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In the last few months TrevaliMining (tv-t) has expanded itsresource base, changed its name,closed a $10-million financing, and

listed on the Lima Stock Exchange.Now, its working to gettwo mines into produc-tion over the next 12months.

Trevalis shares jumped16% one day after provid-ing a construction updateon its Halfmile zinc-lead-silver-copper depositnear Bathurst, N.B.

The company starteddevelopment work onHalfmile in March, and says theproject should be off the ground bySeptember and ramp up to 2,000tonnes per day over the followingmonths.

Trevali plans to boost the pro-cessing rate to 4,000 tonnes perday in 2013/2014, and place itsnearby Stratmat polymetallic de-posit online as a satellite mine toHalfmile.

Halfmile-Stratmat would run atthe increased rate for another 17years based on its current resour-ces. Stratmat has an inferred re-source of 5.5 million tonnes at6.11% zinc, 2.59% lead, 54.21 gramssilver and 0.40% copper. Using a5% zinc-equivalent cut-off,Halfmile has an indicated resourceof 6.2 million tonnes grading 8.13%zinc, 2.58% lead, 30.78 grams silver

per tonne and 0.22% copper, withanother 6 million tonnes in inferredat lower grades.

Trevali completed building a

3-km access road for Halfmile,secured major under-ground mining equip-ment and began drillingand blasting on the portalexcavation.The miner is also finaliz-ing a toll mining and off-take agreement withXstrata (xta-l), whichowns 7% of Trevali.

Trevali says it would bec u s t o m - m i l l i n g a t

Xstratas Brunswick #12 complex inthe last quarter of 2011, for aboutthree years.

Steve Stakiw, Trevalis managerof corporate communications, saysthe mill is scheduled to close withinthe next three years, but adds thecompany has a few alternativeswhen it does.

While Trevali will be movingahead on a full feasibility for astand-alone mill facility, ultimatelywhat we would like to do is acquireBrunswick #12, once it closes, Sta-kiw says, noting currently there isno formal discussion taking placewith Xstrata.

Trevalis other options would in-clude using another mill in the area.

The company scooped up theHalfmile and Stratmat depositswhen it acquired Kria Resources inApril 2011, by paying Xstrata US$5million. Kria had optioned the

properties from Xstrata, and be-tween 2008 and 2011 made cashpayments of $13 million, including

BY MATTHEW ALLAN

Ewan Downies Premier GoldMines (pg-t) is taking full controlof the Hardrock gold project near

Geraldton in northwestern On-tario, in which it owns a 70% inter-est. The company will acquire theremaining 30% by taking over joint-venture-partner Goldstone Re-sources (grc-t), having agreed topay 0.16 of a Premier share plus 1in cash for each of Goldstones 110million fully diluted shares.

After completing a major drill-ing program totalling 114,000 me-tres in 2010, the partners updatedthe resource est imate forHardrock this spring, resulting ina 269% jump for measured andindicated resources to 20.8 mil-lion tonnes grading 3.73 gramsgold per tonne in both open-pitand underground material, or 2.5million oz. gold. The 15-km-longproperty package, comprisingseveral historic mines in theBeardmore-Geraldton greenstonebelt which produced over 3 mil-lion oz. gold from 1938 to 1968, nowboasts 11 identified mineralizeddomains in both open pit and un-derground forms.

Along with full control of theHardrock project, Premier willgain the rest of Goldstones exten-sive property holdings in theBeardmore-Geraldton green-stone belt. This principally in-cludes: the underground Brook-

bank deposit, approximately 50 kmwest of Hardrock, which hostsindicated resources of 424,400 oz.at a grade of 9.7 grams gold and

276,600 inferred oz. at a grade of7.9 grams gold; the Key Lake proj-ect, 10 km southwest of Brook-

Premier Gold takes out

Hardrock JV partner

PREMIER GOLD MINES

The headrame at Premier Gold Mines Hardrock gold project near Geraldtonin northwestern Ontario.

See PREMIER, Page 2

Trevali on the pathto production

BY SALMATARIKH

See TREVALI, Page 2

BY MATTHEW ALLAN

Vancouver The Cardero GroupsAbzu Gold (abs-v) has started afirst round of drilling at its GoldenReef gold project in GhanasAsankrangwa gold belt.

It plans to complete 12,000 me-tres of drilling using a combinationof reverse-circulation (RC) and dia-mond core drill holes that will testfor gold in quartz-carbonate veins,possibly located beneath the manygold-in-soil anomalies found on the

project by Abzu over the past threeyears.

The company is targeting veinsystems similar to those alreadyfound in several major gold de-posits located along the emergingAsankrangwa belt, a 5- to 10-km-wide swath of northeast striking,steeply northwest dipping shearzones situated between the famousAshanti and Sefwi belts, 200 kmnorthwest of Accra, Ghanas capital.

Comprising the closely spacedGolden Reef, Mpatasie and U & Nconcessions, Abzus Golden Reef

project sits 8 km southwest andalong strike ofKeegan Resources(kgn-t, kgn-n) Esaase gold deposit,which is home to a newly defined3.23-million-oz. indicated gold re-source contained in 85 milliontonnes grading 1.2 grams gold pertonne. Golden Reef is also 8 kmnortheast ofPMI Golds (pmv-v)Obotan gold project, where PMIrecently pulled up 80 metres of 7.49grams gold.

Abzus newly appointed presi-

dent, economic geologist Paul Klip-fel, knows the area fairly well: hewas a consulting geologist atKeegan, where he helped furtherdelineate the Esasse deposit for afew years. Klipfel runs a consultingpractice based in Reno, Nev., thoughhe has worked for several CarderoGroup companies, most notablyhelpingInternational Tower HillMines(ith-t) explore its more than10-million-oz. Livengood gold de-posit in Alaska. He has also heldpositions with, or consulted for,

Colorado-headquartered miner

Golden Minerals (aum-t, aumn-n) and Toronto-based ECU SilverMining(ecu-t) are merging createa new silver mining company fo-cused mainly on Mexico and Argen-tina.

Under the plan of arrangement,ECU shareholders would receive0.05 of a Golden Minerals share and0394 cash for each share held.

The exchange ratio represents a7% premium to ECU Silvers 20-

day volume-weighted averageprice of 93. The at market trans-action is based on the companies20-day volume-weighted averagetrading prices.

Both boards have approved theproposed deal and recommendshareholders vote in favour of thetransaction.

Sentient Group, Golden Min-erals biggest shareholder with a19% stake, also gave a thumbs-up,adding that it is interested in keep-ing a proportionate stake in theenlarged company. Nothing is

final yet.For the deal to close, two-thirds

of ECUs shareholders and half ofGolden Minerals shareholderswould need to approve.

Once the transaction closes, thecombined company would have31.2 million shares outstanding.Fifty-five percent would be held byECU shareholders and the remain-der by Golden Minerals. The en-larged company would keepGolden Minerals name and keep its

headquarters in Golden, Colo.Golden Minerals CEO Jeffrey

Clevenger would take the helm ofthe new company, with ECUspresident Stephen Altmann assum-ing the role of president.

ECU Silver adds that it wouldoffer Golden Minerals $15 million insenior unsecured convertible notesin a private placement. The noteswould have a conversion price of97 and a maturity date of June 30,2012.

Golden Minerals, meanwhile, is

Abzu Gold drillingEsaase look-alike

Golden Minerals,ECU to hook up

See ABZU, Page 14 See ECU, Page 14

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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 ......................... 1Alamos Gold .................... 16Allana Potash................... 10Anglo American ............... 14AngloGold Ashanti .......... 14Aurizon Mines ................. 11Avion Gold ........................ 3Bearing Resources.............. 3BHP Billiton...................... 10Bonterra Resources ..........16Calico Resources .............. 16Cardero Resource ............ 14Cortex Gold ..................... 16ECU Silver Mining.............. 1ICN Resources ................. 16International Tower Hill

Mines ........................... 1Glencore International ....... 2Goldcorp ........................... 3

Golden Minerals ................ 1Golden Predator .............. 16Goldstone Resources ......... 1Keegan Resources.............. 1Levon Resources ................ 3Malbex Resources............15Newmont Mining ............ 16Orosur Mining ................. 14PMI Gold ........................... 1Premier Gold Mines ...........1Rockhaven Resources ...... 16Seabridge Gold ................ 16Silver Predator ................. 16Strategic Metals ............... 16Taseko Mines ................... 15Teck Resources ................ 16Trevali Mining ............... 1,14Vale ................................... 5Xstrata ............................... 1

COMPANY INDEX

Careers ............................ 11Classiied ......................... 15Drillers ............................. 15Editorial ............................. 4Meetings ......................... 15Metal Prices ....................... 7Proessional Directory .12-14Stock Tables ..................6-10Web Directory ................. 16

REGULARDEPARTMENTS

bank, where recent drilling byGoldstone returned significant in-tercepts such as 44 metres grading3.17 grams gold; and the historicLeitch gold mine, 5 km north ofKey Lake, which produced al-most 1 million oz. gold at an aver-age grade of 31.5 grams gold duringits lifetime.

Premiers president Downie saidthe acquisition will secure for Pre-mier one-hundred percent owner-ship of one of Canadas fastest-growing gold deposits, going on tonote, Our substantial combinedland holdings in the district providean excellent opportunity to definemultiple deposits with considerableproduction potential, in addition to

terrific exploration opportunities inthis re-emerging gold camp.

