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A newly listed company focused on exploration in Peru, and a member of the Grosso Group Worldwide Airborne Geophysical Surveys AirMt Gravity Radiometrics Gradient Magnetometer Magnetics VTEM VTEM35 ZTEM e... tag van .ca d a h y tec ver sco geo r di www. you Goldcorp TSX-V:GLL www.goldenalliancecorp.com Grupo Mexico Invests $15.6M in Evolving Gold 3 $3.50 • AUGUST 2 - 8, 2010 • VOL. 96, NO. 24 • SINCE 1915 North Country rises 45% on Nunavut gold hits To merge Asarco and Southern Copper NORTH COUNTRY GOLD Vancouver — When the first results from the first drill program of a newly-listed company include hits like 42 metres of 5.88 grams gold per tonne, the market usually responds. And that is exactly what happened to North Country Gold (ncg-v), which shot up 45% in a day on news of its results at the Three Bluffs gold project in Nunavut. The Three Bluffs project is roughly 300 km northeast of Baker Lake, in the centre of North Country’s 2,256-sq.-km land package. The northeast-striking property covers a large segment of the Committee Bay greenstone belt, which North Country says is underexplored and home to at least five drill-ready gold targets. Three Bluffs is the most advanced target within North Coun- try’s property and consists of a near-surface, high-grade hinge structure that is already home to 2.7 million indicated tonnes grading 5.85 grams gold as well as 1.3 million inferred tonnes averaging 5.98 grams gold. In a recent spring drill program, shortened by unusually warm weather, North Country extended the known mineralization See NORTH COUNTRY, Page 2 5 hole 53 returned 114 metres of 0.42% copper from 100 metres to the west. These results confirm the presence of higher-grade enriched copper mineralization in the eastern half of the zone. Hole 61, drilled 250 metres farther east and slightly south, intercepted 78 metres grading 0.58% copper and 0.08 gram gold, leaving the east end of the zone open to the south. The other 10 new holes are from the west end of the zone, which keeps expanding. Hole 54 cut 135.4 metres grading 0.63% copper and Diamonds have been kind to Kinross Gold (k-t, kgc-n). Last year Kinross paid about US$104.4 million for a 22.5% interest in Harry Winston Diamond’s (hw-t, hwd-n) 40% stake in the Diavik joint venture (Kinross’s 9% indirect stake in the Diavik mine). Now it plans to sell it to Harry Winston for US$220 million, making a profit of about US$115.6 million. Under the proposed deal, Harry Winston will pay Kinross US$50 million in cash, roughly 7.1 million Harry Winston shares valued at about US$100 million, and a 12month US$70-million note. The note will bear an annual interest rate of 5%. The boards of both companies have yet to approve the agreement. Kinross is also arranging to sell its 19.9% direct stake in Harry Winston to a group of financial institutions through a block trade. Kinross acquired its stake in March 2009, buying 15.2 million shares for US$3 apiece at a cost of about US$45.6 million. The transaction hands Kinross a profit of roughly US$150 million. Back of the envelope calculations suggest that after investing a total of US$150 million last year in Harry Winston and Diavik, Kinross walks away with a gain this year of about US$268 million. “Our initial investment has pro- 0.05 gram gold from 46 metres downhole; nearby, hole 57 returned 65 metres of 0.72% copper and 0.03 gram gold. Farther west, hole 59 hit three mineralized intercepts: 48.5 metres of 0.42% copper, 24 metres of 0.54% copper and 14 metres of 0.31% copper. And hole 55 returned 45 metres grading 0.81% copper. AQM will continue to grid-test the Main zone while searching for strike extensions to the east and west. The company also plans to drill a few deep holes to probe the nature of the mineralized zone at See AQM, Page 2 Sage Gold explores Nevada, Timmins BY TRISH SAYWELL Three years ago Sage Gold (sgx-v) had a market capitalization of about $40 million. Today the figure stands at about $6 million but the junior’s president and chief executive Nigel Lees believes that’s about to change with the help of two option agreements the company has inked this year on properties in Timmins, Ont., and Nevada. In March, Sage Gold signed an option agreement with Gryphon Gold (ggn-t) to earn a 50% interest in Borealis, a fully permitted gold project and past-producing open-pit mining operation, about a three-hour drive south of Reno in the Walker Lane gold belt of western Nevada. If all goes according to plan, Sage Gold will have a feasibility study completed on Borealis before the end of this year, a bankable feasibility completed early next year and be in production by the end of 2011. “Getting permitting in Nevada isn’t easy and we are fully permitted,” Lees told a group of investment advisors and investors at a recent luncheon at the Albany Club in Toronto. Sage Gold’s strategy is straightforward. “We thought it might be tough to raise money for a small exploration company so we wanted to acquire near-term production (two years), compliant resources, in Adds West Virginia coal mines to stable 11 Kinross Gold sells Diavik stake AQM, Teck re-jig Zafranal deal Vancouver — The long intercepts carrying at copper hits coming out least 0.6% copper for 100 of the Zafranal project in metres or more. Hole 39, southern Peru are startcollared in the middle of ing to define a sizable the eastern half of the zone of mineralization Main zone, returned 188 and the success has metres grading 0.73% prompted its owners copper and 0.13 gram AQM Copper (aqm-v) gold per tonne from 104 and Teck Resources metres downhole, folBY GWEN PRESTON (tck.b-t, tck-n) to relowed by 92 metres of negotiate their joint-ven0.29% copper and 0.06 ture agreement and form a com- gram gold. Two nearby holes previpany dedicated to the project. ously returned similar intercepts: The latest results from Zafranal hole 25 cut 132 metres of 0.42% copadd two new holes to the list of per from 80 metres to the north and 30 Aug – 3 Sept in Belo Horizonte Email: training@snowdengroup.com Cliffs BY TRISH SAYWELL An aerial view of the camp at North Country Gold’s Three Bluffs gold project in Nunavut, 300 km northeast of Baker Lake. Professional Development courses Resource Estimation good jurisdictions,” Lees added. In a 2009 prefeasibility study, Gryphon Gold reported that the proposed Borealis mine would produce about 247,000 oz. gold and 741,000 oz. silver over five primary production years, followed by one year of additional leaching. (The prefeasibility study did not contemplate mining sulphide gold mineralization on the property underlying the oxide gold.) See SAGE, Page 2 vided us with a great return and now is a good time to realize gains from that initial investment for our shareholders,” Steve Mitchell, Kinross’s vice-president of corporate communications, told The Northern Miner. “The share price has had a very nice ride since we first made our investment at US$3. We decided to take our profits on that initial investment but we took an equity share in Harry Winston as part of the consideration, so we continue to have a lot of confidence in diamonds and in Harry Winston.” In a note to clients, UBS Research writes that Kinross could use some of its profits to help fund its recent 9.4% stake ($600 million) in Red Back Mining (rbi-t) and that there is potential for the gold producer to raise its stake in Harry Winston from 7.1 million shares after the closing of the two transactions, should Harry Winston elect to settle the 12-month note payable in shares. UBS has a 12-month share price target on Kinross Gold of US$25.50. (At presstime in New York, Kinross was trading at US$16.34 per share.) Diavik, Canada’s second diamond mine, began producing diamonds in the Northwest Territories in January 2003. The mine is based on four diamond-bearing kimberlite pipes within Lac de Gras. Today, the Diavik mine is Canada’s largest diamond producer and one of the most profitable diamond mines in the world. The mine is a joint venture between Harry Winston and Diavik Diamond Mines, a wholly See KINROSS, Page 2 PM40069240 – PAP Registration #09263 2 AUGUST 2-8, 2010 THE NORTHERN MINER Kinross Gold sells Diavik stake KINROSS, From Page 1 owned subsidiary of London-based Rio Tinto (rtp-n, rio-l). Under the joint-venture agreement, Harry Winston Diamond pays 40% of the operating and capital costs and has the right to receive and market 40% of Diavik’s diamond production; it does not operate the mine. In Toronto, Harry