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In the last few months Trevali
Mining (tv-t) has expanded its
resource base, changed its name,
closed a $10-million financing, and
listed on the Lima Stock Exchange.
Now, its working to get
two mines into produc-
tion over the next 12
months.
Trevalis shares jumped
16% one day after provid-
ing a construction update
on its Halfmile zinc-lead-
silver-copper deposit
near Bathurst, N.B.
The company started
development work on
Halfmile in March, and says the
project should be off the ground by
September and ramp up to 2,000
tonnes per day over the following
months.
Trevali plans to boost the pro-
cessing rate to 4,000 tonnes per
day in 2013/2014, and place its
nearby Stratmat polymetallic de-
posit online as a satellite mine to
Halfmile.
Halfmile-Stratmat would run at
the increased rate for another 17
years based on its current resour-
ces. Stratmat has an inferred re-
source of 5.5 million tonnes at
6.11% zinc, 2.59% lead, 54.21 grams
silver and 0.40% copper. Using a
5% zinc-equivalent cut-off,
Halfmile has an indicated resource
of 6.2 million tonnes grading 8.13%
zinc, 2.58% lead, 30.78 grams silver
per tonne and 0.22% copper, with
another 6 million tonnes in inferred
at lower grades.
Trevali completed building a
3-km access road for Halfmile,
secured major under-
ground mining equip-
ment and began drilling
and blasting on the portal
excavation.
The miner is also finaliz-
ing a toll mining and off-
take agreement with
Xstrata (xta-l), which
owns 7% of Trevali.
Trevali says it would be
cus t om- mi l l i ng at
Xstratas Brunswick #12 complex in
the last quarter of 2011, for about
three years.
Steve Stakiw, Trevalis manager
of corporate communications, says
the mill is scheduled to close within
the next three years, but adds the
company has a few alternatives
when it does.
While Trevali will be moving
ahead on a full feasibility for a
stand-alone mill facility, ultimately
what we would like to do is acquire
Brunswick #12, once it closes, Sta-
kiw says, noting currently there is
no formal discussion taking place
with Xstrata.
Trevalis other options would in-
clude using another mill in the area.
The company scooped up the
Halfmile and Stratmat deposits
when it acquired Kria Resources in
April 2011, by paying Xstrata US$5
million. Kria had optioned the
properties from Xstrata, and be-
tween 2008 and 2011 made cash
payments of $13 million, including
BY MATTHEW ALLAN
Ewan Downies Premier Gold
Mines (pg-t) is taking full control
of the Hardrock gold project near
Geraldton in northwestern On-
tario, in which it owns a 70% inter-
est. The company will acquire the
remaining 30% by taking over joint-
venture-partner Goldstone Re-
sources (grc-t), having agreed to
pay 0.16 of a Premier share plus 1
in cash for each of Goldstones 110
million fully diluted shares.
After completing a major drill-
ing program totalling 114,000 me-
tres in 2010, the partners updated
the resource esti mate f or
Hardrock this spring, resulting in
a 269% jump for measured and
indicated resources to 20.8 mil-
lion tonnes grading 3.73 grams
gold per tonne in both open-pit
and underground material, or 2.5
million oz. gold. The 15-km-long
property package, comprising
several historic mines in the
Beardmore-Geraldton greenstone
belt which produced over 3 mil-
lion oz. gold from 1938 to 1968, now
boasts 11 identified mineralized
domains in both open pit and un-
derground forms.
Along with full control of the
Hardrock project, Premier will
gain the rest of Goldstones exten-
sive property holdings in the
Beardmore-Geraldton green-
stone belt. This principally in-
cludes: the underground Brook-
bank deposit, approximately 50 km
west of Hardrock, which hosts
indicated resources of 424,400 oz.
at a grade of 9.7 grams gold and
276,600 inferred oz. at a grade of
7.9 grams gold; the Key Lake proj-
ect, 10 km southwest of Brook-
Premier Gold takes out
Hardrock JV partner
PREMIER GOLD MINES
The headframe at Premier Gold Mines Hardrock gold project near Geraldton
in northwestern Ontario.
See PREMIER, Page 2
Trevali on the path
to production
BY SALMA
TARIKH
See TREVALI, Page 2
BY MATTHEW ALLAN
Vancouver The Cardero Groups
Abzu Gold (abs-v) has started a
first round of drilling at its Golden
Reef gold project in Ghanas
Asankrangwa gold belt.
It plans to complete 12,000 me-
tres of drilling using a combination
of reverse-circulation (RC) and dia-
mond core drill holes that will test
for gold in quartz-carbonate veins,
possibly located beneath the many
gold-in-soil anomalies found on the
project by Abzu over the past three
years.
The company is targeting vein
systems similar to those already
found in several major gold de-
posits located along the emerging
Asankrangwa belt, a 5- to 10-km-
wide swath of northeast striking,
steeply northwest dipping shear
zones situated between the famous
Ashanti and Sefwi belts, 200 km
northwest of Accra, Ghanas capital.
Comprising the closely spaced
Golden Reef, Mpatasie and U & N
concessions, Abzus Golden Reef
project sits 8 km southwest and
along strike of Keegan Resources
(kgn-t, kgn-n) Esaase gold deposit,
which is home to a newly defined
3.23-million-oz. indicated gold re-
source contained in 85 million
tonnes grading 1.2 grams gold per
tonne. Golden Reef is also 8 km
northeast of PMI Golds (pmv-v)
Obotan gold project, where PMI
recently pulled up 80 metres of 7.49
grams gold.
Abzus newly appointed presi-
dent, economic geologist Paul Klip-
fel, knows the area fairly well: he
was a consulting geologist at
Keegan, where he helped further
delineate the Esasse deposit for a
few years. Klipfel runs a consulting
practice based in Reno, Nev., though
he has worked for several Cardero
Group companies, most notably
helping International Tower Hill
Mines (ith-t) explore its more than
10-million-oz. Livengood gold de-
posit in Alaska. He has also held
positions with, or consulted for,
Colorado-headquartered miner
Golden Minerals (aum-t, aumn-
n) and Toronto-based ECU Silver
Mining (ecu-t) are merging create
a new silver mining company fo-
cused mainly on Mexico and Argen-
tina.
Under the plan of arrangement,
ECU shareholders would receive
0.05 of a Golden Minerals share and
0394 cash for each share held.
The exchange ratio represents a
7% premium to ECU Silvers 20-
day volume-weighted average
price of 93. The at market trans-
action is based on the companies
20-day volume-weighted average
trading prices.
Both boards have approved the
proposed deal and recommend
shareholders vote in favour of the
transaction.
Sentient Group, Golden Min-
erals biggest shareholder with a
19% stake, also gave a thumbs-up,
adding that it is interested in keep-
ing a proportionate stake in the
enlarged company. Nothing is
final yet.
For the deal to close, two-thirds
of ECUs shareholders and half of
Golden Minerals shareholders
would need to approve.
Once the transaction closes, the
combined company would have
31.2 million shares outstanding.
Fifty-five percent would be held by
ECU shareholders and the remain-
der by Golden Minerals. The en-
larged company would keep
Golden Minerals name and keep its
headquarters in Golden, Colo.
Golden Minerals CEO Jeffrey
Clevenger would take the helm of
the new company, with ECUs
president Stephen Altmann assum-
ing the role of president.
ECU Silver adds that it would
offer Golden Minerals $15 million in
senior unsecured convertible notes
in a private placement. The notes
would have a conversion price of
97 and a maturity date of June 30,
2012.
Golden Minerals, meanwhile, is
Abzu Gold drilling
Esaase look-alike
Golden Minerals,
ECU to hook up
See ABZU, Page 14 See ECU, Page 14
2 JULY 4-10, 2011 THE NORTHERN MINER
STORIES WERE WORKING ON. . .
Check out our next special section: Mining in Mexico
(August 29).
Since 1915
Abzu Gold ......................... 1
Alamos Gold .................... 16
Allana Potash ................... 10
Anglo American ............... 14
AngloGold Ashanti .......... 14
Aurizon Mines ................. 11
Avion Gold ........................ 3
Bearing Resources .............. 3
BHP Billiton ...................... 10
Bonterra Resources .......... 16
Calico Resources .............. 16
Cardero Resource ............ 14
Cortex Gold ..................... 16
ECU Silver Mining .............. 1
ICN Resources ................. 16
International Tower Hill
Mines ........................... 1
Glencore International ....... 2
Goldcorp ........................... 3
Golden Minerals ................ 1
Golden Predator .............. 16
Goldstone Resources ......... 1
Keegan Resources .............. 1
Levon Resources ................ 3
Malbex Resources ............ 15
Newmont Mining ............ 16
Orosur Mining ................. 14
PMI Gold ........................... 1
Premier Gold Mines ........... 1
Rockhaven Resources ...... 16
Seabridge Gold ................ 16
Silver Predator ................. 16
Strategic Metals ............... 16
Taseko Mines ................... 15
Teck Resources ................ 16
Trevali Mining ............... 1,14
Vale ................................... 5
Xstrata ............................... 1
COMPANY INDEX
Careers ............................ 11
Classified ......................... 15
Drillers ............................. 15
Editorial ............................. 4
Meetings ......................... 15
Metal Prices ....................... 7
Professional Directory . 12-14
Stock Tables .................. 6-10
Web Directory ................. 16
REGULAR
DEPARTMENTS
bank, where recent drilling by
Goldstone returned significant in-
tercepts such as 44 metres grading
3.17 grams gold; and the historic
Leitch gold mine, 5 km north of
Key Lake, which produced al-
most 1 million oz. gold at an aver-
age grade of 31.5 grams gold during
its lifetime.
Premiers president Downie said
the acquisition will secure for Pre-
mier one-hundred percent owner-
ship of one of Canadas fastest-
growing gold deposits, going on to
note, Our substantial combined
land holdings in the district provide
an excellent opportunity to define
multiple deposits with considerable
production potential, in addition to
terrific exploration opportunities in
this re-emerging gold camp.
Downie provided more enticing
reasons for investors to support
the acquisition through public
filings on SEDI of his recent share
purchases. He has bought 37,000
shares throughout the past two
months at prices ranging from
$5.08 to $6.20, bringing his total
shareholdings up to 2.65 million
shares.
As president and a large share-
holder of Wolfden Resources
from 1999 to 2007, Downie led the
Nunavut-focused mineral explorer
to a takeover by Australian zinc
miner Zinifex for $3.81 a share. As
a condition of the deal, however,
Wolfden first spun out its gold
assets into a new company, Pre-
mier Gold, leading to his current
position.
Under the terms of the Gold-
stone transaction, Premier will
issue up to 17.6 million shares to
Goldstone shareholders worth
approximately $92. 6 million
given Premiers closing price
prior to announcing the deal, or
14% of Premiers outstanding
shares on a fully diluted basis.
Including both the Hardrock and
Brookbank resources attribut-
able to Goldstone, Premiers ac-
quisition cost is approximately
$52 per oz. gold, a decent price
when compared with other re-
cent acquisitions in the gold sec-
tor. According to a study by the
Toronto private investment bank
IBK Capital, $71 per oz. gold re-
source for exploration assets was
the average price paid over 66
deals completed in 2010, while an
average of $207 per oz. was paid
for producing assets. The price is
not as attractive when compared
with 2009 levels ($29 per oz. for
exploration assets and $89 per oz.
for producing assets), though the
spot price of gold was consider-
ably cheaper then.
Goldstone shareholders stand
to receive a 27.3% premium based
on each companys 30-day vol-
ume-weighted average price, with
both boards of directors unani-
mously approving the transaction.
Notwithstanding the premium, at
roughly 85 a share the deal still
values Goldstone shares at a price
significantly lower than its 52-
week high reached in November
2010, when the shares traded up to
$1.20.
Goldstones chairman, interim
CEO and largest shareholder,
Philip Cunningham has pledged his
12.2 million shares worth $10.3 mil-
lion on paper in support of the
takeover. He bought most of the
shares between 2004 and 2008 at
prices ranging from 5 to 17, though
these were rolled back 1-to-3.75 in
early 2010 following the merger of
his Roxmark Mines with Ontex Re-
sources to create Goldstone. This
left him in control of 10 million
shares acquired at an average post-
rollback price of 40.
Goldstone suffered from staffing
problems in 2010, having fired for-
mer CEO Patrick Sheridan and chief
operating officer Gary Conn after
Cunningham took control of the
board by requisitioning a meeting
of shareholders. The incumbent
directors resigned before the meet-
ing took place. Several site geolo-
gists at Goldstone resigned in the
midst of the change of control and
its vice-president of exploration
resigned a few months later, while
COO Conn ended up suing the com-
pany for wrongful dismissal. The
company denies the claim.
Premier originally optioned into
the Hardrock JV with Goldstones
predecessor Roxmark in late 2007.
Premier agreed to pay $750,000
cash, issue 400,000 shares and
spend a minimum of $7 million on
exploration over four years. It
has already more than met its ex-
ploration requirements, with eight
drill rigs active on the Hardrock
property completing 70,000 metres
of drilling in 2011.
Premier Gold
PREMIER, From Page 1
See PREMIER, Page 3
shares and warrants. However, it
had a final payment of US$5 mil-
lion left.
As part of the acquisition, the
company bought all of Krias out-
standing shares and changed its
name from Trevali Resources to
Trevali Mining. Kria shareholders
received 0.2 of a Trevali share for
each share held.
The miner also acquired Krias
past-producing Ruttan copper-zinc
mine in northern Manitoba.
Ruttan was one of the larger
copper producers in the Flin Flon
area, operating from 1973 to 2002,
before shutting down due to slid-
ing metal prices.
While the company advances its
Halfmile-Stratmat project, its also
bringing its Santander zinc-lead-
silver project in Peru online.
In 2009, Trevali teamed up with
Swiss-based Glencore Inter-
national to dust off Santander, and
get it back into shape and active by
late 2011.
Spanning 44 sq. km in the Central
Peruvian polymetallic belt, some
215 km from Lima, the mine is ex-
pected to churn through 2,000
tonnes a day before ramping-up to
a 4,000-tonne-a-day operation by
2013.
Adam Low, an analyst at Ray-
mond James, wrote in a research
note that Trevali has the very
unique opportunity to bring not
one, but two mines (Halfmile and
Santander) into production over
the next twelve months.
He adds that these projects also
share the rare trait of requiring
minimal initial capital, as both will
utilize toll milling from existing pro-
cessing plants at the outset.
The company expects capital ex-
penditure to get Santander into
production at $15 million, and $20
million to $25 million for Halfmile,
says Stakiw.
Under the partnership agree-
ment, Glencore would provide a
2,000-tonne-per-day processing
plant and contract mining in ex-
change for life-of-mine offtake of
all the metals produced at Santan-
der.
Stakiw points out that the agree-
ment will be at International
Benchmark Terms, so Glencore
would pay Trevali the London
Metal Exchanges average prices
for the shipping period.
The junior says the strategic part-
nership with Glencore mitigates
both financial and technical risks.
Glencore bought concentrates
from Santander when it previously
operated between 1958 and 1992.
Stakiw notes Santander would
give Glencore a high-grade concen-
trate that the major can store, blend
and sell to smelters around the world.
Its a very clean concentrate,
Stakiw says. It gives them a very
high-grade product to work with.
Glencore is currently moving a
mill from its Rosaura mine, about
60 km away, to Santander.
The mine exhausted its re-
serves, Stakiw explains. But the
mill was in really good condition. Its
about a seven- to eight-year-old mill.
He adds the company is building
the mill in a 4,000-tonne-per-day
footprint, which means the crush-
ing circuit would be able to process
4,000 tonnes per day, if the com-
pany ramps up production.
Some 17 km west of Santander,
Trevali is upgrading the Tingo run-
of-river hydroelectric generating
station. Tingo has been operating
since 1958 and would service San-
tanders power needs. The com-
pany plans to enhance the generat-
ing capacity from 1.6 megawatts to
8.8 megawatts.
Because the work could take a
year, the company has secured ac-
cess to power off the Peruvian Na-
tional Energy grid, Stakiw says.
That would basically bridge us,
until we get our own facility up and
running. At 2,000 tonnes per day,
we would need about 4 megawatts
to power the mill, camps and
pumps for the underground mines.
With the surplus capacity, we
will be able to sell it to the national
grid, and have another revenue
stream coming off of that.
To help with the shift from ex-
plorer to producer at Santander
and Halfmile, the company added
new faces to its management team
in May. It replaced chief financial
officer Michael Kinley with Anna
Ladd, and brought on Paul Keller as
vice-president of operations, Dayle
Rusk as vice-president of explora-
tion and Daniel Marinov as chief
geologist.
It also wrapped up a $10-million
financing in April, by closing the
remaining $3.85-million, non-brok-
ered portion of the private place-
ment.
In total, the company issued 5.2
million shares at $1.90 apiece. Tre-
vali says the net proceeds would go
towards building its Santander
mine, and continued exploration in
Peru, among other costs.
Also in April, the miner initiated
a debt facility with German bank
WestLB for up to US$30 million to
help advance Santander. The com-
pany expects to finalize the debt
facility within the next month.
Trevali is currently drilling at San-
tander and plans to release an up-
dated resource estimate by year-end.
To date, three holes hit high-
grade mineralization on the San-
tander Pipe zone.
Hole 166 cut 11.2 metres of 94.9
grams per tonne silver, 7.24% zinc
and 0.49% lead; hole 168 hit 26.8
metres grading 24 grams silver,
0.83% zinc and 0.30% lead; and hole
169 intersected 7.1 metres of 135.9
grams silver, 14.15% zinc and 0.74%
lead. All three holes also hit minor
grades of copper mineralization.
Trevalis Huampar silver mine,
also in Perus Central Peruvian
polymetallic belt, saw past produc-
tion of 2.5 million tonnes averaging
185 grams silver per tonne, 1.6
grams gold per tonne, 5% zinc and
3.8% lead.
The company signed an agree-
ment to acquire 100% of Huampar
in May from a private Peruvian
mining company. Huampar has a
historic, non-compliant resource of
874,412 tonnes of 1.3 grams gold,
209 grams silver, 3.31% lead, 3.63%
zinc and minor copper mineraliza-
tion.
Trevali says the mine infrastruc-
ture is in good shape. Huampar
came with a 600-person camp and
a fully permitted 400-tonne-per-
day processing plant.
By 2015, the company plans to
expanding production to at least
175 million lbs. zinc.
Low of Raymond James com-
ments that 69% of Trevalis fore-
casted metals revenue would be
generated by zinc, with the remain-
ing 20% from lead, 7% from silver
and 4% from copper.
He has an outperform rating on
the stock with a 6- to 12-month
target price of $2.40.
Following the update on
Halfmile, Trevali shares gained 21
to close at $1.50 on June 17.
At presstime, shares traded 1
less.
Trevali on the path to production
TREVALI, From Page 1
TREVALI MINING
Workers building the portal at Trevali Minings Halfmile Mine project in northern New Brunswick.
Premier is also advancing the Rahill-
Bonanza gold JV with Goldcorp in
Ontarios Red Lake region.
THE NORTHERN MINER JULY 4-10, 2011 3
Royal Gold Announces Election of
Gordon J. Bogden to Fill New Board Seat
DENVER, COLORADO. JUNE 20, 2011: ROYAL GOLD, INC. (NASDAQ:RGLD; TSX:RGL),
today announced the expansion of their Board of Directors from seven to eight
members, and the election of Gordon Bogden to fll the newly created position.
Mr. Bogden has over 30 years experience as a senior executive, investment banker
and geoscientist to the mining industry. He has worked with some of the largest
mining companies on mergers, acquisitions and restructurings, and raising capital
in the international debt and equity markets. Mr. Bogden is Co-Founder, President
and Managing Partner of Gryphon Partners in Canada, an independent investment
bank with offces in Canada and Australia that provides corporate advisory services
to mining companies on strategy and mergers and acquisitions. He is also currently
Chairman of Volta Resources Inc, and a director of Aeroquest International Limited and Comino Resources Corp.
Mr. Bogden holds a B.Sc. (Hons.) in Applied Science from Queens University and an ICD.D from the Rotman
School of Management at the University of Toronto, and is a member of the Professional Engineers Ontario.
He was previously Vice Chairman and Head of Global Metals and Mining at National Bank Financial Inc., and
a senior investment banker with Beacon Group Advisors, Newcrest Capital, Rothschild & Sons Canada, and
CIBC Wood Gundy Securities. Mr. Bogden is a former director of IAMGOLD Corporation, International Royalty
Corporation and Canplats Resources Corp.
Stanley Dempsey, Chairman of the Board, commented, We are pleased to welcome Gordon to our board. His
extensive experience in the capital markets and investment banking, and expertise in the precious metals
royalty business will be a great complement to our existing Board.
Royal Gold is a precious metals royalty company engaged in the acquisition and management of precious metal
royalties and similar interests. The Companys portfolio consists of 187 properties on six continents, including
interests on 36 producing mines and 23 development stage projects. Royal Gold is publicly traded on the
NASDAQ Global Select Market under the symbol RGLD, and on the Toronto Stock Exchange under the symbol
RGL. The Companys website is located at www.royalgold.com.
For further information, please contact: Karen Gross, Vice President and Corporate Secretary
(303) 575-6504
Vancouver After completing
close to 70,000 metres of drilling
over 160 core holes, Levon Re-
sources (lvn-v) has released an
initial bulk tonnage resource on its
Cordero silver-gold-zinc-lead pro-
ject in northern Mexico.
Using a US$6 per tonne net
smelter return cut-off, a 1.7-for-1
strip ratio and open-pit geometry,
the base case scenario establishes
an indicated resource of 521.6 mil-
lion tonnes grading 18.54 grams
silver per tonne, 0.05 gram gold per
tonne, 0.46% zinc and 0.36% lead.
The inferred resource adds 200.9
million tonnes grading 21.66 grams
silver, 0.04 gram gold, 0.49% zinc
and 0.44% lead.
Those numbers generate con-
tained metal totals of 310.9 million
oz. silver, 908,000 oz. gold, 5.3 bil-
lion lbs. zinc and 2.9 million lbs.
lead in the indicated category, plus
139.9 million oz. silver, 229,000 oz.
gold, 2.2 billion lbs. zinc and 1.2 bil-
lion lbs. lead in the inferred cat-
egory.
Increasing the cut-off to US$15,
the total indicated resource
drops to 170.7 million tonnes
grading 31.68 grams silver, 0.08
gram gold, 0.72% zinc and 0.58%
lead. The inferred resource then
comes in at 65.5 million tonnes
grading 42 grams silver, 0.04
gram gold, 0.84% zinc and 0.76%
lead.
Both scenarios used metal prices
of US$25 per oz. silver, US$1,200
per oz. gold and US$1 per lb. for
both lead and zinc.
The resource encompasses the
Pozo de Plata diatreme, the Jose-
fina mine zone and the Cordero
porphyry zone, but not the adjacent
La Ceniza porphyry target where
Levo is drilling several holes. The
targets fall within the 15-km-long
and 3- to 5-km-wide Cordero por-
phyry belt.
The 200-sq.-km Cordero prop-
erty, which fully encompasses the
Cordero belt, is located 35 km
northeast of Hidalgo Del Parral in
Mexicos Chihuahua State. A high-
way runs 20 km from the project,
high voltage power lines run within
5 km of the project and water is
available from wells and aban-
doned mine shafts.
The company is working
through a 59,000-metre drill pro-
gram, with roughly 15,000 metres
left. Levon conducts delineation
drilling on the northeast end of the
Cordero porphyry zone with one
drill rig, while three others are
used on the adjacent La Ceniza
porphyry target. Levon is drilling
holes at La Ceniza over a kilo-
metre deep on a 200- to 400-metre
grid spacing to test a donut-
shaped anomaly.
The Cordero technical report
describes the area as containing
elements of a high-level intrusion-
related hydrothermal system
that is enriched with silver.
Mineralization, mainly sphalerite
and galena, occurs within a var-
iety of breccias, in fractures
which, in places, have formed as
poorly developed stockworks and
as veins and veinlets. The report
draws parallels to the geology and
mineralization at Goldcorps
(g-t, gg-n) Penasquito deposits,
450 km south.
Levon has owned 100% of the
Cordero property since it com-
pleted a merger with Valley High
Ventures, which controlled 49%
of the project, at the end of March.
Valley High shareholders re-
ceived one Levon share plus 0.125
share of Bearing Resources
(brz-v) in a spin-out containing
Valley Highs other property
holdings. After Levon issued 73.3
million shares to Valley High
shareholders, they held roughly
44% of the 163.9 million shares
outstanding.
The combined company has
since raised $40.2 million through
a bought deal financing at $1.95 per
share. With the 20.6 million offer-
ing, plus an acceleration of war-
rants, Levon now has 196.7 million
shares outstanding.
Levons share price climbed 10,
or 5.9%, to $1.79 the day the re-
source was released. The company
has a 52-week share price range
between 50 and $2.38.
First resource for
Levons Cordero
Favourable location and a safe
jurisdiction are lauded characteris-
tics of the Hardrock property. The
Trans-Canada Highway, Trans-
Canada pipeline and major power
lines all run through its centre, pro-
viding development advantages
near mining-friendly towns.
In the potential open-pit por-
tion of Hardrock, measured and
indicated resources total 18.2 mil-
lion tonnes grading 1.85 grams
gold per tonne, using a cut-off
grade of 0.5 gram gold. Adding an-
other 937,000 inferred tonnes at
the same grade brings the total
contained oz. gold up to 1.13 mil-
lion oz.
The underground portion holds
measured and indicated resour-
ces at a 2 gram gold cut-off total-
ling 12.85 million tonnes grading
4.57 grams gold for 1.89 million
contained oz. gold. Inferred re-
sources tally 9.15 million tonnes at
4.41 grams gold for an additional 1.3
million oz. contained gold. The
underground resources are close
to and below the historic mine
workings, which were primarily
wi t hi n 6 00 me t r e s of
surface. One of the new zones
delineated last year is actually an
old zone left unmined by a past
operator in the early 1960s. Drill-
ing there recently turned up a
remarkable 114.5 metres of 7.92
grams per tonne gold.
Premier is advancing several
other properties, most notably
the Rahill-Bonanza gold project
in the Red Lake area of Ontario,
a 49% and 51% JV with project
operator Goldcorp (g-t, gg-n).
The property sits between Gold-
corps cornerstone Red Lake
Gold Mines complex and its
nearby Cochenour mine, for
which Goldcorp is building a
high-speed underground tram
expected to partially pass through
the Rahill-Bonanza project.
Shareholders of Premier reacted
positively to the takeover an-
nouncement on June 22, pushing the
stock up 17 to $5.42 on 1.1 million
shares traded.
Premier Gold
PREMIER, From Page 2
AVION GOLD
A machine operator working on a ramp at Avion Golds Tabakoto gold project in Mali.
Drilling to test northwest- and
northeast-trending structures at
Avion Golds (avr-t, avgcf-o) Ta-
bakoto deposit in Mali has returned
significant intercepts, including
20.88 grams gold over 5.7 metres,
36.04 grams gold over 3 metres and
29.04 grams gold over 2 metres.
Other highlights from 25 core
and reverse-circulation holes in
5,220 metres of drilling during the
first four months of the year in-
clude 9.17 grams gold over 3 metres,
15.68 grams over 4.9 metres and
17.50 grams gold over 1.6 metres.
High-grade intercepts also in-
cluded 12.16 grams gold over 6 me-
tres, 9.95 grams gold over 6.1 me-
tres and 6.69 grams gold over 9
metres.
The drilling was designed to
convert inferred resources to mea-
sured and indicated resources and
test the continuity of the mineral-
ized cross-structures below and
near the Tabakoto pit.
The high grades and multiple in-
tersections are consistent with
what we find in the Tabakoto pit
area, the company said in a press
release.
What is striking about these
and many of the holes drilled in
the Tabakoto pit area, are the abun-
dance of as of yet unmodelled
gold-bearing zones, the companys
vice president of exploration, Don
Dudek, said in a statement.
Avion is moving the Tabakoto
mine to full underground produc-
tion in early 2012, and has com-
pleted more than 3,500 metres of
development so far.
It is also preparing to mine under-
ground at its Segala property in the
country.
The junior holds an 80% stake
in both projects, and expects to
release its maiden reserve estimate
before the end of June.
A US$13-million exploration
program spread across its prop-
erties in West Africa this year
will involve 75,000 metres of
drilling.
The companys latest drill results
sent Avions share price up 12, or
7.32%, to $1.76 on a trading volume
of 3.49 million shares.
At presstime Avion traded at $1.78
per share within a 52-week trading
range of 42 (July 29, 2010) and $2.08
(Dec. 29 2010). The company has
about 406.2 million shares out-
standing.
Avion continues success in Mali
Restricted stock?
Canadian or US shares. Well clean and sell it for you.
Mining stockbrokers since 1926.
Pennaluna & Company, Coeur dAlene, Idaho.
Member FINRA, SIPC, NWMA.
Online: www.pennaluna.com Phone: 208-667-7472
Levon is working through a 59,000-metre
drill program, with roughly 15,000 metres left.
4 JULY 4-10, 2011 THE NORTHERN MINER
EDITORIAL
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BY DAN SMITH AND CHRIS LANGDON
SPECIAL TO THE NORTHERN MINER
The UK Bribery Act 2010 has received sig-
nificant press coverage in the United King-
dom and abroad. It will be important for Ca-
nadian mining companies with a U.K. nexus
to understand its implications, in particular
given that Canadian junior mining companies
frequently operate in challenging emerging-
market jurisdictions where the risks of cor-
ruption and bribery are often manifest.
The U.K. Bribery Act (UKBA) will be the
flagship U.K. legislation combating bribery
and corruption. It will come into
force on July 1, 2011, and when it
does it will create criminal offences
prohibiting bribery.
Prohibited conduct includes not
only bribing public officials (either
to influence decisions or facilita-
tion payments to secure routine
administrative functions), but also
bribery entirely in the private
sphere. It also prohibits passive
bribery: it will be a criminal offence
to be bribed.
The UKBA will also criminalize the failure
to prevent bribery, which is potentially the
most risky area for mining companies, in that
it effectively bypasses the requirement to
prove corrupt corporate intent. A commer-
cial organization commits the failure of-
fence where a third party which performs
services for the organization bribes someone
else in order to obtain or retain a business
advantage for the organization.
Examples include bribery by employees,
subsidiaries and agents. This means that
mining companies might be criminally liable
for the acts of foreign acquisitions, local
partners, joint ventures, mining contractors
and other mining service providers. This
risk may be acute for junior miners manag-
ing local joint ventures and working with
local partners.
The only defence to the failure offence is
for the organization to show that it had ad-
equate procedures in place to prevent the
bribery. In practice this means that a failure
to regulate third parties might lead to crimi-
nal liability. We discuss this below.
Does the UKBA apply only in the U.K.? No
it has worldwide scope. The offences not
only apply to bribery which takes
place in the U.K., but also to bribery
by U.K. individuals and companies
anywhere in the world, so they have
some extra-territorial application.
This is where the legislation is rel-
evant to Canadian mining compa-
nies that might have otherwise
thought that the UKBA does not af-
fect them.
The failure offence has even
wider extra-territorial application.
It applies to any U.K. partnership
or company. It also applies to any non-U.K.
partnership or business which carries on a
business, or part of a business, in the U.K. The
U.K. government has published guidance
indicating that this requires a demon-
strable business presence in the U.K.
The guidance also says that merely listing
securities in the U.K. will not constitute car-
rying on a business. Unfortunately this guid-
ance is not entirely reliable since it will not
bind the U.K. prosecutors (currently the Seri-
ous Fraud Office) who have indicated that
they might take a different view. Canadian
miners should carefully assess their nexus
with the U.K., and to what extent they carry
on their business or part of their business in
the U.K.
The bribery itself could occur anywhere
in the world. It also need not relate to the
business which the organization carries on
in the U.K. What this means is that U.K. law
applies to you globally if you carry on part of
a business in the U.K.
Mining companies which have adequate
procedures to prevent bribery will have a
defence to the failure offence. While not de-
fined by the UKBA, the U.K. government has
published guidance which prosecu-
tors will take into account. This
guidance is largely in- line with in-
ternational best practice, and the
core principle is proportionality to
the risks.
The guidance sets out six princi-
ples which mining companies
should consider: a commitment
from the top level of management
to prevent bribery; a regular and
comprehensive assessment of the
nature and extent of the risks relat-
ing to bribery; policies and procedures to
prevent bribery being committed by the or-
ganization or on its behalf, proportionate to
the bribery risks and the organizations ac-
tivities; review and mitigation of bribery risks
presented by third parties in all markets in
which the organization does business; ensur-
ing anti-bribery policies and procedures are
communicated, embedded and understood
throughout the organization; and monitor-
ing and review for example ensuring pro-
cedures are being implemented, are ade-
quate to mitigate the risks and are improved
where appropriate.
The wide scope of the UKBA means that
no area of business will be entirely risk free.
However, key concerns for organizations
in the mining industry will be:
Hospitality Entertaining, gifts, and ex-
penses might come under the microscope to
determine whether they have a legitimate
business purpose.
Joint ventures, investments and agents
Mining companies could be liable for their
wrongdoing. Companies should make sure
they know what these joint ventures, invest-
ments and agents are doing and that they
understand the law. This is a key
area of risk for many junior mining
companies with operations in
emerging markets.