Downie provided more enticingreasons for investors to supportthe acquisition through publicfilings on SEDI of his recent sharepurchases. He has bought 37,000shares throughout the past twomonths at prices ranging from$5.08 to $6.20, bringing his totalshareholdings up to 2.65 million

shares.As president and a large share-

holder of Wolfden Resourcesfrom 1999 to 2007, Downie led theNunavut-focused mineral explorerto a takeover by Australian zincminer Zinifex for $3.81 a share. Asa condition of the deal, however,Wolfden first spun out its goldassets into a new company, Pre-mier Gold, leading to his currentposition.

Under the terms of the Gold-stone transaction, Premier willissue up to 17.6 million shares toGoldstone shareholders worthapproximately $92.6 milliongiven Premiers closing priceprior to announcing the deal, or

14% of Premiers outstandingshares on a fully diluted basis.Including both the Hardrock andBrookbank resources attribut-able to Goldstone, Premiers ac-quisition cost is approximately$52 per oz. gold, a decent pricewhen compared with other re-cent acquisitions in the gold sec-tor. According to a study by theToronto private investment bankIBK Capital, $71 per oz. gold re-source for exploration assets wasthe average price paid over 66deals completed in 2010, while an

average of $207 per oz. was paidfor producing assets. The price isnot as attractive when comparedwith 2009 levels ($29 per oz. forexploration assets and $89 per oz.for producing assets), though thespot price of gold was consider-ably cheaper then.

Goldstone shareholders standto receive a 27.3% premium basedon each companys 30-day vol-ume-weighted average price, withboth boards of directors unani-mously approving the transaction.Notwithstanding the premium, atroughly 85 a share the deal stillvalues Goldstone shares at a pricesignificantly lower than its 52-week high reached in November2010, when the shares traded up to

$1.20.Goldstones chairman, interim

CEO and largest shareholder,Philip Cunningham has pledged his12.2 million shares worth $10.3 mil-lion on paper in support of thetakeover. He bought most of theshares between 2004 and 2008 atprices ranging from 5 to 17, thoughthese were rolled back 1-to-3.75 inearly 2010 following the merger of

his Roxmark Mines with Ontex Re-sources to create Goldstone. Thisleft him in control of 10 millionshares acquired at an average post-rollback price of 40.

Goldstone suffered from staffingproblems in 2010, having fired for-mer CEO Patrick Sheridan and chiefoperating officer Gary Conn afterCunningham took control of theboard by requisitioning a meetingof shareholders. The incumbentdirectors resigned before the meet-ing took place. Several site geolo-gists at Goldstone resigned in the

midst of the change of control andits vice-president of explorationresigned a few months later, whileCOO Conn ended up suing the com-

pany for wrongful dismissal. Thecompany denies the claim.

Premier originally optioned intothe Hardrock JV with Goldstonespredecessor Roxmark in late 2007.Premier agreed to pay $750,000cash, issue 400,000 shares andspend a minimum of $7 million onexploration over four years. Ithas already more than met its ex-ploration requirements, with eightdrill rigs active on the Hardrockproperty completing 70,000 metresof drilling in 2011.

Premier GoldPREMIER, From Page 1

See PREMIER, Page 3

shares and warrants. However, ithad a final payment of US$5 mil-lion left.

As part of the acquisition, thecompany bought all of Krias out-standing shares and changed itsname from Trevali Resources toTrevali Mining. Kria shareholdersreceived 0.2 of a Trevali share foreach share held.

The miner also acquired Kriaspast-producing Ruttan copper-zincmine in northern Manitoba.

Ruttan was one of the largercopper producers in the Flin Flonarea, operating from 1973 to 2002,before shutting down due to slid-ing metal prices.

While the company advances itsHalfmile-Stratmat project, its alsobringing its Santander zinc-lead-silver project in Peru online.

In 2009, Trevali teamed up withSwiss-based Glencore Inter-national to dust off Santander, andget it back into shape and active bylate 2011.

Spanning 44 sq. km in the CentralPeruvian polymetallic belt, some215 km from Lima, the mine is ex-

pected to churn through 2,000tonnes a day before ramping-up toa 4,000-tonne-a-day operation by2013.

Adam Low, an analyst at Ray-mond James, wrote in a researchnote that Trevali has the veryunique opportunity to bring notone, but two mines (Halfmile andSantander) into production overthe next twelve months.

He adds that these projects alsoshare the rare trait of requiringminimal initial capital, as both willutilize toll milling from existing pro-cessing plants at the outset.

The company expects capital ex-penditure to get Santander intoproduction at $15 million, and $20

million to $25 million for Halfmile,says Stakiw.

Under the partnership agree-ment, Glencore would provide a2,000-tonne-per-day processingplant and contract mining in ex-change for life-of-mine offtake ofall the metals produced at Santan-der.

Stakiw points out that the agree-ment will be at InternationalBenchmark Terms, so Glencorewould pay Trevali the LondonMetal Exchanges average pricesfor the shipping period.

The junior says the strategic part-nership with Glencore mitigatesboth financial and technical risks.

Glencore bought concentratesfrom Santander when it previouslyoperated between 1958 and 1992.

Stakiw notes Santander wouldgive Glencore a high-grade concen-trate that the major can store, blendand sell to smelters around the world.

Its a very clean concentrate,Stakiw says. It gives them a veryhigh-grade product to work with.

Glencore is currently moving amill from its Rosaura mine, about60 km away, to Santander.

The mine exhausted its re-serves, Stakiw explains. But themill was in really good condition. Itsabout a seven- to eight-year-old mill.

He adds the company is buildingthe mill in a 4,000-tonne-per-dayfootprint, which means the crush-ing circuit would be able to process4,000 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 generatingstation. Tingo has been operatingsince 1958 and would service San-

tanders power needs. The com-pany plans to enhance the generat-ing capacity from 1.6 megawatts to8.8 megawatts.

Because the work could take ayear, 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 andrunning. At 2,000 tonnes per day,we would need about 4 megawattsto power the mill, camps andpumps for the underground mines.

With the surplus capacity, wewill be able to sell it to the nationalgrid, and have another revenuestream coming off of that.

To help with the shift from ex-

plorer to producer at Santanderand Halfmile, the company addednew faces to its management teamin May. It replaced chief financialofficer Michael Kinley with AnnaLadd, and brought on Paul Keller asvice-president of operations, DayleRusk as vice-president of explora-tion and Daniel Marinov as chiefgeologist.

It also wrapped up a $10-millionfinancing in April, by closing theremaining $3.85-million, non-brok-ered portion of the private place-ment.

In total, the company issued 5.2million shares at $1.90 apiece. Tre-vali says the net proceeds would gotowards building its Santandermine, and continued exploration inPeru, among other costs.

Also in April, the miner initiateda debt facility with German bankWestLB for up to US$30 million tohelp advance Santander. The com-pany expects to finalize the debtfacility 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 94.9grams per tonne silver, 7.24% zincand 0.49% lead; hole 168 hit 26.8metres grading 24 grams silver,0.83% zinc and 0.30% lead; and hole169 intersected 7.1 metres of 135.9grams silver, 14.15% zinc and 0.74%lead. All three holes also hit minorgrades of copper mineralization.

Trevalis Huampar silver mine,also in Perus Central Peruvianpolymetallic belt, saw past produc-tion of 2.5 million tonnes averaging

185 grams silver per tonne, 1.6grams gold per tonne, 5% zinc and3.8% lead.

The company signed an agree-ment to acquire 100% of Huamparin May from a private Peruvianmining company. Huampar has ahistoric, non-compliant resource of874,412 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. Huamparcame with a 600-person camp anda fully permitted 400-tonne-per-day processing plant.

By 2015, the company plans toexpanding production to at least

175 million lbs. zinc.Low of Raymond James com-

ments that 69% of Trevalis fore-casted metals revenue would begenerated by zinc, with the remain-ing 20% from lead, 7% from silverand 4% from copper.

He has an outperform rating onthe stock with a 6- to 12-monthtarget price of $2.40.

Following the update onHalfmile, Trevali shares gained 21to close at $1.50 on June 17.

At presstime, shares traded 1less.

Trevali on the path to production

TREVALI, From Page 1

TREVALI MINING

Workers building the portal at Trevali Minings Halmile Mine project in northern New Brunswick.

Premier is also advancing the Rahill-

Bonanza gold JV with Goldcorp in

Ontarios Red Lake region.

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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 o their Board o Directors rom seven to eight

members, and the election o 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 o 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 o Gryphon Partners in Canada, an independent investment

bank with ofces in Canada and Australia that provides corporate advisory services

to mining companies on strategy and mergers and acquisitions. He is also currently

Chairman o Volta Resources Inc, and a director o Aeroquest International Limited and Comino Resources Corp.

Mr. Bogden holds a B.Sc. (Hons.) in Applied Science rom Queens University and an ICD.D rom the Rotman

School o Management at the University o Toronto, and is a member o the Proessional Engineers Ontario.

He was previously Vice Chairman and Head o 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 ormer director o IAMGOLD Corporation, International Royalty

Corporation and Canplats Resources Corp.

Stanley Dempsey, Chairman o 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 o precious metal

royalties and similar interests. The Companys portolio consists o 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 urther inormation, please contact: Karen Gross, Vice President and Corporate Secretary

(303) 575-6504

Vancouver After completingclose to 70,000 metres of drillingover 160 core holes, Levon Re-sources (lvn-v) has released aninitial bulk tonnage resource on itsCordero silver-gold-zinc-lead pro-ject in northern Mexico.

