories. (London Metal Exchange inventories of most base metals have risen by

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m ee t i n g s Dec 30 Dec 30 Dec 30 Dec 30 Dec 30 Dec 30 Dec 30 Dec 30 Dec 30 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Jan 02 Jan 02 Jan 06 Jan 07 Jan 09 Jan 09 Jan 10 Jan 10 Jan 10 Jan 10 Jan 13 Jan 13 Jan 13 Jan 14 Jan 14 Jan 14 Jan 14 Jan 15 Jan 15 Jan 15 Jan 15 Jan 15 Jan 15 Jan 16 Jan 16 Jan 16 Jan 17 Jan 17 Jan 20 Jan 20 Jan 20 Jan 21 Jan 21 Jan 21 Jan 21 Jan 23

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Meetings Legend A – Annual E – Extraordinary G – General S – Special

50% over the last two years).

Notwithstanding the 35% price drop, 2013 is projected to be a record year for gold production.

Glencore Xstrata (LSE: GLEN) CEO Ivan Glasenberg was recently quoted stating, “While demand for the company’s coal, nickel, aluminium, iron-ore, zinc and copper remained healthy, prices had been falling for eighteen months owing to capex excesses . . . supply growth had outstripped demand growth in most commodities as a result of the high levels of capex.”

These factors have had a cascading effect through the cast of players in the mining industry, from mega majors to China, mid-tier and junior sectors, and alternative financiers, as described below.

The mega majors

For the mega major mining companies, like Vale (NYSE: VALE), Rio Tinto (NYSE: RIO; LSE: RIO), BHP Billiton (NYSE: BHP; LSE: BLT; ASX: BHP), Anglo American (LSE: AAL; US-OTC: AAUKY), Glencore and Barrick Gold (TSX: ABX; NYSE: ABX) 2013 has been a time to reassess recent strategies and regroup. Many CEOs have been replaced, and there have been layoffs as well as writedowns of struggling projects or top-of-the-market mergers and acquisitions (M&As).

All these companies have been trimming back their project pipelines in recognition that each new project throws more supply into an already crowded market.

For example, Vale announced it has cut its 2013 capital expenditure budget by 24%, and BHP and Anglo have announced they are halving capital spending over coming years.

The mega majors have terminated or suspended many of their largest projects, like Vale’s Simandou iron-ore mine in Guinea and Rio Colorado potash mine in Argentina.

In September, Anglo American withdrew from the Pebble coppergold project in Alaska. These are projects that would have generated new supply for many years.

The mega majors have also been running through a process of selling off billions of dollars in non-core assets to generate cash and reduce debt. For example, BHP announced that it had generated US$7 billion from divestments during the first three quarters of 2013, and indicated it is considering divesting at least 10 more assets.

Rio Tinto announced it had completed US$2.9 billion of divestments during the first three quarters of 2013.

A noteworthy transaction was the sale by ArcelorMittal (NYSE: MT) of a 15% joint-venture interest in one of its Canadian iron-ore operations for US$1.1 billion to help pay off debt.

Norilsk Nickel, Russia’s listed nickel miner, announced it is planning to sell all its foreign assets.

Meanwhile, Glencore has refocused on brownfield expansions and producing assets, as it puts several major development projects on the block.

Since few of these divestmentminded majors are actively looking to pick up each others’ non-core assets, it means there are not many buyers out there capable of taking up the announced dispositions.

In fact, some of the major dispositions have been called off, or have dragged out far longer than expected. This includes Rio Tinto’s cancelled sale of its diamond business in Canada and Namibia, BHP’s suspended sale of the Naudesbank coal project in South Africa, and Anglo American’s decision to keep

ownership of its US$6 billion Minas Rio iron-ore project in Brazil, after looking for a partner earlier this year.

Mark Cutifani, CEO of Anglo American, was quoted as saying, “it has been hard for potential partners to offer an appropriate value for the project in the current macroeconomic scenario.”

All these developments, and the Chinese side effects discussed below, have had a cascading effect through the junior-mining sector.