Government contracts It is im-
portant to pay particular attention
to dealings with government offi-
cials, especially through agents.
Mining companies should ensure
dealings with co-investors and
local partnerships are transparent
and lawful.
Local practices Under the
UKBA, local customs and practices which
are not part of the written law must be dis-
regarded, even if they are perceived as legit-
imate. Mining companies need to take spe-
cial care when dealing in countries with
different approaches to business ethics.
A good compliance culture Make sure
employees follow company policies and en-
sure that you react to incidents of wrong-
doing, investigate, and take appropriate re-
medial steps.
Mining businesses, including Canadian
mining companies carrying on their business
Navigating the new
UK Bribery Act
COMMENTARY
One day before a key vote by TMX Group shareholders on a
controversial takeover proposal by the London Stock Exchange,
both companies abruptly ended the $3.6-billion deal, saying that
there werent enough votes to clear the two-thirds required.
About 70% of the shareholders votes were cast by proxy prior
to the scheduled meeting on June 30, and only 54% of those were
in favour of the takeover, according to media reports.
In the tense lead-up to the vote, more financial industry
heavyweights were publicly choosing sides. Investment veteran
and corporate governance advocate Stephen Jarislowsky came out
in support of Maple Groups rival, $3.8-billion hostile, cash-and-
shares offer, saying the LSE is in decline and that a merger could
weaken Canadas financial community and encourage an exodus
of our financial institutions and our brightest financial talents.
(The 13 members of the Maple consortium are: Alberta
Investment Management, Caisse de dpt et placement du
Qubec, Canada Pension Plan Investment Board, CIBC World
Markets, Desjardins Financial, Dundee Capital Markets, Fonds de
solidarit des travailleurs du Qubec, GMP Capital, National Bank
Financial, Ontario Teachers Pension Plan, Scotia Capital, TD
Securities, and Manufacturers Life Insurance.)
Meanwhile, 11 other industry players including executives of
Caldwell Securities, Raymond James, CI Financial, Fiore Financial,
Union Securities and Haywood Securities issued a public
statement favouring the LSE Groups bid.
After careful review, it is clear to us that the proposed TMX
and LSEG merger protects Canadian regulatory sovereignty,
champions Canadian executive management and maintains
competition and a level playing field, reads the open letter. In
contrast, the Maple Consortium has proposed the creation of a
national monopoly in which our Canadian exchanges would be
owned and managed by many of their most powerful participants,
and thus would be burdened by significant conflicts.
Even if TMX shareholders had given the thumbs-up to the
takeover, it would have still needed approvals by Industry Canada,
the Ontario Securities Commission and the Autorit des marchs
financiers, Quebecs financial regulatory body.
Both the LSE and Maple bids were sweetened a week prior to
the vote, with the LSE adding a $4-per-share special dividend to
its mostly share offering (valued at $49 per share including the
dividend), and Maple adding $2 per share to its mostly cash bid
(to $50 per share), and increasing the proportion of cash on offer
to 80%.
Both sides hosted pre-vote conference calls outlining their
positions. Maples spokesman Luc Bertrand, also the vice-
chairman of National Bank, said the regulatory hurdles facing the
LSE were far more serious than the LSE has let on, and
questioned the longer-term value of LSE stock, on which much of
the exchanges offer was based. What the LSEs asking, there is
no precedent and theyre asking for a fundamental change of
policy in how things are structured and conducted in Canada,
Bertrand said.
Meanwhile, on the LSETMX conference call, the two
exchanges executives were critical of the amount of debt involved
in Maples offer (2.9 times debt to EBITDA, compared with the
LSEs 1.4 times debt to EBITDA). TMX CEO Tom Kloet said the
offer constitutes a leveraged recapitalization. In contrast he
pointed to $160 million in synergies in the LSE deal across five
different areas, including issuer services and technology services.
In response to a reporters question about the patriotic tone of
Maples overtures, LSEG CEO Xavier Rolet said: The Maple bid
has nothing to do with Canadian ownership. It has everything to
do with a small number of very large traders trying to establish
control of infrastructure that should be neutral.
With the LSE offer now history, TMX says it will focus on other
alternatives, including the Maple bid. The latter looks unlikely to
stir a competitive domestic bid, as most serious players are
already members of Maple, and any foreign suitors would only
face the same nationalist obstacles in Canada that stopped the
LSE in its tracks.
The Maple offer has its own regulatory hurdles it will have to
earn the approval of Canadas Competition Bureau.
EDITORIAL: TOP STORIES OF WEEK 25
TMX, LSE kill
proposed merger
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The UK Bribery Act will criminalize the
failure to prevent bribery, which is potentially
the most risky area for mining companies.
See COMMENTARY, Page 5
Dan Smith
Chris Langdon
THE NORTHERN MINER JULY 4-10, 2011 5
The 2011 National Mining Hall of
Fame and Museum (NMHFM) in-
ductees in the U.S. represent a
cross-section of the industry from
the coal, marble and lead sectors to
metallurgical and processing re-
search and development.
William Diamond, Wayne
Hazen, Redfield Proctor and
Jeffrey Zelms will join 210 Ameri-
can mining industry pioneers
when they are formally inducted
into the hall at the 24th Annual
Induction Banquet and Cere-
mony on Sept. 10, 2011 in Lead-
ville, Colo.
NMHFM said this years induct-
ees were selected for being vision-
aries, leaders and ambassadors
both within their sectors and
across the industry at large.
We are very proud to have the
opportunity to honour these lumi-
naries of the mining industry by
inducting them into our hall of
fame, NMHFM executive direc-
tor Bob Hartzell said in a state-
ment. Each has made an indelible
contribution to mining, and they
join the company of some legend-
ary mining figures in the hall of
fame.
William Francis Diamond
(1914 )
Diamond had an illustrious engi-
neering and managerial career
that spanned four decades with
Island Creek Coal. He was respon-
sible for the engineering and con-
struction of the deepest coal
mines producing in North Amer-
ica at the time.
Wayne Colby Hazen
(19172009)
Hazen founded Hazen Research
in Golden, Colo., and served as
president and CEO of the com-
pany for 22 years, growing it
from a one-building laboratory
to the largest private metallurgi-
cal and processing research and
development contractor in the
U.S.
Redfield Proctor
(18311903)
Proctor founded Vermont Mar-
ble, which became the worlds
largest marble company by the
beginning of the 20th century. He
also had a notable career as a pub-
lic servant, serving as Governor
of Vermont, Secretary of War in
the cabinet of U.S. President Wil-
lian Henry Harrison, and Senator
from Vermont.
Jeffrey L. Zelms (1944 )
As CEO of Doe Run, Zelms helped
keep the American lead industry
alive during the most volatile period
in its modern history: the collapse
of the lead market in the 1980s, and
the recession in the 1990s. Zelms
ensured that lead mining remained
a viable industry in the U.S.
Prazen recipient
announced
The 2011 Prazen Living Legend of
Mining Award recipient is the
Ohio Aggregates and Industrial
Minerals Association (OAIMA),
which undertakes a wide variety
of programs and projects to edu-
cate the public about the minerals
industry.
The Prazen award recognizes
organizations and individuals
who excel in informing the public
of the vital importance of mining
and minerals.
One OAIMA initiative is Project
Science Teaching for Ohios New
Economy (STONE), developed in
partnership with Wright State Uni-
versity. STONE is an earth- and
space-science inquiry-based pro-
fessional development program
for Ohio earth science teachers,
which also informs teachers about
related career opportunities for
students.
It is through the excellent work
of organizations such as OAIMA
that the industry can continue to
increase public awareness, percep-
tion and understanding of the
impact that mining has on everyday
life, Hartzell said.
The Prazen award will also be
presented at the September cere-
mony.
MATTERS OF GENERAL INTEREST OP-ED
In the article China Coal Aims to
Become a Mid-Tier Producer,
(TNM, May 30June 5, 2011), state-
ments were made in respect to
China Coal and its intended acqui-
sition of the operating interest in
the Mei Feng coal mine.
The statements indicated that it is
likely there is more coal at the prop-
erty and in the adjacent coal-bearing
region than indicated in the filed
technical report for the project com-
pleted in accordance with National
Instrument 43-101 standards.
NI 43-101 governs disclosure
made about mineral projects, and
among other things, specifies that
any disclosure of scientific and
technical information must be
based on information prepared by,
or under the supervision of, a qual-
ified person. Such requirement is
designed to provide consistency
and integrity in disclosure for in-
vestors.
Any statement or inference that
there is likely more coal at the Mei
Feng property than indicated in
the NI 43-101 technical report was
not based on information prepared
by or under the supervision of a
qualified person, and for this reason
China Coal fully retracts such
statements.
Mark Roth
Chief Financial Officer
China Coal Corp.
Calgary, Alta.
China Coal and Mei Feng
LETTER TO THE EDI TOR
US National Mining Hall of Fame and Museum
to induct four new members
Each [inductee] has made an
indelible contribution to mining, and
they join the company of some legendary
mining figures in the hall of fame.
bob hartzell, executive director, national
mining hall of fame and museum
PRAZEN LIVING LEGEND AWARD RECIPIENT ALSO ANNOUNCED
William Francis Diamond Wayne Colby Hazen
Redfield Proctor Jeffrey L. Zelms
or part of their business in the U.K.,
should take responsibility for their
risks, and adopt a three-step pro-
cess to: assess what bribery risks
they face, including risks of bribery
by third parties; adapt or create pro-
cedures, including policies, to re-
duce those risks; and ensure the
procedures are implemented and
work in practice.
The authors are attorneys with
Latham & Watkins, a global, full-
service legal firm with 2,000 attor-
neys in 31 offices around the world.
Dan Smith is a Senior Associate in
the Litigation department based in
the London office, and member of the
firms Metals & Mining practice.
Chris Langdon is a Partner in the
Finance department based in the Riy-
adh office, Global co-chair of the
firms Metals & Mining practice.
Latham & Watkins Metals &
Mining practice has advised on
some of the most complex mining
and metals transactions and pro-
jects over the last few years. Across
the team, Latham & Watkins has
experts who have worked in virtu-
ally every active jurisdiction in
Africa, the Middle East, Russia
and CIS, Central and Eastern
Europe, Latin America and Asia.
Visit www. lw. com for more
details.
Navigating the UK
COMMENTARY, From Page 4
The First Peoples Cultural Foun-
dation (FPCF) will receive
$125,000 over three years from the
Mining Association of B. C.
(MABC) to assist with the docu-
mentation and renewal of endan-
gered First Nations languages in
the province.
Language is a cornerstone of
culture and identity. By investing in
language and culture, we invest in
stronger and prouder communi-
ties, Pierre Gratton, president and
CEO of the MABC, said in a state-
ment. It is also an investment in
education, in youth, and thus in the
future success of B.C.s First Na-
tions.
Support for FPCF is also an
opportunity to help restore to
B.C. First Nations that which was
taken through the tragic experi-
ence of residential schools,
which contributed significantly
to the reduction of First Nation
language speakers, Gratton
added.
The First Peoples Cultural
Foundation can now leverage
MABCs funding contribution to
secure other funding from govern-
ment partners. Language is the
heart of our culture, FPCF board
chair Pauline Terbasket affirmed.
It is how our elders can teach our
young people about the land and
our traditional ways.
Endangered languages are a
subject of concern around the
world, and they face extinction in
B.C. The donation will be used to
support language archiving
around the province, and out-
reach to First Nations to support
language renewal.
Mining Association of BC
donates $125,000 for
First Nations language renewal
Vale (vale-n) has awarded a two-
year, $600-million contract to
KBAC Constructors to provide
mechanical, piping, electrical and
instrumentation services for the
construction of the Long Harbour
processing plant in Newfoundland
and Labrador.
The mechanical, piping, elec-
trical and instrumentation servi-
ces contract is the largest single
contract that we have awarded to
date on the Long Harbour con-
struction project, and one of the
largest supplier contracts awarded
at Vale, John Pollesel, COO of
Vales base metals business in
North Atlantic, said in a statement.
The partners in the KBAC part-
nership have been working with us
over the last year, and we are very
pleased to see them come together
in a partnership to work on this part
of the project.
The construction program at
Long Harbour is a part of Vales
$10-billion capital investment pro-
gram in Canada, first announced in
November 2010. The Long Har-
bour project represents a US$2.8-
billion investment by Vale in a
processing plant that will use
hydrometallurgical technology
developed by Vale in Canada, with
support from Industry Canadas
Technology Partnerships program.
Vale says the Long Harbour pro-
cessing plant will generate 10 mil-
lion person-years of employment
during the construction phase,
with completion expected in Feb-
ruary 2013.
Once in operation, the Long Har-
bour Processing plant will be
permanent.
SUPPLI ERS NEWS
Vale awards $600M contract for Long Harbour
6 JULY 4-10, 2011 THE NORTHERN MINER
MARKET NEWS
A positive turn in Europes debt crisis
helped bolster global markets for the June
2024 period, and the TSX was no exception.
The TSX Composite Index climbed 120
points to finish at 12,908.89.
But the news wasnt all good. Crude oil
prices fell, and the Bank of Canada issued a
warning that certain risks were increasing.
Risks highlighted by the bank involved Euro-
pean sovereign debt concerns, U.S. debt and
fiscal challenges, and higher household debt
levels in Canada.
Despite falling gold prices, the Global
Gold Index gained 4 points to finish at 358.11
points. The six-month price chart still shows
a downward bias. The yellow metal itself was
off US$41, and finished the period at
US$1,500.90 per oz.
The Capped Diversified Metals & Mining
Index also made a modest reversal of its
slumping trend as it lifted 67 points, to close
at 1,312.90. The prices for copper, nickel, tin
lead and zinc were all higher, while alumi-
num prices were flat.
Zincore Metals shares were the periods
largest gainer by percentage points. They
surged 36% and finished at 38. The run
came after the company released drill re-
sults from the Yanque deposit at its Accha
zinc project in southern Peru. Highlights in-
cluded 7.29% zinc equivalent over 56.9 me-
tres, and 15.06% zinc equivalent over 13.6
metres. The company is drilling to deter-
mine locations in the early years of an open-
pit mine plan.
Investors were also bullish on shares of
Continental Precious Minerals. Buying
pressure caused a 29% rise to 36. The in-
crease came after Continental announced a
lease agreement to further its exploration
program in Sweden. The new land will be part
of its MMS Viken licence, where it pushes
ahead on a pre-feasibility study while look-
ing for a joint venture agreement with a major
mining company.
A move by a hedge fund to bring a new slate
of directors to the Klondex Mines board
bumped the companys share price. Klondex
Vancouver The S&P TSX Venture Ex-
change Index managed a slight gain during
the trading week, climbing 7.39 points to
1,905.33 after two days of gains outweighed
three days of losses. Volume was in-line with
recent weeks at a subdued average of 93.3
million shares traded daily.
Fluctuating rare earth stocks once again
led value gains during the period. Quest
Rare Minerals topped the list, up $1.39 after
five straight days of gains to end at $6.45 on
2.8 million shares traded. The company an-
nounced plans to spend another $150,000 on
exploration at its Strange Lake joint venture
in Labrador with Search Minerals, and also
released its quarterly management discus-
sion.
Tasman Metals was second in value
gains with a $1.01 increase to end at $4.98 on
no news, though it recently announced the
completion of 4,700 metres of drilling at its
Norra Karr heavy rare earth project in
Sweden. The company reports that the drill-
ing has significantly expanded the mineral-
ization thickness, extending the depth of in-
trusion by roughly 100 metres below the
lower limit of the current resource.
Geomega Resources jumped 97 to $3
after releasing results from two holes at its
Montviel property in Abitibi, Que. One hole
returned 544.6 metres grading 1.41% total
rare earth oxides (TREO), and the other hit
127.6 metres carrying 1.51% TREO. The com-
pany reports that the drilling extends the
mineralized zone 200 metres farther west
along strike and 175 metres south, for a de-
fined area of 500 metres along strike and
400 metres wide.
Allana Potash was the second most
traded stock on the Venture, clocking in 20.4
million shares traded after releasing an up-
dated resource estimate for its Ethiopian
potash project. The Danakhil project now
hosts 673 million measured and indicated
tonnes grading 18.65% potassium chloride
(KCl) and an inferred resource of 596
million tonnes averaging 19.96% KCl, while
the resource only covers 40% of the com-
panys licensed land area in the basin. The
companys stock price dropped 34 to $1.74
in the period.
Little-traded shell company Drexel Re-
sources popped 510% on a single day after
announcing a $2.4-million financing. The
companys share price climbed 51 to 61
with 106,000 shares traded on news of the
financing, which included the announcement
that former Fronteer Gold president Mark
TSX VENTURE EXCHANGE JUNE 20-24
The Dow Jones Industrial Average and the
S&P 500 Index fell for their seventh week in
the last eight as mounting anxiety about
Euro-zone debt continued to eat away at in-
vestor confidence. The Dow Jones Industrial
Average fell 69.78 points, or 0.58%, to finish
at 11,934.58 during the June 2024 trading
week, while the S&P 500 Index lost 3.05
points, or 0.24%, to 1,268.45. The Philadel-
phia Gold and Silver Index inched up 1.77
points, or 0.93%, to close at 191.89.
Cliffs Natural Resources, which produ-
ces metallurgical coal products, iron ore
pellets, and lump and fine iron ore, topped
the list of value gains with an advance of
US$5.11 to US$86.62, despite receiving
troubling news at the end of the trading
week. On June 24 the company announced
that federal regulators had denied its re-
mediation plan to address carbon monoxide
issues at its Pinnacle mine in West Virginia.
Cliffs says it is now evaluating its options.
The company had planned to produce over
1 million tonnes of low-volatile metallurgical
coal from the mine in the last half of 2011.
Shares of Patriot Coal and Peabody
Energy, meanwhile, got a lift from a positive
report on the outlook for the coal sector by
Goldman Sachs. Peabody Energy climbed
US$3.17 to US$57.04, while Patriot Coal rose
US$2.27 to US$21.25. Among its arguments,
Goldman noted that high oil prices make
coal a cheaper alternative for power genera-
tion and other uses, and pointed out that as
countries like Germany turn away from nu-
clear power, coal could benefit.
Teck Resources shares were up US$1.88
to US$46.49 per share. On June 19 Teck up-
dated its coal guidance for the second quar-
ter, noting that due to the February earth-
quake and tsunami in Japan, some of its coal
customers had deferred shipments because
of reduced steel production requirements.
Teck said it now expects coal sales in the
second quarter at the low end of its previ-
ously announced guidance range of 5.5 to
U. S. MARKETS JUNE 20-24
shares were up 23% to $2.87 after announcing
the dissident proxy by the fund. Klondex is-
sued a statement urging investors not to vote
for the funds slate. The hedge fund currently
controls 8.1% of the companys shares.
A financing proposal helped lift Niocan
shares by 18% to $1.06, even though the com-
pany rejected the offer. The company said
that Augyva Mining Resources offered to
subscribe to 3.5 million units at a price of
TSX greatest value change
WEEK
VOLUME CLOSE CHANGE
First Quantum FM 2106815 127.40 + 8.39
Agrium AGU 3374825 82.25 + 4.24
Allied Nevada ANV 3939650 32.16 + 3.05
Teck A TCKA 10373 47.46 + 2.86
Labdr I-Ore Ro LIF_U 253304 69.30 + 2.74
Agnico-Eagle AEM 4696915 63.07 + 2.45
Potash Cp Sask POT 8199555 51.91 + 2.36
Teck B TCKB 21997316 45.95 + 2.29
Pan Am Silver PAA 1308059 29.22 + 1.87
Silver Wheaton SLW 10600287 31.34 + 1.86
Orezone Gold ORE 2721234 3.19 - 1.06
Western Areas WSA 15800 5.75 - 0.90
US Gold Can Ac UXE 10121 5.67 - 0.72
Queenston Mng QMI 449482 6.74 - 0.67
Witwatersrand WGR 16502 5.10 - 0.60
North Am En Pa NOA 131663 6.89 - 0.55
Sprott Ph Silv PHSU 146861 15.47 - 0.53
Contintl Gold CNL 752373 7.55 - 0.44
IAMGold Corp IMG 12720242 17.73 - 0.40
Central Fund CEFA 611622 20.25 - 0.38
TSX greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Zincore Mtls ZNC 549 0.38 0.29 0.38 + 35.7
Contl Precious CZQ 345 0.38 0.26 0.36 + 28.5
BRC DiamondCr BCD 2341 0.15 0.12 0.15 + 25.0
Klondex Mns KDX 652 2.92 2.29 2.87 + 22.6
Great Basin Go GBG 13089 2.04 1.65 1.96 + 20.2
Goldstone Res GRC 4046 0.88 0.67 0.83 + 20.2
Niocan Inc NIO 73 1.08 0.88 1.06 + 17.7
Mawson Res MAW 2653 1.94 1.56 1.90 + 17.2
South Am Silvr SAC 915 2.08 1.68 1.96 + 16.6
Diamond Fields DFI 402 0.32 0.24 0.28 + 16.6
Orezone Gold ORE 2721 4.25 3.11 3.19 - 24.9
Crystallex Int KRY 3500 0.11 0.08 0.09 - 18.1
Velocity Minls VLC 33 0.15 0.15 0.15 - 16.6
Tiger Res TGS 157 0.47 0.41 0.41 - 16.3
Spur Ventures SVU 468 0.44 0.37 0.38 - 15.5
First Uranium FIU 909 0.70 0.60 0.60 - 14.2
Champion Minls CHM 1466 1.65 1.35 1.39 - 14.2
Western Lithiu WLC 934 0.69 0.60 0.61 - 14.0
Western Areas WSA 16 5.75 5.57 5.75 - 13.5
Platmin PPN 240 0.72 0.59 0.61 - 12.8
TSX most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Eastern Platin ELR 32784 0.91 0.83 0.86 0.00
Teck B TCKB 21997 46.48 41.96 45.95 + 2.29
Kinross Gold K 19397 15.38 14.52 14.94 + 0.21
Lundin Mng LUN 15895 7.00 6.42 6.80 + 0.35
Avion Gold AVR 13963 1.92 1.61 1.84 + 0.23
Great Basin Go GBG 13089 2.04 1.65 1.96 + 0.33
IAMGold Corp IMG 12720 19.46 17.61 17.73 - 0.40
Breakwater Res BWR 12530 7.43 7.39 7.41 0.00
Eldorado Gold ELD 12029 14.65 13.09 13.89 + 0.56
Yamana Gold YRI 11065 11.57 11.01 11.23 + 0.19
TSX-V greatest value change
WEEK
VOLUME CLOSE CHANGE
Quest Rare Mnl QRM 2008919 6.45 + 1.39
Tasman Metals TSM 1016178 4.98 + 1.01
Geomega Res GMA 585955 3.00 + 0.97
Clifton Star CFO 1175798 2.60 + 0.47
New Millen Cap NML 1441507 2.66 + 0.38
Olivut Res OLV 228141 1.45 + 0.37
Gold Canyon GCU 516179 3.00 + 0.34
Southern Arc SA 1226575 1.98 + 0.31
Trelawney M&Ex TRR 1881814 4.51 + 0.31
Kaminak Gold KAM 1296887 3.82 + 0.31
Bear Creek Mng BCM 998624 5.16 - 0.82
Mirasol Res MRZ 443163 4.23 - 0.53
Batero Gold BAT 512519 2.50 - 0.35
Aldridge Minls AGM 167254 0.83 - 0.34
Allana Res AAA 20442720 1.74 - 0.34
Adriana Res ADI 1405115 0.92 - 0.33
Ninety Nine Cp WDG 501428 1.81 - 0.30
Hana Mng HMG 475465 1.66 - 0.29
Chesapeake Gld CKG 37101 11.50 - 0.24
Archon Mineral ACS 12000 1.50 - 0.20
TSX-V greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Hinterland Mtl HMI 142 0.34 0.14 0.30 + 130.7
Orestone Mng ORS 930 0.07 0.05 0.07 + 75.0
Uranium North UNR 3227 0.17 0.10 0.17 + 54.5
Eastfield Res ETF 195 0.15 0.10 0.15 + 50.0
Baroyeca Go&Si BGS 433 0.15 0.10 0.15 + 50.0
Geomega Res GMA 586 3.65 2.08 3.00 + 47.7
Fairmont Res FMR 32 0.25 0.22 0.25 + 47.0
Macusani Yello YEL 10892 0.23 0.16 0.23 + 43.7
AndeanGold AAU 133 0.15 0.12 0.14 + 40.0
Abzu Gold ABS 262 0.70 0.51 0.70 + 37.2
Open Gold OPG 105 0.10 0.08 0.08 - 33.3
Halo Res HLO 740 0.26 0.19 0.19 - 29.6
Aldridge Minls AGM 167 1.17 0.83 0.83 - 29.0
Chilean Gold CHN 111 0.34 0.20 0.22 - 26.6
Adriana Res ADI 1405 1.25 0.81 0.92 - 26.4
Panthera Expl PNX 45 0.18 0.16 0.16 - 23.8
West High Yld WHY 24 0.34 0.30 0.30 - 23.0
Midasco Cap MGC 51 0.11 0.09 0.10 - 23.0
Canaf Group CAF 29 0.09 0.07 0.07 - 22.2
Claim Post Res CPS 102 0.09 0.07 0.07 - 22.2
TSX-V most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Sandstorm Res SSL 21140 1.22 1.08 1.13 - 0.03
Allana Res AAA 20443 2.27 1.58 1.74 - 0.34
Macusani Yello YEL 10892 0.23 0.16 0.23 + 0.07
Orbite Expl A ORTA 9401 3.68 3.10 3.49 + 0.25
Seafield Res SFF 8217 0.34 0.24 0.31 + 0.07
Axmin Inc AXM 7284 0.09 0.08 0.08 0.00
IBC Adv Alloys IB 6944 0.19 0.16 0.18 0.00
Copper Fox Mtl CUU 5492 2.30 1.83 2.20 + 0.20
KWG Res KWG 5275 0.09 0.09 0.09 0.00
Silver Quest R SQI 3982 1.13 0.94 1.04 + 0.11
U.S. greatest value change
WEEK
VOLUME CLOSE CHANGE
Cliffs Nat Rs* CLF 17914866 86.62 + 5.11
Alliance Rs P* ARLP 396960 74.65 + 4.87
Mosaic* MOS 50719931 63.60 + 4.28
Agrium* AGU 3196541 83.58 + 3.84
Allied Nevada* ANV 5483296 33.30 + 3.72
Randgold Res* GOLD 3036241 78.66 + 3.53
Peabody Enrgy* BTU 30897244 57.04 + 3.17
Patriot Coal* PCX 7026988 21.25 + 2.27
Soc Quim&M Ch* SQM 2547572 61.57 + 2.08
Teck B* TCK 19515299 46.49 + 1.88
AngloGold Ash* AU 8611021 40.12 - 1.98
Compass Mnls* CMP 517121 83.25 - 1.60
Mechel* MTL 2690126 24.96 - 0.67
Central Fund* CEF 7544907 20.46 - 0.59
North Am En P* NOA 572075 6.98 - 0.52
Gold Reserve* GRZ 1250998 2.52 - 0.47
Paramount Gld* PZG 24108252 3.50 - 0.32
Gold Fields* GFI 24143124 13.92 - 0.31
Exeter Res* XRA 292643 4.20 - 0.18
Mountain Prov* MDM 35097 5.51 - 0.18
U.S. greatest percentage change
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
China Shen Zh* SHZ 453 3.95 2.37 3.60 + 50.6
US Antimony* UAMY 1270 3.89 2.46 3.70 + 48.0
Starfield Res* SRFDF 910 0.06 0.04 0.06 + 20.0
El Capitan Pr* ECPN 1693 0.95 0.78 0.92 + 17.9
Tara Gold* TRGD 202 0.47 0.35 0.45 + 15.3
Minera Andes* MNEAF 852 2.66 2.13 2.42 + 14.6
Li3 Energy* LIEG 1684 0.25 0.20 0.24 + 14.2
Rubicon Mnls* RBY 4917 4.74 3.93 4.54 + 14.0
Rare Elemt Re* REE 7756 11.08 9.72 10.67 + 13.0
Tri-Valley* TIV 1585 0.62 0.53 0.61 + 12.9
Argentex Mng* AGXM 516 1.01 0.64 0.79 - 17.7
Gold Reserve* GRZ 1251 3.05 2.24 2.52 - 15.7
Am Engy Field* AEFI 278 0.22 0.16 0.19 - 13.6
Geovic Mng* GVCM 287 0.37 0.31 0.31 - 11.4
Infrastrc Mat* IFAM 232 0.10 0.06 0.09 - 10.0
Paramount Gld* PZG 24108 3.87 3.36 3.50 - 8.3
Golden Phoen* GPXM 693 0.13 0.12 0.12 - 7.6
America West* AWSR 133 1.40 1.15 1.25 - 7.4
North Am En P* NOA 572 7.74 6.98 6.98 - 6.9
Canarc Res* CRCUF 218 0.18 0.14 0.14 - 6.6
U.S. most active issues
VOLUME WEEK
(000s) HIGH LOW CLOSE CHANGE
Alcoa* AA 98783 15.60 14.56 15.23 + 0.51
Freeport McMo* FCX 86019 49.90 47.11 48.43 + 0.50
Mosaic* MOS 50720 64.90 59.33 63.60 + 4.28
Silver Wheatn* SLW 43205 33.61 30.00 31.75 + 1.56
Alpha Nat Res* ANR 42649 45.14 40.65 42.71 + 0.59
Hecla Mining* HL 39902 7.65 6.94 7.29 + 0.30
Potash C Sask* POT 36947 54.12 51.01 52.54 + 1.57
Barrick Gold* ABX 34166 45.65 42.92 43.04 - 0.14
Kinross Gold* KGC 33866 15.85 14.82 15.14 + 0.08
Goldcorp* GG 33264 50.38 46.27 46.84 + 0.39
$1.15 per unit, so long as it could fill three of
the four board seats.
The release of Orezone Golds prelimi-
nary economic assessment for its Bombor
gold project in Burkina Faso showed that in-
vestors were hoping for more. After releas-
ing the study, the companys share price fell
25% to $3.19. The base case financial model
in the study yielded an internal rate of return
of just 9.9%.
6 million tonnes.
AngloGold Ashantis stock continued
to suffer from ongoing silicosis-related
compensation issues. Shares of Africas big-
gest gold miner were down US$1.98 to
US$40.12.
ODea was buying a 32.8% stake in the com-
pany. Drexels qualifying transaction in Sep-
tember 2010, and current sole property, was
for a 60% interest in the Titan copper-gold-
molybdenum property in British Columbia
from Eagle Plains Resources.
Uranium North Resources climbed 7
to 17 after announcing drilling had started
on its 20-hole exploration program at its Amer
Lake uranium project in Nunavut.