Winston shares fell $1.55 or 10.65% on the news to close at $13 per share, with 4.5 million shares trading hands. Over the last year, Harry Winston has traded in a range of $5.36$14.95, with 76.6 million shares outstanding. UBS Research has a 12-month target price on the stock of $15.50 per share. Kinross is also buying B2Gold’s (bto-t) right to acquire an interest in the Kupol East and West li- cences in Russia for an upfront payment of US$33 million and subsequent payments of US$15 million for each incremental million-oz. of gold reserves contained in the licence areas, up to a maximum of 9 million oz. gold. B2Gold will also receive payments equal to 1.5% of a net smelter return royalty from the start of production, subject to a right for Kinross to repurchase the royalty for US$30 million. Under the terms of a previous agreement, Kinross had undertaken to secure a 37.5% joint-venture interest for B2Gold in the Kupol East and West exploration licences areas. Under the new agreement, Kinross is no longer obligated to enter into a joint-venture arrangement with B2Gold. The Kupol East and West li- cences are adjacent to the Kupol gold mine and will remain 100%owned by the Chukotka Mining & Geological Co. (CMCG), which also owns 100% of the Kupol mine. CMGC is owned 75% by Kinross and 25% by the State Unitary Enterprise of the Chukotsky Autonomous Okrug (Chukotsnab). Clive Johnson, Vancouver-based B2Gold’s president and chief executive, said proceeds from the sale would help the company chase additional acquisitions, while at the same time the terms of the transaction allow the company to benefit from the exploration upside at Kupol through contingent payments and royalties, making it a win-win. B2Gold currently has two mines in Nicaragua and development and exploration assets in Nicaragua, Colombia and Costa Rica. The other two areas that will see drilling in the coming weeks are separate targets. The Antler zone is about 2 km to the southwest and has seen some limited drilling. The Hayes target, which lies another kilometre to the southwest along the traceable banded iron formation, has not been previously drilled. North Country has four drill rigs on site and plans to complete 20,000 metres of drilling. In addition, North Country is working through a Titan induced polarization survey that will cover 7 km of the prospective trend, from east of the Three Bluffs to west of the Hayes target. The survey will test for additional blind mineralization potential in an area that has limited bedrock exposure. North Country was born in April as a spin off from CBR Gold, which has since renamed itself Niblack Gold (nib-v) in honour of its flagship asset, the Niblack volcanogenic massive sulphide project in Alaska. As part of the spinout, Niblack transferred roughly $4.7 million into North Country. The company recently boosted that working capital with a $1.7-million private placement, selling 1.2 million flow-through shares at 32¢ apiece as well as 4.3 million units at 30¢ apiece. Each unit comprised a share and half a warrant, exercisable at 40¢ for two years. And investors certainly liked the company’s first drill results from Three Bluffs as North Country’s share price gained 11.5¢ to close at 37¢. The company has 60 million shares outstanding. REGULAR DEPARTMENTS COMPANY INDEX Careers............................. 11 Classified.......................... 15 Drillers.............................. 15 Editorial.............................. 4 Events............................... 15 Meetings.......................... 15 Metal Prices........................ 7 Professional Directory.... 12-14 Stock Tables................ 6-9,11 Web Directory.................. 15 AQM Copper..................... 1 Asarco................................ 5 Aurizon Mines.................... 3 Avalon Rare Metals............ 3 B2Gold............................... 2 Brigus Gold......................... 2 Cabo Drilling...................... 5 China Gold International Resource Corp............... 5 China National Gold........... 5 Cliffs Natural Resources.... 11 Energizer Resources.......... 16 Evolving Gold..................... 3 Goldcorp...................... 2,3,5 Golden Phoenix Minerals.. 15 Great Western Minerals...... 3 Grupo Mexico.................... 5 Gryphon Gold..................... 1 Harry Winston Diamond..... 1 Jinshan Gold Mines............. 5 Kaminak Gold................... 11 Kinross Gold.................. 1,11 Luiri Gold.......................... 16 Lynas Corp......................... 3 Marathon PGM................ 15 Molycorp............................ 3 Mountain Lake Res........... 15 Neo Material Tech.............. 3 New Gold........................... 3 Newmont Mining............... 3 Niblack Gold....................... 2 NioGold Mining.................. 3 North Country Gold............ 1 Red Back Mining................ 1 Rio Tinto............................. 2 Sage Gold........................... 1 Salares Lithium................... 3 Scorpio Gold..................... 15 Southern Copper................ 5 St Andrew Goldfields.......... 2 Talison Minerals.................. 3 Teck Resources................... 1 STORIES WE’RE WORKING ON. . . Since 1915 Be sure to check out our upcoming special themed sections: Quebec and Labrador (August 23), and China, Mongolia & Southeast Asia (Sept. 6). North Country rises on Nunavut gold hits NORTH COUNTRY, From Page 1 to the west when all six holes hit gold. The best result came from hole 82, which hit 42.1 metres grading 5.88 grams gold from 7 metres depth. The hit in hole 82 included 15 metres averaging 10.2 grams gold. Hole 83 cut 3.5 metres grading 10.2 grams gold from 38 metres downhole, followed 15 metres later by 19 metres of 2.41 grams gold. Hole 87 produced a 25-metre intercept grading 4.17 grams gold, starting 19 metres downhole. And hole 88 returned 31.9 metres carrying 2.27 grams gold, starting at 14 metres depth. Mineralization at Three Bluffs appears to be controlled by a steeply dipping, folded iron formation that can be traced on surface for 10 km and of which only about 1 km has been explored. The spring drill holes all targeted the shallow, western, updip portion of the hinge, an area that was undercut in previous drilling. North Country plans to follow up on these hits with 11 more holes into the shallow western hinge, which will be part of a summer drill program that recently got underway. The company will also probe three other areas this summer, one of which is farther west along strike from Three Bluffs. Vancouver, British Columbia: Edgewater Exploration Ltd. NORTH COUNTRY GOLD In a recent spring drill program, North Country Gold extended the known mineralization at Three Bluffs to the west when all six holes hit gold. The best result came from hole 82, which hit 42.1 metres grading 5.88 grams gold from just 7 metres depth. The hit in hole 82 included 15 metres averaging 10.2 grams gold. AQM, Teck re-jig Zafranal deal AQM, From Page 1 depth and drill a few holes on several satellite targets before the end of the year. AQM’s drilling success brought joint-venture partner Teck back to the negotiating table. The two companies recently amended the terms of AQM’s earn-in in order to move the project quickly along. Under the new deal, AQM is immediately gaining a 50% stake in Zafranal for having spent US$7.5 million on exploration over the last year. AQM is the project operator and will solely fund the next US$10.7 million in project work, after which Teck will start contributing its half of costs. If Zafranal reaches a positive development decision, Teck can elect to become operator. For AQM, the key changes in the new deal include: AQM no longer has to make cash payments to Teck. And Teck no longer holds the right to back in for a 60% stake or hold a net smelter return royalty. Instead, the companies will be 50-50 partners in owning a new Zafranalfocused company. Teck discovered Zafranal in 2003, during a regional exploration program in southern Peru. The major outlined an interesting conceptual resource through limited drilling. In early 2009, after a bidding process, AQM won the right to back in to Zafranal. The junior soon kicked off a 40,000-metre drill program focused primarily on the central 2 km of the 3.5-km long, east-west trending Main zone, which is one of six porphyry copper-gold targets identified at Zafranal. To date, the program has defined mineralized zone that covers 3.3 km along strike, 600 metres in width and varies between 50 and 150 metres in