China

Many in the industry expected Chinese miners — big M&A players in recent years — to step-up their M&A in 2013, given the volume of purportedly undervalued assets on the market. However, the Chinese have also scaled back on mining investments in 2013 for some of the same, and for some of their own, reasons. This has exacerbated a cascading effect through the market.

In our discussions with Chinese state-owned enterprises (SOEs) about recent news, many have expressed a concern with the wellpublicized writedowns faced in 2012–2013 by miners in the West.

“How could this happen?” they ask.

A big writedown is something Chinese SOEs want to avoid, and there has been a prevailing view that SOEs will need to be especially cautious in light of recent market developments.

The recent leadership changes in China have put decision makers into a holding pattern during much of 2013. They have been reluctant to suggest initiatives like a major merger or acquisition until it is clearer what will be the top leadership’s strategic direction.

Undoubtedly, the Chinese have faced some of the same challenges in their outbound M&As as Western companies have experienced.

Several significant Australian mining projects, such as Sinosteel’s Midwest iron project, Metallurgical Corp. of China’s iron project at Cape Lambert, and Citic Pacific’s iron project at Cape Preston, have announced project delays or suspensions due to cost escalations or higher-than-expected costs.

At the 2013 China Mining Congress and Exhibition held in Tianjin on Nov. 2, China Mining Association vice-chairman Wang Jiahua stated that 80% of China’s overseas mining investments have not yet been successful.

There is a general sense coming from China that the approaches traditionally being taken to mining investments abroad should be revisited.

Several of the Chinese mining SOEs and their lenders have faced liquidity difficulties associated with underperforming assets, leading to a tightening of the purse strings on the bank’s side, with respect to new outbound M&A. Big drivers in Chinese mining M&A in recent years have been the steel producers looking to secure supply for their mills. However, facing their own problems of steelmaking overcapacity in China in recent years, low steel prices and plenty of supply of raw materials on the market, many of the big Chinese steel companies in 2013 were focused on finding ways to improve profitability in their core business, rather than seeking diversity upstream in mining.

Several prominent Chinese M&A transactions for listed African mining companies were unsuccessful in 2012–2013, such as Sichuan Hanlong Group’s US$1.3-billion bid for iron-ore junior Sundance Re-

sources (ASX: SDL), and Cathay Fortune and China–Africa Development Fund’s joint US$865million bid for copper junior Discovery Metals — throwing more water on the already damp fire of outbound M&A. Adding to this complex mix were clampdowns, or probes, on corruption and excessive spending launched in 2013 by China’s new leaders against officials at various Chinese SOEs. These actions sent a shiver through SOEs, and contributed to a pause in outbound investing and M&A while the dust settles.

The net effect of all these factors is that China has been surprisingly slow off the mark to buy some of the plethora of mining assets for sale, even though the acquisition market is in a better position than it was before, when Chinese buyers were more active in the market, and there are a lot of good assets for sale.

There have been a few bright spots in outbound China mining M&A so far in 2013. Most notable was China Molybdenum’s acquisition of the Northparkes copper– gold mine from Rio Tinto for US$820 million.

Surprisingly, the second-largest announced Chinese mining M&A transaction was in the U.S. — a relatively new destination for overseas mining investment — with the US$544-million acquisition by ceramics and hardware fittings company Guizhou Guochuang of Triple H Coal, a Tennessee-based, clean-coal mining company.

The most prominent potential mining M&A transaction involving a Chinese party during 2013 has been the US$5-billion disposition of the Las Bambas copper project in Peru, as ordered by the Chinese Ministry of Commerce as part of an anti-trust approval of the Glencore–Xstrata merger. Two Chinese SOEs are reported to be the main contenders for the asset.

Other than that, the Chinese have been rumoured to be mainly kicking a lot of tires in the big deals, but not buying.

Chinese outbound mining M&A in 2013 have been more in the way of restructurings, such as the following three examples of goingprivate transactions of affiliates: Shenzhen Zhongjin’s US$112-million takeover of Perilya; Yanzhou Coal Mining’s (NYSE: YZC) US$146-million takeover of YanCoal Australia; and Chihong Canada Mining’s $50-million takeover of the Selwyn lead–zinc project in the Yukon.