Using a US$6 per tonne netsmelter return cut-off, a 1.7-for-1strip ratio and open-pit geometry,the base case scenario establishesan indicated resource of 521.6 mil-lion tonnes grading 18.54 gramssilver per tonne, 0.05 gram gold pertonne, 0.46% zinc and 0.36% lead.The inferred resource adds 200.9

million tonnes grading 21.66 gramssilver, 0.04 gram gold, 0.49% zincand 0.44% lead.

Those numbers generate con-tained metal totals of 310.9 millionoz. silver, 908,000 oz. gold, 5.3 bil-lion lbs. zinc and 2.9 million lbs.lead in the indicated category, plus139.9 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 resourcedrops to 170.7 million tonnesgrading 31.68 grams silver, 0.08gram gold, 0.72% zinc and 0.58%lead. The inferred resource thencomes in at 65.5 million tonnesgrading 42 grams silver, 0.04gram gold, 0.84% zinc and 0.76%lead.

Both scenarios used metal pricesof US$25 per oz. silver, US$1,200per oz. gold and US$1 per lb. forboth lead and zinc.

The resource encompasses thePozo de Plata diatreme, the Jose-fina mine zone and the Corderoporphyry zone, but not the adjacentLa Ceniza porphyry target whereLevo is drilling several holes. Thetargets fall within the 15-km-longand 3- to 5-km-wide Cordero por-phyry belt.

The 200-sq.-km Cordero prop-erty, which fully encompasses theCordero belt, is located 35 kmnortheast of Hidalgo Del Parral inMexicos Chihuahua State. A high-way runs 20 km from the project,

high voltage power lines run within

5 km of the project and water isavailable from wells and aban-doned mine shafts.

The company is workingthrough a 59,000-metre drill pro-gram, with roughly 15,000 metresleft. Levon conducts delineation

drilling on the northeast end of theCordero porphyry zone with onedrill rig, while three others areused on the adjacent La Cenizaporphyry target. Levon is drillingholes at La Ceniza over a kilo-metre deep on a 200- to 400-metregrid spacing to test a donut-shaped anomaly.

The Cordero technical reportdescribes the area as containingelements of a high-level intrusion-related hydrothermal systemthat is enriched with silver.Mineralization, mainly sphaleriteand galena, occurs within a var-iety of breccias, in fractureswhich, in places, have formed aspoorly developed stockworks andas veins and veinlets. The reportdraws parallels to the geology andmineralization at Goldcorps(g-t, gg-n) Penasquito deposits,450 km south.

Levon has owned 100% of theCordero property since it com-pleted a merger with Valley HighVentures, 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 containingValley Highs other propertyholdings. After Levon issued 73.3million shares to Valley Highshareholders, they held roughly44% of the 163.9 million sharesoutstanding.

The combined company hassince raised $40.2 million througha bought deal financing at $1.95 pershare. With the 20.6 million offer-ing, plus an acceleration of war-rants, Levon now has 196.7 millionshares outstanding.

Levons share price climbed 10,or 5.9%, to $1.79 the day the re-source was released. The companyhas a 52-week share price range

between 50 and $2.38.

First resource for

Levons Cordero

Favourable location and a safejurisdiction are lauded characteris-tics of the Hardrock property. TheTrans-Canada Highway, Trans-Canada pipeline and major powerlines all run through its centre, pro-viding development advantagesnear mining-friendly towns.

In the potential open-pit por-tion of Hardrock, measured andindicated resources total 18.2 mil-lion tonnes grading 1.85 gramsgold per tonne, using a cut-off

grade of 0.5 gram gold. Adding an-other 937,000 inferred tonnes atthe same grade brings the totalcontained oz. gold up to 1.13 mil-lion oz.

The underground portion holdsmeasured and indicated resour-ces at a 2 gram gold cut-off total-ling 12.85 million tonnes grading4.57 grams gold for 1.89 millioncontained oz. gold. Inferred re-sources tally 9.15 million tonnes at4.41 grams gold for an additional 1.3million oz. contained gold. Theunderground resources are close

to and below the historic mineworkings, which were primarilyw i t h i n 6 0 0 m e t r e s o f surface. One of the new zonesdelineated last year is actually anold zone left unmined by a pastoperator in the early 1960s. Drill-ing there recently turned up aremarkable 114.5 metres of 7.92grams per tonne gold.

Premier is advancing severalother properties, most notablythe Rahill-Bonanza gold projectin the Red Lake area of Ontario,

a 49% and 51% JV with projectoperator Goldcorp (g-t, gg-n).The property sits between Gold-corps cornerstone Red LakeGold Mines complex and itsnearby Cochenour mine, forwhich Goldcorp is building ahigh-speed underground tramexpected to partially pass throughthe Rahill-Bonanza project.

Shareholders of Premier reactedpositively to the takeover an-nouncement on June 22, pushing thestock up 17 to $5.42 on 1.1 millionshares traded.

Premier GoldPREMIER, From Page 2

AVION GOLD

A machine operator working on a ramp at Avion Golds Tabakoto gold project in Mali.

Drilling to test northwest- andnortheast-trending structures atAvion Golds (avr-t, avgcf-o) Ta-bakoto deposit in Mali has returnedsignificant intercepts, including20.88 grams gold over 5.7 metres,36.04 grams gold over 3 metres and29.04 grams gold over 2 metres.

Other highlights from 25 coreand reverse-circulation holes in5,220 metres of drilling during thefirst four months of the year in-clude 9.17 grams gold over 3 metres,15.68 grams over 4.9 metres and17.50 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 9metres.

The drilling was designed toconvert inferred resources to mea-sured and indicated resources andtest the continuity of the mineral-

ized cross-structures below andnear the Tabakoto pit.

The high grades and multiple in-tersections are consistent withwhat we find in the Tabakoto pitarea, the company said in a pressrelease.

What is striking about theseand many of the holes drilled inthe Tabakoto pit area, are the abun-dance of as of yet unmodelledgold-bearing zones, the companysvice president of exploration, DonDudek, said in a statement.

Avion is moving the Tabakotomine to full underground produc-tion in early 2012, and has com-

pleted more than 3,500 metres ofdevelopment so far.

It is also preparing to mine under-ground at its Segala property in thecountry.

The junior holds an 80% stakein both projects, and expects to

release its maiden reserve estimatebefore the end of June.

A US$13-million explorationprogram spread across its prop-erties in West Africa this yearwill involve 75,000 metres ofdrilling.

The companys latest drill resultssent Avions share price up 12, or7.32%, to $1.76 on a trading volumeof 3.49 million shares.

At presstime Avion traded at $1.78per share within a 52-week tradingrange of 42 (July 29, 2010) and $2.08(Dec. 29 2010). The company hasabout 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.

http://www.royalgold.com/http://www.royalgold.com/http://www.pennaluna.com/http://www.pennaluna.com/http://www.royalgold.com/

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4 JULY 4-10, 2011 THE NORTHERN MINER

EDITORIAL

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BY DAN SMITH AND CHRIS LANGDONSPECIAL 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. nexusto understand its implications, in particulargiven that Canadian junior mining companiesfrequently 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 theflagship U.K. legislation combating briberyand corruption. It will come intoforce on July 1, 2011, and when itdoes it will create criminal offencesprohibiting bribery.

Prohibited conduct includes notonly bribing public officials (eitherto influence decisions or facilita-tion payments to secure routineadministrative functions), but alsobribery entirely in the privatesphere. It also prohibits passivebribery: it will be a criminal offenceto be bribed.

The UKBA will also criminalize the failureto prevent bribery, which is potentially themost risky area for mining companies, in thatit effectively bypasses the requirement toprove corrupt corporate intent. A commer-cial organization commits the failure of-fence where a third party which performsservices for the organization bribes someoneelse in order to obtain or retain a business

advantage for the organization.

Examples include bribery by employees,subsidiaries and agents. This means thatmining companies might be criminally liablefor the acts of foreign acquisitions, localpartners, joint ventures, mining contractorsand other mining service providers. Thisrisk may be acute for junior miners manag-ing local joint ventures and working withlocal partners.

The only defence to the failure offence is

for the organization to show that it had ad-equate procedures in place to prevent thebribery. In practice this means that a failureto 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 notonly apply to bribery which takesplace in the U.K., but also to briberyby U.K. individuals and companiesanywhere in the world, so they havesome extra-territorial application.This is where the legislation is rel-evant to Canadian mining compa-nies that might have otherwisethought that the UKBA does not af-fect them.

The failure offence has evenwider extra-territorial application.

It applies to any U.K. partnershipor company. It also applies to any non-U.K.partnership or business which carries on abusiness, or part of a business, in the U.K. TheU.K. government has published guidanceindicating that this requires a demon-strable business presence in the U.K.

The guidance also says that merely listingsecurities in the U.K. will not constitute car-rying on a business. Unfortunately this guid-ance is not entirely reliable since it will notbind the U.K. prosecutors (currently the Seri-ous Fraud Office) who have indicated thatthey might take a different view. Canadianminers should carefully assess their nexus

with the U.K., and to what extent they carryon their business or part of their business inthe U.K.

The bribery itself could occur anywherein the world. It also need not relate to thebusiness which the organization carries onin the U.K. What this means is that U.K. lawapplies to you globally if you carry on part ofa business in the U.K.

Mining companies which have adequateprocedures to prevent bribery will have adefence 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. Thisguidance is largely in- line with in-ternational best practice, and thecore principle is proportionality tothe risks.

