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$3.99 • JANUARY 26-FEBRUARY 1, 2015 • VOL. 100, NO. 50 • SINCE 1915
3
Integra’s Sigma purchase
a game changer at Lamaque
BY MATTHEW KEEVIL
VANCOUVER — According to
Integra Gold (TSXV: ICG; USOTC: ICGQF) president and CEO
Stephen de Jong, his company’s
recent acquisition of the
2,200-tonne-per-day Sigma mine
and mill complex for $7 million
brings a “better defined pathway
to development and production” at
its neighbouring Lamaque gold
project on the outskirts of Vald’Or, Que.
And if a recently released preliminary economic assessment
(PEA) is any indication, the purchase could also offer materially
improved financial returns. The
new study models a 1,300-tonneper-day operation at Lamaque that
takes advantage of existing surface
and underground infrastructure
Is Osisko Gold
charting a new
course for Falco?
BY TRISH SAYWELL
Falco Resources (TSXV: FPC) is
the only junior to control the last of
the large Abitibi mining camps not
owned by a major gold producer
and Osisko Gold Royalties (TSX:
OR; US-OTC: OKSKF) is a key partner and shareholder, owning just
over 11% of the company.
So when Osisko issued an early
warning report stating that it has
“expanded the purposes for which
it may continue to hold the existing
holdings” in Falco and determined
that, in addition to investment purposes, “it may use existing holdings
for purposes of influencing the
corporate, managerial and strategic policies,” it created a stir at
Falco.
“To go out and amend what was
already there caught me flat-footed
a little bit,” Falco president and
CEO Trent Mell says, who joined
the company last July. “The change
in designation is unusual ... it’s
atypical, and why they did it is not
Jan 26 2015 Issue.indd 1
entirely clear to me yet.”
Mell, a former executive vicepresident at AuRico Gold (TSX:
AUQ; NYSE: AUQ), added that in
his experience such a change in
designation often means that a
company intends to do something
more than just sit on its shares, and
may foretell of a more active involvement in the company.
“We have a huge year ahead with
a budget of almost $10 million,
which is more than we’ve spent in
the last two years,” he noted. “If
they have a concern, it is in everyone’s interest to address it now.”
John Burzynski, Osisko’s senior
vice-president of new business
development, did not return a request for comment on the early
warning report before press time.
Sean Roosen, chairman and CEO
of Osisko Gold Royalties, joined
Falco’s board as chairman in September 2014.
The co-founder of Osisko MinSee OSISKO, Page 18
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Strong Cash Position
TSX.V: GRG
www.goldenarrowresources.com
Detour Gold
2015 outlook raises
concern
INTEGRA GOLD
Integra Gold’s historic Sigma gold mill in Val-d’Or, Quebec.
3:32:27 PM
located 1 km from Integra’s Parallel
and Triangle gold zones.
“The story behind the capital
savings is the fact we no longer
need any surface infrastructure at
Parallel since we’re extending the
underground workings right next
to the Sigma mill,” de Jong explains
during an interview. “In addition
we’re seeing lower operating
See INTEGRA, Page 2
Market cheers 2014
perfomance
Contact David Danziger at 416.641.4940
BC and
Pages
11-15
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See BANK
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12
www.geo
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1-905-84
1-5004
its share for each outGoldcorp (TSX: G;
standing Probe share.
NYSE: GG) is acquiring
Based on Goldcorp’s Jan.
gold junior Probe Mines
16 close of $28.49, each
(TSXV: PRB; US-OTC:
Probe share is valued at
PROBF) in a friendly all$5, reflecting a 49% preshare deal worth $526
mium over its close.
million.
Goldcorp had estimated
Probe’s main asset is
it would issue 17 million
its 100%-owned Borden
gold project near Chap- BY SALMA TARIKH shares under the arrangement.
leau, Ont., 160 km west
On Jan. 21, Goldcorp struck a side
of Goldcorp’s Porcupine mine in
Timmins, Ont. The Borden proj- deal to with Agnico Eagle Mines
ect is one of the best gold discov- (TSX: AEM; NYSE: AEM) to buy
eries in the province in recent 7.3 million Probe shares and 2.3
years. It contains a high-grade million Probe warrants from Agconstrained underground re- nico for a cash consideration of $5
source of 1.6 million indicated oz. per share and $2.90 per warrant for
from 9.3 million tonnes grading an aggregate C$43 million. Each
5.93 grams gold, plus 400,000 in- warrant allows the holder to buy a
ferred oz. from 3 million tonnes of Probe share for $2.10 until May 28,
4.37 grams gold. It has a lower- 2015.
When this side deal closes at the
grade open-pit resource of 2.32
million indicated oz. based on 70.3 end of January, Goldcorp will own
million tonnes of 1.03 grams gold, 19.9% of Probe on a partially-diand 10,000 inferred oz. based on luted basis.
Chuck Jeannes, Goldcorp’s pres247 million tonnes grading 0.8
ident and CEO, said the purchase
gram.
Probe recently consolidated its of Probe fits the company’s stratBorden land package, giving it a egy of “securing growth opportu100% ownership over 70 km of con- nities in and around our existing
tiguous claims, likely spurring districts with a focus on low-cost,
Goldcorp’s offer. The gold major high-quality gold production.”
owned 9.3% of Probe as the bid was Borden is mineable through conlaunched and is offering 0.1755 of ventional underground methods,
and given its proximity to the Porcupine mine and a large milling
complex, Goldcorp could transport Borden’s ore to Porcupine,
reducing capital costs and permitting requirements.
Raymond James analyst Phil
Russo, who covers Goldcorp,
writes that it’s a small acquisition
for Goldcorp. Considering the pro“We just don’t have the free cash posed synergies and that Borden
flow for the Aranzazu expansion
See GOLDCORP, Page 19
itself and at the current run rate, it
PM40069240 – PAP Registration #09263
is cash-flow negative,” president
and CEO Jim Bannantine explains
in an interview. “We’ve always
planned to expand it, we just need
external financing, and these markets are tough.”
Aranzazu consists of both openpit and underground operations
and the 2,600-tonne-per-day mill
produces a copper-gold-silver concentrate using conventional flotation. (While mining operations will
be suspended, copper concentrate
will be processed until the stockpiles are completed.)
In November the company forecast that full-year production in
2014 would be between 15.5 million
and 17 million lb. copper, at a cash
cost per lb. copper produced of
US$2.60 to US$3.15 per lb. Preliminary production figures for Aranzazu in 2014 released on Jan. 19 show
Aura Minerals
suspends mining
at Aranzazu
BY TRISH SAYWELL
Aura Minerals (TSX: ORA; USOTC: ARMZF) has become the latest casualty of slumping commodity
prices, unresponsive financing
markets and fixed costs: It is suspending mining operations temporarily at its Aranzazu copper-goldsilver mine in Mexico.
The company notified shareholders before markets opened on Jan.
15, a day after the copper price
dipped to US$2.55 per lb., a 5.2%
drop on the day and its lowest level
since 2009.
In the three months ended Sept.
30, 2014, the company’s Aranzazu
mine in northeastern Zacatecas
state recorded an average cash cost
per lb. copper net of gold and silver
credits of US$3.06 per lb., on production of 3.86 million lb. copper.
The company has been trying to
raise money to expand the mine
from 2,600 tonnes per day to 4,500
tonnes per day, but the markets
have been uncooperative.
See AURA, Page 18
15-01-21 5:50 PM
2
JANUARY 26-FEBRUARY 1, 2015
THE NORTHERN MINER
Integra’s game changer
REGULAR
DEPARTMENTS
Careers ............................ 18
Editorial ............................. 4
Events.............................. 19
Meetings ......................... 19
Metal Prices ....................... 7
Professional Directory . 16-17
Stock Tables .................. 6-10
Integra Gold
40¢
38¢
COMPANY INDEX
Agnico Eagle Mines ...... 1,18
Aura Minerals .................... 1
AuRico Gold ...................... 1
Banks Island Gold ............ 11
BHP Billiton........................ 3
Capstone Mining ............... 3
Detour Gold .................... 20
Duluth Metals.................. 17
Falco Resources ................. 1
First Nickel ....................... 17
Goldcorp ........................... 1
Imperial Metals ................ 13
Integra Gold ...................... 1
Osisko Gold Royalties ........ 1
Probe Mines ...................... 1
Sabina Gold & Silver ........ 11
Seabridge Gold ................ 11
Thompson Creek Metals .. 15
Yamana Gold ................... 18
Share price
36¢
34¢
32¢
30¢
28¢
26¢
24¢
22¢
20¢
STORIES WE’RE WORKING ON. . .
Check out our next special section: Global Uranium (Feb. 2).
Since 1915
18¢
16¢
14¢
JAN FEB MAR APR MAY JUNE JULY
2014
AUG SEPT OCT NOV DEC JAN
2015
SOURCE: YAHOO FINANCE
INTEGRA, From Page 1
costs, which substantially decreased without the toll-milling.
We’re optimizing the mill for our
throughput rate, but we’re not removing anything, so if we need to
scale back up to full capacity, we
can do that quite easily. Long-term
we have a clear path about how we
can increase our annual gold production.”
Lamaque sits in the heart of the
Val-d’Or gold camp and is underlain by steeply dipping, east–west
striking volcanic flows and pyroclastics units intruded by intermediate mafic plugs, dykes and sills.
Mineralization is characterized by
“vein-type” mesothermal, structurally controlled deposits. The
gold-bearing quartz tourmaline
can be sub-vertical, moderately
dipping or sub-horizontal veins.
The plan is to access Triangle
via a ramp from surface 450 metres
west of the deposit limit. The company notes that condemnation
drilling completed in late 2014 for
the proposed decline location cut
“multiple high-grade zones” in
the area.
Meanwhile, access to Parallel
would be achieved through a 700metre lateral ramp from the Sigma
underground workings, which include a fully serviced portal at the
southeast wall of the historic
Sigma pit.
The PEA makes use of a resource
calculated in September 2013. But
since that time Integra has drilled
another 70,000 metres, and plans
to update the resource numbers
during the first quarter.
Lamaque’s global indicated resources stand at 1.5 million tonnes
grading 10.2 grams gold per tonne
for 499,200 contained oz. Inferred
resources are 488,500 tonnes of
15.1 grams gold for 236,500 contained oz. All calculations assume
a 5-gram gold cut-off grade.
The resource update will be a
milestone for Integra, since important aspects for Lamaque’s development is increasing the projected
mine life. The mine could operate
on current resources for 4.5 years,
but drilling over the past 18 months
appears to show expansion potential at Triangle, the Fortune zone
and the No. 5 plug.
“There are a lot of big companies being public about the fact
that Quebec is where they want
to grow and spend money. Osisko
is the obvious one, and it was a
big statement for the jurisdiction,” de Jong says.
“As a company we’re pushing
forward to production, but as we
do that we become more valuable
to anyone looking at us,” he adds.
“The fact that we have our permits
is huge because the first question
you’re always asked is: ‘How
quickly can you be in production?’
We check a lot of boxes except for
mine life, and I think the real rerating for our company will come
when we demonstrate we can
grow our resources.”
Recent condemnation drilling at
Triangle discovered a potential
near-surface extension 200 metres
west of the deposit. The program
tested the site of a proposed exploration ramp, but wound up discovering a large area for further exploration.
In early December Integra released assays from the target, with
highlights including: 9 metres of
3 grams gold from 222 metres deep
in hole 14-1; 1 metre of 3.46 grams
gold from 39 metres in hole 14-10;
and 1 metre of 3.25 grams gold
from 91 metres in geophysical
hole 14-3.
The company followed up with
results from No. 5 and Fortune in
early January. Drilling at Fortune
Global Leader
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Jan 26 2015 Issue.indd 2
focused on increasing confidence
in two major east–west vertical
shear zones 75 metres apart, while
also partly testing for lateral extensions.
Highlights from Fortune include: 3.7 metres grading 7.37
grams gold from 201 metres deep
in hole 14-2; 4.8 metres of 11.19
grams gold from 131 metres depth
in hole 14-1; and 4 metres of 7.7
grams gold from 110 metres in hole
14-2.
The No. 5 plug is notable, as it
sits just a few hundred metres
south of the proposed underground development at Parallel.
Integra punched 4,300 metres at
the target in late 2014 to evaluate
lateral continuity outlined in a program completed in 2012.
operating costs. The company also
figures it can drop its pre-production period and overcome permitting hurdles.
No provincial environmental
impact study (EIS) is needed for
the project, as Quebec’s daily production threshold is 2,000 tonnes.
As a result of the Sigma acquisition, federal regulators and the
Canadian Environmental Assessment Agency (CEAA) are considering the project an extension of
the Sigma property rather than a
new application. This will allow
Integra to apply for an amendment
to the EIS, as opposed to conducting a new study.
“The number-one reason for
the drop in the pre-production
period is the decrease in time we
need to access Parallel,” de Jong
says. “But the other thing that’s
happened is the permitting. We
hadn’t fully anticipated receiving
permission to take the EIS at
Sigma and amend it to include our
based on the weakening Canadian dollar, but I think it shows
the market that the mill is an extremely accretive acquisition for
very little cash. The numbers we
used, I think, are still conservative, so if you use spot prices
today the economics are even
more impressive.”
Investment bank M Partners has
a “buy” rating on Integra along
with an 80¢ per share price target,
and noted in a Jan. 13 research report that “Integra is likely to be an
attractive acquisition target because of both solid economics and
near-term production potential.
The proceeds from the company’s
recent flow-through financing favourably position it to move the
project into advanced exploration.
Additional exploration success is
likely to support the stock in the
near-term.”
In December Integra closed a
bought-deal private placement
wherein it used Quebec’s super
‘As a company we’re pushing forward to production, but as we do
that we become more valuable to anyone looking at us.’
— Stephen de Jong, president and CEO, Integra Gold
Drilling intercepted “multiple
narrow, high-grade veins,” with
highlights including: 9.5 metres
grading 4.59 grams gold from
222 metres deep in hole 5-14-1;
7.2 metres of 3.06 grams gold
from 240 metres in hole 5-14-8;
and 1.5 metres grading 17.9 grams
gold from 152 metres in hole
5-14-16.
“The No. 5 is a defined, intrusive plug that’s similar to the historic mineralization at Lamaque
and Sigma. Now you don’t have
vein frequency that you did at
Lamaque, but what we’ve seen
are interesting results from surface to 350 metres, which is intriguing because we could just
fork off the drift we’re putting
into Parallel and access No. 5,” de
Jong says. “The idea with this
type of deposit is that you want
to have as many working faces as
possible, so that’s one more production point that prevents bottlenecks at the mill.”
The updated resource will build
the foundation for a prefeasibility
study Integra plans to start this
year, but Sigma is already making
an impact at Lamaque.
The company’s previous PEA on
the project was in March 2014. As
a result of the infrastructure acquisition, Integra’s new study shows
a drop in capital expenditures and
property. That means we don’t
need to spend eighteen to twentyfour months doing a whole new
study. And that’s because as far
as surface impact goes, only 3% is
on the Integra-Lamaque side of
the fence.”
On the development front, Integra reports that incorporating
the existing infrastructure
should cut its pre-production
timeline by six months to 18
months. Capex estimates have
also dropped by $7.3 million to
$61.9 million, and operating
costs have declined 17% to $551
per oz.
Annual production is relatively
comparable, with Lamaque expected to produce 110,000 oz. gold
per year compared to 112,400 oz.
in the 2014 PEA.
The real improvement is evident
in the updated economics. Goldprice assumptions have dropped
US$100 to US$1,175 per oz., while
Lamaque’s after-tax net present
value has jumped US$25 million to
US$113.5 million, and the project’s
internal rate of return (IRR) is up
21% to 59%.
“We were public about the
changes that would occur in the
PEA after the acquisition, but
personally I was a bit surprised
about the jump in the IRR,” de
Jong comments. “Some of that is
flow-through program to raise
gross proceeds of $8.2 million.
The company has in excess of $11
million to fund 2015 exploration.
Integra plans on drilling 50,000
metres in 2015, and have up to
eight drills operating by the end
of February.
“Expansion will really happen at
Triangle since it’s basically open
in all directions. We’re also going
back to the No.4 plug, which is
open to the east. We’ve had some
phenomenal results there in the
past right from surface,” de Jong
says.
“What we’re really looking forward to, however, is drilling new
claims acquired in the Sigma deal
to the northeast of Triangle. The
ground is along what we call the
No. 4 plug trend. These intrusive
plugs that carry mineralization
like the Lamaque mine show up
really well due to the magnetite.
We’re seeing a lot of these magnetic highs along that trend, and
we’d really like to test those other
targets,” he says.
Integra shares have traded
within a 52-week range of 14¢ to
42¢, and jumped 5% on the PEA
news before closing at 23¢ per
share.
The company has 210.6 million
shares outstanding for a $46.4-million market capitalization.
15-01-21 5:50 PM
THE NORTHERN MINER
JANUARY 26-FEBRUARY 1, 2015
3
Capstone’s 2015 outlook ‘disappointing,’ BMO says
CAPSTONE MINING
Trucks at Capstone Mining’s Pinto Valley copper mine in Arizona, 125 km east of Phoenix.
VANCOUVER — On Jan. 20 copper producer Capstone Mining
(TSX: CS; US-OTC: CSFFF) released its production and capital
expenditure guidance for 2015, and
the results don’t have analysts at
BMO Capital Markets particularly
enthusiastic. The company expects
to produce 90,000 tonnes of copper
in concentrates and cathode from
its Pinto Valley, Cozamin and
Minto mines at cash costs ranging
from US$2 to US$2.10 per lb.
In addition, Capstone reported
that its yearly budget was developed to “maintain financial flexibility, preserve the value of [its] development projects and maximize
existing operations. The company’s
US$149-million capital budget is
well above BMO Research’s estimate of US$46 million, with the difference relating to timing of expenditures at Pinto Valley and higher
stripping costs at Minto.
Capstone did report, however,
that it has flagged US$36 million in
capital that could be “deferred or
cancelled” depending on the state
of copper prices. The company is
optimizing the performance of its
Pinto Valley asset, which it acquired
from BHP Billiton (NYSE: BHP;
LSE: BLT) for US$650-million cash
in April 2013.
“Our current cash balance and
available credit facilities, along
with tightly managed capital spending, will allow us to weather the
volatility in the copper market well
into the foreseeable future,” president and CEO Darren Pylot noted
in the release. “We have put a flexible financing structure in place and
developed a capital plan that will
allow us to quickly adjust our
spending, if required.”
Pinto Valley in Arizona is expected to account for most of production, with 56,300 tonnes of copper in concentrates expected this
year. Grades are projected to average 0.4% copper, with Capstone’s
focus involving stability at the mill
facility and ongoing cost reductions. Total operating costs and
costs per tonne mined are expected
to fall year-over-year, and will average between US$2 and US$2.10 per
lb. in 2015.
Capstone polished off an internal
scoping study in 2014 to analyze a
“significant amount of resources”
at Pinto Valley not included in the
initial mine plan. As a result, the
company will advance two cases to
prefeasibility, including a scenario
that will include a 10–15% increase
in throughput and the possibility of
a mine life extension beyond 2026.
Meanwhile, the company’s Minto
operation in the Yukon has been
impacted by a delay in receiving
surface mining permits for the
Jan 26 2015 Issue.indd 3
Minto North expansion, which contains the property’s highest grade
open-pit reserves. Capstone wagers it should receive its permits
and begin pre-stripping at Minto
North by March, with the mill processing 70% of its ore from stock-
piles until the fourth quarter.
As such, cash-cost guidance includes US34¢ per lb. allocated from
stockpile which was spent in 2014
and earlier, bringing cash spent during 2015 up to US$2.75 to US$2.85
per lb. Capstone does expect the
ment project in Chile in a measured
and disciplined manner, with a
number of steps in our stage-gate
process to be completed prior to
large capital expenditure commitments,” Pylot said.
BMO Capital Markets analyst
Aleksandra Bukacheva noted that
Capstone’s 2015 production guidance is 10% below estimates of
100,000 tonnes, with the shortfall
largely attributed to the permitting
delays at Minto. BMO Research
rates Capstone’s stock as “outperform,” but is reducing its target price
to $2.50 from $3 per share in light of
valuation uncertainty, fuelled by
higher capital expenditures.
Bukacheva added that the company has “ample” liquidity to
withstand an extended downturn
in copper prices, with US$400
million in “liquidity headroom.”
That number includes US$176
million in cash and US$235 million in undrawn credit facilities.
Capstone has traded within a 52week range of $1.15 to $3.35, and
closed at $1.28 per share at press
time. The company has 382 million
shares outstanding for a $487-million market capitalization.
cost profile to decrease each quarter
as grade improves. The company is
aiming to produce 18,000 tonnes of
copper in concentrates at Minto,
with cash costs pegged at between
US$3.10 and US$3.20 per lb.
In Zacatecas, Mexico, Capstone
estimates its Cozamin underground
mine will crank out 18,000 tonnes
of copper in concentrates at cash
costs of between US$1.35 and
US$1.45 per lb. Most of the ore will
come from the San Roberto blocks
in 2015, with the Mala Noche Footwall zone contributing 37% of ore
production in 2015 at an average
1.8% copper grade.
On the development front Capstone will advance its Santo Domingo asset in Chile using what it
calls a “stage-gate project management process.” The company anticipates it will receive an environmental-impact assessment on the
project in the first quarter, which
will trigger a decision on how to
proceed with mine scheduling. Capstone reports that if “conditions
warrant,” it could boost spending at
the project to US$24 million in 2015.
“We [intend] to continue to advance our Santo Domingo develop-
100
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JANUARY 26-FEBRUARY 1, 2015
THE NORTHERN MINER
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EDITORIAL: TOP STORIES OF WEEK 3
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Gold: The ray of
hope in a weary
market
The Vancouver Resource Investment Conference in mid-January is
usually a great way to gauge the mood of the Canadian junior mining
scene in the year ahead, and this year was no different.
The number of exhibitors and floor space had contracted
noticeably, and there were plenty of anecdotal stories of layoffs and
great management tension within the ranks of the juniors. Many
feel that mining is in the fourth year of downturn, and people and
companies are simply getting ground down and worn out from all
the stress.
Exhibitors and attendees were still reeling from the sudden and
deep decline of most metal and mineral prices in the past few
months, and were mulling over the costs and benefits of the even
more spectacular fall in oil prices and the Canadian dollar. Almost
nobody mentioned the dreaded words “iron ore,” “thermal coal” or
“met coal,” which all look to be lost causes for juniors for years
ahead, as prices stay at rock-bottom.
But the Vancouver scene is, if anything, best defined by its
perennial optimism even during the deepest downturns, and this
year’s optimism centred on gold and silver’s sunny prospects.
Indeed, at press time gold prices have risen above US$1,300 per
oz. for the first time in five months, and over the past 12 months,
gold prices are up in all major currencies. In U.S. dollars — despite
the greenback’s great strength in recent months — spot gold prices
are up US$117 per oz. in the last 30 days and US$53 an oz. in the past
year.
Silver is predictably tracking gold prices, and trades at a
respectable US$18 per oz., up US$2.43, or 15.5%, just in the last 30
days, but still down US$1.76, or 9%, from a year ago. Most
encouragingly, silver prices have bobbed up nicely above the US$17
per oz. mark that is widely seen as the level where half the world’s
silver miners are making money and half are losing money.
There have been plenty of monetary and macro-economic
developments for gold bugs and other aficionados to mull over in
recent weeks.
Perhaps the most exciting development of late is that gold prices
are up strongly in euro terms, breaking through key resistance
levels to hit €1,126.59 an ounce, its highest level since May 2013, and
up 15% since the start of the year.
Gold prices denominated in euros have been on the upswing
since November, when European Central Bank president, Mario
Draghi, first signalled that the bank might ramp up its quantitative
easing strategy — a classic fiat-currency debasement that should
benefit gold prices in the debased currency.
Equally as fascinating was the shock decision by the Swiss
National Bank (SNB) to abandon its cap on the Swiss franc’s value
against the euro on Jan. 15, which roiled currency markets around
the world, as the euro dropped 30% against the franc, ending more
than three years of calm in Swiss foreign-exchange markets.
The move was an about-face for the SNB, which — to help Swiss
exports to the rest of Europe — had intervened in the markets since
September 2011 to prevent the franc from climbing too high, buying
billions of euros to stop it from dropping below 1.20 francs. This
latest move is seen as an attempt to get out ahead of a coming major
round of quantitative easing by the European Central Bank,
expected to be announced before the end of January.
In the hours after the shock announcement by the SNB, the euro
plunged as low as 0.85 franc, and the Swiss stock market dropped
more than 10%, with the franc settling at the end of the day around
1.05 to the euro, and now trading around parity.
Gold investors were pleased to see that gold’s safe-haven role
came through in a big way on this day of financial turmoil in the
currency and equity markets. Right before the SNB announcement,
gold traded at US$1,235 and silver was US$17. Now gold prices are
5% higher and silver prices are 6% higher.
It’s more than enough to put a smile on the most downtrodden of
mining promoters in Vancouver and their weary staff and
shareholders.
STAFF WRITER:
PRODUCTION
EDITOR:
SALMA TARIKH,
BSc (Psych), MA (Jour)
[email protected]
DAVID PERRI, BA
[email protected]
COPY EDITOR:
WEB EDITOR:
ISA CUNANAN, BSc
ADRIAN POCOBELLI,
(Health Sci and Prof Writing)
MA (Engl)
[email protected] [email protected]
FA C T S ‘ N ’ F I G U R E S
US Mint sells record
number of Silver Eagle
coins in 2014
The following is an edited report from The Silver Institute, a Washington D.C.-based nonprofit industry association. For more information visit www.silverinstitute.org.
The continuing appeal of silver for investors
led to record sales of American Eagle 1 oz.
silver bullion (Silver Eagle) coins last year,
topping the milestone established the previous year.
note after selling all 1 million of the its Bald
Eagle coins from its Canadian Birds of Prey
silver bullion coin series. The RCM said its
flagship 1 oz. Silver Maple coin continues to
generate solid customer interest.
Australia’s Perth Mint reported that while
total silver sales were down 13.5% year-onyear, largely due to a sales tax increase in
Europe, there was an increase in buying as
the price came off through the second half of
North of the border, the Royal Canadian Mint
reported it sold all 1 million of its Bald Eagle 1 oz.
silver bullion coins in 2014.
The U.S. Mint announced that 2014 sales
of Silver Eagle coins reached 44,006,000 oz.
The robust sales performance was driven
by a resurgence of demand in the fourth
quarter of 2014. December sales of the Silver
Eagle coins were up 104% year-on-year.
Sales of the Silver Eagles dramatically outpaced those of the 1 oz. American Eagle gold
and platinum coins last year. Moreover, based
on 2014 U.S. Mint sales figures and annual
average metal prices, Silver Eagles eclipsed
the gold coin’s sales by 59%.
Introduced in 1986, the 99.9% pure Silver
Eagle coins have experienced strong demand
in recent years, with sales climbing sharply
since 2008 and occasionally reaching levels
where demand exceeded supply. As a result,
the U.S. Mint was forced to stop selling the
Silver Eagles on several occasions last year as
demand swelled, instituting a policy to allocate available coins to its authorized purchaser distribution network.
Meanwhile, the Royal Canadian Mint
(RCM) reported healthy demand for its silver
bullion products last year, ending on a high
the year producing 20.8% higher sales over
the first half.
Investors’ support for silver was not just
limited to bullion coins. Investment in silver-backed Exchange Traded Funds (ETFs)
grew by 1.1 million oz. by the end of December last year. Although a modest gain of
0.2%, when compared with the 8.8% decline
in gold ETFs last year, it is clear that silver
ETFs remain a popular investment vehicle.
Early indications for physical bar demand
are down in 2014 for both silver and gold,
however.
While American investors show support
for silver, demand for the metal also increased through the year in India, where
silver imports climbed 13% to an estimated
212 million oz. in 2014, setting a level of imports that surpasses the previous record
volume of silver imports posted in 2013, according to analysts at GFMS Thomson Reuters. Silver has benefitted from increased
Indian demand due to uncertainty surrounding government import policies impacting
the gold market.
Send your Letters-to-the-Editor and op-ed submissions to the Editor-in-Chief at: [email protected],
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Jan 26 2015 Issue.indd 4
U.S. MINT
The 2014 American Eagle 1 oz. silver bullion coin. The U.S. Mint sold over 44 million in 2014.
15-01-21 5:50 PM
THE NORTHERN MINER
JANUARY 26-FEBRUARY 1, 2015
5
OP-ED
MATTERS OF GENERAL INTEREST
C O M M E N TA R Y
BC’s the place to be for exploration and development
BY GAVIN C. DIROM
SPECIAL TO THE NORTHERN MINER
The innovative and resilient people
in B.C.’s internationally respected
mineral exploration and development industry have faced many
hurdles in recent years amid lower
commodity prices and challenging
markets. However, members of the
Association for Mineral Exploration B.C. (AME BC) with experience
in the industry understand and appreciate that today’s challenges are
often tomorrow’s opportunities.
Despite the current slowdown,
mineral exploration and development continues to move forward in
B.C. at many advanced projects,
such as KSM, Brucejack, Blackwater,
Red Chris and Schaft Creek.
One of the best indicators of success in exploration is seeing discoveries move through to mine development. And in recent years, we
have seen new major metal mines
built in our province, including Copper Mountain in 2011, New Gold’s
New Afton copper-gold mine in 2012
and Thompson Creek Metals’ Mt.
Milligan copper-gold mine in 2013.
And the Red Chris copper-gold
mine will be in production soon.
Today, there are hundreds of
mineral exploration projects and
many advanced mine projects underway in B.C.
It is no coincidence that with exceptional mineral wealth comes a
plethora of expertise to support exploration and development.
B.C. has the largest concentration
of exploration companies and geoscientists in the world. Out of all
Toronto Stock Exchange and TSX
Venture Exchange-listed mineral
exploration and mining companies,
58% are headquartered in B.C.
It is also home to global leaders in
academic and applied research with
the University of British Columbia’s
Mineral Deposit Research Unit,
Geoscience B.C. and the B.C. Geological Survey, to name just a few.
Along with being renowned as
the assaying capital of the world,
there are more than 2,000 exploration and development service and
supply companies that call this
province home.
This extensive business cluster
means the industry is at the forward
edge of exploration practices allowing for smarter, more efficient,
cost-effective and environmentally
conscientious projects.
B.C. also has the infrastructure to
support mineral exploration and development. Citizens of the province
are served by a well-maintained
water, rail and road network connecting us east to west with the rest
of Canada and north to south with
the U.S. And the coastline is dotted
with deep-sea ports that are gateways
to resource-hungry economies in
Asia. The opening of the Northwest
Transmission Line mid-2014 and the
provincial government’s recent decision to proceed with the construction
of the Site C dam and hydroelectric
power generation project in northeastern B.C. will provide clean energy to our growing urban populations and also help mineral explorers
and developers attract investment
and meet power demands for their
projects at lower costs.
And consider that advanced exploration work is taking place at historically high levels in B.C. as the province
Jan 26 2015 Issue.indd 5
attracts investment, especially in
copper, zinc, gold and silver projects.
In 2014 it is estimated that B.C. attracted nearly 21% of exploration
spending across Canada, up from 11%
during the 2008–09 recession.
The investment is coming from
those who understand the industry’s long-term prospects and its
record of achieving returns over
time. The world’s population is
steadily increasing and becoming
more urban, with a growing middle
class that will demand things made
from metals and minerals. That includes critical infrastructure such
as hospitals, airports, universities,
roads, railways, ports and bridges,
and everything that uses electricity
— from home appliances to smartphones and electric cars.
It is becoming harder to find new
high-quality mineral resources in
safe, stable jurisdictions such as B.C.
Our province is geologically blessed
with world-class mineral deposits in
every region, and this is an opportunity we must not take for granted.