thickness. Other strong results from the program include 118 metres of 1% copper, 358 metres of 0.7% copper, 132 metres of 0.92% copper and 145 metres of 1.21% copper. Mineralization at Zafranal is zoned, with a leached zone atop an immature secondary enrichment blanket covering a little-explored hypogene sulphide zone at depth. AQM is currently awaiting results from an initial metallurgical testwork program. The Zafranal project is 90 km northwest of Arequipa, 60 km from the Panamerican Highway, along a gravel road. AQM gained 10¢ on Zafranal’s latest drill results and the amended joint-venture deal news to reach 81¢. The company has a 52-week trading range of 50¢-$1.10 and 97 million shares outstanding. Sage Gold explores Nevada, Timmins SAGE, From Page 1 (EDW: TSX-V), is pleased to announce the appointment of Mr. George Salamis as President and Chief Executive Officer. Mr. Salamis has over 20 years of experience in mineral exploration, mine development and mine operations and was formerly President of Rusoro Mining Limited, a TSX Venture-listed junior gold producer, and CEO of Caledon Resources plc, a metallurgical coal producer in Australia. Mr. Salamis has previously held senior management positions with a number of major mining companies including Placer Dome Inc. and Cameco Corporation. Edgewater Exploration Ltd. is a mineral exploration company focused principally on the acquisition, advancement and development of precious metal properties on a world-wide basis. For Further information contact: Ryan King, Vice President (778) 9983700 or visit our website at: www. edge-water.com Sage Gold believes that there is “significant opportunity” to expand both the sulphide and the oxide resource at Borealis. “When (the previous operators) Echo Bay Mines hit sulphides, they stopped,” Bill Love, a geologist and Sage Gold’s vice-president of business development, said. “But there are tremendous high-grade pods of sulphide material. We are permitted to drive a ramp into the higher grade core.” In their presentation, Sage Gold’s managers noted that they expect the Borealis deposit to yield 50,000 oz. gold per year but there is the opportunity to expand to 75,000 oz. per year in oxide production. Miners operated Borealis from 1981 through 1990 and produced gold from eight open pits. The mined ore contained about 635,000 oz. gold, of which about 500,000 oz. was recovered through a heap-leach operation. Under Sage Gold’s option agreement, it can earn a 50% stake in Borealis through a $400,000-private placement in Gryphon Gold and by spending $9 million in project finance before June 2011. A drill program is underway to expand and upgrade the oxide resource. Sage Gold estimates capital expenditure will amount to about US$17.2 million. Meanwhile, in northeastern Ontario, Sage Gold signed an option agreement in February with St Andrew Goldfields (sas-t) to earn a 60% interest for $3 million in the ground and $200,000 in cash and shares over three years, in the Clavos property in the Tim- mins gold camp. Clavos is 10 km from Brigus Gold’s (brd-t, brd-x) 2,000-tonneper-day mill and 20 km from Goldcorp’s (g-t, gg-n) Hoyle Pond mine, which has produce more than 2.4 million oz. gold since 1985 and still operates today. Clavos has existing infrastructure including an underground ramp access to the 300-metre level, underground levels developed every 25 metres, power to site, a surface ventilation system and fully permitted waste water management. It also has a mining permit valid until 2019. About $72 million has been spent on Clavos, of which $46 million went into underground workings. The deposit was mined briefly between 2005 until August 2006 and again until May 2007. Scott Wilson RPA prepared a National Instrument 43-101 compliant resource estimate in October 2006. At a cutoff grade of 4 grams gold per tonne, Clavos has measured and indicated resources of 143,000 tonnes grading 8.07 grams gold per tonne for contained gold of 37,100 oz. and inferred resources of 529,000 tonnes of 6.49 grams gold for 110,300 oz. contained gold. (The resource was not reduced to reflect mining from October 2006 to May 2007). Sage Gold also has exploration properties in Ontario’s BeardmoreGeraldton gold camp. At presstime in Toronto, Sage Gold shares were 19¢, trading within a 52-week range of 17¢-75¢. In July 2008, Sage Gold was trading at $1.60 per share. The company has 30.4 million shares outstanding. THE NORTHERN MINER AUGUST 2-8, 2010 3 Aurizon Mines gets busy in July July has been a busy month at Aurizon Mines (arz-t, azk-n). On July 5, the Vancouver-based gold producer unveiled that it had significantly updated its resource for the Hosco gold deposit on its Joanna property in Quebec. And a day later, it announced a joint venture and option agreement with NioGold Mining (nox-v, noxgf-o) on its Marban Block property in the Malartic gold camp in Quebec’s Abitibi region. The Joanna property, which is about 20 km east of RouynNoranda, now has measured and indicated resources at a 0.5 gram gold per tonne cutoff grade of 40.44 million tonnes averaging 1.33 grams gold per tonne for 1.73 million oz. gold, up from a November 2009 estimate of 30.08 million tonnes at 1.33 grams gold for 1.29 million oz. gold. The increase comes from outside the pit outline used in the December 2009 prefeasibility study and the lateral extensions between surface and a depth of 100 metres. Inferred resources gained 11% or 91,000 oz., and now stand at 23.17 million tonnes of 1.19 grams gold for contained gold of 887,000 oz., up from the previous estimate of 20.81 million tonnes of 1.19 grams gold for 796,000 oz. contained gold. Separately, Aurizon’s agreement with NioGold allows it to earn a 50% interest in the Marban Block, subject to underlying royalties, by spending $20 million over three years, of which $5 million must be spent in the first year. Aurizon also has to complete an updated resource estimate and based on that, make resource payments equal to $30 (or $40 if the price of gold is above US$1,560 per oz.) multiplied by half the number of gold oz. in the measured and indicated category, and a further $20 (or $30 if the price of gold is above US$1,560 per oz.) multiplied by half the number of gold oz. in the inferred category, based on the updated resource estimate. Aurizon can then earn an additional 10% interest by completing a feasibility study and a further 5% for a total of 65% by arranging financing to bring the project into production. See AURIZON, Page 10 Goldcorp invests $15.6M in Evolving Gold BY SUSAN KIRWIN Although the Evolving Gold (evg-v) team consists of several former Newmont Mining (nmc-t, nem-n) people, it’s Goldcorp (g-t, gg-n) that has decided to invest $15.6 million in the junior gold explorer. Goldcorp is buying 19 million Evolving shares at 82¢ apiece in a private placement — a significant stake in a company that currently has 107.2 million shares outstanding and a market cap of $85.8 million. Evolving president and chief geologist Quinton Hennigh, who used to work for Newmont, says Goldcorp had no prior interest in Evolving until now. “I can’t speak on behalf of Goldcorp but I would say there was a lot of intrigue with the fact that we have a large land position in the Carlin trend,” Hennigh says. Evolving will use the funds to explore its Rattlesnake Hills gold project in Wyoming and its Carlin and Humboldt gold projects in Nevada. Rattlesnake Hills is a former Newmont project and Evolving has a lease and sublease agree- Molycorp to raise $240M in IPO for REE mine Molycorp, owner of the Mountain Pass rare earth element (REE) mine in California, is going ahead with an initial public offering (IPO) topping US$420 million so it can ramp up North America’s only current source of the metals needed for hybrid cars, wind power turbines and other high-tech applications. Developing new sources of REEs is becoming more important with time because China, which produces about 95% of the world’s REE supply, is continually cutting its export quotas. Molycorp, based in Greenwood Village, Colo., is looking at issuing 28.13 million shares at a price between US$15 and US$17 per share with an overallotment option for an additional 4.2 million shares. The company’s subsidiary, Molycorp Minerals, will use the funds to modernize and expand the Mountain Pass mine and production facility. After restarting production at Mountain Pass in early 2009, (mining stopped in 2002), Molycorp said it wanted to ramp up production to 40 million lbs. of rare earth