TORONTO STOCK EXCHANGE JUNE 20-24
THE NORTHERN MINER JULY 4-10, 2011 7
STOCK TABLES
MINING STOCKS listed on
NORTH AMERICAN EXCHANGES
Trading: June 20-24, 2011
Arch Coal* N 295346 26.39 24.60 25.30 + 0.23 36.99 19.09
Archon Mineral V 120 1.50 1.50 1.50 - 0.20 2.00 1.40
Arco Res V 2113 0.05 0.05 0.05 0.00 0.10 0.04
Arctic Star Di V 614 0.02 0.01 0.02 0.00 0.06 0.01
Arcturus Res V 1640 0.09 0.07 0.09 + 0.01 0.18 0.06
Arcus Dev Grp V 1394 0.32 0.24 0.30 + 0.04 0.48 0.16
Argentex Mng* Q 5156 1.01 0.64 0.79 - 0.17 1.73 0.43
Argentex Mng V 8701 0.95 0.53 0.78 - 0.16 1.69 0.45
Argex Silver C V 4640 0.47 0.39 0.44 + 0.02 0.92 0.18
Argonaut Gold T 19691 5.55 4.96 5.33 - 0.01 5.55 2.32
Argosy Mng V 605 0.22 0.17 0.17 + 0.01 0.52 0.14
Argus Metals V 5398 0.15 0.10 0.14 0.00 0.36 0.08
Arian Silver V 5404 0.45 0.38 0.39 - 0.01 0.89 0.10
Armadillo Res C 1430 0.12 0.10 0.10 - 0.02 0.12 0.001
Armistice Res T 5188 0.40 0.37 0.40 + 0.02 0.55 0.22
Aroway Mnls V 6947 0.28 0.26 0.28 + 0.01 0.57 0.16
Artha Res V 1970 0.22 0.20 0.20 0.00 0.38 0.09
ASA (Bermuda)* N 4043 28.39 26.70 27.25 + 0.45 36.13 25.33
Ascot Res V 8551 0.80 0.66 0.79 + 0.09 0.94 0.48
Ashburton Vent V 5555 0.10 0.09 0.10 + 0.01 0.25 0.05
Asia Now Res V 5644 0.38 0.27 0.31 - 0.02 0.59 0.14
AsiaBaseMetals V 2220 0.32 0.30 0.30 - 0.03 0.40 0.13
Astorius Res V 600 0.19 0.17 0.19 + 0.05 0.30 0.07
Astral Mining V 61 0.22 0.20 0.20 - 0.02 0.34 0.16
Atac Res V 7617 7.49 6.91 7.29 + 0.04 9.00 1.63
Atacama Min V 1329 0.81 0.80 0.81 + 0.01 0.90 0.45
Atacama Pac Gd V 6645 5.64 5.16 5.23 + 0.08 6.00 2.65
Ateba Res C 110 0.18 0.18 0.18 + 0.02 0.18 0.001
Athabasca Mnls V 1353 0.52 0.48 0.49 - 0.01 0.59 0.19
Atna Res Ltd T 2751 0.57 0.54 0.54 - 0.02 0.70 0.43
Atocha Res V 1450 0.08 0.07 0.08 0.00 0.19 0.06
Augen Capital V 3660 0.08 0.06 0.07 + 0.01 0.12 0.04
Augen Gold V 2004 0.25 0.21 0.25 + 0.02 0.65 0.12
Augusta Res T 5684 4.37 3.90 4.19 + 0.28 6.11 1.30
Augusta Res* X 1519 4.48 3.99 4.22 + 0.15 6.28 1.30
Augyva Mng V 2865 0.59 0.50 0.59 + 0.02 0.80 0.15
Aura Mnls T 17369 2.38 2.05 2.10 - 0.30 4.81 2.05
Aura Silver Rs V 2432 0.23 0.19 0.23 + 0.01 0.59 0.09
Aurcana Corp V 30733 0.63 0.57 0.59 - 0.04 1.10 0.22
Auriga Gold V 1499 0.42 0.33 0.42 + 0.05 0.52 0.22
Aurion Res V 1057 0.49 0.41 0.44 0.00 0.80 0.22
Aurizon Mines T 13869 5.63 5.04 5.28 + 0.24 8.41 4.87
Aurizon Mines* X 25308 5.78 5.15 5.38 + 0.12 8.42 4.42
Auro Res V 1300 0.16 0.13 0.14 - 0.01 0.29 0.09
Auryx Gold T 11513 0.56 0.49 0.51 + 0.02 1.40 0.42
Avala Res V 295 1.17 1.10 1.15 0.00 2.06 0.35
Avalon Rare Mt T 31851 6.92 6.06 6.66 + 0.78 9.65 1.96
Avanti Mng V 16481 0.28 0.22 0.23 0.00 0.37 0.09
Avino Silver V 1921 2.57 2.05 2.30 + 0.20 3.47 0.71
Avion Gold T 139626 1.92 1.61 1.84 + 0.23 2.08 0.42
Avnel Gold T 1397 0.60 0.55 0.60 + 0.03 0.70 0.16
Avrupa Mnls V 200 0.48 0.48 0.48 0.00 0.60 0.33
Axmin Inc V 72839 0.09 0.08 0.08 0.00 0.23 0.07
Azimut Expl V 3788 1.42 1.21 1.33 + 0.07 1.70 0.55
Azteca Gold V 5531 0.03 0.02 0.02 0.00 0.05 0.02
B
B2Gold T 108301 3.32 3.08 3.15 - 0.12 3.72 1.41
Bacanora Mnls V 85 0.50 0.42 0.50 + 0.08 0.70 0.17
Baja Mng T 18340 1.07 1.00 1.05 0.00 1.39 0.57
Balmoral Res V 5956 0.98 0.86 0.88 - 0.09 1.88 0.60
Bandera Gold V 440 0.14 0.14 0.14 0.00 0.34 0.11
Bannerman Res T 8194 0.27 0.22 0.25 - 0.02 0.95 0.22
Banro Res T 30459 3.53 3.05 3.44 + 0.33 4.41 1.60
Banro Res* X 7928 3.63 3.11 3.48 + 0.35 4.44 1.55
Bard Vent V 4324 0.06 0.05 0.05 - 0.01 0.20 0.05
Barker Mnrls V 7551 0.07 0.06 0.06 - 0.01 0.17 0.03
Baroyeca Go&Si V 4325 0.15 0.10 0.15 + 0.05 0.27 0.10
Barrick Gold* N 341656 45.65 42.92 43.04 - 0.14 55.74 39.67
Barrick Gold T 110178 44.39 42.17 42.48 + 0.25 55.99 41.07
Batero Gold V 5125 2.86 2.49 2.50 - 0.35 6.57 0.58
Bayfield Vent V 3487 0.59 0.51 0.59 + 0.08 1.38 0.34
Bayswater Uran V 1053 0.45 0.38 0.40 + 0.01 1.25 0.36
BCGold V 4349 0.09 0.08 0.09 0.00 0.16 0.07
BCM Res V 300 0.48 0.45 0.48 + 0.02 0.68 0.09
BE Res V 3700 0.11 0.10 0.10 - 0.01 1.30 0.09
Bear Creek Mng V 9986 6.43 5.16 5.16 - 0.82 12.00 3.60
Bear Lake Gold V 380 0.12 0.11 0.12 0.00 0.45 0.11
Beaufield Res V 1122 0.30 0.25 0.26 + 0.01 0.68 0.10
Bellhaven Cp&G V 3731 0.44 0.36 0.44 + 0.07 0.97 0.18
Belmont Res V 1908 0.04 0.04 0.04 0.00 0.18 0.04
Belo Sun Mng V 14389 1.15 0.92 1.09 + 0.09 1.54 0.26
Belvedere Res V 6505 0.20 0.19 0.19 - 0.02 0.34 0.12
Benton Res V 3123 0.76 0.62 0.66 + 0.03 1.45 0.37
BHP Billi-BBL* N 71322 75.25 71.37 73.21 + 0.15 86.96 50.64
BHP Billi-BHP* N 163994 90.95 86.34 88.61 + 0.06 104.59 60.93
Big Red Diam V 1502 0.03 0.03 0.03 0.00 0.09 0.02
BioteQ Env T 759 0.79 0.72 0.73 - 0.06 1.09 0.58
Bird River Mns C 1300 0.20 0.19 0.19 - 0.02 0.20 0.001
Bison Gold Res V 3290 0.34 0.28 0.30 - 0.04 0.40 0.07
Bitterroot Res V 2378 0.08 0.07 0.08 0.00 0.23 0.04
Black Bull Res V 210 0.01 0.01 0.01 0.00 0.05 0.01
Black Panther V 300 0.09 0.09 0.09 0.00 0.19 0.08
Blackstone Res V 6204 0.04 0.03 0.04 0.00 0.10 0.03
Blue Note Mng V 2565 0.09 0.07 0.07 0.00 0.18 0.06
Blue Sky Uran V 7002 0.17 0.16 0.17 - 0.01 0.41 0.15
BMO Jr Gld ETF T 1097 20.15 18.71 19.36 + 0.47 25.29 15.01
Bold Vent V 100 0.25 0.25 0.25 0.00 0.43 0.11
Bolero Res V 910 0.23 0.19 0.22 - 0.01 0.58 0.16
Boliden AB T 3 16.25 16.25 16.25 - 0.80 22.00 10.51
Bonanza Res V 1250 0.25 0.23 0.25 + 0.01 0.70 0.15
Bonterra Res V 4635 0.22 0.19 0.20 - 0.02 0.71 0.08
Boss Power V 108 0.13 0.13 0.13 0.00 0.20 0.10
Bowmore Expl V 1587 0.59 0.48 0.50 - 0.02 0.89 0.41
Boxxer Gold V 10061 0.22 0.18 0.20 + 0.04 0.37 0.10
Bralorne Gold V 516 1.30 1.20 1.20 - 0.07 1.56 0.94
Bravada Gold V 3834 0.12 0.09 0.09 0.00 0.25 0.08
Bravo Gold V 6520 0.11 0.09 0.11 0.00 0.24 0.07
BRC DiamondCr T 23410 0.15 0.12 0.15 + 0.03 0.25 0.06
Breakwater Res T 125297 7.43 7.39 7.41 0.00 7.47 2.09
Brigadier Gold V 2398 0.18 0.13 0.16 - 0.02 0.45 0.10
Brigus Gold T 27149 1.68 1.53 1.59 + 0.05 2.15 1.11
Brigus Gold* X 8775 1.71 1.56 1.63 + 0.05 2.22 1.05
Brilliant Mng V 2243 0.08 0.06 0.07 0.00 0.17 0.03
Brionor Res V 6608 0.09 0.07 0.07 + 0.01 0.21 0.07
Britannica Res V 160 0.04 0.04 0.04 0.00 0.08 0.04
Brookemnt Cpt V 698 0.14 0.12 0.12 0.00 0.40 0.05
Bryant Res C 180 0.24 0.24 0.24 - 0.11 0.24 0.001
Buenaventura* N 62930 37.99 35.37 37.36 + 0.52 57.20 35.33
Bullion Monar* Q 2303 1.10 1.01 1.07 + 0.03 2.00 0.56
Burnstone Vent C 45 0.27 0.10 0.27 - 0.07 0.27 0.001
C
Cabot Corp* N 17179 39.76 37.46 38.43 + 0.92 48.77 22.95
Cadillac Mng V 1510 0.11 0.09 0.10 0.00 0.50 0.03
Cadillac Vent V 4844 0.18 0.15 0.16 - 0.01 0.34 0.13
Caerus Res V 572 0.38 0.32 0.38 -0.00 0.95 0.26
Caldera Res V 6170 0.10 0.08 0.08 - 0.02 0.25 0.08
Caledonia Mng T 2092 0.11 0.09 0.10 - 0.01 0.17 0.05
Caledonia Mng* Q 3580 0.11 0.10 0.11 0.00 0.18 0.05
Calibre Mng V 5893 0.14 0.13 0.13 0.00 0.26 0.10
Callinan Mns V 1245 3.57 3.30 3.38 - 0.03 3.86 1.33
Calypso Uran V 40 0.17 0.14 0.14 - 0.06 0.34 0.12
Cambior Inc V 3678 0.80 0.74 0.77 - 0.03 1.54 0.60
Cameco Corp* N 203405 25.12 23.13 24.81 + 1.00 44.81 20.70
Cameco Corp T 61518 24.68 22.64 24.45 + 1.12 44.28 21.64
Camino Mnls V 423 0.35 0.30 0.31 - 0.04 0.70 0.25
Canaco Res V 9370 3.75 3.21 3.65 + 0.25 6.45 0.75
Canada Fluorsp V 12971 0.59 0.49 0.52 - 0.07 0.75 0.30
Canada Lithium T 19375 0.66 0.62 0.63 - 0.02 2.23 0.49
Canadn Arrow V 4726 0.08 0.06 0.06 - 0.01 0.14 0.03
Canadn Int Mnl V 5497 0.17 0.12 0.17 + 0.03 0.78 0.12
Canadn Mining V 1760 0.05 0.04 0.05 0.00 0.08 0.04
Canadn Orebods V 9495 0.30 0.23 0.25 - 0.02 0.50 0.05
Canadn Zinc T 8230 0.80 0.73 0.75 - 0.05 1.56 0.34
Canaf Group V 290 0.09 0.07 0.07 - 0.02 0.14 0.01
CanAlaska Uran V 294 0.72 0.67 0.68 0.00 1.90 0.66
CanAm Coal V 4658 0.21 0.18 0.19 - 0.01 0.32 0.07
Canarc Res T 922 0.17 0.14 0.14 - 0.02 0.30 0.06
Canarc Res* Q 2175 0.18 0.14 0.14 - 0.01 0.31 0.06
Canasia Indust V 7479 0.05 0.05 0.05 0.00 0.20 0.05
Canasil Res V 3647 0.26 0.23 0.26 + 0.04 0.58 0.07
Candente Coppr T 13238 1.32 1.20 1.25 - 0.04 2.63 0.29
Candente Gold T 959 0.57 0.50 0.52 - 0.03 1.09 0.50
Candorado Oper V 19450 0.03 0.02 0.03 0.00 0.09 0.02
Cangold V 1161 0.46 0.41 0.41 - 0.01 0.75 0.12
Cannon Pnt Res V 572 0.14 0.12 0.12 - 0.01 0.35 0.08
Canstar Res V 365 0.11 0.10 0.10 + 0.02 0.16 0.06
Canterra Mnls V 763 0.15 0.14 0.14 - 0.01 0.38 0.12
Cantex Mn Dev V 926 0.08 0.06 0.06 0.00 0.16 0.06
Canuc Res V 11302 0.20 0.17 0.17 0.00 0.29 0.12
Capella Res V 8768 0.09 0.07 0.08 + 0.01 0.19 0.07
Capstone Mng T 44885 3.28 2.96 2.98 - 0.27 4.99 2.05
Cardero Res T 3347 1.29 1.22 1.25 0.00 2.35 1.06
Cardero Res* X 4781 1.32 1.23 1.28 0.00 2.37 1.00
Cariboo Rose V 839 0.32 0.28 0.31 + 0.03 0.35 0.15
Caribou Copper V 430 0.23 0.20 0.21 0.00 0.30 0.06
Carlin Gold V 2525 0.16 0.13 0.16 + 0.01 0.22 0.02
Carlisle Goldf C 2965 0.34 0.30 0.31 + 0.01 0.34 0.001
Carmax Mng V 522 0.20 0.19 0.20 + 0.02 0.35 0.12
Carpathian Gld T 19300 0.44 0.41 0.41 - 0.01 0.77 0.24
Cartier Res V 245 0.44 0.38 0.44 + 0.05 0.60 0.31
Cascade Res V 2347 0.09 0.08 0.08 0.00 0.25 0.04
Cascadero Copp V 1249 0.17 0.14 0.16 - 0.01 0.24 0.10
Castillian Res V 15841 0.17 0.14 0.17 + 0.02 0.24 0.05
Castle Res V 34220 0.70 0.60 0.69 - 0.01 0.95 0.16
Catalyst Coppr V 18324 0.12 0.09 0.10 - 0.02 0.25 0.09
Cavan Vent V 2705 0.13 0.12 0.12 0.00 0.26 0.09
Cayden Res V 2260 2.60 2.20 2.37 - 0.03 5.40 0.47
Cayenne Gold M C 200 0.07 0.07 0.07 - 0.01 0.07 0.001
Caza Gold V 2973 0.39 0.32 0.38 + 0.05 0.75 0.30
Cedar Mtn Expl V 650 0.20 0.20 0.20 0.00 0.35 0.14
Centamin Egypt T 79145 1.98 1.82 1.91 + 0.10 3.28 1.66
Centerra Gold T 12674 16.35 15.31 16.19 + 0.93 23.60 10.69
Central Fund* X 75449 21.68 20.46 20.46 - 0.59 25.59 14.03
Central Fund T 6116 21.10 20.23 20.25 - 0.38 24.28 14.51
Central Gold-T T 80 57.76 56.22 56.22 - 1.19 58.23 46.50
Central Iron O V 1320 0.18 0.16 0.16 - 0.01 0.35 0.06
Central Res V 249 0.14 0.13 0.14 - 0.01 0.23 0.09
Centurion Mnls V 660 0.85 0.73 0.73 - 0.12 1.82 0.61
Century Mining V 13326 0.34 0.29 0.30 - 0.03 0.83 0.28
CGA Mining T 18846 2.95 2.53 2.73 + 0.20 3.60 1.89
Chalice Diam V 3136 0.22 0.18 0.22 + 0.04 0.30 0.09
Chalice Gold M T 205 0.37 0.35 0.35 - 0.04 0.80 0.30
Challenger Dee V 165 0.65 0.62 0.62 - 0.03 1.05 0.13
Challenger Dev V 250 0.14 0.14 0.14 0.00 0.72 0.14
Champion Bear V 531 0.31 0.25 0.25 - 0.07 0.44 0.16
Champion Minls T 14662 1.65 1.35 1.39 - 0.23 3.30 0.70
Champlain Res V 150 0.08 0.08 0.08 0.00 0.21 0.03
Channel Res V 6022 0.24 0.18 0.20 - 0.01 0.44 0.05
Chesapeake Gld V 371 11.75 11.25 11.50 - 0.24 14.70 6.98
Chieftain Mtls T 65 4.50 4.46 4.46 - 0.14 6.01 4.45
Chilean Gold V 1111 0.34 0.20 0.22 - 0.08 0.61 0.20
China Gold Int T 22202 3.84 3.55 3.70 + 0.13 6.10 2.75
China Shen Zh* X 4531 3.95 2.37 3.60 + 1.21 10.82 0.72
CIC Energy T 5241 2.91 2.35 2.63 - 0.36 7.25 1.21
Claim Post Res V 1020 0.09 0.07 0.07 - 0.02 0.30 0.07
Claude Res* X 14291 1.95 1.71 1.80 + 0.02 2.91 0.96
Claude Res T 18958 1.90 1.68 1.79 + 0.04 2.84 1.00
Cliffs Nat Rs* N 179148 87.33 80.82 86.62 + 5.11 102.48 44.20
Clifton Star V 11757 2.88 2.10 2.60 + 0.47 5.39 1.86
Cline Mng T 89620 2.41 2.13 2.21 - 0.11 5.04 1.06
Cluff Gold T 10 1.30 1.30 1.30 - 0.12 2.90 1.20
Coalspur Mines T 6836 1.88 1.77 1.86 - 0.02 2.36 1.15
Cobalt Coal V 19231 0.03 0.01 0.03 0.00 0.17 0.01
Coeur d Alene* N 105737 25.28 22.82 23.39 + 0.40 37.59 14.02
Coeur d Alene T 1249 24.53 22.41 23.08 + 0.58 36.07 14.82
Cogitore Res V 1140 0.25 0.21 0.25 + 0.04 0.32 0.17
Colibri Res V 2058 0.26 0.20 0.23 - 0.01 0.36 0.04
Colombian Mins V 2737 0.56 0.49 0.50 - 0.08 1.05 0.49
Colorado Res V 5188 1.05 0.96 0.96 - 0.03 1.31 0.41
Colossus Minls T 17324 7.47 6.93 7.07 - 0.09 9.87 6.20
Colstar Vent V 690 0.35 0.25 0.28 - 0.01 1.02 0.25
Colt Res V 2537 0.60 0.52 0.55 - 0.02 0.96 0.22
Columbia Yukon V 208 0.12 0.12 0.12 + 0.01 0.23 0.10
Columbus Gold V 2602 0.79 0.73 0.75 - 0.01 1.13 0.14
Columbus Silv V 565 0.12 0.10 0.12 0.00 0.22 0.05
Commander Res V 1373 0.16 0.14 0.15 0.00 0.45 0.12
Commerce Res V 11669 0.61 0.50 0.61 + 0.07 1.08 0.21
Compass Mnls* N 5171 85.71 82.52 83.25 - 1.60 98.10 68.50
Compliance Eny V 1508 0.35 0.32 0.33 - 0.01 0.60 0.20
Condor Res V 1563 0.21 0.18 0.20 0.00 0.74 0.17
Confedertn Mls V 12626 0.68 0.55 0.56 - 0.14 1.40 0.08
Conquest Res V 5873 0.10 0.08 0.09 0.00 0.21 0.08
Cons Abaddon R V 5158 0.19 0.17 0.18 0.00 0.28 0.05
Cons Fortress V 2428 0.08 0.07 0.07 0.00 0.14 0.06
Consol Energy* N 157201 48.60 45.59 46.87 + 1.01 56.32 31.08
Constant Mtl R V 1721 0.18 0.15 0.17 + 0.02 0.38 0.10
Contintl Gold T 7523 7.90 7.41 7.55 - 0.44 10.78 3.06
Contintl Nickl V 325 1.40 1.27 1.30 0.00 2.10 0.36
Contl Precious T 3452 0.38 0.26 0.36 + 0.08 1.04 0.26
Conway Res V 1010 0.07 0.06 0.07 0.00 0.09 0.04
Cooper Mnls V 195 0.21 0.17 0.21 + 0.01 0.40 0.05
Copper Fox Mtl V 54920 2.30 1.83 2.20 + 0.20 2.75 0.27
Copper Mtn Mng T 21875 7.24 6.42 6.93 + 0.32 8.15 2.02
Copper One V 5024 0.72 0.68 0.71 - 0.02 0.85 0.13
Coral Gold V 2661 0.69 0.57 0.62 + 0.04 1.10 0.28
Corex Gold V 4444 0.36 0.31 0.34 - 0.03 0.94 0.31
Cornerstone C* Q 100 0.37 0.28 0.32 + 0.02 0.76 0.11
Cornerstone Ca V 7604 0.35 0.25 0.27 + 0.01 0.76 0.10
Coro Mining T 1114 0.76 0.69 0.75 + 0.09 1.62 0.27
Corona Gold T 689 1.18 1.05 1.07 + 0.02 1.49 0.42
Coronation Mnl V 4406 0.14 0.11 0.14 - 0.01 0.22 0.08
Corsa Capital V 11835 1.04 0.93 0.95 - 0.08 1.14 0.49
Cortez Gold V 1445 0.14 0.13 0.13 - 0.01 0.43 0.13
Corvus Gold T 1581 0.68 0.57 0.58 - 0.03 1.40 0.54
Cougar Mnls V 3379 0.04 0.04 0.04 0.00 0.12 0.03
Crazy Horse Rs V 4252 0.84 0.75 0.83 - 0.01 1.75 0.73
Cream Mnrls V 6251 0.17 0.14 0.16 + 0.02 0.48 0.05
Cream Mnrls* Q 1375 0.18 0.15 0.17 - 0.01 0.46 0.05
Crescent Gold T 7130 0.06 0.05 0.05 0.00 0.19 0.04
Crescent Res V 355 0.22 0.21 0.22 0.00 0.47 0.08
Creso Expl V 25716 0.25 0.14 0.20 + 0.04 1.19 0.14
Crocodile Gold T 20541 0.79 0.72 0.73 - 0.02 1.65 0.69
Crosshair E&M* X 1253 0.74 0.63 0.73 + 0.06 2.81 0.40
Crosshair E&Mg T 3861 0.73 0.62 0.72 + 0.07 2.80 0.42
Crowflight Mnl T 30313 0.08 0.07 0.08 0.00 0.17 0.05
Crown Mnls V 870 0.07 0.06 0.07 0.00 0.23 0.05
Crystallex Int T 35001 0.11 0.08 0.09 - 0.02 0.50 0.08
Cue Res V 6970 0.05 0.05 0.05 0.00 0.23 0.05
Cuervo Res C 30 0.19 0.19 0.19 - 0.02 0.51 0.19
Curlew Lke Res V 1902 0.05 0.04 0.05 + 0.01 0.16 0.04
Currie Rose Rs V 6227 0.17 0.16 0.16 - 0.01 0.47 0.04
Cypress Dev V 3936 0.04 0.03 0.04 0.00 0.15 0.03
D-F
D Arianne Res V 7778 1.29 1.06 1.22 + 0.08 1.72 0.12
Dacha Str Mtls V 16044 0.84 0.79 0.83 + 0.02 0.85 0.31
Dajin Res V 1391 0.09 0.08 0.09 + 0.01 0.34 0.08
Dalradian Res T 1136 1.59 1.51 1.52 0.00 2.75 1.40
Dalton Res Ltd V 680 0.58 0.50 0.58 + 0.04 0.75 0.10
Darnley Bay V 1982 0.11 0.09 0.10 0.00 0.42 0.09
Dawson Gold V 100 0.09 0.09 0.09 0.00 0.40 0.09
Decade Res V 1245 0.14 0.13 0.14 + 0.01 0.51 0.13
Dejour Enterp T 596 0.34 0.32 0.33 0.00 0.51 0.29
Dejour Enterp* X 1923 0.35 0.33 0.34 + 0.01 0.53 0.28
Deloro Res V 760 0.12 0.11 0.11 0.00 0.22 0.08
Delta Uranium V 1515 0.03 0.03 0.03 0.00 0.10 0.01
Denison Mines T 19386 1.80 1.66 1.77 - 0.03 4.44 1.15
Denison Mines* X 4650 1.84 1.70 1.80 - 0.01 4.49 1.09
Dentonia Res V 1130 0.04 0.03 0.04 0.00 0.05 0.03
Detour Gold T 25793 27.92 25.99 26.04 - 0.29 34.00 21.32
Dia Bras Expl V 473 3.05 2.80 2.91 + 0.14 3.92 1.09
Diadem Res V 1063 0.06 0.05 0.05 - 0.01 0.17 0.05
Diagnos V 5515 0.30 0.26 0.26 0.00 0.42 0.21
Diamcor Mng V 259 0.45 0.44 0.44 + 0.04 0.59 0.21
Diamond Fields T 4022 0.32 0.24 0.28 + 0.04 0.46 0.14
Diamond Frank V 2265 0.09 0.09 0.09 0.00 0.34 0.09
Diamonds North V 1406 0.15 0.14 0.14 - 0.01 0.22 0.12
Dianor Res V 2274 0.04 0.03 0.04 + 0.01 0.09 0.03
Dios Expl V 285 0.31 0.27 0.31 + 0.04 0.44 0.20
Discovery Vent V 80 0.22 0.22 0.22 - 0.06 0.53 0.15
Ditem Explor V 1381 0.07 0.06 0.06 0.00 0.28 0.04
DNI Metals V 5509 0.30 0.25 0.30 + 0.03 0.40 0.10
Donner Metals V 4319 0.29 0.26 0.26 - 0.01 0.37 0.17
Dorato Res V 3920 0.27 0.18 0.23 + 0.06 1.63 0.18
Dorex Minls V 449 0.25 0.21 0.21 - 0.04 0.34 0.14
Dot Res V 1000 0.04 0.04 0.04 - 0.01 0.15 0.04
Douglas Lk Ml* Q 4471 0.48 0.44 0.45 0.00 0.80 0.09
DRDGOLD* Q 6743 4.73 4.26 4.49 -0.00 6.23 3.92
Duluth Metals T 3667 2.32 2.05 2.13 + 0.02 3.20 1.22
Duncan Park H V 68 0.12 0.09 0.10 + 0.01 0.12 0.04
Dundee Mines V 1410 0.06 0.05 0.05 - 0.01 0.09 0.03
Dundee Prec Mt T 14797 7.99 7.32 7.63 + 0.06 10.26 3.95
Duran Vent V 20529 0.26 0.23 0.24 - 0.01 0.44 0.11
Dynacor Gold M T 3391 1.15 0.98 1.10 + 0.05 2.13 0.19
Dynasty Gold V 1827 0.12 0.10 0.12 + 0.02 0.16 0.02
Dynasty Met&Mn T 916 2.96 2.66 2.85 + 0.13 4.85 2.41
E-Energy Vent V 460 0.05 0.05 0.05 0.00 0.12 0.04
Eagle Hill Exp V 9489 0.19 0.17 0.17 - 0.02 0.35 0.17
Eagle Plains V 5638 0.27 0.25 0.25 0.00 1.28 0.11
Eagle Star Mnl V 1250 0.25 0.22 0.24 0.00 0.39 0.09
EastCoal V 1691 0.65 0.60 0.60 - 0.05 1.10 0.14
Eastern Platin T 327841 0.91 0.83 0.86 0.00 1.98 0.75
LEGEND
A Australian Stock Exchange
C CNSX Canadian National
Stock Exchange
J Johannesburg Stock
Exchange
L London Stock Exchange
M Mexico Stock Exchange
N New York Stock Exchange
O U.S. over-the-counter
Q NASDAQ or U.S. OTC
T Toronto Stock Exchange
V TSX Venture Exchange
X NYSE Alternext U.S.
* Denotes price in U.S.$
STAFF INVESTMENT POLICY
The Northern Miner does not permit any editorial employee to fle 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
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
A
Abacus Mng&Ex V 10701 0.20 0.16 0.19 + 0.02 0.35 0.14
Abbastar Res V 890 0.04 0.03 0.03 0.00 0.18 0.03
Abcourt Mines V 9218 0.12 0.10 0.11 - 0.01 0.25 0.07
Aberdeen Intl T 4050 0.81 0.77 0.80 + 0.02 1.02 0.32
Abitex Res V 1375 0.08 0.08 0.08 0.00 0.24 0.08
Abitibi Mng V 1711 0.09 0.07 0.09 + 0.01 0.24 0.07
Abzu Gold V 2616 0.70 0.51 0.70 + 0.19 1.20 0.45
Acadian Mng T 761 0.33 0.29 0.30 0.00 0.60 0.29
Acme Res V 217 0.23 0.23 0.23 0.00 0.30 0.14
Acrex Vent V 860 0.05 0.05 0.05 0.00 0.14 0.05
Actus Mnls V 100 0.09 0.09 0.09 0.00 0.15 0.05
Adex Mining V 12286 0.21 0.17 0.20 + 0.03 0.38 0.08
Admiral Bay Rs V 10 0.17 0.17 0.17 - 0.04 0.60 0.10
Adriana Res V 14051 1.25 0.81 0.92 - 0.33 1.94 0.25
Adroit Res V 5035 0.09 0.07 0.08 0.00 0.29 0.04
Advance Gold V 1030 0.06 0.05 0.06 + 0.01 0.21 0.05
Advanced Expl V 7046 0.44 0.38 0.40 - 0.01 1.03 0.14
Advanced Prima V 78 0.21 0.19 0.21 + 0.02 0.44 0.12
Adventure Gold V 3369 0.58 0.52 0.54 - 0.01 0.80 0.12
Aerocast C 300 0.19 0.16 0.18 0.00 0.19 0.09
Aeroquest Intl T 3120 0.59 0.50 0.53 - 0.01 1.22 0.43
Afri-Can Marin V 3357 0.06 0.06 0.06 0.00 0.12 0.05
African Gold G V 4628 0.49 0.41 0.43 - 0.03 1.06 0.25
African Metals V 2095 0.25 0.22 0.22 - 0.02 0.44 0.17
African Queen V 453 0.31 0.30 0.31 + 0.01 0.75 0.25
Africo Res T 339 1.03 0.86 0.91 - 0.11 1.80 0.76
Agnico-Eagle* N 101469 66.60 60.83 63.95 + 1.85 88.20 54.12
Agnico-Eagle T 46969 64.66 59.62 63.07 + 2.45 88.52 56.08
Agrium* N 31965 85.76 80.90 83.58 + 3.84 99.14 47.96
Agrium T 33748 83.50 79.30 82.25 + 4.24 98.02 51.39
Aguila Am Res V 2165 0.35 0.30 0.30 - 0.04 0.56 0.04
Alamos Gold T 22799 16.44 14.78 15.75 + 0.98 21.65 13.26
Alberta Star D V 1219 0.34 0.31 0.31 - 0.02 0.71 0.31
Alberta Star * Q 653 0.34 0.31 0.31 - 0.02 0.72 0.31
Alcoa* N 987832 15.60 14.56 15.23 + 0.51 18.47 9.81
Alder Res V 1050 0.10 0.09 0.10 0.00 0.54 0.09
Alderon Res V 10955 2.90 2.73 2.78 - 0.06 4.20 0.85
Aldershot Res V 110 0.03 0.03 0.03 0.00 0.12 0.03
Aldridge Minls V 1672 1.17 0.83 0.83 - 0.34 2.25 0.52
Aldrin Res V 3730 0.30 0.24 0.28 - 0.04 0.90 0.23
Alexander Mng V 705 0.09 0.09 0.09 - 0.01 0.28 0.09
Alexander Nubi V 1214 0.13 0.12 0.12 0.00 0.43 0.10
Alexandria Mnl V 6562 0.17 0.16 0.16 - 0.01 0.28 0.15
Alexco Res T 3419 7.42 6.63 6.79 + 0.15 9.75 3.00
Alexco Res* X 20399 7.62 6.77 6.88 + 0.11 10.28 2.85
Alexis Minls T 51707 0.09 0.08 0.09 0.00 0.28 0.08
Alhambra Res V 1521 0.72 0.65 0.70 + 0.04 1.20 0.23
Alix Res V 1922 0.17 0.16 0.17 + 0.01 0.38 0.15
Allana Res V 204427 2.27 1.58 1.74 - 0.34 2.43 0.32
Alliance Mng C 4145 0.22 0.19 0.19 0.00 0.22 0.04
Alliance Rs P* Q 3969 74.66 69.34 74.65 + 4.87 84.10 43.00
Allied Gold T 424 0.52 0.49 0.49 - 0.03 0.80 0.29
Allied Nevada T 39396 34.32 29.08 32.16 + 3.05 41.28 16.11
Allied Nevada* X 54832 35.32 30.00 33.30 + 3.72 43.49 15.60
Almaden Mnls* X 12761 3.54 2.94 3.21 + 0.21 5.35 0.82
Almaden Mnls T 2036 3.44 2.86 3.17 + 0.22 5.25 0.77
Alpha Gold V 1515 0.05 0.04 0.04 0.00 0.14 0.04
Alpha Nat Res* N 426491 45.14 40.65 42.71 + 0.59 68.05 32.46
Altai Res V 404 0.19 0.18 0.18 - 0.01 0.46 0.18
Altair Vent V 1275 0.08 0.06 0.08 + 0.01 0.23 0.06
Altima Res V 2953 0.05 0.04 0.04 - 0.01 0.07 0.04
Altiplano Mnls V 10 0.24 0.24 0.24 + 0.01 0.40 0.19
Altius Mnrls T 848 11.73 11.14 11.50 - 0.16 14.79 9.62
Alto Vent V 21841 0.05 0.04 0.05 0.00 0.09 0.04
Altoro Gold V 29780 0.07 0.06 0.06 - 0.01 0.23 0.06
Alturas Minls V 2842 0.16 0.14 0.14 0.00 0.31 0.09
Alum Cp China* N 6206 20.74 19.70 20.52 + 0.11 26.76 18.18
Alumina Inc* N 7988 9.15 8.62 8.77 - 0.02 11.46 4.90
Am Cons Minls V 720 0.08 0.08 0.08 0.00 0.29 0.05
Am Creek Res V 3455 0.12 0.09 0.12 + 0.01 0.19 0.05
Am Engy Field* Q 2783 0.22 0.16 0.19 - 0.03 1.43 0.16
AM Gold V 2852 0.40 0.34 0.35 + 0.02 0.78 0.28
Amador Gold V 2938 0.14 0.13 0.13 0.00 0.51 0.13
Amanta Res V 1205 0.06 0.06 0.06 0.00 0.23 0.06
Amarc Res V 1155 0.38 0.33 0.33 - 0.02 0.77 0.30
Amarillo Gold V 381 1.36 1.35 1.36 0.00 1.90 0.65
Amato Expl V 800 0.06 0.06 0.06 0.00 0.20 0.06
America West* Q 1330 1.40 1.15 1.25 - 0.10 2.86 0.25
American Bonan T 5081 0.38 0.35 0.35 0.00 0.44 0.14
American Manga V 4936 0.59 0.55 0.55 - 0.04 0.80 0.17
Amerigo Res T 6878 1.09 1.01 1.02 - 0.03 1.50 0.63
Amerix Pr Mtls V 5614 0.23 0.20 0.20 - 0.03 0.39 0.14
Amex Expl V 1808 0.22 0.20 0.22 0.00 0.31 0.14
AMI Res V 620 0.10 0.09 0.09 - 0.01 0.25 0.07
Amseco Expl V 2220 0.08 0.07 0.07 0.00 0.28 0.07
Anaconda Mng T 13543 0.08 0.06 0.08 + 0.01 0.34 0.06
Andean Am Gold V 6574 0.52 0.46 0.51 0.00 1.09 0.43
AndeanGold V 1328 0.15 0.12 0.14 + 0.04 0.42 0.10
Andina Mnls V 4508 1.25 1.18 1.22 + 0.02 1.94 1.05
Andover Vent V 4976 0.58 0.48 0.51 - 0.06 0.84 0.20
Anfield Nickel V 3129 4.72 4.22 4.40 + 0.10 5.00 2.81
Anglo Swiss V 2820 0.12 0.11 0.12 + 0.01 0.32 0.11
Anglo-Can Uran V 1093 0.13 0.12 0.12 0.00 0.39 0.06
AngloGold Ash* N 86110 43.61 40.04 40.12 - 1.98 52.86 38.55
Animas Res V 1189 0.22 0.20 0.20 - 0.01 0.54 0.18
Anooraq Res* X 12181 0.85 0.72 0.78 0.00 1.69 0.64
Anooraq Res V 700 0.81 0.69 0.74 + 0.02 1.66 0.62
Ansell Capital V 2555 0.46 0.37 0.43 + 0.05 0.69 0.09
Antioquia Gold V 2557 0.23 0.19 0.20 - 0.04 0.48 0.17
Anvil Mining T 17348 6.06 5.77 5.98 + 0.01 7.19 2.65
Apella Res V 9751 0.17 0.14 0.16 - 0.01 0.34 0.11
Apogee Minls V 7862 0.22 0.20 0.20 0.00 0.46 0.05
Apolo Gold* Q 41 0.13 0.11 0.11 - 0.02 0.70 0.08
Apoquindo Mnls V 2299 0.68 0.65 0.65 - 0.02 1.29 0.55
Appalaches Res V 3221 0.06 0.05 0.05 0.00 0.13 0.05
Appleton Expl V 300 0.05 0.05 0.05 0.00 0.12 0.05
Aquila Res T 1711 0.65 0.61 0.62 - 0.03 1.18 0.19
FOR DAILY MINING NEWS, VISIT WWW.NORTHERNMINER.COM
SPOT PRICES
COURTESY OF SCOTI ABANK
Tuesday, June 27, 2011
Precious Metals Price (US$/oz.) Change
Gold $1502.50 -40.50
Silver $33.96 -2.26
Platinum $1691.00 -57.00
Palladium $734.00 -21.00
Base Metals Price (US$/tonne) Change
Nickel $22657.00 +474.00
Lead $2578.00 +13.00
Copper $9057.50 +98.00
Zinc $2275.25 +22.00
LME WAREHOUSE LEVELS
Metal stocks (in tonnes) held in London Metal Exchange ware-
houses at opening, June 27, 2011 (change from June 20 in
brackets):
Aluminium Alloy 119220 (+4060)
Aluminium 4533250 (-57050)
Copper 470525 (-1325)
Lead 322500 (-75)
Nickel 109554 (-1326)
Tin 22330 (+140)
Zinc 866750 (-1325)
DAILY METAL PRICES
Date June 27 June 24 June 23 June 22 June 21
BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne)
Al Alloy 2270/2280 2310/2320 2330/2340 2305/2320 2305/2320
Aluminum 2466/2499 2465/2497 2475/2510 2507/2538 2519/2553
Copper 9000/9000 9044.50/9054 8978/8978 9006.50/9009 9059/9065
Lead 2545/2555 2554/2560 2517/2529 2455/2465 2441/2460
Nickel 21945/22040 21925/21950 21900/21900 21850/21920 21950/21955
Tin 25190/25245 24940/24900 25100/25100 25075/25150 25250/25395
Zinc 2228.50/2254.50 2223/2252 2219/2245 2195/2222 2186.50/2210
PRECIOUS METAL PRICES (London fix, US$ per troy oz.)