The guidance sets out six princi-ples which mining companiesshould consider: a commitmentfrom the top level of managementto prevent bribery; a regular andcomprehensive assessment of the

nature and extent of the risks relat-ing to bribery; policies and procedures toprevent bribery being committed by the or-ganization or on its behalf, proportionate tothe bribery risks and the organizations ac-tivities; review and mitigation of bribery riskspresented by third parties in all markets inwhich the organization does business; ensur-ing anti-bribery policies and procedures arecommunicated, 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 improvedwhere appropriate.

The wide scope of the UKBA means thatno area of business will be entirely risk free.

However, key concerns for organizationsin the mining industry will be:

Hospitality Entertaining, gifts, and ex-penses might come under the microscope to

determine whether they have a legitimatebusiness purpose.

Joint ventures, investments and agents Mining companies could be liable for theirwrongdoing. Companies should make surethey know what these joint ventures, invest-ments and agents are doing and that they

understand the law. This is a keyarea of risk for many junior miningcompanies with operations inemerging markets.

Government contracts It is im-portant to pay particular attentionto dealings with government offi-cials, especially through agents.Mining companies should ensuredealings with co-investors andlocal partnerships are transparentand lawful.

Local practices Under theUKBA, local customs and practices whichare 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 withdifferent approaches to business ethics.

A good compliance culture Make sureemployees follow company policies and en-sure that you react to incidents of wrong-doing, investigate, and take appropriate re-medial steps.

Mining businesses, including Canadianmining companies carrying on their business

Navigating the new

UK Bribery Act

COMMENTARY

One day before a key vote by TMX Group shareholders on acontroversial takeover proposal by the London Stock Exchange,both companies abruptly ended the $3.6-billion deal, saying thatthere werent enough votes to clear the two-thirds required.

About 70% of the shareholders votes were cast by proxy priorto the scheduled meeting on June 30, and only 54% of those werein favour of the takeover, according to media reports.

In the tense lead-up to the vote, more financial industryheavyweights were publicly choosing sides. Investment veteranand corporate governance advocate Stephen Jarislowsky came outin support of Maple Groups rival, $3.8-billion hostile, cash-and-shares offer, saying the LSE is in decline and that a merger couldweaken Canadas financial community and encourage an exodusof our financial institutions and our brightest financial talents.

(The 13 members of the Maple consortium are: AlbertaInvestment Management, Caisse de dpt et placement du

Qubec, Canada Pension Plan Investment Board, CIBC WorldMarkets, Desjardins Financial, Dundee Capital Markets, Fonds desolidarit des travailleurs du Qubec, GMP Capital, National BankFinancial, Ontario Teachers Pension Plan, Scotia Capital, TDSecurities, and Manufacturers Life Insurance.)

Meanwhile, 11 other industry players including executives ofCaldwell Securities, Raymond James, CI Financial, Fiore Financial,Union Securities and Haywood Securities issued a publicstatement favouring the LSE Groups bid.

After careful review, it is clear to us that the proposed TMXand LSEG merger protects Canadian regulatory sovereignty,champions Canadian executive management and maintainscompetition and a level playing field, reads the open letter. Incontrast, the Maple Consortium has proposed the creation of anational monopoly in which our Canadian exchanges would beowned 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 thetakeover, it would have still needed approvals by Industry Canada,the Ontario Securities Commission and the Autorit des marchsfinanciers, Quebecs financial regulatory body.

Both the LSE and Maple bids were sweetened a week prior tothe vote, with the LSE adding a $4-per-share special dividend toits mostly share offering (valued at $49 per share including thedividend), and Maple adding $2 per share to its mostly cash bid(to $50 per share), and increasing the proportion of cash on offerto 80%.

Both sides hosted pre-vote conference calls outlining theirpositions. Maples spokesman Luc Bertrand, also the vice-chairman of National Bank, said the regulatory hurdles facing theLSE were far more serious than the LSE has let on, andquestioned the longer-term value of LSE stock, on which much ofthe exchanges offer was based. What the LSEs asking, there isno precedent and theyre asking for a fundamental change ofpolicy 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 involvedin Maples offer (2.9 times debt to EBITDA, compared with theLSEs 1.4 times debt to EBITDA). TMX CEO Tom Kloet said theoffer constitutes a leveraged recapitalization. In contrast hepointed to $160 million in synergies in the LSE deal across fivedifferent areas, including issuer services and technology services.

In response to a reporters question about the patriotic tone ofMaples overtures, LSEG CEO Xavier Rolet said: The Maple bidhas nothing to do with Canadian ownership. It has everything todo with a small number of very large traders trying to establishcontrol of infrastructure that should be neutral.

With the LSE offer now history, TMX says it will focus on otheralternatives, including the Maple bid. The latter looks unlikely tostir a competitive domestic bid, as most serious players arealready members of Maple, and any foreign suitors would onlyface the same nationalist obstacles in Canada that stopped theLSE in its tracks.

The Maple offer has its own regulatory hurdles it will have toearn the approval of Canadas Competition Bureau.

EDITORIAL: TOP STORIES OF WEEK 25

TMX, LSE kill

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See COMMENTARY, Page 5

Dan Smith

Chris Langdon

http://www.northernminer.com/mailto:tnm@northernminer.commailto:ddonnelly@northernminer.commailto:jcumming@northernminer.commailto:tsaywell@northernminer.commailto:mallan@northernminer.commailto:ibickis@northernminer.commailto:starikh@northernminer.commailto:avaccaro@northernminer.commailto:dperri@northernminer.commailto:icunanan@northernminer.commailto:ahiyate@northernminer.commailto:tnm@northernminer.commailto:probarts@northernminer.commailto:northernminer2@northernminer.commailto:northernminer2@northernminer.commailto:bwarriner@northernminer.commailto:bwarriner@northernminer.commailto:jcrofts@northernminer.commailto:jcrofts@northernminer.commailto:mwinter@northernminer.commailto:mwinter@northernminer.commailto:mberry@northernminer.commailto:mberry@northernminer.commailto:mwinter@northernminer.commailto:mwinter@northernminer.commailto:thanson@bizinfogroup.cahttp://issuu.com/action/page?page=5http://issuu.com/action/page?page=5http://issuu.com/action/page?page=5http://issuu.com/action/page?page=5mailto:mwinter@northernminer.commailto:mberry@northernminer.commailto:mwinter@northernminer.commailto:jcrofts@northernminer.commailto:bwarriner@northernminer.commailto:northernminer2@northernminer.commailto:thanson@bizinfogroup.camailto:probarts@northernminer.commailto:tnm@northernminer.commailto:ahiyate@northernminer.commailto:icunanan@northernminer.commailto:dperri@northernminer.commailto:avaccaro@northernminer.commailto:starikh@northernminer.commailto:ibickis@northernminer.commailto:mallan@northernminer.commailto:tsaywell@northernminer.commailto:jcumming@northernminer.commailto:ddonnelly@northernminer.commailto:tnm@northernminer.comhttp://www.northernminer.com/

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THE NORTHERN MINER JULY 4-10, 2011 5

The 2011 National Mining Hall ofFame and Museum (NMHFM) in-ductees in the U.S. represent across-section of the industry fromthe coal, marble and lead sectors tometallurgical and processing re-search and development.

William Diamond, WayneHazen, Redfield Proctor andJeffrey Zelms will join 210 Ameri-can mining industry pioneerswhen they are formally inductedinto the hall at the 24th AnnualInduction 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 ambassadorsboth within their sectors andacross the industry at large.

We are very proud to have theopportunity to honour these lumi-naries of the mining industry byinducting them into our hall offame, NMHFM executive direc-tor Bob Hartzell said in a state-ment. Each has made an indeliblecontribution to mining, and theyjoin the company of some legend-ary mining figures in the hall offame.

William Francis Diamond(1914 )Diamond had an illustrious engi-neering and managerial careerthat spanned four decades withIsland Creek Coal. He was respon-sible for the engineering and con-struction of the deepest coalmines producing in North Amer-ica at the time.

Wayne Colby Hazen(19172009)Hazen founded Hazen Researchin Golden, Colo., and served aspresident and CEO of the com-pany for 22 years, growing itfrom a one-building laboratoryto the largest private metallurgi-cal and processing research anddevelopment contractor in theU.S.

Redfield Proctor(18311903)Proctor founded Vermont Mar-ble, which became the worldslargest marble company by thebeginning of the 20th century. Healso had a notable career as a pub-lic servant, serving as Governorof Vermont, Secretary of War inthe cabinet of U.S. President Wil-lian Henry Harrison, and Senatorfrom Vermont.

Jeffrey L. Zelms (1944 )As CEO of Doe Run, Zelms helpedkeep the American lead industryalive during the most volatile periodin its modern history: the collapseof the lead market in the 1980s, and

the recession in the 1990s. Zelmsensured that lead mining remaineda viable industry in the U.S.

Prazen recipientannouncedThe 2011 Prazen Living Legend ofMining Award recipient is theOhio Aggregates and IndustrialMinerals Association (OAIMA),which undertakes a wide variety

of programs and projects to edu-cate the public about the mineralsindustry.

The Prazen award recognizesorganizations and individualswho excel in informing the publicof the vital importance of miningand minerals.

One OAIMA initiative is ProjectScience Teaching for Ohios NewEconomy (STONE), developed inpartnership with Wright State Uni-versity. STONE is an earth- andspace-science inquiry-based pro-fessional development programfor Ohio earth science teachers,which also informs teachers aboutrelated career opportunities forstudents.

It is through the excellent workof organizations such as OAIMAthat the industry can continue toincrease public awareness, percep-tion and understanding of the

impact that mining has on everydaylife, Hartzell said.