The provincial and federal government’s coordinated “one-project, one-review” environmental
assessment process is also expected
to benefit the B.C. industry by creating a more efficient and effective
system, while ensuring safe and responsible exploration and development, and earning the public’s trust.
Building positive and sustaining
relationships with First Nations is
integral to responsible mineral exploration and development. The
two Supreme Court of Canada decisions last year regarding aboriginal
treaty rights and title (Grassy Narrows in Ontario and Tsilhqot’in in
B.C.) provide more certainty to the
industry and reaffirm that engagement and consultation are the right
things to do. They empower mineral exploration and development
companies to forge stronger relationships with aboriginal communities, as they have been doing for
years. The latest decisions will better define those relationships.
AME BC will strengthen relationships with aboriginal communities,
leaders and organizations to foster
positive and mutually respectful relationships with the industry.
To support this goal, AME BC
updated its Aboriginal Engagement
Guidebook last year to help industry
better define the “duty to consult”
and other best practices.
It is true the industry has been affected by the current cyclical downturn in global markets and metal
prices. Companies have been scaling
back their operations to adjust to the
venture capital crisis and lower commodity prices. At the same time,
many are preparing for future growth
through strategic planning and investments. In fact, there are many
experienced companies and excellent projects in B.C. that advance
even in these tough times. They know
better than anyone else that what
goes down must eventually come up.
So when the mineral cycle enters
its inevitable upswing, B.C. will be
well positioned, as it should be, at
the top of the list of places to responsibly explore for the mineral riches
that the world needs.
— Gavin C. Dirom is president and
CEO of the Association for Mineral
Exploration B.C. AME BC hosts its
Mineral Exploration Roundup conference in Vancouver from Jan. 26 to 29,
2015. Visit www.amebc.ca for details.
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15-01-21 5:50 PM
6
JANUARY 26-FEBRUARY 1, 2015
THE NORTHERN MINER
MARKET NEWS
TORONTO STOCK EXCHANGE
Despite a large one-day gain as oil prices stabilized, the S&P/TSX Composite Index lost
0.5%, or 75.53 points, to close the trading week
at 14,309.41.
Given the slumping base metals prices,
particularly with copper touching a five-andhalf-year low mid-week, the S&P/TSX
Capped Diversified Metals & Mining Index
plunged 15.4%, or 105.59 points, to finish at
580.27. Beating the downward trend was the
S&P/TSX Global Gold Index, adding 8.7%,
or 14.52 points, to close at 180.76, thanks to
higher spot gold prices. The yellow metal
jumped 4.6%, or US$56.90 per oz., to end the
week at US$1,280.30.
First Nickel got a boost after reporting
that it would reduce its workforce by 45%, or
109 jobs, as part of a restructuring to bring
down costs at its Lockerby nickel-copper underground mine in Sudbury, Ont. The miner
expects to lay off 49 employees and 60 contractors. This reduction will allow it to resume ramp development to access ore and
begin exploration drilling to find more ore
and extend mine life. First Nickel soared 50%
to close at 2¢.
International Tower Hill Mines
climbed after it released a Jan. 6 update optimizing its large but low grade Livengood
gold development project in Alaska. As part
J A N U A R Y 12-16
of the optimization, the firm has improved
the proposed production schedule. Work
plans for this year include carrying out
more metallurgical tests, confirming the
flow sheet and improving the operating
costs to revise the capital cost estimate.
International Tower Hill has been reviewing Livengood since a 2013 feasibility study
showed the US$2.8-billion project needed
gold prices of US$1,600 per oz. to be economic. The company moved up 43% to 66¢.
Candente Gold rose after a financing announcement. The junior is issuing 16.6 million shares at 3¢ apiece in a non-brokered
private placement to raise gross proceeds of
$500,000. The funds will be used to evaluate
its El Oro tailings project in Mexico, including metallurgical test work and general cor-
TSX most active issues
Yamana Gold
B2Gold
Goldcorp
Kinross Gold
Barrick Gold
Torex Gold
Capstone Mng
Romarco Mnrls
Lundin Mng
First Quantum
YRI
BTO
G
K
ABX
TXG
CS
R
LUN
FM
VOLUME
(000s)
HIGH
WEEK
LOW CLOSE CHANGE
45671 5.79
28439 2.55
21300 28.68
19608 4.36
18529 14.28
18239 1.61
17894 1.99
17806 0.73
17407 5.39
16145 16.61
4.84 5.32 + 0.23
2.32 2.52 + 0.29
23.84 28.49 + 3.72
3.80 4.29 + 0.23
12.59 14.09 + 1.40
1.47 1.60 + 0.11
1.22 1.31 - 0.42
0.57 0.68 + 0.11
4.13 4.44 - 0.53
11.82 13.28 - 1.86
5.5% increase from 2013 is in line with its
higher annual production guidance. For
2015, it is guiding gold output of 205,000 to
220,000 oz. at all-in sustaining costs of
US$1,020 to US$1,100 per oz. It exited 2014
with US$37 million in cash and gold bullion
and US$12.5 million in working capital.
Crocodile’s full financials are due on
March 16. The miner’s shares gained 37%
to finish at 21¢.
porate purposes. Candente plans to process
the tailings to generate short-term cash flow
before mining the high-grade project. Shares
gained 40% to end at 4¢.
Crocodile Gold finished 2014 strong. It
reported record quarterly and full-year
gold production. The miner operates three
gold mines in Australia, where it produced
58,796 oz. in the fourth quarter, bringing
its annual production to 222,312 oz. This
TSX greatest percentage change
VOLUME
(000s) HIGH
First Nickel
Intl Tower Hil
Foraco Intl
Candente Gold
Eastmain Res
Crocodile Gold
Perseus Mng
Excellon Res
Coro Mining
U3O8 Corp
Marengo Mng
Gran Colombia
Lupaka Gold
Zincore Mtls
Ivernia
Xinergy
CaNickel Mng
Capstone Mng
Aura Mnls
Lithium Americ
FNI
ITH
FAR
CDG
ER
CRK
PRU
EXN
COP
UWE
MRN
GCM
LPK
ZNC
IVW
XRG
CML
CS
ORA
LAC
757
202
72
743
772
5435
4671
603
491
686
71
412
313
55
6915
574
56
17894
575
419
0.02
0.66
0.35
0.04
0.30
0.23
0.36
0.90
0.05
0.04
0.01
0.45
0.17
0.07
0.04
0.08
0.20
1.99
0.10
0.33
TSX greatest value change
WEEK
LOW CLOSE CHANGE
0.01
0.50
0.23
0.03
0.24
0.16
0.31
0.67
0.04
0.04
0.01
0.35
0.12
0.05
0.02
0.05
0.17
1.22
0.07
0.26
0.02
0.66
0.34
0.04
0.30
0.21
0.34
0.86
0.04
0.04
0.01
0.40
0.14
0.06
0.03
0.07
0.17
1.31
0.07
0.26
+
+
+
+
+
+
+
+
+
+
-
50.0
43.4
41.6
40.0
39.5
36.6
36.0
34.3
33.3
33.3
50.0
32.2
31.7
31.2
28.5
27.7
26.0
24.2
22.2
21.2
Royal Gold
Franco-Nevada
Agrium
Agnico-Eagle
Goldcorp
Silver Wheaton
Tahoe Res
Silver Std Res
Barrick Gold
Detour Gold
Horizns G Bear
First Quantum
Teck Res B
Labdr I-Ore Ro
Cameco Corp
Russell Metals
Dominion Diam
HudBay Minls
Lundin Mng
Capstone Mng
TSX VENTURE EXCHANGE
The S&P/TSX Venture Composite struggled under the weight of multi-year low
crude oil prices during the trading period,
as it lost 2.9%, or 19.9 points, en route to a
667.31-point weekly close. Bloomberg data
indicates that U.S.-based exchange-traded
funds removed US$874 million in Canadian-focused investments from Oct. 1
through Jan. 14.
Gold futures staged a major comeback, as
February contracts for bullion jumped 4.2%,
or US$51.20, before finishing at US$1,276.90
per oz. Crude oil closed in the green, with
March contracts for West Texas Intermediate gaining 3%, or US$1.43, en route to a
US$49.13-per-barrel close. March contracts
for copper dropped 5.1%, or US14¢, before
closing at US$2.62 per lb.
Junior Largo Resources led the value-lost
category after updating the status of its Maracas vanadium operation in Bahia, Brazil.
Shares dropped 22¢ on 151,700 traded before
finishing the week at $1.36. On Jan. 15 the
company said it has shipped 2.5 million lb.
V2O5 since its last update on early December. During January, Maracas’ production
output has run between 55% and 75% of
capacity.
Largo also provided a report on the vana-
Jan 26 2015 Issue.indd 6
WEEK
CLOSE
79416
3786916
1730038
6380945
21300482
7928281
1021825
3541606
18528769
12910753
4960362
16144968
12376949
1355698
4113535
925522
1224892
4811306
17407374
17893503
86.78
65.96
119.89
39.18
28.49
27.92
18.40
7.94
14.09
12.66
10.21
13.28
14.20
17.57
17.19
23.14
19.31
8.53
4.44
1.31
CHANGE
+
+
+
+
+
+
+
+
+
+
-
7.34
5.48
5.44
4.34
3.72
2.39
1.54
1.45
1.40
1.38
2.63
1.86
1.02
0.84
0.80
0.60
0.57
0.54
0.53
0.42
J A N U A R Y 12-16
dium market, indicating that pricing has
dropped since January 2014 — when it traded
at US$6 per lb. — and remains at a five-year
low of US$4.85 to US$5.15 per lb. V2O5 on the
bid offer.
Producer Avino Silver & Gold was one
of the top value gainers of the trading period,
having released a 2014 production report for
its Avino and San Gonzalo silver-gold mines
outside Durango City, Mexico. Shares
gained 38¢ on 122,600 traded en route to a
$2 weekly close.
On Jan. 12 the company reported that silver-equivalent production at Avino was up
49% year-on-year during 2014 at 1.3 million
oz. The gains were driven by a strong fourth
quarter, during which production jumped to
TSX-V most active issues
VOLUME
(000s)
HIGH
KWG Res
Goldrush Res
Duran Vent
Gold Canyon
Integra Gold
True Gold Mng
Victoria Gold
RJK Explor
Teras Res
Pelangio Expl
KWG
GOD
DRV
GCU
ICG
TGM
VIT
RJXA
TRA
PX
10035
7920
7611
7533
4758
4603
3904
3658
3584
3566
0.04
0.02
0.02
0.12
0.26
0.29
0.17
0.01
0.14
0.03
WEEK
LOW CLOSE CHANGE
0.03
0.01
0.01
0.11
0.22
0.22
0.13
0.01
0.07
0.02
0.03
0.02
0.01
0.12
0.26
0.23
0.16
0.01
0.13
0.03
- 0.01
+ 0.01
0.00
+ 0.01
+ 0.04
+ 0.02
+ 0.06
0.00
+ 0.03
0.00
silver last year.
Ontario-focused chromium outfit
KWG Resources topped the volumetraded category after news that an investment firm holding a major equity position
had closed its doors. The company saw
10 million of its shares change hands during the week, as it lost 1¢ en route to a 3¢
close.
436,235 equivalent oz. silver in a 74% improvement compared to the same period in
2013. During the fourth quarter tonnes
mined and metres of underground development at San Gonzalo increased by 61% and
26%, compared to the same period in 2013.
The increased mine productivity was due
to the purchase of two more scoops. San
Gonzalo cranked out 958,702 equivalent oz.
TSX-V greatest percentage change
VOLUME
(000s) HIGH
Rockridge Cap
Sennen Res
Prospero Silve
Valterra Res
Papuan Prec Mt
Premium Expl
Wealth Minls
Atlanta Gold
Golconda Res
Malbex Res
Parkside Res
MacDonald Mns
Montero Mg&Ex
Canadn Arrow
Argus Metals
Delta Gold
Cogitore Res
North Am Pot D
Newstrike Res
Pan Global Res
RRC
SN
PSL
VQA
PAU
PEM
WML
ATG
GA
MBG
PKS
BMK
MON
CRO
AML
DLT
WOO
NPD
NR
PGZ
10
2191
145
77
407
118
37
672
14
298
380
272
10
101
16
1137
139
1056
10
24
0.10
0.12
0.02
0.02
0.03
0.04
0.12
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.11
0.02
0.01
0.01
0.03
0.04
TSX-V greatest value change
WEEK
LOW CLOSE CHANGE
0.08
0.04
0.02
0.01
0.01
0.03
0.10
0.01
0.01
0.01
0.01
0.01
0.01
0.01
0.05
0.01
0.01
0.01
0.03
0.03
0.10
0.11
0.02
0.02
0.03
0.04
0.12
0.02
0.01
0.01
0.01
0.01
0.01
0.01
0.09
0.01
0.01
0.01
0.03
0.04
+ 300.0
+ 266.6
+ 200.0
+ 200.0
+ 150.0
+ 133.3
+ 118.1
+ 100.0
+ 100.0
+ 100.0
- 50.0
- 50.0
- 50.0
- 50.0
- 50.0
- 50.0
- 50.0
- 50.0
- 50.0
- 50.0
VOLUME
Abitibi Royalt
Avino Silver
Energold Drill
Pac Booker Min
Reservoir Mnls
Cypress Dev
Bear Creek Mng
Avrupa Mnls
Probe Mines
Diamcor Mng
Largo Res
Great Quest Me
Arianne Phosph
Northern Graph
Mirasol Res
Atacama Pac Gd
Zenyatta Vent
Focus Graphite
Alphamin Res
Argus Metals
U.S. M ARKETS
News that consumer sentiment in the U.S.
reached an 11-year high, along with optimistic
comments from the International Energy
Agency that “signs are mounting that the tide
will turn” for oil prices, helped U.S. equities
rally on Friday, but the major indexes still
posted a decline for the full trading week.
The Dow Jones Industrial Average dropped
225.8 points, or 1.3%, to 17,511.57, and the S&P
500 Index fell 25.39 points, or 1.2%, to 2,019.42.
The Philadelphia Gold and Silver Index rose
4.4% to 79.52, with the gold price rising 4.7%
to US$1,280.30 per oz.
Shares of Goldcorp climbed US$2.95 to
US$23.81. The company announced the sale
of its Wharf mine in South Dakota to Coeur
Mining for US$105 million and reported
that 2014 gold production rose 11% to 2.87
million oz., while all-in sustaining costs fell
6% to US$950 per oz. This year Goldcorp
forecasts production will grow by 20% to
between 3.3 million and 3.6 million oz. gold,
at all-in sustaining costs of between US$875
and US$950 per oz. Goldcorp expects production will reach 3.3 million to 3.6 million
oz. in 2016; 3.4 to 3.7 million oz. in 2017; 3.1
RGL
FNV
AGU
AEM
G
SLW
THO
SSO
ABX
DGC
HGD
FM
TCKB
LIF
CCO
RUS
DDC
HBM
LUN
CS
VOLUME
RZZ
ASM
EGD
BKM
RMC
CYP
BCM
AVU
PRB
DMI
LGO
GQ
DAN
NGC
MRZ
ATM
ZEN
FMS
AFM
AML
13066
122558
294166
20668
154663
31143
718017
383675
336823
22100
151680
155286
111485
261711
62451
187026
227238
470427
49300
15803
WEEK
CLOSE
3.60
2.00
1.27
4.55
4.38
0.14
1.62
0.38
3.36
1.15
1.36
0.63
0.81
0.58
0.97
0.28
1.33
0.43
0.16
0.09
CHANGE
+
+
+
+
+
+
+
+
+
+
-
0.81
0.38
0.30
0.27
0.24
0.19
0.17
0.12
0.12
0.12
0.22
0.18
0.11
0.11
0.11
0.11
0.10
0.10
0.09
0.09
J A N U A R Y 12-16
to 3.4 million oz. in 2018; and 3.1 million to
3.4 million oz. in 2019.
Golden Star Resources, which owns 90%
interests in three gold mines in Ghana,
jumped 23.8% to US29¢ per share. Despite
numerous power-supply problems, production in 2014 reached 261,000 oz. gold. The
company forecast 2015 production of between 250,000 and 275,000 oz. gold. Golden
Star finished 2014 with cash and equivalents
of US$39 million.
Cameco fell US84¢ to US$14.35 per share.
The company reported that on a 100% basis
last year, 0.34 million lb. uranium concentrate
U.S. most active issues
VOLUME
(000s)
HIGH
Barrick Gold* ABX 139438 11.90
Alcoa*
AA 115225 16.53
Freeport McMo* FCX
96143 23.17
Kinross Gold* KGC 74756 3.64
Goldcorp*
GG
72732 23.95
Cliffs Nat Rs* CLF
57221 9.00
Newmont Mng* NEM 55479 22.29
Peabody Enrgy* BTU
38707 6.97
Hecla Mining* HL
38581 3.24
Gold Fields*
GFI
36389 6.00
WEEK
LOW CLOSE CHANGE
10.52
14.90
18.32
3.17
19.91
6.71
20.22
6.46
2.92
5.53
11.75
15.28
19.24
3.57
23.81
8.90
22.29
6.56
3.08
5.73
+
+
+
+
+
+
+
+
1.03
0.02
1.60
0.15
2.95
1.81
2.17
0.14
0.20
0.27
was produced from milling ore from Cigar
Lake, and forecast packaged production this
year of between 6 million and 8 million lb.
The company said it expects Cigar Lake will
ramp up to its full annual production rate of
18 million lb. by 2018. Cameco is the operator
with a 50% stake, with Areva Resources Canada owning 37.1%; Idemitsu Canada Resources, 7.9%; and Tepco Resources, 5%.
Cigar Lake ore is trucked 70 km to the McClean Lake mill, where it is processed into
uranium concentrate.
U.S. greatest percentage change
VOLUME
(000s) HIGH
Comstock Mng*
Intl Tower Hi*
Allied Nevada*
Cliffs Nat Rs*
Golden Star*
Avino Silver*
Mechel*
Silver Std Re*
North Am Pall*
Endeavr Silve*
Quest Rare Mn*
Alpha Nat Res*
Alderon Irn O*
Uranium Ener*
Arch Coal*
Molycorp*
Taseko Mines*
Avalon Rare M*
Solitario Ex&*
Rhino Res*
LODE
THM
ANV
CLF
GSS
ASM
MTL
SSRI
PAL
EXK
QRM
ANR
AXX
UEC
ACI
MCP
TGB
AVL
XPL
RNO
572
299
2525
57221
14239
681
800
13970
17826
1056
162
28461
155
695
19757
11545
1308
1332
132
63
1.15
0.59
1.31
9.00
0.30
1.69
0.84
6.88
0.21
2.75
0.11
1.33
0.38
1.51
1.50
0.61
1.02
0.20
0.96
2.22
U.S. greatest value change
WEEK
LOW CLOSE CHANGE
0.85
0.42
1.07
6.71
0.24
1.43
0.61
5.77
0.15
2.44
0.09
1.07
0.27
1.15
1.17
0.48
0.82
0.17
0.80
1.84
1.11
0.53
1.25
8.90
0.29
1.69
0.84
6.63
0.17
2.71
0.09
1.13
0.31
1.20
1.23
0.51
0.85
0.18
0.84
1.90
+
+
+
+
+
+
+
+
+
+
-
39.8
38.9
32.9
25.5
23.8
23.3
21.7
20.7
19.7
18.3
16.6
15.0
14.6
13.0
11.5
10.9
9.5
9.6
9.0
8.2
Royal Gold*
Randgold Res*
Franco-Nevada*
Agrium*
Agnico-Eagle*
Goldcorp*
Central GoldT*
Newmont Mng*
Cliffs Nat Rs*
Silver Wheatn*
Cabot Corp*
Freeport McMo*
Consol Energy*
SunCoke Engy*
Teck Res B*
Alliance Rs P*
Cameco Corp*
Stillwater Mg*
Natural Rs Pt*
Dominion Diam*
RGLD
GOLD
FNV
AGU
AEM
GG
GTU
NEM
CLF
SLW
CBT
FCX
CNX
SXC
TCK
ARLP
CCJ
SWC
NRP
DDC
VOLUME
WEEK
CLOSE
4644463
6225437
6196131
509724
18455460
72731853
418538
55478771
57220620
27530741
1934735
96143335
13325769
360445
25901918
875172
9867436
8614749
322532
497039
72.56
80.90
54.97
100.12
32.72
23.81
44.68
22.29
8.90
23.31
41.58
19.24
30.26
17.66
11.86
39.37
14.35
13.26
8.35
16.11
CHANGE
+
+
+
+
+
+
+
+
+
+
-
5.55
4.98
3.79
3.59
3.26
2.95
2.33
2.17
1.81
1.76
1.82
1.60
1.14
1.13
0.96
0.93
0.84
0.73
0.64
0.63
15-01-21 5:50 PM
THE NORTHERN MINER
STOCK TABLES
MINING STOCKS listed on
NORTH AMERICAN EXCHANGES
Trading: January 12-16, 2015
(100s)
Stock
Exc Volume
Week
High
Low
Last
12-month
Change
High Low
A
Abacus Mng&Ex
Abcourt Mines
ABE Res
Aben Res
Aberdeen Intl
Abington Res
Abitibi Royalt
Abzu Gold
Actus Mnls
Adamera Mnls
Adex Mining
Adriana Res
Advance Gold
Advanced Expl
Adventure Gold
African Gold G
African Metals
African Queen
Africo Res
Aftermath Silv
Agnico-Eagle*
Agnico-Eagle
Agrium*
Agrium
Aguila Am Res
Alabama Graph
Alacer Gold
Alamos Gold*
Alamos Gold
Alberta Star
Alberta Star D
Alcoa*
Alder Res
Alderon Irn O*
Alderon Iron O
Aldridge Minls
Aldrin Res
Alexander Nubi
Alexandria Mnl
Alexco Res
Alexco Res*
Alhambra Res
Alix Res
Allana Potash
Alliance Mng
Alliance Rs P*
Allied Nevada
Allied Nevada*
Almaden Mnls*
Almaden Mnls
Almonty Ind
Alpha Nat Res*
Alphamin Res
Altai Res
Altair Vent
Altan Nev Mnls
Altan Rio Mnls
Altima Res
Altius Mnrls
Alto Vent
Alum Cp China*
Am Creek Res
AM Gold
Amador Gold
Amarc Res
Amarillo Gold
Amato Expl
American Manga
American Vanad
Amerigo Res
Amex Expl
AMI Res
Anaconda Mng
Anconia Res
AndeanGold
Anfield Nickel
Anfield Res
Angkor Gold
Anglo-Can Mng
AngloGold Ash*
Antioquia Gold
Antofagasta Gd
Apogee Silver
Appalaches Res
AQM Copper
Aquila Res
Arch Coal*
Archon Mineral
Arctic Hntr Ur
Arctic Star Rs
Arcus Dev Grp
Argentex Mng
Argex Titanium
V
3224
V
6240
V
350
V
169
T
4746
V
2767
V
130
V
10
V
180
V
2642
V
534
V
1571
V
10
V
398
V
347
V
7307
V
56
V
1644
T
223
V
597
N 184554
T 63809
N 5097
T 17300
V
89
V
7153
T 95717
N 50136
T 33159
V
1818
V
153
N 1152248
V
436
X
1551
T
4032
V
2264
V
1998
V
1861
V
3083
T
3982
X 13347
V
443
V
1183
T 17591
V
6870
Q 8751
T 16731
X 25252
X 24544
T
8303
V
126
N 284614
V
493
V
1265
V
200
V
810
V
100
V
2850
T
2438
V
360
N 1628
V
2984
V
12
V
122
V
4162
V
7420
V
50
V
315
V
3311
T
3326
V
4808
V
253
T
3845
V
2560
V
155
V
249
V
982
V
2558
V
944
N 240585
V
111
V
4806
V
1556
V
8261
V
1494
T
1852
N 197571
V
10
V
500
V
3372
V
100
V
500
T
7248
0.05
0.05 0.05
0.05
0.04 0.05
0.05
0.05 0.05
0.05
0.04 0.05
0.15
0.14 0.14
0.04
0.03 0.04
3.60
2.53 3.60
0.05
0.05 0.05
0.05
0.05 0.05
0.05
0.03 0.05
0.01
0.01 0.01
0.13
0.11 0.11
0.04
0.04 0.04
0.03
0.03 0.03
0.12
0.10 0.10
0.06
0.05 0.06
0.06
0.06 0.06
0.01
0.01 0.01
0.37
0.34 0.37
0.02
0.01 0.02
32.85 29.28 32.72
39.47 35.06 39.18
102.00 96.97 100.12
121.87 115.47 119.89
0.08
0.08 0.08
0.17
0.14 0.15
3.09
2.70 2.78
8.42
7.45 8.18
10.11
8.92 9.79
0.04
0.03 0.03
0.19
0.18 0.18