In the mid-market, similar examples are: Shanxi Donghui Coal’s US$181-million bid for coal miner Inova Resources in Australia; Shandong Qixing Iron Tower’s US$140-million bid for gold miner Stonewall Mining in South Africa; Dingyi Group Investment’s US$200-million bid for potash miner Elemental Minerals in Australia; and Shandong Energy Linyi Mining Group’s US$200million acquisition of Rocklands Richfield in Australia.

There has also been a smattering of private-placement investments announced from China into junior companies, such as China BlueChemical and Guoxin International Development’s joint $32-million investment in Canada’s Western Potash (TSX: WPX), and China CAMC Engineering’s $11.7-million strategic investment in Canada’s Fortune Minerals (TSX: FT; US-OTC: FTMDF).

Compared to recent years, however, this is a modest list of announced outbound mining and investment M&A from China.

In 2013, private enterprises gradually replaced state-run companies to become the leading players in overseas mining. China Mining Association figures are reported to show that in the first three quarters of the year, overseas mining investments by China’s state-run enterprises reached US$1.2 billion, while those by private investors amounted to US$1.9 billion.

Africa and developing countries

China remains active in Africa and other developing countries, with several major projects launched in 2013, typically in “state-to-state” negotiated investments. Reportedly, much of the Chinese interest in new projects these days is from railway and construction companies, rather than traditional mining companies.

Major project announcements in 2013 include China Nonferrous Metals’ announced US$800-million joint-venture nickel project in Myanmar; Citic’s US$70-million investment in Venezuela’s previously nationalized mining sector, in conjunction with US$20 billion of infrastructure investment by a Chinese consortium; and Tianjin Materials’ US$1-billion investment in African Minerals (LSE: AMI; USOTC: AMLZF) and its Tonkolili iron-ore project in Sierra Leone.

Russia and environs

Russian and Kazakh billionaires, perhaps more nimble in their decision making in this environment, have replaced Chinese SOEs as the main drivers of big mining M&A deals in 2013. Four of the leading M&As for 2013 have been from these buyers, including transactions for Polyus Gold, Eurasian Natural, Kazzinc and Uranium One. Polish copper miner KGHM has made successful international acquisitions, and is reportedly looking to expand its resources via the same route.

Mid-tier feast or famine

The opportunities for the mid-tier miners in this market depend heavily on their debt situation.

For sellers, several mid-tier miners undertaking project development or expansion projects have been challenged by a perfect storm of less-than-forecasted commodity prices, skeptical or closed capital markets, and/or production or development challenges.

These sorts of challenges have forced several mid-tier companies, such as nickel players Mirabela Nickel (TSX: MNB; US-OTC: MRBAF) , Talvivaaran Kaivososakeyhtio Oyj (LSE: TALV) and Sherritt International (TSX: S; US-OTC: SHERF), gold players Jaguar Mining (TSX: JAG: USOTC: JAGGF) and Great Basin Gold (TSX: GBG: US-OTC: GBGLF), copper producer Mercator Minerals (TSX: ML; US-OTC: MLKKF), into publicly announced restructuring, insolvency proceedings or strategic reviews.

Eike Batista, formerly Brazil’s, and one of the world’s, richest men, has been forced to fire sale his empire, including mining and related infrastructure assets owned by MMX Mineracao e Metalicos, in one of the most spectacular meltdowns in mining history.

Cliffs Natural Resources (NYSE: CLF) has suspended indefinitely its huge chromite project in Ontario’s Ring of Fire.

For buyers, it’s a different story.

With the Chinese on the sidelines, a few mid-tiers miners not saddled with debt have entered the market See Global M&A, Page 15

THE NORTHERN MINER december 30, 2013-january 5, 2014 15

Global mining M&A, investment Canada Lithium and Global M&A, From Page 14

to pick up prominent assets from the mega majors — in some cases, priced with reference to the cost the vendor incurred to develop the project.