The Prazen award will also bepresented at the September cere-mony.

MATTERS OF GENERAL INTEREST OP-ED

In the article China Coal Aims toBecome a Mid-Tier Producer,(TNM, May 30June 5, 2011), state-ments were made in respect toChina Coal and its intended acqui-sition of the operating interest inthe Mei Feng coal mine.

The statements indicated that it islikely there is more coal at the prop-erty and in the adjacent coal-bearingregion than indicated in the filedtechnical report for the project com-pleted in accordance with NationalInstrument 43-101 standards.

NI 43-101 governs disclosuremade about mineral projects, andamong other things, specifies thatany disclosure of scientific andtechnical information must be

based on information prepared by,or under the supervision of, a qual-ified person. Such requirement isdesigned to provide consistencyand integrity in disclosure for in-vestors.

Any statement or inference that

there is likely more coal at the MeiFeng property than indicated inthe NI 43-101 technical report wasnot based on information preparedby or under the supervision of aqualified person, and for this reasonChina Coal fully retracts suchstatements.

Mark RothChief Financial Officer

China Coal Corp.Calgary, Alta.

China Coal and Mei FengLETTER TO THE EDITOR

US National Mining Hall of Fame and Museumto induct four new members

Each [inductee] has made an

indelible contribution to mining, and

they join the company of some legendarymining figures in the hall of fame.

bob hartzell, executivedirector, nationalmining hallof fameand museum

PRAZEN LIVING LEGEND AWARD RECIPIENT ALSO ANNOUNCED

William Francis Diamond Wayne Colby Hazen

Redield Proctor Jerey 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 risksthey face, including risks of briberyby third parties; adapt or create pro-cedures, including policies, to re-duce those risks; and ensure theprocedures are implemented andwork in practice. The authors are attorneys withLatham & Watkins, a global, full-service legal firm with 2,000 attor-neys in 31 offices around the world.

Dan Smith is a Senior Associate inthe Litigation department based inthe 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 thefirms Metals & Mining practice.

Latham & Watkins Metals & Mining practice has advised onsome of the most complex miningand metals transactions and pro-jects over the last few years. Acrossthe team, Latham & Watkins hasexperts who have worked in virtu-ally every active jurisdiction inAfrica, the Middle East, Russiaand CIS, Central and EasternEurope, Latin America and Asia.Visit www.lw.com for moredetails.

Navigating the UKCOMMENTARY, From Page 4

The First Peoples Cultural Foun-

dation (FPCF) will receive$125,000 over three years from theMining Association of B.C.(MABC) to assist with the docu-mentation and renewal of endan-gered First Nations languages inthe province.

Language is a cornerstone ofculture and identity. By investing inlanguage and culture, we invest instronger and prouder communi-ties, Pierre Gratton, president andCEO 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 anopportunity to help restore toB.C. First Nations that which wastaken through the tragic experi-ence of residential schools,which contributed significantlyto the reduction of First Nationlanguage speakers, Grattonadded.

The First Peoples CulturalFoundation can now leverageMABCs funding contribution to

secure other funding from govern-

ment partners. Language is theheart of our culture, FPCF boardchair Pauline Terbasket affirmed.It is how our elders can teach ouryoung people about the land andour traditional ways.

Endangered languages are asubject of concern around theworld, and they face extinction inB.C. The donation will be used tosupport language archivingaround the province, and out-reach to First Nations to supportlanguage renewal.

Mining Association of BCdonates $125,000 for

First Nations language renewal

Vale (vale-n) has awarded a two-year, $600-million contract toKBAC Constructors to providemechanical, piping, electrical andinstrumentation services for theconstruction of the Long Harbourprocessing plant in Newfoundlandand Labrador.

The mechanical, piping, elec-trical and instrumentation servi-ces contract is the largest singlecontract that we have awarded todate on the Long Harbour con-struction project, and one of thelargest supplier contracts awarded

at Vale, John Pollesel, COO ofVales base metals business inNorth Atlantic, said in a statement.

The partners in the KBAC part-nership have been working with usover the last year, and we are verypleased to see them come togetherin a partnership to work on this partof the project.

The construction program atLong Harbour is a part of Vales$10-billion capital investment pro-gram in Canada, first announced inNovember 2010. The Long Har-bour project represents a US$2.8-

billion investment by Vale in aprocessing plant that will usehydrometallurgical technologydeveloped by Vale in Canada, withsupport from Industry CanadasTechnology Partnerships program.

Vale says the Long Harbour pro-cessing plant will generate 10 mil-lion person-years of employmentduring the construction phase,with completion expected in Feb-ruary 2013.

Once in operation, the Long Har-bour Processing plant will bepermanent.

SUPPLIERS NEWS

Vale awards $600M contract for Long Harbour

http://www.lw.com/http://www.lw.com/

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6 JULY 4-10, 2011 THE NORTHERN MINER

MARKET NEWS

A positive turn in Europes debt crisishelped bolster global markets for the June2024 period, and the TSX was no exception.

The TSX Composite Index climbed 120points to finish at 12,908.89.

But the news wasnt all good. Crude oilprices fell, and the Bank of Canada issued awarning that certain risks were increasing.Risks highlighted by the bank involved Euro-pean sovereign debt concerns, U.S. debt andfiscal challenges, and higher household debtlevels in Canada.

Despite falling gold prices, the GlobalGold Index gained 4 points to finish at 358.11points. The six-month price chart still showsa downward bias. The yellow metal itself wasoff US$41, and finished the period atUS$1,500.90 per oz.

The Capped Diversified Metals & MiningIndex also made a modest reversal of itsslumping trend as it lifted 67 points, to closeat 1,312.90. The prices for copper, nickel, tinlead and zinc were all higher, while alumi-num prices were flat.

Zincore Metals shares were the periodslargest gainer by percentage points. Theysurged 36% and finished at 38. The runcame after the company released drill re-sults from the Yanque deposit at its Acchazinc project in southern Peru. Highlights in-

cluded 7.29% zinc equivalent over 56.9 me-tres, and 15.06% zinc equivalent over 13.6metres. The company is drilling to deter-

mine locations in the early years of an open-pit mine plan.

Investors were also bullish on shares ofContinental Precious Minerals. Buyingpressure caused a 29% rise to 36. The in-crease came after Continental announced alease agreement to further its explorationprogram in Sweden. The new land will be partof its MMS Viken licence, where it pushesahead on a pre-feasibility study while look-ing for a joint venture agreement with a majormining company.

A move by a hedge fund to bring a new slateof directors to the Klondex Mines boardbumped the companys share price. Klondex

Vancouver The S&P TSX Venture Ex-change Index managed a slight gain duringthe trading week, climbing 7.39 points to1,905.33 after two days of gains outweighedthree days of losses. Volume was in-line withrecent weeks at a subdued average of 93.3million shares traded daily.

Fluctuating rare earth stocks once againled value gains during the period. QuestRare Minerals topped the list, up $1.39 afterfive straight days of gains to end at $6.45 on2.8 million shares traded. The company an-nounced plans to spend another $150,000 onexploration at its Strange Lake joint venturein Labrador with Search Minerals, and alsoreleased its quarterly management discus-sion.

Tasman Metals was second in valuegains with a $1.01 increase to end at $4.98 onno news, though it recently announced thecompletion of 4,700 metres of drilling at itsNorra Karr heavy rare earth project inSweden. 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 thelower limit of the current resource.

Geomega Resources jumped 97 to $3after releasing results from two holes at itsMontviel property in Abitibi, Que. One hole

returned 544.6 metres grading 1.41% totalrare earth oxides (TREO), and the other hit127.6 metres carrying 1.51% TREO. The com-pany reports that the drilling extends themineralized zone 200 metres farther westalong strike and 175 metres south, for a de-fined area of 500 metres along strike and400 metres wide.

Allana Potash was the second mosttraded stock on the Venture, clocking in 20.4million shares traded after releasing an up-dated resource estimate for its Ethiopianpotash project. The Danakhil project nowhosts 673 million measured and indicatedtonnes grading 18.65% potassium chloride(KCl) and an inferred resource of 596million tonnes averaging 19.96% KCl, whilethe resource only covers 40% of the com-

panys licensed land area in the basin. Thecompanys stock price dropped 34 to $1.74in the period.

Little-traded shell company Drexel Re-sources popped 510% on a single day afterannouncing a $2.4-million financing. Thecompanys share price climbed 51 to 61with 106,000 shares traded on news of thefinancing, which included the announcementthat former Fronteer Gold president Mark

TSX VENTURE EXCHANGE JUNE 20-24

The Dow Jones Industrial Average and theS&P 500 Index fell for their seventh week inthe last eight as mounting anxiety aboutEuro-zone debt continued to eat away at in-vestor confidence. The Dow Jones IndustrialAverage fell 69.78 points, or 0.58%, to finishat 11,934.58 during the June 2024 tradingweek, while the S&P 500 Index lost 3.05points, or 0.24%, to 1,268.45. The Philadel-phia Gold and Silver Index inched up 1.77points, or 0.93%, to close at 191.89.

Cliffs Natural Resources, which produ-ces metallurgical coal products, iron orepellets, and lump and fine iron ore, toppedthe list of value gains with an advance ofUS$5.11 to US$86.62, despite receivingtroubling news at the end of the tradingweek. On June 24 the company announcedthat federal regulators had denied its re-mediation plan to address carbon monoxideissues at its Pinnacle mine in West Virginia.Cliffs says it is now evaluating its options.The company had planned to produce over1 million tonnes of low-volatile metallurgicalcoal from the mine in the last half of 2011.