16.53 14.90 15.28
0.02
0.01 0.02
0.38
0.27 0.31
0.45
0.32 0.36
0.20
0.19 0.20
0.20
0.15 0.19
0.02
0.02 0.02
0.05
0.04 0.05
0.67
0.57 0.66
0.57
0.48 0.55
0.05
0.04 0.04
0.04
0.04 0.04
0.39
0.34 0.37
0.05
0.03 0.05
40.40 37.95 39.37
1.56
1.25 1.49
1.31
1.07 1.25
1.18
1.03 1.12
1.39
1.24 1.33
0.65
0.62 0.62
1.33
1.07 1.13
0.18
0.15 0.16
0.06
0.06 0.06
0.01
0.01 0.01
0.02
0.02 0.02
0.03
0.03 0.03
0.03
0.03 0.03
13.95 12.99 13.90
0.07
0.07 0.07
12.72 12.27 12.34
0.05
0.04 0.05
0.03
0.03 0.03
0.01
0.01 0.01
0.11
0.09 0.10
0.07
0.07 0.07
0.02
0.02 0.02
0.02
0.01 0.02
0.25
0.21 0.23
0.32
0.25 0.26
0.07
0.05 0.06
0.01
0.01 0.01
0.06
0.05 0.05
0.02
0.02 0.02
0.02
0.02 0.02
0.80
0.72 0.74
0.26
0.21 0.26
0.51
0.47 0.51
0.01
0.01 0.01
11.45 10.19 10.99
0.02
0.02 0.02
0.13
0.11 0.13
0.01
0.01 0.01
0.01
0.01 0.01
0.06
0.06 0.06
0.13
0.11 0.12
1.50
1.17 1.23
0.95
0.95 0.95
0.02
0.02 0.02
0.04
0.04 0.04
0.02
0.02 0.02
0.04
0.04 0.04
0.56
0.47 0.52
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
-
0.00
0.10 0.03
0.01
0.09 0.04
0.01
0.15 0.03
0.01
0.15 0.04
0.01
0.20 0.11
0.01
0.11 0.03
0.81
4.44 0.36
0.01
0.40 0.02
0.00
0.12 0.01
0.01
0.11 0.03
0.01
0.03 0.01
0.02
0.25 0.11
0.02
0.20 0.03
0.01
0.10 0.02
0.00
0.25 0.07
0.02
0.23 0.04
0.00
0.35 0.03
0.00
0.06 0.01
0.03
0.57 0.33
0.00
0.08 0.01
3.26 42.41 21.65
4.34 45.92 25.05
3.59 103.91 82.04
5.44 121.87 92.81
0.00
0.20 0.03
0.02
0.32 0.10
0.05
3.65 1.77
0.32 12.78 6.34
0.44 13.92 7.39
0.00
0.16 0.02
0.02
0.26 0.16
0.02 17.75 10.05
0.00
0.05 0.01
0.05
1.95 0.22
0.07
2.13 0.25
0.00
0.40 0.15
0.02
0.87 0.12
0.00
0.06 0.02
0.01
0.12 0.03
0.03
2.50 0.50
0.02
2.27 0.44
0.00
0.18 0.02
0.00
0.50 0.03
0.01
0.53 0.25
0.02
0.10 0.01
0.93 53.84 37.08
0.37
7.42 0.83
0.31
6.70 0.72
0.07
1.94 0.86
0.01
2.11 1.02
0.03
0.91 0.50
0.20
6.54 1.05
0.09
0.42 0.15
0.01
0.11 0.06
0.00
0.09 0.01
0.01
0.07 0.01
0.00
0.11 0.02
0.01
0.11 0.03
0.00 16.32 9.86
0.01
0.10 0.03
0.44 13.51 8.26
0.00
0.09 0.03
0.01
0.25 0.02
0.00
0.04 0.01
0.01
0.13 0.04
0.00
0.24 0.06
0.00
0.04 0.02
0.00
0.07 0.01
0.02
0.75 0.20
0.02
0.54 0.23
0.00
0.22 0.05
0.00
0.06 0.01
0.01
0.13 0.04
0.01
0.13 0.01
0.01
0.05 0.01
0.04
2.51 0.72
0.02
0.95 0.19
0.01
0.51 0.28
0.01
0.04 0.01
0.89 19.53 7.45
0.01
0.05 0.01
0.02
0.44 0.09
0.01
0.04 0.01
0.01
0.11 0.01
0.01
0.16 0.05
0.00
0.17 0.09
5.37 1.15
0.16
0.00
1.50 0.77
0.00
0.08 0.02
0.01
0.20 0.03
0.00
0.08 0.02
0.00
0.12 0.03
0.09
0.99 0.45
(100s)
Stock
7
JANUARY 26-FEBRUARY 1, 2015
Exc Volume
Week
High
Low
2.64 2.94
0.05 0.09
0.60 0.60
0.79 0.81
0.06 0.07
0.08 0.08
10.96 11.92
1.93 2.10
1.61 1.74
1.40 1.50
0.01 0.01
0.03 0.03
0.01 0.01
0.05 0.05
0.02 0.02
0.58 0.63
0.28 0.28
0.65 0.70
0.55 0.61
0.01 0.02
0.18 0.19
0.08 0.09
0.03 0.03
0.07 0.07
0.02 0.02
0.30 0.30
0.28 0.33
0.34 0.35
3.95 4.01
4.69 4.78
0.04 0.04
0.04 0.05
0.08 0.09
0.17 0.18
0.21 0.21
0.06 0.06
1.72 2.00
1.43 1.69
0.25 0.27
0.30 0.38
0.01 0.01
0.19 0.23
0.04 0.04
Argonaut Gold
Argus Metals
Arian Silver
Arianne Phosph
Aroway Mnls
Arrowstar Res
ASA (Bermuda)*
Asanko Gold
Asanko Gold*
Ascot Res
Ashburton Vent
Asher Res
Asia Now Res
Asian Minl Res
Astur Gold
Atac Res
Atacama Pac Gd
Athabasca Mnls
Atico Mng
Atlanta Gold
Atlatsa Res*
Atna Res Ltd
Augen Gold
Aura Mnls
Aura Silver Rs
Aurania Res
Aurcana Corp
Aureus Mng
AuRico Gold*
AuRico Gold
Aurion Res
Aurvista Gold
Avala Res
Avalon Rare M*
Avalon Rare Mt
Avanti Mng
Avino Silver
Avino Silver*
Avnel Gold
Avrupa Mnls
Axmin Inc
Azimut Expl
Azincourt Res
T
V
V
V
V
V
N
T
X
V
V
V
V
V
V
V
V
V
V
V
X
T
V
T
V
V
V
T
N
T
V
V
V
X
T
V
V
X
T
V
V
V
V
63770
158
3615
1114
1763
155
7145
37322
936
1442
80
850
3370
2000
11567
6605
1870
3744
1430
6721
4755
12396
738
5745
1709
5
12299
131
38316
43139
1036
215
3249
13318
7976
6138
1225
6812
460
3836
107
516
1475
2.97
0.11
0.67
0.88
0.07
0.08
12.00
2.14
1.78
1.60
0.01
0.04
0.01
0.05
0.02
0.65
0.45
0.82
0.61
0.02
0.20
0.09
0.03
0.10
0.02
0.30
0.34
0.35
4.26
5.12
0.04
0.05
0.09
0.20
0.24
0.07
2.00
1.69
0.27
0.38
0.01
0.24
0.05
B2Gold*
B2Gold
Bacanora Mnls
Baja Mng
Balmoral Res
Bama Gold
Banks Island G
Bannerman Res
Banro
Banro*
Banyan Gold
Barisan Gold
Barker Mnrls
Barkerville Go
Baroyeca Go&Si
Barrick Gold*
Barrick Gold
Batero Gold
Bayswater Uran
BCGold
BCM Res
Bear Creek Mng
Bearclaw Cap
Bearing Res
Beaufield Res
Bell Copper
Bellhaven Cp&G
Belo Sun Mng
Belvedere Res
Benton Res
Berkwood Res
BHP Billi-BBL*
BHP Billi-BHP*
Big North Grap
BioteQ Env
Bison Gold Res
Bitterroot Res
Black Iron
Black Panther
Blue Rvr Res
Blue Sky Uran
Bluestone Res
BMO Jr Gld ETF
Bold Vent
Bonterra Res
Boss Power
Brades Res
Bravada Gold
Bravura Vent
X 147491
T 284390
V
1121
V 16567
T
8306
V
60
V
6509
T
181
T 77424
X 85817
V
1049
V
2926
V
6503
V 12173
V
510
N 1394381
T 185287
V
245
V
350
V
1270
V
168
V
7180
V
20
V
10
V
2400
V
423
V
2343
T 25828
V
750
V
5433
V
2987
N 56841
N 147535
V
1597
T
1401
V
154
V
555
T
3168
V
400
V
1615
V
398
V
23
T
3947
V
640
V
1852
V
560
V
7967
V
567
V
1400
2.12
2.55
0.95
0.05
1.00
0.06
0.16
0.08
0.21
0.18
0.04
0.11
0.01
0.40
0.01
11.90
14.28
0.09
0.06
0.02
0.05
1.69
0.05
0.03
0.06
0.02
0.03
0.30
0.05
0.05
0.05
42.52
46.33
0.04
0.05
0.02
0.01
0.05
0.05
0.05
0.10
0.08
7.36
0.04
0.28
0.26
0.11
0.05
0.01
Last
12-month
High Low
Stock
+
-
0.18
0.09
0.00
0.11
0.01
0.02
0.88
0.24
0.16
0.02
0.00
0.01
0.01
0.01
0.01
0.06
0.11
0.07
0.09
0.01
0.02
0.01
0.00
0.02
0.00
0.00
0.07
0.01
0.20
0.30
0.00
0.01
0.01
0.02
0.03
0.00
0.38
0.32
0.02
0.12
0.00
0.02
0.00
6.65
0.12
1.05
1.45
0.37
0.70
15.36
2.95
2.76
2.40
0.07
0.12
0.02
0.11
0.54
1.73
1.10
3.20
0.89
0.06
0.67
0.24
0.13
0.23
0.08
0.45
1.55
0.65
5.36
5.91
0.12
0.11
1.30
0.81
0.89
0.14
3.13
2.84
0.44
0.40
0.05
0.43
0.09
1.24
0.03
0.40
0.51
0.06
0.05
9.53
1.50
1.31
0.73
0.01
0.03
0.01
0.03
0.02
0.41
0.25
0.65
0.51
0.01
0.15
0.06
0.02
0.06
0.01
0.30
0.21
0.27
2.92
3.33
0.03
0.03
0.04
0.17
0.20
0.04
1.24
1.08
0.11
0.08
0.01
0.14
0.02
Brazil Res
Brilliant Res
Brixton Mtls
Burnstone Vent
V
V
V
V
0.25
0.29
0.03
0.00
0.03
0.00
0.03
0.00
0.03
0.02
0.01
0.00
0.00
0.08
0.00
1.03
1.40
0.01
0.01
0.00
0.02
0.17
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.01
0.01
1.70
0.46
0.00
0.00
0.00
0.00
0.00
0.02
0.00
0.00
0.01
0.54
0.00
0.10
0.00
0.05
0.01
0.00
3.33
3.69
1.60
0.07
1.98
0.48
0.62
0.12
0.84
0.76
0.12
0.28
0.04
0.74
0.03
21.45
23.78
0.18
0.23
0.06
0.08
5.20
0.07
0.10
0.09
0.04
0.06
0.57
0.27
0.09
0.12
71.44
73.91
0.10
0.11
0.04
0.07
0.25
0.07
0.14
1.05
0.45
9.31
0.09
0.30
0.28
0.23
0.20
0.02
1.44
1.65
0.32
0.01
0.42
0.05
0.13
0.05
0.13
0.12
0.02
0.09
0.01
0.11
0.01
10.04
11.67
0.07
0.04
0.01
0.02
1.09
0.04
0.02
0.04
0.01
0.02
0.11
0.04
0.03
0.03
38.54
42.92
0.04
0.04
0.02
0.01
0.05
0.03
0.04
0.06
0.05
4.95
0.03
0.09
0.13
0.06
0.03
0.01
Cabot Corp*
Cache Expl
Cadan Res
Caledonia Mng
Calibre Mng
Calico Res
Callinan Royal
Callinex Mines
Cameco Corp*
Cameco Corp
Camino Mnls
Canada Carbon
Canada Rare Ea
Canada Zinc Mt
Canadn Arrow
Canadn Int Mnl
Canadn Mining
Canadn Orebods
Canadn Plat
Canadn Zinc
Canaf Group
CanAm Coal
Canamex Res
Canarc Res
Canasil Res
Cancana Res
Candente Coppr
Candente Gold
Cangold
CaNickel Mng
Cannon Pnt Res
Canoe Mng Vnt
Canterra Mnls
Cantex Mn Dev
Canuc Res
Canyon Copper
Capstone Mng
Caracara Silvr
Cardero Res
Cariboo Rose
Caribou King R
Carlin Gold
Carlisle Goldf
Carmax Mng
Carpathian Gld
Cascadero Copp
Cassius Vent
Castle Peak Mg
Catalyst Coppr
Cavan Vent
Caza Gold
CB Gold
Celeste Copper
Centamin
Centerra Gold
Central Fund*
Central Fund
Central Gold-T
Central GoldT*
Central Iron O
Centurion Mnls
Century Iron M
Chalice Diam
Chalice Gold M
Challenger Dee
Champion Bear
Champion Iron
Chesapeake Gld
Chiboug Ind Mn
Chilean Gold
Chimata Gold
China Gold Int
Claim Post Res
Claude Res
Cliffs Nat Rs*
Clifton Star
Cloud Peak En*
CMC Metals
Coalspur Mines
Codrington Res
Coeur Mng*
Cogitore Res
Colibri Res
Colombian Mins
Colonial Coal
Colorado Res
Colt Res
Columbus Expl
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
B
1.95
2.32
0.90
0.04
0.86
0.06
0.13
0.07
0.20
0.16
0.03
0.09
0.01
0.27
0.01
10.52
12.59
0.09
0.05
0.02
0.04
1.50
0.05
0.03
0.05
0.01
0.03
0.24
0.05
0.04
0.04
40.54
44.56
0.04
0.04
0.02
0.01
0.05
0.04
0.04
0.10
0.08
6.71
0.03
0.15
0.26
0.08
0.04
0.01
2.10
2.52
0.93
0.05
0.97
0.06
0.14
0.07
0.20
0.17
0.03
0.10
0.01
0.36
0.01
11.75
14.09
0.09
0.05
0.02
0.05
1.62
0.05
0.03
0.05
0.01
0.03
0.25
0.05
0.05
0.05
42.47
46.14
0.04
0.04
0.02
0.01
0.05
0.05
0.05
0.10
0.08
7.25
0.04
0.28
0.26
0.10
0.05
0.01
(100s)
Change
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
Exc Volume
Week
12-month
High
Low
Last
Change
3282
4491
243
12
0.57
0.09
0.16
0.02
0.54
0.06
0.15
0.02
0.56
0.08
0.16
0.02
+
+
N 19347
V
40
V
596
T
758
V
7615
V
2310
V
1306
V
1493
N 98674
T 41135
V
168
V
7382
V
925
V
3376
V
1006
V
508
V
2910
V
46
V
30
T
3960
V
1000
V
3150
V
6522
T
4914
V
2005
V
1216
T
3160
T
7426
V
1484
T
559
V
45
V
1895
V
2141
V
364
V
321
V
31
T 178935
V
2225
T
933
V
101
V
3860
V
1000
T 36195
V
1053
T 37931
V
6530
V
50
V
50
V
418
V
1144
V
243
V
2198
V
1011
T
800
T 37714
X 64231
T
9331
T
29
X
4185
V
50
V
4260
T
116
V
8833
T
452
V
2740
V
93
T
2150
V
826
V
34
V
70
V
540
T 20493
V
1898
T 43278
N 572206
V
471
N 14689
V
473
T 16110
V
18
N 148713
V
1390
V
200
V
3930
V
1190
V
5164
V 15225
V
59
43.42
0.08
0.10
0.84
0.16
0.17
1.80
0.22
15.63
18.62
0.11
0.21
0.08
0.28
0.01
0.05
0.03
0.01
0.01
0.22
0.08
0.03
0.18
0.04
0.06
0.28
0.12
0.04
0.09
0.20
0.15
0.08
0.07
0.04
0.03
0.05
1.99
0.01
0.04
0.03
0.09
0.02
0.05
0.05
0.02
0.03
0.03
0.02
0.28
0.03
0.04
0.10
0.01
1.25
7.07
12.93
15.48
53.44
45.00
0.01
0.08
0.32
0.02
0.11
0.08
0.12
0.19
2.15
0.03
0.05
0.02
2.20
0.06
0.37
9.00
0.09
8.46
0.04
0.02
0.06
6.32
0.01
0.01
0.08
0.10
0.16
0.15
0.13
41.58
0.08
0.10
0.81
0.15
0.15
1.74
0.19
14.35
17.19
0.11
0.20
0.08
0.25
0.01
0.04
0.02
0.01
0.01
0.20
0.08
0.03
0.16
0.03
0.06
0.26
0.09
0.04
0.08
0.17
0.15
0.06
0.07
0.03
0.03
0.05
1.31
0.01
0.04
0.03
0.07
0.02
0.05
0.04
0.02
0.02
0.03
0.02
0.28
0.03
0.04
0.10
0.01
1.23
6.82
12.92
15.44
53.44
44.68
0.01
0.08
0.32
0.02
0.11
0.08
0.12
0.19
2.12
0.03
0.05
0.02
2.08
0.06
0.37
8.90
0.07
7.95
0.04
0.02
0.06
5.94
0.01
0.01
0.08
0.10
0.16
0.13
0.13
-
-
High Low
0.03
0.02
0.00
0.01
1.44
0.11
0.80
0.05
0.48
0.04
0.09
0.01
1.82
0.00
0.00
0.12
0.01
0.01
0.03
0.01
0.84
0.80
0.01
0.01
0.01
0.02
0.01
0.00
0.01
0.00
0.01
0.00
0.00
0.00
0.03
0.01
0.02
0.06
0.01
0.01
0.01
0.06
0.05
0.04
0.00
0.01
0.00
0.00
0.42
0.00
0.00
0.01
0.02
0.00
0.01
0.00
0.00
0.01
0.01
0.01
0.03
0.00
0.01
0.01
0.00
0.05
0.03
0.93
1.17
3.19
2.33
0.01
0.03
0.02
0.01
0.02
0.01
0.01
0.03
0.02
0.00
0.00
0.01
0.13
0.01
0.05
1.81
0.02
0.43
0.01
0.00
0.00
0.52
0.01
0.00
0.00
0.01
0.04
0.02
0.02
61.46
0.30
0.64
1.20
0.20
0.24
2.20
0.66
25.84
28.57
0.40
0.29
0.12
0.60
0.03
0.25
0.04
0.05
0.02
0.54
0.14
0.08
0.25
0.13
0.14
0.40
0.29
0.09
0.19
0.75
0.25
0.40
0.14
0.09
0.04
0.22
3.35
0.06
0.25
0.07
1.05
0.03
0.09
0.12
0.10
0.07
0.20
0.05
0.60
0.06
0.26
0.25
0.01
1.38
7.07
15.21
16.86
54.25
49.85
0.02
0.15
0.65
0.04
0.19
0.10
0.21
0.58
3.90
0.09
0.10
0.20
3.91
0.19
0.37
23.63
0.44
22.41
0.09
0.44
0.16
12.06
0.04
0.03
0.46
0.37
0.39
0.37
0.30
39.41
0.05
0.04
0.54
0.03
0.10
1.59
0.16
13.97
16.73
0.03
0.15
0.05
0.24
0.01
0.02
0.01
0.01
0.01
0.18
0.06
0.02
0.06
0.03
0.04
0.15
0.08
0.02
0.05
0.13
0.10
0.04
0.04
0.03
0.02
0.05
1.15
0.01
0.03
0.02
0.04
0.01
0.02
0.02
0.01
0.01
0.02
0.01
0.06
0.02
0.03
0.03
0.01
0.79
3.16
10.90
12.52
42.50
37.22
0.01
0.03
0.23
0.01
0.08
0.03
0.04
0.12
1.77
0.02
0.02
0.02
1.82
0.03
0.14
5.63
0.06
7.78
0.04
0.01
0.02
3.37
0.01
0.01
0.04
0.08
0.10
0.05
0.10
C
40.74
0.06
0.10
0.74
0.13
0.14
1.65
0.17
13.97
16.73
0.10
0.19
0.06
0.24
0.01
0.04
0.02
0.01
0.01
0.20
0.08
0.03
0.13
0.03
0.05
0.20
0.09
0.03
0.07
0.17
0.12
0.05
0.06
0.03
0.02
0.05
1.22
0.01
0.03
0.03
0.07
0.02
0.04
0.04
0.01
0.02
0.03
0.02
0.25
0.03
0.03
0.09
0.01
1.17
6.59
12.08
14.39
49.91
41.90
0.01
0.06
0.32
0.02
0.10
0.08
0.12
0.16
2.02
0.03
0.05
0.02
2.04
0.05
0.31
6.71
0.07
7.85
0.04
0.02
0.06
5.46
0.01
0.01
0.07
0.10
0.11
0.11
0.10
+
+
+
+
+
+
-
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
(100s)
Stock
Week
Exc Volume
High
Low
V
6825
V
60
V
16
V
4043
N 2044
V
20
X
5719
V
315
V
1350
V
819
V
1260
N 133257
V
2476
T 38379
T
14
V
884
V
9401
T 36329
V
2170
V
265
V
85
V
1653
V
2545
V
5037
T
4913
T
60
V
1040
V
73
V
419
T
1797
V
581
V
1260
V
1141
V 12088
T 54350
V
295
V
80
N 2773
V
311
0.51
1.15
0.03
0.21
92.58
0.02
1.15
0.01
0.06
0.01
0.02
31.22
0.16
2.59
0.68
0.05
0.15
1.53
0.07
0.18
0.14
0.13
0.05
0.10
0.05
0.41
0.13
0.19
1.00
1.08
0.03
0.02
0.02
0.21
0.23
0.08
0.01
10.95
0.22
0.43 0.51
1.05 1.05
0.03 0.03
0.15 0.17
88.56 90.89
0.02 0.02
0.85 1.11
0.01 0.01
0.04 0.05
0.01 0.01
0.02 0.02
29.64 30.26
0.13 0.15
2.25 2.48
0.68 0.68
0.04 0.05
0.12 0.13
1.17 1.29
0.06 0.06
0.16 0.18
0.13 0.13
0.12 0.12
0.05 0.05
0.08 0.09
0.04 0.04
0.40 0.40
0.10 0.10
0.17 0.19
0.70 0.80
0.99 1.08
0.03 0.03
0.02 0.02
0.02 0.02
0.16 0.18
0.16 0.21
0.05 0.08
0.01 0.01
10.22 10.69
0.14 0.14
Dajin Res
V
5089
Dalradian Res T 13056
Dalton Res Ltd V
130
Darnley Bay
V
42
Decade Res
V
3450
Defiance Silvr V
4182
Dejour Enterp T
566
Dejour Enterp* X
4380
Delrand Res
T
30
Delta Gold
V 11365
Denison Mines T 20374
Denison Mines* X
3389
Detour Gold
T 129107
Diagnos
V
4004
Diamcor Mng
V
221
Diamond Fields V
1430
Dios Expl
V
875
Discovery Harb V
1483
Discovery Vent V
3519
Discovery-Corp V
25
Ditem Explor
V
2460
DNI Metals
V
306
Dolly Vard Sil
V
307
Dominion Diam* N 4970
Dominion Diam T 12248
Dot Res
V
876
Doubleview Cap V
1450
Duluth Metals T
6605
Duncastle Gold V
180
Dundee Prec Mt T 24950
Duran Vent
V 76112
Durango Res
V
45
Dynacor Gold M T
2155
Dynasty Gold
V
248
Dynasty Met&Mn T
2454
Eagle Hill Exp V 15696
Eagle Plains
V
200
East Asia Mnls V 10940
Eastern Merid V
151
Eastern Platin T
8405
Eastfield Res
V
550
Eastmain Res T
7720
Eco Oro Mnls
T
4052
Ecuador G & C V 13693
Edgewater Expl V
640
El Nino Vent
V
881
El Tigre Silvr
V
401
Eldorado Gold* N 47919
Eldorado Gold T 143322
Elissa Res
V
12
Eloro Minls
V
624
Ely Gold & Mnl V
831
Emed Mining
T
690
0.08
0.89
0.25
0.06
0.08
0.17
0.20
0.17
0.70
0.02
1.13
0.95
13.01
0.06
1.20
0.02
0.05
0.05
0.20
0.05
0.01
0.07
0.06
17.67
21.04
0.05
0.12
0.45
0.04
3.42
0.02
0.04
1.65
0.01
0.80
0.03
0.07
0.02
0.07
1.53
0.03
0.30
0.78
0.06
0.03
0.03
0.24
7.49
9.01
0.03
0.08
0.07
0.09
Columbus Gold
Comet Inds
Commander Res
Commerce Res
Compass Mnls*
Compliance Eny
Comstock Mng*
Comstock Mtls
Confedertn Mls
Conquest Res
Cons Richland
Consol Energy*
Constant Mtl R
Contintl Gold
Contl Precious
Copper Ck Gold
Copper Fox Mtl
Copper Mtn Mng
Copper North M
Coral Gold
Corazon Gold
Cordoba Mnls
Corex Gold
Cornerstone Ca
Coro Mining
Corona Gold
Coronet Mtls
Corsa Coal
Cortez Gold
Corvus Gold
Cosigo Res
Cougar Mnls
Crazy Horse Rs
Critical Elem
Crocodile Gold
Crown Gold
Currie Rose Rs
CVR Partners*
Cypress Dev
Last
12-month
Change
High Low
+
-
0.04
0.20
0.00
0.01
0.77
0.00
0.32
0.00
0.00
0.00
0.01
1.14
0.02
0.18
0.00
0.01
0.02
0.12
0.01
0.05
0.00
0.02
0.01
0.01
0.01
0.00
0.01
0.01
0.10
0.08
0.00
0.00
0.00
0.05
0.06
0.03
0.00
0.51
0.19
0.63
2.25
0.06
0.35
97.43
0.05
2.08
0.06
0.24
0.03
0.07
48.30
0.25
5.43
1.08
0.09
0.40
3.15
0.09
0.31
0.75
1.36
0.10
0.24
0.18
0.55
1.20
0.30
1.00
2.18
0.22
0.34
0.17
0.40
0.35
0.30
0.03
21.91
0.45
0.31
1.00
0.02
0.13
76.62
0.02
0.61
0.01
0.03
0.01
0.02
29.64
0.06
1.61
0.30
0.01
0.10
1.10
0.04
0.11
0.07
0.09
0.02
0.05
0.02
0.36
0.06
0.12
0.28
0.78
0.02
0.01
0.01
0.16
0.13
0.04
0.01
8.52
0.10
0.01
0.07
0.00
0.01
0.01
0.02
0.01
0.01
0.00
0.01
0.02
0.01
1.38
0.00
0.12
0.01
0.01
0.01
0.04
0.01
0.00
0.01
0.01
0.63
0.57
0.01
0.03
0.00
0.02
0.23
0.00
0.00
0.03
0.01
0.00
0.01
0.00
0.01
0.01
0.09
0.01
0.09
0.18
0.01
0.00
0.00
0.01
0.66
0.87
0.00
0.02
0.00
0.02
0.09
1.08
0.50
0.23
0.25
0.17
0.36
0.33
0.95
0.06
1.95
1.76
15.62
0.12
1.68
0.04
0.10
0.10
0.42
0.17
0.02
0.60
0.17
18.50
21.62
0.08
0.40
1.00
0.06
6.20
0.03
0.15
2.20
0.02
1.80
0.10
0.12
0.11
0.21
2.17
0.07
0.56
0.78
0.14
0.12
0.09
0.50
8.59
9.37
0.06
0.30
0.17
0.20
0.04
0.46
0.20
0.03
0.05
0.03
0.15
0.13
0.27
0.01
1.02
0.85
5.32
0.04
0.90
0.01
0.03
0.02
0.13
0.05
0.01
0.06
0.06
11.83
12.89
0.02
0.08
0.06
0.02
2.39
0.01
0.03
1.35
0.01
0.74
0.02
0.06
0.01
0.04
0.65
0.03
0.17
0.14
0.05
0.03
0.03
0.12
4.98
5.65
0.02
0.04
0.05
0.06
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
D-F
0.06 0.07
0.76 0.87
0.20 0.25
0.06 0.06
0.07 0.07
0.15 0.16
0.16 0.20
0.13 0.16
0.70 0.70
0.01 0.01
1.04 1.09
0.87 0.90
11.35 12.66
0.05 0.05
1.14 1.15
0.01 0.01
0.05 0.05
0.05 0.05
0.17 0.19
0.05 0.05
0.01 0.01
0.06 0.06
0.06 0.06
15.64 16.11
18.75 19.31
0.04 0.05
0.10 0.12
0.44 0.45
0.03 0.04
2.80 3.14
0.01 0.01
0.04 0.04
1.59 1.63
0.01 0.01
0.75 0.76
0.02 0.02
0.07 0.07
0.02 0.02
0.07 0.07
1.38 1.39
0.03 0.03
0.24 0.30
0.58 0.78
0.06 0.06
0.03 0.03
0.03 0.03
0.20 0.24
6.54 7.39
7.83 8.86
0.03 0.03
0.05 0.08
0.06 0.06
0.08 0.09
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
METALS, MINING AND MONEY MARKETS
SPOT PRICES
PRODUCER AND DEALER PRICES
COURTESY OF SCOTIABANK
Tuesday, January 20, 2015
Precious Metals
Price (US$/oz.)
Gold
$1239.00
Silver
$17.00
Platinum
$1243.00
Palladium
$810.00
Base Metals
Nickel
Lead
Copper
Zinc
Price (US$/tonne)
$14770
$1895.00
$5674.50
$2105.00
Change
+28.00
+0.71
+29.00
+13.00
Change
+295.00
+38.50
+3.00
+29.00
LME WAREHOUSE LEVELS
Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, January 19, 2015 (change from January
12, 2015 in brackets):
Aluminium Alloy
26500
(-20)
Aluminium
4114775
(+42275)
Copper
210600
(+23200)
Lead
215725
(-4425)
Nickel
417900
(+3168)
Tin
12110
(0)
Zinc
655150
(-15725)
Thermal Coal CAPP: US$46.32 per short ton
Coal: CME Group Futures Feb. 2015 US$45.17; Mar. 2015:
US$46.67
Cobalt: US$14.06/lb.
Copper: US$2.61/lb.
Copper: CME Group Futures Feb. 2015: US$2.62/lb.; Mar.
2015: US$2.61/lb
Ferro-Chrome: US$2.27/kg
FerroTungsten: US$34.83/kg
Ferrovanadium: US$24.17/kg
Iridium: NY Dealer Mid-mkt US$550/tr oz.
Iron Ore: 62% Fe, CFR China spot US$69.31/DMT (Dec. 19,
2014)
Iron Ore Fines: US$69.34/tonne
Iron Ore Pellets: US$104.65/tonne
Lead: US$0.85/lb.
Magnesium: US$2.34/kg
Manganese: US$2.15/kg
Molybdenum Oxide: US$9.30/lb.
Phosphate Rock: US$115/tonne
Potash: US$305.60/tonne
Rhodium: Mid-mkt US$1,180.00/tr. oz.
Ruthenium: Mid-mkt US$56.00/tr. oz.
Silver: Handy & Harman Base: US$17.99 per oz.; Handy &
Harman Fabricated: US$21.58 per oz.
Tantalite Ore: : US$178.09/kg
Tin: US$8.81/lb.
Uranium: U3O8, Trade Tech spot price: US$36.15/lb.; The UX
Consulting Company spot price: US$36.50/lb.
Zinc: US$0.95/lb.
Prices current Jan. 21, 2015
FOR DAILY MINING NEWS, VISIT WWW.NORTHERNMINER.COM
Jan 26 2015 Issue.indd 7
DAILY METAL PRICES
Date
Jan 19
Jan 16
Jan 15
Jan 14
BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne)
Al Alloy
1810/1830
1810/1830
1810/1830
1820/1840
Aluminum
1825/1812
1798/1808
1782/1792.50
1767/1778
Copper
5670/5642
5655/5650
5718/5665
5625/5550
Lead
1827/1836
1766/1781
1770/1785
1744.50/1759
Nickel
14375/14425
14355/14425
14550/14625
14240/14250
Tin
19275/19300
19275/19325
19455/19520
19375/19400
Zinc
2068/2073
2056/2066
2037.50/2047
2020.50/2027
PRECIOUS METAL PRICES (London fix, LBMA silver price, US$ per troy oz.)