Gold AM 1501.00 1521.00 1541.50 1546.00 1543.00
Gold PM 1498.00 1514.75 1523.00 1552.50 1544.75
Silver 34.01 34.73 36.01 35.91 36.22
Platinum 1679.00 1696.00 1707.00 1749.00 1740.00
Palladium 729.00 744.00 757.00 766.00 755.00
METALS, MINING AND MONEY MARKETS
PRODUCER AND DEALER PRICES
Antimony: Mid-mkt US$14,233.00/t
Bismuth: Mid-mkt US$11.55/lb.
Cadmium: Mid-mkt US$1.44/lb.
Coal: CME Group Central Appalachian Coal Futures Aug.
2011: US$76.88; Sept. 2011: US$76.82; EIA Central Appala-
chian thermal, US$79.65/t; Northern Appalachian,
US$78.20/t; Powder River Basin, US$13.55/t; US EIA metal-
lurgical, US$186.56/t.
Cobalt: Recent trades US$18.50-20.00/lb.
Copper: Comex Copper Futures July 2011: US$4.10/lb.;
Comex Aug. 2011: $4.11/lb.
Indium: Mid-mkt US$785.00/kg.
Iridium: Mid-mkt US$1,045.00/tr. oz.
Magnesium: Mid-mkt US$3,300.00/t.
Manganese: Mid-mkt US$3,740.00/t.
Mercury: Mid-mkt US$1,850.00/flask (76 lb.).
Molybdenum: Oxide, recent trades US$15.30-15.70/lb.
Rhodium: Mid-mkt US$1,975.00/tr. oz.
Ruthenium: Mid-mkt US$175.00/tr. oz.
Selenium: Mid-mkt US$72.66/lb.
Silver: Base: US$33.89; Fabricated: US$40.67; Sterling:
US$31.42
Tantalum: Ta2O5 ore, mid-mkt US$39.50/lb.
Tin: Kuala Lumpur Tin Market, US$24.97/kg.
Tungsten: APT Tungstate FOB China mid-mkt: US$450.00 per mtu
Uranium: U3O8, Uranium Exchange Co. spot price: N.A.;
Trade Tech spot price US$54.10/lb.
Ferrovanadium: Free Market V2O5, recent trades US$6.30-
6.40/lb.
Prices current June 28, 2011
8 JULY 4-10, 2011 THE NORTHERN MINER
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
Eastfield Res V 1948 0.15 0.10 0.15 + 0.05 0.17 0.04
Eastmain Res T 2508 1.20 1.08 1.15 + 0.02 2.17 1.08
ECU Silver Mng T 99233 1.09 0.92 0.99 + 0.04 1.45 0.54
Edgewater Expl V 4584 0.90 0.84 0.90 + 0.04 1.40 0.68
El Capitan Pr* Q 16932 0.95 0.78 0.92 + 0.14 1.58 0.32
El Nino Vent V 1867 0.09 0.08 0.09 0.00 0.19 0.03
El Tigre Silvr V 480 0.37 0.33 0.35 0.00 0.81 0.18
Eldorado Gold* N 65093 15.07 13.35 14.06 + 0.41 20.23 13.35
Eldorado Gold T 120292 14.65 13.09 13.89 + 0.56 21.35 13.09
Electra Gold V 10253 0.04 0.04 0.04 0.00 0.10 0.02
Elgin Mng V 3466 1.64 1.46 1.55 + 0.14 2.00 1.16
Eloro Minls V 8484 0.05 0.05 0.05 0.00 0.12 0.05
Elray Res* Q 20193 0.01 0.01 0.01 0.00 0.14 0.01
EMC Metals T 19628 0.19 0.15 0.17 0.00 0.44 0.06
Emed Mining T 4467 0.17 0.15 0.16 0.00 0.34 0.15
Emgold Mng V 587 0.14 0.12 0.14 + 0.01 0.29 0.12
Empire Mng V 1548 0.38 0.32 0.37 0.00 0.72 0.15
Encanto Potash V 26030 0.26 0.22 0.24 + 0.01 0.65 0.10
Encore Ren Res V 11187 0.03 0.03 0.03 0.00 0.10 0.03
Endeavour Finl T 8392 2.45 2.22 2.22 - 0.09 3.13 2.06
Endeavr Silver T 22567 8.62 7.51 7.97 + 0.31 12.19 3.20
Endurance Gold V 1415 0.16 0.16 0.16 0.00 0.33 0.05
Energold Drill V 3787 4.40 4.11 4.12 - 0.09 4.89 1.92
Energy Fuels T 8687 0.38 0.34 0.35 0.00 1.59 0.13
Entourage Mtls V 1380 0.66 0.62 0.62 - 0.03 0.78 0.53
Entree Gold* X 5624 2.05 1.85 1.95 + 0.01 3.52 1.58
Entree Gold T 1658 2.04 1.82 1.93 + 0.04 3.47 1.82
Equinox Minls T 3147 8.13 8.12 8.12 - 0.01 8.42 3.65
Equitas Res V 1576 0.14 0.14 0.14 + 0.01 0.19 0.08
Erdene Res Dev T 4118 1.05 0.91 1.05 + 0.07 1.84 0.26
Erin Ventures V 13080 0.09 0.09 0.09 0.00 0.18 0.06
Escape Gold V 250 0.23 0.23 0.23 0.00 0.33 0.14
Eskay Mng V 1396 0.12 0.09 0.11 0.00 0.26 0.09
ESO Uranium V 5617 0.08 0.06 0.07 0.00 0.18 0.05
Esperanza Res V 2853 1.72 1.40 1.59 + 0.14 2.48 1.23
Estrella Gold V 863 0.80 0.70 0.70 - 0.06 1.24 0.41
Ethos Cap V 4854 1.15 1.00 1.14 + 0.02 1.44 0.25
Eurasian Minls V 1902 2.78 2.42 2.60 + 0.07 3.88 1.68
EurOmax Res V 3686 0.25 0.22 0.23 0.00 0.40 0.09
Europn Goldfld T 34254 10.17 9.05 9.12 - 0.24 17.37 6.18
Everett Minls V 10790 0.04 0.03 0.04 0.00 0.09 0.03
Everton Res V 32080 0.32 0.26 0.29 + 0.02 0.45 0.19
Evolving Gold T 5770 0.70 0.60 0.61 + 0.01 1.29 0.60
Evrim Res V 670 0.78 0.75 0.75 - 0.01 1.20 0.50
Excel Gold Mng V 1223 0.09 0.08 0.08 - 0.01 0.19 0.06
Excellon Res T 13773 0.73 0.68 0.72 + 0.03 1.39 0.66
Excelsior Mng V 757 0.57 0.52 0.52 0.00 0.81 0.29
Exeter Res* X 2926 4.49 4.20 4.20 - 0.18 7.30 4.20
Exeter Res T 8520 4.39 4.15 4.22 - 0.19 7.53 4.15
Expedition Mng V 2660 0.31 0.28 0.30 + 0.01 0.46 0.05
Explor Res V 8297 0.54 0.46 0.46 - 0.04 0.93 0.25
Extorre Gold M T 16168 12.52 10.82 11.96 + 0.74 12.52 2.41
Extract Res T 49 8.19 7.35 7.35 - 0.55 11.05 5.60
Faircourt Gold T 172 9.70 9.38 9.50 - 0.05 10.97 9.35
Fairmont Res V 320 0.25 0.22 0.25 + 0.08 0.43 0.17
Falkirk Res V 58 0.12 0.11 0.11 0.00 0.21 0.09
Fancamp Expl V 2895 0.34 0.30 0.34 + 0.01 0.78 0.30
Fieldex Expl V 730 0.12 0.10 0.10 - 0.01 0.28 0.10
Fire River Gol V 5878 0.44 0.41 0.42 0.00 0.72 0.39
Firesteel Res V 304 0.12 0.09 0.12 0.00 0.12 0.04
Firestone Vent V 700 0.09 0.08 0.09 + 0.01 0.20 0.06
First Majestic T 36055 18.53 16.15 17.63 + 1.32 25.79 3.69
First Mexican V 7179 0.28 0.20 0.22 - 0.01 0.71 0.20
First Nickel T 20781 0.17 0.16 0.16 0.00 0.22 0.09
First Point V 7026 0.95 0.77 0.91 + 0.11 1.06 0.41
First Quantum T 21068 129.40 117.20 127.40 + 8.39 148.00 52.76
First Star Res V 4977 0.17 0.16 0.16 0.00 0.54 0.15
First Uranium T 9088 0.70 0.60 0.60 - 0.10 1.49 0.51
Fischer-WGld* Q 1778 0.04 0.03 0.04 0.00 0.06 0.01
Fission Energy V 6860 0.59 0.53 0.56 + 0.02 1.50 0.44
Fjordland Exp V 901 0.19 0.16 0.16 0.00 0.25 0.09
Focus Metals V 13059 1.05 0.82 1.00 + 0.20 1.78 0.05
Foraco Intl T 667 2.80 2.71 2.78 - 0.07 3.32 1.92
Foran Mng V 57 0.86 0.86 0.86 - 0.04 1.49 0.34
Forbes & Man C T 1590 2.97 2.50 2.86 + 0.26 5.10 2.50
Formation Mtls T 3202 1.02 0.95 0.99 - 0.02 2.76 0.65
Forsys Metals T 2652 1.49 1.40 1.41 - 0.17 3.50 1.36
Fortress Mnls V 405 5.60 5.38 5.60 + 0.22 6.00 2.00
Fortuna Silver T 25548 5.19 4.67 5.12 + 0.27 6.81 1.85
Fortune Mnrls T 5301 1.59 1.38 1.50 - 0.07 2.00 0.57
Forum Uranium V 4152 0.12 0.10 0.12 + 0.01 0.52 0.07
Foundation Res V 2045 0.17 0.14 0.14 - 0.02 0.60 0.14
Fox Res V 60 0.54 0.53 0.54 - 0.03 0.70 0.17
Franco-Nevada T 11927 37.22 35.39 36.71 + 0.99 38.38 27.75
Freeport McMo* N 860186 49.90 47.11 48.43 + 0.50 61.35 28.35
Frontier Rr Er T 1031 2.14 1.86 2.07 + 0.07 3.75 1.86
Frontline Gold V 6112 0.09 0.07 0.08 - 0.02 0.23 0.07
Full Metal Mnl V 4554 0.23 0.20 0.23 0.00 0.40 0.17
G-H
Gabriel Res T 9180 6.42 6.06 6.12 - 0.20 8.60 4.31
Galahad Mtls V 1996 0.12 0.10 0.12 + 0.01 0.22 0.03
Galantas Gold V 1700 0.06 0.05 0.06 0.00 0.09 0.03
Galena Capital V 14530 0.04 0.04 0.04 0.00 0.09 0.04
Galena Intl Rs V 826 0.24 0.19 0.19 - 0.03 0.32 0.13
Galore Res V 1627 0.17 0.15 0.17 0.00 0.42 0.14
Galway Res V 21412 0.95 0.85 0.87 - 0.08 1.52 0.63
Garibaldi Res V 2245 0.28 0.25 0.27 + 0.02 0.56 0.11
Garrison Intl V 368 0.05 0.04 0.04 - 0.01 0.12 0.02
General Moly* X 45793 4.55 4.10 4.33 + 0.19 7.25 2.85
Geo Minerals V 4717 0.09 0.08 0.09 + 0.01 0.16 0.04
Geodex Mnrls V 2842 0.20 0.17 0.17 - 0.01 0.33 0.05
Geodrill T 3136 2.60 2.20 2.32 - 0.28 3.80 2.11
Geologix Ex T 18411 0.39 0.35 0.37 - 0.03 1.00 0.20
Geomega Res V 5859 3.65 2.08 3.00 + 0.97 4.99 0.35
Georox Res V 500 0.14 0.14 0.14 0.00 0.56 0.11
Geovic Mng T 34893 0.36 0.31 0.31 - 0.04 0.99 0.31
Geovic Mng* Q 2870 0.37 0.31 0.31 - 0.04 0.98 0.31
Getty Copper V 1475 0.08 0.05 0.08 0.00 0.20 0.05
GGL Res V 765 0.05 0.04 0.05 0.00 0.16 0.03
Ginguro Expl V 746 0.23 0.19 0.19 - 0.04 0.45 0.16
Gitennes Expl V 3400 0.10 0.09 0.10 - 0.01 0.21 0.04
Glass Earth V 1860 0.26 0.22 0.26 + 0.01 0.44 0.19
Global Hunter V 5385 0.09 0.08 0.09 - 0.01 0.17 0.03
Global Minls V 4327 0.89 0.68 0.82 + 0.08 1.34 0.08
Global Ur Fund T 981 2.21 2.16 2.18 + 0.05 4.97 1.73
Globex Mng T 2749 2.17 2.01 2.01 - 0.17 3.06 1.44
GMV Minerals V 1532 0.50 0.47 0.48 - 0.02 0.84 0.12
Gobimin V 1335 0.64 0.58 0.61 - 0.03 0.90 0.58
Gogold Res V 182 0.90 0.84 0.84 - 0.01 1.12 0.20
Golconda Res V 3848 0.08 0.05 0.05 - 0.01 0.10 0.04
Gold Am Mng* Q 2895 0.06 0.05 0.05 0.00 1.16 0.01
Gold Bulln Dev V 8928 0.40 0.37 0.38 - 0.01 0.93 0.35
Gold Canyon V 5161 3.07 2.70 3.00 + 0.34 4.22 0.21
Gold Fields* N 241431 14.72 13.62 13.92 - 0.31 18.70 12.32
Gold Port Res V 4023 0.14 0.12 0.12 - 0.01 0.28 0.06
Gold Reserve T 2501 3.00 2.14 2.52 - 0.33 3.00 0.75
Gold Reserve* X 12509 3.05 2.24 2.52 - 0.47 3.05 0.76
Gold World Res V 1609 0.05 0.05 0.05 0.00 0.07 0.03
Gold-Ore Res T 2472 0.80 0.73 0.74 + 0.01 1.14 0.48
Goldbrook Vent V 1790 0.21 0.18 0.18 - 0.01 0.39 0.15
Goldcliff Res V 3524 0.07 0.06 0.07 0.00 0.11 0.05
Goldcorp T 94837 48.97 45.36 46.24 + 0.84 53.34 38.99
Goldcorp* N 332641 50.38 46.27 46.84 + 0.39 56.20 38.07
Golden Alli Rs V 2059 0.35 0.28 0.30 - 0.05 1.08 0.28
Golden Arrow R V 6503 0.35 0.31 0.34 0.00 0.60 0.30
Golden Band V 4236 0.33 0.31 0.32 - 0.01 0.75 0.25
Golden Cross R C 205 0.20 0.18 0.18 - 0.01 0.20 0.001
Golden Dawn Ml V 6157 0.11 0.09 0.09 - 0.01 0.19 0.04
Golden Dory Rs V 504 0.13 0.12 0.13 0.00 0.19 0.06
Golden Goliath V 4498 0.31 0.28 0.29 0.00 0.75 0.15
Golden Harp V 600 0.13 0.13 0.13 0.00 0.21 0.05
Golden Hope V 8305 0.16 0.12 0.13 - 0.01 0.98 0.11
Golden Mnls T 542 20.52 18.28 19.32 + 1.03 29.50 7.35
Golden Peaks T 893 0.67 0.55 0.60 - 0.04 1.04 0.29
Golden Phoen* Q 6934 0.13 0.12 0.12 - 0.01 0.22 0.03
Golden Predatr T 16601 1.02 0.90 1.00 + 0.07 1.38 0.47
Golden Queen T 4060 3.40 3.20 3.20 - 0.11 3.84 1.25
Golden Reign R V 6802 1.00 0.79 0.83 + 0.02 1.45 0.13
Golden Share M V 2062 0.17 0.15 0.15 0.00 0.25 0.05
Golden Star T 15732 2.35 2.17 2.20 -0.00 6.21 2.16
Golden Star* X 137478 2.41 2.20 2.25 - 0.02 6.01 2.18
Golden Tag V 1023 0.48 0.43 0.48 + 0.07 0.75 0.20
Golden Val Min V 1986 0.39 0.37 0.38 - 0.01 0.57 0.23
Goldex Res V 35699 0.09 0.06 0.08 0.00 0.25 0.05
Goldeye Expl V 23719 0.05 0.03 0.04 0.00 0.14 0.03
Goldfield* X 742 0.45 0.40 0.42 - 0.01 0.49 0.25
Goldgroup Mng T 8978 1.21 1.14 1.15 0.00 1.67 0.60
Goldminco V 19315 0.09 0.09 0.09 0.00 0.10 0.02
GoldQuest Mng V 6653 0.25 0.18 0.20 + 0.01 0.49 0.09
Goldrea Res V 1323 0.06 0.05 0.05 0.00 0.18 0.05
Goldrush Res V 896 0.14 0.11 0.13 + 0.01 0.31 0.08
Goldsource Min V 353 0.49 0.46 0.46 - 0.01 1.21 0.45
Goldstone Res T 40461 0.88 0.67 0.83 + 0.14 1.20 0.37
GoldTrain Res C 0 0.01 0.01 0.01 - 0.03 0.01 0.001
Gossan Res V 1668 0.17 0.16 0.17 0.00 0.30 0.09
Gowest Amalg V 4680 0.29 0.26 0.27 0.00 0.43 0.17
Gran Colombia T 22127 1.00 0.79 0.86 - 0.12 2.49 0.58
Grande Cache C T 38865 8.36 7.70 8.27 + 0.28 11.93 4.82
Grande Portage V 1785 0.15 0.14 0.14 0.00 0.28 0.10
Grandview Gld* Q 53 0.07 0.07 0.07 0.00 0.09 0.04
Grandview Gld T 1433 0.07 0.06 0.06 0.00 0.09 0.05
Grayd Res V 2508 1.80 1.56 1.60 - 0.13 2.02 0.72
Great Basin Go T 130889 2.04 1.65 1.96 + 0.33 3.32 1.63
Great Bear Res V 2712 0.20 0.19 0.19 - 0.01 0.64 0.18
Great Panther T 54288 3.48 3.13 3.32 + 0.07 4.90 0.67
Great Quest Me V 1128 3.95 3.53 3.76 + 0.13 4.88 0.68
Great Western V 29120 0.69 0.57 0.67 + 0.09 1.23 0.16
Greencastle Rs V 767 0.19 0.17 0.17 0.00 0.44 0.12
Greenlight Res V 6128 0.15 0.12 0.14 0.00 0.35 0.12
Grenville Gold V 35 0.34 0.34 0.34 + 0.01 0.67 0.20
Greystar Res T 9047 2.63 2.32 2.32 - 0.10 5.48 2.26
Grizzly Discvr V 381 0.51 0.43 0.48 - 0.02 0.76 0.20
Groundstar Res V 3892 0.33 0.26 0.33 + 0.03 0.75 0.23
Gryphon Gold T 2640 0.16 0.14 0.15 - 0.02 0.28 0.09
Guerrero Expl V 1840 0.23 0.19 0.20 - 0.05 0.33 0.19
Gulfside Mnls V 684 0.11 0.10 0.10 - 0.01 0.26 0.08
Guyana Gldflds T 6606 8.05 7.08 7.52 + 0.22 11.79 6.41
GWR Res V 6588 0.35 0.29 0.29 - 0.06 0.56 0.10
Habanero Res V 14645 0.12 0.10 0.12 - 0.01 0.15 0.08
Habanero Res* Q 800 0.13 0.11 0.12 + 0.01 0.15 0.07
Halo Res V 7402 0.26 0.19 0.19 - 0.08 0.64 0.19
Hana Mng V 4754 1.99 1.60 1.66 - 0.29 5.68 1.16
Hansa Res V 850 0.15 0.12 0.12 + 0.01 0.20 0.03
Happy Ck Minls V 2360 0.23 0.19 0.19 - 0.05 0.50 0.19
Hard Creek Ni T 710 0.32 0.30 0.31 + 0.01 0.57 0.19
Harmony Gold* N 105490 13.23 12.05 12.34 - 0.10 15.73 9.65
Harry Winston T 8969 16.16 14.87 15.35 + 0.37 17.82 10.21
Harry Winston* N 2351 16.60 15.19 15.55 + 0.24 18.23 9.62
Harvest Gold V 10077 0.09 0.06 0.07 - 0.01 0.16 0.06
Hathor Expl T 13790 2.78 2.56 2.62 - 0.25 3.57 1.41
Heatherdale Rs V 2337 0.82 0.76 0.82 0.00 1.45 0.67
Hecla Mining* N 399016 7.65 6.94 7.29 + 0.30 11.56 4.52
Helio Res V 2611 0.42 0.38 0.38 - 0.01 0.75 0.30
Hellix Vent V 797 0.53 0.45 0.47 - 0.01 0.74 0.35
High Desert Gd V 1871 0.38 0.35 0.38 + 0.02 0.73 0.12
High River Gol T 8415 1.14 1.07 1.13 + 0.05 1.50 0.71
Highbank Res V 2280 0.06 0.05 0.06 0.00 0.10 0.04
HiHo Silver C 100 0.05 0.05 0.05 0.00 0.05 0.001
Hilltown Res C 450 0.15 0.13 0.13 - 0.02 0.15 0.001
Hinterland Mtl V 1415 0.34 0.14 0.30 + 0.17 0.96 0.05
Homeland Enrgy T 7505 0.06 0.05 0.06 0.00 0.13 0.04
Honey Badger E V 3270 0.05 0.04 0.05 + 0.01 0.09 0.04
Horizns G Bear T 17438 11.81 10.58 11.42 - 0.29 15.24 8.22
Horizns G Bull T 40228 13.33 12.01 12.38 + 0.26 19.75 11.67
Houston Lake V 571 0.12 0.11 0.12 + 0.01 0.23 0.11
HudBay Minls T 32738 13.69 12.77 13.31 + 0.45 19.08 10.77
HudBay Mnls* N 316 13.97 13.03 13.48 + 0.29 18.97 13.02
Hudson Res V 11430 1.06 0.90 1.02 + 0.08 1.86 0.46
Hudson River M V 490 0.06 0.05 0.06 + 0.01 0.17 0.05
Huldra Silver V 1503 1.20 1.10 1.11 - 0.09 2.25 0.30
Hunt Mng V 3595 0.48 0.40 0.40 - 0.08 0.58 0.25
Hunter Bay Mnl V 2346 0.32 0.26 0.28 - 0.07 0.40 0.16
Hy Lake Gold C 3140 0.34 0.30 0.30 - 0.02 0.34 0.05
I-J-K
I-Minerals V 1615 0.30 0.28 0.30 + 0.04 0.40 0.20
IAMGold Corp T 127202 19.46 17.61 17.73 - 0.40 22.79 15.82
IBC Adv Alloys V 69439 0.19 0.16 0.18 0.00 0.32 0.11
Iberian Mnls V 6888 0.90 0.81 0.85 - 0.05 1.09 0.39
ICN Res V 7144 0.49 0.40 0.47 0.00 0.90 0.10
IGC Res V 150 0.05 0.05 0.05 0.00 0.08 0.02
IMPACT Silver V 9108 2.00 1.80 1.92 + 0.02 3.14 0.85
Imperial Metal T 1984 19.37 18.13 19.29 + 0.24 27.09 15.03
Inca Pac Res V 275 0.17 0.16 0.16 + 0.01 0.29 0.15
Indicator Minl V 6560 0.13 0.10 0.12 + 0.01 0.26 0.08
Indico Res V 2069 0.30 0.25 0.30 + 0.01 0.95 0.25
Indigo Expl V 1035 0.25 0.23 0.25 + 0.03 0.65 0.15
Infinito Gold V 226 0.12 0.10 0.10 - 0.01 0.39 0.10
Infrastrc Mat* Q 2323 0.10 0.06 0.09 - 0.01 0.31 0.06
Inlet Res V 25 0.17 0.17 0.17 0.00 0.35 0.14
Inmet Mining T 6835 67.26 63.56 65.37 + 0.11 82.14 41.61
Inspiration Mg T 3559 0.19 0.16 0.17 - 0.02 0.45 0.16
Inter-Citic Mn T 3418 1.43 1.27 1.38 + 0.05 2.37 1.12
Inter-Rock Mnl V 33 0.09 0.09 0.09 - 0.03 0.22 0.04
Intigold Mines V 1351 0.35 0.30 0.35 + 0.04 0.62 0.20
Intl Enexco V 571 0.27 0.26 0.26 - 0.01 0.43 0.22
Intl Millm Mng V 6502 0.32 0.25 0.27 - 0.03 0.37 0.04
Intl Minls Crp T 1396 7.80 7.47 7.73 + 0.01 8.22 4.05
Intl Montoro R V 3255 0.07 0.05 0.07 + 0.01 0.18 0.03
Intl Northair V 6719 0.57 0.46 0.54 + 0.02 1.00 0.05
Intl PBX Vent V 4692 0.37 0.34 0.37 - 0.01 0.60 0.17
Intl Samuel Ex V 1471 0.12 0.10 0.11 - 0.01 0.31 0.10
Intl Tower Hi* X 5786 7.31 6.46 6.78 + 0.20 10.49 5.77
Intl Tower Hil T 7468 7.12 6.31 6.65 + 0.40 10.49 6.05
Intrepid Mnrl T 12585 1.73 1.58 1.62 - 0.06 2.45 0.43
Intrepid Pots* N 15032 31.50 28.78 30.54 + 1.53 40.21 19.08
INV Metals T 1912 0.52 0.44 0.45 -0.00 1.50 0.44
Invenio Res V 855 0.17 0.14 0.17 - 0.01 0.35 0.11
Iron Creek Cap V 260 0.45 0.43 0.44 + 0.02 1.09 0.30
ISh COMEX GTr T 694 14.78 14.44 14.46 - 0.24 14.85 11.74
Ivanhoe Austrl T 19 2.91 2.85 2.85 - 0.34 3.68 2.85
Ivanhoe Mines* N 75289 23.63 21.82 22.81 + 0.18 29.29 11.65
Ivanhoe Mines T 18422 23.02 21.41 22.49 + 0.40 28.98 12.82