products per year by 2012. Molycorp spokesman Jim Sims was unable to comment on any aspect of the IPO or the development of the mine restoration. The plan as of last summer was to dewater the mine over a span of a year and then remove overburd– en for another year to expose an area of fresh ore that will be needed to meet Molycorp’s 2012 production goals. In June, Molycorp announced that it had signed a letter of intent with Toronto-based Neo Material Technologies (nem-t), which produces neodymium-iron-boron magnetic powders and other rareearth-based engineered materials to customers in China, the U.S., Japan and Europe. The companies have agreed to cooperate on a rare earth “mine to magnets” supply chain to their mutual benefit. Neo will provide Molycorp with technical assistance and know-how with respect to production of rare earth metals, alloys and magnets and Molycorp will consider potential supply agreements. Neo has been reliant on China for its rare earth products, however, the company set up shop in China years ago to secure its supply for products manufactured there. The Chinese government limits how much rare earth products Neo can export for use elsewhere, so having a source outside of China would be advantageous. There are several other REE projects outside of China that are being developed in addition to Mountain Pass. Avalon Rare Metals (avl-t) is developing the Nechalacho project near Thor Lake, N.W.T. A prefeasibility study recently put development costs at $889.7 million with production starting in 2015. Two of Great Western Minerals’ (gwg-v) more advanced projects are the Hoidas Lake project near Uranium City, Sask., and the Steenkampskraal mine in South Africa. Australia’s Lynas Corp. (lyc-a) is developing the Mt. Weld rare earth oxide deposit in Western Australia, complete with an advanced materials plant located in Malaysia. The company says the project has the capacity to supply up to 20% of the global REE market for 30 years. Production is supposed to start in 2011. BY SUSAN KIRWIN Some of the funds Evolving Gold will receive from its private placement with Goldcorp will go towards its Rattlesnake Hills project in Wyoming (above). ment with Newmont for the Carlin property. Humboldt was acquired from private landholders and has no connection to Newmont. On the private placement news, Evolving shares closed at 86¢ with 2 million shares changing hands. Once the money comes from Goldcorp, Evolving will have $27 million in the bank, giving the company enough cash to stretch well beyond this year’s $8-million-or-so budget. See GOLDCORP, Page 10 Talison, Salares Lithium to merge Vancouver — Australian producer Talison Minerals and Vancouver-based Salares Lithium (lit-v) are joining forces to create the world’s largest publicly traded lithium production and exploration company. Talison is already the largest lithium producer in the world, based on its hard-rock mine in the Greenbushes area of Western Australia. Lithium mining at Greenbushes dates to 1983; the processing plant was built in 1985 and has been expanded several times since, to now produce roughly 260,000 tonnes of lithium concentrate annually. That production level has enabled Talison to position itself as one of the largest suppliers of lithium in the key Chinese lithium market. Now the Perth-based company is taking over Salares Lithium and listing on the Venture Exchange. Salares is a lithium explorer with a large, prospective brine project portfolio focused exclusively on Chile, which produces more lithium than any other country. Salares’ 400-sq.-km land package in northern Chile’s Atacama Desert is home to five salares, or brine lakes, and the company’s recent geophysical work has increased its confidence that those lakes host a significant lithium resource. The proposed merger would see Talison handing over 2.81 shares for each Salares share, resulting in a new company owned 80% by Talison current shareholders and 20% by current Salares shareholders. The offer values a Salares share at $1.25, a 98% premium based on the company’s 20-day volumeweighted average share price. The merged entity will be known as Talison Lithium and will have offices in Perth and Vancouver. As Salares and Talison work through the merger requirements, including obtaining approval from Salares shareholders, Salares is undertaking a $40-million private placement of subscription receipts. Talison’s major shareholder, Resource Capital Fund, has fully subscribed for the private placement but will scale back its commitment to allow other investors See TALISON, Page 5 New Gold produces 90,000 oz. in Q2 New Gold (ngd-t, ngd-x) shares were up nearly 5% to $5.25 apiece on July 20 on news the company was able to increase gold production by 62% in the second quarter, due mostly to its Mesquite gold mine in California. New Gold produced about 90,000 oz. gold from its mines in California, Mexico and Australia, up from 56,000 oz. during the same period last year. “With further increases in gold production and decreases in cash cost, we expect the second half of 2010 to be an exciting one for New Gold,” said Robert Gallagher, New Gold’s president and CEO, in a statement. A decrease in cash costs would be welcomed after a rise to an average of US$490 per oz. in the sec- ond quarter from US$468 per oz. in the same period last year. The company expects to produce 330,000 oz. to 360,000 oz. gold in total over the course of 2010 with cash costs between US$445 and US$465 per oz. sold, net of byproduct sales. Gold sales from the Mesquite mine rose 42% in the second quarter to 39,000 oz. gold from 27,000 oz. while actual production was 39,000 oz. compared to 26,000 oz. New Gold said it was able to increase production because it used a lower waste mining requirement and was therefore able to increase tonnage compared to last year. There was also an improvement in gold recoveries, though some of the benefits were offset by mining ore below reserve grade. For the first half of 2010, gold sales at Mesquite increased by 47% to 88,000 oz. gold with production at 83,000 oz., up from 60,000 oz. While New Gold was busy fighting with Mexico’s environmental authority to keep its Cerro San Pedro gold-silver mine in San Luis Potosi state open, the mining team was able to increase production at the mine by 22% to 29,000 oz. Gold sales increased just 6% to about 25,000 oz. while cash costs dropped substantially to US$288 per oz. compared to US$429 per oz. New Gold said higher byproduct revenues helped lower cash costs and an increase in tonnes of ore mined boosted production. The lower production in the first quarter of 2010 was due to the company’s explosive permit being delayed. In the first two quarters, New Gold produced a total of 42,000 oz. at Cerro San Pedro, compared to about 45,000 oz. during the first half of 2009. New Gold has been in court trying to undo the Mexican environmental regulatory agency’s move to cancel the company’s environmental impact statement. The company has appealed against the court’s recent decision in favour of the agency. An evaluation by the judge is expected to take four to six months. The mine remains in operation for the time being as a result of an injunction granted in New Gold’s favour in late 2009. Finally, New Gold’s Peak goldcopper mine in New South Wales, Australia, was basically unchanged hovering around the 22,000-oz. mark. Cash costs rose significantly to US$459 per oz. from US$364 per oz. The company said the increase was due to the timing of concentrate shipments and related inventory charges, an increase in salary costs and the appreciation of the Australian dollar. The company noted that its average realized copper price had risen significantly from US$2.07 per lb. to US$3.09 per lb. During the first half of the year, production at the Peak mine was about 42,000 oz. gold, down from 43,000 oz., while copper production was about 4 million lbs., down from 4.3 million lbs. 4 AUGUST 2-8, 2010 THE NORTHERN MINER EDITORIAL GROUP PUBLISHER/PUBLISHER: SENIOR STAFF WRITER: DOUGLAS DONNELLY ddonnelly@northernminer.com TRISH SAYWELL, BA, MA, MSc (Jour) tsaywell@northernminer.com EDITOR: WESTERN EDITOR: JOHN CUMMING, MSc (Geol) jcumming@northernminer.com GWEN PRESTON, BSc (Chem), MJ gpreston@northernminer.com STAFF WRITER: COPY EDITOR: IAN BICKIS, BA, MA (Jour) ibickis@northernminer.com ANTHONY VACCARO, BA, BA (Jour) avaccaro@northernminer.com SALMA TARIKH, BSc (Psych), MA (Jour) starikh@northernminer.com STAFF WRITER: PRODUCTION EDITOR: SUSAN KIRWIN, BA skirwin@northernminer.com ANDREW SEALE aseale@northernminer.com EDITOR OF MINING MARKETS AND DIAMONDS IN CANADA: STAFF WRITER: ALISHA HIYATE, BA ahiyate@northernminer.com EDITORIAL: TOP STORIES OF WEEK 29 EDITORIAL: Toronto: 12 Concorde Place, Suite 800 Toronto, ON Canada M3C 4J2 Tel. 