For example, Lundin Mining (TSX: LUN; US-OTC: LUNMF) bought the Eagle nickel–copper mine in the Upper Peninsula of Michigan from Rio Tinto for US$315 million, and PanAust (ASX: PNA) bought the Frieda River copper project in Papua New Guinea from Glencore Xstrata for US$75 million.

Capstone Mining (TSX: CS; USOTC: CSFFF) acquired the Pinto Valley copper mine in Arizona from Rio Tinto for US$650 million.

Probably this cycle’s final, top-ofthe-market mega deal was the hostile takeover of Inmet Mining by First Quantum Minerals (TSX: FM; LSE: FQM) for $5 billion in March 2013.

Juniors: Just famine

The Toronto Stock Exchange and TSX Venture Exchange have long been the lifeblood of financing for the exploration and development of new mining projects. Few of these exploration and development companies are intended to survive as producing mining companies — most expect to take a project to a certain stage, and sell it to a bigger company.

This has been a brutal year for this sector, with all indexes trailing downwards as 2013 nears its end.

The S&P/TSX Global Mining Index is down 20% year to date, while the S&P/TSX Global Gold Index is down 43%.

As mentioned, a big driver behind investing in the junior sector is the prospect of a sale to a bigger company for a nice gain. However, the big buyers are not buying much these days, so this makes it hard for juniors to raise money for their project (typically intended to be sold to a major or Asian investors).

According to the TMX Group, equity financings by mining companies on the TSX Venture is on track to total $2 billion during 2013 — onethird of what was raised in 2011. Mining initial public offerings are almost non-existent these days.

Kaiser Bottom-Fishing reported that as of May, out of the roughly 1,800 publicly listed TSX and TSXV companies involved in mining or exploration, 694 had less than $200,000 in working capital — the amount needed annually to maintain a listing — and 70% of all the companies in their database were trading at below 20¢.

Only a few mining companies have tapped into the equity markets in 2013 in a substantial way, such as Canadian gold producers Barrick, Allied Nevada Gold (TSX: ANV; NYSEMKT: ANV) and Detour Gold (TSX: DGC; US-OTC: DRGDF).

Many of the significant stock offerings that have gone through were intended to “de-lever” balance sheets, rather than fuel growth.

Mostly, juniors have stopped spending or raising money. They are now focused on weathering the storm.

Volatility in the mining sector has had a noticeable impact on M&A activity in 2013, despite so much being for sale. The number of deals across the global mining sector fell by 31% in the first half of 2013 compared to the same time last year, which was already considered to be a slow time for deals.

There have only been a few notable junior mining M&A transactions in 2013, such as the Rainy River sale to New Gold (TSX: NGD; NYSE-MKT: NGD) for $300 million.

Our expectation is that this market — which has worked well for decades at funding mining exploration and development — will take a little while to recover and heal its bruises. However, the lure of the “big score” will feed promising and/or well-promoted projects.

nancing, traditional project finance and off-take.

It will be interesting to see whether the speculation by these alternative funders in the riskier junior sector will pay off. Our feeling is that it will, provided they back the right projects.

New financiers

Outlook

Alternative financiers have waded into the mining sector in recent months to fill the gaps. When precious metals prices skyrocketed, “metal-streaming” companies and royalty companies, like Silver Wheaton (TSX: SLW; NYSE: SLW), Franco-Nevada (TSX: FNV; NYSE: FNV) and Royal Gold (TSX: RGL; NASDAQ: RGLD) tapped into the stock markets for billions of dollars to partly fund mine-development projects in return for a “stream” of precious metals produced from the mine — typically a by-product — or a royalty.

In late 2012 and early 2013, these alternative financiers were the talk of the mining sector. Some of the big streaming deals straddled the two market eras. For example, while gold prices were still on top of the market in early 2013 and base-metal miners were looking for dispositions, Silver Wheaton stepped into fund $1.9 billion to Vale via a “gold stream” of the Sudbury nickel mines and the Salobo copper mine (essentially, a partial disposition of these assets).