Gold AM
1275.50
1258.25
1235.25
Gold PM
1273.75
1277.50
1259.00
Silver
17.65
16.92
17.12
Platinum
1264.00
1262.00
1258.00
Palladium
765.00
757.00
780.00
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.$
1228.75
1235.00
16.64
1242.00
795.00
Jan 13
1825/1840
1766/1782
5914/5835
1800/1817
14775/14850
19550/19595
2082/2093
1239.00
1231.50
17.00
1244.00
817.00
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
15-01-21 5:50 PM
8
JANUARY 26-FEBRUARY 1, 2015
(100s)
Stock
Exc Volume
Week
High
Low
Last
V
173
V
7794
T 91838
T 11585
N 10562
T
7708
V
2941
T
1164
X
2973
T
1782
V
1350
V
1005
V
90
T
571
V
4096
V
4845
V
1056
V
2199
V
1036
X
2236
V
260
V
199
V
3216
V
435
C
161
V
215
C 2240
T
6027
V
3833
X
1665
T
1140
V
140
V
1559
T
490
V
567
V
8008
V
430
V
775
V
17
V
916
V 12170
V
330
V
2255
N 62356
T 49086
V
832
T
7567
T
2274
T 161449
V 16696
V
1830
V
907
V
4704
V
1530
T
721
V
255
T
1986
T
122
T 37132
N 17361
T
292
T 14032
V
2225
N 61961
T 37869
T
921
N 961433
V
102
T
1450
V
21
V
16
0.02
0.09
0.62
3.29
2.75
0.14
1.32
6.39
0.20
0.24
0.22
0.07
0.15
0.12
0.05
0.12
0.06
0.16
0.91
0.79
0.03
0.22
0.02
0.03
0.05
0.19
0.01
0.90
0.26
0.64
0.76
0.03
0.05
4.23
0.20
0.44
0.09
0.05
0.45
0.03
0.03
0.05
0.06
7.14
8.55
0.04
0.02
0.08
16.61
0.10
0.02
0.45
0.50
0.21
0.35
0.24
0.11
0.20
6.28
5.25
0.30
0.11
0.11
55.56
66.66
0.13
23.17
0.02
0.19
0.01
0.05
0.02
0.08
0.51
2.89
2.44
0.12
0.94
5.40
0.16
0.20
0.16
0.05
0.14
0.10
0.04
0.09
0.04
0.13
0.87
0.73
0.03
0.21
0.01
0.02
0.04
0.19
0.01
0.67
0.24
0.59
0.68
0.03
0.05
3.66
0.15
0.39
0.08
0.04
0.45
0.03
0.02
0.03
0.05
5.90
7.04
0.03
0.01
0.05
11.82
0.08
0.01
0.40
0.40
0.18
0.23
0.23
0.10
0.18
5.59
4.68
0.29
0.10
0.09
50.90
61.00
0.12
18.32
0.02
0.18
0.01
0.05
0.02
0.09
0.59
3.24
2.71
0.12
1.27
5.53
0.17
0.20
0.19
0.07
0.14
0.11
0.05
0.11
0.06
0.16
0.91
0.76
0.03
0.21
0.02
0.03
0.04
0.19
0.01
0.86
0.25
0.61
0.72
0.03
0.05
4.03
0.15
0.43
0.08
0.04
0.45
0.03
0.02
0.03
0.06
6.24
7.45
0.04
0.02
0.07
13.28
0.08
0.02
0.45
0.43
0.20
0.34
0.23
0.11
0.18
5.67
4.75
0.30
0.11
0.11
54.97
65.96
0.12
19.24
0.02
0.19
0.01
0.05
Gabriel Res
T 14451
Galane Gold
V
489
Galantas Gold V
408
Galaxy Cap
V
1650
Galore Res
V
46
Galway Gold
V
9127
Galway Mtls
V
523
GAMCO Glb Gld* X 32660
Garibaldi Res
V
1056
General Moly* X
4318
Gensource Pot V
2211
Geodex Mnrls V
2577
Geodrill
T
291
Geologix Ex
T
5369
Geomega Res V
4130
Getty Copper
V
150
GFK Res
V
355
Ginguro Expl
V
1039
Giyani Gold
V
5047
Glen Eagle Res V
375
Glenmark Cap V
7050
Global Hunter V
500
Global Met Cl V
505
Global Minls
V
2042
Globex Mng
T
2353
GMV Minerals V
1351
Gobimin
V
855
GoGold Res
T
2263
Golconda Res V
140
Gold Bulln Dev V 16418
Gold Canyon
V 75334
Gold Fields*
N 363888
Gold Mtn Mng V
143
Gold Reach Res V
99
Gold Reserve
V
595
Gold Resource* X 25920
Gold Std Vnt
V
2198
Gold Std Vnt* X
7482
Goldbank Mng V
42
Goldcliff Res
V
1035
Goldcorp
T 213004
Goldcorp*
N 727318
Golden Arrow R V
985
Golden Band
V
7795
Golden Dawn Ml V
256
Golden Goliath V
2326
Golden Harp
V
30
Golden Hope
V
164
Golden Mnls
T
704
Golden Mnls*
X
6710
Golden Peak Mn V
250
Golden Predatr V
1332
Golden Queen T
5202
Golden Reign R V
1010
Golden Share M V
100
Golden Star
T 10841
0.75
0.19
0.12
0.01
0.03
0.10
0.13
7.43
0.18
0.57
0.06
0.06
0.55
0.05
0.22
0.05
0.10
0.11
0.20
0.14
0.26
0.04
0.02
0.07
0.20
0.10
0.51
1.57
0.01
0.06
0.12
6.00
0.10
0.19
3.39
3.76
0.67
0.57
0.03
0.01
28.68
23.95
0.26
0.01
0.02
0.02
0.03
0.13
0.64
0.55
0.06
0.13
1.48
0.09
0.02
0.36
Emgold Mng
Encanto Potash
Endeavour Mng
Endeavr Silver
Endeavr Silve*
Energizer Res
Energold Drill
Energy Fuels
Entree Gold*
Entree Gold
EPM Mng Vent
Equitas Res
Equitorial Exp
Erdene Res Dev
Erin Ventures
Eskay Mng
Estrella Gold
Ethos Gold
Eurasian Minls
Eurasian Mnls*
Eureka Res
EurOmax Res
Europn Uran Rs
Everton Res
Evolving Gold
Evrim Res
Excalibur Res
Excellon Res
Excelsior Mng
Exeter Res*
Exeter Res
Expedition Mng
Explor Res
Faircourt Gold
Fairmont Res
Falco Res
Falcon Gold
Fancamp Expl
Feronia
Ferrum Am Mng
Fieldex Expl
Firesteel Res
First Bauxite
First Majesti*
First Majestic
First Mexican
First Nickel
First Point
First Quantum
Fission 3.0
Fjordland Exp
Flinders Res
Focus Graphite
Focus Vnt
Foraco Intl
Foran Mng
Formation Mtls
Forsys Metals
Fortuna Silver
Fortuna Silvr*
Fortune Bay
Fortune Mnrls
Forum Uranium
Franco-Nevada*
Franco-Nevada
Freegold Vent
Freeport McMo*
Freeport Res
Frontier Rr Er
Frontline Gold
Full Metal Mnl
THE NORTHERN MINER
12-month
Change
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
-
Stock
0.00
0.01
0.10
0.52
0.42
0.02
0.30
0.36
0.00
0.01
0.03
0.01
0.01
0.02
0.01
0.02
0.00
0.03
0.01
0.01
0.01
0.00
0.01
0.00
0.02
0.02
0.01
0.22
0.02
0.02
0.00
0.01
0.00
0.32
0.05
0.02
0.02
0.01
0.05
0.00
0.01
0.00
0.01
0.62
0.74
0.00
0.01
0.02
1.86
0.02
0.01
0.01
0.10
0.03
0.10
0.01
0.01
0.05
0.06
0.02
0.01
0.01
0.01
3.79
5.48
0.02
1.60
0.00
0.02
0.00
0.00
0.04
0.20
1.02
7.06
6.44
0.31
1.95
13.03
0.47
0.52
0.38
0.26
0.32
0.26
0.10
0.13
0.09
0.26
1.33
1.23
0.05
0.75
0.09
0.25
0.70
0.45
0.18
1.71
0.63
0.87
0.94
0.20
0.10
5.08
0.30
0.87
0.25
0.12
1.15
0.05
0.03
0.09
0.16
12.45
13.74
0.06
0.06
0.24
27.29
0.21
0.05
1.18
0.69
0.35
0.87
0.32
0.27
0.60
6.59
6.19
0.50
0.46
0.52
61.47
67.12
0.28
39.32
0.04
0.45
0.02
0.40
0.02
0.04
0.38
2.13
1.83
0.11
0.80
5.40
0.16
0.18
0.10
0.03
0.13
0.09
0.04
0.04
0.03
0.11
0.68
0.63
0.02
0.09
0.01
0.02
0.01
0.16
0.01
0.51
0.12
0.51
0.56
0.03
0.03
3.01
0.06
0.29
0.03
0.04
0.35
0.02
0.01
0.03
0.05
3.75
3.81
0.01
0.01
0.04
9.89
0.06
0.01
0.36
0.36
0.16
0.15
0.15
0.07
0.15
3.26
2.98
0.23
0.10
0.07
41.60
45.54
0.12
17.85
0.02
0.17
0.01
0.04
Golden Star*
Golden Tag
Golden Val Min
Goldex Res
Goldeye Expl
Goldfield*
Goldgroup Mng
GoldQuest Mng
Goldrea Res
Goldrock Mines
Goldrush Res
Goldsource Min
Goldspike Expl
Goldstrike Res
Gossan Res
Gowest Gold
Gran Colombia
Grande Portage
Graphite One R
Great Bear Res
Great Panther*
Great Panther
Great Quest Me
Great Western
Green Swan Cap
Greencastle Rs
Gresham Res
Grizzly Discvr
Groundstar Res
GTA Res & Mng
Gunpoint Expl
Guyana Gldflds
Guyana Prec Mt
GWR Res
Handa Copper
Happy Ck Minls
Harmony Gold*
Harte Gold
Harvest Gold
Hawkeye Gld&Di
Heatherdale Rs
Hecla Mining*
Helio Res
Hi-Crush Part*
Highbank Res
Highland Res
Highvista Gold
Homestake Res
Honey Badger E
Horizns G Bear
Horizns G Bull
Horizonte Mnls
Hornby Bay Mnl
Houston Lake
HudBay Minls
HudBay Mnls*
Hudson Res
Huldra Silver
Hunt Mng
Hunter Bay Mnl
0.07
0.01
0.01
0.01
0.00
0.02
0.00
0.39
0.01
0.04
0.01
0.02
0.04
0.01
0.03
0.01
0.07
0.01
0.03
0.01
0.02
0.01
0.01
0.02
0.01
0.00
0.01
0.03
0.01
0.02
0.01
0.27
0.02
0.02
0.10
0.21
0.07
0.04
0.00
0.00
3.72
2.95
0.01
0.00
0.00
0.01
0.00
0.01
0.04
0.02
0.00
0.01
0.19
0.01
0.01
0.08
1.24
0.30
0.18
0.06
0.04
0.12
0.17
11.38
0.33
1.41
0.10
0.10
1.15
0.10
1.06
0.08
0.33
0.31
0.49
0.23
0.72
0.09
0.06
0.33
0.37
0.25
0.51
1.84
0.07
0.08
0.47
6.00
0.24
1.20
4.96
6.35
0.92
0.83
0.06
0.03
32.46
29.65
0.29
0.03
0.05
0.05
0.15
1.05
1.70
1.59
0.18
0.32
1.99
0.25
0.09
0.96
0.25
0.09
0.04
0.01
0.01
0.05
0.10
6.01
0.11
0.26
0.03
0.03
0.48
0.03
0.11
0.02
0.07
0.08
0.08
0.10
0.05
0.03
0.01
0.04
0.14
0.06
0.35
1.12
0.01
0.03
0.09
3.09
0.08
0.17
3.00
2.70
0.47
0.40
0.02
0.01
19.18
17.01
0.17
0.01
0.01
0.01
0.03
0.08
0.52
0.42
0.05
0.07
0.92
0.05
0.01
0.20
G-H
0.51 0.66
0.19 0.19
0.05 0.06
0.01 0.01
0.03 0.03
0.06 0.09
0.12 0.12
6.98 7.43
0.16 0.17
0.43 0.47
0.05 0.05
0.04 0.06
0.48 0.48
0.04 0.05
0.17 0.18
0.04 0.05
0.07 0.10
0.08 0.10
0.14 0.14
0.12 0.13
0.22 0.25
0.04 0.04
0.02 0.02
0.06 0.07
0.17 0.18
0.07 0.07
0.50 0.51
1.49 1.56
0.01 0.01
0.05 0.06
0.11 0.12
5.53 5.73
0.10 0.10
0.18 0.18
3.00 3.15
3.40 3.65
0.54 0.60
0.45 0.49
0.03 0.03
0.01 0.01
23.84 28.49
19.91 23.81
0.23 0.26
0.01 0.01
0.02 0.02
0.01 0.02
0.03 0.03
0.10 0.11
0.55 0.61
0.46 0.51
0.06 0.06
0.11 0.11
1.25 1.47
0.08 0.09
0.02 0.02
0.29 0.35
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
(100s)
High Low
Exc Volume
X 142390
V
710
V
2356
V
1236
V
121
X
3922
T
8477
V
5550
C
50
V
1919
V 79204
V
768
V
3388
V
1647
V
86
V
3954
T
4124
V
777
V 31486
V
90
X 19548
T
7759
V
1552
V
5387
V
305
V
2870
V
1218
V
2821
V
612
V
740
V
125
T 18323
V
8959
V
1033
V
175
V
910
N 232318
T 13749
V
47
V
510
V
96
N 385806
V
2270
N 2873
V
3907
V
644
V
70
V
1042
V
870
T 49603
T 86301
T
1498
V
12
V
4138
T 48113
N 3365
V
367
V
685
V
24
V
235
Week
High
Low
Last
0.30
0.08
0.17
0.08
0.04
2.45
0.15
0.14
0.01
0.29
0.02
0.20
0.39
0.08
0.03
0.06
0.45
0.01
0.10
0.03
0.72
0.86
0.75
0.05
0.03
0.05
0.60
0.04
0.08
0.04
0.19
3.24
0.07
0.01
0.10
0.10
3.09
0.08
0.03
0.05
0.04
3.24
0.04
35.77
0.20
0.36
0.28
0.03
0.03
12.61
7.79
0.07
0.05
0.15
10.14
8.55
0.28
0.05
0.01
0.03
0.24 0.29
0.08 0.08
0.12 0.15
0.03 0.04
0.04 0.04
2.23 2.30
0.13 0.14
0.11 0.12
0.01 0.01
0.21 0.29
0.01 0.02
0.18 0.20
0.30 0.35
0.06 0.08
0.02 0.02
0.05 0.05
0.35 0.40
0.01 0.01
0.08 0.09
0.03 0.03
0.65 0.70
0.76 0.84
0.61 0.63
0.04 0.04
0.03 0.03
0.05 0.05
0.56 0.60
0.03 0.04
0.07 0.08
0.04 0.04
0.16 0.19
3.01 3.23
0.06 0.06
0.01 0.01
0.08 0.08
0.09 0.09
2.60 3.01
0.06 0.06
0.03 0.03
0.04 0.04
0.04 0.04
2.92 3.08
0.04 0.04
30.91 34.77
0.17 0.19
0.35 0.35
0.28 0.28
0.03 0.03
0.02 0.03
9.90 10.21
6.28 7.58
0.06 0.07
0.05 0.05
0.14 0.15
7.96 8.53
6.69 7.07
0.25 0.26
0.04 0.05
0.01 0.01
0.03 0.03
12-month
High Low
Stock
+
0.89
0.11
0.23
0.10
0.19
2.55
0.32
0.39
0.01
0.52
0.04
0.36
0.53
0.30
0.04
0.10
3.95
0.05
0.25
0.17
1.49
1.60
2.54
0.14
0.18
0.11
0.94
0.12
0.20
0.21
0.29
3.59
0.19
0.09
0.23
0.19
3.80
0.34
0.06
0.30
0.11
3.76
0.09
71.74
0.38
0.68
0.35
0.10
0.06
24.65
12.54
0.17
0.11
0.17
11.85
10.96
0.44
0.22
0.06
0.20
Largo Res
Latin Am Mnls
Legend Gold
Letho Res
Levon Res
Lexam VG Gold
Lincoln Mng
Lion One Mtls
Lions Gate Eng
Lithium Americ
Lomiko Mtls
Loncor Res
Long Harbour E
Lorraine Coppr
Los Andes Copp
Lowell Copper
Lucara Diam
Lucky Strike R
Luna Gold
Lundin Mng
Lupaka Gold
Lydian Intl
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
0.06
0.00
0.02
0.01
0.00
0.04
0.01
0.02
0.00
0.07
0.01
0.03
0.09
0.02
0.01
0.00
0.19
0.00
0.01
0.00
0.03
0.06
0.18
0.01
0.00
0.00
0.00
0.00
0.01
0.01
0.03
0.26
0.01
0.00
0.00
0.01
0.46
0.01
0.00
0.01
0.01
0.20
0.01
0.73
0.02
0.01
0.00
0.00
0.01
2.63
1.26
0.02
0.01
0.01
0.54
0.53
0.02
0.01
0.00
0.00
0.16
0.02
0.03
0.02
0.04
1.51
0.12
0.08
0.01
0.20
0.01
0.13
0.02
0.04
0.01
0.03
0.35
0.01
0.08
0.02
0.55
0.65
0.61
0.03
0.02
0.05
0.42
0.02
0.06
0.04
0.14
1.77
0.06
0.01
0.06
0.09
1.53
0.05
0.03
0.03
0.03
2.00
0.04
28.27
0.09
0.33
0.06
0.02
0.01
9.90
4.11
0.05
0.03
0.05
7.50
6.29
0.22
0.04
0.01
0.03
I-J-K
I-Minerals
Iamgold*
Iamgold
IBC Adv Alloys
IC Potash
IMPACT Silver
Imperial Metal
Inca One Res
Independence G
Indico Res
Inspiration Mg
Integra Gold
Intigold Mines
Intl Lithium
Intl Montoro R
Intl Northair
Intl Tower Hi*
Intl Tower Hil
Intrepid Pots*
INV Metals
ISh COMEX G Tr
Ivanhoe Mines
Ivernia
J.A.G. Mines
Jaguar Mng
Jasper Mng
Jaxon Mnls
Jayden Res
Jet Gold
Jourdan Res
Kaminak Gold
Karmin Expl
Karnalyte Res
Katanga Mng
Kennady Diam
Kermode Res
Kesselrun Res
Kestrel Gold
Khalkos Expl
Khan Res
Killdeer Mnls
Kilo Goldmines
Kincora Copper
Kings Bay Gold
Kinross Gold
Kinross Gold*
Kirkland Lk Gd
Kiska Metals
Kivalliq Enrgy
Klondex Mns
Klondike Gold
Klondike Silv
Kobex Mnls
Kombat Copper
Kootenay Gold
KWG Res
V
N
T
V
T
V
T
V
V
V
T
V
V
V
V
V
X
T
N
T
T
T
T
V
V
V
V
T
V
V
V
V
T
T
V
V
V
V
V
C
V
V
V
V
T
N
T
V
V
T
V
V
V
V
V
V
669
76028
119512
3069
1819
6699
2269
4620
1265
583
304
47582
1800
2205
347
966
2989
2023
6959
327
131
24011
69152
366
1973
60
100
37
100
30
7410
39
411
2179
443
40
4660
760
1762
300
320
226
7338
3447
196084
747563
30651
3066
1824
24161
338
173
2184
6400
524
100352
0.27
3.23
3.87
0.12
0.24
0.25
9.65
0.23
0.09
0.05
0.04
0.26
0.04
0.03
0.07
0.09
0.59
0.66
14.24
0.28
14.86
1.16
0.04
0.03
0.49
0.05
0.05
0.12
0.06
0.05
0.99
0.34
0.90
0.34
4.95
0.02
0.02
0.05
0.10
0.43
0.02
0.10
0.03
0.01
4.36
3.64
4.49
0.06
0.18
2.42
0.20
0.03
0.55
0.07
0.37
0.04
Labdr I-Ore Ro
Labdr Iron Mns
Lachlan Star
Lake Shore Gd*
Lake Shore Gld
Lakeland Res
Lara Expl
Laramide Res
T 13556
T
3208
T
5059
X 23031
T 138415
V
1278
V
1730
T
2242
18.88
0.04
0.03
0.83
0.99
0.10
0.43
0.36
0.20 0.21
2.90 3.07
3.45 3.65
0.11 0.12
0.22 0.23
0.21 0.25
8.72 8.98
0.21 0.22
0.08 0.09
0.05 0.05
0.04 0.04
0.22 0.26
0.04 0.04
0.02 0.03
0.06 0.07
0.08 0.09
0.42 0.53
0.50 0.66
13.04 13.30
0.25 0.28
14.10 14.78
1.00 1.05
0.02 0.03
0.03 0.03
0.37 0.40
0.05 0.05
0.05 0.05
0.10 0.12
0.06 0.06
0.05 0.05
0.88 0.88
0.32 0.34
0.83 0.87
0.29 0.31
4.60 4.70
0.02 0.02
0.02 0.02
0.03 0.05
0.08 0.09
0.41 0.43
0.02 0.02
0.10 0.10
0.02 0.03
0.01 0.01
3.80 4.29
3.17 3.57
3.72 4.28
0.05 0.06
0.16 0.17
2.13 2.34
0.17 0.17
0.02 0.02
0.51 0.54
0.05 0.06
0.34 0.34
0.03 0.03
+
+
-
0.03
0.20
0.25
0.00
0.02
0.04
0.05
0.03
0.01
0.00
0.01
0.04
0.00
0.01
0.01
0.01
0.15
0.20
0.22
0.02
0.81
0.00
0.01
0.01
0.01
0.00
0.01
0.04
0.02
0.00
0.02
0.01
0.00
0.01
0.04
0.00
0.00
0.00
0.01
0.00
0.01
0.01
0.00
0.00
0.23
0.15
0.43
0.01
0.00
0.18
0.03
0.01
0.00
0.00
0.03
0.01
0.38
4.37
4.82
0.27
0.37
0.89
18.63
0.24
0.17
0.19
0.22
0.42
0.18
0.06
0.11
0.18
1.18
1.30
17.63
0.40
14.91
2.04
0.17
0.08
1.25
0.32
0.12
0.27
0.59
0.55
1.19
0.55
1.65
0.54
8.18
0.04
0.05
0.08
0.14
0.49
0.04
0.50
0.09
0.03
5.99
5.44
6.19
0.15
0.29
2.42
0.35
0.09
0.66
0.19
0.70
0.10
0.18
1.42
1.62
0.10
0.21
0.21
7.30
0.08
0.08
0.03
0.04
0.14
0.03
0.02
0.04
0.07
0.32
0.36
12.39
0.18
12.61
0.78
0.02
0.03
0.31
0.04
0.05
0.05
0.04
0.03
0.53
0.17
0.71
0.26
3.75
0.01
0.01
0.03
0.04
0.21
0.01
0.08
0.02
0.01
2.27
2.00
2.51
0.04
0.16
1.67
0.12
0.02
0.46
0.04
0.25
0.03
+
+
+
+
+
0.84
0.01
0.01
0.05
0.09
0.01
0.04
0.02
33.37
0.30
0.35
1.28
1.40
0.30
1.18
0.91
15.71
0.03
0.03
0.55
0.60
0.05
0.34
0.32
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
-
+
+
+
+
+
+
+
-
L
16.98 17.57
0.03 0.04
0.03 0.03
0.75 0.82
0.90 0.97
0.09 0.09
0.37 0.40
0.32 0.35
CANADIAN GOLD MUTUAL FUNDS
Fund name
Jan. 20
Jan. 13
Change
Change
YTD
MER*
Assets*
($)
($)
($)
(%)
(%)
(%)
(M$)
AGF Pr Mtl
20.23
18.49
1.74
0.094
20.06
2.81
168.36
BMO Junior Gold Index ETF
7.54
6.77
0.77
0.114
26.09
0.62
46.34
BMO Pr Mtl
15.78
14.18
1.60
0.113
23.54
2.40
56.22
CIBC Pr Mtl
11.54
10.41
1.13
0.109
22.47
2.48
49.66
Dynamic Pr Mtl
4.49
4
0.49
0.123
25.77
2.70
215.64
London Life Precious Mtl
22.27
19.8
2.47
0.125
27.91
3.55
98.4
Mackenzie Pr Mtl-A
40.53
36.04
4.49
0.125
27.96
2.58
203.2
National Bank Pr Mtl
10.81
9.59
1.22
0.127
26.14
2.44
n/a
RBC Global Pr Mtl
27.59
24.68
2.91
0.118
24.49
2.13
434.64
Sentry Pr Mtl Growth
34.51
30.57
3.94
0.129
29.60
2.77
353.57
Sprott Gold and PM-F
4.2
3.78
0.42
0.111
23.80
2.50
n/a
Sprott Gold and Pr Minls
30.96
27.86
3.10
0.111
23.72
2.93
171.26
TD Pr Mtl-A
7.18
6.42
0.76
0.118
22.70
2.42
n/a
TD Pr Mtl-I
34.07
30.48
3.59
0.118
22.73
2.26
113.49
iShares TSX Global Gold Index
11.81
10.32
1.49
0.144
29.80
0.55
530.31
Featured fund: Sprott Gold and Pr Minls top holdings as of 03/31/14 (in weighted order): Pan American Silver, Tahoe Resources,
Silver Wheaton, Iamgold, Guyana Goldfields, Pretium Resources, Primero Mining, Alamos Gold. Fund manager: Charles Oliver.
Jan 26 2015 Issue.indd 8
(100s)
Change
Exc Volume
Week
12-month
High
Low
Last
Change
V
1516
V
1196
V
40
V
100
T
8516
T
3680
V
182
V
569
V
940
T
4187
V 24645
T
650
V
126
V
273
V
3977
V
267
T 13805
V
2448
T
4650
T 174073
T
3131
T 23691
1.64
0.09
0.10
0.08
0.30
0.09
0.08
0.28
0.03
0.33
0.09
0.06
0.06
0.05
0.17
0.47
1.97
0.02
0.34
5.39
0.17
0.62
1.29
0.07
0.10
0.08
0.27
0.07
0.06
0.23
0.03
0.26
0.07
0.05
0.05
0.04
0.15
0.47
1.65
0.01
0.31
4.13
0.12
0.54
1.36
0.08
0.10
0.08
0.28
0.08
0.08
0.28
0.03
0.26
0.08
0.05
0.05
0.05
0.15
0.47
1.84
0.02
0.34
4.44
0.14
0.56
+
-
Macarthur Mnl T
265
MacDonald Mns V
2719
Macusani Yello V
6523
Mag Silver
T 18928
Mag Silver*
X
465
Magellan Minls V
795
MagIndustries T
1871
Mahdia Gold
C 3480
Majestic Gold V
2443
Major Drilling
T
8038
Makena Res
V
1748
Malbex Res
V
2980
Mammoth Res V
750
Manado Gold V
350
Mandalay Res T 21912
Manitou Gold
V
2247
Manson Creek V
963
Marathon Gold T
1751
Marengo Mng T
708
Margaret Lk Di V
552
Marifil Mines
V
320
V
176
Marlin Gold
Mason Graphite V
3277
Masuparia Gold V
60
Matamec Expl V
3028
Maudore Minls V
5021
Mawson Res
T
460
Mawson West T 35804
Maya Gold & Si V
2416
MBAC Fertilizr T 33772
McEwen Mng* N 116119
McEwen Mng T 16194
MDN Inc
T
2065
MDU Res*
N 41108
Meadow Bay Gd T
723
Mechel*
N 7999
Medallion Res V
951
Mega Precs Mtl V 15886
Mega Uranium T 16413
Megastar Dev V
500
Melior Res
V
1026
Melkior Res
V
881
Merrex Gold
V
4069
Mesabi Trust* N 2276
Metalcorp
V
170
Metalex Vent
V
5729
Metalore Res
T
5
Metals Ck Res V
3156
Metanor Res
V 30299
Midas Gold
T
8384
Midasco Cap
V
75
Midland Expl
V
421
Midlands Minls V
3016
Midnight Sun M V
745
Midway Gold
T
668
Midway Gold* X
2501
Migao
T
255
Mill City Intl
V
715
Millrock Res
V
144
Millstream Min V
52
Minas Buenavn* N 87738
Minaurum Gold V
131
Minco Gold*
X
1814
Minco Gold
T
603
Minco Silver
T
971
Mindoro Res
V
950
Minera IRL
T
9134
Mineral Mtn Rs V
6060
Mines Managem* X
1430
Mines Managmnt T
33
Miranda Gold V
31
Mirasol Res
V
624
Mkango Res
V
168
Molycorp*
N 115451
Monarques Res V
436
Moneta Porcpn T
7705
Monster Mng
V
110
Montero Mg&Ex V
100
0.04
0.01
0.04
11.00
9.17
0.10
0.21
0.02
0.05
6.08
0.05
0.01
0.01
0.03
1.02
0.02
0.02
0.29
0.01
0.20
0.02
0.82
0.64
0.06
0.03
0.01
0.21
0.05
0.29
0.10
1.34
1.61
0.06
23.75
0.15
0.84
0.05
0.05
0.14
0.06
0.09
0.05
0.10
17.99
0.01
0.07
2.88
0.04
0.09
0.52
0.01
0.74
0.01
0.17
0.95
0.79
1.13
0.13
0.44
0.03
11.88
0.08
0.32
0.39
0.66
0.03
0.06
0.04
0.59
0.66
0.12
1.10
0.12
0.61
0.11
0.08
0.01
0.01
+
+
+
+
+
+
+
+
High Low
0.22
0.01
0.02
0.02
0.00
0.01
0.03
0.04
0.01
0.07
0.01
0.01
0.02
0.01
0.02
0.00
0.02
0.00
0.01
0.53
0.07
0.02
3.60
0.25
0.35
0.28
0.49
0.16
0.60
0.49
0.05
0.50
0.17
0.27
0.20
0.12
0.31
0.62
2.83
0.10
1.53
6.57
0.25
1.48
1.20
0.06
0.05
0.08
0.19
0.06
0.05
0.18
0.02
0.21
0.05
0.03
0.04
0.02
0.15
0.35
1.40
0.01
0.24
3.68
0.07
0.42
0.00
0.01
0.00
0.61
0.08
0.02
0.01
0.00
0.00
0.47
0.01
0.01
0.01
0.01
0.06
0.01
0.01
0.01
0.01
0.03
0.00
0.11
0.01
0.01
0.01
0.00
0.00
0.01
0.01
0.01
0.17
0.21
0.00
0.53
0.03
0.15
0.01
0.01
0.01
0.01
0.01
0.00
0.02
0.12
0.00
0.02
0.00
0.01
0.02
0.04
0.00
0.06
0.00
0.02
0.04
0.04
0.02
0.05
0.05
0.00
0.76
0.00
0.02
0.01
0.01
0.01
0.01
0.00
0.00
0.06
0.00
0.11
0.05
0.06
0.01
0.01
0.00
0.01
0.32
0.04
0.16
11.42
10.60
0.19
0.24
0.10
0.12
9.78
0.15
0.06
0.06
0.08
1.22
0.10
0.15
0.65
0.02
0.50
0.06
1.70
0.93
0.11
0.12
0.15
0.70
0.63
0.55
1.65
3.74
4.13
0.09
36.05
0.27
2.46
0.24
0.24
0.42
0.13
0.16
0.06
0.24
23.89
0.02
0.28
3.50
0.05
0.28
1.14
0.02
1.00
0.04
0.25
1.60
1.44
1.70
0.27
1.30
0.13
14.82
0.15
0.62
0.68
1.38
0.06
0.25
0.08
1.80
1.98
0.19
1.81
0.24
5.80
0.15
0.19
0.02
0.05
0.03
0.01
0.04
6.19
5.66
0.05
0.14
0.01
0.03
5.01
0.03
0.01
0.01
0.02
0.80
0.02
0.01
0.22
0.01
0.07
0.01
0.38
0.46
0.04
0.02
0.01
0.15
0.02
0.19
0.05
0.90
1.05
0.04
21.33
0.10
0.42
0.04
0.04
0.08
0.04
0.05
0.02
0.03
16.06
0.01
0.03
2.41
0.02
0.07
0.43
0.01
0.58
0.01
0.10
0.68
0.57
0.91
0.05
0.35
0.02
8.64
0.05
0.22
0.23
0.58
0.02
0.04
0.02
0.41
0.46
0.09
0.82
0.10
0.48
0.09
0.04
0.01
0.01
M
0.04
0.01
0.04
9.94
8.25
0.08
0.18
0.01
0.04
5.40
0.04
0.01
0.01
0.03
0.94
0.02
0.02
0.27
0.01
0.17
0.01
0.69
0.59
0.05
0.02
0.01
0.16
0.03
0.25
0.08
1.15
1.38
0.05
22.70
0.13
0.61
0.04
0.05
0.12
0.05
0.08
0.04
0.07
17.11
0.01
0.04
2.88
0.03
0.08
0.48
0.01
0.61
0.01
0.14
0.88
0.72
0.99
0.10
0.40
0.03
10.77
0.06
0.28
0.33
0.58
0.03
0.05
0.03
0.48
0.60
0.11
0.97
0.11
0.48
0.10
0.05
0.01
0.01
0.04
0.01
0.04
10.07
8.40
0.10
0.20
0.01
0.05
5.98
0.04
0.01
0.01
0.03
1.01
0.02
0.02
0.28
0.01
0.17
0.02
0.80
0.60
0.06
0.03
0.01
0.17
0.04
0.29
0.09
1.25
1.50
0.06
23.70
0.14
0.84
0.05
0.05
0.12
0.06
0.09
0.04
0.10
17.80
0.01
0.06
2.88
0.04
0.09
0.52
0.01
0.70
0.01
0.15
0.89
0.74
1.00
0.13
0.43
0.03
11.15
0.08
0.32
0.39
0.61
0.03
0.05
0.04
0.54
0.66
0.12
0.97
0.12
0.51
0.10
0.06
0.01
0.01
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
-
(100s)
Stock
Exc Volume
Week
High
Low
0.12 0.13
44.96 45.99
0.01 0.01
4.86 5.07
0.05 0.05
0.13 0.15
0.02 0.02
0.05 0.05
0.01 0.01
Monument Mng
Mosaic*
Mountain Boy M
Mountain Prov
MPVC
Mundoro Cap
Murgor Res
Musgrove Mnls
Mustang Minls
V
1077
N 113055
V
341
T
2563
V
7180
V
259
V
4507
V
1559
V
4124
0.14
46.50
0.01
5.10
0.07
0.16
0.02
0.06
0.02
Namibia Rare E
Natural Rs Pt*
Nautilus Minls
Nebu Res
Nemaska Lith
Network Expl
Nevada Clean M
Nevada Copper
Nevada Expl
Nevada Sunrise
Nevado Res
Nevsun Res
Nevsun Res*
New Carolin Gd
New Destiny Mg
New Dimen Res
New Gold
New Gold*
New Millennium
New Milln Iron
New Pac Metals
New World Res
Newmont Mng*
Newport Expl
Newstrike Cap
Newstrike Res
NGEx Res
Nighthawk Gold
Niocorp Dev
Niogold Mng
Nippon Dragon
NMC Res
Noble Metal Gr
Noble Mnl Expl
Noka Res
Nomad Ventures
Nordex
Noront Res
Nortec Mnls
North Am En P*
North Am En Pa
North Am Nickl
North Am Pall*
North Am Pall
North Am Pot D
North Am Tung
North Arrow Mn
North Country
Northcliff Res
Northcore Res
Northern Abiti
Northern Dyn*
Northern Dyn M
Northern Freeg
Northern Gld M
Northern Graph
Northern Iron
Northern Shiel
Northern Sun M
Northern Sup R
Northern Vertx
Northisle C&G
Northquest
NovaCopper
NovaCopper*
NovaGold Res
NovaGold Res*
NQ Expl
NSGold
Nuinsco Res
NuLegacy Gold
NV Gold
NWM Mng
Oban Mng
OceanaGold
Oceanic Iron O
Oceanus Res
Odin Mng & Exp
Olivut Res
OM Group*
Opawica Expl
Open Gold
Oracle Mng
Orbit Garant D
Orbite Alumnae
Orca Gold
Orestone Mng
Orex Expl
Orex Minls
Orezone Gold
Oroco Res
T
N
T
V
V
V
V
T
V
V
V
T
X
V
V
V
T
X
V
T
T
V
N
V
V
V
T
V
V
V
V
V
V
V
V
V
V
V
V
N
T
V
X
T
V
V
V
V
T
V
V
X
T
V
V
V
V
V
V
V
V
V
V
T
X
T
X
V
V
T
V
V
V
T
T
V
V
V
V
N
V
V
T
T
T
V
V
V
V
T
V
0.19
9.19
0.44
0.02
0.18
0.04
0.05
1.68
0.02
0.44
0.03
4.63
3.85
0.05
0.02
0.01
5.89
4.92
0.34
0.17
0.16
0.01
22.29
0.35
1.00
0.03
1.06
0.32
0.79
0.33
0.11
0.18
0.01
0.01
0.08
0.04
0.36
0.28
0.03
3.21
3.84
0.25
0.21
0.24
0.01
0.05
0.55
0.04
0.21
0.03
0.01
0.43
0.51
0.09
0.02
0.66
0.02
0.03
0.07
0.04
0.23
0.03
0.09
0.75
0.63
4.64
3.86
0.01
0.09
0.01
0.12
0.13
0.01
0.12
2.47
0.23
0.35
0.40
0.14
30.26
0.02
0.01
0.05
1.46
0.33
0.40
0.01
0.01
0.33
0.50
0.05
Last
12-month
Change
High Low
+
-
0.01
0.02
0.00
0.04
0.02
0.01
0.01
0.01
0.01
0.37
51.25
0.03
6.08
0.20
0.30
0.03
0.30
0.05
0.11
40.32
0.01
4.85
0.04
0.11
0.01
0.05
0.01
0.01
0.64
0.02
0.01
0.02
0.01
0.01
0.20
0.01
0.01
0.01
0.09
0.11
0.00
0.00
0.00
0.49
0.37
0.06
0.02
0.00
0.01
2.17
0.04
0.03
0.03
0.17
0.04
0.03
0.09
0.00
0.01
0.01
0.00
0.00
0.01
0.00
0.01
0.01
0.17
0.05
0.03
0.03
0.03
0.01
0.01
0.02
0.00
0.02
0.02
0.00
0.01
0.03
0.01
0.01
0.11
0.00
0.01
0.01
0.00
0.02
0.00
0.02
0.00
0.01
0.22
0.18
0.00
0.03
0.00
0.01
0.03
0.00
0.00
0.05
0.01
0.02
0.03
0.01
0.25
0.01
0.00
0.01
0.06
0.02
0.02
0.00
0.00
0.01
0.03
0.01
0.25
17.04
0.79
0.10
0.25
0.10
0.12
2.83
0.13
1.50
0.09
5.30
4.51
0.07
0.06
0.03
7.28
6.78
0.58
0.65
0.59
0.24
27.40
0.70
1.22
0.09
2.38
0.65
0.81
0.36
0.15
0.19
0.02
0.05
2.05
0.05
0.55
0.70
0.21
8.49
9.22
0.65
0.73
0.81
0.05
0.11
0.84
0.11
0.30
0.10
0.03
1.70
1.85
0.45
0.05
1.44
0.05
0.06
0.71
0.06
0.57
0.10
0.19
1.70
1.54
5.11
4.62
0.03
0.65
0.04
0.18
0.39
0.01
0.35
3.74
1.10
0.52
0.70
0.45
37.58
0.07
0.03
0.34
1.94
0.70
0.70
0.04
0.04
0.43
1.07
0.12
0.09
7.98
0.20
0.01
0.09
0.03
0.03
1.12
0.01
0.13
0.02
3.59
3.17
0.02
0.01
0.01
3.85
3.37
0.21
0.13
0.16
0.01
17.60
0.08
0.57
0.02
0.92
0.25
0.21
0.14
0.07
0.05
0.01
0.01
0.05
0.02
0.32
0.25
0.02
2.71
3.20
0.20
0.12
0.14
0.01
0.04
0.40
0.03
0.17
0.02
0.01
0.32
0.38
0.06
0.02
0.58
0.01
0.02
0.07
0.02
0.11
0.02
0.07
0.53
0.41
2.65
2.33
0.01
0.05
0.01
0.06
0.03
0.01
0.07
1.65
0.14
0.18
0.05
0.11
21.87
0.01
0.01
0.03
1.13
0.19
0.29
0.01
0.01
0.20
0.37
0.03
-
N-O
493
3225
4144
350
7088
90
668
5893
1478
659
2105
10981
11617
2000
1080
351
90847
251484
4611
3678
17
83
554787
6155
2581
100
7765
173
4300
3469
794
20
80
244
400
240
1154
2322
508
885
1207
2085
178256
25593
10555
3964
1042
890
2219
97
396
2982
963
75
3621
2617
2638
838
29
1741
670
2157
1165
762
4452
14325
124408
1945
550
6666
1679
130
200
217
58295
134
10
885
548
11733
4381
2430
455
429
12343
2471
105
374
35551
9237
370
0.18 0.19
8.09 8.35
0.38 0.42
0.02 0.02
0.15 0.16
0.03 0.04
0.05 0.05
1.12 1.34
0.01 0.02
0.38 0.44
0.02 0.02
4.07 4.43
3.42 3.68
0.04 0.05
0.02 0.02
0.01 0.01
5.00 5.50
4.19 4.60
0.26 0.33
0.15 0.15
0.16 0.16
0.01 0.01
20.22 22.29
0.30 0.35
0.95 1.00
0.03 0.03
0.94 0.95
0.26 0.32
0.73 0.73
0.24 0.33
0.10 0.10
0.18 0.18
0.01 0.01
0.01 0.01
0.07 0.07
0.04 0.04
0.33 0.36
0.26 0.26
0.02 0.02
2.82 3.16
3.38 3.65
0.22 0.22
0.15 0.17
0.18 0.20
0.01 0.01
0.04 0.05
0.51 0.55
0.04 0.04
0.18 0.18
0.03 0.03
0.01 0.01
0.39 0.40
0.48 0.48
0.08 0.09
0.02 0.02
0.58 0.58
0.02 0.02
0.03 0.03
0.07 0.07
0.03 0.03
0.14 0.17
0.03 0.03
0.08 0.09
0.70 0.71
0.54 0.59
4.23 4.36
3.52 3.68
0.01 0.01
0.09 0.09
0.01 0.01
0.10 0.11
0.10 0.13
0.01 0.01
0.12 0.12
2.22 2.31
0.17 0.23
0.35 0.35
0.38 0.40
0.12 0.14
27.64 29.04
0.01 0.02
0.01 0.01
0.05 0.05
1.31 1.46
0.30 0.31
0.34 0.39
0.01 0.01
0.01 0.01
0.25 0.33
0.41 0.44
0.05 0.05
+
+
+
+
+
+
+
-
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
-
NORTH AMERICAN STOCK EXCHANGE INDICES
52-week
Date
TSX Composite
S&P/TSX-Ven Comp
S&P TSX 60
Global Gold
TSX Metals & Mining
Gold & Silver XAU
Arca Gold Bugs
Jan 19
14312.50
673.16
833.76
181.70
585.04
N/A
N/A
Jan 16
14309.41
667.31
834.29
180.76
580.27
79.52
200.87
Jan 15
14041.82
659.24
818.46
174.98
547.46
77.21
194.59
TSX SHORT POSITIONS
Jan 14
14084.43
659.69
821.63
163.11
545.85
73.28
181.32
Jan 13
14187.16
670.65
828.40
165.35
598.28
75.30
184.52
High
15685.13
1050.26
902.74
215.56
954.68
107.39
261.36
Low
13450.31
637.06
770.23
128.54
513.00
61.39
146.01
TSX VENTURE SHORT POSITIONS
Short positions outstanding at Dec.31/14 (with changes from
Dec.15/14).