Ivernia T 8929 0.19 0.17 0.18 0.00 0.53 0.17
J.A.G. Mines V 175 0.16 0.15 0.16 0.00 0.29 0.11
Jaguar Mng T 9212 4.90 4.30 4.57 + 0.29 10.72 3.98
James Bay Res V 1100 0.55 0.47 0.54 + 0.02 0.79 0.42
Jasper Mng V 4151 0.37 0.28 0.37 + 0.04 0.38 0.06
Jaxon Mnls V 1178 0.16 0.12 0.12 - 0.02 0.25 0.09
Jayden Res T 3382 0.14 0.12 0.14 + 0.01 0.40 0.11
Jazz Res V 5 0.23 0.23 0.23 0.00 0.45 0.18
Jiminex V 1210 0.17 0.15 0.17 0.00 0.38 0.08
JNR Res V 4425 0.13 0.11 0.13 + 0.01 0.52 0.11
Kaminak Gold V 12968 4.00 3.49 3.82 + 0.31 4.06 1.32
Karmin Expl V 175 0.28 0.28 0.28 0.00 0.35 0.08
Karnalyte Res T 1252 11.00 9.98 10.80 + 0.52 13.45 7.07
Katanga Mng T 49866 1.71 1.56 1.61 - 0.01 2.18 0.58
Keegan Res T 6102 7.48 6.95 7.16 + 0.10 9.29 4.92
Keegan Res* X 685 7.71 7.10 7.22 - 0.06 9.60 4.71
Kenai Res V 110 0.18 0.18 0.18 0.00 0.45 0.18
Kent Expl V 3522 0.07 0.06 0.06 - 0.01 0.18 0.06
Kermode Res V 100 0.07 0.07 0.07 0.00 0.14 0.06
Kestrel Gold V 898 0.84 0.75 0.75 - 0.09 1.35 0.17
Kettle River V 800 0.05 0.05 0.05 0.00 0.09 0.04
Key Gold Holdg V 1437 0.14 0.11 0.13 + 0.01 0.40 0.06
Khan Res T 1371 0.31 0.29 0.30 0.00 0.68 0.22
Killdeer Mnls V 200 0.09 0.09 0.09 0.00 0.19 0.08
Kilo Goldmines V 10097 0.19 0.17 0.18 0.00 0.58 0.14
Kimber Res T 3171 1.63 1.42 1.50 + 0.05 2.07 0.65
Kimber Res* X 7835 1.67 1.45 1.55 + 0.08 2.17 0.60
Kings Bay Gold V 4226 0.05 0.05 0.05 0.00 0.13 0.04
Kingsman Res V 9420 0.08 0.06 0.06 0.00 0.15 0.04
Kinross Gold T 193971 15.38 14.52 14.94 + 0.21 19.98 13.53
Kinross Gold* N 338656 15.85 14.82 15.14 + 0.08 19.90 13.84
Kirkland Lk Gd T 8112 15.15 13.48 14.74 + 0.80 17.62 7.69
Kirrin Res V 2659 0.06 0.05 0.06 0.00 0.16 0.04
Kiska Metals V 4597 0.73 0.67 0.68 - 0.05 1.74 0.65
Kivalliq Enrgy V 20279 0.37 0.32 0.37 + 0.03 0.92 0.25
Klondex Mns T 6522 2.92 2.29 2.87 + 0.53 3.89 1.40
Klondike Gold V 1122 0.13 0.12 0.12 - 0.01 0.52 0.11
Klondike Silv V 854 0.26 0.22 0.26 - 0.01 1.50 0.22
Knick Expl V 1007 0.20 0.15 0.18 + 0.01 0.43 0.13
Knight Res V 459 0.25 0.22 0.25 + 0.03 2.57 0.19
Kokanee Mnls V 6863 0.25 0.22 0.23 - 0.02 0.36 0.10
Kokomo Ent C 950 0.15 0.13 0.13 0.00 0.15 0.001
Kootenay Gold V 599 0.91 0.86 0.86 - 0.05 1.33 0.43
KWG Res V 52750 0.09 0.09 0.09 0.00 0.14 0.08
L
La Mancha Res T 1859 2.27 2.10 2.22 + 0.04 3.05 1.47
La Quinta Res V 11435 0.08 0.05 0.06 0.00 0.13 0.04
Labdr I-Ore Ro T 2533 69.50 66.51 69.30 + 2.74 82.60 41.60
Labdr Iron Mns T 4665 10.72 9.79 10.20 + 0.41 14.95 3.80
Lago Dourado M V 3238 0.60 0.50 0.51 - 0.09 1.15 0.46
Lake Shore Gld T 46571 3.28 3.01 3.02 - 0.07 4.42 2.96
Lake Vict Mng* Q 1014 0.30 0.26 0.28 + 0.01 0.50 0.18
Lakeland Res V 375 0.12 0.10 0.12 + 0.01 0.25 0.10
Landdrill Int V 5525 0.31 0.26 0.28 - 0.04 0.50 0.11
Lara Expl V 1663 1.21 1.13 1.17 - 0.03 2.01 0.66
Laramide Res T 5889 1.09 0.93 1.03 + 0.01 2.87 0.71
Largo Res V 13235 0.42 0.38 0.40 - 0.02 0.58 0.15
Lateegra Gold V 2969 0.37 0.32 0.35 - 0.01 0.57 0.26
Latin Am Mnls V 1500 0.20 0.18 0.19 - 0.02 0.39 0.12
Laurentian Glf V 1095 0.20 0.17 0.17 - 0.03 0.45 0.12
Laurion Mnl Ex V 4640 0.06 0.05 0.06 0.00 0.15 0.05
Leeward Capitl V 9983 0.09 0.08 0.08 0.00 0.16 0.02
Legend Intl H* Q 8848 0.56 0.43 0.53 0.00 1.19 0.43
Li3 Energy* Q 16839 0.25 0.20 0.24 + 0.03 0.56 0.10
Liberty Mines T 5877 0.11 0.10 0.10 0.00 0.27 0.09
Lincoln Mng V 5636 0.16 0.13 0.16 + 0.03 0.29 0.12
Linux Gold* Q 2106 0.04 0.03 0.03 0.00 0.11 0.02
Lions Gate Mtl V 330 0.77 0.70 0.74 + 0.04 0.98 0.45
Lithic Res V 367 0.15 0.14 0.14 + 0.02 0.34 0.05
Lithium Americ T 4764 1.70 1.52 1.55 - 0.04 2.87 1.04
Lithium One V 3843 1.47 1.36 1.38 - 0.09 1.85 0.85
Logan Copper V 4330 0.06 0.05 0.05 0.00 0.28 0.05
Logan Res V 265 0.05 0.05 0.05 0.00 0.14 0.04
Lomiko Res V 1673 0.06 0.06 0.06 0.00 0.12 0.03
Loncor Res V 436 2.65 2.40 2.50 + 0.05 3.75 0.65
Lorraine Coppr V 1157 0.09 0.08 0.09 + 0.01 0.15 0.05
Los Andes Copp V 4479 0.41 0.35 0.41 + 0.06 0.58 0.09
Lounor Expl V 1270 0.05 0.05 0.05 0.00 0.14 0.05
Lovitt Res V 325 0.62 0.50 0.50 - 0.01 0.68 0.38
Lucara Diam V 12903 1.07 1.00 1.01 - 0.03 1.44 0.65
Lumina Copper V 2004 6.33 5.62 6.20 + 0.20 7.50 1.02
Luna Gold V 14392 0.61 0.58 0.60 0.00 0.87 0.49
Lund Gold V 70 0.05 0.05 0.05 0.00 0.09 0.05
Lundin Mng T 158949 7.00 6.42 6.80 + 0.35 9.31 2.91
Lydian Intl T 11142 2.60 2.29 2.43 + 0.17 2.75 1.20
M
Macarthur Mnl V 1954 2.50 2.26 2.40 - 0.10 4.23 1.33
MacDonald Mns V 1927 0.14 0.12 0.14 + 0.01 0.23 0.12
MacMillan Mnls C 100 0.10 0.09 0.09 - 0.01 0.10 0.001
Macusani Yello V 108921 0.23 0.16 0.23 + 0.07 1.23 0.16
Madison Minls V 582 0.11 0.09 0.09 0.00 0.22 0.08
Mag Silver T 4171 10.49 8.95 9.71 + 0.42 14.15 5.88
Mag Silver* X 1240 10.75 9.13 9.79 + 0.65 14.75 5.70
Magellan Minls V 5350 1.20 1.04 1.05 - 0.13 1.94 0.64
MagIndustries T 56967 0.23 0.22 0.22 0.00 0.45 0.12
Magma Metals T 2410 0.26 0.21 0.23 - 0.01 0.73 0.21
Magna Res C 680 0.41 0.35 0.35 - 0.15 0.41 0.001
Mahdia Gold C 7880 0.65 0.58 0.62 - 0.01 0.65 0.001
Mainstream Mnl V 4528 0.06 0.05 0.06 0.00 0.17 0.05
Majescor Res V 6896 0.25 0.22 0.22 0.00 0.36 0.17
Majestic Gold V 4733 0.20 0.19 0.20 + 0.03 0.28 0.07
Major Drilling T 8853 13.78 11.92 12.96 + 0.76 17.78 6.89
Malaga T 4248 0.26 0.24 0.25 - 0.02 0.40 0.08
Malbex Res V 9554 0.42 0.35 0.39 + 0.04 0.98 0.29
Mandalay Res T 5109 0.81 0.70 0.77 + 0.01 0.97 0.23
Manicouagan Ml V 17893 0.24 0.02 0.23 + 0.03 0.55 0.01
Manitou Gold V 1184 0.59 0.44 0.55 + 0.05 1.13 0.28
Mansfld Mnrls V 2565 1.84 1.60 1.68 - 0.02 3.20 1.40
Manson Creek V 2081 0.08 0.07 0.07 - 0.01 0.11 0.05
Mantis Mnls C 3340 0.03 0.02 0.03 0.00 0.03 0.001
Marengo Mng T 22176 0.28 0.25 0.26 - 0.02 0.44 0.07
Marifil Mines V 2847 0.34 0.28 0.34 + 0.02 0.47 0.05
Marklnd AGF PM T 5 13.22 13.21 13.21 - 0.16 15.75 9.84
Matamec Expl V 8327 0.50 0.45 0.47 - 0.03 0.70 0.11
Maudore Minls V 667 5.55 5.15 5.49 + 0.09 6.90 3.13
Mawson Res T 26528 1.94 1.56 1.90 + 0.28 2.75 0.38
Max Res V 296 0.25 0.22 0.25 - 0.01 0.53 0.15
Maxim Res V 278 0.20 0.15 0.20 - 0.01 0.38 0.10
Maya Gold & Si V 1496 0.42 0.39 0.39 0.00 0.62 0.19
Mazarin V 49 0.03 0.03 0.03 - 0.01 0.07 0.02
Mazorro Res V 35582 0.46 0.34 0.36 - 0.02 0.46 0.07
MBAC Fertilizr T 2094 2.85 2.70 2.73 + 0.03 3.54 1.45
MBMI Res V 211 0.07 0.07 0.07 0.00 0.23 0.04
McChip Res V 55 2.32 2.31 2.31 - 0.19 2.70 0.80
McVicar Res V 615 0.46 0.39 0.44 + 0.07 0.62 0.35
MDN Inc T 651 0.34 0.32 0.32 - 0.04 0.53 0.30
MDU Res* N 32600 22.29 21.47 22.04 + 0.14 24.05 17.61
Mechel* N 26901 26.48 24.57 24.96 - 0.67 34.73 17.17
Medallion Res V 2302 0.27 0.24 0.25 0.00 0.81 0.10
Mediterrn Res T 14976 0.16 0.13 0.16 + 0.01 0.23 0.08
Mega Precs Mtl V 4173 0.51 0.43 0.44 - 0.07 1.04 0.34
Mega Uranium T 36607 0.40 0.35 0.37 - 0.02 1.30 0.35
Megastar Dev V 486 0.14 0.13 0.13 0.00 0.40 0.02
Melkior Res V 1680 0.17 0.16 0.16 0.00 0.34 0.14
Menika Mining V 510 0.04 0.03 0.04 + 0.01 0.09 0.01
Merc Intl Mnls V 1009 0.30 0.27 0.27 - 0.04 0.39 0.10
Mercator Mnls T 35454 2.75 2.46 2.53 - 0.04 4.90 1.42
Meritus Mnls V 5730 0.08 0.06 0.06 + 0.01 0.51 0.06
Merrex Gold V 1717 0.50 0.43 0.45 - 0.01 0.65 0.35
Mesa Uran V 138 0.62 0.59 0.59 - 0.01 1.49 0.18
Mesabi Trust* N 3884 31.55 29.26 31.03 + 0.95 57.94 16.04
Messina Minls V 1587 0.13 0.10 0.13 + 0.01 0.19 0.06
Metalcorp V 680 0.08 0.07 0.08 + 0.01 0.19 0.06
Metalex Vent V 859 0.55 0.48 0.52 - 0.01 1.34 0.41
Metalore Res T 9 6.01 6.00 6.00 - 0.01 8.10 6.00
Metals Ck Res V 1310 0.12 0.12 0.12 0.00 0.42 0.10
Metanor Res V 11356 0.25 0.22 0.22 - 0.01 0.71 0.21
Metropolitn Mg V 2300 0.09 0.08 0.08 0.00 0.17 0.07
Mexivada Mng V 2460 0.10 0.09 0.10 0.00 0.18 0.09
MGold Res V 230 0.15 0.14 0.14 0.00 0.32 0.12
Micrex Devel V 3225 0.30 0.20 0.20 - 0.01 0.30 0.06
Midasco Cap V 509 0.11 0.09 0.10 - 0.03 0.17 0.01
Midland Expl V 267 1.92 1.75 1.80 + 0.05 2.05 1.20
Midlands Minls V 5453 0.17 0.14 0.17 + 0.02 0.28 0.14
Midway Gold V 4812 1.99 1.72 1.88 + 0.13 2.28 0.38
Midway Gold* X 41658 2.05 1.75 2.05 + 0.21 2.39 0.39
Migao T 15791 4.65 4.12 4.32 - 0.18 8.60 3.60
Mill Bay Vent V 10 0.15 0.15 0.15 0.00 0.35 0.15
Mill City Intl V 3527 0.15 0.12 0.14 0.00 0.22 0.03
Millrock Res V 4984 0.65 0.55 0.63 + 0.07 1.05 0.38
Millstream Min V 507 0.04 0.04 0.04 0.00 0.08 0.03
Minaurum Gold V 292 0.60 0.55 0.59 0.00 0.94 0.45
Minco Gold* X 10613 1.70 1.45 1.61 + 0.09 2.97 0.77
Minco Gold T 2409 1.68 1.41 1.58 + 0.09 2.85 0.82
Minco Silver T 5569 5.25 4.18 4.80 + 0.45 7.14 2.65
Mindoro Res V 55 0.19 0.17 0.19 + 0.01 0.30 0.15
Minefinders T 6981 12.53 11.19 11.91 + 0.63 16.51 8.51
Minefinders* X 22605 12.90 11.43 12.11 + 0.49 17.40 8.24
Minera Andes T 67146 2.59 2.08 2.38 + 0.23 3.39 0.71
Minera Andes* Q 8521 2.66 2.13 2.42 + 0.31 3.58 0.68
MInera IRL T 811 1.16 1.01 1.08 - 0.08 1.68 0.89
Mineral Depost T 17 6.90 5.04 6.05 - 0.95 7.73 1.83
Mineral Hill V 17716 0.04 0.03 0.04 0.00 0.09 0.03
Mineral Mtn Rs V 3950 0.51 0.45 0.45 -0.00 0.73 0.20
Mines Managem* X 5366 2.11 1.90 2.09 + 0.11 4.43 1.45
Mines Managmnt T 126 2.03 1.93 2.03 + 0.11 4.29 1.56
Mirabela Nickl T 8402 2.04 1.71 1.83 + 0.11 2.46 1.54
Miranda Gold V 1663 0.44 0.38 0.41 + 0.02 0.81 0.38
Miranda Gold* Q 740 0.45 0.39 0.41 0.00 0.81 0.36
Mirasol Res V 4431 4.89 4.10 4.23 - 0.53 7.94 1.51
Module Res V 5310 0.08 0.07 0.08 0.00 0.16 0.05
Moly Mines T 5695 0.87 0.78 0.83 - 0.01 1.77 0.48
Molycor Gold V 3073 0.08 0.06 0.07 0.00 0.12 0.05
Moneta Porcpn T 6475 0.25 0.22 0.25 - 0.02 0.48 0.17
Montana Gold M C 30 0.25 0.14 0.14 - 0.12 0.25 0.001
Monument Mng V 11103 0.60 0.55 0.58 - 0.02 0.74 0.23
Mosaic* N 507199 64.90 59.33 63.60 + 4.28 89.24 37.68
Mosquito Cons V 2712 0.83 0.73 0.75 + 0.01 1.39 0.72
Moss Lake Gld V 8 0.33 0.33 0.33 + 0.03 0.45 0.16
Mountain Boy M V 1757 0.10 0.09 0.09 0.00 0.24 0.09
Mountain Captl V 6200 0.09 0.09 0.09 0.00 0.29 0.06
Mountain Lake V 1395 0.52 0.47 0.47 0.00 1.11 0.43
Mountain Prov* X 350 5.66 5.44 5.51 - 0.18 6.74 2.33
Mountain Prov T 1060 5.55 5.32 5.42 - 0.18 6.65 2.41
MPHVent V 3593 0.04 0.04 0.04 0.00 0.10 0.03
Mukuba Res V 25132 0.22 0.19 0.19 0.00 0.48 0.19
Mundoro Cap T 859 0.56 0.50 0.52 - 0.05 1.06 0.47
Murgor Res V 2853 0.14 0.12 0.12 + 0.01 0.27 0.09
Mustang Minls V 11097 0.17 0.14 0.15 - 0.01 0.52 0.07
N-O
Nanika Res V 5392 0.04 0.03 0.03 0.00 0.09 0.03
Natural Rs Pt* N 2410 32.19 30.54 31.99 + 0.99 37.74 22.88
Nautilus Minls T 4055 2.89 2.38 2.74 + 0.14 3.64 1.40
Nebu Res V 1499 0.08 0.08 0.08 0.00 0.19 0.07
Nemaska Expl V 1363 0.48 0.44 0.48 + 0.02 0.66 0.32
Network Expl V 2950 0.06 0.06 0.06 0.00 0.17 0.06
Nevada Copper T 2051 5.55 5.16 5.46 - 0.05 6.42 1.82
Nevada Expl V 7846 0.09 0.06 0.09 + 0.01 0.10 0.05
Nevada Geo Pow V 8780 0.20 0.18 0.19 - 0.01 0.88 0.18
Nevada Sunrise V 5010 0.06 0.05 0.05 0.00 0.28 0.05
Nevsun Res T 17631 6.17 5.25 5.78 + 0.49 7.54 3.40
Nevsun Res* X 32241 6.35 5.38 5.86 + 0.37 7.75 3.22
New Dawn Mng T 352 1.31 1.22 1.25 0.00 2.29 0.93
New Destiny Mg V 8 0.20 0.20 0.20 0.00 0.30 0.20
New Dimen Res V 526 0.16 0.15 0.15 0.00 0.32 0.08
New Gold T 86488 10.05 8.87 9.59 + 0.69 11.59 4.92
New Gold* X 150897 10.33 9.04 9.71 + 0.52 11.95 4.66
New Guinea Gld V 1164 0.08 0.08 0.08 0.00 0.13 0.08
New Hana C Mng V 13709 0.40 0.32 0.32 - 0.06 1.67 0.32
New Millen Cap V 14415 2.82 2.18 2.66 + 0.38 4.96 0.76
New Nadina V 250 0.10 0.06 0.10 + 0.01 0.17 0.06
New Pac Metals V 1216 1.60 1.44 1.45 0.00 2.50 0.75
New Shoshoni V V 11755 0.04 0.03 0.04 0.00 0.14 0.03
New World Res V 1023 0.30 0.25 0.29 - 0.02 0.55 0.15
Newcastle Mnls V 4251 0.06 0.05 0.06 0.00 0.13 0.05
Newmac Res V 276 0.06 0.05 0.06 0.00 0.20 0.04
Newmont Mng* N 311251 54.64 51.41 52.27 + 0.68 65.50 50.05
Newmont Mng T 198 54.66 50.60 51.50 + 0.94 67.17 49.72
Newport Expl V 872 0.14 0.11 0.14 + 0.03 0.30 0.10
Newstrike Cap V 16402 2.20 1.98 2.16 + 0.17 2.87 0.36
Newstrike Res V 410 0.39 0.39 0.39 - 0.01 0.40 0.17
NGEx Res T 12894 3.30 2.96 3.09 - 0.31 3.69 0.50
Ninety Nine Cp V 5014 2.09 1.67 1.81 - 0.30 3.63 0.08
Niocan Inc T 726 1.08 0.88 1.06 + 0.16 1.25 0.30
Niogold Mng V 11610 0.38 0.35 0.35 0.00 0.55 0.19
Nitinat Mnls V 3332 0.14 0.10 0.12 + 0.02 0.28 0.10
NMC Res V 161 0.59 0.51 0.51 - 0.08 1.25 0.51
Noble Metal Gr V 1260 0.04 0.03 0.04 - 0.01 0.06 0.03
Nordex V 100 0.60 0.60 0.60 + 0.08 0.72 0.42
Noront Res V 13697 0.61 0.55 0.58 - 0.03 1.45 0.55
Norsemont Mng T 128 3.78 3.60 3.72 + 0.03 4.73 1.92
Nortec Mnls V 584 0.25 0.23 0.24 + 0.01 0.38 0.09
North Am En P* N 5720 7.74 6.98 6.98 - 0.52 14.19 6.94
North Am En Pa T 1316 7.45 6.86 6.89 - 0.55 13.80 6.81
North Am Gem V 1605 0.05 0.04 0.04 0.00 0.17 0.04
North Am Pall* X 83775 4.03 3.62 3.75 + 0.11 7.99 2.86
North Am Pall T 10157 3.92 3.55 3.70 + 0.19 7.92 3.06
North AmTung V 2189 0.32 0.29 0.32 + 0.02 0.62 0.15
CANADIAN GOLD MUTUAL FUNDS
Fund name June 27 June 20 Change Change YTD MER* Assets*
($) ($) ($) (%) (%) (%) (M$)
AGF Pr Mtl 40.40 39.84 0.56 1.4 -14.24 2.56 823
Altamira Pr & Str Mtl 20.37 19.89 0.48 2.4 -16.89 2.35 97.6
BMO Junior Gold Index ETF 19.33 18.84 0.13 4.3 -17.87 0.58 116.8
BMO Pr Mtl 29.70 29.21 0.49 1.7 -11.68 2.29 147.1
CIBC Pr Mtl 23.68 23.46 0.22 0.9 -25.11 2.40 177.4
Dynamic Can Pr Mtl 18.76 18.36 0.40 2.2 -13.71 1.65 811.6
iShares Can Gold Sector Index 22.36 22.16 0.20 0.9 -14.64 0.55 1255.4
London Life Pr Mtl (MX) 44.66 44.08 0.58 1.3 -10.54 3.37 254.5
Mackenzie Un Pr Mtl C$ 21.44 21.12 0.32 1.5 -10.05 2.44 618.8
Middlefield Precious Metals 18.24 17.81 0.43 2.4 -19.87 2.48 18.6
Quadrus Mack Un Pr Mtl 24.62 24.29 0.33 1.4 -10.2 2.70 71.8
RBC Global Pr Mtl 64.73 63.96 0.77 1.2 -15.5 2.04 1578
Sentry Pr Mtl Growth 64.54 62.09 2.45 3.9 -14.0 2.75 787.8
Sprott Gold and Pr Minls 74.59 74.15 0.44 0.6 -16.9 2.84 854
Sprott Gold and Pr Minls F 77.64 77.17 0.47 0.6 -16.5 1.78 n/a
TD Pr Mtl 70.27 69.39 0.88 1.3 -14.1 2.15 352.1
TD Pr Mtl-A 14.89 14.07 0.82 5.8 -15.5 2.31 n/a
*as of Mar. 31/11
Featured Fund:TD Precious Metals top holdings as of 05/31/11 (in weighted order): Goldcorp, Iamgold, Barrick Gold, Kinross
Gold, Silver Wheaton, Agnico-Eagle Mines, Freeport McMoran, Osisko Mining, Lake Shore Gold, Ivanhoe Mines, Romarco
Minerals, Semafo, Franco-Nevada. Fund Manager: Ari Levy.
TSX SHORT POSITIONS
Short positions outstanding at June 15/11 (with changes from
May 31/11).
Largest short positions
Osisko Mining OSK 31777179 1188925
Quadra FNX Mining QUX 30590534 2699382
Uranium One UUU 26945143 -3346184
Semafo SMF 25825772 1139259
New Gold NGD 23085684 -2569395
Thompson Creek Metals TCM 21589280 -635117
Lundin Mining LUN 21537898 6131609
Great Basin Gold GBG 19524803 -1415540
Eldorado Gold ELD 15646968 229406
Kinross Gold K 15390595 946929
Yamana Gold YRI 11985279 -1725067
Alacer Gold ASR 10766710 2375234
Mercator Minerals ML 10143323 -486676
Teck Resources TCK.B 8560561 -17648
Grande Cache Coal GCE 7153622 3717573
Largest increase in short position
Lundin Mining LUN 21537898 6131609
Platmin Limited PPN 5853460 5853460
Grande Cache Coal GCE 7153622 3717573
Quadra FNX Mining QUX 30590534 2699382
Alacer Gold ASR 10766710 2375234
Largest decrease in short position
Equinox Minerals EQN 117000 -5191221
Cline Mining CMK 348688 -4188841
Yukon-Nevada Gold YNG.WT 0 -4175000
Uranium One UUU 26945143 -3346184
New Gold NGD 23085684 -2569395
TSX VENTURE SHORT POSITIONS
Short positions outstanding at June 15/11 (with changes from
May 31/11).