Shares of Patriot Coal and Peabody

Energy,meanwhile, got a lift from a positivereport on the outlook for the coal sector byGoldman Sachs. Peabody Energy climbedUS$3.17 to US$57.04, while Patriot Coal roseUS$2.27 to US$21.25. Among its arguments,Goldman noted that high oil prices makecoal a cheaper alternative for power genera-tion and other uses, and pointed out that ascountries 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 coalcustomers had deferred shipments becauseof reduced steel production requirements.Teck said it now expects coal sales in thesecond 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 announcingthe dissident proxy by the fund. Klondex is-sued a statement urging investors not to vote

for the funds slate. The hedge fund currentlycontrols 8.1% of the companys shares.

A financing proposal helped lift Niocanshares by 18% to $1.06, even though the com-pany rejected the offer. The company saidthat Augyva Mining Resources offered tosubscribe to 3.5 million units at a price of

TSX greatest value changeWEEK

VOLUME CLOSE CHANGE

First Quantum FM 2106815 127.40 + 8.39

Agrium AGU 3374825 82.25 + 4.24Allied 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 + 2.36Teck B TCKB 21997316 45.95 + 2.29

Pan Am Silver PAA 1308059 29.22 + 1.87

Silver Wheaton SLW 10600287 31.34 + 1.86Orezone Gold ORE 2721234 3.19 - 1.06

Western Areas WSA 15800 5.75 - 0.90US 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 - 0.44IAMGold Corp IMG 12720242 17.73 - 0.40

Central Fund CEFA 611622 20.25 - 0.38

TSX greatest percentage changeVOLUME WEEK

(000s) HIGH LOW C LOSE 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 + 22.6Great 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 + 16.6Orezone 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 - 16.3Spur 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 issuesVOLUME WEEK

(000s) HIGH LOW CLOSE CHANGEEastern 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 + 0.21Lundin 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 0.00Eldorado 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 changeWEEK

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 + 0.38Olivut 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 + 0.31Bear 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 - 0.34Adriana 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 changeVOLUME WEEK

(000s) HIGH LOW C LOSE CHANGE

Hinterland Mtl HMI 142 0.34 0.14 0.30 + 130.7Orestone 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 + 47.7Fairmont 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 - 29.6Aldridge 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 - 26.4Panthera Expl PNX 45 0.18 0.16 0.16 - 23.8

West High Yld WHY 24 0.34 0.30 0.30 - 23.0Midasco 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 issuesVOLUME 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 + 0.07Axmin 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 changeWEEK

VOLUME CLOSE CHANGE

Cliffs Nat Rs* CLF 17914866 86.62 + 5.11Alliance 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 + 3.53Peabody 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 - 1.98Compass 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 - 0.47Paramount 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 changeVOLUME WEEK

(000s) HIGH LOW C LOSE CHANGE

China Shen Zh* SHZ 453 3.95 2.37 3.60 + 50.6

US Antimony* UAMY 1270 3.89 2.46 3.70 + 48.0Starfield 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 + 14.2Rubicon 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 - 15.7Am 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 - 7.4North 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 issuesVOLUME WEEK

(000s) HIGH LOW CLOSE CHANGE

Alcoa* AA 98783 15.60 14.56 15.23 + 0.51Freeport 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 + 0.30Potash 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 ofthe four board seats.

The release ofOrezone Golds prelimi-

nary economic assessment for its Bomborgold project in Burkina Faso showed that in-vestors were hoping for more. After releas-ing the study, the companys share price fell25% to $3.19. The base case financial modelin the study yielded an internal rate of returnof just 9.9%.

6 million tonnes.AngloGold Ashantis stock continued

to suffer from ongoing silicosis-relatedcompensation issues. Shares of Africas big-gest gold miner were down US$1.98 toUS$40.12.

ODea was buying a 32.8% stake in the com-pany. Drexels qualifying transaction in Sep-tember 2010, and current sole property, wasfor a 60% interest in the Titan copper-gold-molybdenum property in British Columbiafrom Eagle Plains Resources.

Uranium North Resources climbed 7to 17 after announcing drilling had startedon its 20-hole exploration program at its AmerLake uranium project in Nunavut.

TORONTO STOCK EXCHANGE JUNE 20-24

http://www.met.sgs.com/

8/6/2019 Trevali mining on the path to production

7/16

THE NORTHERN MINER JULY 4-10, 2011 7

STOCK TABLESMINING STOCKS listed onNORTH AMERICAN EXCHANGESTrading: June 20-24, 2011

Arch Coal* N 295346 26.39 24.60 25.30 + 0.23 36.99 19.09Archon Mineral V 120 1.50 1.50 1.50 - 0.20 2.00 1.40Arco Res V 2113 0.05 0.05 0.05 0.00 0.10 0.04Arctic Star Di V 614 0.02 0.01 0.02 0.00 0.06 0.01Arcturus Res V 1640 0.09 0.07 0.09 + 0.01 0.18 0.06Arcus Dev Grp V 1394 0.32 0.24 0.30 + 0.04 0.48 0.16Argentex Mng* Q 5156 1.01 0.64 0.79 - 0.17 1.73 0.43Argentex 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 0.18Argonaut Gold T 19691 5.55 4.96 5.33 - 0.01 5.55 2.32Argosy Mng V 605 0.22 0.17 0.17 + 0.01 0.52 0.14Argus Metals V 5398 0.15 0.10 0.14 0.00 0.36 0.08Arian Silver V 5404 0.45 0.38 0.39 - 0.01 0.89 0.10Armadillo Res C 1430 0.12 0.10 0.10 - 0.02 0.12 0.001Armistice Res T 5188 0.40 0.37 0.40 + 0.02 0.55 0.22Aroway Mnls V 6947 0.28 0.26 0.28 + 0.01 0.57 0.16Artha Res V 1970 0.22 0.20 0.20 0.00 0.38 0.09ASA (Bermuda)* N 4043 28.39 26.70 27.25 + 0.45 36.13 25.33Ascot Res V 8551 0.80 0.66 0.79 + 0.09 0.94 0.48Ashburton Vent V 5555 0.10 0.09 0.10 + 0.01 0.25 0.05Asia Now Res V 5644 0.38 0.27 0.31 - 0.02 0.59 0.14AsiaBaseMetals V 2220 0.32 0.30 0.30 - 0.03 0.40 0.13Astorius Res V 600 0.19 0.17 0.19 + 0.05 0.30 0.07Astral Mining V 61 0.22 0.20 0.20 - 0.02 0.34 0.16Atac Res V 7617 7.49 6.91 7.29 + 0.04 9.00 1.63Atacama Min V 1329 0.81 0.80 0.81 + 0.01 0.90 0.45Atacama Pac Gd V 6645 5.64 5.16 5.23 + 0.08 6.00 2.65Ateba Res C 110 0.18 0.18 0.18 + 0.02 0.18 0.001Athabasca Mnls V 1353 0.52 0.48 0.49 - 0.01 0.59 0.19Atna Res Ltd T 2751 0.57 0.54 0.54 - 0.02 0.70 0.43Atocha Res V 1450 0.08 0.07 0.08 0.00 0.19 0.06Augen Capital V 3660 0.08 0.06 0.07 + 0.01 0.12 0.04Augen Gold V 2004 0.25 0.21 0.25 + 0.02 0.65 0.12Augusta Res T 5684 4.37 3.90 4.19 + 0.28 6.11 1.30Augusta Res* X 1519 4.48 3.99 4.22 + 0.15 6.28 1.30Augyva Mng V 2865 0.59 0.50 0.59 + 0.02 0.80 0.15Aura Mnls T 17369 2.38 2.05 2.10 - 0.30 4.81 2.05Aura Silver Rs V 2432 0.23 0.19 0.23 + 0.01 0.59 0.09Aurcana Corp V 30733 0.63 0.57 0.59 - 0.04 1.10 0.22Auriga Gold V 1499 0.42 0.33 0.42 + 0.05 0.52 0.22Aurion Res V 1057 0.49 0.41 0.44 0.00 0.80 0.22Aurizon 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 4.42Auro Res V 1300 0.16 0.13 0.14 - 0.01 0.29 0.09Auryx Gold T 11513 0.56 0.49 0.51 + 0.02 1.40 0.42Avala Res V 295 1.17 1.10 1.15 0.00 2.06 0.35Avalon Rare Mt T 31851 6.92 6.06 6.66 + 0.78 9.65 1.96Avanti Mng V 16481 0.28 0.22 0.23 0.00 0.37 0.09Avino Silver V 1921 2.57 2.05 2.30 + 0.20 3.47 0.71Avion Gold T 139626 1.92 1.61 1.84 + 0.23 2.08 0.42Avnel Gold T 1397 0.60 0.55 0.60 + 0.03 0.70 0.16Avrupa Mnls V 200 0.48 0.48 0.48 0.00 0.60 0.33Axmin Inc V 72839 0.09 0.08 0.08 0.00 0.23 0.07Azimut Expl V 3788 1.42 1.21 1.33 + 0.07 1.70 0.55Azteca Gold V 5531 0.03 0.02 0.02 0.00 0.05 0.02