Short positions outstanding at Dec.31/14 (with changes from
Dec.15/14).
Largest short positions
Lundin Mining
LUN
37258346
New Gold
NGD
30802764
PotashCorp
POT
25174184
B2Gold
BTO
15168802
Detour Gold
DGC
13019001
Thompson Creek Mtl TCM
11219962
Barrick Gold
ABX
11172136
Kinross Gold
K
10877751
Yamana Gold
YRI
10639759
Argonaut Gold
AR
10076248
Rio Alto Mining
RIO
8330282
Silver Wheaton
SLW
7895981
Aurico Gold
AUQ
7606961
First Majestic Silver
FR
7419224
Hudbay Minerals
HBM
6935821
Largest increase in short position
Platinum Group Mtl
PTM
4707828
Iamgold
IMG
5706973
Aurico Gold
AUQ
7606961
Goldgroup Mining
GGA
1044000
Sherritt International S
1829694
Largest decrease in short position
Lundin Mining
LUN
37258346
Detour Gold
DGC
13019001
Eldorado Gold
ELD
2829624
Kinross Gold
K
10877751
Silver Wheaton
SLW
7895981
Largest short positions
Tyhee Gold
TDC
1157000
Arcan Res.
ARN
626000
Majestic Gold
MJS
400000
Graphite One Res.
GPH
364500
Zenyatta Vent.
ZEN
288100
Niocorp Developments NB
276390
Roxgold
ROG
257875
North Arrow Min.
NAR
217000
Argentex Mining
ATX
200500
Blackstone Vent.
BLV
200000
Barisan Gold
BG
182000
Indico Res.
IDI
157000
Mason Graphite
LLG
153900
Bear Creek Mining
BCM
134093
Northern Graphite
NGC
116134
Largest increase in short position
Tyhee Gold
TDC
1157000
Majestic Gold
MJS
400000
North Arrow Min.
NAR
217000
Blackstone Vent.
BLV
200000
Indico Res.
IDI
157000
Largest decrease in short position
Gespeg Copper
GCR
0
Sarama Res.
SWA
0
Atlantic Gold
AGB
47600
Ryan Gold
RYG
0
Artha Res.
AHC
0
-17652652
-1732841
-1386791
-1145462
-9110777
-303381
-2642602
-8270629
-4084790
-3768371
-8036
-6088536
1547025
-3879060
-632244
3717328
3134944
1547025
1041000
506364
-17652652
-9110777
-8860190
-8270629
-6088536
1157000
626000
400000
54500
-21800
-108410
-5825
217000
126000
200000
0
157000
-3500
24993
-8766
1157000
400000
217000
200000
157000
-700000
-417000
-352400
-271000
-250000
15-01-21 5:50 PM
THE NORTHERN MINER
(100s)
Stock
Week
12-month
High
Low
Last
Change
1475
102
2979
5961
5260
2.88
0.03
0.22
0.47
0.04
2.68
0.03
0.19
0.36
0.03
2.77
0.03
0.19
0.43
0.04
+
+
+
-
Pac Bay Mnrls V
194
Pac Booker Min V
206
Pac Booker Mn* X
1
Pac Casc Minls V
350
Pac Iron Ore
V
1858
Pac North West V
10
Pac Potash
V
4253
Pac Ridge Expl V
460
Pac Wildcat Re V
180
Paget Mnls
V 32150
Paladin Energy T 14691
Palladon Vent V
18
Palmer Res
V
427
Pan Am Silver T 20523
Pan Am Silver* Q 107013
Pan Global Res V
240
Pancontl Uran V
5333
Panoro Minls
V
4689
Pantheon Vent V
25
Papuan Prec Mt V
4073
Parallel Mng
V
53
Paramount Gld* X 42467
Paramount Gold T
2180
Parkside Res
V
3800
Passprt Potash V
6026
PC Gold
V
4467
Peabody Enrgy* N 387066
Peat Res
V
120
Pelangio Expl V 35659
Pele Mtn Res
V
828
Peregrine Diam T 20409
Perseus Mng
T 46706
Pershimco Res V
1902
Peruvian Prc M V
2602
Phoenix Copper V
22
Phoenix Gold
V
1590
Pilot Gold
T
9015
Pinetree Cap
T 21820
PJX Res
V
164
Planet Mng
V
150
Plata Latina M V
200
Platinex
V
1000
Platinum Gp M* X
3671
Platinum Gp Mt T 39996
Plato Gold
V
3400
Playfair Mng
V
3095
PNG Gold
V
4927
Polaris Minls
T
280
PolyMet Mng* X
9447
PolyMet Mng
T
2213
Potash C Sask* N 151317
Potash Cp Sask T 46661
Precipitate Gl
V
1875
Premier Gold M T 32940
Premium Expl V
1180
Pretium Res*
N 37967
Pretium Res
T 22433
Primero Mng
T 43358
Primero Mng* N 11137
Proam Expl
V
450
Probe Mines
V
3368
Prominex Res V
20
Prophecy Coal T
5093
Prospero Silve V
1452
Puma Expl
V
1566
Purepoint U
V
5160
Q-Gold Res
V
31
QMC Quantum MlV
275
QMX Gold
V
3057
Quartz Mtn Res V
33
Quaterra Res
V
1500
Quest Rare Mnl T
2681
Quest Rare Mn* X
1617
Quia Res
V
163
0.03
4.63
3.86
0.03
0.02
0.03
0.02
0.03
0.01
0.01
0.36
0.49
0.05
13.44
11.19
0.04
0.02
0.25
0.04
0.03
0.04
1.27
1.51
0.01
0.02
0.06
6.97
0.01
0.03
0.04
0.16
0.36
0.20
0.13
0.01
0.02
1.15
0.13
0.20
0.04
0.10
0.01
0.50
0.60
0.01
0.03
0.02
2.25
1.19
1.41
36.23
43.34
0.17
2.30
0.04
7.56
9.05
5.64
4.72
0.02
3.42
0.01
0.07
0.02
0.16
0.06
0.01
0.03
0.03
0.04
0.05
0.13
0.11
0.01
Orocobre
Oronova Res
Orosur Mng
Orvana Mnrls
Otis Gold
Exc Volume
T
V
T
T
V
High Low
0.07
0.01
0.01
0.04
0.01
3.31
0.08
0.33
0.77
0.12
2.05
0.03
0.16
0.27
0.03
0.00
0.27
0.20
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.07
0.01
1.09
0.82
0.04
0.00
0.05
0.01
0.02
0.01
0.11
0.09
0.01
0.00
0.01
0.14
0.00
0.00
0.00
0.01
0.09
0.03
0.05
0.00
0.01
0.17
0.01
0.01
0.01
0.03
0.00
0.05
0.04
0.00
0.00
0.00
0.17
0.09
0.02
0.33
0.06
0.02
0.12
0.02
0.29
0.41
0.39
0.25
0.00
0.12
0.00
0.01
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.01
0.01
0.02
0.00
0.10
7.22
6.57
0.05
0.05
0.14
0.09
0.05
0.05
0.04
0.63
1.88
0.19
17.41
15.97
0.19
0.07
0.60
0.60
0.16
0.14
1.48
1.62
0.04
0.16
0.09
19.63
0.03
0.10
0.10
0.63
0.57
0.45
0.19
0.06
0.16
1.77
0.66
0.22
0.13
0.20
0.02
1.30
1.43
0.01
0.13
0.06
3.20
1.56
1.73
38.58
43.34
0.29
3.52
0.37
8.85
9.43
9.05
8.46
0.04
3.95
0.05
0.11
0.08
0.27
0.19
0.10
0.13
0.07
0.12
0.11
0.77
0.71
0.10
0.02
3.35
3.16
0.01
0.01
0.03
0.02
0.02
0.01
0.01
0.27
0.40
0.03
9.97
8.69
0.01
0.01
0.15
0.03
0.01
0.03
0.55
0.65
0.01
0.01
0.03
6.07
0.01
0.02
0.03
0.14
0.18
0.13
0.04
0.01
0.02
0.64
0.09
0.10
0.03
0.06
0.01
0.42
0.50
0.01
0.01
0.01
1.65
0.90
0.99
30.09
33.61
0.09
1.61
0.02
4.07
4.60
3.25
3.00
0.01
1.96
0.01
0.04
0.01
0.12
0.04
0.01
0.02
0.01
0.04
0.04
0.10
0.07
0.01
P-Q
0.03
4.40
3.86
0.02
0.02
0.03
0.02
0.03
0.01
0.01
0.33
0.49
0.04
12.25
10.26
0.03
0.01
0.18
0.04
0.01
0.03
1.10
1.31
0.01
0.01
0.05
6.46
0.01
0.02
0.04
0.14
0.31
0.16
0.09
0.01
0.02
1.00
0.11
0.18
0.04
0.10
0.01
0.42
0.50
0.01
0.02
0.01
2.08
1.06
1.28
34.50
41.33
0.14
2.11
0.03
6.87
8.22
4.87
4.08
0.01
3.23
0.01
0.06
0.02
0.15
0.05
0.01
0.03
0.02
0.04
0.05
0.11
0.09
0.01
0.03
4.55
3.86
0.02
0.02
0.03
0.02
0.03
0.01
0.01
0.36
0.49
0.04
13.15
11.00
0.04
0.02
0.22
0.04
0.03
0.04
1.18
1.40
0.01
0.02
0.05
6.56
0.01
0.03
0.04
0.15
0.34
0.18
0.13
0.01
0.02
1.13
0.12
0.18
0.04
0.10
0.01
0.50
0.58
0.01
0.03
0.01
2.11
1.10
1.32
35.09
42.01
0.16
2.23
0.04
7.21
8.65
5.48
4.58
0.01
3.36
0.01
0.06
0.02
0.15
0.06
0.01
0.03
0.03
0.04
0.05
0.11
0.09
0.01
+
+
-
+
+
+
+
+
+
+
-
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
-
-
R
Rackla Mtls
V
Radisson Mng V
Rainmaker Res V
Ram Power
T
Rambler Mg&Mtl V
Randgold Res* Q
Randsburg Intl V
Range Engy Res C
V
Rapier Gold
Rare Elemnt Rs T
Rare Elemt Re* X
Ratel Grp
T
Rathdowney Res V
Red Eagle Mng V
Red Pine Expl V
1016
2599
5066
10270
710
62254
755
30
100
1268
4248
27
2391
2771
14096
0.02
0.10
0.03
0.01
0.42
81.64
0.01
0.02
0.02
0.42
0.37
0.63
0.30
0.35
0.03
0.02 0.02
0.09 0.10
0.02 0.02
0.01 0.01
0.34 0.38
73.04 80.90
0.01 0.01
0.02 0.02
0.02 0.02
0.36 0.40
0.29 0.34
0.63 0.63
0.28 0.28
0.30 0.34
0.02 0.02
+
+
+
+
+
+
0.00
0.00
0.01
0.00
0.02
4.98
0.00
0.01
0.01
0.00
0.01
0.05
0.02
0.02
0.01
0.05
0.14
0.23
0.09
0.62
89.89
0.03
0.12
0.08
2.32
2.12
1.40
0.40
0.41
0.11
0.01
0.07
0.02
0.01
0.34
58.00
0.01
0.01
0.01
0.36
0.29
0.58
0.18
0.18
0.01
(100s)
Stock
Week
Exc Volume
Red Rock Enrgy
Red Tiger Mng
Redhawk Res
Redhill Res
Redstar Gold
Regal Res
Regulus Res
Remington Res
Renaissance Gd
Reservoir Capt
Reservoir Mnls
Reunion Gold
Revett Mnls
Revett Mnls*
Revolver Res
Rhino Res*
Richmond Mnls
Richmont Mines
Richmont Mine*
Rio Alto Mng
Rio Alto Mng*
Rio Novo Gold
V
200
V
72
T
3019
V
147
V
1272
C
300
V
57
V
150
T
697
V
409
V
1546
V
1563
T
320
X
1935
V
175
N
628
V
57
T 12540
X 25513
T 142791
N 2915
T 10054
High
Low
Last
0.01
0.10
0.09
0.21
0.04
0.15
0.36
0.05
0.34
0.43
4.48
0.10
0.87
0.74
0.05
2.22
0.05
4.39
3.68
3.44
2.85
0.14
0.01
0.06
0.07
0.20
0.04
0.15
0.32
0.05
0.27
0.35
4.07
0.08
0.78
0.65
0.05
1.84
0.04
3.70
3.13
3.06
2.56
0.11
0.01
0.10
0.09
0.21
0.04
0.15
0.36
0.05
0.29
0.43
4.38
0.09
0.83
0.70
0.05
1.90
0.05
4.01
3.35
3.30
2.77
0.14
12-month
Change
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
0.00
0.01
0.01
0.01
0.01
0.01
0.03
0.02
0.03
0.07
0.24
0.00
0.06
0.00
0.00
0.17
0.02
0.41
0.26
0.21
0.18
0.02
Stock
0.03
0.30
0.29
0.57
0.09
0.15
0.85
0.06
0.67
0.80
7.54
0.17
1.42
1.31
1.20
14.65
0.12
4.39
3.68
3.44
3.05
0.19
Rye Patch Gold V
0.01
0.06
0.07
0.13
0.03
0.02
0.00
0.03
0.18
0.10
3.30
0.05
0.73
0.65
0.03
1.84
0.03
1.21
0.89
1.74
1.61
0.05
2488
Week
High
12-month
Low
Last
Change
0.15
0.16
+
0.01
0.27 0.11
0.36
0.04
0.11
0.02
0.13
0.26
0.61
0.06
0.06
0.14
4.06
4.85
0.29
0.11
0.16
0.03
0.10
0.16
+
-
0.05
0.01
0.02
0.00
0.01
0.04
0.03
0.01
0.01
0.02
0.28
0.36
0.03
0.04
0.02
0.01
0.03
0.01
1.13
0.40
0.60
0.07
0.34
0.37
0.80
0.28
0.29
0.44
7.69
8.19
1.26
0.28
0.23
0.10
0.15
0.41
0.16
High Low
S
Sabina Gd&Slvr
Sable Res
Sage Gold
Saint Jean Car
Salazar Res
Sama Res
Samco Gold
San Marco Res
Sanatana Diam
Sandspring Res
Sandstorm Gld*
Sandstorm Gold
Santacruz Silv
Sarama Res
Saturn Minls
Savant Expl
Saville Res
Scorpio Gold
T
V
V
V
V
V
V
V
V
V
X
T
V
V
V
V
V
V
26548
1031
390
1132
2333
34
2805
515
11798
2309
61163
20724
7629
4376
3780
150
554
2131
0.38
0.04
0.13
0.02
0.16
0.26
0.66
0.07
0.06
0.14
4.20
5.05
0.40
0.11
0.16
0.03
0.10
0.17
0.33
0.04
0.11
0.02
0.09
0.25
0.50
0.06
0.04
0.11
3.69
4.43
0.28
0.07
0.14
0.03
0.08
0.15
+
+
+
+
+
+
+
+
+
+
+
+
0.28
0.04
0.07
0.01
0.09
0.14
0.11
0.03
0.03
0.08
2.45
2.80
0.28
0.03
0.11
0.01
0.02
0.14
of T h e N o r t h e r n M i n e r
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Rio Silver
Rio Tinto*
Riverside Res
RJK Explor
Robex Res
Rochester Res
Rockcliff Res
Rockhaven Res
Rockland Mnls
Rockridge Cap
Rockwell Diam
Rodinia Lithm
Rogue Iron Ore
Romarco Mnrls
Rome Res
Romios Gold Rs
Romulus Res
Roxgold
Royal Cdn Mint
Royal Gold
Royal Gold*
Royal Nickel
RPT Uranium
RT Minerals
Rubicon Mnls*
Rubicon Mnrls
Rugby Mng
Running Fox Rs
Rupert Res
Rusoro Mng
Russell Metals
Ryan Gold
V
762
N 26765
V
1859
V 36575
V
5821
V
10
V
1515
V
8933
V
330
V
102
T
1053
V
5388
V
3242
T 178057
V
324
V
100
V
50
V 14929
T
736
T
794
Q 46444
T
4536
V
115
V
2050
X 62064
T 41254
V
30
V
370
V
257
V
3362
T
9255
V
7563
0.04
44.72
0.31
0.01
0.08
0.01
0.06
0.20
0.06
0.10
0.27
0.03
0.04
0.73
0.07
0.03
0.12
0.69
16.43
88.33
73.75
0.39
0.37
0.01
1.20
1.43
0.19
0.02
0.07
0.02
24.18
0.13
0.03
42.97
0.27
0.01
0.08
0.01
0.04
0.18
0.05
0.08
0.23
0.02
0.03
0.57
0.06
0.03
0.12
0.58
15.55
81.02
67.77
0.35
0.35
0.01
1.06
1.25
0.14
0.02
0.05
0.02
22.45
0.12
0.04
44.20
0.30
0.01
0.08
0.01
0.06
0.18
0.05
0.10
0.25
0.02
0.03
0.68
0.06
0.03
0.12
0.69
16.34
86.78
72.56
0.36
0.35
0.01
1.16
1.38
0.19
0.02
0.07
0.02
23.14
0.13
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
0.02
0.40
0.01
0.00
0.01
0.00
0.03
0.01
0.01
0.08
0.00
0.01
0.00
0.11
0.03
0.00
0.05
0.07
0.94
7.34
5.55
0.03
0.02
0.00
0.14
0.17
0.02
0.00
0.01
0.01
0.60
0.01
0.18
60.60
0.68
0.03
0.25
0.04
0.11
0.34
0.06
0.45
0.48
0.09
0.19
0.99
0.18
0.08
0.25
0.93
16.55
90.30
82.84
0.75
0.68
0.13
1.77
1.95
0.27
0.06
0.23
0.04
37.63
0.18
0.02
40.70
0.26
0.01
0.04
0.01
0.03
0.13
0.02
0.08
0.21
0.02
0.02
0.42
0.06
0.02
0.12
0.39
13.87
54.55
50.04
0.29
0.13
0.01
0.79
0.90
0.13
0.02
0.05
0.01
22.39
0.10
Stornoway Diamond (SWY.WT.A) - Wt buys sh @ $0.90 to Jul
3/16+.
Vista Gold (VGZ.WT.U) - Wt buys sh @ US$5 to Oct 22/15.
Supplied by TMX Group.
TSX VENTURE EXCHANGE WARRANTS
Atlantic Gold (AGB.WT) - Wt buys sh @ $0.60 to Aug 20/18.
Avala Resources (AVZ.WT) - Wt buys sh @ $4.80 to Mar 6/16.
Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18.
Delta Gold (DLT.WT) - Wt buys sh @ $0.17 to Sept 14/17.
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.
NexGen Energy (NXE.WT) – Wt buys sh @ $o.65 to Mar 26/16
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.
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.
West African Resources (WAF.WT) - Wt buys sh @ $0.40 to Jan
17/17.
West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.30 to Apr
17/19.
Supplied by TMX Group Inc.
EXCHANGE RATES
CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate)
Date
Jan 19
Jan 16
US$ in C$
1.1966
1.1986
C$ in US$
0.8357
0.8343
Jan 15
1.1932
0.8381
Jan 14
1.1958
0.8363
Jan 13
1.1948
0.8370
EXCHANGE RATES (Bank of Canada, January 19, 2014)
Currency
Aus $
Euro
In C$
0.9825
1.3907
In US$
0.8211
1.1622
Japan
0.01018
0.00851
Mex P
0.08168
0.06826
SA Rand
0.00111
0.08591
Jan 26 2015 Issue.indd 9
Exc Volume
SPECIAL NOTICE FOR SUBSCRIBERS
TSX WARRANTS
Alamos Gold (AGI.WT) - Wt buys sh @ US$29.48 to Aug 30/18.
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.
Dalradian Resources (DNA.WT) - Wt buys sh @ $0.90 to Feb
19/15. (DNA.WT.A) - Wt buys sh @ $1.50 to Jul 31/17.
Dundee Precious Metals (DPM.WT.A) - Wt buys sh @ $3.25 to
Nov. 20/15.
Franco Nevada (FNV.WT.A) - Wt buys sh @ $75 to Jun 16/17.
Gran Colombia Gold (GCM.WT) - Wt buys sh @ $65.00 to Aug
24/15. (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19.
Hudbay Minerals (HBM.WT) - Wt buys sh @ $15.00 to Jul 20/18.
IMX Resources (IXR.WT) - Wt buys sh @ C$0.62 or A$0.60 to
Sep 14/15.
Ivanhoe Mines (IVN.WT) - Wt buys sh @ $1.80 to Dec 10/15.
Labrador Iron Mines (LIM.WT) - Wt buys sh @ $1.35 to Feb
13/16.
MBAC Fertilizer (MBC.WT) - Wt buys sh @$1.00 to Apr 17/19.
New Gold A (NGD.WT.A) - Wt buys sh @ $15 to June 28/17.
Peregrine Diamonds (PGD.WT) - Wt buys sh @ $0.21 to Apr
6/15.
Primero Mining (P.WT) - Wt buys sh @ $8 to July 20/15. (P.WT.A)
- Wt buys 0.175 sh @ $2.20 and 0.1 sh Fortune Bay to Nov
19/14. (P.WT.B) - Wt buys 1 sh @ $0.2395 and 0.1369 sh Fortune
Bay to Nov 19/14.
Quest Rare Minerals (QRM.WT) - Wt buys sh @ $.40 to Jul
17/17.
Rio Novo Gold (RN.WT) - Wt buys sh @ $2.25 to Mar 8/15.
Royal Nickel (RNX.WT) - Wt buys sh @ $.80 to Jul 11/16.
RTG Mining (RTG.WT) - Wt buys sh @ $1.50 to Jun 4/17.
Rubicon Minerals (RMX.WT) – Wt buys sh @$2 to Mar 12/15.
Sandstorm Gold (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.