Largest short positions
Great Western Minerals GWG 4537800 22500
Parex Resources PXT 3343679 1216379
Sandstorm Gold SSL 3067358 1275687
Everton Resources EVR 2678500 2678500
Largo Resources LGO 1499727 9261
U.S. Silver USA 1267100 66794
Wild Stream Expl WSX 1179601 187984
Duran Ventures DRV 1179500 -70965
U3O8 Corp. UWE 1174848 162100
Western Potash WPX 1074285 101300
Quest Rare Minerals QRM 951578 -185222
Copper Fox Metals CUU 930665 183365
Rainy River Resources RR 809093 2393
Apogee Silver APE 754000 753533
Seafield Resources SFF 698984 448704
Largest increase in short position
Everton Resources EVR 2678500 2678500
Sandstorm Gold SSL 3067358 1275687
Apogee Silver APE 754000 753533
Pershimco Resources PRO 507222 506900
Helio Resource HRC 618900 475000
Largest decrease in short position
Zodiac Exploration ZEX 23500 -9935000
Levon Resources LVN 10100 -2004215
Goldex Resources GDX 0 -1928100
Arcan Resources ARN.DB 0 -1148000
Andina Minerals ADM 250000 -810000
NORTH AMERICAN STOCK EXCHANGE INDICES
52-week
Date June 27 June 24 June 23 June 22 June 21 High Low
TSX Composite 12966.49 12908.89 12979.58 13060.56 13063.32 14329.49 11065.53
S&P/TSX-Ven Comp 1867.72 1905.33 1914.88 1935.88 1912.06 2464.78 1342.87
S&P TSX 60 744.76 739.74 743.55 748.30 749.87 823.74 648.03
Global Gold 358.48 358.70 365.11 369.21 364.10 443.52 337.00
TSX Metals & Mining 1329.59 1327.35 1314.90 1309.50 1318.25 1599.85 772.22
Gold & Silver XAU 192.17 191.89 196.47 198.26 196.74 232.72 162.70
Amex Gold Bugs 500.78 500.99 514.28 521.12 515.92 609.22 429.33
THE NORTHERN MINER JULY 4-10, 2011 9
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
North Arrow Mn V 20 0.16 0.16 0.16 0.00 0.22 0.13
North Country V 13094 1.70 1.55 1.65 + 0.06 2.05 0.22
Northern Abiti V 8408 0.10 0.09 0.09 - 0.01 0.35 0.09
Northern Dyn* X 33227 10.22 8.54 9.41 + 0.82 21.76 6.00
Northern Dyn M T 10865 9.94 8.32 9.36 + 0.89 21.50 6.50
Northern Freeg V 5593 0.32 0.28 0.30 - 0.01 0.42 0.27
Northern Gld M V 16919 0.44 0.34 0.34 - 0.07 0.64 0.12
Northern Lion V 1025 0.35 0.29 0.30 - 0.03 0.54 0.13
Northern Shiel V 1429 0.24 0.21 0.23 - 0.01 0.48 0.10
Northern Sup R V 24263 0.38 0.32 0.33 - 0.02 1.14 0.13
Northern Tiger V 8186 0.54 0.47 0.51 + 0.04 0.93 0.16
Northgate Mnl* X 82823 2.72 2.50 2.58 - 0.02 3.54 2.41
Northgate Mnls T 17267 2.65 2.44 2.57 + 0.13 3.62 2.42
Northland Res T 3567 2.57 2.40 2.52 0.00 3.50 1.72
Northquest V 150 0.84 0.65 0.84 + 0.09 1.15 0.40
Northrock Res V 1536 0.20 0.17 0.17 0.00 0.42 0.15
Novadx Vent V 8845 0.45 0.43 0.44 + 0.01 0.64 0.14
NovaGold Res T 15071 9.24 8.51 8.54 - 0.08 16.92 6.00
NovaGold Res* X 144723 9.50 8.62 8.62 - 0.18 16.90 5.81
Noventa T 999 0.85 0.69 0.79 + 0.07 10.00 0.68
Novus Gold V 280 0.13 0.12 0.13 0.00 0.30 0.12
NQ Expl V 1163 0.09 0.08 0.09 + 0.01 0.18 0.07
Nuinsco Res T 7793 0.12 0.10 0.10 0.00 0.29 0.04
NuLegacy Gold V 4935 0.27 0.25 0.27 + 0.02 0.40 0.23
NV Gold V 255 0.30 0.30 0.30 + 0.02 0.44 0.18
NWT Uranium V 8461 0.16 0.15 0.15 0.00 0.25 0.10
OceanaGold T 25283 2.69 2.33 2.50 + 0.13 4.05 2.10
Odin Mining V 458 0.20 0.18 0.19 + 0.01 0.31 0.05
Odyssey Res V 2695 0.17 0.15 0.17 - 0.02 0.25 0.12
Olivut Res V 2281 1.53 1.13 1.45 + 0.37 2.05 0.50
Olympus Pacif T 9645 0.44 0.39 0.40 - 0.02 0.69 0.28
OM Group* N 15338 39.79 38.00 38.81 + 0.70 40.10 21.97
Opawica Expl V 1351 0.09 0.08 0.09 - 0.01 0.16 0.08
Open Gold V 1050 0.10 0.08 0.08 - 0.04 0.35 0.08
Opta Minls T 1 2.17 2.17 2.17 + 0.14 2.35 1.20
Orbit Garant D T 116 5.50 5.28 5.40 + 0.12 7.18 3.25
Orbite Expl A V 94014 3.68 3.10 3.49 + 0.25 5.69 0.12
Oremex Res V 8093 0.25 0.21 0.23 + 0.01 0.44 0.05
Orestone Mng V 9295 0.07 0.05 0.07 + 0.03 0.11 0.03
Orex Expl V 9407 0.07 0.06 0.06 - 0.01 0.12 0.06
Orex Minls V 1203 0.82 0.72 0.78 - 0.04 1.28 0.30
Orezone Gold T 27212 4.25 3.11 3.19 - 1.06 5.26 0.70
Orko Silver V 20665 3.04 2.79 2.81 - 0.15 3.25 1.29
Oro Gold Res V 3729 0.31 0.25 0.28 + 0.02 0.54 0.23
OroAndes Res V 3742 0.14 0.12 0.14 + 0.01 0.34 0.09
Oroco Res V 2191 0.31 0.28 0.31 + 0.02 0.43 0.18
Orocobre T 1300 2.21 2.10 2.19 - 0.02 4.00 1.35
Oromin Expl T 2742 0.94 0.83 0.85 0.00 1.49 0.80
Oromin Expl* Q 573 0.96 0.86 0.91 + 0.01 1.46 0.75
Orvana Mnrls T 4596 2.50 2.35 2.43 + 0.12 3.97 1.11
Osisko Mng T 63881 15.02 14.10 14.50 + 0.08 16.39 10.47
Otis Capital V 5842 0.53 0.47 0.48 - 0.02 0.84 0.37
Otish Energy V 1196 0.14 0.12 0.14 + 0.01 0.28 0.05
Otterburn Res V 100 0.44 0.44 0.44 0.00 0.44 0.20
Otterburn Vent C 215 0.40 0.35 0.40 - 0.05 0.40 0.10
P-Q
Pac Arc Res V 230 0.15 0.14 0.14 - 0.04 0.50 0.14
Pac Bay Mnrls V 1915 0.06 0.05 0.06 0.00 0.24 0.04
Pac Booker Min V 346 7.68 7.25 7.45 + 0.30 10.12 6.90
Pac Booker Mn* X 50 7.80 7.50 7.55 0.00 10.10 6.81
Pac Casc Minls V 1675 0.09 0.06 0.09 - 0.02 0.14 0.04
Pac Coast Nikl V 30 1.25 1.24 1.24 + 1.15 2.40 0.30
Pac Comox V 1230 0.03 0.02 0.02 0.00 0.04 0.02
Pac Iron Ore V 750 0.24 0.20 0.24 + 0.04 0.47 0.20
Pac NWCap T 1861 0.32 0.28 0.29 - 0.01 0.40 0.08
Pac Ridge Expl V 5259 0.36 0.29 0.31 + 0.01 0.50 0.12
Pac Rim Mining T 770 0.18 0.17 0.17 + 0.01 0.35 0.16
Pac Wildcat Re V 6233 0.63 0.49 0.53 - 0.08 1.87 0.17
Pachamama Res V 1064 0.95 0.73 0.85 - 0.01 1.25 0.24
Paget Mnls V 475 0.18 0.17 0.17 0.00 0.34 0.14
Paladin Energy T 45076 2.72 2.38 2.58 + 0.10 5.88 2.38
Palladon Vent V 778 1.10 1.01 1.05 - 0.10 1.51 0.40
Pan Am Lithium V 1160 0.15 0.12 0.13 - 0.01 0.38 0.12
Pan Am Silver T 13080 30.39 27.08 29.22 + 1.87 42.00 23.09
Pan Am Silver* Q 84774 31.23 27.60 29.66 + 1.71 43.06 22.21
Pancontl Uran V 3022 0.24 0.19 0.23 - 0.01 0.79 0.07
Panoro Minls V 4324 0.45 0.43 0.45 - 0.01 0.81 0.19
Panthera Expl V 445 0.18 0.16 0.16 - 0.05 0.29 0.09
Papuan Prec Mt V 3196 0.32 0.28 0.30 0.00 0.58 0.28
Paragon Minls V 1851 0.12 0.10 0.10 - 0.01 0.26 0.06
Parallel Res V 1510 0.10 0.09 0.09 0.00 0.23 0.09
Paramount Gld* X 241082 3.87 3.36 3.50 - 0.32 4.52 1.15
Paramount Gold T 7922 3.76 3.32 3.44 - 0.21 4.40 1.25
Parlane Res V 1913 0.22 0.16 0.17 0.00 0.30 0.10
Passprt Potash V 21608 0.62 0.56 0.56 - 0.10 1.86 0.05
Patriot Coal* N 70269 21.92 19.22 21.25 + 2.27 29.19 9.77
PC Gold T 4741 0.73 0.69 0.69 - 0.02 1.43 0.62
Peabody Enrgy* N 308972 57.88 53.80 57.04 + 3.17 73.95 38.08
Peat Res V 1400 0.10 0.09 0.09 - 0.01 0.21 0.05
Pebble Ck Mng V 990 0.09 0.08 0.08 - 0.01 0.25 0.05
Pelangio Expl V 6107 0.61 0.54 0.54 - 0.04 1.31 0.17
Pele Mtn Res V 5456 0.20 0.16 0.19 + 0.01 0.69 0.09
Penteco Res V 725 0.19 0.18 0.18 - 0.01 0.25 0.12
Peregrine Diam T 3641 1.89 1.69 1.77 + 0.02 3.32 1.65
Peregrine Mtls T 12319 0.78 0.65 0.69 - 0.04 1.49 0.47
Perseus Mng T 18345 2.77 2.59 2.69 - 0.04 3.89 1.80
Pershimco Res V 11021 0.96 0.85 0.94 + 0.10 0.96 0.23
Petaquilla Mn* Q 2570 0.69 0.62 0.65 0.00 1.38 0.30
Petaquilla Mnl T 19250 0.67 0.60 0.63 - 0.01 1.36 0.30
Petromin Res V 330 0.08 0.07 0.07 - 0.01 0.17 0.07
Philippine Mtl V 970 0.12 0.09 0.09 - 0.02 0.54 0.09
Pinestar Gold V 758 0.20 0.16 0.19 - 0.01 0.44 0.05
Pinetree Cap T 20781 2.47 2.05 2.24 + 0.13 4.29 1.04
Pitchstone Exp V 5042 0.14 0.12 0.12 0.00 0.61 0.12
Placer Dome V 12481 0.65 0.56 0.57 0.00 0.81 0.19
Planet Expl V 1355 0.30 0.23 0.30 + 0.08 0.51 0.12
Platinex V 1880 0.08 0.08 0.08 0.00 0.19 0.07
Platinum Gp M* X 1729 2.03 1.90 1.95 + 0.01 2.79 1.57
Platinum Gp Mt T 4034 1.97 1.86 1.93 + 0.01 2.79 1.71
Platmin T 2398 0.72 0.59 0.61 - 0.09 1.17 0.59
Plato Gold V 1410 0.04 0.04 0.04 0.00 0.06 0.03
Playfair Mng V 4618 0.09 0.08 0.08 0.00 0.32 0.06
Plexmar Res V 3463 0.09 0.08 0.09 0.00 0.14 0.05
PMI Gold V 4310 0.50 0.43 0.47 0.00 1.08 0.22
Polar Star Mng T 6151 0.80 0.65 0.66 - 0.02 4.69 0.50
Polaris Minls T 637 0.89 0.85 0.85 - 0.05 1.89 0.82
PolyMet Mng* X 11026 1.50 1.23 1.39 - 0.02 2.65 1.23
PolyMet Mng T 1007 1.46 1.26 1.36 0.00 2.61 1.26
Portage Mnls C 2700 0.10 0.09 0.10 0.00 0.10 0.001
Portal Res V 1329 0.22 0.21 0.22 - 0.03 0.29 0.08
Potash C Sask* N 369467 54.12 51.01 52.54 + 1.57 63.97 27.95
Potash Cp Sask T 81995 52.64 50.00 51.91 + 2.36 63.19 29.56
Powertech Uran T 3840 0.19 0.17 0.19 + 0.01 0.65 0.14
Premier Gold M T 14408 5.57 4.90 5.29 + 0.32 8.00 4.35
Premium Expl V 5230 0.50 0.43 0.43 - 0.07 0.83 0.27
Prescient Mng V 105 0.14 0.12 0.12 + 0.02 0.17 0.09
Pretium Res T 3266 9.57 9.17 9.17 - 0.33 14.19 5.75
Primero Mng T 12435 3.54 3.27 3.33 - 0.04 8.00 3.27
Prize Mng V 18 0.24 0.24 0.24 - 0.01 0.59 0.10
Pro Minerals V 3430 0.04 0.04 0.04 0.00 0.10 0.03
Pro-Or Mng Res V 5270 0.22 0.17 0.21 0.00 0.54 0.11
Probe Mines V 3065 1.20 1.01 1.15 + 0.05 2.38 0.32
Prominex Res V 1020 0.05 0.05 0.05 0.00 0.08 0.03
Prophecy Res V 6620 0.64 0.58 0.58 - 0.04 1.27 0.42
Prospctr C Res V 26 0.55 0.55 0.55 0.00 1.05 0.30
Prospero Silve V 405 0.40 0.35 0.35 + 0.03 0.64 0.25
Providence Cap V 673 0.28 0.28 0.28 - 0.01 2.99 0.12
Puma Expl V 1349 0.19 0.17 0.19 + 0.01 0.41 0.04
Pure Nickel T 1343 0.15 0.14 0.14 0.00 0.23 0.13
Purepoint U V 2997 0.15 0.13 0.15 + 0.02 0.74 0.08
Q-Gold Res V 377 0.08 0.08 0.08 0.00 0.25 0.08
QRS Capital V 1680 0.64 0.58 0.59 + 0.01 0.83 0.19
Quantum RE Dev V 5104 0.29 0.26 0.27 0.00 0.72 0.22
Quaterra Res* X 714 1.25 1.16 1.19 - 0.02 2.20 1.02
Quaterra Res V 871 1.20 1.14 1.15 - 0.01 2.08 1.05
Queenston Mng T 4494 7.40 6.70 6.74 - 0.67 8.07 3.20
Quest Rare Mnl V 20089 6.75 5.08 6.45 + 1.39 8.88 1.74
R
Radisson Mng V 212 0.12 0.10 0.10 0.00 0.16 0.09
Radius Gold V 1117 0.60 0.55 0.59 + 0.04 0.97 0.28
Radius Gold* Q 1175 0.62 0.56 0.59 0.00 0.97 0.25
Rainy Mtn Royl V 2460 0.12 0.09 0.12 - 0.01 0.42 0.05
Rainy River Rs V 10983 9.71 8.76 9.25 + 0.05 13.50 5.66
Ram Power T 23701 0.46 0.43 0.45 + 0.02 2.58 0.43
Rambler Mg&Mtl V 856 0.58 0.51 0.51 - 0.06 0.85 0.38
Randgold Res* Q 30362 80.50 74.88 78.66 + 3.53 106.44 70.18
Randsburg Intl V 99 0.05 0.05 0.05 0.00 0.12 0.04
Range Engy Res C 290 0.08 0.07 0.08 0.00 0.49 0.07
Rare Earth Mtl V 6470 0.23 0.18 0.22 + 0.03 0.51 0.14
Rare Elemt Re* X 77555 11.08 9.72 10.67 + 1.23 17.92 1.15
Rec Minerals V 980 0.10 0.08 0.08 - 0.02 0.18 0.08
Red Cresc Res T 1500 0.34 0.29 0.34 + 0.03 0.99 0.28
Red Mile Mnls V 350 0.13 0.12 0.13 0.00 0.20 0.07
Red Pine Expl V 5878 0.05 0.05 0.05 0.00 0.17 0.05
Red Rock Enrgy V 780 0.17 0.14 0.17 0.00 0.29 0.08
Redhawk Res V 2206 0.53 0.51 0.53 - 0.01 0.98 0.34
Redstar Gold V 1246 0.43 0.38 0.38 - 0.05 0.56 0.09
Redzone Res T 480 0.43 0.40 0.40 - 0.03 0.84 0.35
Regal Res C 500 0.42 0.33 0.41 0.00 0.42 0.001
Regent Vents V 260 0.06 0.05 0.06 0.00 0.19 0.05
Regulus Res V 1026 1.01 0.95 0.97 - 0.03 1.60 0.70
Remstar Res V 2513 0.09 0.09 0.09 0.00 0.25 0.05
Renaissnc Gold V 1427 1.95 1.82 1.85 - 0.05 2.50 0.70
Rencore Res C 250 0.22 0.22 0.22 0.00 0.22 0.001
Reservoir Capt V 6081 1.32 1.03 1.28 + 0.14 2.53 0.57
Resolve Vent V 20 0.36 0.36 0.36 0.00 0.55 0.14
Reunion Gold V 6268 1.67 1.50 1.64 - 0.05 2.49 0.18
Revett Mnls T 2208 4.49 3.94 4.35 + 0.36 6.14 1.27
Revolution Res T 11722 0.64 0.56 0.59 - 0.01 0.88 0.24
Rhyolite Res V 380 0.22 0.22 0.22 0.00 0.40 0.14
Richmond Mnls V 2060 0.03 0.03 0.03 0.00 0.09 0.03
Richmont Mines T 3872 7.22 6.28 6.81 + 0.46 9.75 4.12
Richmont Mine* X 13820 7.42 6.40 6.89 + 0.34 10.16 3.90
Ring of Fire R V 11667 0.16 0.13 0.14 + 0.01 0.18 0.06
Ringbolt Vent V 1155 0.32 0.26 0.30 0.00 0.72 0.09
Rio Alto Mng V 35713 2.12 1.96 2.09 - 0.01 2.78 0.60
Rio Cristal Rs V 1351 0.17 0.16 0.16 - 0.02 0.42 0.05
Rio Novo Gold T 16985 1.65 1.43 1.49 - 0.06 2.82 1.10
Riva Gold V 2949 1.29 1.03 1.25 + 0.11 2.82 0.71
Riverside Res V 2086 0.99 0.93 0.95 + 0.01 1.33 0.55
Riverstone Res V 3438 0.57 0.52 0.56 + 0.02 1.09 0.45
RJK Explor V 570 0.15 0.14 0.14 0.00 0.22 0.04
Robex Res V 8309 0.19 0.17 0.19 0.00 0.34 0.10
Roca Mines V 1502 0.23 0.21 0.23 0.00 0.41 0.20
Rochester Res V 15922 0.04 0.03 0.04 - 0.01 0.15 0.03
Rock Tech Lith V 2478 0.28 0.25 0.26 + 0.02 0.49 0.08
RockBridge Res V 235 0.08 0.08 0.08 0.00 0.20 0.07
Rockcliff Res V 2745 0.21 0.17 0.17 - 0.02 0.40 0.11
Rockgate Cap T 24842 1.19 0.91 1.19 + 0.14 3.47 0.47
Rockhaven Res V 2729 1.21 1.06 1.12 - 0.02 1.71 0.15
Rockland Mnls V 120 0.14 0.14 0.14 + 0.01 0.23 0.11
Rockwell Diam T 1897 0.04 0.04 0.04 0.00 0.08 0.04
Rocmec Mining V 580 0.25 0.20 0.25 + 0.04 1.10 0.16
Rodinia Lithm V 5673 0.35 0.31 0.31 + 0.02 0.74 0.25
Romarco Mnrls T 55880 1.96 1.78 1.81 - 0.13 2.88 1.53
Rome Res V 266 0.60 0.50 0.60 0.00 1.74 0.28
Romios Gold Rs V 11881 0.50 0.40 0.47 + 0.06 0.68 0.11
Roscan Minls V 260 0.07 0.07 0.07 - 0.01 0.24 0.05
Ross River Mnl V 17579 0.05 0.05 0.05 0.00 0.07 0.03
Roxgold V 3670 0.49 0.43 0.44 + 0.02 0.97 0.12
Royal Gold T 229 58.91 54.48 56.66 + 1.71 60.85 43.80
Royal Gold* Q 29450 59.16 55.60 57.20 + 1.05 62.33 42.15
Royal Nickel T 43593 1.19 0.96 1.10 + 0.08 2.99 0.96
RPT Uranium V 15553 0.11 0.10 0.10 0.00 0.32 0.10
RT Minerals C 1385 0.17 0.15 0.15 + 0.02 0.17 0.001
Rubicon Mnls* X 49169 4.74 3.93 4.54 + 0.56 6.34 3.15
Rubicon Mnrls T 23487 4.65 3.85 4.48 + 0.55 6.50 3.31
Rugby Mng V 2047 1.24 1.05 1.10 - 0.18 1.98 0.42
Running Fox Rs V 521 0.19 0.17 0.19 0.00 0.35 0.08
Rupert Res V 820 0.21 0.18 0.18 - 0.02 0.39 0.18
Rusoro Mng V 8204 0.25 0.22 0.22 - 0.03 0.44 0.17
Russell Metals T 4826 23.85 23.10 23.45 - 0.07 27.75 17.67
RX Expl V 2852 0.48 0.44 0.45 - 0.03 0.79 0.40
Ryan Gold V 1833 1.92 1.77 1.85 + 0.04 3.64 0.40
Rye Patch Gold V 4626 0.34 0.28 0.34 + 0.06 0.48 0.12
S
Sabina Silver T 8204 6.59 5.86 6.04 + 0.06 7.63 2.26
Sable Res V 1055 0.16 0.14 0.16 - 0.02 0.30 0.09
Sacre-Coeur Ml V 19497 0.35 0.29 0.34 0.00 1.57 0.29
Sage Gold V 5172 0.16 0.14 0.15 - 0.01 0.31 0.14
Salazar Res V 331 0.90 0.80 0.90 + 0.04 1.60 0.80
Samex Mng* Q 6678 1.22 1.02 1.16 + 0.07 1.50 0.20
Samex Mng V 5699 1.20 1.02 1.14 + 0.06 1.42 0.22
San Gold Res T 46812 3.32 3.09 3.18 - 0.14 4.78 2.45
Sanatana Diam V 1538 0.30 0.26 0.26 0.00 0.60 0.07
Sandspring Res V 4756 2.41 2.20 2.25 - 0.03 3.75 1.18
Sandstorm Mt&E V 15171 0.49 0.46 0.46 0.00 1.26 0.34
Sandstorm Res V 211395 1.22 1.08 1.13 - 0.03 1.22 0.58
Santa Barb Res V 40 0.30 0.30 0.30 + 0.08 0.75 0.22
Santa Fe Gold* Q 3143 0.93 0.86 0.88 - 0.04 1.38 0.77
Saturn Minls V 4955 0.29 0.25 0.26 - 0.01 0.50 0.05
Savant Expl V 515 0.10 0.09 0.10 + 0.01 0.31 0.05
Scorpio Gold V 3294 0.75 0.68 0.70 - 0.04 0.89 0.50
Scorpio Mining T 15713 1.29 1.19 1.26 + 0.04 1.65 0.61
Sea Green Cap V 634 0.05 0.03 0.04 0.00 0.09 0.01
Seabridge Gld* X 17325 28.23 25.75 26.87 + 0.55 36.49 24.15
Seabridge Gold T 1547 27.45 25.11 26.70 + 1.31 37.00 23.50
Seafield Res V 82170 0.34 0.24 0.31 + 0.07 0.77 0.16
Search Mnls V 590 0.45 0.43 0.45 + 0.01 0.74 0.25
Searchgold Res V 6170 0.04 0.03 0.03 0.00 0.06 0.01
Secova Mtls V 220 0.06 0.05 0.06 0.00 0.19 0.05
Sedex Mng V 1160 0.09 0.07 0.08 - 0.01 0.25 0.06
Sego Res V 1475 0.23 0.21 0.23 + 0.02 0.33 0.07
Selwyn Res V 12405 0.23 0.20 0.20 - 0.02 0.39 0.16
Semafo T 55585 7.74 6.54 7.09 + 0.31 14.44 6.54
Senator Minls V 940 0.09 0.08 0.08 0.00 0.12 0.04
Sennen Res V 800 0.30 0.30 0.30 0.00 0.42 0.29
Sentry Sl PrmM T 1599 10.56 10.25 10.46 + 0.17 12.60 7.97
Serengeti Res V 2199 0.25 0.22 0.23 - 0.01 0.41 0.22
SGX Res V 540 0.30 0.27 0.30 + 0.03 0.37 0.21
Shamrock Ent C 105 0.34 0.31 0.34 0.00 0.34 0.001
Shear Diamonds V 286 0.46 0.43 0.46 + 0.03 1.20 0.41
Sheltered Oak V 5233 0.05 0.04 0.05 - 0.01 0.15 0.04
Sherritt Intl T 81456 6.42 6.04 6.25 + 0.12 9.90 5.72
Shore Gold T 6584 0.73 0.68 0.69 - 0.02 0.98 0.54
Sidon Intl Res V 2510 0.04 0.03 0.04 0.00 0.26 0.03
Sienna Gold V 2473 0.41 0.38 0.38 - 0.01 0.75 0.09
Sierra Madre D V 555 0.25 0.19 0.25 + 0.04 0.35 0.18
Silver Bear Rs T 1534 0.81 0.70 0.79 + 0.05 1.40 0.22
Silver Dragon* Q 5036 0.12 0.10 0.12 0.00 0.29 0.07
Silver Fields V 623 0.05 0.05 0.05 0.00 0.17 0.05
Silver Grail R V 50 0.22 0.22 0.22 0.00 0.35 0.12
Silver Lake Rs V 2025 0.43 0.37 0.38 - 0.05 1.08 0.20
Silver Quest R V 39823 1.13 0.94 1.04 + 0.11 1.13 0.37
Silver Shield V 1990 0.05 0.05 0.05 0.00 0.10 0.03
Silver Spruce V 4718 0.10 0.09 0.10 + 0.01 0.36 0.04
Silver Std Res T 5136 26.14 23.68 24.82 + 1.11 34.17 16.21
Silver Std Re* Q 41941 26.88 24.16 25.11 + 0.87 35.94 15.61
Silver Wheatn* N 432054 33.61 30.00 31.75 + 1.56 47.60 17.64
Silver Wheaton T 106002 32.64 29.45 31.34 + 1.86 45.50 18.50
Silvercorp Mt* N 29267 9.65 8.18 8.82 + 0.72 16.32 5.89
Silvercorp Mtl T 50716 9.38 8.00 8.70 + 0.79 15.60 6.21
SilverCrest Mn V 11079 1.40 1.21 1.32 + 0.08 2.20 0.88
Silvermet V 2700 0.11 0.10 0.11 + 0.01 0.18 0.08
Silvermex Res T 14979 0.65 0.59 0.59 - 0.01 1.09 0.20
Silvore Fox Ml V 2007 0.14 0.13 0.14 0.00 0.25 0.06
Sinchao Mtls V 1230 0.14 0.10 0.11 - 0.02 0.45 0.09
SinoCoking Cl* Q 5795 4.99 4.59 4.79 - 0.07 18.46 4.50
Sirios Res V 3030 0.08 0.08 0.08 0.00 0.13 0.04
Skeena Res V 1724 0.08 0.06 0.07 - 0.01 0.14 0.05
Skyharbour Res V 853 0.12 0.10 0.12 0.00 0.50 0.10
Skyline Gold V 5484 0.25 0.22 0.22 - 0.02 0.37 0.12
Slam Exploratn V 11026 0.10 0.08 0.10 + 0.02 0.26 0.08
Sniper Res V 463 0.26 0.23 0.23 - 0.01 0.35 0.22
Soc Quim&M Ch* N 25475 62.21 59.22 61.57 + 2.08 62.89 32.09
Softrock Mnrl V 770 0.06 0.05 0.06 + 0.01 0.15 0.03
Soho Res V 1204 0.09 0.08 0.09 - 0.01 0.15 0.04
Solid Gold Res V 475 0.09 0.09 0.09 0.00 0.23 0.09
Solid Res V 2953 0.09 0.08 0.09 + 0.01 0.29 0.05
Solitaire Mnls V 2268 0.05 0.04 0.05 0.00 0.11 0.04
Solitario Res T 41 2.81 2.75 2.75 - 0.12 4.27 1.80
Solitario Res* X 2682 2.98 2.70 2.74 - 0.11 4.42 1.71
Solomon Res V 282 0.14 0.12 0.14 + 0.01 0.45 0.12
Soltoro V 11338 0.93 0.77 0.86 + 0.07 1.29 0.17
Source Expl V 2535 0.26 0.21 0.25 + 0.01 0.69 0.10
South Am Silvr T 9149 2.08 1.68 1.96 + 0.28 3.35 0.40
Southern And E V 2145 0.24 0.19 0.21 0.00 0.76 0.11
Southern Arc V 12265 2.08 1.64 1.98 + 0.31 2.08 0.51
Southern Silvr V 9509 0.18 0.15 0.16 - 0.02 0.38 0.06
SouthGobi Res T 2407 10.20 9.96 10.05 0.00 16.64 9.54
Spanish Mtn Gd V 3273 0.68 0.64 0.65 + 0.01 0.83 0.38
Sparton Res V 3636 0.12 0.10 0.10 - 0.01 0.28 0.09
Sprott Ph Silv T 1468 16.57 15.42 15.47 - 0.53 22.99 9.97
Sprott Res T 5793 4.82 4.37 4.68 + 0.29 5.80 3.82
Spur Ventures T 4683 0.44 0.37 0.38 - 0.07 0.68 0.27
St Andrew Gldf T 15723 0.90 0.76 0.82 + 0.01 1.71 0.76
St Elias Mns V 8277 2.28 2.01 2.25 + 0.17 2.73 0.85
St Eugene Mng V 6054 0.11 0.10 0.10 0.00 0.39 0.05
St-Georges Plt C 345 0.09 0.09 0.09 - 0.03 0.09 0.001
St. Augustine T 4710 0.70 0.66 0.69 - 0.01 2.10 0.25
Star Uranium V 1759 0.04 0.04 0.04 - 0.01 0.09 0.03
Starcore Int V T 9785 0.12 0.11 0.11 0.00 0.19 0.08
Starfield Res* Q 9097 0.06 0.04 0.06 + 0.01 0.17 0.03
Starfield Res T 82175 0.05 0.04 0.05 0.00 0.19 0.04
Starfire Mnrls V 369 0.05 0.04 0.04 0.00 0.08 0.01
Stealth Mnls V 1323 0.03 0.03 0.03 0.00 0.05 0.01
Stellar Pac Vt V 6808 0.08 0.07 0.07 - 0.01 0.19 0.05
Stelmine Can V 990 0.05 0.05 0.05 0.00 0.14 0.05
Stikine Gold V 1950 0.27 0.25 0.25 0.00 0.58 0.20
Stillwater Mg* N 212018 21.40 19.01 20.52 + 1.42 25.90 10.52
Stina Res V 612 0.42 0.37 0.40 - 0.01 0.91 0.36
StoneShield Ca V 2854 0.17 0.17 0.17 0.00 0.22 0.09
Stornoway Diam T 3235 2.15 2.03 2.05 - 0.11 2.96 2.02
Strait Gold V 1180 0.07 0.05 0.05 0.00 0.25 0.05
Stratabd Mnr V 20 0.10 0.10 0.10 0.00 0.21 0.07
Strateco Res T 1490 0.48 0.46 0.48 + 0.01 1.34 0.39
Strategic Metl V 7111 3.25 2.80 3.20 + 0.04 3.75 0.55
Strategic Res V 2301 0.07 0.06 0.06 0.00 0.28 0.03
Strathmore Mnl T 5673 0.54 0.48 0.52 0.00 1.68 0.41
Strike Minls V 2355 0.07 0.06 0.07 0.00 0.13 0.04
StrikePoint Gd V 9084 0.15 0.13 0.15 0.00 0.44 0.12
Strongbow Expl V 800 0.41 0.35 0.35 - 0.02 0.80 0.08
Stronghold Mtl V 2155 0.44 0.38 0.41 + 0.02 0.65 0.29
Stroud Res V 3797 0.12 0.10 0.12 0.00 0.19 0.05
Sulliden Expl T 29831 2.01 1.83 1.87 - 0.15 2.78 0.50
Sultan Mnrls V 4760 0.04 0.03 0.04 0.00 0.11 0.03
Sunridge Gold V 9893 0.81 0.72 0.80 + 0.07 1.58 0.40
Sunset Cove Mg V 2415 0.09 0.06 0.08 0.00 0.24 0.06
Sunward Res V 10681 1.58 1.40 1.49 + 0.09 2.15 0.58
Superior Mng V 65 0.14 0.14 0.14 0.00 0.34 0.10
Supreme Res V 2395 0.09 0.07 0.08 - 0.01 0.20 0.06
Sutter Gold V 155 0.17 0.14 0.14 + 0.01 0.35 0.08
Swift Res V 1175 0.08 0.07 0.07 0.00 0.16 0.07
T
TAD Mnl Expl V 2865 0.09 0.08 0.09 + 0.01 0.14 0.06
Tahoe Res T 6448 18.39 16.95 17.77 + 0.06 25.00 6.30
Takara Res V 5729 0.16 0.14 0.15 + 0.01 0.43 0.10
Taku Gold V 9196 0.37 0.29 0.34 0.00 0.57 0.19
Talison Lithm T 5812 4.37 3.85 3.96 + 0.11 7.80 3.10
Talmora Diam C 30 0.05 0.05 0.05 + 0.01 0.05 0.001
Talon Metals T 2633 1.55 1.35 1.40 - 0.15 3.14 0.24
Tamerlane Vent V 1763 0.25 0.23 0.23 - 0.02 0.50 0.12
Tanqueray Res V 745 0.02 0.02 0.02 0.00 0.05 0.001
Tanz Roy Exp T 3500 6.45 5.90 6.24 + 0.16 7.79 4.81
Tanzania Mnls V 1916 0.53 0.44 0.48 - 0.06 0.95 0.10
Tara Gold* Q 2023 0.47 0.35 0.45 + 0.06 0.53 0.17
Taranis Res V 1790 0.25 0.25 0.25 0.00 0.33 0.12
Tarsis Res V 977 0.55 0.45 0.54 + 0.09 0.95 0.14
Taseko Mines* X 45038 4.50 4.16 4.42 + 0.19 7.23 3.31
Taseko Mines T 22757 4.41 4.09 4.34 + 0.21 7.27 3.27
Tasman Metals V 10161 5.15 3.95 4.98 + 1.01 5.98 0.51
Tawsho Mng V 20 0.14 0.11 0.14 + 0.03 0.35 0.11
Tearlach Res V 518 0.05 0.05 0.05 0.00 0.27 0.03
Teck A T 103 47.57 43.00 47.46 + 2.86 65.31 32.00
Teck B* N 195152 47.40 42.84 46.49 + 1.88 65.37 28.37
Teck B T 219973 46.48 41.96 45.95 + 2.29 64.62 30.25
Temex Res V 4300 0.31 0.25 0.25 - 0.04 0.48 0.20
Teranga Gold T 4952 2.61 2.42 2.48 - 0.05 3.00 2.19
Terra Firma Rs V 396 0.12 0.11 0.11 - 0.01 0.23 0.11
Terra Vent V 4045 0.55 0.50 0.50 - 0.05 0.70 0.25
Terraco Gold V 3011 0.37 0.33 0.34 - 0.02 0.51 0.08
Terrax Minls V 400 0.20 0.20 0.20 0.00 0.49 0.19
Terreno Res V 2220 0.19 0.16 0.17 - 0.02 0.76 0.12
Teryl Res Corp V 910 0.09 0.08 0.09 - 0.01 0.20 0.08
Teslin Rvr Res V 100 0.08 0.08 0.08 0.00 0.12 0.05
Teuton Res V 3016 0.49 0.41 0.45 + 0.06 0.77 0.26
Thelon Cap V 3439 0.47 0.42 0.46 + 0.01 0.55 0.09
Thompson Creek T 21114 9.66 9.02 9.41 + 0.23 15.43 8.54
Thompson Crk* N 30401 9.93 9.21 9.49 + 0.12 16.04 8.01
Threegold Res V 12084 0.21 0.17 0.17 - 0.04 0.44 0.05
Thundermin Res T 8094 0.14 0.11 0.14 + 0.02 0.25 0.08
Tiex V 1028 0.14 0.12 0.13 - 0.01 0.31 0.04
Tiger Res T 1565 0.47 0.41 0.41 - 0.08 0.66 0.19
Tigris Uran V 1497 0.29 0.26 0.27 0.00 1.09 0.12
Timberline Res V 20 0.83 0.83 0.83 + 0.12 1.45 0.71
Timberline Rs* X 9768 0.85 0.74 0.77 + 0.01 1.40 0.73
Timminco T 4159 0.38 0.36 0.37 0.00 0.75 0.26
Tinka Res V 12710 0.45 0.37 0.40 + 0.01 0.73 0.11
TintinaGold Rs V 471 0.65 0.60 0.63 - 0.02 1.23 0.35
Tirex Res V 7581 0.99 0.85 0.99 + 0.06 1.22 0.12
Titan Uranium V 12146 0.22 0.19 0.22 + 0.02 0.87 0.10
Titanium Corp V 3192 2.34 2.21 2.25 + 0.05 2.90 1.00
TNR Gold V 12070 0.09 0.07 0.09 0.00 0.25 0.07
Tombstone Exp* Q 3688 0.06 0.05 0.06 0.00 0.14 0.03
Torch Rvr Res V 2450 0.05 0.04 0.04 - 0.01 0.12 0.02
Torex Gold T 37732 1.70 1.57 1.64 - 0.06 2.39 0.90
Tosca Mng V 3250 0.40 0.38 0.38 - 0.02 0.57 0.11
Touchdown Res V 1100 0.06 0.06 0.06 0.00 0.23 0.06
Tournigan Engy V 10524 0.13 0.11 0.13 0.00 0.45 0.09
Tr-River Vent V 150 0.51 0.51 0.51 0.00 0.65 0.25
Trade Winds Vt V 15513 0.25 0.22 0.23 + 0.01 0.47 0.12
Treasury Metal T 701 1.38 1.27 1.28 - 0.08 1.80 0.25
Trelawney M&Ex V 18818 4.64 4.17 4.51 + 0.31 5.49 0.65
Tres-Or Res V 3813 0.09 0.08 0.08 - 0.01 0.21 0.07
Trevali Res T 5586 1.53 1.42 1.43 - 0.07 2.51 0.90
Tri Origin Exp V 1004 0.11 0.11 0.11 0.00 0.19 0.04
Tri-Valley* X 15850 0.62 0.53 0.61 + 0.07 1.12 0.35
TriAusMin T 5827 0.17 0.12 0.13 0.00 0.25 0.03
Tribute Res V 114 0.09 0.08 0.09 - 0.01 0.16 0.06
Trigen Res V 2000 0.17 0.17 0.17 0.00 0.32 0.12
Trijet Mining V 100 0.08 0.08 0.08 0.00 0.20 0.08
Trillium North V 11520 0.10 0.06 0.07 + 0.01 0.10 0.02
Trio Gold Corp V 2754 0.05 0.05 0.05 0.00 0.17 0.04
Troon Vent V 415 0.65 0.60 0.60 - 0.01 0.95 0.55
Troy Res T 86 3.68 3.50 3.57 - 0.10 4.15 2.15
Troymet Expl V 4383 0.08 0.06 0.07 - 0.01 0.41 0.05
True North Gem V 13464 0.12 0.10 0.12 0.00 0.19 0.07
Trueclaim Expl V 402 0.14 0.14 0.14 0.00 0.23 0.09
Tsodilo Res V 591 0.94 0.80 0.94 + 0.05 2.15 0.70
TTM Res V 1053 0.14 0.12 0.13 0.00 0.41 0.12
Tumi Res V 841 0.14 0.10 0.14 + 0.03 0.29 0.09
TVI Pacific T 51176 0.09 0.08 0.08 0.00 0.14 0.06
Tyhee Gold V 17706 0.17 0.14 0.15 - 0.02 0.20 0.07
Typhoon Expl V 1149 0.80 0.71 0.74 - 0.04 1.71 0.45
U-V
U3O8 Corp V 20157 0.32 0.28 0.30 0.00 1.32 0.20
UC Res V 2143 0.07 0.06 0.06 0.00 0.14 0.06
Ucore Uranium V 14882 0.64 0.59 0.62 + 0.01 1.28 0.20
UEX Corp T 8519 1.08 0.98 1.02 - 0.08 2.63 0.72
Ultra Lithium V 36243 0.07 0.05 0.05 - 0.01 0.17 0.04
Ultra Uranium V 510 0.07 0.06 0.06 0.00 0.11 0.04
Unigold V 6939 0.10 0.09 0.09 + 0.01 0.25 0.09
United Reef V 3990 0.03 0.03 0.03 0.00 0.05 0.02
Upper Can Gold V 1040 0.30 0.25 0.28 - 0.05 0.60 0.15
Ur-Energy T 19934 1.71 1.39 1.64 + 0.19 3.35 0.76
Ur-Energy* X 64031 1.74 1.43 1.62 + 0.09 3.36 0.73
Uracan Res V 38173 0.10 0.09 0.09 0.00 0.40 0.09
Uragold Bay Rs V 8878 0.04 0.04 0.04 0.00 0.09 0.01
Uranerz Energy T 2601 3.16 2.68 3.15 + 0.35 5.84 0.93
Uranerz Energ* X 89823 3.20 2.74 3.04 + 0.17 5.93 0.87
Uranium Ener* X 49508 3.29 2.95 3.09 + 0.04 7.48 2.11
Uranium North V 32266 0.17 0.10 0.17 + 0.06 0.55 0.06
Uranium One T 88637 2.89 2.72 2.73 - 0.17 7.02 2.29
Uranium Partic T 7010 6.45 6.26 6.42 - 0.03 9.50 5.52
Uranium Res* Q 174060 1.69 1.40 1.64 + 0.12 3.98 0.38
Urastar Energy V 420 0.50 0.50 0.50 0.00 0.89 0.23
Uravan Minls V 80 0.20 0.20 0.20 + 0.01 0.43 0.12
Ursa Major Min T 1825 0.17 0.16 0.17 + 0.01 0.25 0.07
US Antimony* Q 12704 3.89 2.46 3.70 + 1.20 3.89 0.32
US Energy* Q 12401 4.26 3.90 4.19 + 0.24 6.80 3.81
US Gold* N 23853 6.32 5.35 5.58 + 0.15 9.87 4.26
US Gold T 6106 6.15 5.26 5.50 + 0.18 9.44 4.49
US Gold Can Ac T 101 6.14 5.41 5.67 - 0.72 9.25 4.20
US Silver V 37506 0.59 0.48 0.53 + 0.05 0.83 0.19
Vaaldiam Res T 1571 0.16 0.14 0.14 - 0.01 0.32 0.001
Vale* N 178720 31.16 29.73 30.66 + 0.80 37.25 23.87
Valencia Vent V 935 0.08 0.05 0.06 0.00 0.16 0.05
ValGold Res V 300 0.23 0.22 0.22 + 0.02 0.38 0.15
Vangold Res V 472 0.11 0.09 0.09 - 0.01 0.35 0.09
Vanstar Mng Rs V 430 0.18 0.17 0.18 + 0.02 0.30 0.13
Vantex Res V 3582 0.22 0.20 0.20 - 0.01 0.64 0.09
Velocity Minls T 332 0.15 0.15 0.15 - 0.03 0.25 0.08
Vena Res T 5314 0.26 0.22 0.25 + 0.03 0.59 0.18
Vendetta Mng V 1840 1.30 1.28 1.30 + 0.03 1.30 0.25
EXCHANGE RATES
CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate)
Date June 27 June 24 June 23 June 22 June 21
US$ in C$ 0.9861 0.9849 0.9799 0.9726 0.9724
C$ in US$ 1.0141 1.0153 1.0205 1.0282 1.0284
EXCHANGE RATES (Bank of Canada, June 27, 2011)
Currency Aus $ Euro Japan Mex P SA Rand UK
In C$ 1.0292 1.4082 0.01219 0.08291 0.1434 1.5749
In US$ 1.0437 1.4280 0.01236 0.08408 0.1454 1.5971
LENDING RATES
as of 9 a.m. ET. Aug. 23, 2010 (%)
Bank of Canada 1.00
Target overnight rate 0.75
Canadian Prime 2.75
U.S. Discount Primary 0.75
U.S. Fed Funds market rate 0-0.25
U.S. Prime 3.25
LIBOR US$ 3-month 0.35
LIBOR US$ 6-month 0.58
LIBOR US$ 1-year 0.91
Gold lease 3-month -0.04
Gold lease 6-month 0.12
Gold lease 1-year 0.42
Silver lease 3-month -0.41
Silver lease 1-year 0.15
Platinum lease 3-month 0.22
Platinum lease 1-year 0.98
Metal lease rates from www.kitco.com
DIVIDENDS 2010
Company Div. Pay Record
($) Date Date
Mosaic 0.05 Aug 19 Aug 6
Alcoa 0.03* Aug 26 Aug 6
Goldcorp 0.015* Aug 27 Aug 19
Peabody Energy 0.07* Aug 27 Aug 6
Centerra Gold 0.08* Sept 8 Aug 18
Arch Coal 0.10* Sept 15 Sept 1
Barrick Gold 0.12* Sept 15 Aug 31
Compass Mnrls 0.39* Sept 15 Sept 1
Russel Metals 0.25 Sept 25 Aug 30
First Quantum 0.197 Sept 20 Aug 27
Kinross Gold 0.05* Sept 30 Aug 31
Yamana Gold 0.02* Oct 14 Sept 30
Silvercorp 0.02 Oct 21 Sept 30
Note: Vale will pay $0.24* per outstanding common or prf sh
on Oct 20. Alcoa will pay a $0.9375* div on it $3.75* cmltv
pr stock on Oct 1, rec Sept 10. Franco-Nevada monthly div of
0.025 starting in July.