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U.S.A.: US$95.00 one year $6.00 S/H Foreign: US$135.00 one year $6.00 S/H Subscription includes “Daily Mining News” on-line service GST Registration # 809744071RT001 ADVERTISING: BRIAN WARRINER (416) 510-6771 bwarriner@ northernminer.com JOE CROFTS (416) 510-6816 jcrofts@ northernminer.com MICHAEL WINTER (416) 510-6824 mwinter@ northernminer.com CAREERS/CLASSIFIEDS: MICHAEL WINTER (416) 510-6824 mwinter@ northernminer.com PRODUCTION MANAGER: TRACEY HANSON Toll Free: CANADA 1-800-268-7742 ext. 6762 Toll Free: U.S.A. 1-800-387-0273 ext. 6762 Fax: (416) 510-5138 thanson@bizinfogroup.ca (ISSN 0029-3164) CANADA POST: Return undeliverable Canadian addresses to Circulation Dept. c/o The Northern Miner 12 Concorde Place, Suite 800 Toronto, ON M3C 4J2 Publication Mail Agreement #40069240 PAP Registration #09263 We acknowledge the financial support of the Govenment of Canada, through the Canadian Periodical Fund (CPF), for our publishing activities. The Northern Miner USPS #001-462 is published weekly by BIG Magazines L.P, a division of Glacier BIG Holdings Company Ltd. Periodicals Postage Rates paid at Niagara Falls, NY, 14304. U.S. office of publication 2424 Niagara Falls Blvd, Niagara Falls, N.Y. 14304. U.S. POSTMASTER: send address corrections to: Northern Miner Box 1118 Niagara Falls, N.Y. 14304.-7118 Shrewd Kinross reaps windfall When it comes to adversity, some people just rise above it all. • That’s certainly the case with Kinross Gold and its brief but very profitable dabbling in the diamond market in the form of exquisitely timed investments in Harry Winston Diamond and the Diavik diamond mine in the Northwest Territories. At the onset of the global recession, the rough diamond market virtually dried up, putting Harry Winston in a very vulnerable position as it and partner Rio Tinto were simultaneously looking at suspending mining and raising large sums of cash to finance underground mine expansion. Flush with cash from its profitable gold mines, Kinross stepped in early last year with purchases of minority interests in both Harry Winston and the Diavik mine for about US$150 million in total. Of course, the diamond sector bounced back faster than many predicted, thanks mainly to De Beers’ deep production cuts, allowing Kinross this week to announce it is unwinding its various diamond investments for a tidy profit of about US$268 million. • Looks like there’s still a healthy appetite for new junior gold-silver plays, as shown by the closing of a $300-million offering by Vancouver-based Mala Noche Resources. Money will be used to close the acquisition of Goldcorp’s San Dimas gold-silver mining complex in the historic San Dimas epithermal mining district located on the border of Mexico’s Durango and Sinaloa states. The three mines Mala Noche is buying produced 113,000 oz. gold and 5.1 million oz. silver last year. Mala Noche is changing its downer name to a more upbeat “Primero Mining” soon. • The mineral-rich Sahel desert region of French-speaking West Africa is getting much more dangerous, with the killing of kidnapped 78-year-old French aid worker and retired engineer Michel Germaneau by Al Qaeda in the Islamic Maghreb (AQIM), who number about 400 fighters. The killing followed a FrenchMauritanian commando raid in late July on an Al-Qaeda camp in Mali where Germaneau was mistakenly believed to have been held. Germaneau had been kidnapped in Niger in April while helping to build local schools. The Germaneau killing has outraged the French public and French Prime Minister Francois Fillon announced for the first time, in unusually blunt language for the French, that “France is at war with Al-Qaeda.” The French and U.S. governments are already supporting a joint military headquarters opened in April in southern Algeria by the governments of Algeria, Mauritania, Mali and Niger. A British ex-pat was beheaded by AQIM in the region last year, and two Spanish nationals kidnapped in Mauritania in November remain unfound. • The juniors exploring for Arctic gold are providing a lot of the buzz for penny stock enthusiasts in 2010. This week it was North Country Gold’s turn, as its stock popped on the back of long, highgrade gold intercepts at its wholly-owned Three Bluffs gold deposit in Nunavut’s Committee Bay greenstone belt. The Edmonton-based, John Williamson-led company has been successful in drilling out an extension of a known high-grade hinge zone. Existing indicated and inferred resources at Three Bluffs total 752,000 oz. gold at around 5.9 grams gold per tonne, and these latest results hint there’s more to come. The junior plans to drill 20,000 metres this year at Three Bluffs using four rigs, and has already discovered a new gold-rich zone named Antler, situated 1.5 km west of Three Bluffs. • While the gold fever generated by Underworld Resources at its White Gold project in the Yukon was cut short in March by the junior’s $140-million acquisition by Kinross Gold, Kaminak Gold is picking up the slack with enticing early results from its Coffee property in the White Gold district. This year Kaminak has extended Coffee’s newly discovered Latte gold zone, with hits such as 2.35 grams gold over 51 metres and 1.27 grams gold over 78 metres. Upcoming work is being helped along by a recent $10-million financing. • Among the junior miners in Canada’s North, a couple of milestones were met. Consolidated Thompson Iron Mines celebrated the maritime departure from its new port facilities in Sept-Îles, Que., of its first shipment of iron ore concentrate to its Chinese clients, with product mined from its now fully operational Bloom Lake mine in Quebec. And North American Tungsten announcing it would reopen the suspended Cantung tungsten mine in the Nahanni region of the Northwest Territories, thanks to a rebound in tungsten prices. The first full month of production will likely be October. Since 1915 The Northern Miner is published by Business Information Group, a division of Glacier Media Inc., a leading Canadian media company with interests in business-to-business information services. From time to time we make our subscription list available to select companies and organizations whose products or services may interest you. If you do not wish your contact information to be made available, please contact us by one of the following methods: Phone: 1-800-668-2374; Fax: (416) 442-2200; Mail to: Privacy Officer, Business Information Group, 12 Concorde Place, Suite 800, Toronto, ON M3C 4J2 FA C T S ’ N ’ F I G U R E S Canadian M&As hit 5-year low Canadian merger and acquisition (M&A) activity fell 30% in the first half of 2010, according to a new report issued by mergermarket. The report, H1 2010 Canadian M&A Round-Up, which was released mid-July, compiles data based on transactions over US$5 million announced between January 1 and June 30, 2010. The following is a condensed version of the findings. To download a copy, visit www.mergermarket.com. In Canada, money spent on M&As totaled US$29.6 billion for the first half of 2010, down from US$42.5 billion spent in the same period of 2009. This is the lowest halfyear period since 2005. Mega deals, which constitute a deal over US$500 million, followed the downward trend, with only US$18.1 billion changing hands in the first half of 2010. Despite this, M&A activity saw a spike in deals with 210 ral resources. Energy, mining and utilities represented 65% of the total value of inbound deals. Energy deals dominated M&A activity, in terms of value, representing 49% in the first half 2010. The industry saw 57 energy sectorrelated transactions. Deals in energy, mining and utilities together represented 66% of overall Canadian deal value in the first half of 2010. About 37% or 77 deals were attributed to these sectors. On the back of a stronger Canadian dollar, the industry has set its sight on the U.S., with 51 M&A outbound deals worth US$10.6 billion taking place between the neighbouring nations. A weakened Sterling also garnered Canadian companies’ interest with 10 deals taking place between the commonwealth siblings worth US$866 million. Although the largest outbound invest- In Canada, money spent on M&As totaled US$29.6 billion for the first