With the fall in gold and silver prices in mid-2013, there has been a slowdown in these streaming and royalty financings. What are the prospects for these mechanisms in the presently muted precious-metals environment? Markets are nevertheless evolving.

In recent months, private-equity funds have recognized the opportunity presented by the market swing in mining, and several private equity-funded mining investments have been announced.

Private equity funds announcing mining deals in recent months include Apollo, Resource Capital, Brookfield, Appian Natural Resource Fund, Waterton, Trafigura and Liberty Mutual. (As an aside, there was a time when the preponderance of private equity funds excluded “investing in mining or commodities” in their constating documents, as mining was then considered a market too volatile for these vehicles.) A noteworthy example in this area is the $130-million secured loan by real estate and infrastructure firm Brookfield to North American Palladium (TSX: PDL; NYSE-MKT: PAL) to fund its mine construction.

It can be expected that private equity in mining will remain highly selective and operate much below the radar compared to the more promotional junior-stock markets. Despite all the talk in the market about private equity moving to back acquisitions of major assets disposed by the mega majors, there has been little action in this regard so far.

In addition to private equity, a few specialty mine-finance companies have risen to prominence, such as Red Kite. These firms provide complex debt, equity and off-take structures to “cherry-picked,” advanced-stage projects, with the intention of filling in the gaps missed by the traditional financiers in present markets — i.e., stock markets, banks, big mining companies and Asian investors.

A noteworthy example is the $190-million funding provided by Red Kite to Vancouver-based junior Asanko Gold, (TSX: AKG; NYSE-MKT: AKG) for its Ghana gold project, made with royalty fi-

One thing we know from the past, is that it can take a long time to restock project pipelines for mining after a whipsaw reaction of cuts in response to a low-price commodities environment. Mining projects take up to a decade to enter production, especially in the current climate of heightened environmental and social-licence approvals.

A prolonged period of under-investment in capital spending will again lead to supply shortages, rising prices for commodities, lowering inventories, acquirers scrambling to buy projects through M&A and upstream consumers seeking to secure supply — i.e., the “same old thing,” all over again.

Our view is that this will occur sooner than many in the market expect. London Metal Exchange inventories have dipped in recent months, indicating that the supply adjustments are having effect.

Major overseas investing from the Chinese will continue — notwithstanding the regrouping — driven by the accumulation of foreign currency reserves, shrinking domestic resources and support by the national government to Chinese companies “going out.”

Emerging from the ashes of 2013 could be the next generation of Xstratas and Vales — players able to lock up distressed and undervalued assets during the downtimes so as to maximize their benefit when markets pick up. In fact, the ex-CEOs of each of these companies (and several others) are attempting to make such acquisitions via their own start-up, private equity-backed vehicles.

As the “Year of the Snake” in the Chinese zodiac, 2013 has been a year for calculated reflection, strategy and patience amidst unfavourable odds. Perhaps, amidst the bearish undulations of the commodities markets, there will be some companies that exemplify the serpentine spirit of 2013, and emerge stronger for it.

— Based in Toronto, David McIntyre is a partner at Norton Rose Fulbright. He is a business lawyer for mining, mineral exploration and natural resource companies, with experience in M&A transactions, joint ventures and strategic alliances, commercial agreements (joint venture, farm-in option, royalty, offtake, product sales, assets sales, mine development and other miningrelated agreements), corporate governance and corporate social responsibility.

Based in Beijing, Barbara Li is a partner at Norton Rose Fulbright. As a corporate and projects lawyer, she specializes in China-related crossborder transactions, including mergers and acquisitions, joint ventures, inbound and outbound investment, development and construction of major projects, private equity, regulatory and commercial matters. She focuses on mining, energy and infrastructure industry sectors.

Norton Rose Fulbright is a global law practice with full business law service, with more than 3,800 lawyers based in over 50 cities across Europe, the U.S., Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia. Visit www. nortonrosefulbright.com for more information.

Sirocco to merge

Sirocco Mining’s Aguas Blancas iodine mine in northern Chile.