(100s)
High Low
UK £
1.8109
1.5134
Scorpio Mining T 45110
Seabridge Gld* N 39147
2865
Seabridge Gold T
Search Mnls
V
862
Secova Mtls
V
291
Sego Res
V
27
Selwyn Res
V
12
Semafo
T 103058
Sendero Mng
V
195
Sennen Res
V 21905
Sentry Sl PrmM T
2998
Serabi Gold
T
1777
Serengeti Res V
350
SGX Res
V
1280
Sherritt Intl
T 41031
Shore Gold
T
6914
Sienna Res
V
60
Sierra Iron Or
V
310
Sierra Metals
T
135
Silver Bear Rs T
1324
Silver Bull R*
X
4068
Silver Bull Re
T
680
Silver Mtn Mns V
3545
Silver Predatr
V
100
Silver Pursuit
V
147
Silver Range R V
77
Silver Spruce
V
1373
Silver Std Res T 35416
Silver Std Re* Q 139700
Silver Wheatn* N 275307
Silver Wheaton T 79282
Silvercorp Mt* N 9963
Silvercorp Mtl T
6828
SilverCrest M* X 14694
SilverCrest Mn T
8688
SinoCoking Cl* Q 11962
Sirios Res
V
84
Skeena Res
V
1959
Skyharbour Res V
2310
Slam Exploratn V
40
Sniper Res
V
2810
SnipGold
V
46
SNS Silver
V
2277
Soc Quim&M Ch* N 15581
Softrock Mnrl
V
80
377
Solitario Ex&R T
Solitario Ex&* X
1318
Soltoro
V 13970
Solvista Gold
V
150
Sona Res
V
130
Sonora Gld & S V
4700
Sonoro Mtls
V
100
Source Expl
V
9330
Southern Arc
V
605
Southern Silvr V
417
SouthGobi Res T
1855
Spanish Mtn Gd V 27022
Sparton Res
V
80
Sprott Ph Silv T
354
Sprott Res
T
5088
Spruce Ridge R V
100
St Andrew Gldf T
9865
St Augustine
T
285
St-Georges Plt C 2600
Stakeholdr Gld V
5833
Standard Graph V
1890
Stans Energy
V
8738
Starcore Int V
T 16063
Stellar Pac Vt
V
215
Stikine Energy V
212
Stillwater Mg* N 86147
Stina Res
V
900
Stockport Expl T
315
Stonegate Agri T
7440
Stornoway Diam T 12102
Strait Mnls
V
2900
Strata Mnls
V
65
Stratabd Mnr
V
712
Strateco Res
T
3059
Strategic Metl V
4006
Strategic Res
V
461
Stratton Res
V
820
Strike Graph
V
110
StrikePoint Gd V
2865
Strongbow Expl V
41
Sulliden Mng C T
501
Sultan Mnrls
V
8730
SunCoke Engy* N 3604
2182
Sunridge Gold V
Sunward Res
T
1080
Suparna Gold V
1751
Superior Coppr V 28326
Sutter Gold
V
435
0.23
9.86
11.91
0.05
0.07
0.02
3.19
4.05
0.01
0.12
3.24
0.07
0.07
0.02
2.61
0.27
0.03
0.10
1.70
0.08
0.16
0.19
0.03
0.03
0.05
0.09
0.02
8.26
6.88
23.65
28.40
1.63
1.96
1.46
1.75
3.12
0.07
0.11
0.05
0.04
0.06
0.08
0.09
23.93
0.01
1.08
0.96
0.26
0.07
0.04
0.02
0.13
0.08
0.06
0.04
0.55
0.04
0.01
7.00
1.88
0.02
0.31
0.17
0.04
0.26
0.02
0.09
0.12
0.06
0.01
14.75
0.07
0.04
0.06
0.55
0.01
0.11
0.03
0.05
0.36
0.05
0.11
0.09
0.02
0.08
0.42
0.01
18.91
0.15
0.14
0.05
0.05
0.06
Tahoe Res*
15.36
0.20
8.96
10.70
0.04
0.05
0.02
3.05
3.48
0.01
0.04
2.96
0.06
0.06
0.01
2.05
0.22
0.02
0.10
1.64
0.07
0.13
0.15
0.02
0.03
0.04
0.09
0.02
6.90
5.77
21.68
25.84
1.45
1.75
1.31
1.56
2.50
0.07
0.10
0.05
0.04
0.04
0.08
0.07
22.56
0.01
0.75
0.80
0.19
0.07
0.04
0.01
0.13
0.06
0.05
0.04
0.49
0.03
0.01
6.48
1.47
0.02
0.28
0.15
0.03
0.22
0.02
0.06
0.12
0.06
0.01
13.20
0.06
0.03
0.04
0.50
0.01
0.06
0.02
0.05
0.32
0.02
0.09
0.07
0.01
0.08
0.35
0.01
17.57
0.14
0.12
0.05
0.04
0.05
0.20
9.52
11.42
0.04
0.05
0.02
3.19
3.94
0.01
0.11
3.15
0.06
0.06
0.01
2.15
0.24
0.02
0.10
1.68
0.08
0.15
0.19
0.02
0.03
0.04
0.09
0.02
7.94
6.63
23.31
27.92
1.53
1.85
1.42
1.70
2.56
0.07
0.10
0.05
0.04
0.05
0.08
0.07
22.89
0.01
1.01
0.84
0.25
0.07
0.04
0.01
0.13
0.07
0.05
0.04
0.55
0.04
0.01
6.99
1.57
0.02
0.30
0.15
0.03
0.25
0.02
0.09
0.12
0.06
0.01
13.26
0.06
0.03
0.05
0.51
0.01
0.11
0.03
0.05
0.33
0.04
0.11
0.07
0.02
0.08
0.38
0.01
17.66
0.14
0.14
0.05
0.05
0.05
+
+
+
+
-
0.44
11.64
12.72
0.16
0.09
0.07
4.22
5.48
0.02
0.13
4.59
0.13
0.11
0.08
4.90
0.45
0.10
0.25
2.28
0.24
0.44
0.47
0.06
0.12
0.12
0.19
0.15
13.52
12.21
27.66
30.09
3.30
3.62
2.78
3.05
9.37
0.21
0.14
0.18
0.18
0.09
0.22
0.35
36.25
0.03
1.84
1.67
0.28
0.23
0.13
0.04
0.36
0.16
0.10
0.30
0.93
0.12
0.02
9.08
3.34
0.04
0.42
0.22
0.17
0.32
0.11
0.27
0.27
0.13
0.04
19.42
0.18
0.08
0.28
1.22
0.06
0.23
0.09
0.13
0.50
0.15
0.25
0.15
0.06
0.30
0.75
0.02
24.57
0.31
0.33
0.16
0.18
0.25
14.18 15.34
+
1.17
27.55 11.34
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
0.17
5.92
6.74
0.03
0.03
0.02
1.68
2.39
0.01
0.02
2.28
0.06
0.04
0.01
2.01
0.17
0.02
0.07
1.41
0.04
0.12
0.14
0.02
0.02
0.04
0.08
0.02
4.47
3.92
16.57
18.92
1.04
1.18
1.12
1.31
0.83
0.06
0.04
0.03
0.03
0.03
0.05
0.06
21.52
0.01
0.75
0.80
0.08
0.04
0.01
0.01
0.07
0.06
0.04
0.03
0.45
0.03
0.01
6.01
1.39
0.01
0.21
0.08
0.01
0.03
0.02
0.05
0.11
0.04
0.01
11.81
0.04
0.02
0.03
0.46
0.01
0.04
0.02
0.02
0.27
0.01
0.07
0.04
0.01
0.06
0.30
0.01
17.43
0.12
0.10
0.03
0.03
0.05
T
N
1730
(100s)
Stock
Exc Volume
Week
High
Low
Last
10218
6752
1020
2026
2319
18447
289
500
665
13084
13389
1461
3262
200
197
259019
123769
6537
5254
133252
35836
5268
3375
110
550
12
5441
16788
9666
34
15
831
1265
10363
25734
2469
260
732
5176
7619
867
6304
182390
243
731
3811
1609
22481
1370
2729
665
309
589
46027
5119
2075
165
25
15154
55190
7489
11252
54
18.41
0.24
0.02
0.27
0.73
0.61
0.07
0.06
0.04
1.02
1.24
0.53
0.43
0.02
19.14
13.37
15.95
0.05
0.06
0.55
0.14
0.17
0.38
0.06
0.01
0.10
0.04
1.91
1.61
0.20
0.11
0.90
0.80
1.19
1.41
0.24
0.04
0.11
0.26
0.98
0.01
0.07
1.61
0.06
0.27
0.40
0.02
1.07
0.01
0.12
0.01
0.70
0.01
0.29
0.14
0.05
0.95
0.08
2.99
3.57
0.03
0.05
0.05
16.89
0.20
0.01
0.22
0.64
0.53
0.06
0.05
0.03
0.82
0.98
0.41
0.34
0.02
17.56
11.31
13.52
0.03
0.06
0.50
0.07
0.15
0.31
0.06
0.01
0.10
0.03
1.41
1.17
0.19
0.11
0.84
0.70
1.10
1.31
0.18
0.03
0.08
0.22
0.72
0.01
0.06
1.47
0.06
0.22
0.36
0.01
0.97
0.01
0.10
0.01
0.57
0.01
0.22
0.13
0.04
0.87
0.08
2.68
3.21
0.02
0.04
0.05
U3O8 Corp
UC Res
Ucore Rare Mtl
UEX Corp
Ultra Lithium
Unigold
Ur-Energy
Ur-Energy*
Uracan Res
Uragold Bay Rs
Uranerz Energy
Uranerz Energ*
Uranium Ener*
Uranium Partic
Uranium Res*
Uravan Minls
US Energy*
US Silica Hld*
Vale*
ValGold Res
Valterra Res
Vanstar Mng Rs
Vantex Res
Vatic Vent
Vena Res
Vendome Res
Venerable Vent
Verde Potash
Victoria Gold
Victory Nickel
Victory Res
Victory Vent
Viking Gold
Vior Mining
Virginia Mines
Viscount Mng
Visible Gold M
Vista Gold
Vista Gold*
VMS Vent
Vulcan Mnrls
VVC Expl
T
6861
V
337
V
6157
T
8884
V
940
V
1781
T
1370
X
493
V
1530
V
275
T
826
X 13998
X
6950
T 89920
Q 2463
V
200
Q 6305
N 23192
N 263205
V
2288
V
765
V
1060
V
2405
V
170
T
970
V
50
V
526
T
2675
V 39044
T
6340
V
137
V
2675
V
3153
V
199
T 19574
V
100
V 26678
T
657
X
7492
V 14897
V
2602
V
772
0.04
0.01
0.25
0.29
0.03
0.03
1.04
0.87
0.05
0.05
1.48
1.25
1.51
5.37
1.95
0.04
1.30
27.57
8.78
0.02
0.02
0.07
0.03
0.03
0.08
0.02
0.03
0.53
0.17
0.22
0.05
0.03
0.01
0.02
16.73
0.22
0.17
0.51
0.42
0.30
0.03
0.03
Wallbridge Mng
Walter Energy*
War Eagle Mg
Waseco Res
Wealth Minls
Wescan Goldfie
Wesdome Gold
West Af Iron O
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
WGI Heavy Mnl
Wildcat Expl
Wildcat Silver
Williams Creek
Wolf Res Dev
Wolfden Res
Wolverine Mnls
WPC Res
Xemplar Energy
Xinergy
Xmet
Xtierra
Xtra-Gold Res
Yamana Gold*
Yamana Gold
Yanzhou Coal*
Yellowhead Mng
Zadar Vent
Zazu Metals
Zenyatta Vent
Zephyr Mnls
Zimtu Capital
Zinco Mng
Zincore Mtls
Zonte Mtls
T
718
N 14672
V
107
V
2267
V
365
V
337
T
2295
V
590
V
387
V 23225
V
60
T
558
X
511
T
6482
V
835
V
2682
T
2645
V
3665
V
810
V
2013
V
377
T
1391
V
395
T
2379
V
10
V
90
V
1680
V
415
V 12010
V
31
T
5741
V
6454
V
465
T
8232
N 134605
T 456711
N 2263
T
1044
V
2347
T
40
V
2272
V
121
V
439
V
1730
T
550
V
20
0.05
1.32
0.04
0.03
0.12
0.02
1.31
0.01
0.25
0.07
0.03
0.67
0.58
0.57
0.01
0.10
0.28
0.02
0.10
0.04
0.07
0.68
0.05
0.41
0.11
0.12
0.23
0.05
0.07
0.03
0.08
0.06
0.02
0.14
4.84
5.79
8.47
0.10
0.04
0.35
1.50
0.15
0.37
0.06
0.07
0.04
Tahoe Res
T
Taipan Res
V
Tajiri Res
V
Talon Metals
T
Tanz Roy Exp T
Tanz Roy Exp* X
Tanzania Mnls V
Taranis Res
V
Tarsis Res
V
Taseko Mines* X
Taseko Mines T
Tasman Metals V
Tasman Mtls*
X
Tawsho Mng
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
Terraco Gold
V
Terrax Minls
V
Terreno Res
V
Teryl Res Corp V
Teslin Rvr Res V
Teuton Res
V
Thompson Creek T
Thompson Crk* N
Tiger Intl
V
Tiller Res
V
Timberline Res V
Timberline Rs* X
Timmins Gold* X
Timmins Gold T
Tinka Res
V
Tintina Mines
V
Tintina Res
V
Tirex Res
V
Titanium Corp V
TNR Gold
V
TomaGold
V
Torex Gold
T
Tosca Mng
V
Transition Mtl
V
Treasury Metal T
Tres-Or Res
V
Trevali Mng
T
Tri Origin Exp
V
TriMetals Mng T
Trio Gold Corp V
Troy Res
T
Troymet Expl
V
True Gold Mng V
True North Gem V
Trueclaim Expl V
Tsodilo Res
V
Tumi Res
V
Turquoise HIl* N
Turquoise Hill
T
TVI Pacific
T
Tyhee Gold
V
Typhoon Expl
V
9
12-month
Change
High Low
18.40
0.22
0.02
0.24
0.70
0.61
0.07
0.06
0.03
0.85
1.02
0.43
0.37
0.02
18.00
11.86
14.20
0.05
0.06
0.55
0.13
0.16
0.36
0.06
0.01
0.10
0.04
1.66
1.36
0.20
0.11
0.85
0.72
1.11
1.32
0.21
0.04
0.09
0.26
0.85
0.01
0.06
1.60
0.06
0.27
0.40
0.02
1.04
0.01
0.11
0.01
0.70
0.01
0.23
0.14
0.04
0.90
0.08
2.73
3.28
0.02
0.05
0.05
+
+
+
+
+
+
+
+
+
+
+
+
1.54
0.01
0.01
0.04
0.04
0.08
0.02
0.01
0.01
0.09
0.06
0.03
0.00
0.01
0.25
0.96
1.02
0.02
0.01
0.07
0.03
0.00
0.03
0.01
0.00
0.06
0.00
0.08
0.08
0.01
0.01
0.05
0.01
0.06
0.05
0.01
0.01
0.01
0.04
0.02
0.01
0.01
0.11
0.04
0.04
0.02
0.00
0.03
0.00
0.00
0.00
0.17
0.00
0.02
0.02
0.02
0.00
0.00
0.20
0.22
0.01
0.00
0.01
30.15
0.66
0.09
0.58
3.13
2.81
0.07
0.12
0.11
2.60
2.79
2.08
1.89
0.14
30.72
26.44
29.10
0.16
0.13
1.22
0.46
0.23
0.90
0.35
0.07
0.30
0.19
3.46
3.16
0.66
0.40
3.00
2.88
1.98
2.12
0.55
0.09
0.33
0.47
2.14
0.06
0.22
1.82
0.48
0.49
0.63
0.03
1.41
0.04
0.40
0.02
1.48
0.03
0.49
0.17
0.55
1.85
0.18
4.35
4.82
0.03
0.12
0.27
13.19
0.14
0.01
0.17
0.60
0.52
0.02
0.03
0.03
0.82
0.98
0.40
0.32
0.02
15.88
10.45
12.46
0.02
0.04
0.38
0.06
0.11
0.23
0.04
0.01
0.04
0.03
1.41
1.17
0.17
0.09
0.42
0.44
0.84
0.97
0.16
0.02
0.08
0.16
0.48
0.01
0.05
0.99
0.02
0.10
0.25
0.01
0.91
0.01
0.09
0.01
0.32
0.01
0.15
0.06
0.04
0.70
0.05
2.66
3.17
0.01
0.04
0.03
0.04 0.04
0.01 0.01
0.22 0.24
0.26 0.28
0.03 0.03
0.02 0.03
0.94 0.99
0.78 0.83
0.05 0.05
0.05 0.05
1.23 1.28
1.06 1.08
1.15 1.20
5.14 5.33
1.80 1.89
0.04 0.04
1.16 1.19
22.96 27.47
7.91 8.41
0.01 0.02
0.01 0.02
0.06 0.07
0.02 0.02
0.03 0.03
0.07 0.08
0.02 0.02
0.03 0.03
0.46 0.46
0.13 0.16
0.14 0.20
0.04 0.05
0.02 0.02
0.01 0.01
0.01 0.02
15.11 16.35
0.20 0.20
0.13 0.17
0.44 0.49
0.35 0.39
0.27 0.29
0.02 0.03
0.02 0.02
+
0.01
0.00
0.01
0.00
0.01
0.01
0.01
0.02
0.00
0.01
0.08
0.08
0.18
0.17
0.05
0.00
0.09
0.54
0.33
0.00
0.01
0.02
0.01
0.01
0.01
0.00
0.00
0.06
0.06
0.02
0.01
0.01
0.01
0.00
0.88
0.04
0.03
0.07
0.03
0.01
0.01
0.00
0.26
0.10
0.50
0.64
0.06
0.11
2.21
1.99
0.18
0.08
2.18
1.97
2.02
5.99
4.05
0.17
5.08
73.43
15.58
0.04
0.07
0.20
0.07
0.10
0.17
0.10
0.04
2.00
0.17
0.90
0.10
0.10
0.03
0.04
16.73
0.30
0.18
0.85
0.78
0.34
0.05
0.08
0.03
0.01
0.20
0.26
0.02
0.02
0.83
0.73
0.04
0.03
1.00
0.88
0.95
4.72
1.22
0.03
1.15
22.76
6.82
0.01
0.01
0.03
0.02
0.03
0.04
0.01
0.02
0.34
0.09
0.14
0.03
0.01
0.01
0.01
9.25
0.12
0.02
0.29
0.25
0.22
0.02
0.02
0.01
0.03
0.01
0.01
0.07
0.00
0.10
0.00
0.00
0.01
0.02
0.00
0.02
0.06
0.01
0.04
0.02
0.01
0.02
0.01
0.01
0.03
0.00
0.04
0.04
0.04
0.01
0.01
0.02
0.00
0.03
0.01
0.01
0.02
0.15
0.23
0.26
0.02
0.01
0.02
0.10
0.02
0.05
0.02
0.03
0.00
0.12
14.38
0.08
0.10
0.22
0.05
1.32
0.03
0.50
0.29
0.05
1.10
0.99
1.00
0.11
0.19
0.70
0.04
0.14
0.07
0.70
1.10
0.17
0.69
0.20
0.22
0.32
0.18
0.08
0.09
0.70
0.18
0.17
0.43
10.72
11.86
9.31
0.29
0.33
0.69
3.60
0.22
0.75
0.12
0.24
0.14
0.04
1.13
0.02
0.02
0.03
0.01
0.59
0.01
0.11
0.06
0.01
0.54
0.46
0.25
0.01
0.05
0.20
0.01
0.06
0.03
0.05
0.00
0.04
0.30
0.04
0.05
0.13
0.03
0.03
0.03
0.05
0.03
0.01
0.10
3.45
3.93
6.32
0.01
0.03
0.32
1.05
0.13
0.25
0.01
0.05
0.03
+
+
+
+
+
+
+
+
+
+
+
+
+
+
U-V
0.02
0.73
0.93
0.01
0.01
0.00
0.14
0.45
0.00
0.08
0.22
0.01
0.00
0.01
0.20
0.03
0.00
0.00
0.02
0.01
0.00
0.03
0.00
0.01
0.01
0.01
0.01
1.45
1.14
1.76
2.39
0.12
0.15
0.10
0.13
0.18
0.01
0.00
0.01
0.01
0.02
0.01
0.03
0.51
0.00
0.04
0.08
0.04
0.01
0.01
0.00
0.06
0.01
0.01
0.01
0.05
0.01
0.00
0.55
0.16
0.01
0.03
0.03
0.02
0.03
0.01
0.01
0.01
0.01
0.00
0.73
0.00
0.01
0.01
0.02
0.01
0.01
0.00
0.00
0.02
0.04
0.00
0.02
0.00
0.01
0.02
0.00
1.13
0.01
0.02
0.00
0.01
0.01
+
+
JANUARY 26-FEBRUARY 1, 2015
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
W-Z
0.04
1.17
0.04
0.02
0.10
0.01
1.22
0.01
0.11
0.07
0.03
0.60
0.50
0.50
0.01
0.07
0.24
0.01
0.09
0.03
0.06
0.65
0.04
0.36
0.11
0.12
0.19
0.05
0.05
0.03
0.05
0.05
0.01
0.12
4.05
4.84
8.09
0.08
0.03
0.34
1.33
0.15
0.30
0.04
0.05
0.04
0.04
1.25
0.04
0.03
0.12
0.02
1.28
0.01
0.25
0.07
0.03
0.62
0.55
0.50
0.01
0.07
0.25
0.01
0.10
0.04
0.06
0.68
0.04
0.37
0.11
0.12
0.22
0.05
0.06
0.03
0.07
0.05
0.02
0.13
4.44
5.32
8.17
0.10
0.03
0.35
1.33
0.15
0.35
0.05
0.06
0.04
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
-
STOCK MISSING OR INCORRECT? Let us know at
1-416-510-6764 or [email protected]. Data
supplied by Reuters Canada.
15-01-21 5:50 PM
10
JANUARY 26-FEBRUARY 1, 2015
THE NORTHERN MINER
NEW 52-WEEK HIGHS
AND LOWS —
JANUARY 12-16, 2015
16 New Highs
Agrium
Angkor Gold
Centerra Gold
Claude Res
Cortez Gold
Eco Oro Mnls
Gobimin
Gold Fields*
Klondex Mns
Potash Cp Sask
Richmont Mines
Richmont Mine*
Rio Alto Mng
Tanzania Mnls
Victoria Gold
Virginia Mines
234 New Lows
Abcourt Mines
Aben Res
Abington Res
African Queen
Aftermath Silv
Alphamin Res
Altai Res
Altair Vent
Altima Res
Amador Gold
Amato Expl
Amex Expl
Anfield Nickel
Anglo-Can Mng
Apogee Silver
Appalaches Res
Arctic Hntr Ur
Arcus Dev Grp
Aroway Mnls
Ashburton Vent
Asher Res
Astur Gold
Athabasca Mnls
Atlanta Gold
Aurania Res
Banks Island G
Barker Mnrls
Baroyeca Go&Si
Bell Copper
Big North Grap
Bison Gold Res
Black Iron
Bold Vent
Cameco Corp*
Cameco Corp
Canada Zinc Mt
Canadn Arrow
Canadn Orebods
Canadn Plat
Canarc Res
Canyon Copper
Caracara Silvr
Cardero Res
Carpathian Gld
Celeste Copper
Central Iron O
CMC Metals
Cogitore Res
Columbus Expl
Conquest Res
Cons Richland
Consol Energy*
Currie Rose Rs
Dalton Res Ltd
Delta Gold
Discovery-Corp
Ditem Explor
DNI Metals
Dolly Vard Sil
Dynasty Gold
Eagle Hill Exp
Eastfield Res
Edgewater Expl
El Nino Vent
Emgold Mng
Energy Fuels
Erin Ventures
Europn Uran Rs
Everton Res
Excalibur Res
First Bauxite
First Nickel
Fjordland Exp
Fortune Mnrls
Freegold Vent
Freeport Res
Frontline Gold
Galaxy Cap
Geodrill
Ginguro Expl
Golconda Res
Gold Reserve
Goldcliff Res
Golden Band
Golden Goliath
Goldrea Res
Goldrush Res
Gran Colombia
Grande Portage
Graphite One R
Great Quest Me
GTA Res & Mng
Guyana Prec Mt
GWR Res
Harvest Gold
Helio Res
Horizns G Bear
Huldra Silver
Hunt Mng
Hunter Bay Mnl
Ivernia
Jaxon Mnls
Kincora Copper
Kings Bay Gold
Klondike Silv
KWG Res
Labdr Iron Mns
Lachlan Star
Letho Res
Los Andes Copp
MacDonald Mns
Macusani Yello
Mammoth Res
Manitou Gold
Marengo Mng
Marifil Mines
Matamec Expl
Maudore Minls
Metalcorp
Midasco Cap
Midlands Minls
Minco Silver
Molycorp*
Monster Mng
Montero Mg&Ex
Musgrove Mnls
Mustang Minls
Network Expl
Nevada Copper
Nevada Expl
Nevado Res
New World Res
Noble Mnl Expl
North Am Pot D
Northern Abiti
Northern Gld M
Northern Graph
NQ Expl
Nuinsco Res
NWM Mng
Open Gold
Orestone Mng
Orex Expl
Oronova Res
Otis Gold
Pac Potash
Paget Mnls
Parallel Mng
Parkside Res
Peat Res
Pelangio Expl
Peregrine Diam
Phoenix Copper
Phoenix Gold
Platinex
Platinum Gp M*
Platinum Gp Mt
Plato Gold
PNG Gold
Prominex Res
Q-Gold Res
Quartz Mtn Res
Quia Res
Rainmaker Res
Ram Power
Rambler Mg&Mtl
Randsburg Intl
Rare Elemnt Rs
Rare Elemt Re*
Red Rock Enrgy
Red Tiger Mng
Rhino Res*
RJK Explor
Rodinia Lithm
Rome Res
Romulus Res
RT Minerals
Running Fox Rs
Rupert Res
Sable Res
Salazar Res
Santacruz Silv
Sego Res
Sendero Mng
Serabi Gold
Sienna Res
Silver Mtn Mns
Silver Pursuit
Silver Spruce
Softrock Mnrl
Solitario Ex&R
Solitario Ex&*
Sonora Gld & S
Spanish Mtn Gd
Standard Graph
Stikine Energy
Strait Mnls
Stratabd Mnr
StrikePoint Gd
Sultan Mnrls
Tarsis Res
Taseko Mines*
Taseko Mines
Tawsho Mng
Teryl Res Corp
Teuton Res
Thompson Creek
Thompson Crk*
Tintina Res
TNR Gold
Tres-Or Res
Trio Gold Corp
Troymet Expl
Trueclaim Expl
Tyhee Gold
UC Res
Unigold
Vantex Res
Vatic Vent
Victory Nickel
Viking Gold
Vior Mining
Vulcan Mnrls
Wallbridge Mng
Waseco Res
West Af Iron O
West High Yld
Western Melv M
Westkam Gold
Wildcat Expl
Xinergy
Xtierra
Zadar Vent
Zincore Mtls
Reprints of any article
published in
The Northern Miner
or on our website are available.