half of 2010, down from US$42.5 billion spent in the same period of 2009. This is the lowest half-year period since 2005. announced in the first half of 2010 in Canada. The fragile economy of the first half of 2009 saw 153 M&As. Goldman Sachs and TD Securities battled for the top financial advisor by value — with Goldman Sachs coming on top with US$9.8 billion worth of deals, while TD Securities completed 28 transactions worth US$8.1 billion. This put TD Securities in first place for rakings by volume, up seven places from the first half of 2009. Blake, Cassels & Graydon held steady as the most active law firm, with 36 deals worth US$18.36 million. While Osler, Hoskin & Harcourt racked up US$18.4 billion worth of deals. Mergermarket also noticed a clear trend in investments in Canadian resources, with the United States and China being first in line to get a hold of Canadian companies and properties. Some 78% of the money spent on inbound M&As came from China and the U.S. in the first half of 2010 as the two countries jockeyed for a stake in Canada’s array of natu- ments were in the pharma, medical and biotech sectors (US$3.8 billion or 27.8% worth) in the first half of 2010 — energy, mining and utilities came in second, with 19.5% of the value spent on deals being attributed to these sectors. Overall, the first half of 2010 saw 89 Canadian outbound deals worth US$13.7 billion, the highest in value and volume since the second half of 2007. Among the firm’s findings was the shift from investments in energy, mining and utilities towards alternative energy over the past two years. M&A activity in alternative energy rose from US$319 million in 2008 (a mere 0.7% of Canadian Energy deals) to US$3.9 billion or 7% in 2009. The first half of 2010 alone has already seen seven deals worth US$711 million. The report also noted that between 2004 and 2009, the alternative energy sector represented 4.8% of all energy-related transactions in Canada. From 2009 to the end of the first half of 2010, that average increased to 11.5%. THE NORTHERN MINER AUGUST 2-8, 2010 5 OP-ED MATTERS OF GENERAL INTEREST PEOPLE SUPPLIERS NEWS Goldcorp enlists Cabo Drilling for Hollinger North Vancouver-based Cabo Dril ling (cbe-v) has snagged a contract with Goldcorp (g-t, gg-n) to drill 5,000 metres at the company’s Hollinger gold mine in Timmins, Ont. The contract, which is for reverse circulation (RC) hammer drilling, will help Goldcorp establish potential open-pit mineralization at Hollinger, which is part of it’s Porcupine project. Cabo has a fleet of RC drills at its disposal including large diameter downhole reverse hammer precision rigs and Acker longstroke drills, which can be mounted on Flex Trac Nodwell carriers or Fly skids to minimize the environmental footprint. A press release emphasized both companies’ focus on safety. “We are pleased to join the Goldcorp team at the Porcupine project, where they truly believe that safety is the priority under all circumstances. Every employee, of both companies, is encouraged to work safely and promote safety as a main part of their job,” said John Versfelt, chairman, president and CEO of Cabo Drilling, in a statement. In addition to Hollinger, the Porcupine gold mines area hosts the Dome mine and mill, the Hoyle Pond mine and a large land package in the Timmins gold camp. Cabo also recently participated in Northern College’s Surface Diamond Driller Assistant Common Core Program graduation luncheon in Timmins, using the opportunity to hire new grads. Grupo Mexico to merge Asarco, Southern Copper One of Mexico’s biggest natural resource company’s, Grupo Mexico, wants to unite two of its affiliates to create a behemoth in the copper world. The company is proposing to merge Asarco and Southern Copper (scco-n) to usher in greater efficiency and rationalize its mining division. The two companies would be brought together under the Americas Mining Corp. banner — which is also a subsidiary of Grupo Mexico — in a deal that would give Southern Copper shareholders 1.24 Americas Mining shares for each Southern share held. The shares of the merged company would then trade in both the U.S. and Peru. The deal values Asarco at US$5.9 billion and would leave Southern Copper’s minority shareholders with 16.6% of the new company. Southern Copper has a strong Peruvian focus and boasts the largest copper reserves in the world. It is 80% held by Grupo Mexico. Asarco is the third-largest copper producer in the U.S., producing roughly 400 million lbs. of copper per year. Both companies are integrated miners with smelting and refining facilities. Grupo Mexico regained full control of Asarco late last year when it pulled it out of a four-year bankruptcy protection. By bringing the two mining units together, investors would have a single stock through which to access the conglomerate’s mining division. Grupo also has railroad and oil-drilling units. It is considering doing a separate initial public offering for its rail division. As for the increased efficiency that Grupo believes the merger would bring, the company says transportation costs and capital investments would be lowered if the two companies were merged. Word of the proposed merg– er had yet to unleash a positive impact on Southern Copper’s share price as the company was off a percentage point to US$31.72 in New York on July 23. The stock has, however, climbed from US$29.33 on July 16. BY TRISH SAYWELL shareholders approved the name change at the company’s annual general meeting on June 17 and its shares began trading under the new ticker symbol on July 19. “The strategy is to become global,” Frank Lagiglia, head of investor relations at China Gold International, explained in a telephone interview from Vancouver. “They (China National Gold) want to use us as a vehicle to go out and start acquiring projects and the TSX listing helps them do that because we have access to North American markets.” In theory, of course, that makes a lot of sense, industry observers say. But China Gold International could also become a vehicle for what some might argue are politically unattractive “internal” assets such as the Jiama copper-goldsilver-molybdenum property in Tibet. In September 2009, Jinshan an- Talison-Salares merger TALISON, From Page 3 to participate. The $40 million raised in the placement will be used to finance the growth strategies of the merged group, including another expansion of the Greenbushes mine, a new round of exploration around the operating mine aimed at upgrading and increasing r e sources, further feasibility studies into developing a lithium carbonate plant to further process concentrates from the mine, and acceleration of the exploration work at Salares’ projects in Chile. Lithium applications fall within two broad categories: technical and chemical. Technical applications include glass and ceramics as well as mould fluxes for steel casings, and these uses require low iron concentrates. Chemical applications include batteries, lubricants, aluminum smelting and pharmaceuticals. Salares remained halted for several days after the merger news, keeping its share price at 62¢. The company has a 52-week trading range of 46¢-$1.22 and 36 million shares outstanding. Universal Uranium — Richard Walters resigned as a director; Bert Jeffries appointed a director. Viking Gold Exploration —Robert Ginn retired as president and a director; John Hansuld appointed interim CEO. Virgin Metals — Lucas Ewart resigned as CEO, but remains chairman; Chris Carmichael resigned as CFO; Chris Frostad appointed president and CEO. Western Coal — John Conlon resigned as a director; David R. Beatty appointed chairman; Neil Winkelmann appointed COO. West Kirkland Mining — Michael Allen appointed VP of exploration; Frank Hallam appointed CFO. WGI Heavy Minerals — Vic Alboini resigned as a director; Patrick Hodgson elected a director. Wildcat Silver — Don Taylor appointed VP of exploration. Yale Resources — Cary Martin appointed manager of investor relations. S U B S C R I P T I O N YES ! F O R M Save 48 I want to receive mining exploration and investment news from the leading source of global mining information. off the c % ov price! er PLEASE SEND MY SUBSCRIPTION OPTION AS INDICATED BELOW Select Subscription Type Select Country Subscription Price* Product And Term Option 1: The Northern Miner Print Edition CDN US INT’L $95+tax CDN $95 USD $135 USD Print Edition Includes Weekly Newspaper & Daily eNews Alerts Term: 52 Issues (1 year) *shipping & handling extra Jinshan goes native