A merger between Canada Lithium (TSX: CLQ; US-OTC: CLQMF) and Sirocco Mining (TSXV: SIM; US-OTC: ATAAF) would make the combined entity one of just two public companies that produce iodine and lithium, the companies say.

Their proposed business combination announced on Dec. 4 would also help the new company take advantage of the latest developments in lithium–iodine technology, which Canada Lithium says “demonstrates higher energy levels and increased battery performance over current lithium battery technologies.”

Sirocco Mining is already producing iodine from its Aguas Blancas mine in northern Chile, and iodine production there is expected to reach 1,400 tonnes for 2013. The production forecast for 2014 is only 1,000 tonnes, however, as the company is reducing output and laying off staff during softer iodine markets. As soon as the company installs a semi-autogenous grinding mill — perhaps in 2015 — annual iodine capacity is forecast to grow to 2,000 tonnes.

Sirocco’s balance sheet and cash flow also help de-risk the production ramp-up at Canada Lithium’s 100%-owned lithium project near Val-d’Or, Que., which is expected, once in full production, to turn out 20,000 tonnes of battery-grade lithium carbonate a year, or 12% of global supply.

Canada Lithium has finished construction and is in the commissioning phase of an open-pit mine and on-site processing plant. The company signed a five-year offtake agreement for a minimum 12,000 tonnes a year with Tewoo– ERDC, one of China’s largest commodity traders. It has a second offtake agreement for up to 5,000 tonnes a year with Marubeni Corp., a major Japanese commodity-trading company.

The two miners are bullish that industry growth in cars and electronics will drive demand for lithium products, while widening

Sirocco Mining

applications that are anticipated for X-ray media in Asia will fuel iodine consumption. And in the short- to medium-term, they say, there is potential for downstream, value-added growth into lithium metal, potassium and sodium nitrates, sodium sulphate and lithium hydroxide.

Under the proposal, Canada Lithium shareholders would own 58% of the combined entity, and Sirocco shareholders would own 42%. Sirocco shareholders would receive 1.175 Canada Lithium shares for each Sirocco share, which values each Sirocco share at 48¢, or a 23% premium, to Sirocco’s 20-day, volumeweighted average price.

The companies’ boards have approved the arrangement. Sirocco has also agreed to provide a bridge loan of up to $10 million to Canada Lithium.

Richard Clark, Sirocco’s CEO, said management had been looking for growth opportunities in the mineral sector and described the combination as offering “an excellent opportunity for geographic and product diversification, while at the same time aligning two products with potential future complementary applications.”

If the deal goes through, Clark will become CEO of the combined entity, and Sirocco managers Alessandro Bitelli, Kevin Ross and Hugh Stuart will be appointed officers of the new company. “This is the core team that contributed to the growth of Red Back Mining’s operations, which was acquired by Kinross Gold (TSX: K; NYSE: KGC) for $9.2 billion,” Canada Lithium outlined in its news release.

The companies’s shares rose on the news, but retreated the next day.

Canada Lithium shares rose 1% to 39.5¢ per share on 3.82 million shares traded on Dec. 4, but closed down 3% to 38.5¢ per share on Dec. 5.

Sirocco shares jumped 9% to 41.5¢ per share on Dec. 4 on 6.4 million shares traded, before sliding 7% to a 38.5¢-per-share close on Dec. 5.

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16 december 30, 2013-january 5, 2014 THE NORTHERN MINER

Western Pacific partners with Quintana at Deer Trail

By Matthew Keevil

VANCOUVER — In November Western Pacific Resources (TSXV: WRP) was forced to extend its purchase agreement at the historic Deer Lake polymetallic mine, located 266 km southwest of Salt Lake City, Utah. But with a new strategic partner on-board, it looks like the company is about to hit the fast track. On Dec. 10, Western Pacific announced it had signed a convertible-note financing with private equity outfit Quintana Minerals.