BB2Gold T 108301 3.32 3.08 3.15 - 0.12 3.72 1.41Bacanora Mnls V 85 0.50 0.42 0.50 + 0.08 0.70 0.17Baja Mng T 18340 1.07 1.00 1.05 0.00 1.39 0.57Balmoral Res V 5956 0.98 0.86 0.88 - 0.09 1.88 0.60Bandera Gold V 440 0.14 0.14 0.14 0.00 0.34 0.11Bannerman Res T 8194 0.27 0.22 0.25 - 0.02 0.95 0.22Banro Res T 30459 3.53 3.05 3.44 + 0.33 4.41 1.60Banro Res* X 7928 3.63 3.11 3.48 + 0.35 4.44 1.55Bard Vent V 4324 0.06 0.05 0.05 - 0.01 0.20 0.05Barker Mnrls V 7551 0.07 0.06 0.06 - 0.01 0.17 0.03Baroyeca Go&Si V 4325 0.15 0.10 0.15 + 0.05 0.27 0.10Barrick Gold* N 341656 45.65 42.92 43.04 - 0.14 55.74 39.67Barrick Gold T 110178 44.39 42.17 42.48 + 0.25 55.99 41.07Batero Gold V 5125 2.86 2.49 2.50 - 0.35 6.57 0.58Bayfield Vent V 3487 0.59 0.51 0.59 + 0.08 1.38 0.34Bayswater Uran V 1053 0.45 0.38 0.40 + 0.01 1.25 0.36BCGold V 4349 0.09 0.08 0.09 0.00 0.16 0.07BCM Res V 300 0.48 0.45 0.48 + 0.02 0.68 0.09BE Res V 3700 0.11 0.10 0.10 - 0.01 1.30 0.09Bear Creek Mng V 9986 6.43 5.16 5.16 - 0.82 12.00 3.60Bear Lake Gold V 380 0.12 0.11 0.12 0.00 0.45 0.11Beaufield Res V 1122 0.30 0.25 0.26 + 0.01 0.68 0.10Bellhaven Cp&G V 3731 0.44 0.36 0.44 + 0.07 0.97 0.18Belmont Res V 1908 0.04 0.04 0.04 0.00 0.18 0.04Belo Sun Mng V 14389 1.15 0.92 1.09 + 0.09 1.54 0.26Belvedere Res V 6505 0.20 0.19 0.19 - 0.02 0.34 0.12Benton Res V 3123 0.76 0.62 0.66 + 0.03 1.45 0.37BHP Billi-BBL* N 71322 75.25 71.37 73.21 + 0.15 86.96 50.64BHP Billi-BHP* N 163994 90.95 86.34 88.61 + 0.06 104.59 60.93Big Red Diam V 1502 0.03 0.03 0.03 0.00 0.09 0.02BioteQ Env T 759 0.79 0.72 0.73 - 0.06 1.09 0.58Bird River Mns C 1300 0.20 0.19 0.19 - 0.02 0.20 0.001Bison Gold Res V 3290 0.34 0.28 0.30 - 0.04 0.40 0.07Bitterroot Res V 2378 0.08 0.07 0.08 0.00 0.23 0.04Black Bull Res V 210 0.01 0.01 0.01 0.00 0.05 0.01Black Panther V 300 0.09 0.09 0.09 0.00 0.19 0.08Blackstone Res V 6204 0.04 0.03 0.04 0.00 0.10 0.03Blue Note Mng V 2565 0.09 0.07 0.07 0.00 0.18 0.06Blue Sky Uran V 7002 0.17 0.16 0.17 - 0.01 0.41 0.15BMO Jr Gld ETF T 1097 20.15 18.71 19.36 + 0.47 25.29 15.01Bold Vent V 100 0.25 0.25 0.25 0.00 0.43 0.11Bolero Res V 910 0.23 0.19 0.22 - 0.01 0.58 0.16Boliden AB T 3 16.25 16.25 16.25 - 0.80 22.00 10.51Bonanza Res V 1250 0.25 0.23 0.25 + 0.01 0.70 0.15Bonterra Res V 4635 0.22 0.19 0.20 - 0.02 0.71 0.08Boss Power V 108 0.13 0.13 0.13 0.00 0.20 0.10Bowmore Expl V 1587 0.59 0.48 0.50 - 0.02 0.89 0.41Boxxer Gold V 10061 0.22 0.18 0.20 + 0.04 0.37 0.10Bralorne Gold V 516 1.30 1.20 1.20 - 0.07 1.56 0.94Bravada Gold V 3834 0.12 0.09 0.09 0.00 0.25 0.08Bravo 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 0.06Breakwater Res T 125297 7.43 7.39 7.41 0.00 7.47 2.09Brigadier Gold V 239 8 0.18 0.13 0.16 - 0.02 0.45 0.10Brigus Gold T 27149 1.68 1.53 1.59 + 0.05 2.15 1.11Brigus Gold* X 8775 1.71 1.56 1.63 + 0.05 2.22 1.05Brilliant Mng V 2243 0.08 0.06 0.07 0.00 0.17 0.03Brionor Res V 6608 0.09 0.07 0.07 + 0.01 0.21 0.07Britannica 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 0.05Bryant Res C 180 0.24 0.24 0.24 - 0.11 0.24 0.001Buenaventura* N 62930 37.99 35.37 37.36 + 0.52 57.20 35.33Bullion Monar* Q 2303 1.10 1.01 1.07 + 0.03 2.00 0.56Burnstone Vent C 45 0.27 0.10 0.27 - 0.07 0.27 0.001