* = US funds, ** = Australian funds, f=formula, e = estimate
INTERNATIONAL QUOTES
Australia (A$) Aug 24 Aug 17 Change
Aquila Resources 8.3 8.69 -0.39
Bendigo Mining 0.18 0.18 0.00
Centennial Coal 6.03 6.04 -0.01
Fortescue Res 4.50 4.56 -0.06
Iluka Resources 5.23 5.47 -0.24
Kingsgate Cons. 9.60 9.90 -0.30
MacArthur Coal 12.36 12.65 -0.29
St. Barbara 0.30 0.31 -0.01
Newcrest Mining 35.73 35.24 0.49
Zimplats 10.50 10.50 0.00
Britain (pound)
Antofagasta 10.08 10.32 -0.24
Lonmin 14.49 15.82 -1.33
Oxus Gold 6.35 6.70 -0.35
Xstrata 9.94 10.60 -0.66
Mexico (peso)
Grupo Mexico 33.21 34.20 -0.99
Indust. Penoles 272.04 274.76 -2.72
South Africa (R)
Aquarius Plat 29.90 29.40 0.50
African Rainbow 153.11 162.86 -9.75
Harmony Gold 73.80 78.30 -4.50
Impala Platinum 178.20 186.01 -7.81
Metorex 3.50 3.53 -0.03
Northam Plat 41.62 42.60 -0.98
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10 JULY 4-10, 2011 THE NORTHERN MINER
NEW 52-WEEK HIGHS AND LOWS JUNE 20-24, 2011
44 New Highs
Aerocast
Alliance Mng
Argonaut Gold
Armadillo Res
Ateba Res
Bird River Mns
Bryant Res
Burnstone Vent
Carlisle Goldf
Cayenne Gold M
Duncan Park H
Extorre Gold M
Firesteel Res
Gold Reserve
Gold Reserve*
Golden Cross R
GoldTrain Res
HiHo Silver
Hilltown Res
Hy Lake Gold
Kokomo Ent
MacMillan Mnls
Magna Res
Mahdia Gold
Mantis Mnls
Mazorro Res
Micrex Devel
Montana Gold M
Otterburn Res
Otterburn Vent
Pershimco Res
Portage Mnls
Regal Res
Rencore Res
RT Minerals
Sandstorm Res
Shamrock Ent
Silver Quest R
Southern Arc
St-Georges Plt
Talmora Diam
Trillium North
US Antimony*
Vendetta Mng
237 New Lows
Abbastar Res
Abitex Res
Abitibi Mng
Acadian Mng
Acrex Vent
Advance Gold
Alberta Star D
Alberta Star *
Alder Res
Aldershot Res
Alexander Mng
Alexis Minls
Alpha Gold
Altai Res
Altair Vent
Altima Res
Alto Vent
Altoro Gold
Am Engy Field*
Amador Gold
Amanta Res
Amato Expl
Amseco Expl
Anaconda Mng
Anglo Swiss
Appalaches Res
Appleton Expl
Arctic Star Di
Aura Mnls
Azteca Gold
Bannerman Res
Bard Vent
Baroyeca Go&Si
Bear Lake Gold
Belmont Res
Black Bull Res
Blackstone Res
Brionor Res
Britannica Res
Caldera Res
Canadn Int Mnl
Canadn Mining
Canasia Indust
Candente Gold
Candorado Oper
Cantex Mn Dev
Capella Res
Catalyst Coppr
Challenger Dev
Chilean Gold
Claim Post Res
Cobalt Coal
Colombian Mins
Colstar Vent
Conquest Res
Contl Precious
Corex Gold
Cortez Gold
Creso Expl
Crystallex Int
Cue Res
Cuervo Res
Curlew Lke Res
Cypress Dev
Dajin Res
Darnley Bay
Dawson Gold
Decade Res
Dentonia Res
Diadem Res
Diamond Frank
Dianor Res
Dorato Res
Dot Res
Eagle Hill Exp
Eastmain Res
Eldorado Gold*
Eldorado Gold
Eloro Minls
Elray Res*
Emed Mining
Emgold Mng
Encore Ren Res
Entree Gold
Eskay Mng
Everett Minls
Evolving Gold
Exeter Res*
Exeter Res
Fancamp Expl
Fieldex Expl
First Mexican
Forbes & Man C
Foundation Res
Frontier Rr Er
Frontline Gold
Galena Capital
Geovic Mng
Geovic Mng*
Getty Copper
Gobimin
Golden Alli Rs
Goldeye Expl
Goldrea Res
Greenlight Res
Guerrero Expl
Halo Res
Happy Ck Minls
Harvest Gold
Honey Badger E
Houston Lake
Hudson River M
Indico Res
Infinito Gold
Infrastrc Mat*
Inspiration Mg
Intl Samuel Ex
INV Metals
Ivanhoe Austrl
Ivernia
JNR Res
Kenai Res
Kent Expl
Klondike Silv
Lakeland Res
Laurion Mnl Ex
Legend Intl H*
Logan Copper
Lounor Expl
Lund Gold
MacDonald Mns
Macusani Yello
Magma Metals
Mainstream Mnl
Mega Uranium
Meritus Mnls
Metalore Res
Mexivada Mng
Midlands Minls
Mill Bay Vent
Mineral Hill
Miranda Gold
Mountain Boy M
Mukuba Res
Nanika Res
Network Expl
Nevada Geo Pow
Nevada Sunrise
New Destiny Mg
New Guinea Gld
New Hana C Mng
New Nadina
New Shoshoni V
Newcastle Mnls
Nitinat Mnls
NMC Res
Noble Metal Gr
Noront Res
North Am Gem
Northern Abiti
Novus Gold
Opawica Expl
Open Gold
Orex Expl
Pac Arc Res
Pac Comox
Pac Iron Ore
Paladin Energy
Pan Am Lithium
Papuan Prec Mt
Parallel Res
Petromin Res
Philippine Mtl
Pitchstone Exp
Platmin
PolyMet Mng*
PolyMet Mng
Primero Mng
Q-Gold Res
Ram Power
Range Engy Res
Rec Minerals
Red Pine Expl
Regent Vents
Richmond Mnls
Rochester Res
Rockwell Diam
Royal Nickel
RPT Uranium
Rupert Res
Sacre-Coeur Ml
Sage Gold
Salazar Res
Secova Mtls
Semafo
Serengeti Res
Sheltered Oak
Sidon Intl Res
Silver Fields
Skyharbour Res
Slam Exploratn
Solid Gold Res
Solitaire Mnls
Solomon Res
St Andrew Gldf
Starfield Res
Stelmine Can
Strait Gold
Sultan Mnrls
Sunset Cove Mg
Swift Res
Tawsho Mng
Terra Firma Rs
Teryl Res Corp
TNR Gold
Touchdown Res
Trijet Mining
TTM Res
UC Res
Unigold
Uracan Res
Valencia Vent
Vangold Res
Victoria Gold
Victory Nickel
Vulcan Mnrls
War Eagle Mg
Westcan Uran
Western Lithiu
Westminster Rs
Witwatersrand
Xemplar Energy
Xmet
Xtra-Gold Res
Yale Res
Yankee Hat Ind
Zinccorp Res
BID-ASK JUNE 20-24, 2011
12-MONTH
STOCK EXC BID ASK LAST HIGH LOW
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
(100s) Week 12-month
Stock Exc Volume High Low Last Change High Low
Vendome Res V 245 0.12 0.12 0.12 - 0.03 0.32 0.10
Victoria Gold V 9716 0.64 0.58 0.59 - 0.02 1.55 0.58
Victory Nickel T 6537 0.10 0.09 0.09 0.00 0.15 0.09
Viking Gold V 3062 0.24 0.17 0.24 + 0.05 0.37 0.06
Vior Mining V 1079 0.10 0.09 0.10 0.00 0.20 0.07
Virgin Metals V 355 0.25 0.23 0.23 - 0.05 0.45 0.12
Virginia Engy V 1726 0.19 0.16 0.17 0.00 0.78 0.14
Virginia Mines T 1268 8.79 8.48 8.65 + 0.30 9.80 6.71
Visible Gold M V 3074 0.25 0.20 0.20 - 0.02 0.70 0.13
Vista Gold T 1370 2.79 2.52 2.76 + 0.16 4.20 1.33
Vista Gold* X 97337 2.83 2.58 2.77 + 0.07 4.28 1.30
VMS Vent V 8500 0.54 0.46 0.47 - 0.07 0.85 0.19
Volcanic Mtls V 647 0.22 0.19 0.19 - 0.03 0.45 0.08
Volta Res T 12740 1.48 1.29 1.37 + 0.07 2.65 1.12
Vulcan Mnrls V 2211 0.22 0.19 0.19 0.00 0.52 0.19
VVC Expl V 6666 0.19 0.18 0.18 - 0.01 0.22 0.08
W-Z
Wallbridge Mng T 2409 0.22 0.20 0.22 0.00 0.29 0.13
War Eagle Mg V 3840 0.05 0.05 0.05 0.00 0.11 0.05
Waseco Res V 791 0.12 0.09 0.10 0.00 0.29 0.08
Waymar Res V 352 0.68 0.60 0.60 - 0.10 1.61 0.35
WCB Res V 1178 0.19 0.17 0.19 + 0.03 0.25 0.10
Wealth Minls V 3426 0.54 0.43 0.53 + 0.04 1.34 0.25
Wescan Goldfie V 897 0.09 0.08 0.08 0.00 0.20 0.05
Wesdome Gold T 4553 2.49 2.34 2.44 + 0.04 3.10 2.16
Wesgold Mnls V 180 0.60 0.60 0.60 0.00 0.65 0.31
West High Yld V 240 0.34 0.30 0.30 - 0.09 0.65 0.23
West Kirkland V 1380 1.00 0.86 1.00 + 0.09 1.70 0.73
Westar Res V 2573 0.96 0.86 0.95 + 0.03 1.30 0.17
Westcan Uran V 1355 0.06 0.05 0.06 + 0.01 0.18 0.05
Western Areas T 158 5.75 5.57 5.75 - 0.90 7.22 3.14
Western Copper T 18480 3.09 2.64 2.97 + 0.26 4.40 0.81
Western Coppr* X 4982 3.14 2.70 3.02 + 0.26 4.49 0.77
Western Lithiu T 9338 0.69 0.60 0.61 - 0.10 1.64 0.60
Western Pac Rs V 2444 0.58 0.51 0.53 - 0.06 0.74 0.36
Western Potash V 29595 1.54 1.35 1.50 + 0.14 1.80 0.42
Western Troy C V 417 0.29 0.23 0.29 + 0.03 0.75 0.20
Westminster Rs V 3816 0.18 0.13 0.13 - 0.02 0.73 0.13
Westridge Res V 30 0.53 0.53 0.53 + 0.01 0.75 0.21
WGI Heavy Mnl T 201 0.53 0.47 0.48 - 0.03 0.54 0.40
Whetstone Mnls V 4013 0.14 0.10 0.14 + 0.02 0.17 0.01
White Canyon U V 100 0.24 0.24 0.24 0.00 0.28 0.12
White Tiger Mg V 920 0.28 0.23 0.24 - 0.03 0.98 0.20
White Tigr Gld T 313 1.85 1.60 1.72 - 0.03 8.45 1.20
Wildcat Expl V 4341 0.05 0.05 0.05 + 0.01 0.12 0.04
Wildcat Silver V 9254 1.91 1.56 1.80 + 0.21 3.16 0.32
Williams Creek V 150 0.38 0.37 0.38 + 0.02 0.44 0.14
Win Eldrich Mn V 303 0.20 0.19 0.19 0.00 0.39 0.17
Windarra Minls V 975 0.17 0.17 0.17 + 0.01 0.25 0.10
Witwatersrand T 165 5.70 5.10 5.10 - 0.60 10.64 5.10
Wolverine Mnls V 3423 0.58 0.48 0.58 + 0.09 0.95 0.15
Woulfe Mng V 8258 0.22 0.20 0.21 - 0.01 0.55 0.07
WPC Res V 500 0.14 0.12 0.14 + 0.02 0.19 0.10
X-Terra Res V 296 0.51 0.45 0.51 + 0.06 0.70 0.30
Xemplar Energy V 1898 0.07 0.06 0.07 + 0.01 0.26 0.06
Xinergy T 10941 4.18 3.51 3.97 + 0.44 6.20 1.53
Xmet V 3485 0.12 0.12 0.12 0.00 0.38 0.12
Xtierra V 2148 0.32 0.29 0.29 - 0.01 0.65 0.10
Xtra-Gold Res T 729 1.82 1.65 1.67 - 0.12 2.55 1.65
Xtra-Gold Res* Q 1929 1.79 1.70 1.70 - 0.04 2.51 1.05
Yale Res V 5642 0.06 0.05 0.06 0.00 0.14 0.05
Yamana Gold* N 94786 11.91 11.21 11.37 + 0.07 13.40 9.16
Yamana Gold T 110645 11.57 11.01 11.23 + 0.19 13.20 9.47
Yankee Hat Ind V 2914 0.03 0.03 0.03 0.00 0.09 0.03
Yanzhou Coal* N 11889 39.04 37.32 38.11 + 0.85 41.89 18.29
Yellowhead Mng V 1386 1.05 0.99 1.00 - 0.05 2.05 0.80
Yorbeau Res A T 2620 0.24 0.22 0.24 + 0.02 0.27 0.15
Yukon-Nev Gold T 15377 0.44 0.39 0.41 + 0.01 0.95 0.23
Z-Gold Expl V 1665 0.15 0.15 0.15 - 0.01 0.29 0.10
Zazu Metals T 873 1.10 1.02 1.07 - 0.01 1.55 0.14
Zenyatta Vent V 200 0.44 0.38 0.40 0.00 0.90 0.25
Zimtu Capital V 13 1.40 1.30 1.30 0.00 2.28 0.98
Zinccorp Res V 1016 0.13 0.12 0.12 0.00 0.30 0.12
Zinco Mng V 200 0.48 0.48 0.48 - 0.06 0.80 0.15
Zincore Mtls T 5487 0.38 0.29 0.38 + 0.10 0.90 0.24
STOCK MISSING OR INCORRECT? Let us know at
1-416-510-6764 or tnm@northernminer.com. Data
supplied by Reuters Canada.
ALLANA POTASH
Drillers working at Allana Potashs Dallol potash project in Ethiopia.
Allana Potash grows resource
at Dallol in Ethiopia
An updated resource estimate based
on 40% of Allana Potashs (aaa-v,
allrf-o) licensed land in Ethiopia is
better than the company expected.
The Dallol potash project in the
Danakil depression, about 100 km
from the Red Sea coast and 600 km
via road from the deep water port
of Djibouti, has measured and indi-
cated resources of 673 million
tonnes with an average grade of
18.65% potassium chloride (KCl)
for 126 million tonnes contained
KCl. Inferred resources add 596
million tonnes averaging 19.96%
KCl for 119 million tonnes con-
tained KCl.
The new resource figures were
based on four potash-bearing beds:
sylvinite, upper and lower carnall-
itite and kainitite.
Mining in the Danakil depression
has been carried out intermittently
since the early 1900s, Allana says.
Other companies working in the
basin include BHP Billiton (bhp-n)
and Sainik, a coal mining company
based in India, which is developing
the Musley deposit.
Allanas concessions cover part
of the previously defined Musley
potash deposit, which lies on the
edge of the 1,000-sq.-km evaporite
basin along northern Ethiopias
portion of the East African rift.
The regional evaporate basin also
extends onto the Allana conces-
sions and makes up an area of 150
sq. km, the company says on its
website.
The company plans to drill
throughout the year to further ex-
pand Dallols resource.
Farhad Abasov, Allanas presi-
dent and chief executive, said the
substantial resource will enable
the company to proceed with a
feasibility study this summer, and
also realistically consider a larger
production facility after the initial
production line.
Abasov noted that with its sub-
stantial kainitite resource, the
company has the potential for
significant premium product
production, adding that the shal-
low depth of the resource in the
western part of the licensed area
allows Allana to seriously study
the potential of open-pit mining.
The juniors share price dropped
38, or 18.27%, on the news to close
at $1.70 per share, with 7.15 million
shares changing hands.
Over the last year, Allana Potash
has traded between a low of 32 per
share (July 21, 2010) and a high of
$2.43 per share (Feb. 9, 2011). The
company has 193.2 million shares
outstanding.
Michael Fowler, a mining analyst
at Loewen/Ondaatje/McCutch-
eon, who described the resource as
a good result, has a hold on the
stock with a target price of $2 per
share.
As expected, the size of the de-
posit is large, yet this is only one
determination of value, he noted.
The real question remains the
economics of the project, the
method of mining, and in particu-
lar the rate of potential produc-
tion . . . We are currently modelling
two million tonnes of MOP (KCl)
per annum in our valuation using a
solution mining scenario.
Anglo Pac Grp T 4.82 5.25 4.80 6.50 4.30
Anglo-Bomarc V 0.09 0.22 0.15 0.25 0.08
Argonaut Expl V 0.07 0.09 0.08 0.28 0.08
Asbestos Corp V 0.27 0.34 0.27 0.40 0.19
Asian Minl Res V 0.12 0.14 0.12 0.20 0.11
Baffinland Irn T 1.49 1.50 1.49 1.58 0.001
Bastion Res C 0.15 0.35 0.15 ... 0.001
Beatrix Vent C 0.05 0.10 0.11 ... 0.001
Cancor Mines C 0.12 0.14 0.14 0.18 0.01
Capital Gold T 6.25 6.28 6.27 6.28 0.001
Cascadia Res V 0.09 0.10 0.10 0.28 0.06
Celeste Copper V 0.14 0.17 0.17 0.19 0.03
Chai Cha Na Mg C ... ... ... ... 0.001
CIC Mining Res C 0.03 0.03 0.03 0.12 0.001
Cliffmont Res V 0.50 0.55 0.53 0.93 0.23
Comet Inds V 2.10 2.50 2.05 2.25 1.75
Cons Thomp Irn T 17.24 17.25 17.24 17.95 0.001
Contintl Mnls V 2.59 2.60 2.59 2.69 0.001
Contintl Mnls* Q 1.06 3.50 1.80 2.82 0.001
Copper Canyon V 0.87 0.88 0.87 1.08 0.001
Copper Reef Mg C 0.12 0.14 0.14 0.40 0.001
Creston Moly V 0.42 0.48 0.45 0.60 0.001
Crew Gold T 4.60 4.64 4.64 10.20 0.001
Defiance Captl V 0.40 0.49 0.40 0.52 0.25
Dolly Varden R V 0.25 0.36 0.33 0.45 0.20
Dundarave Res V 0.35 0.45 0.39 0.95 0.37
Dynamic Res C 0.01 0.10 0.01 0.12 0.04
Emerick Res V 0.26 0.30 0.28 0.44 0.21
Eureka Res V 0.09 0.14 0.12 0.18 0.06
Excalibur Res C 0.08 0.11 0.08 0.10 0.001
Explorator Res V 0.67 0.69 0.68 0.80 0.001
Far City Mng C 0.24 0.25 ... ... 0.001
Far West Mng T 6.75 6.81 6.80 8.41 0.001
Farallon Res T 0.79 0.80 0.79 0.80 0.001
Finlay Minrls V 0.17 0.22 0.22 0.83 0.07
Franconia Mnls T 0.90 0.91 0.91 0.91 0.001
Freeport Res V 0.14 0.15 0.14 0.19 0.06
Fronteer Gold T 14.78 14.82 14.78 14.80 0.001
Fulcrum Res C ... ... ... ... 0.001
G4G Res V 0.08 0.10 0.08 0.26 0.08
Galliard Res C 0.45 0.58 0.61 ... 0.001
Galloway Enrg* Q ... ... 0.01 0.01 0.001
Gee-Ten Vent V 0.50 0.56 0.50 0.65 0.20
Global Uran V 0.16 0.18 0.16 0.22 0.13
Gods Lake Res C 0.60 0.75 0.60 ... 0.001
Gold Wheaton G T 5.19 5.21 5.21 5.28 0.001
Goldbank Mng V 0.18 0.25 0.25 0.53 0.12
Golden Moor C 0.05 0.10 ... ... 0.001
Gravis Energy C 0.03 0.15 0.03 ... 0.001
Gray Rock Res V 0.06 0.09 0.06 0.12 0.05
Huntington Exp V 0.09 0.11 0.09 0.14 0.03
IBI Corp V 0.01 0.01 0.01 0.02 0.001
Jerico Expl V 0.40 0.50 0.40 0.60 0.36
Kria Res V 0.36 0.40 0.37 0.47 0.001
La Imperial Rs C 0.05 0.11 0.08 ... 0.001
Lakewood Mng V 0.02 0.03 0.02 0.05 0.02
Lucky Mnls V 0.38 0.55 0.38 0.38 0.19
Luiri Gold V 0.08 0.17 0.19 0.25 0.08
Mantra Res T 7.12 7.15 7.15 7.95 0.001
Mayen Mnls V 0.41 0.47 0.41 0.87 0.40
Medoro Res T 1.50 1.53 1.50 2.88 0.001
Medusa Mng T 7.40 7.45 7.43 8.98 0.001
Mega Copper V 0.16 0.18 0.18 0.30 0.13
Milner Con Slv V 0.29 0.40 0.45 0.45 0.20
Minemakers T 0.40 0.45 0.43 0.68 0.20
Minerva Mnls C 0.06 ... ... ... 0.001
Mountain-Wst R V 0.65 0.73 0.75 0.99 0.14
Nevgold Res V 0.22 0.25 0.22 0.41 0.22
Next Gen Mtls C 0.11 0.25 0.25 ... 0.001
Nomad Ventures V 0.18 0.26 0.26 0.35 0.13
Oro Nevada Res V 0.05 0.07 0.05 0.09 0.05
Orofino Mnls V 0.25 0.32 0.30 0.41 0.25
Orsa Vent V 0.12 0.16 0.12 0.20 0.05
Pediment Gold T 2.74 2.79 2.74 3.02 0.001
Pediment Gold* Q 2.20 5.00 2.75 3.04 0.001
Polo Res T 0.08 0.09 0.08 0.14 0.05
Potash One T 4.49 4.50 4.50 4.62 0.001
Proam Expl V 0.08 0.10 0.08 0.15 0.08
Puda Coal* X 5.91 5.94 6.00 16.97 5.78
Puget Vent V 0.44 0.49 0.49 0.49 0.28
Quattro Res V 0.23 0.26 0.24 0.32 0.14
Range Gold C ... ... ... 0.20 0.05
Ravencrest Res C 0.14 0.40 0.14 ... 0.001
Renforth Res C 0.02 0.05 0.04 ... 0.001
Richfield Vent V 9.03 9.05 9.03 10.34 0.001
Rio Grande Mng V 0.37 0.42 0.40 0.50 0.12
Romulus Res V 0.60 0.90 0.60 0.80 0.60
San Marco Res V 0.19 0.20 0.20 0.55 0.17
Santa Fe Metls V 0.09 0.10 0.09 0.18 0.06
SG Spirit Gold V 0.26 0.32 0.23 0.55 0.23
Silver Phoenix C 0.01 0.58 0.57 ... 0.001
Silver Predatr C 0.96 1.35 1.25 0.20 0.001
Spruce Ridge R V 0.28 0.29 0.28 0.38 0.12
Sypher Res C 0.21 0.34 0.22 ... 0.001
TAC Gold C 0.09 0.11 0.09 ... 0.001
Tatmar Vent V 0.38 0.40 0.40 0.75 0.37
Thunder Mtn Gd V 0.22 0.25 0.20 0.40 0.20
Tiger Intl V 0.65 0.70 0.60 1.00 0.30
Toro Res C 0.17 0.28 0.19 ... 0.001
Tribune Uranm V 1.05 1.30 1.40 2.00 0.31
Triple Dragon C 0.16 0.30 0.16 0.28 0.17
Tulox Res C 0.06 0.11 0.01 ... 0.001
Twin Glacier R C 0.05 1.00 0.07 ... 0.001
Universal Powr V 5.20 5.31 5.30 5.96 0.001
Valley High Vt V 1.60 1.65 1.60 2.10 0.001
Valterra Res C 0.04 0.05 0.05 0.06 0.04
Ventana Gold T 13.05 13.06 13.05 14.13 0.001
Verona Dev V 0.05 0.06 0.05 0.08 0.05
Western Coal T 11.81 11.83 11.81 12.73 0.001
Western Std Mt V 0.28 0.29 0.28 0.36 0.001
White Bear Res V 0.17 0.19 0.25 0.30 0.09
The real question remains the economics
of the project, the method of mining, and in
particular the rate of potential production.
michael fowler, analyst,
loewen/ondaatje/mccutcheon
THE NORTHERN MINER JULY 4-10, 2011 11
Xstrata Nickel
Marie-Pier Coutu
Adm. Pub. : Genevive Gautier
CMG1106200
Grandeur : 3 col (5) x 120
Northern Miner
Lundi 4 juillet
Mine your talent... Grow with us.
Xstrata is a global diversified mining group, listed on the London and Swiss Stock Exchanges, with its headquarters in
Zug, Switzerland.Xstratas businesses maintain a meaningful position in seven major international commodity markets:
copper, coking coal, thermal coal, ferrochrome, nickel, vanadium and zinc, with additional exposures to platinum group
metals, gold, cobalt, lead and silver, recycling facilities and a suite of global technology products, many of which are
industry leaders. The Group's operations and projects span 18 countries, and employ approximately 56,000 people,
including contractors.
Raglan Mine Nunavik, QC
Metallurgist
REQ11-118
Surface Operations
Technical and Professional Staff position
Reporting to the Chief Metallurgist, you will have the delegated responsibility to achieve the objectives regarding
production, metallurgical output, operational costs, product quality, health and safety in the workplace, respect for the
environment, and organizational development. To do this, you will participate in the development of the operation
strategy for metallurgy and provide council and information to support the plans drawn up for the plant.
You will fill out some production reports, conduct matter assessments and work on various problems that may arise.
You will work as part of a team, providing technical support in metallurgy to the operations of the concentrator
(grinding, flotation, filtration, thickening and drying).
You have a Bachelors degree in Engineering (process, metallurgical, chemical) or appropriate training with two years
of experience in this field. Specialization in ore processing with base metal flotation would be preferable. You must
be a member in good standing of a professional body for engineers or be eligible to be part of the O.I.Q. Six-Sigma
training and experience in project management would be assets.You are a self-starter and possess initiative and good
adaptability for working in a remote area. The use of computer programs (Minitab, Bilmat, Avantis, PI, Windows) and
measurement techniques will be an integral part of working as a metallurgist. Excellent skills in analysis, organization
and oral and written communication are desired assets. It is also required to be bilingual (English and French).
Your work shifts for this permanent position will be 11 hours per day at the RAGLAN site. The rotation schedule
will be of 21 consecutive days on-site and 14 days leave off-site.
Interested candidates must apply online before July 8, 2011 by visiting www.xstratacareers.com
(under the Nickel section).
RAGLAN offers a competitive salary, along with an interesting benefits package.
Please note that only candidates selectedfor aninterviewwill be contacted. RAGLANis anequal-opportunity employer.
For more information on this opportunity and other roles about RAGLAN, please visit www.xstratacareers.com
Join Vale
Vale is a global mining pioneer and is the worlds leading producer of iron
ore and the second largest nickel producer. Headquartered in Toronto
with sites across Canada and around the globe, the Base Metals business
includes nickel, copper, cobalt, PGMs and other precious metals, and
represents a signifcant component of Vales overall portfolio. The Base
Metals business strives to set new standards of excellence in mining,
processing and marketing products that meet the needs of the marketplace
and improve our communitys quality of life.
Located in Mississauga, Ontario, Vales Base Metals Corporate Ofce is home
to more than 140 employees working in 76,000 square feet of laboratory,
mini-plant and office spaces. Much of Vales technology for sites around
the world has been developed in these research and technology facilities.
Vales Base Metals Corporate Ofce has the below positions available:
Mineral Resources Mineral Reserves Senior Engineer/Geologist
Multiple recipient of the John T. Ryan Award for outstanding mine safety
Your career awaits... apply at nickel.vale.com/careers
110615-1035
Vale
Kristin Langford
Northern Miner
3 x
Mineral Resources Mineral Reserves Senior Engineer/Geologist
Your career awaits... apply at nickel.vale.com/careers
Kluane Drilling is a growing international drilling company serving
mining and mineral exploration clients in Canada and overseas.
Due to continued expansion we are currently recruiting for the
following positions:
CONTROLLER
We are seeking an experienced accountant to manage all aspects
of day-to-day accounting and control, client invoicing, banking,
and payroll administration for our Canadian companies.
This is a senior position with a high level of autonomy and
responsibility so a recognized accounting qualifcation would
be highly benefcial along with at least 3 5 years experience
in a similar role. The successful candidate will possess strong
Excel skills, a positive attitude, and have demonstrated the ability
to work well as part of a team. The work is fast- paced and
would suit someone able to work to deadlines, while managing
competing priorities.
Salary range $60,000 - $80,000 p.a.