Quintana is the natural resource arm of Corbin J. Robertson Jr.’s holding company. Robertson is the grandson of Texas oil tycoon Hugh Roy Cullen, and chairman and CEO of Natural Resource Partners (NYSE: NRP), which had a $2.2-billion market capitalization at press time. Quintana will buy secured convertible notes in Western Pacific in the principal amount of US$2.5 million when the deal closes and invest up to US$10 million in the company, conditional on development milestones at Deer Trail.

“I’d like to point out that this is a bit different than the typical private-equity situation. A lot of these

groups are sort of ‘loan to own’-type outfits where they lend you money, but what they really want is for your company to default so they can own the asset,” CEO Warwick Smith says during a phone interview.

“They typically have mining teams already backing them, and they tend to be more predatory. The Quintana guys back smart management teams and help them build their companies.”

Quintana’s secured notes will mature three years from closing and bear annual compounded interest at 8%. On closing Western Pacific will also revamp its board of directors.

Michael Williams and Ralph Rushton will be resigning, with Quintana managing director Oliver Rodz and mining analyst Lawrence Roulston sliding in as replacements.

The company may opt to forward Western Pacific another US$5 million in unsecured notes within the next three years. All notes will be convertible at Quintana’s discretion at 13.3¢ per share of Western Pacific, and carry conditional rights of first refusal.

As long as Quintana holds 20% of Western Pacific’s outstanding shares, it can maintain that position

Photo by Adrian Pocobelli

Western Pacific Resources executives and staff at the entrance to the historic Deer Trail gold mine in Utah. during any public or private offering. Quintana also holds rights to three board positions at Western Pacific, as well as influence over any future acquisitions.

In addition to the equity investment, Western Pacific has secured a base-metal off-take agreement with Quintana’s subsidiary

that is worth US$8.5 million.

Under the agreement Quintana will buy 100% of the lead production at Deer Trail and 41 million lb. zinc and 60% of total production thereafter, as well as 20% of any other base-metal output at the mine.

“It’s a unique situation . . . I think

we’re one of the only companies to solidfy a streaming agreement without any compliant resource,” Smith says. “But Deer Trail is a project that has a lot of underground development, along with the permits in place and a mill on-site. So the deal is sort of structured where we hit these development milestones in order to access the capital.”

Deer Trail’s mineral endowments include gold, silver, lead, zinc and copper, which occur within oxides and sulphides. The site features a 250-tonne-per-day flotation mill, a large-scale mining permit and strong regional infrastructure. Deer Trail hosts several polymetallic, manto-style deposits, with mine workings exposing westerly dipping sedimentary rocks across three units: the Toroweap and Queantoweap formations, and the Callville Limestone.

In September Western Pacific released results from channel samples taken from the historic underground workings at Deer Trail.

Western Pacific cut 73 samples from seven mine levels, concentrating on the 3400 zone.

Assays highlights include: 164 grams gold per tonne, 8,090 grams silver per tonne, 2.51% lead, 3.54% zinc and 0.33% copper over 0.54 metre in channel 13-17; 66 grams gold, 412 grams silver, 4.82% lead, 0.74% zinc and 2.91% copper over 0.6 metre in channel 13-9; and 5.1 grams gold, 747 grams silver, 12.9% lead, 13.25% zinc and 0.68% copper across 1.5 metres in channel 13-6.

“The key here is that this agreement is truly a partnership. They have taken seats on the board, and the plan from here is not only to develop Deer Trail, but to add production assets,” Smith says. “We’re aggressively looking for other projects we can put into Western Pacific and develop, with the help of Quintana.”

Western Pacific has traded within a 52-week range of 7¢ to 34¢. The company jumped 44% during two days of trading following its Quintana announcement, and closed at 13¢ per share at press time.

Western Pacific has 36 million shares outstanding for a $4.6-million market capitalization.

“In a market like this there were a lot of people really skeptical about our approach to the Deer Trail transaction. The industry seems to favour juniors just sitting on their cash these days, and I felt like that was totally the wrong way to run a company,” Smith says.

“At the end of the day you run the company for your shareholders, and sitting on cash is just paying salaries, and not building anything. Now we have the opportunity to do that.”