CCabot Corp* N 17179 39.76 37.46 38.43 + 0.92 48.77 22.95Cadillac Mng V 1510 0.11 0.09 0.10 0.00 0.50 0.03Cadillac Vent V 4844 0.18 0.15 0.16 - 0.01 0.34 0.13Caerus Res V 572 0.38 0.32 0.38 -0.00 0.95 0.26Caldera Res V 6170 0.10 0.08 0.08 - 0.02 0.25 0.08Caledonia Mng T 2092 0.11 0.09 0.10 - 0.01 0.17 0.05Caledonia Mng* Q 3580 0.11 0.10 0.11 0.00 0.18 0.05Calibre Mng V 5893 0.14 0.13 0.13 0.00 0.26 0.10Callinan Mns V 1245 3.57 3.30 3.38 - 0.03 3.86 1.33Calypso Uran V 40 0.17 0.14 0.14 - 0.06 0.34 0.12Cambior Inc V 3678 0.80 0.74 0.77 - 0.03 1.54 0.60Cameco Corp* N 203405 25.12 23.13 24.81 + 1.00 44.81 20.70Cameco Corp T 61518 24.68 22.64 24.45 + 1.12 44.28 21.64Camino Mnls V 423 0.35 0.30 0.31 - 0.04 0.70 0.25Canaco Res V 9370 3.75 3.21 3.65 + 0.25 6.45 0.75Canada Fluorsp V 12971 0.59 0.49 0.52 - 0.07 0.75 0.30Canada Lithium T 19375 0.66 0.62 0.63 - 0.02 2.23 0.49Canadn Arrow V 4726 0.08 0.06 0.06 - 0.01 0.14 0.03Canadn Int Mnl V 5497 0.17 0.12 0.17 + 0.03 0.78 0.12Canadn Mining V 1760 0.05 0.04 0.05 0.00 0.08 0.04Canadn Orebods V 9495 0.30 0.23 0.25 - 0.02 0.50 0.05Canadn Zinc T 8230 0.80 0.73 0.75 - 0.05 1.56 0.34Canaf Group V 290 0.09 0.07 0.07 - 0.02 0.14 0.01CanAlaska Uran V 294 0.72 0.67 0.68 0.00 1.90 0.66CanAm Coal V 4658 0.21 0.18 0.19 - 0.01 0.32 0.07Canarc 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 0.06Canasia Indust V 7479 0.05 0.05 0.05 0.00 0.20 0.05Canasil Res V 3647 0.26 0.23 0.26 + 0.04 0.58 0.07Candente Coppr T 13238 1.32 1.20 1.25 - 0.04 2.63 0.29Candente Gold T 959 0.57 0.50 0.52 - 0.03 1.09 0.50Candorado Oper V 19450 0.03 0.02 0.03 0.00 0.09 0.02Cangold V 1161 0.46 0.41 0.41 - 0.01 0.75 0.12Cannon Pnt Res V 572 0.14 0.12 0.12 - 0.01 0.35 0.08Canstar Res V 365 0.11 0.10 0.10 + 0.02 0.16 0.06Canterra Mnls V 763 0.15 0.14 0.14 - 0.01 0.38 0.12Cantex Mn Dev V 926 0.08 0.06 0.06 0.00 0.16 0.06Canuc Res V 11302 0.20 0.17 0.17 0.00 0.29 0.12Capella Res V 8768 0.09 0.07 0.08 + 0.01 0.19 0.07Capstone Mng T 44885 3.28 2.96 2.98 - 0.27 4.99 2.05Cardero Res T 3347 1.29 1.22 1.25 0.00 2.35 1.06Cardero Res* X 4781 1.32 1.23 1.28 0.00 2.37 1.00Cariboo Rose V 839 0.32 0.28 0.31 + 0.03 0.35 0.15Caribou Copper V 430 0.23 0.20 0.21 0.00 0.30 0.06Carlin Gold V 2525 0.16 0.13 0.16 + 0.01 0.22 0.02Carlisle Goldf C 296 5 0.34 0.30 0.31 + 0.01 0.34 0.001Carmax Mng V 522 0.20 0.19 0.20 + 0.02 0.35 0.12Carpathian Gld T 19300 0.44 0.41 0.41 - 0.01 0.77 0.24Cartier Res V 245 0.44 0.38 0.44 + 0.05 0.60 0.31Cascade Res V 2347 0.09 0.08 0.08 0.00 0.25 0.04Cascadero Copp V 1249 0.17 0.14 0.16 - 0.01 0.24 0.10Castillian Res V 15841 0.17 0.14 0.17 + 0.02 0.24 0.05Castle Res V 34220 0.70 0.60 0.69 - 0.01 0.95 0.16Catalyst Coppr V 18324 0.12 0.09 0.10 - 0.02 0.25 0.09Cavan Vent V 2705 0.13 0.12 0.12 0.00 0.26 0.09Cayden Res V 2260 2.60 2.20 2.37 - 0.03 5.40 0.47Cayenne Gold M C 200 0.07 0.07 0.07 - 0.01 0.07 0.001Caza Gold V 2973 0.39 0.32 0.38 + 0.05 0.75 0.30Cedar Mtn Expl V 650 0.20 0.20 0.20 0.00 0.35 0.14Centamin Egypt T 79145 1.98 1.82 1.91 + 0.10 3.28 1.66Centerra Gold T 12674 16.35 15.31 16.19 + 0.93 23.60 10.69Central Fund* X 75449 21.68 20.46 20.46 - 0.59 25.59 14.03Central Fund T 6116 21.10 20.23 20.25 - 0.38 24.28 14.51Central Gold-T T 80 57.76 56.22 56.22 - 1.19 58.23 46.50Central Iron O V 1320 0.18 0.16 0.16 - 0.01 0.35 0.06Central Res V 249 0.14 0.13 0.14 - 0.01 0.23 0.09Centurion Mnls V 660 0.85 0.73 0.73 - 0.12 1.82 0.61Century Mining V 13326 0.34 0.29 0.30 - 0.03 0.83 0.28CGA Mining T 18846 2.95 2.53 2.73 + 0.20 3.60 1.89Chalice Diam V 3136 0.22 0.18 0.22 + 0.04 0.30 0.09Chalice Gold M T 205 0.37 0.35 0.35 - 0.04 0.80 0.30Challenger Dee V 165 0.65 0.62 0.62 - 0.03 1.05 0.13Challenger Dev V 250 0.14 0.14 0.14 0.00 0.72 0.14Champion Bear V 531 0.31 0.25 0.25 - 0.07 0.44 0.16Champion Minls T 14662 1.65 1.35 1.39 - 0.23 3.30 0.70Champlain Res V 150 0.08 0.08 0.08 0.00 0.21 0.03Channel Res V 6022 0.24 0.18 0.20 - 0.01 0.44 0.05Chesapeake Gld V 371 11.75 11.25 11.50 - 0.24 14.70 6.98Chieftain Mtls T 65 4.50 4.46 4.46 - 0.14 6.01 4.45Chilean Gold V 1111 0.34 0.20 0.22 - 0.08 0.61 0.20China Gold Int T 22202 3.84 3.55 3.70 + 0.13 6.10 2.75China Shen Zh* X 4531 3.95 2.37 3.60 + 1.21 10.82 0.72CIC Energy T 5241 2.91 2.35 2.63 - 0.36 7.25 1.21Claim Post Res V 102 0 0.09 0.07 0.07 - 0.02 0.30 0.07Claude Res* X 14291 1.95 1.71 1.80 + 0.02 2.91 0.96Claude Res T 18958 1.90 1.68 1.79 + 0.04 2.84 1.00Cliffs Nat Rs* N 179148 87.33 80.82 86.62 + 5.11 102.48 44.20Clifton Star V 11757 2.88 2.10 2.60 + 0.47 5.39 1.86Cline Mng T 89620 2.41 2.13 2.21 - 0.11 5.04 1.06Cluff Gold T 10 1.30 1.30 1.30 - 0.12 2.90 1.20Coalspur Mines T 6836 1.88 1.77 1.86 - 0.02 2.36 1.15Cobalt Coal V 19231 0.03 0.01 0.03 0.00 0.17 0.01Coeur 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 14.82Cogitore Res V 1140 0.25 0.21 0.25 + 0.04 0.32 0.17Colibri Res V 2058 0.26 0.20 0.23 - 0.01 0.36 0.04Colombian Mins V 2737 0.56 0.49 0.50 - 0.08 1.05 0.49Colorado Res V 5188 1.05 0.96 0.96 - 0.03 1.31 0.41Colossus Minls T 17324 7.47 6.93 7.07 - 0.09 9.87 6.20Colstar Vent V 690 0.35 0.25 0.28 - 0.01 1.02 0.25Colt 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 0.10Columbus Gold V 2602 0.79 0.73 0.75 - 0.01 1.13 0.14Columbus Silv V 565 0.12 0.10 0.12 0.00 0.22 0.05Commander Res V 1373 0.16 0.14 0.15 0.00 0.45 0.12Commerce Res V 11669 0.61 0.50 0.61 + 0.07 1.08 0.21Compass Mnls* N 5171 85.71 82.52 83.25 - 1.60 98.10 68.50Compliance Eny V 1508 0.35 0.32 0.33 - 0.01 0.60 0.20Condor Res V 1563 0.21 0.18 0.20 0.00 0.74 0.17Confedertn Mls V 12626 0.68 0.55 0.56 - 0.14 1.40 0.08Conquest Res V 5873 0.10 0.08 0.09 0.00 0.21 0.08Cons Abaddon R V 5158 0.19 0.17 0.18 0.00 0.28 0.05Cons Fortress V 2428 0.08 0.07 0.07 0.00 0.14 0.06Consol Energy* N 157201 48.60 45.59 46.87 + 1.01 56.32 31.08Constant Mtl R V 1721 0.18 0.15 0.17 + 0.02 0.38 0.10Contintl Gold T 7523 7.90 7.41 7.55 - 0.44 10.78 3.06Contintl Nickl V 325 1.40 1.27 1.30 0.00 2.10 0.36Contl Precious T 3452 0.38 0.26 0.36 + 0.08 1.04 0.26Conway Res V 1010 0.07 0.06 0.07 0.00 0.09 0.04Cooper Mnls V 195 0.21 0.17 0.21 + 0.01 0.40 0.05Copper Fox Mtl V 54920 2.30 1.83 2.20 + 0.20 2.75 0.27Copper Mtn Mng T 21875 7.24 6.42 6.93 + 0.32 8.15 2.02Copper One V 5024 0.72 0.68 0.71 - 0.02 0.85 0.13Coral Gold V 2661 0.69 0.57 0.62 + 0.04 1.10 0.28Corex Gold V 4444 0.36 0.31 0.34 - 0.03 0.94 0.31Cornerstone C* Q 100 0.37 0.28 0.32 + 0.02 0.76 0.11Cornerstone Ca V 7604 0.35 0.25 0.27 + 0.01 0.76 0.10Coro Mining T 1114 0.76 0.69 0.75 + 0.09 1.62 0.27Corona Gold T 689 1.18 1.05 1.07 + 0.02 1.49 0.42Coronation Mnl V 4406 0.14 0.11 0.14 - 0.01 0.22 0.08Corsa Capital V 11835 1.04 0.93 0.95 - 0.08 1.14 0.49Cortez Gold V 1445 0.14 0.13 0.13 - 0.01 0.43 0.13Corvus Gold T 1581 0.68 0.57 0.58 - 0.03 1.40 0.54Cougar Mnls V 3379 0.04 0.04 0.04 0.00 0.12 0.03Crazy 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 0.05Cream Mnrls* Q 1375 0.18 0.15 0.17 - 0.01 0.46 0.05Crescent Gold T 7130 0.06 0.05 0.05 0.00 0.19 0.04Crescent Res V 355 0.22 0.21 0.22 0.00 0.47 0.08Creso Expl V 25716 0.25 0.14 0.20 + 0.04 1.19 0.14Crocodile Gold T 20541 0.79 0.72 0.73 - 0.02 1.65 0.69Crosshair E&M* X 1253 0.74 0.63 0.73 + 0.06 2.81 0.40Crosshair E&Mg T 3861 0.73 0.62 0.72 + 0.07 2.80 0.42Crowflight Mnl T 30313 0.08 0.07 0.08 0.00 0.17 0.05Crown Mnls V 870 0.07 0.06 0.07 0.00 0.23 0.05Crystallex Int T 35001 0.11 0.08 0.09 - 0.02 0.50 0.08Cue Res V 6970 0.05 0.05 0.05 0.00 0.23 0.05Cuervo Res C 30 0.19 0.19 0.19 - 0.02 0.51 0.19Curlew Lke Res V 1902 0.05 0.04 0.05 + 0.01 0.16 0.04Currie Rose Rs V 6227 0.17 0.16 0.16 - 0.01 0.47 0.04Cypress Dev V 3936 0.04 0.03 0.04 0.00 0.15 0.03

D-FD Arianne Res V 7778 1.29 1.06 1.22 + 0.08 1.72 0.12Dacha Str Mtls V 16044 0.84 0.79 0.83 + 0.02 0.85 0.31Dajin Res V 1391 0.09 0.08 0.09 + 0.01 0.34 0.08Dalradian Res T 1136 1.59 1.51 1.52 0.00 2.75 1.40Dalton Res Ltd V 680 0.58 0.50 0.58 + 0.04 0.75 0.10Darnley Bay V 1982 0.11 0.09 0.10 0.00 0.42 0.09Dawson Gold V 100 0.09 0.09 0.09 0.00 0.40 0.09Decade Res V 1245 0.14 0.13 0.14 + 0.01 0.51 0.13Dejour Enterp T 596 0.34 0.32 0.33 0.00 0.51 0.29Dejour Enterp* X 1923 0.35