We will provide them in a
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Contact:
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or 416-510-6768
Jan 26 2015 Issue.indd 10
BID-ASK — JANUARY 12-16, 2015
12-MONTH
STOCK
Acme Res
Adanac Moly
Adroit Res
Aegean Metals
Afferro Mng
Afri-Can Marin
AgriMinco
Aldershot Res
Allied Gold
Alpha Gold
Alpha Mnls
Altiplano Mnls
Altitude Res
Alturas Minls
Am Cons Minls
Amanta Res
Amara Mng
Amcol Intl*
American Bonan
Amerix Pr Mtls
Amseco Expl
Angel Gold
Anglo Pac Grp
Anglo-Bomarc
Angus Mng Nami
Arco Res
Arcturus Res
Argentum Silvr
Argonaut Expl
Armadillo Res
Artha Res
AsiaBaseMetals
Astar Mnls
Aston Bay
Astorius Res
Augusta Res
Augyva Mng
Auracle Res
Auramex Res
AurCrest Gold
Azumah Res
Bandera Gold
Bard Vent
Bayfield Vent
BE Res
Bear Lake Gold
Belmont Res
Benton Cap
Besra Gold
Black Isle Res
Black Widow Rs
Blackstone Ven
Blind Crk Res
Blue Gold Mng
Bonaparte Res
Bowmore Expl
Bralorne Gold
Brandenburg En
Brazilian Gold
Brigadier Gold
Brionor Res
Buccaneer Gold
Bullman Mnls
Cadillac Vent
Calvista Gold
Canada Fluorsp
Canadn Silvr H
Cancor Mines
Canstar Res
Cap-Ex Vent
Carrie Arran R
Cassidy Gold
Cayden Res
Channel Res
China Mnls Mng
CIC Energy
Citation Res
Clear Mtn Res
Cliffmont Res
Cline Mng
CMQ Res
Cobriza Mtls
Coeur Mng
Colombia Crest
Colossus Minls
Condor Res
Cons Woodjam C
Contintl Nickl
Copper One
Coronado Res
Creso Expl
Cresval Cap
Crosshair Eny*
Cuervo Res
Curis Res
Curlew Lke Res
Darwin Res
Desert Gold
Desert Star
Diamonds North
Dominion Mnls*
Dorex Minls
Dunav Res
Duncan Park H
Dundarave Res
DV Res
E-Energy Vent
Eagle Mtn Gold
El Condor Mnls
Electra Gold
Elemental Mnls
Elgin Mng
Endurance Gold
Entourage Mtls
Esperanza Res
Eurotin
Extorre Gold M
Finlay Minrls
Firebird Res
Firestone Vent
First Lithium
Fort St J Nick
G4G Res
Gem Intl Res
Gentor Res
Geocom Res*
Geomark Expl
Georox Res
GGL Res
Gitennes Expl
Global Ur Fund
Gold Finder Ex
Gold Ridge Exp
GoldMountain*
Goldstar Mnls
Gonzaga Res
Granite Ck Gld
Gray Rock Res
Great Atlantic
Green Valley M
Greenflag Vent
Grenville Gold
Gryphon Gold
GTO Res
Guyana Frntr M
Hansa Res
Hellix Vent
Highbury Proj
Highway 50 Gld
HiHo Silver
Hinterland Mtl
Hudson River M
Huntington Exp
ICN Res
Iconic Mnls
IEMR Res
Indigo Expl
Infinito Gold
Inform Res
Inova Res
Inter-Citic Mn
Inter-Rock Mnl
Intl Bethl Mng
Intl Enexco
Intl Millm Mng
Intl Minls Crp
Intl Samuel Ex
Intrepid Mns
Invenio Res
Iron South Mng
Iron Tank Res
Jazz Res
Jiulian Res
Josephine Mng
Kalimantan Gld
Kazax Mnls
Kettle River
Kimber Res
Knick Expl
Kola Mng
La Quinta Res
Lago Dourado M
Laurion Mnl Ex
Liberty Silver
EXC
V
V
V
V
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V
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V
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V
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T
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V
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C
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C
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Q
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V
T
V
V
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C
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BID
0.04
0.19
0.01
0.03
1.10
0.01
0.01
0.01
2.25
0.03
5.55
0.02
0.17
0.01
0.04
0.01
0.20
45.74
0.02
0.01
0.01
0.04
1.46
0.03
0.01
0.03
0.02
0.05
0.01
0.01
0.01
0.04
0.14
0.10
0.02
3.15
0.08
0.01
0.01
0.03
0.02
0.01
0.03
0.24
0.01
0.03
0.04
0.02
0.02
0.02
0.03
0.01
0.04
0.46
0.05
0.05
0.19
0.01
0.10
0.01
0.01
0.03
0.08
0.01
1.09
0.35
0.02
0.01
0.03
0.02
0.04
0.04
2.40
0.04
0.01
1.99
0.07
0.02
0.01
0.01
0.02
0.12
12.03
0.01
0.02
0.04
0.03
0.40
0.02
0.65
0.12
0.01
0.02
0.01
0.68
0.01
0.05
0.04
0.15
0.02
0.08
0.10
0.01
0.01
0.10
0.04
0.01
0.14
0.01
0.05
0.18
0.41
0.04
0.06
1.01
0.04
4.27
0.02
0.02
0.01
0.28
0.01
0.01
0.09
0.10
0.05
0.96
0.06
0.03
0.01
1.64
0.02
0.02
0.04
0.03
0.10
0.03
0.04
0.16
0.01
0.07
0.07
0.01
0.10
0.01
0.02
0.03
0.27
0.30
0.01
0.02
0.01
0.01
0.06
0.07
0.01
0.01
0.01
0.03
0.16
2.04
0.01
0.01
0.41
0.01
2.80
0.01
0.25
0.03
0.05
0.05
0.03
0.04
0.01
0.03
0.05
0.01
0.15
0.02
0.03
0.01
0.01
0.01
0.05
12-MONTH
ASK
LAST
HIGH
LOW
STOCK
0.09
0.20
0.01
0.05
2.50
0.01
0.01
0.01
2.29
0.05
5.68
0.04
0.20
0.01
0.04
0.02
0.29
45.75
0.02
0.01
0.01
0.05
2.99
0.04
0.01
0.04
0.03
0.06
0.02
0.05
0.01
0.05
0.16
0.15
0.03
3.50
0.09
0.01
0.02
0.03
0.03
0.01
0.04
0.25
0.34
0.04
0.05
0.02
0.02
0.03
0.05
0.01
0.10
0.49
0.12
0.06
0.19
0.02
0.10
0.01
0.01
0.05
0.14
0.01
1.10
0.35
0.04
0.02
0.04
0.02
0.06
0.05
2.49
0.06
0.01
2.00
0.08
0.02
0.02
0.01
0.04
0.13
12.64
0.01
0.02
0.05
0.04
0.90
0.02
0.80
0.12
0.02
0.03
0.01
0.72
0.02
0.05
0.09
0.17
0.03
0.18
0.15
0.02
0.01
0.95
0.08
0.01
0.17
0.01
0.06
0.25
0.42
0.05
0.08
1.03
0.05
4.28
0.03
0.02
0.01
0.30
0.03
0.01
0.10
0.14
0.09
1.00
0.07
0.05
0.01
1.67
0.02
0.03
0.05
0.04
0.25
0.04
0.05
0.24
0.01
0.07
0.09
0.01
0.16
0.01
0.03
0.04
0.46
0.36
0.01
0.02
0.01
0.02
0.07
0.08
0.01
0.02
0.01
0.04
0.20
2.05
0.02
0.01
0.41
0.02
2.83
0.01
0.26
0.04
0.10
0.07
0.05
0.04
0.02
0.04
0.10
0.01
0.16
0.02
0.06
0.01
0.02
0.01
0.08
0.05
0.18
0.01
0.03
1.57
0.01
0.01
0.01
2.25
0.03
5.45
0.02
0.20
0.01
0.04
0.01
0.21
45.74
0.02
0.01
0.05
0.04
3.48
0.04
0.01
0.04
0.02
0.05
0.01
0.02
0.01
0.04
0.13
0.13
0.03
3.55
0.08
0.01
0.01
0.03
0.02
0.01
0.04
0.24
0.35
0.04
0.04
0.06
0.02
0.02
0.05
0.01
0.05
0.47
0.05
0.05
0.20
0.01
0.11
0.01
0.01
0.03
0.13
0.01
1.09
0.35
0.03
0.01
0.04
0.02
0.07
0.04
2.40
0.05
0.01
1.99
0.07
0.02
0.01
0.01
0.02
0.12
12.09
0.01
0.04
0.05
0.03
0.40
0.02
0.65
0.12
0.02
0.02
0.01
0.70
0.01
0.05
0.07
0.16
0.02
0.01
0.10
0.02
0.01
0.25
0.08
0.01
0.13
0.01
0.06
0.20
0.42
0.05
0.06
1.01
0.05
4.27
0.02
0.02
0.01
0.35
0.01
0.01
0.11
0.08
0.02
0.98
0.07
0.05
0.01
1.64
0.12
0.03
0.05
0.03
0.09
0.03
0.05
0.22
0.01
0.07
0.07
0.01
0.11
0.01
0.02
0.04
0.28
0.36
0.01
0.02
0.01
0.01
0.06
0.09
0.01
0.02
0.01
0.03
0.15
2.04
0.01
0.01
0.41
0.04
2.83
0.01
0.26
0.03
0.04
0.05
0.04
0.04
0.01
0.04
0.05
0.01
0.15
0.02
0.03
0.01
0.01
0.02
0.04
0.17
0.20
0.02
0.11
2.40
0.07
0.03
0.02
3.70
0.08
7.60
0.06
0.45
0.03
0.07
0.03
1.72
47.09
0.06
0.01
0.05
0.26
4.00
0.09
0.10
0.20
0.04
0.65
0.02
0.02
0.02
0.07
0.16
0.45
0.12
4.18
0.15
0.05
0.04
0.07
0.11
0.05
0.12
0.41
0.45
0.06
0.15
0.09
0.07
0.03
0.13
0.02
0.25
0.95
0.11
0.19
0.45
0.06
0.25
0.02
0.05
0.04
0.75
0.05
1.10
0.35
0.08
0.05
0.14
0.32
0.12
0.06
3.49
0.09
0.03
2.45
0.10
0.12
0.09
0.84
0.05
0.16
20.14
0.01
3.40
0.17
0.08
1.12
0.11
1.26
0.13
0.03
0.26
0.01
0.99
0.03
0.20
0.09
0.26
0.08
0.09
0.13
0.14
0.01
0.25
0.07
0.02
0.42
0.02
0.15
0.55
0.45
0.10
0.36
1.70
0.12
11.27
0.05
0.03
0.04
0.60
0.07
0.01
0.30
0.25
0.03
1.00
0.11
0.10
0.03
2.05
0.12
0.06
0.35
0.17
0.13
0.20
0.15
0.80
0.02
0.15
0.25
0.13
0.11
0.02
0.05
0.09
0.50
0.51
0.03
0.06
0.02
0.05
0.30
0.18
0.03
0.04
0.01
0.16
0.60
2.05
0.03
0.02
0.55
0.04
4.92
0.04
0.31
0.05
0.27
0.19
0.15
0.07
0.05
0.10
0.10
0.02
0.40
0.05
0.13
0.03
0.05
0.06
0.13
0.04
0.15
0.01
0.02
0.00
0.01
0.01
0.01
0.00
0.03
0.00
0.02
0.15
0.01
0.00
0.01
0.00
0.00
0.00
0.01
0.03
0.02
2.45
0.04
0.01
0.03
0.01
0.03
0.01
0.01
0.01
0.03
0.13
0.10
0.02
0.00
0.07
0.01
0.01
0.01
0.00
0.01
0.03
0.00
0.10
0.00
0.03
0.05
0.00
0.01
0.03
0.01
0.04
0.00
0.00
0.02
0.00
0.01
0.00
0.01
0.01
0.03
0.10
0.01
0.00
0.00
0.02
0.00
0.03
0.02
0.05
0.02
0.00
0.00
0.01
0.00
0.00
0.02
0.01
0.00
0.00
0.00
0.00
0.01
0.00
0.03
0.02
0.00
0.01
0.45
0.00
0.01
0.00
0.01
0.00
0.01
0.00
0.04
0.14
0.00
0.00
0.04
0.00
0.01
0.05
0.00
0.01
0.00
0.01
0.05
0.00
0.00
0.04
0.05
0.00
0.02
0.00
0.02
0.01
0.01
0.18
0.01
0.01
0.05
0.04
0.00
0.00
0.04
0.02
0.01
0.00
0.07
0.02
0.00
0.02
0.06
0.03
0.02
0.16
0.01
0.04
0.05
0.00
0.00
0.01
0.02
0.03
0.24
0.24
0.01
0.02
0.01
0.01
0.00
0.04
0.01
0.01
0.01
0.02
0.00
0.00
0.01
0.01
0.00
0.04
0.00
0.01
0.00
0.01
0.03
0.04
0.03
0.02
0.01
0.01
0.02
0.01
0.00
0.01
0.03
0.01
0.01
0.01
0.00
Lipari Energy
Lithium One
Logan Res
Lornex Cap
Lovitt Res
Lucky Mnls
MacMillan Mnls
Magma Metals
Mainstream Mnl
Majescor Res
Maritime Res
Marklnd AGF PM
Max Res
McChip Res
McVicar Res
Mega Copper
Menika Mining
Mercator Mnls
Mesa Expl
Messina Minls
Metallis Res
Micrex Devel
Milner Con Slv
Minemakers
Mineral Depost
Mineral Hill
Minfocus Expl
Minsud Res
Miocene Mtls
Mirabela Nickl
Moly Mines
Monster Uran
Mountain Lake
MPH Vent
Navasota Res
New Dawn Mng
New Nadina
New Oroperu Rs
Newcrest Mng
Newmac Res
Newmont Mng
Nikos Expl
Nitinat Mnls
Noram Vent
Northern Lion
Novadx Vent
NSX Silver
Nubian Res
Nunavik Nickel
NWT Uranium
Oceanside Cap
Omineca Mg&Mtl
Opta Minls
Orefinders Res
Oremex Silver
Orko Silver
Orofino Mnls
Orsa Vent
Otterburn Res
Pac Arc Res
Pac Coal Res
Pac Imp Mines
Pac Rim Mining
Paragon Minls
Parlane Res
Penteco Res
Petaquilla Mnl
Philippine Mtl
Pinecrest Res
Pinestar Gold
Pitchstone Exp
Plate Res
PMI Gold
Polar Star Mng
Portage Mnls
Portola Res
Premier Roy
Prime Merid Rs
Prospctr C Res
Providence Res
PVR Partners*
Quadro Res
Radius Gold
Rainy Mtn Royl
Rainy River Rs
REBgold
Red Cresc Res
Red Mile Mnls
Red Moon Potsh
Redzone Res
Reliance Res
Reliant Gold
Remo Res
Resolve Vent
Reva Res
Rhyolite Res
Ridgemont Ir O
Rio Cristal Rs
Roca Mines
Rock Tech Lith
RockBridge Res
Rockex Mng
Rockgate Cap
Rokmaster Res
Ross River Mnl
Rotation Mnls
Royal Coal
RX Gold & Silv
Sacre-Coeur Ml
San Gold Res
Sandstorm Mt&E
Santa Barb Res
Santa Fe Metls
Satori Res
Seafield Res
Sedex Mng
Senator Minls
Senior Gld Prd
SG Spirit Gold
Sierra Madre D
Signal Expl
Signature Res
Silver Grail R
Silvermet
Silvermex Res
Silvore Fox Ml
Simba Gold
Sirocco Mng
Slater Mng
Southern Hemis
St Elias Mns
Stelmine Can
Stroud Res
Sunset Cove Mg
Superior Mng
Swift Res
TAD Mnl Expl
Takara Res
Tanqueray Expl
Tasca Res
Tearlach Res
Theia Res
Thelon Cap
Themac Res
Thor Expl
Thunder Mtn Gd
Tigray Res
Tolima Gold
Toro Res
Trend Mng*
Tri-River Vent
TriAusMin
Tribute Res
Unique Res
United Silver
Unity Energy
Uranium One
Uranium Valley
US SIlver & Go
Vaaldiam Mng
Vangold Res
Vega Mng
Vendetta Mng
Veris Gold
Virginia Engy
Volcanic Mtls
Volta Res
Walter Energy
Waymar Res
WCB Res
West Cirque Rs
Western Areas
Westridge Res
WestStar Res
Whetstone Mnls
White Pine Res
Windarra Minls
Windfire Cap
Windstorm Res
Witwatersrand
World Vent*
Zena Mng
Zone Res
EXC
T
V
V
V
V
V
V
T
V
V
V
T
V
V
V
V
V
T
V
V
V
V
V
T
T
V
V
V
V
T
T
V
V
V
V
T
V
V
T
V
T
V
V
V
V
V
V
V
V
V
V
V
T
V
V
V
V
V
V
V
V
V
T
V
V
V
T
V
V
V
V
V
T
T
C
V
T
V
V
V
N
V
V
V
T
V
T
V
V
V
V
V
V
V
V
V
V
V
V
V
V
T
T
V
V
V
V
V
V
T
V
V
V
V
V
V
V
T
V
V
V
V
V
V
T
V
V
T
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
V
Q
V
T
V
V
T
V
T
V
T
T
V
V
V
T
V
V
T
T
V
V
V
T
V
V
V
V
V
V
V
T
Q
V
V
BID
0.46
1.15
0.04
0.10
0.03
0.14
0.01
0.09
0.01
0.04
0.10
5.86
0.01
1.10
0.47
0.04
0.05
0.01
0.03
0.06
0.11
0.01
0.04
0.05
5.00
0.21
0.01
0.05
0.01
0.02
0.06
0.02
0.32
0.05
0.03
0.10
0.01
0.11
12.10
0.11
26.37
0.07
0.05
0.01
0.01
0.01
0.01
0.02
0.08
0.02
0.03
0.04
1.50
0.05
0.02
1.94
0.04
0.10
0.07
0.01
0.12
0.01
0.07
0.06
0.02
0.05
0.03
0.05
0.25
0.03
0.09
0.02
0.48
0.01
0.01
0.20
0.74
0.07
0.04
0.04
27.44
0.03
0.09
0.03
3.37
0.13
0.02
0.04
0.04
0.02
0.01
0.03
0.08
0.06
0.03
0.19
0.02
0.15
0.03
0.01
0.03
0.03
0.30
0.02
0.01
0.05
0.03
0.23
0.02
0.01
1.20
0.01
0.02
0.03
0.01
0.01
0.07
4.78
0.16
0.01
0.05
0.02
0.03
0.07
0.50
0.08
0.01
0.34
0.02
0.04
0.02
0.01
0.01
0.03
0.01
0.02
0.01
0.01
0.04
0.02
0.05
0.07
0.10
0.02
0.03
0.04
0.09
0.01
0.01
0.05
0.06
0.06
0.06
0.08
0.01
0.04
2.85
0.07
0.34
0.26
0.01
0.02
0.10
0.10
0.04
0.08
0.33
7.10
0.09
0.20
0.23
3.75
0.04
0.03
0.01
0.02
0.05
0.03
0.04
1.08
0.01
0.09
0.01
ASK
LAST
HIGH
LOW
0.49
1.18
0.06
0.18
0.05
0.15
0.01
0.09
0.01
0.04
0.15
8.25
0.02
1.38
0.49
0.08
0.10
0.01
0.04
0.10
0.12
0.02
0.10
0.10
5.09
0.21
0.02
0.06
0.01
0.02
0.07
0.02
0.35
0.08
0.04
0.16
0.02
0.18
12.90
0.20
26.90
0.12
0.07
0.02
0.01
0.01
0.01
0.03
0.18
0.02
0.10
0.06
1.65
0.07
0.03
1.99
0.06
0.10
0.25
0.01
0.25
0.01
0.08
0.07
0.03
0.06
0.03
0.07
0.30
0.04
0.09
0.03
0.50
0.02
0.02
0.01
0.76
0.17
0.07
0.05
27.46
0.04
0.09
0.04
3.37
0.14
0.02
0.05
0.05
0.04
0.01
0.04
0.09
0.07
0.05
0.29
0.02
0.24
0.03
0.10
0.03
0.04
0.35
0.02
0.01
0.81
0.01
0.24
0.02
0.01
1.37
0.01
0.03
0.03
0.01
0.01
0.15
4.88
0.36
0.02
0.06
0.04
0.03
0.09
0.55
0.09
0.02
0.36
0.04
0.06
0.02
0.02
0.01
0.03
0.01
0.02
0.01
0.02
0.06
0.03
0.06
0.10
0.10
0.03
0.06
0.12
0.13
0.01
0.01
0.05
0.08
0.07
0.08
0.15
0.01
0.05
2.86
0.10
0.35
0.27
0.01
0.03
0.10
0.10
0.06
0.14
0.34
7.82
0.13
0.25
0.26
8.54
0.05
0.03
0.01
0.03
0.07
0.16
0.05
1.18
0.51
0.14
0.02
0.47
1.15
0.05
0.10
0.06
0.13
0.01
0.09
0.01
0.04
0.10
5.82
0.01
1.10
0.49
0.04
0.09
0.03
0.04
0.06
0.10
0.01
0.06
0.06
4.75
0.14
0.02
0.07
0.01
0.02
0.06
0.02
0.32
0.05
0.03
0.13
0.01
0.16
12.11
0.13
26.25
0.09
0.05
0.01
0.01
0.01
0.01
0.02
0.10
0.05
0.07
0.03
1.86
0.07
0.03
1.99
0.06
0.10
0.20
0.01
0.13
0.01
0.07
0.06
0.03
0.05
0.03
0.06
0.16
0.03
0.09
0.02
0.48
0.01
0.02
0.20
0.76
0.07
0.04
0.04
27.44
0.04
0.10
0.04
3.42
0.16
0.01
0.01
0.05
0.02
0.01
0.04
0.08
0.07
0.03
0.19
0.02
0.13
0.03
0.02
0.03
0.04
0.30
0.02
0.01
0.03
0.01
0.24
0.02
0.04
1.36
0.01
0.03
0.03
0.01
0.01
0.10
4.78
0.23
0.01
0.05
0.02
0.03
0.08
0.53
0.08
0.01
0.35
0.03
0.04
0.03
0.02
0.01
0.03
0.01
0.02
0.01
0.01
0.09
0.02
0.06
0.08
0.05
0.02
0.07
0.05
0.10
0.01
0.01
0.01
0.07
0.07
0.10
0.10
0.02
0.07
2.85
0.10
0.35
0.26
0.01
0.02
0.11
0.15
0.04
0.08
0.33
7.15
0.10
0.28
0.26
4.00
0.04
0.03
0.01
0.02
0.06
0.17
0.05
1.08
0.02
0.09
0.01
0.49
1.46
0.05
0.20
0.08
0.30
0.06
0.28
0.03
0.13
0.38
10.41
0.10
1.98
0.52
0.14
0.18
0.12
0.07
0.13
0.19
0.05
0.10
0.15
6.95
0.18
0.05
0.10
0.01
0.62
0.15
0.05
0.82
0.15
0.15
1.10
0.04
0.40
31.00
0.68
44.66
0.15
0.30
0.15
0.08
0.01
0.03
0.07
0.17
0.05
0.07
0.09
2.35
0.16
0.04
2.63
0.10
0.15
0.20
0.03
0.45
0.08
0.11
0.12
0.08
0.06
0.34
0.10
0.40
0.07
0.21
0.35
0.72
0.17
0.03
0.20
2.60
0.17
0.07
0.12
29.22
0.06
0.15
0.16
6.10
0.16
0.11
0.13
0.08
0.07
0.03
0.09
0.21
0.16
0.13
0.38
0.28
0.40
0.03
0.20
0.10
0.30
0.53
0.16
0.02
2.10
0.21
0.60
0.10
0.27
3.54
0.04
0.09
0.17
0.06
0.02
0.24
7.48
0.60
0.04
0.06
0.07
0.08
0.13
0.88
0.20
0.02
0.89
0.06
0.20
0.06
0.04
0.02
0.25
0.03
0.06
0.04
0.07
0.10
0.24
0.11
0.21
0.17
0.13
0.10
0.13
0.15
0.08
0.05
0.11
0.10
0.08
0.13
0.21
0.14
0.26
2.86
0.15
0.67
0.27
0.04
0.15
0.25
0.95
0.17
0.29
0.57
21.20
0.20
0.43
0.54
6.11
0.08
0.16
0.04
0.18
0.09
0.21
0.19
1.50
0.10
0.24
0.14
0.00
0.00
0.03
0.00
0.03
0.10
0.01
0.00
0.01
0.04
0.08
0.00
0.01
1.10
0.00
0.03
0.06
0.00
0.02
0.00
0.08
0.01
0.05
0.02
0.00
0.06
0.01
0.03
0.01
0.00
0.00
0.01
0.00
0.04
0.03
0.00
0.01
0.11
0.00
0.12
0.00
0.03
0.05
0.01
0.01
0.01
0.01
0.02
0.03
0.05
0.05
0.02
1.62
0.04
0.02
0.00
0.04
0.00
0.09
0.01
0.12
0.01
0.00
0.00
0.01
0.00
0.02
0.05
0.15
0.03
0.00
0.02
0.00
0.00
0.00
0.20
0.00
0.04
0.02
0.04
0.00
0.04
0.07
0.03
0.00
0.00
0.00
0.03
0.02
0.02
0.01
0.01
0.05
0.05
0.03
0.07
0.00
0.04
0.00
0.10
0.02
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.01
0.04
0.00
0.01
0.01
0.01
0.01
0.01
0.05
0.00
0.09
0.01
0.02
0.02
0.02
0.05
0.00
0.00
0.01
0.00
0.03
0.00
0.03
0.01
0.01
0.03
0.01
0.02
0.01
0.01
0.01
0.02
0.06
0.08
0.00
0.02
0.03
0.04
0.00
0.01
0.01
0.00
0.03
0.00
0.05
0.10
0.00
0.03
0.00
0.03
0.00
0.00
0.01
0.02
0.10
0.00
0.03
0.07
0.00
0.00
0.00
0.24
0.00
0.00
0.03
0.02
0.00
0.01
0.00
0.02
0.00
0.00
0.00
0.08
0.01
15-01-21 5:50 PM
BC and the Territories
Pages 11-15
January 26-February 1, 2015
Brixton Metals’ Thorn polymetallic project in northwest British Columbia.
BRIXTON METALS
C O M M E N TA R Y
The Peel watershed
decision’s broader
implications
BY KEITH BERGNER, JOHN OLYNYK
AND TOBY KRUGER
SPECIAL TO THE NORTHERN MINER
This past December, the Yukon
Supreme Court handed down an
important aboriginal law ruling
that has implications for future
mining operations in the Yukon. In
The First Nation of Nacho Nyak Dun
v. Yukon (Government of), 2014
YKSC 69, Yukon Supreme Court
Justice Ron Veale held that the
Yukon government’s modifications to the Peel land use plan did
not respect the land use planning
process set out in the final agreements (modern treaties) with the
Na-Cho Nyak Dun, Tr’ondek
Hwech’in and Vuntut Gwichin
First Nations, and struck down the
land use plan as a result.
The case marks the first time that
a court has been asked to consider
the meaning of land use planning
provisions contained in the Umbrella Final Agreement between
Canada, Yukon and Yukon First
Nations, which forms part of 11 final
agreements across Yukon. Among
other things, the final agreements
provide First Nations with the right
to participate in land and resource
management decision-making for
Crown lands, including land use
planning processes, in exchange for
the release of claims to aboriginal
rights or title to those lands.
See LAWSON, Page 12
Sabina pushes
permitting forward
at Back River
BY TRISH SAYWELL
Sabina Gold & Silver (TSX: SBB)
expects to submit a final environmental impact statement (EIS) on
its Back River gold project in southwestern Nunavut by mid-year.
Back River is a series of gold deposits in banded iron formation 520
km northeast of Yellowknife and 75
km southwest of Bathurst Inlet. The
property’s flagship Goose and
George deposits also lie 50 km
southeast of Xstrata Zinc’s Hackett
River silver-zinc project.
Seabridge proves permits still
attainable for big BC mines
Sabina completed a prefeasibility
study on the project a year ago and
submitted a draft EIS to the Nunavut
Impact Review Board in January
2014, after which the company responded to 600 comments and
questions on topics ranging from
caribou and marine shipping to
socio-economic effects and tailings
storage.
The company’s responses were
reviewed in a technical and prehearing conference in November
SEABRIDGE GOLD
At the KSM gold-copper project in B.C., from left: Brent Murphy, Seabridge Gold’s VP of environmental affairs; Caroline
Findlay, legal counsel, formerly of Blake Cassels; and Harry Nyce Sr, director of Nisga’a Nation’s fisheries and wildlife.
ment Act (CEAA). The process much more involvement from all
BY MATTHEW KEEVIL
VANCOUVER — It’s shaping up began in March 2008 with the ini- the stakeholders, and there is a
to be a big year for Seabridge tiation of the provincial review, real desire out there to be inGold (TSX: SEA; NYSE: SA) at its while the federal review started in volved, participate and have your
large-scale Kerr-Sulphurets- July 2009. The provincial process opinion heard. It’s really evident
Mitchell (KSM) gold-copper proj- concluded in July 2014 with the just how important social license
ect, 65 km northwest of Stewart, receipt of the B.C. environmental has become.”
It’s been a long road for
B.C. In late December the com- assessment certificate.
“When you’re dealing with that Seabridge, as KSM actually
pany received a positive environmental assessment (EA) decision sort of approval period the per- achieved approval under the nowfrom the federal government, ception of mining certainly antiquated harmonized review
which sets the stage for a potential changes,” vice-president of envi- process. The old system was repartnership that could provide the ronmental affairs Brent Murphy placed in 2012 by the Harper govfoundation for mine development. notes during an interview. “There ernment’s “one project, one reKSM underwent a joint-harmo- has been both the good and the view” initiative, which recognizes
nized, federal-provincial environ- bad, but what we’ve seen as the provincial processes as substitutes
mental assessment review as out- process has evolved is additional or equivalents to federal ones as
lined by the B.C. Environmental requirements, which I think are long as they meet the requirements
under the CEAA.
Assessment
Act (BCEAA) and the good things.
Geotech_AD_NorthernMiner_BC+YT+NWT_Jan2015.pdf
1
1/16/2015
3:51:19 PM
“On the social side you’re seeing
Canadian Environmental AssessSee SEABRIDGE, Page 14
See SABINA, Page 15
VTEM™
Banks Island hits
commercial production
at Yellow Giant
BY SALMA TARIKH
Banks Island Gold’s (TSXV:
BOZ) Yellow Giant gold-silver
project is the latest mine to achieve
commercial production in northwestern B.C.
The mine is part of the 160 sq.
km Yellow Giant property on
Banks Island, 110 km south of
Prince Rupert in the Skeena mining division. The underground
mine reached commercial production on Jan. 1, 2015, almost a year
after it started operating.
Getting to this milestone hasn’t
been easy. Banks Island faced escalating costs, unexpected mining
Jan 26 2015 Issue.indd 11
dilution and working capital
shortages.
While the junior modified its
operations and scaled back its
mine development to lower mining dilution and preserve working
capital, it still needs more funds
to meet its operational goals.
During 2014, the mine ran for 277
days. The company stopped production from mid-June to early
August to add grinding and flotation circuits to its dense media
separation (DMS) plant. It also had
24 days of limited or no production
in November and December due
ZTEM™
YOUR
EXPLORATION
ADVANTAGE.
www.geotech.ca
1-905-841-5004
See BANKS, Page 12
15-01-21 5:50 PM
12
JANUARY 26-FEBRUARY 1, 2015
THE NORTHERN MINER
B C a n d t h e Te r r i t o r i e s
The Peel watershed decision’s broader implications
LAWSON, From Page 11
While the decision deals specifically with the Peel watershed in
northeast Yukon, the case will have
direct implications for land use
planning throughout the Yukon,
and could have indirect impacts on
consultative requirements under
modern treaties for other governmental land and resource use decision making.
Background
The Peel watershed is a vast, largely
undeveloped area covering 14% of
Yukon, with nearly 8,500 active
mining claims.
In 2004, the Peel Watershed Planning Commission was established
under the relevant final agreements
to develop a regional land use plan
for the Yukon portion of the Peel
watershed. The Commission’s
mandate was limited to land use
planning for the Yukon, however,
the final agreements all made provision to protect the interest of the
Tetlit Gwich’in who live in the
Northwest Territories but have traditional territory in the Yukon.
The final agreements prescribe
a process by which the Commission recommends a Plan to the
government, who must consult
with any affected First Nation before approving, rejecting or proposing modifications to the plan.
Unless the Plan is approved at the
outset, it is sent back to the Commission to reconsider the Plan and
make a “final recommendation” to
the Yukon government. Upon receipt of the final recommendation,
the government of Yukon is again
to consult with affected First Nations before approving, rejecting
or modifying the final recommended plan.
Following seven years of background work and information gathering from First Nations, government and the general public, the
Commission proposed a land use
plan for the Peel watershed and recommended it to the government.
The government then proposed
modifications to the Plan and sent
it back to the Commission. Following review, the Commission then
made some modifications and resubmitted the Final Recommended
Plan back to the government. The
controversy in the case arises from
what the government did with the
Plan after receipt of the Final Recommended Plan.
After receipt of the Final Recommended Plan, the government introduced further changes to the
Plan beyond those it raised during
the review phase, and approved a
final Plan that, among other things,
opened 71% of the Peel watershed
for mineral exploration with 29%
protected, compared to 80% protected and 20% open for mineral
exploration under the Final Recommended Plan.
The Yukon government’s position was that the final agreement
gave it the final word on approving
a plan on non-settlement lands. The
First Nations argued that the government had gone off on a “frolic of
its own” and essentially replaced
the Final Recommended Plan with
its own plan, contrary to the consultative process set out in the final
agreements.
The decision
The Court specifically emphasized
that its role was not to determine
whether more or less protection for
the Peel watershed is appropriate.
Rather, its job was to interpret
whether the planning process envisioned in the final agreements
had been followed. The overriding
issue, as stated by the Court, was
“whether the Government of
Yukon acted honourably and interpreted its constitutional obligations under the Final Agreements
broadly and purposively rather
than narrowly, divorcing the words
of the Final Agreements from their
purpose.”
In drawing on previous jurisprudence from the Supreme Court
of Canada in Beckman v. Little
Salmon/Carmacks First Nation,
2010 SCC 53 and Manitoba Metis
Federation Inc. v. Canada (Attorney General), 2013 SCC 14 — including direction that modern
treaties must be interpreted in a
manner that fosters a positive
long-term relationship between
First Nations and government, as
well as between aboriginal and
non-aboriginal communities —
the court concluded that the process adopted by the Yukon government to enact the plan was not
based upon a contextual interpretation of the final agreements, nor
did it enhance the goal of reconciliation. In the words of the Court:
“It was an ungenerous interpretation not consistent with the honour and integrity of the Crown,”
resulting in the government
usurping the Commission’s role
and the planning process by introducing new land use planning
tools and concepts at the final
stage of the process.
As a result, the Court quashed
the Yukon government’s approved plan, and directed that the
government return to consult
with the affected Yukon First Nations on the Final Recommended
Plan. As much of the consultative
process had already been undertaken and the government already
had an opportunity to make submissions at an earlier stage of the
process, the Court held that,
should the Yukon government
wish to make any modifications to
the Final Recommended Plan, it
would have to do so in a manner
consistent with its initial comments provided.
The Yukon government has appealed this decision, and no date for
the hearing has been set.
Implications
While the decision does not challenge the Yukon government’s
ultimate power to make decisions
regarding management and use of
Crown lands in the Yukon, it reminds governments — and project
proponents relying on authorizations given by governments — that
treaty rights contained in modern
land claim agreements are to be
given a large and liberal interpretation consistent with the objectives of the treaty and in a manner
that upholds the honour of the
Crown. Proponents — particularly
in the north where many modern
treaties have been entered into —
are reminded that treaty rights can
apply to Crown lands and that First
Nations may have a right to participate in decision-making for the
management of public lands and
resources. The decision is yet another in a line of cases showing that
courts will not allow governments
to take a narrow, restrictive view
of their obligations under modern
treaties, and will step in where
they feel that government actions
are not consistent with the honour
of the Crown.
Project proponents and governments must therefore pay close
attention to any applicable treaties in areas where they wish to
work and must ensure that the
processes set out in the treaties
are being observed in a manner
that reflects ongoing aboriginal
interests in decisions affecting
Crown lands within their traditional territories.
— Keith Bergner is a partner in the
Vancouver office of law firm Lawson
Lundell LLP. He advises private sector, public sector and government
clients on aboriginal law and regulatory matters. He can be reached at
[email protected].
John Olynyk is a partner in Lawson
Lundell’s Calgary offices. His practice includes advising private sector
and government clients throughout
Canada on aboriginal, environmental, regulatory and natural resources
matters. He can be reached at [email protected].
Toby Kruger is an associate in the
Yellowknife office of Lawson Lundell
LLP. He practices civil litigation and
administrative law in a broad range
of matters focusing on environmental, regulatory, aboriginal and land
issues. He can be reached at [email protected].
Banks Island hits milestone
BANKS, From Page 11
to low working capital and poor
weather.
Over the 277 operating days, the
company estimates that it mined
and processed 59,000 tonnes of runof-mine feed at a diluted grade of 7.7
grams gold per tonne to generate
14,529 contained oz. gold. Total sales
were 11,533 equivalent oz. gold, averaging 42 equivalent oz. gold a day.
days amid the setbacks, the junior’s board decided the current
production level is sufficient for
commercial production.
The company experienced dilution of 255% last year, up from
the estimated 40% in a 2013 preliminary economic assessment
(PEA). (The company has not
completed a feasibility study on
the project.) The dilution resulted
Banks Island operated Yellow Giant for
277 days in 2014, pulling 14,529 oz. gold
from 59,000 tonnes of ore.
Given the unexpected setbacks, the company relaxed the
requirements it made last October to determine commercial
production at the mine. Originally, it required a consistent mill
throughput of 200 tonnes per day,
90% gold recovery and average
gold production of 77 equivalent
oz. gold per day.
While Yellow Giant largely met
the first two requirements, it fell
short on production because of
the higher-than-expected mining
dilution. Considering the mine
produced salable product for 277
from caving at the old workings
in the Bob zone, which blocked
direct access to the mineralization and required a change in mining technique.
At the Tel zone, the junior did
not have smaller underground
equipment it needed to mine
within the ore zone. It used larger
equipment leading to higher dilution at this zone.
Both incidents pushed the average mined grade to 7.7 grams gold
versus a planned average mine
grade of 15.8 grams gold.
The PEA also didn’t consider the
cost of adding grinding and flotation circuits to the process plant to
achieve the planned gold recoveries and sales, leading to an increase
in costs.
Banks Island explains that its
working capital took a hit due to
the extended commissioning period for the plant. On Aug. 31, it
reported a working capital deficiency of $8.3 million. While the
current deficiency has not been
made public, the company says it
would need more funds to increase
production and achieve its goals.
So far, to counter the mining
dilution, the firm has boosted the
capacity of pre-concentration
through the DMS plant over the
past several months. This has increased average throughput for
the four months ended Dec. 31 to
282 tonnes per day.
Once it has more funds, the junior plans to boost its inventory of
parts and supplies to ensure continuous production and to buy a
second fleet of smaller underground mobile equipment to increase production and further reduce dilution.
Banks Island shares closed Jan.
9 flat at 17¢, within a 52-week range
of 13.5¢ to 68¢.
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Jan 26 2015 Issue.indd 12
15-01-21 5:50 PM
B C a n d t h e Te r r i t o r i e s
THE NORTHERN MINER
JANUARY 26-FEBRUARY 1, 2015
13
Imperial Metals raises $50M
The mill building at Imperial Metals’ Red Chris copper-gold project near Prince George, B.C.
BY TRISH SAYWELL
Imperial Metals (TSX: III; USOTC: IPMLF) may be nursing a
black eye from the August tailings
dam failure at its Mount Polley mine
in central B.C., but the company says
it’s pleased with its cleanup efforts
so far, and that it is also advancing
its Red Chris project in the far north
of the province with the help of a
new $50-million secured credit facility.
months ago.
“We’re in the late stages of working on an agreement with the Tahltan,” Imperial’s vice-president of
corporate development Gordon
Keevil says. “We’re working with
the leadership and the community
to finalize an agreement.”
At Mount Polley, meanwhile,
where the tailings dam breach on
Aug. 4 sent millions of cubic metres
of tailings into the Quesnel Lake
‘Red Chris is going to be the new crown
jewel of Imperial Metals — it’s our entry
into the big leagues.’