The largest shareholder in Vancouver-based J i n s h a n G o l d Mines with a nearly 40% stake is China National Gold, a stateowned Chinese enterprise and the country’s biggest gold producer. The partnership has brought with it many perks for Jinshan — from seemingly endless supply of inexpensive credit to access to the Chinese mining giant’s technical expertise and pipeline of assets. China National Gold’s general manager — Sun Zhaoxue — is Jinshan’s chairman and chief executive, while Zhanming Wu, Jinshan’s director and vice-president of business development, is the head of capital markets at China National Gold. Recently, Jinshan has changed its name to China Gold Interna tional Resources Corp. (cgg-t) to better reflect its relationship with China National Gold. Jinshan Sinchao Metals — Bruce Ramsden appointed VP of finance and CFO. Stonegate Agricom — Michelle Stone appointed VP of exploration; Wayne Cheveldayoff appointed VP of investor relations. Tarsis Resources — Adrian Fleming appointed a director. Thompson Creek Metals — Carol Banducci elected director; Ian McDonald and Kerry Knoll resigned as directors. Tiex — Steven Sobolewski resigned as a director; Terry Severs appointed a director. Tirex Resources — William Weymark resigned as a director; Fred Sveinson appointed a director. Torex Gold Resources — Terry MacGibbon appointed non-executive chairman. Toro Resources — Anthony (Tony) Floyd appointed a director. Treasury Metals — James Fairbairn resigned as CFO; Dennis Gibson appointed CFO. TVI Pacific — Queenie Lung resigned as CFO. nounced in a press release that it had signed a memorandum of understanding with China National Gold and another partner to acquire a 100% stake in the Jiama property. (China National Gold owns 51% of the project.) But, nowhere in the press release did it mention that Jiama is 80 km outside of Lhasa, the Tibetan capital. The Beijing government and the Tibetan government-in-exile disagree over the definition of Tibet and whether its incorporation into China is legitimate according to international law. “Leaving aside the (geo-political) sensitivity, if you’re talking about it as a vehicle to go international, they’re not achieving what they said they’re going to do,” says a mining executive familiar with the company who request– ed anonymity. “Just jamming through an internal asset doesn’t make much sense. . . A more modern state-owned enterprise would say, ‘What is out there that would be attractive and make us a serious gold platform,’ but unfortunately they don’t think like that. They’re not particularly sophisticated.” Lagiglia noted that China Gold International is also looking at other possible acquisitions around the globe — from Russia and Mongolia to North America, Africa and Australia. “Whatever makes sense,” he says. “They’re not looking at exploration or anything greenfield, it has to be very advanced stage.” Jiama is slated to become an u n derground mining opera tion with a production capacity See JINSHAN, Page 15 Option 2: NorthernMiner.com Basic Online CDN US INT’L $99+tax CDN $99 USD $99 USD The Northern Miner Basic Online Includes Weekly Newspaper Online, Daily eNews Alerts & 1 Year Article Archive Option 3: NorthernMiner.com Executive CDN US INT’L $199+tax CDN $199 USD $199 USD NorthernMiner.com Executive Online Edition Includes: Daily eNews Alerts & Weekly Newspaper Online • Daily eNews • Article Archive including all Northern Miner articles dating back to 1987. • 2,700 Detailed Mining Company Profiles. 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I am guaranteed a lower than list price for all future renewals. I may cancel my subscription at any time. TC:N01AD9 GST# 809744071 QST# 1019702274 6 AUGUST 2-8, 2010 THE NORTHERN MINER MARKET NEWS Mine Safety and Security www.westernalliance.ca TORONTO STOCK EXCHANGE The markets were positive around the globe over the July 19-23 trading period and Toronto was no exception. The TSX composite index rose 1.4%, or 160.35 points, to 11,730. Strong economic reports in Europe added some positivity amidst some forecasts for slowing growth in North America. This was evident with mining stocks as investors pushed up base metals stocks while the gold stocks were relatively flat. The Capped Metals & Mining index jumped 9.5%, or 83.44 points, to 959.8, while the Global Gold index was basically unchanged at 355.19 points. Looking at the most actively traded stocks of the week, Lundin Mining was at the top, with 27.1 million shares changing hands, giving shares a 34¢ boost to close at $3.92. The company plans to release its second quarter earnings on July 28. Andean Resources shares were the second most actively traded, after a busy week that included a huge $234.5-million bought deal financing led by BMO Capital Markets and RBC Capital Markets at $3.35 per share. Andean will largely use the funds to advance its Cerro Negro gold project in Santa Cruz province, Argentina. The company reported finding “bonanza-grade” mineralization at its Mariana Central vein at Cerro J U LY 1 9 - 2 3 Negro. Highlights include 8.5 metres grading 46.1 grams gold per tonne, 9 metres of 127.1 grams gold and 14.5 metres of 55.3 grams gold. Teck Resources was one of the top gainers by value, up $3.56 to $37 a share, and one of the most actively traded stocks, with 21.1 million shares changing hands. The company is still investigating the cause of an explosion at its Greenhills coal mine near Elkford, B.C., on June 28. The mine was supposed to produce 4.3 million tonnes of coal this year, or about 2% of world’s coal supply. Khan Resources saw its shares rise 52.1% to 35¢ apiece, following a victory in a Mongolian courtroom and the postponement of another case. The court ruled that TSX most active issues VOLUME (000s) HIGH Lundin Mng Andean Res Teck B Western Coal Kinross Gold B2Gold Eldorado Gold Yamana Gold Barrick Gold Osisko Mng LUN AND TCKB WTN K BTO ELD YRI ABX OSK 27082 22586 21081 19895 15994 13735 12530 12388 12262 10565 3.99 3.78 37.25 4.40 17.36 1.63 16.90 10.02 44.50 12.26 WEEK LOW CLOSE CHANGE 3.41 3.07 32.67 3.76 16.08 1.41 16.06 9.68 42.84 11.64 3.92 3.40 37.00 4.39 17.05 1.58 16.90 9.88 43.86 11.83 + + + + + + + - - + 0.34 0.36 3.56 0.43 0.45 0.11 0.14 0.18 0.14 0.04 to sell its 9% indirect stake to Harry for US$220 million. Last year, when diamond prices had dropped and the Diavik mine faced uncertainty, Kinross paid US$104 million to Harry for the stake. Kinross is also selling its 19.9% stake in Harry Winston to some financial institutions, after acquiring the interest through a private placement at US$3 a share, netting about US$150 million. the Mongolian Nuclear Energy Agency’s decision to invalidate Khan’s mining licence on the Dornod uranium project was invalid and illegal. Harry Winston Diamond was one of the top losers based on value, down $1.43 to close at $13 apiece. Harry announced an agreement to increase its ownership in the Diavik diamond mine, joint venture with Rio Tinto, to 40%. Kinross Gold agreed TSX greatest percentage change VOLUME (000s) HIGH Khan Res Yukon-Nev Gold Petaquilla Mnl Mega Uranium Anaconda Mng TriAusMin Augusta Res Forsys Metals Energy Fuels Avalon Rare Mt Canarc Res First Uranium Freegold Vent PC Gold BRC DiamondCr Inter-Citic Mn Nautilus Minls WGI Heavy Mnl Alexis Minls Geologix Ex KRI YNG PTQ MGA ANX TOR AZC FSY EFR AVL CCM FIU ITF PKL BCD ICI NUS WG AMC GIX 2424 8215 1012 4872 271 62 1608 1221 550 1062 185 4205 116 1798 681 918 3067 29 8381 1704 0.47 0.34 0.52 0.47 0.29 0.06 1.78 1.86 0.20 2.74 0.08 1.08 0.06 1.29 0.10 1.33 2.14 0.49 0.17 0.28 TSX greatest value change WEEK LOW CLOSE CHANGE VOLUME WEEK CLOSE CHANGE 0.25 0.25 0.37 0.38 0.25 0.05 1.50 1.46 0.16 2.27 0.06 0.87 0.05 0.92 0.06 1.13 1.71 0.44 0.14 0.22 First Quantum Labdr I-Ore Ro Teck B Teck A Inmet Mining Major Drilling HudBay Minls Ivanhoe Mines SouthGobi Res Agrium Central Gold-T Harry Winston Pan Am Silver Allied Nevada Seabridge Gold Newmont Mng Richmont Mines Silver Std Res Central Fund Labdr Iron Mns 67.78 48.05 37.00 37.95 48.35 24.04 13.18 18.35 13.66 62.96 48.20 13.00 24.15 17.10 27.70 61.41 4.30 16.72 15.01 3.92 0.35 0.33 0.47 0.46 0.29 0.06 1.77 1.84 0.19 2.70 0.06 0.89 0.05 0.95 0.06 1.16 1.83 0.44 0.15 0.23 + + + + + + + + + + - - - - - - - - - - 52.1 32.0 30.5 21.0 20.8 20.0 19.5 19.4 18.7 16.8 25.0 17.5 16.6 14.4 14.2 12.1 12.0 12.0 11.7 11.5 FM LIF_U TCKB TCKA IMN MDI HBM IVN SGQ AGU GTU_U HW PAA ANV SEA NMC RIC SSO CEFA LIM TSX VENTURE EXCHANGE The S&P/TSX Venture composite index managed four days of straight gains following an early week dip to close up 15.49 points at 1,394.98. Daily trading volumes increased for another week, averaging 95.3 million. Despite the overall gain, the market is still decidedly bearish: 18 juniors hit new highs while 230 fell to new lows. North Country Gold’s share price shot up 11.5¢ or 45.1% to close at 37¢, following some impressive initial drill results from its Three Bluffs gold project in Nunavut. The company went public in April and has since been busy drilling on its 2,256-sq.