LOGISTICS COORDINATOR / WAREHOUSE CLERK
We have an immediate opening for a full-time logistics coordinator
whose main responsibilities will include:
Bookingandtrackingoverseasshipments
Preparationofdocumentationforoverseasshipments
Purchasingadmin
Maintenanceofsupplierpricefles
Inventoryrecordingandcontrol
Generalwarehouseduties
Applicants must be able to demonstrate experience in a similar
role, especially overseas shipping and logistics, should be
comfortableusingMicrosoftproductsandbasicaccounting
software, and be willing to roll up their sleeves and get their hands
dirty when required.
Knowledge of Spanish is not a prerequisite but would be a distinct
advantage.
Pay rate $18 - $24 per hour
KLUANE DRILLING LTD
Pleasesendyourresumetotheattentionof
Human Resources Coordinator at:
email: employment@kluanedrilling.ca fax: (867) 633-3641
Care e r Op p Ort uni t i e s
Most Chapters/indigo
Book Stores sell The
Northern Miner. If your
local Chapters/Indigo
does not carry The
Northern Miner, simply
request a weekly copy
and it will be ordered
for you.
Newsstand Availability
$12.15 per agate line.
Minimum size 2 columns x 1
$340.20.
Closing date is 10 days
prior to publication date.
All Cdn. orders subject to
applicable taxes.
For further Careers advertising
information contact:
Michael Winter:
Tel: (416) 510-6824,
Fax: (416) 510-5138
Canada: 1-800-268-7742,
ext. 6824,
USA: 1-800-387-0273,
ext. 6824.
Email: mwinter@northernminer.com
CAREERS
ADVERTISING
RATES
Drilling between April 2010 and Janu-
ary 2011 has boosted measured and
indicated in-pit resources by 31% at
Aurizon Mines (arz-t, azk-x) Hosco
deposit, part of the gold producers
Joanna project in northwestern Que-
bec.
At a cut-off grade of 0.5 gram gold per
tonne, in-pit measured and indicated
resources at Hosco have jumped by
537,000 oz. to 2.25 million oz. gold, the
company reports. In-pit inferred re-
sources measure 284,000 oz. gold, show-
ing a drop of 97,000 oz. from the previ-
ous resource estimate in July 2010.
Hoscos measured and indicated re-
sources now stand at 54.14 million
tonnes grading 1.29 grams gold per
tonne, while inferred resources add
7.67 million tonnes grading 1.15 grams
gold.
The new resource figures will be in-
corporated into Aurizons upcoming
feasibility study, which will be com-
pleted before September.
The company has already started its
environmental impact study. A report
is anticipated by 2012.
The feasibility study will also in-
clude results from metallurgical pilot
tests, a geotechnical study and up-
dated capital and operating cost esti-
mates.
Mineralization at Aurizons 100%-
owned Joanna project, 20 km east of
Rouyn-Noranda, is closely related to
the east-west Cadillac fault and forms
a 200-metre-wide corridor composed
of different mineralized lenses parallel
to the fault, dipping 55 degrees to the
north, the company notes in a press
release.
The mineralization in three main
lenses: one to the north of the fault, and
the others to the south of the fault. Each
lens is 15 to 60 metres thick, and be-
tween 300 and 700 metres long.
Drilling this year will focus on step-
out holes on 50-metre spacing along
the 2.5-km strike length of the proj-
ects Heva deposit, which is 3 km west
of the proposed Hosco pit. Two to
three rigs have been active there for
the first five months of this year, and
assay results are pending, the com-
pany says.
In Toronto, Aurizon traded at $5.26
per share within a 52-week range of
$4.87 (July 5, 2010) and $8.41 (Nov. 9,
2010). The company has about 162.4
million shares outstanding.
Aurizon expands Hosco resource
Joannas feasibility
study should be done
before September
12 JULY 4-10, 2011 THE NORTHERN MINER
12 JULY 4-10, 2011 THE NORTHERN MINER
PROFESSIONAL DIRECTORY
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Place YOUR
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The Northern Miner Professional Directory
THE NORTHERN MINER JULY 4-10, 2011 13
THE NORTHERN MINER JULY 4-10, 2011 13
PROFESSIONAL DIRECTORY
ASSAYERS
Rentals and Sales
of instruments for:
Magnetics/VLF
IP, Radiation
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(Multi-electrodes)
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52 W. Beaver Creek Rd., Unit 12
Richmond Hill, Ontario
L4B 1L9 (Canada)
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Ken Maley (705) 652-2109 ken.maley@sgs.com (geochem)
Chris Bates (705) 652-2219 chris.bates@sgs.com (enviro)
Sohan Basra (604) 264-5336 sohan.basra@sgs.com
Geological, Mineralogy and Diamond Services
NI43-101 Technical Reports, geostatistics, high denition mineralogy
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Claude Duplessis (450) 433-1050 claude.duplessis@sgs.com
Metallurgical Services
Metallurgical testing, geometallurgy, in-plant services, advanced systems
Richard Wagner (705) 652-2046 richard.wagner@sgs.com
Ryan Matthews (416) 633-9400 ryan.matthews@sgs.com
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Laboratories and ofces around the world.
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Tel: 819-824-4337 Fax: 819-824-4745
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Toronto Vancouver Denver London, UK Rouyn-Noranda Quebec City

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M & A Due Diligence Reviews
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Project Financial Modeling & Analysis
NI 43-101/Competent Persons Reports
Geological & Mining Consultants
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Professional Directory continued on page 14
Place YOUR
Professional Directory Here in
The Northern Miner Professional Directory
14 JULY 4-10, 2011 THE NORTHERN MINER
14 JULY 4-10, 2011 THE NORTHERN MINER
PROFESSIONAL DIRECTORY
CONSTRUCTION MANAGEMENT
MINE CONTRACTING
CORRIVEAU J.L. & ASS. INC.
Land & Mining Surveyors 3D Scanning & Modelling
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Also, Magnetic probe surveys
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To reserve space for your
advertisement in the Professional
Directory contact:
BRIAN WARRINER: 416-510-6771
JOE CROFTS: 416-510-6816
MICHAEL WINTER: 416-510-6824
Canada Toll Free: 1-800-268-7742,
(ext. 6771 / 6816 / 6824)
U.S.A. Toll Free: 1-800-387-0273,
(ext. 6771 / 6816 / 6824)
Fax: 416-510-5138
Reprints of any article published in
The Northern Miner or on our website are available.
We will provide them in a
PDF format for $300.
probarts@northernminer.com
416-510-6768
Alain Tardif Tel: 800-463-4868 Fax: 418-882-0140
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With thirty fve years of experience, we are the most experimented people for
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Leaf River Lodge Inc & Nordic Camps
some of the biggest names in the
gold business.
According to Abzus manager of
corporate communications, Quen-
tin Mai, Klipfel decided to take on
the role of president after spending
a week touring the Golden Reef
property last year. He even wrote
the projects technical report, in
which he describes the Asank-
rangwa belt as an emerging belt of
mineralization which is rapidly
gaining recognition as more gold is
found.
Abzus Ghanaian properties
were discovered by its chief execu-
tive officer, Allan Serwa, a former
resident of British Columbia who
moved to Ghana in 2007 to explore
a country he sees as the land of op-
portunity for a multitude of busi-
nesses.
As Mai tells it, when the price of
gold really took off, Serwa put to-
gether a portfolio of optioned gold
properties using local connections
and shopped around Vancouver for
a strategic investor. Through a mu-
tual contact, he pitched the idea to
the Cardero Groups Hendrik
Henk van Alphen, who immedi-
ately liked what he saw.
A Dutch immigrant who moved
to B.C. in his early 20s, van Alphen
started out as a self-described
bush rat, cutting lines and staking
claims, before starting his own
exploration company and expand-
ing. His Cardero Group now tends
a stable of 10 resource companies,
including gold explorer Interna-
tional Tower Hill, Cardero Re-
source (cdu-t) and Trevali Min-
ing (tv-t).
Cardero Resource bought an ap-
proximate 50% stake in Serwas
Abzu. Now its largest shareholder
controls 8.63 million shares, plus
warrants to acquire another 3.7 mil-
lion, for which it paid roughly 15 a
unit.
Abzus board of directors com-
prises seasoned mining execu-
tives connected to the Cardero
Group, including: chairman Gor-
don Neal, former co-owner of a
successful IR firm which claims
to have helped raise over $4 bil-
lion in debt and equity financings
over the years; doctorate of geol-
ogy holder Mark Cruise, a former
Anglo American (aal-l, aauky-
q) executive now serving as pres-
ident of Trevali, where he is fo-
cusing on putting two mines into
production over the next 12
months; and Jeff Pontius, a for-
mer AngloGold Ashanti (au-n)
geologist who left to co-found the
thriving International Tower
Hill.
Outside of the Cardero Group,
Abzu has brought on CEO Serwas
brother Mark as manager of social
development, whose goal is to im-
plement a three-phase social pro-
gram to reach out to local com-
munities. He is currently on stage
one, which employs 25 local Ghana-
ians and involves dialogue with the
Paramount Chief of the Manso Nk-
wanta tribe, who owns a small in-
terest in one of Abzus main prop-
erties.
Past exploration of the Golden
Reef project by three different op-
erators during the 1990s identified
multiple gold-bearing zones on the
property. Trenching and limited
drilling (31 shallow RC drill holes
and four diamond core holes) re-
turned tempting results, but not
enough for the previous owners to
stick around longer than two
years. The best historical intercepts
include 65 metres of 1.1 grams gold
per tonne, 4 metres grading 24
grams gold and 13 metres grading
2.25 grams gold.
Abzu is starting its drill program
with 25 first-pass drill holes in
southeast-northwest fence lines at
an average depth of 150 metres. It
will target the soil anomalies that
Abzu says coincides with a series
of northeast-trending structures.
According to president Klipfel,
Elsewhere in Ghana, similar north-
east-trending structures host multi-
million-ounce gold deposits, which
are the target of our exploration
program.
Following its June 21 announce-
ment that drilling had commenced,
shares of Abzu closed 14 to 65 on
a light volume of 43,000 shares.
The company has a 52-week trading
range of 45 and $1.20, with 53 mil-
lion shares outstanding and 83 mil-
lion fully diluted.
ECU
ECU, From Page 1
Abzu Gold
ABZU, From Page 1
Orosur Mining (omi-v, omi-l) does
things a little differently than its
Canadian counterparts. For start-
ers, the companys head office is in
Montevideo, Uruguay, where its
chief executive officer, David
Fowler, also resides.
What is more, Orosur owns the
only producing gold mine in Uru-
guay. Its San Gregorio mine 450 km
north of Montevideo boasts three
open pits, which produced 55,820
oz. gold during the fiscal year, end-
ing May 31, 2011, at average cash
costs of US$750 per oz. The mine
churned out a profit of US$6.28
million last quarter, which is one
of the best on record since Orosur
put the mine into production in
2004.
The company, formerly called
Uruguay Mineral Exploration,
also owns several exploration-
stage projects throughout South
America, including two advanced
gold prospects in Chile, acquired
early last year from an all-share
merger with Fortune Valley Re-
sources. It then changed names
to Orosur and released a maiden
resource report for one of the
Chilean projects, Pantanillo, in
September. It estimated the proj-
ect holds measured and indicated
resources comprising 47 million
tonnes grading 0.69 gram per
tonne gold, or 1.04 million oz.
gold.
The company announced on
June 9 that it plans to acquire a
high-grade artisanal gold mine,
Talca, in northern Chile, with the
intent of fast-tracking production.
Orosur has agreed to pay US$3.84
over the next 20 months to Compa-
nia Minera Demetrio Tello, owned
by the Tellos family, for an initial
25% interest in the mine located 375
km north of Santiago in Region IV.
It will then have the option to ac-
quire the remaining 75% interest
for another US$3.78 over the next
five years.
Orosur says it has already started
a 480-km linear ground magnetic
survey at the site, as well as surface
mapping and geochemical sam-
pling, and plans to start a 7,500-
metre, first-pass drill program in
the next six months. Despite the
Tellos family having produced ap-
proximately 300,000 oz. gold from
Talca over the last 40 years using
mainly artisanal methods, Orosur
says the Talca project has not been
explored with modern technology
and practices, presenting substan-
tial opportunities for growth.
The Tellos family mined a sys-
tem of seven outcropping high-
grade veins at Talca with an es-
timated average grade of 13 grams
gold per tonne. The veins are
hosted in Paleozoic rocks such as
meta-arenite, phyllite, chert and
meta-basalts of Devonian and
Carboniferous age, while the
principal structural controls on
the property are northnorth-
west trending shear zones and
fault structures between 2 and 4
metres wide, tracing 4 to 8 km
along strike. Mineralization has
been traced to depths of up to 250
metres.
Orosur notes the property is fully
licensed from existing operations,
and that it may be possible to up-
grade the current environmental
licence instead of applying for a
new one. The company anticipates
the permitting process could take
less than a year following approval
by the relevant authorities, and ex-
pects to begin a scoping study for
the project during the second quar-
ter of 2012.
To pay for the purchase and for
follow-up exploration, Orosur has
completed a US$13.5-million pri-
vate placement at $1.05 a share.
Shares of Orosur dropped a few
cents on the news. At presstime
on June 29, shares traded at $1.08
on light volume.
Orosur to buy Chilean artisanal gold mine
developing its key El Quevar silver
project in Argentinas Salta prov-
ince, and exploration projects in
Mexico and Peru. ECU currently
mines its Velardena silver project
in Mexicos Durango state.
The merged company would
host a measured and indicated re-
source of 25 million oz. silver, 26
million lbs. lead and 37 million lbs.
zinc. Inferred resources would
stand at 187 million oz. silver, 2 mil-
lion oz. gold, 1 billion lbs. lead and 1
billion lbs. zinc.
The deal has a break fee of $10
million. Both companies have
agreed not to solicit offers, but
could match superior offers.
On the merger news in Toronto,
ECU shares dropped 5, or 4.8%, to
99. Golden Minerals shares lost
6, or 0.3%, to end at $19.32.
THE NORTHERN MINER JULY 4-10, 2011 15
Taseko Mines (tko-t, tgb-x) saw
higher first-quarter profits com-
pared to last year, but still fell
below the markets expectations.
Taseko reported earnings of $5.7
million, or 3 per share, while ad-
justed earnings were $10.8 million,
or 6 per share, falling short of the
consensus of 10 per share.
Alex Terentiew, an analyst at
Credit Suisse, wrote in a June 9 re-
search note that he estimated an
adjusted EPS of 8, noting the
miss was partially due to fewer
sales and higher operating costs at
the companys Gibraltar copper
mine in British Columbia.
Gibraltar churned out 19.2 mil-
lion lbs. copper and sold 17 million
lbs. in the first quarter, compared to
23.2 million lbs. produced and 20.5
million lbs. sold a year ago.
The company says lower pro-
duction resulted from harsh
winter conditions, an unscheduled
four-day maintenance shutdown
and lower head grade.
Total cash costs amounted to
$2.05 per lb. copper sold, up from
$1.71 per lb. last year.
Taseko notes operating cash
costs were also affected by a
higher strip ratio, lower copper
production and a stronger dollar.
However, the company notes
that the quarter saw molybdenum
production of 316,500 lbs., up 63%
compared to the same period of
2010, due to better molybdenum
recovery.
During the quarter, the company
unveiled its Gibraltar Develop-
ment Plan 3 (GDP3) to increase
copper production, by building a
new concentrator that would in-
crease annual production capacity
by 60 million lbs. to 180 million lbs.
copper. Taseko also plans to boost
molybdenum production with a
new molybdenum recovery facil-
ity. The total expansion would cost
$325 million.
Terentiew writes that GDP3
provides the next leg of growth,
but not until 2013. He added that
higher copper production and
grades are expected next year.
As the company works on GDP3,
it also pushes ahead at other pro-
jects in the province.
On June 6, it submitted a project
description to the federal govern-
ment to seek final approval for its
New Prosperity gold-copper pro-
ject, near Williams Lake.
The company says the revised
proposal preserves Fish Lake, re-
duces the impact on the environ-
ment and addresses other con-
cerns that were identified during
the federal review in February.
The revision adds $300 million in
capital and operating expenses to
the original $815-million mine
plan.
Once the Canadian Environ-
mental Assessment Agency con-
firms the new project description,
the federal government would have
90 days to launch an environment
assessment review.
Relations with the First Nations
who opposed the draining of Fish
Lake still appear strained. A local
B.C. newspaper reported on June
9 that the Tsilhqotin Nation said
that it was not consulted during the
redesigning of the project. Taseko
disputed this by saying it contacted
the Tsilhqotin Nation after its ori-
ginal plan was rejected in Novem-
ber 2010, but was told the Tsilhqotin
Nation wasnt interested in meet-
ing.
The company plans a feasibility
study on its Aley niobium project
by year-end.
Terentiew of Credit Suisse has an
underperform rating on the stock,
with a lowered target price of
$5.25, from $5.50. The valuation ex-
cludes the Prosperity project, but
if Prosperity is included, another
$1.25 would be added to the current
target price.
In comparison, Canaccord Genu-
ity analyst Orest Wowkodaw has a
buy rating on the stock with a 12-
month target price of $7.25.
Adam Graf of Dahlman Rose in
New York has a buy on the stock
with a full-year estimate of US$9.94,
down from US$11.09.
Graf noted in a telephone inter-
view that Its very challenging to
say what I expect the stock to do
between now and the end of the
year . . . But its my expectation that
there is a lot of value to be un-
locked in Taseko, assuming that
Prosperity can be permitted at
some point, whether that is before
the end of this year or sometime
beyond there.
There is also significant value
to be unlocked at their Aley nio-
bium project, and actually their
Harmony project as I modelled it
which is quite a ways out there
as far as first production, but
could generate quite a bit of value
at the current forward curves for
gold.
Acquired by the company in
2001, the Harmony gold project
sits on Graham Island off B.C.s
West Coast.
Taseko shares dipped 6% to
close at $4.52 on the first-quarter
results.
Malbex Resources (mbg-v)
wrapped up its 2010/2011 drill pro-
gram at the Del Carmen gold-sil-
ver project in Argentinas San
Juan province, saying it now has
enough data to calculate a resource
estimate for the Rojo Grande tar-
get by year-end.
On June 6 the company reported
the last four holes of its 25-hole
program, which included 5,500
metres.
Were extremely pleased with
the results from the recently
completed drill program at Del
Carmen Nort e, sai d Ti m
Warman, president and CEO, in
a press release. Weve outlined
a significant body of shallow,
oxide-hosted gold-silver miner-
alization at Rojo Grande, and
should now have sufficient data
to compile an initial resource es-
timate.
Of the four holes reported, three
expanded and infilled the Rojo
Grande target, while the fourth,
hole 53, hit a new near-surface
mineralized zone on the northern
flank of Cerro Amarillo, intersect-
ing 27 metres of 0.55 gram gold per
tonne and 2 grams silver per
tonne.
Warman noted the zone was the
discovery the company had hoped
for, because of its similarity to
Rojo Grande. He added Malbex
would follow up with more drill-
ing in the coming season, which is
expected in October, after the
Andean winter ends.
The best hole of the three
punched into the central portion
of Rojo Grande was hole 55, re-
turning 104 metres of 1.96 grams
gold and 25.2 grams silver, includ-
ing 58 metres at 2.95 grams gold
and 35 grams silver.
Previously reported hole 52
stole the show at this years drill
season, which ran from November
2010 to April 2011. The hole hit the
longest interval to date, returning
267 metres of 2.05 grams gold and
29.3 grams silver, including 34 me-
tres of 8.31 grams gold and 70.1
grams silver.
Other high-grade hits include:
hole 46 carrying 46 metres of 3.31
grams gold and 25.2 grams silver,
and 132.6 metres at 2.10 grams gold
and 10.8 grams silver; hole 47 re-
turning 17 metres of 2.72 grams
gold and 71 grams silver; and hole
49 grading 82 metres of 0.71 gram
gold and 9.4 grams silver, and 65
metres of 0.59 gram gold and 6.2
grams silver.
Malbex acquired more cash-on-
hand thanks to a $15-million fi-
nancing the company closed in
early May, where it issued 30 mil-
lion units consisting of one share
and a half-warrant for 50 apiece.
Malbex plans a larger drill program
at Del Carmen for October.
The aim of the program is to ex-
pand Rojo Grande, which remains
open to the southwest and at
depth, and to drill other targets on
the 9-sq.-km Del Carmen Norte al-
teration system, said Warman, add-
ing that the company would also
explore the Del Carmen Sur altera-
tion system.
Both systems are part of the
147-sq.-km Del Carmen concession
package, near the southern end of
the El Indio gold belt.
On news of the programs comple-
tion, Malbexs shares shed 4% to
close at 33, but gained 6% to end
the following day at 35.
To advertise in the Drillers columns call:
Brian Warriner (416) 510-6771 Joe Crofts (416) 510-6816 Michael Winter (416) 510-6824,
Canada Toll Free 1-800-268-7742, (ext. 6771 / 6816 / 6824)
U.S.A. Toll Free 1-800-387-0273, (ext. 6771 / 6816 / 6824)
DRILLERS
Directory
DIAMOND DRILLING CONTRACTOR
1275 Jules Brisebois
Val-dOr, Quebec (Canada) J9P 6X3
Phone: (819) 825-4079 Fax: (819) 825-4028
Email: canada@g4drilling.com
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For Classifeds visit
www.northernminer.com/ads/Classifeds
ME E T I N G S
Jul 05 Happy Creek Minerals AGS
Jul 06 Asian Mineral Resources AGS
Jul 06 Copper Reef Mining AG
Jul 06 Tosca Mining AG
Jul 06 Uracan Resources AG
Jul 06 Zimtu Capital AG
Jul 07 Amarillo Gold AGS
Jul 07 Augen Capital AGS
Jul 07 First Bauxite AG
Jul 07 Golden Hope Mines AS
Jul 07 Hornby Bay Mineral Expl AS
Jul 07 Montana Exploration AGS
Jul 07 Nevada Sunrise Gold AG
Jul 07 Strategic Resources AS
Jul 08 Britannica Resources AGS
Jul 08 Eagle Star Minerals AG
Jul 08 McGold Resources AS
Jul 08 Sunward Resources AG
Jul 08 Vior Mining Exploration S
Jul 11 Minera Andes AGS
Jul 12 Dorato Resources AG
Jul 12 Frontline Gold AGS
Jul 12 Great Western Minerals AGS
Jul 12 Roxgold AG
Jul 13 Dawson Gold AG
Jul 13 Pacific Coal Resources AGS
Jul 13 Polymet Mining AGS
Jul 14 Indicator Minerals AG
Jul 14 Sparrow Ventures AG
Jul 14 Williams Creek Explorations AG
Jul 15 Nikos Explorations AG
Jul 15 NWM Mining AGS
Jul 15 Orko Silver AG
Jul 18 Zaruma Resources AGS
Jul 19 Appleton Exploration AG
Jul 19 Mercari Acquisition AG
Jul 19 Oromin Explorations AGS
Jul 19 Temex Resources AS
Jul 20 Cariboo Rose Resources AG
Jul 20 Colt Resources AS
Jul 20 Eastfield Resources AG
Jul 20 Lorraine Copper AG
Jul 20 Strategic Metals AGS
Jul 21 First Point Minerals AG
Jul 21 Goldminco AG
Jul 21 Leeward Capital AGS
Jul 21 Renforth Resources S
Jul 21 Starfield Resources AGS
Jul 22 Copper Creek Gold AGS
Jul 22 ESO Uranium AG
Jul 26 Estrella Gold AGS
Jul 26 Nautilus Minerals AG
Jul 26 New Hana Copper Mining AG
Jul 26 Silvermex Resources AG
Jul 27 Pacific Arc Resources A
Jul 28 American Vanadium AGS
Jul 28 Balmoral Resources AG
Jul 28 Bralorne Gold Mines AGS
Jul 28 Coral Gold Resources AGS
Jul 28 CuOro Resources AGS
Jul 28 Goldstone Resources AG
Jul 28 Otish Energy AGS
Jul 28 Slam Exploration A
Jul 29 MBMI Resources AGS
Aug 02 Terra Ventures S
Aug 04 New Oroperu Resources AG
Aug 05 Proam Explorations AG
Aug 16 Forbes & Manhattan Coal AS
Aug 16 Grande Cache Coal AGS
Aug 24 Rupert Resources AG
Aug 26 Silver Shield Resources A
Aug 31 Tri-River Ventures AGS
MEETINGS LEGEND
A Annual E Extraordinary
G General S Special
MALBEX RESOURCES
A drill rig on Malbex Resources Del Carmen gold-silver project in San Juan province, Argentina.
Malbex finds new zone, wraps up drill program
Taseko posts Q1 profits, new mine plan
16 JULY 4-10, 2011 THE NORTHERN MINER
Vancouver Looking to make the
most of their respective low-pro-
file gold projects in the U.S., Sea-
bridge Gold (sea-t) and Golden
Predator (gpd-t) have teamed up
to spin out the properties into
Wolfpack Gold.
Wolfpack is yet to be created,
but the two companies behind it
have planned an $8-million, 10-mil-
lion-unit initial public offering to
get it started. Wolfpack will then
issue 17 million shares to Golden
Predator and 16 million shares to
Seabridge to secure five primary
properties in Nevada, plus 38 sec-
ondary U.S. properties from the
two companies.
Golden Predators contributions
include the 17.5-sq.-km Adelaide
property. The Company drilled 59
holes in Adelaide over the past two
years, with the best intercept hitting
7 metres averaging 21.67 grams gold
per tonne. It also initiated permits
for an exploration drift. Seabridges
most advanced property is the
10-sq.-km Castle Rock property,
which has an inferred resource of
14.7 million tonnes grading 0.45
gram gold per tonne.
The group of Nevada proper-
ties has varying royalty and back-
in rights, to which Seabridge and
Golden Predator will add a 12%
net smelter or net profits royalty,
depending on existing royalties.
The deal lets Seabridge and
Golden Predator focus on their
flagship properties north of the bor-
der. Seabridge is advancing the
huge KSM gold-copper project in
British Columbia and the Coura-
geous Lake gold project in the
Northwest Territories, while
Golden Predator has its Yukon gold
properties.
Seabridge has tried to shed sev-
eral projects with mixed success.
Cortez Gold (cut-v) agreed to
pay US$2.9 million plus roughly
US$2 million in shares for a group
of Nevada properties back in
2009, but failed to raise enough
money. OTC-listed Constitution
Mining (now GoldSands Devel-
opment) then agreed to pay over
US$7 million for the properties in
early 2010. A few months later
Constitution shifted to extracting
gold from Peruvian riverbeds in-
stead. Farther north, Bonterra
Resources (btr-v) agreed to op-
tion into Seabridges Red Moun-
tain property in 2009, but that also
fell through.
ICN Resources (icn-v) has
more recently agreed to acquire
Seabridges King River project in
Nevada for US$100,000, plus
250,000 shares. In 2009 ICN op-
tioned into Seabridges nearby
Hog Ranch property. In April Cal-
ico Resources (ckb-v) optioned
Seabridges Grassy Mountain proj-
ect for staged payment totalling
14 million shares and a $10 million
payment, or 10% net profits inter-
est royalty if a feasibility study is
completed.
Golden Predator, meanwhile,
went a simpler route in shedding
properties by setting up Silver
Predator (spd-t) last year, and
then spinning out its silver proper-
ties in Nevada and Mexico into the
new entity in early 2011. Along with
projects from Golden Predator,
Silver Predator secured properties
from Strategic Metals (smd-v)
and Rockhaven Resources
(rk-v).
Seabridges share price was up
54, or 2%, to $27.10 on the day,
while Golden Predators share
price remained flat at 98.
Directory
Website E-Mail
Associations
PROSPECTORS AND DEVELOPERS
ASSOCIATION OF CANADA
Canadian Exploration and Development Voice
www.pdac.ca
info@pdac.ca
Governments
MANITOBA INNOVATION, ENERGY AND
MINES
Explore Manitoba
www.manitoba.ca/minerals
minesinfo@gov.mb.ca
Mining Companies
SNIPER RESOURCES
Sniper Now Public - Second Drill Permit
Underway.
From The People Who Brought You TONE.
Sniper Resources - SIP.V
www.sniperresources.com
scott@sniperresources.com
VINEYARD GULCH LLC
Historic Idaho Property Located
at Gibbonsville Idaho
http://vineyardgulchllc.com
Publications
CANADIAN MINING JOURNAL
www.canadianminingjournal.com
The NATIONAL POST
www.nationalpost.com
The Northern Miner
North Americas Mining Newspaper
www.northernminer.com
tnm@northernminer.com
To Place your Website/E-mail Directory
Listing here call:
Brian Warriner (416) 510-6771
Joe Crofts (416) 510-6816
Michael Winter (416) 510-6824
Canada Toll Free 1-800-268-7742,
(ext. 6771 / 6816 / 6824),
U.S.A. Toll Free 1-800-387-0273,
(ext. 6771 / 6816 / 6824)
Gold miner Alamos Gold (agi-t)
has delineated a new gold zone near
its Agi Dagi gold project in Turkey
that it believes has the potential to
develop into a stand-alone pro-
ject, according to a company news
release dated June 16.
Called the Camyurt project, the
new area of mineralization was
found 3 km southeast of the main
Agi Dagi deposit, which is currently
at the prefeasibility stage. Recently
released assays from the new zone
include a 185.7-metre intersection
grading 1.6 grams gold per tonne, as
well as 89.6 metres at 2.34 grams
gold.
Alamos says gold mineralization
at Camyurt is continuous for at
least 700 metres along strike and
at least 200 metres deep. It further
notes the zone is open at depth
and has a potential 600-metre
southwest strike extension that is
currently being drill-tested. The
company has completed 3,400
metres of a planned 10,000-metre
drill program at Camyurt for 2011,
part of a larger 30,000-metre pro-
gram for all its projects in Turkey.
The Toronto-based miner,
which also owns and operates the
highly profitable Mulatos gold
mine in northwest Mexico, ac-
quired Agi Dagi and a few other
Turkish projects in 2009 from
Teck Resources (tck-t, tck-n)
and Fronteer Devel opment
Group, which Newmont Mining
(nem-n, nmc-t) took over in early
2011. Alamos paid 4 million shares
and US$40 million cash to buy the
Turkish units, securing a decent
price according to several analysts
by purchasing the assets at a time
when Teck was unloading its gold
positions and Fronteer needed the
money for its main projects in
Nevada. Increasing political risk in
Turkey may also have been a decid-
ing factor.
The Camyurt zone was origin-
ally discovered by Teck and Fron-
teer in late 2007, when they drilled
five widely spaced core holes
there. Although the holes had poor
core recovery and one was aban-
doned during drilling, significant
mineralization was found, includ-
ing 73.3 metres grading 0.65 gram
gold per tonne with an average core
recovery of 43%.
Alamos drilled six core holes in
the area during the fourth quarter
of 2010 to follow up on the previous
operators results, encountering
58.9 metres grading 1.33 grams
gold in a hole twinned with the
one listed above. Core recovery
was much improved at 82%. The
company has since drilled an addi-
tional 10,000 metres at Camyurt in
2011 to extend the strike length of
the known body of gold mineral-
ization and target areas it believed
were undershot by previous holes,
resulting in the recently released
intersections.
Alamos says all reported inter-
vals represent oxidized mineral-
ization, except for a few minor
intervals of sulphide near the end
of the deeper holes. An encour-
aging 1,200-metre-long silica
anomaly coincides with strong
gold-in-soil values over the min-
eralized area, which is interpreted
to be from sub-vertical oxidized
volcanic and breccia structures.
Outcropping rocks are intensely
silicified, with vuggy silica
present and numerous surface
workings.
The company has two core drill
rigs operating at Camyurt and
hopes to include the zone in its
year-end 2011 global resource and
reserve statement, though it is un-
likely to be included in the highly
anticipated prefeasibility study for
Agi Dagi and the nearby Kirazli
gold project, expected by Decem-
ber 2011.
Alamos planned to release the
prefeasibility study during the
second quarter of this year, but ran
into delays in obtaining drill per-
mits, such as needing to conduct
additional geotechnical and con-
demnation drilling.
The companys project develop-
ment timeline remains unchanged.
Initial production from Kirazli is
expected in the first quarter of 2013
followed by Agi Dagi a year later,
assuming timely approval of
environmental and mining per-
mits.
A preliminary economic assess-
ment for Agi Dagi and Kirazli com-
pleted by Alamos in early 2010 out-
lined an operation with annual
production of 135,000 oz. gold and
621,600 oz. silver over the first
eight years. Using a base-case
scenario of US$800 per oz. gold
and US$13.5 per oz. silver, Alamos
expects the projects capital ex-
penditure to run US$235 million,
with cash costs averaging US$314
per oz. gold net of silver by-product
credits.
The company plans to provide
an updated mineral resource
estimate for Agi Dagi and Kirazli
in the third quarter, which will
include all of the drilling com-
pleted at the projects up to March
2011.
Alamos shares closed 5 on
647,000 shares traded following the
drill-result announcement. The
down-day for markets saw a wide
sell-off in both the S&P/TSX Global
Gold Index and other equities.
Alamos drills new gold zone near Agi Dagi
ALAMOS GOLD
Drillers at Alamos Golds Camyurt gold project in northwestern Turkey.
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Wolfpack Gold to be born