— Steve Robertson, VP of corporate affairs,
Imperial Metals
With the additional financing,
made public after markets closed on
Jan. 19, the company says it has
mitigated any issues with ongoing
liquidity based on the timelines for
operations at its advanced-stage
copper-gold project 80 km south of
Dease Lake.
“Red Chris is going to be the new
crown jewel of Imperial Metals —
it’s our entry into the big leagues,”
Steve Robertson, the company’s
vice-president of corporate affairs,
says in an interview.
Commercial production at the
30,000-tonne-per-day open-pit operation remains on track to start in
March or April, and the total capital
cost is still expected to come in at
$643 million.
The project was hooked up to the
power grid in November and mining got underway on both the East
and Main zones in December.
Imperial personnel have started
crushing and conveying ore to the
coarse ore stockpile in preparation
for commissioning the mill.
The company hit another milestone last month when it sold the
Iskut power line extension to B.C.
Hydro for $52 million, banking the
funds on Dec. 19.
Looking ahead, Robertson says
he expects Imperial to receive the
environmental permit to discharge
tailings at Red Chris “very shortly,”
and that the company has “a letter
of support from the Tahltan [First
Nation] to issue it.”
As for an impact benefits agreement, the company has made progress since it started negotiations 25
Jan 26 2015 Issue.indd 13
watershed, Imperial is sticking to its
$67.4-million estimate for cleanup
costs and says remediation work is
progressing well.
“We’re still working in the lower
third of the Hazeltine Creek and
we’ve got two sedimentation ponds
that have been put into operation
and are very effective in reducing
IMPERIAL METALS
the sediment load that is emptying
into Quesnel Lake,” Robertson
says. “A lot of channel restoration
is well underway, and we feel we’re
in a good position to restart vegetation activities once we get into the
[second quarter].”
Robertson confirmed that the
company has received approval to
repair the breached section of the
dam and said that work is already
underway. “We’re repairing the
dam in order to handle the water
that is going to come at spring
break-up — it’s a further stabilization measure,” he explains. “All
material will be in place by the end
of February and we’ll install a cutoff wall, and that should be done
by the end of March.”
He adds that “the work we’ve
done and our progress has been
tremendous.”
Imperial hopes to reopen
Mount Polley. It submitted an application to the government on
Jan. 12 requesting a temporary
operational permit that would
allow the company to deposit
tailings in its Springer pit. The
tailings would be capped at 4 million tonnes, which Robertson
IMPERIAL METALS
A transmission tower under construction this past spring, which connects the
Bob Quinn and Tatogga substations. Imperial Metals’ Red Chris copper-gold
project is connected to Tatogga via a 15.3 km 287kV wood-pole power line.
says would last the company
through 2015.
“The source of mill feed will be
from underground [1,000 tonnes]
and the balance from the Caribou
pit, and 20% from existing stockpiles,” Robertson says, estimating
that with a minimum public consultation period of at least 30
days, it will probably take a couple of months to get through the
permitting, and another couple of
months to ramp up.
If the application is approved,
Imperial could resume operations
at Mount Polley as early as April.
Imperial has kept most of its
workforce and continues to employ
300 of the mine’s original 370 employees. Robertson says that “with the application for temporary resumption of operations, we should be
able to keep most of those folks
employed over the long-term, and
also bring back as many as we can.”
Over the last year, Imperial Metals shares have traded in a range of
$7.29 to $18.63, and at press time
changed hands at $9.04 apiece. The
company has 75 million shares outstanding.
15-01-21 5:50 PM
14
JANUARY 26-FEBRUARY 1, 2015
THE NORTHERN MINER
B C a n d t h e Te r r i t o r i e s
Seabridge proves permits still attainable for big BC mines
SEABRIDGE GOLD
Seabridge Gold’s camp at its KSM gold-copper project, 65 km northwest of Stewart, B.C.
SEABRIDGE, From Page 11
And Seabridge’s success should
be welcomed by a mining industry
that has often been stymied by government review processes in recent years in light of rising First
Nations empowerment and heightened environmental vigilance.
Murphy describes the review as
“time-consuming and expensive,”
but adds he believes it remains
“balanced.”
The company has paid extra attention to First Nation issues in
regards to KSM, which sits on the
traditional lands of five First Nation groups. The two primary
bands are the Nisga’a — with
which the B.C. government has a
treaty — and the non-treaty Tahltan. Murphy says Seabridge always
strived to have a presence in the
area around the project, and established a project office in the region
back in 2009.
The company also made project
Jan 26 2015 Issue.indd 14
alterations to address First Nation
concerns, including the addition
of lining in the centre cell of KSM’s
tailing management facility, which
is not something that’s required
federally or provincially. Murphy
explains that the changes to deal
with stakeholder issues likely
tacked on $500 million to KSM’s
eventual capital development
costs.
In mid-June Seabridge struck a
benefits agreement at KSM with
the Nisga’a Nation to “establish a
long-term co-operative relationship.” Mitchell Stevens, President
of Nisga’a, noted after the agreement that the company had an
“open and direct approach,” and
“began consulting with us very
early on in the development of the
[project design].” Murphy says a
similar agreement with the Tahltan is being negotiated.
“One of the key advantages we
had was that we started talking to
SEABRIDGE GOLD
Members of the Gitxsan Nation attending a summit in 2012 about Seabridge Gold’s KSM goldcopper project in B.C.
First Nations in advance of any
regulatory discussions with any
government agency. We were in
there and listening, and based on
the feedback we developed our
project design to address those
concerns,” Murphy says.
“What we’ve also done is to continue that involvement throughout
the process. The other thing we
brought forward was that we had
a real willingness to listen to concerns and change our project design even when it added to our
development costs.”
And even as the environmental
process proceeded, Seabridge
continued to grow KSM’s resource
footprint. Six years of exploration
work created a comprehensive assessment of project geology on a
district scale, leading to expanded
drill programs in 2012 and 2013, and
a search for higher-grade core
zones beneath the known Kerr and
Sulphurets deposits.
In February 2014 the company
reported a large copper-gold resource at Deep Kerr, and in September it confirmed a major new
gold-copper occurrence beneath
Iron Cap, one of the KSM’s four
porphyry deposits.
At press time KSM’s global measured and indicated resources —
which include the Sulphurets,
Kerr, Mitchell, and Iron Cap zones
— total 2.5 billion tonnes grading
0.55 gram gold per tonne, 3.1 grams
silver per tonne and 0.2% copper.
Inferred resources tack on 1.1 billion tonnes of 0.41 gram gold, 2.8
grams silver and 0.2% copper.
Deep Kerr’s maiden resource
adds 514 million tonnes of 0.5%
copper, 0.36 gram gold and 1.8
grams silver.
In late November Seabridge announced that its 2014 drill program
added 400 metres of strike and 300
metres of depth at Deep Kerr. The
company drilled a total of 12,900
metres and says results support a
“substantial increase in inferred
resources.”
Highlights from the program
include: 737 metres of 0.6% copper, 0.36 gram gold and 1.1 grams
silver from 871 metres deep in hole
14-34A; 357 metres of 0.6% copper,
0.5 gram gold and 1.9 grams silver
from 900 metres deep in hole 1428C; and 252 metres of 0.7% copper, 0.55 gram gold and 1.4 grams
silver from 945 metres deep in hole
14-39.
“From the point of view of cop-
silver.
KSM’s mine life is estimated at
55 years. At Mitchell, open-pit production is scheduled from inception through year 23, to be followed
by underground block-caving operations from years 26 through 55.
Open-pit production from Sulphurets will augment Mitchell’s
open-pit production from start-up
through year six, and then from
years 23 through 27. Open pit production from Kerr is scheduled
from years 27 through 50. Finally,
underground block-caving pro-
‘One of the key advantages we had was
that we started talking to First Nations in
advance of any regulatory discussions
with any government agency.’
— Brent Murphy, VP of environmental affairs,
Seabridge Gold
per porphyry systems it’s an average size mine, and the capital
costs are within a reasonable
range. Our next major milestone
is our partnership,” Murphy comments. “We said we would advance and de-risk the project, and
our stated business objective has
always been to secure a jointventure agreement. So that’s
where we are at currently and,
depending on market condition,
we’re hoping to have a deal in
place sometime this year. It’s dependant on a lot of variables, but
we are in discussions with the
major mining companies.”
Seabridge’s mining strategy at
KSM hasn’t materially changed
since a prefeasibility study update
in May 2012. The study is based on
proven and probable reserves that
total 2.1 billion tonnes of 0.55 gram
gold, 0.2% copper and 2.74 grams
duction will come from Iron Cap
during years 32 through year 51.
The mine is estimated to have
start-up costs of US$5.3 billion,
and produce an average of 147
million lb. copper, 508,000 oz.
gold, 2.2 million oz. silver and 1.1
million lb. molybdenum per year.
Seabridge’s model features a
US$4.5-billion pre-tax net present value at a 5% discount rate,
along with an 11.5% internal rate
of return. Metal price assumptions include US$1,330 per oz.
gold, US$3.45 per lb. copper,
US$25.20 per oz. silver and US$15
per lb. moly.
“We don’t want to go quiet this
year. You’ll see a continuation
of our important baseline programs, and we’ll continue to engage the stakeholders. We’ll
definitely be active in Alaska
since there’s been some concerns on some trans-boundary
impacts,” Murphy says.
“B.C. remains an attractive
place for investment. The fact
KSM exists as a large-tonnage
porphyry system that’s becoming more known, demonstrates
that B.C. can host more of these
world-class deposits.”
Seabridge shares have traded
within a 52-week window of $6.74
to $12.72, and closed at $11 at press
time.
The company had US$17 million
in working capital at the end of the
third quarter, and has 48.4 million
shares outstanding for a $518.4-million market capitalization.
15-01-21 5:50 PM
B C a n d t h e Te r r i t o r i e s
THE NORTHERN MINER
JANUARY 26-FEBRUARY 1, 2015
15
Sabina pushes permitting forward at Back River
SABINA GOLD & SILVER
The camp at Sabina Gold & Silver’s Back River gold project in southwestern Nunavut, 75 km southwest of Bathurst Inlet.
Robert Pease, Sabina Gold & Silver
president and CEO.
SABINA, From Page 11
last year, a key step in the permitting
process. Sabina says the information and guidance the company acquired during the conference process that month gave it an excellent
understanding of what work needs
to be done to enhance the final
document.
“We’ve heard from everybody
and we’re working away on it, and
there’s nothing that anyone is fretting about,” Sabina president and
CEO Robert Pease says. “There are
solutions to the issues.”
Pease points out that he has had
experience permitting projects and
dealing with complex interactions
with First Nations, and doesn’t expect permitting Back River will be
problematic. In 2006, Pease formed
Terrane Metals and advanced its
Mt. Milligan gold-copper project
northwest of Prince George through
exploration, development and permitting. Construction began in the
first half of 2010 and Terrane Metals
was acquired by Thompson Creek
Metals (TSX: TCM; NYSE-TC) in
late 2010 for $700 million, prompting the B.C. Mining Association of
to name Pease the province’s mining person of the year.
“That project was seen as very,
very challenging, and we got it permitted,” Pease recalls. “We were the
first major greenfields project to get
a mining certificate in B.C.”
Sabina initiated the permitting
process at Back River in 2012, and
estimated in January that it has held
144 sessions reaching out to potentially affected communities, and
participated in 195 meetings with all
levels of the federal and territorial
governments.
A technical review will follow the
EIS, and Sabina estimates that hearings on the project will come later
in the year. The final step in the
process is a recommendation from
the Nunavut Impact Review Board.
Sabina says management is in-
A drill site at sunset at Sabina Gold & Silver’s Back River gold project in Nunavut.
Jan 26 2015 Issue.indd 15
formally exploring project financing alternatives and opportunities,
and notes that with the completion
of a feasibility study in the first half
of 2015, along with the final EIS,
the project will be “substantively
de-risked.”
Sabina completed an updated resource estimate in March 2014 and
got to work on a feasibility study in
June. The resource estimate outlined 10.4 million tonnes grading 5.2
grams gold per tonne for 1.76 million
contained oz. gold in the measured
category, and 17.9 million tonnes
averaging 6.1 grams gold for 3.54 million contained oz. gold in the indicated category. Inferred resources
add 8.2 million tonnes of 7.3 grams
gold for 1.93 million contained oz.
gold.
An October 2013 prefeasibility
study envisioned conventional
open-pit operations supplemented
by underground development and
a single tailings storage facility during the mine’s life. The prefeasibility contemplated a 5,000-tonneper-day operation producing
287,000 oz. gold a year over an 8.4year mine life, but the company said
in October 2014 that it is analyzing
a scenario that would raise throughput by up to 20% for most of the
mine life.
“What separates us from the average project is grade,” Pease explains. “We’re just under six grams
gold per tonne, and we have the
benefit of a series of three main
open pits.”
The first half of the mine life, or
between seven and nine years, will
be dominated by open-pit mining,
with the rest shifting to an underground operation. “It’s a big project,
and we’re confident that it’s a good
project,” Pease says, adding that
“there are lots of areas from our
previous studies that we’ve been
able to optimize, and we’re working
away on that.”
In a Jan. 12 research note, Andrew Kaip of BMO Capital Markets remarked that Sabina
showed “positive progress on the
permitting front,” but added that
“the proposed development
timeline may be impacted by the
currently challenging financing
environment.”
Pease concedes that it’s a tough
time in the mining sector and “financial markets are just awful,” but
says that working in Nunavut means
that “you have to live within the
constraints of what location and
climate allow you to do.”
He says that “we’re not rushing
anything. We’re really one of the
only resource projects of any commodity right now in the North that
is “real” in terms of its future ...
we’re doing fine.”
SABINA GOLD & SILVER
15-01-21 5:50 PM
16
JANUARY 26-FEBRUARY 1, 2015
THE NORTHERN MINER
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Magnetic Susceptibility
Gravity
Conductivity
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Logging
GPR
1085 - 3rd Avenue, Val d’Or, (Quebec) Canada J9P 1T5
Tel.: (819) 825-3702 Fax: (819) 825-2863 E-mail: [email protected] www.corriveaujl.com
GYRO BOREHOLE SURVEYING
CORRIVEAU J.L. & ASS. INC.
Also, Magnetic probe surveys
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Val-d’Or (Quebec)
Tel: (819)825-3702 Fax: (819)825-2863 E-mail: [email protected]
To reserve space for your advertisement in the
Professional Directory contact:
JOE CROFTS: 416-510-6816, DAVE CHAUVIN: 416-510-6824
Canada Toll Free: 1-800-268-7742, (ext. 6816 / 6824)
U.S.A. Toll Free: 1-800-387-0273, (ext. 6816 / 6824)
Fax: 416-510-5138
First Nickel slashes jobs at Lockerby mine
First Nickel (TSX: FNI; US-OTC:
FNKLF) is cutting 109 jobs at its
Lockerby nickel-copper mine in
Ontario’s Sudbury basin, as part of
a restructuring plan to lower costs,
resume exploration and extend the
mine’s life.
The plan follows a 2014 review
that management and recently appointed vice-president for Sudbury
operations Vern Baker initiated to
see if they could resume development at the Lockerby underground
mine amid low metal prices.
Baker, the former president of
Duluth Metals (TSX: DM; USOTC: DULMF), is experienced in
“leading effective change in underground mines,” First Nickel says.
“It has been a difficult process
pulling this together,” Sean Samson, the company’s head of corporate development, says of the restructuring plan. “And it is a
difficult message in terms of the
number of people that are leaving.
But hopefully this now breathes life
into Lockerby, and we are positioned much better to extend the
mine life.”
The expected changes could
help First Nickel produce metal
profitably and resume development to reach the 7,100 level by
mid-2016, as well as restart exploration, Samson says.
The firm has planned 6,300 metres of underground exploration
These changes should keep the mine
profitable.
The head frame at First Nickel’s Lockerby nickel-copper mine in Sudbury, Ontario.
Jan 26 2015 Issue.indd 17
FIRST NICKEL
A 2012 technical report envisioned mining from Lockerby’s
6,500-foot (1,981-metre) level to its
7,000-foot (2,134-metre) level. But in
response to weak nickel and copper
prices, the firm modified the mine
plan and stopped developing below
the 6,800 level in late 2013.
This change meant ore from the
mine would run out by late 2015, or
sooner than expected. As a result,
the junior took a $23.4-million noncash impairment charge in the third
quarter of 2013.
In December 2014, the review
found the company could resume
ramp development while keeping
production levels, if it lowered labour costs. This led to the dismissal
of 49 First Nickel employees and 60
contractors, for an overall 45%
workforce reduction.
First Nickel intends to keep 115
employees at the mine. It is also
trimming general costs at its Toronto head office.
drilling in 2015 and 7,200 metres in
2016, to boost resources and reserves and add to the mine’s life.
While the mine plan is largely
unchanged from the 2012 technical
report, the company will release a
new technical report on Lockerby
by mid-year.
It expects Lockerby will have produced 14 million contained lb. nickel
and 7 million contained lb. copper
in 2014. It will reveal its 2014 yearend numbers and the production
and cost guidance for 2015 shortly.
Samson says the company’s cash
position is in “OK” shape, and that
it is in discussions with its two main
shareholders — Resource Capital
Funds and West Face, which own
most of the firm — about refinancing or extending the debt facilities
that mature in March 2015.
First Nickel closed Jan. 13, a day
after the restructuring news, down
33% at 1¢, a 52-week low. It reached
an annual high of 5.5¢ last May.
15-01-21 5:50 PM
18
JANUARY 26-FEBRUARY 1, 2015
THE NORTHERN MINER
Is Osisko Gold charting a new course for Falco?
FALCO RESOURCES
A core storage area at Falco Resources’ past-producing Horne gold project in northwestern Quebec.
March 2014 the junior completed
an initial inferred resource estimate for the upper part of Horne
5 from historic drilling. The deposit remains open at depth and
along strike.
OSISKO, From Page 1
ing brought the $1 billion Canadian Malartic mine into production and last year sold the company
to Agnico Eagle Mines (TSX:
AEM; NYSE: AEM) and Yamana
Gold (TSX: YRI; NYSE: AUY) in
a cash and share deal worth $3.9
billion.
Osisko Gold Royalties’ cornerstone asset is a 5% net
smelter return (NSR) royalty on
Malartic.
In 2012, Falco acquired the remnants of one of Canada’s most
established volcanogenic massive sulphide (VMS) mining districts — the Rouyn-Noranda mining camp — including the
past-producing Horne mine complex, where between 1927 and
1976 Noranda produced 11.6 million oz. gold and 2.5 billion lb.
copper, most of which came from
the mine’s upper 3,000 feet (914
‘If [Osisko has] a concern, it is in
everyone’s interest to address it now.’
— Trent Mell, president and CEO, Falco Resources
Sean Roosen, Osisko Gold Royalties
chairman and CEO and Falco
Resources chairman.
metres).
Falco’s Horne 5 underground
deposit sits below the old workings of the Horne mine, and in
Aura Minerals
AURA, From Page 1
the mine produced 14.6 million lb.
copper, in a 7% increase over the
13.62 million lb. copper produced in
2013.
Bannantine says the company
will spend the first half of 2015 reviewing mine and development
plans, site costs and capital expenditures, and hopes to complete a
feasibility study by mid-year. The
deposit remains open at depth and
along strike.
The company says confirmation drilling in the year’s first half
could upgrade the resource category from inferred to indicated. It
adds that overall resources could
increase within the Horne com-
prove,” Bannantine says. “We’ll
be okay during that time, judging
from the way our gold mines are
operating.”
Cost-cutting has also helped
improve the company’s bottom
line. Over the last two years, management has pared costs at the
two gold mines by 25% and
slashed corporate general and administrative expenses during the
same time period by 45%, he says.
(The CEO flies economy class to
‘We’re keeping our helmets on and
battening down the hatches until the
markets improve.’
At an $80-per-tonne net payable
metal or NSR cut-off, the inferred
resource comes to 25.3 million
tonnes grading 2.64 grams gold
per tonne, 0.2% copper and 0.7%
zinc for 2.2 million contained oz.
gold, 131 million lb. copper and 393
million lb. zinc.
plex, and it has 11 gold targets
within the shadow of the old mines
on its land package. Falco says
there is potential for extension at
depth at Horne West.
In addition to the Horne complex, Falco wholly owns a 730 sq.
km property that encompasses 14
other gold and base-metal mine
sites, and brings with it over 80
years of data archives.
At its Lac Hervé VMS target, 15
km northeast of Rouyn-Noranda,
a single hole targeting a large
anomaly intersected 3.8 metres of
sulphide stringer zone material.
The company says the Rivière
Mouilleuse copper-zinc-gold
property, 25 km northwest of
Rouyn-Noranda, is lithogenically
similar to the rocks at its Horne
complex.
As of Oct. 20, 2014, Falco held
$12.1 million in cash. In addition to
Osisko Gold Royalties, Goodman &
Co. owns 10.6% of the junior, and
other institutional shareholders
include Dundee Resources, Sentry,
Oberon, Front Street Capital and
Tocqueville.
CAREER OPPORTUNITIES
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. All Cdn. orders subject to applicable taxes.
For further Careers advertising information contact:
Joe Crofts (416) 510-6816 - [email protected], Dave Chauvin (416) 510-6824 - [email protected]
Fax: (416) 510-5138
Canada: 1-800-268-7742, ext. 6824,
USA: 1-800-387-0273, ext. 6824.
Latest Jobs
Full Time
— Jim Bannantine, president and CEO, Aura Minerals
“We’re updating the specs on
the asset and allowing for the
copper market to hopefully adjust and improve, and allow for
mine finance to improve,” he
says. “We believe it will be a good
asset in the future.”
He adds that “we just can’t burn
money every month while we’re
working on the financing,” and
notes that the company still has two
producing gold mines: San Andre
in Honduras and Sao Francisco in
Brazil.
“We’re keeping our helmets
on and battening down the
hatches until the markets im-
Jan 26 2015 Issue.indd 18
Brazil.)
In addition to its three mines,
Aura owns a copper-gold-iron development project in Brazil called
Serrote da Laje.
Aura acquired Aranzazu in 2008
and the mine entered production in
February 2011.
Aranzazu is 250 km northeast of
Zacatecas City and 112 km southwest of Saltillo.
In 2015, the company forecasts
capital expenditures will reach
US$11.5 million, of which US$1
million will be spent on an updated bankable 43-101 report for
Aranzazu.
15-01-21 5:50 PM
THE NORTHERN MINER
JANUARY 26-FEBRUARY 1, 2015
19
Goldcorp bids $526M for Probe Mines
Core racks at Probe Mines Borden gold project in Ontario.
GOLDCORP, From Page 1
won’t be a stand-alone operation,
Russo adds “the premium multiple
is compressed and the deal looks
potentially slightly accretive to
Goldcorp.” He predicts that Porcupine’s high-grade feed will be depleted in 2019, and that Goldcorp
will start-up Borden that year to
replace that feed. The analyst does
not expect another company to bid
for Probe and has a “strong buy” on
Goldcorp.
“Over the past four years Borden has grown into what is widely
considered to be one of the best
development assets in the industry,” Probe’s president and CEO
David Palmer said, adding the acquisition validates the project and
provides an ongoing partnership
with Goldcorp.
As part of the deal, Probe shareholders will receive one-third of a
share of “New Probe” for each
share held. The new exploration
firm will be led by Probe’s existing
chairman Jamie Sokalsky and CEO
Palmer. It will hold Probe’s second-
EVENTS
Jan 26-29 Mineral Exploration Roundup
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Feb 11-12 California Investment Conference
2015 Rancho Mirage, CA info@
cambridgehouse.com 1-877-363-3356
http://cambridgehouse.com
March 1-4 PDAC International Convention,
Trade Show & Investor Exchange Toronto,
ON [email protected] (416) 362-1969
www.pdac.ca/convention
For more event information,
please go to:
www.northernminer.com/events/
MEETINGS
Jan 26
Jan 26
Jan 27
Jan 28
Jan 29
Jan 29
Jan 30
Feb 06
Feb 10
Feb 11
Feb 13
Feb 16
Feb 16
Feb 17
Feb 18
Feb 18
Feb 18
Feb 19
Feb 20
Feb 24
Feb 24
Feb 24
Feb 24
Feb 25
Feb 26
Feb 27
Feb 27
Feb 27
New Nadina Explorations
Sparrow Ventures
Afrasia Mineral Fields
Newstrike Capital
Camino Minerals
Tolima Gold
Angkor Gold
Trigold Resources
Iconic Minerals
Colonial Coal Int’l
Rotation Minerals
Orefinders Resources
SG Spirit Gold
First Bauxite
Carmax Mining
Talisman Energy
Tirex Resources
Khan Resources
Gem Int’l Resources
Satori Resources
Avalon Rare Metals
Magnum Goldcorp
Strait Minerals
Chilean Metals
Huldra Silver
Alabama Graphite
Rockcliff Resources
Vendome Resources
AG
AGS
AGS
AGS
AGS
AS
AGS
AGS
AG
AG
AG
AG
A
AG
AG
S
S
AG
A
AS
A
AG
S
A
AGS
AGS
AGS
AS
MEETINGS LEGEND
A – Annual
E – Extraordinary
G – General
S – Special
Jan 26 2015 Issue.indd 19
PROBE MINES
PROBE MINES
A drill site at Probe Mines’ Borden gold project near Chapleau, Ontatio, 160 km west of Goldcorp’s Porcupine gold mine.
“We view the deal positively, as
ary assets, including the Black
Creek chromite deposit and the it provides a significant premium to
Tamarack
and Victory properties. Probe shareholders that captures
MINING EXPLAINED 5/14/09 11:57 AM Page 1
All three are in the Ring of Fire in the upside potential at Borden’s
northern Ontario. The firm will High Grade zone, regionally along
retain Probe’s $15 million in cash the Borden Belt, and at Black Creek
and a $4-million receivable related chromite via the New Probe spinco,”
to the royalty sale on Agnico’s Gol- Raymond James analyst David Sadowski writes. He has increased his
dex mine in Quebec.
target to $5.30 — consisting of the
$5-per-share takeout plus 30¢ a
share for New Probe — and recommends investors approve the deal.
All of Probe’s directors and officers, who own 4.6% of the junior,
have entered into lock-up and support agreements with Goldcorp.
The transaction requires regulatory
approvals, including by two-thirds
of Probe’s shareholders. The deal is
slated to close in March. Probe has
agreed to a $18.4-million cancellation fee.
On the acquisition news, Probe
closed Jan. 19 up 51%, or $1.70, at
$5.06, while Goldcorp added 0.6%,
or 18¢, to finish at $28.67.
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CAMH 2014-2015 ifc, ibc, obc.indd 3
2014-11-14 12:30 PM
15-01-21 5:50 PM
20
THE NORTHERN MINER
JANUARY 26-FEBRUARY 1, 2015
Detour gains 7% after achieving 2014 guidance
BY SALMA TARIKH
Detour Gold (TSX: DGC; USOTC: DRGDF) has started the year
off on the right foot. It shares rose
7% after it reported hitting its 2014
operating targets and provided a
conservative guidance for 2015.
For the December quarter, the
gold miner produced 116,770 oz.,
bringing the full-year output to
456,634 oz., within the previously
revised 450,000 to 480,000 oz.
range. Total cash costs for the quarter are estimated at US$875 per oz.
sold and at US$930 per oz. annually,
within the expected US$900 to
US$975 target.
“We’ve delivered on the guidance
and made significant strides forward in 2014,” Paul Martin, Detour’s
president and CEO, said on a conference call. The company has had its
“fair share of challenges” Martin
admitted, before applauding his
team for working through them.
The firm has struggled to ramp
up its Detour Lake gold mine in
Ontario since it first poured gold
nearly two years ago, cutting its
output guidance three times in
2013 and once in 2014. Last July,
Detour reduced the top end of its
output target by 20,000 oz. and
bumped up its total cash cost
A haul truck at Detour Gold’s Detour Lake gold mine in Ontario, 185 km northeast of Cochrane.
target by US$100 per oz.
Despite the revisions, the operation has shown signs of improvement. And investors have been taking note, driving up Detour’s shares
by 131% last year.
In the fourth quarter, the mill
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processed 4.7 million tonnes at a
0.85-gram gold head grade. Mill
throughput averaged 51,142 tonnes
per day, with 51 days above design
capacity of 55,000 tonnes per day.
This compares to an average mill
throughput of 49,186 tonnes per day
in the third quarter.
Over the two quarters, mill availability climbed 2% to 83%, but was
still below expectations, while average mining rates increased nearly
4% to 214,000 tonnes per day.
The higher mining rate came
from a 40% jump in drill productivity from September to December,
leading to an improved drilled-andblasted inventory, the company
explains. A 10,000-tonne increase in
the annualized mining rate translates into a 10,000 oz. increase in
production, it adds.
In December, the mill reached
99% of its design capacity, with 87%
availability, while mining rates averaged 234,000 tonnes per day — up
from the third quarter’s average of
206,000 tonnes per day.
Martin said the improvements in
2014 have given the company a
“high level of confidence,” and that
“we have the right sized mill and
the ability to exceed nameplate capacity once we finally wrap our
arms around obtaining higher mill
availability.”
This year Detour is guiding gold
production of 475,000 to 525,000
oz., with the heaviest output of up
to 155,000 oz. expected in the
fourth quarter, as it accesses
higher-grade ore.
Total cash costs are between
US$780 and US$850 per oz. sold,
with all-in sustaining costs of
US$1,050 to US$1,150 per oz.
“Our initial thoughts are that the
production guidance is not aggressive and that the market will be
pleased with it,” Desjardins analyst
Michael Parkin writes.
To hit the midpoint of that range
or 500,000 oz., Parkin says Detour
would need to mine 238,000
tonnes per day, “a mere 2%” more
than its average mining rate in December. Meanwhile, the mill
would need to process 19.7 million
tonnes of ore, 54,000 tonnes a day,
at a grade and recovery of 0.86
gram gold and 91.5%.
PHOTO BY TRISH SAYWELL
dipping diesel prices, Martin adds.
A 1¢ change in the exchange rate
moves Detour’s cash position by
U$4 million. Similarly, a 10%
change in diesel price generates
the same impact.
Detour has budgeted 2015 sustaining capital expenditures of up
to US$100 million — above analysts’
average estimate of US$87.4 million. Parkin says the waste-to-ore
strip ratio of 3.5 to 1 could explain
the higher spending, given the firm
expects capitalized stripping costs
‘We have illustrated that we have the right
size mill and the ability to exceed
nameplate capacity once we finally wrap
our arms around obtaining higher mill
availability.’
— Paul Martin, president and CEO, Detour Gold
Martin acknowledges the 2015
production forecast is conservative, but says the company can
reach the upper end of that target,
while hitting the lower end of its
cost guidance. He says that the
positive reconciliation of the block
model in 2014 and the higher milling rates are among several reasons that validate the company’s
original design criteria. Detour has
also processed the low-grade
stockpile fines, which could give it
profitable ounces that are not in
the current mine plan. The company, which realizes
most of its operating and capital
costs in Canadian dollars, could
benefit from a weaker loonie and
of US$20 to US$25 million in 2015.
The 2014 financial results — including a reserve and resource update — should be due out in March,
followed by an updated mine plan
in the year’s second half.
Detour is set to pour its one-millionth gold ounce in the third quarter. “This is a tremendous milestone, by any measure by any
company,” Martin said.
On the operating results, the
miner gained 85¢, or 12%, to close
Jan. 15 at $12.30 per share. It exited
2014 with cash and short-term investments of US$135 million.
Parkin has upgraded his price
target to $15, from $13.25. He has a
“buy” on the stock.
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Jan 26 2015 Issue.indd 20
A ball mill at Detour Gold’s Detour Lake gold mine in Ontario.
PHOTO BY TRISH SAYWELL
15-01-21 5:50 PM