-km land package, 300 km northeast of Baker Lake. The best drill result to date from Three Bluffs is 42.1 metres grading 5.88 grams gold per tonne from 7 metres depth. Rare earth element-based companies Rare Element Resources and Quest Rare Minerals both saw the biggest share price gains a week after China announced measures to restrict the supply of rare earth elements. On no news released by the companies, Rare Element Resources shares climbed 66¢ or 27.4% to $3.07 and Quest Rare Minerals shares rose 57¢ or 27.4% to $2.69. Antares Minerals saw strong gains following the release of a preliminary eco- + + + + + + + + + + - - - - - - - - - - 6.28 4.35 3.56 2.83 2.16 1.79 1.39 1.23 1.21 1.02 1.53 1.43 1.17 1.03 0.90 0.68 0.37 0.36 0.30 0.29 J U LY 1 9 - 2 3 nomic assessment (PEA) for its Haquira copper-molybdenum-gold project in southern Peru. The PEA outlined a mine with a net present value of US$1.07 billion, producing 4.25 million lbs. copper, 5 million lbs. moly and 27,000 oz. gold a year for 20 years. The 130,000-tonnes-per-day operation has an after-tax internal rate of return of 16.4% using a long-term copper price of US$2.25 per lb. and a discount rate of 8%. Shares were up 30¢ to $2.59. Creso Exploration continued to see significant stock activity and price swings as the company released preliminary results from its Minto gold project in Ontario. It shares gained 9¢ or 20.4% to close at 58¢, on 9.1 million trades. The company, which changed its name from Willowstar Capital TSX-V most active issues VOLUME (000s) HIGH Terrane Metals TRX Sidon Intl Res SD KWG Res KWG Cons Spire Vnt CZS Admiral Bay Rs ADB Canaco Res CAN Chris James Gl CJG Creso Expl CXT Canadn Arrow CRO Ashburton Vent ABR 63420 20321 16262 15269 14783 11105 9123 9066 8031 6499 1.38 0.16 0.13 0.05 0.03 1.74 0.09 0.62 0.04 0.09 WEEK LOW CLOSE CHANGE 1.33 0.09 0.10 0.02 0.01 1.48 0.05 0.44 0.03 0.07 1.38 + 0.12 + 0.13 + 0.05 + 0.02 + 1.66 + 0.08 + 0.58 + 0.04 0.09 + 0.03 0.02 0.01 0.01 0.01 0.10 0.01 0.08 0.00 0.01 in June, has extended two holes on its property. The extension of hole 2, which earlier hit 65.7 metres of 18.2 grams gold and 79.6 metres of 4.61 grams gold, hit a further 7.6 metres grading 5.82 grams gold at 423 metres depth; the extension of hole 1 still awaits assaying. The first three reported holes in a 10,000metre drill program helped propel Premium Exploration’s shares up 12.5¢ or 38.5% to 45¢. The company is working through a drill program on its Friday-Petsite gold project in central Idaho, with the latest results extending the strike length by 200 metres in the Lower Block. Drill results included 203 metres grading 0.98 gram gold from surface, 275 metres carrying 1.84 grams gold from 14.6 metres and 157.9 metres of 2.23 grams gold from 221 metres depth. TSX-V greatest percentage change VOLUME (000s) HIGH Admiral Bay Rs Bison Gold Res Metropolitn Mg Avanti Mng Mainstream Mnl Gold Summit Tournigan Engy Taku Gold Eureka Res Augen Capital Mazorro Res Star Uranium Silver Spruce Savant Expl Mesa Uran Intl Northair Tumi Res Killdeer Mnls Knick Expl Galantas Gold ADB BGE MNZ AVT MJO GSM TVC TAK EUK AUG MZO SUV SSE SVT MSA INM TM KMI KNX GAL 14783 1635 274 5817 206 123 1468 1542 22 179 420 22 1811 259 51 345 31 107 15 1343 0.03 0.17 0.15 0.16 0.08 0.11 0.19 0.33 0.09 0.06 0.10 0.04 0.05 0.09 0.28 0.08 0.13 0.14 0.22 0.04 TSX-V greatest value change WEEK LOW CLOSE CHANGE VOLUME 0.01 0.10 0.13 0.09 0.06 0.09 0.10 0.20 0.09 0.04 0.08 0.03 0.04 0.06 0.18 0.06 0.10 0.10 0.20 0.03 Rare Elemnt Rs Quest Rare Mnl Clifton Star Antares Minls Hana Mng Maudore Minls Fission Energy Mayen Mnls Premium Expl Andean Am Mng Centurion Mnls Bear Creek Mng Eurasian Minls Orko Silver St Elias Mns Grayd Res Avino Silver Mesa Uran Spanish Mtn Gd Foundation Res 0.02 0.14 0.15 0.16 0.08 0.11 0.17 0.32 0.09 0.06 0.08 0.03 0.04 0.06 0.23 0.07 0.10 0.10 0.22 0.03 +100.0 + 75.0 + 66.6 + 60.0 + 60.0 + 57.1 + 54.5 + 52.3 + 50.0 + 50.0 - 46.6 - 40.0 - 33.3 - 33.3 - 32.3 - 30.0 - 28.5 - 28.5 - 26.6 - 25.0 RES QRM CFO ANM HMG MAO FIS MYM PEM AAG CTN BCM EMX OK SLI GYD ASM MSA SPA FDN U.S. MARKETS U.S. equities were looking a little rosier during the July 19-23 trading week. The Dow Jones industrial average climbed 326.73 points or 3.24% to close at 10,424.62, while the S&P 500 index advanced 37.78 points or 3.55% to finish at 1,102.66. The Nasdaq rose 90.42 points or 4.15% to 2,269.47. The Philadelphia Gold and Silver index added 6.03 points or 3.6% to finish at 173.42. The price of gold edged down slightly from its open in New York on July 19 at US$1,193 per oz. to close on July 23 at US$1,189.70 per oz. Strong second-quarter and half-year results sent Freeport-McMoRan Copper & Gold’s shares soaring US$11 to US$71.08 per share, and making it the second most actively traded stock of the week. Net income in the second quarter reached US$649 million, or US$1.40 per share, up from US$588 million, or US$1.38 per share, in the second quarter of 2009. Net income for the first six months was US$1.5 billion compared to US$631 million for the first half of 2009. News that Kinross Gold was selling its 9% stake in the Diavik diamond mine to 2764152 485160 21080805 21739 1640860 122676 4409928 5819626 178387 4131206 15319 4985083 1142045 1517904 166774 50769 87517 418525 344718 360030 701099 739271 783514 502878 341174 49608 550968 58900 5928541 2875884 304082 860360 128164 443565 467954 115450 59000 50908 2043735 242260 WEEK CLOSE CHANGE 3.07 2.69 4.11 2.59 1.56 3.54 0.63 0.84 0.45 0.69 1.48 3.60 1.70 1.33 1.32 0.79 0.71 0.23 0.38 0.32 + + + + + + + + + + - - - - - - - - - - 0.66 0.57 0.46 0.30 0.23 0.19 0.16 0.13 0.13 0.13 0.21 0.20 0.17 0.15 0.15 0.13 0.11 0.11 0.10 0.09 J U LY 1 9 - 2 3 Harry Winston Diamond for US$220 million sent Harry Winston shares down US$1.04 to US$12.58. Harry Winston will pay Kinross US$50 million in cash, 7.1 million in shares valued at US$100 million, and a US$70-million note. Kinross also announced it was selling 15.2 million Harry Winston shares through a block trade to a group of financial institutions. Cliffs Natural Resources gained US$9.35 to US$55.90 per share. On July 19, the company announced it had increased its ownership stake in Spider Resources to about 81.8%, up from 52.1%. Cliffs has ex- U.S. most active issues VOLUME (000s) HIGH WEEK LOW CLOSE CHANGE Alcoa* AA Freeport McMo*FCX Vale* VALE Cliffs Nat Rs* CLF Newmont Mng*NEM Barrick Gold* ABX Mosaic* MOS Teck B* TCK Peabody Enrgy* BTU Hecla Mining* HL 131348 82216 39415 37119 36885 35672 30638 30027 29911 28561 10.31 60.01 24.43 45.18 56.27 40.58 43.20 30.94 41.37 4.52 11.12 71.38 27.80 56.37 59.62 42.83 47.10 35.92 45.56 4.98 11.05 71.08 27.72 55.90 59.05 42.37 46.80 35.66 45.43 4.95 + 0.64 +11.00 + 3.38 + 9.35 + 0.15 + 0.62 + 2.04 + 4.02 + 3.62 + 0.25 tended its offer of 19¢ per Spider share until July 26. The junior’s main asset is a 26.5% interest in the Big Daddy chromite project in the McFaulds Lake area of northern Ontario. Cliffs now has effective control of 73.5% of Big Daddy, (Cliffs’ directly held 47% interest and Spider’s 26.5% interest). The end of a 12-month strike at Vale’s operations in Sudbury and Port Colborne, Ont., drove the company’s shares up US$3.38 to US$27.72 apiece. Unionized employees voted yes to a five-year collective agreement. U.S. greatest percentage change Tornado Gold* National Coal* Global Gold* Mesabi Trust* Caledonia Mng* Mechel* Petaquilla Mn* Augusta Res* Cliffs Nat Rs* Freeport McMo* Shoshone Silv* Grandview Gld* Elray Res* Canarc Res* Tombstone Exp* Strata O&G* Am Engy Field* Pac Rim Minin* Li3 Energy* New Jersey Mg* VOLUME (000s) HIGH TOGI NCOC GBGD MSB CALVF MTL PTQMF AZC CLF FCX SHSH GVGDF ELRA CRCUF TMBXF SOIGF AEFI PMU LIEG NJMC 221 359 80 950 306 6979 972 285 37119 82216 150 50 129 13 726 587 20 286 386 152 0.02 1.14 0.14 24.22 0.06 22.33 0.51 1.73 56.37 71.38 0.13 0.05 0.05 0.06 0.08 0.23 0.46 0.18 0.45 0.22 WEEK LOW CLOSE CHANGE 0.01 0.71 0.06 18.85 0.05 17.79 0.34 1.43 45.18 60.01 0.09 0.05 0.04 0.06 0.05 0.15 0.30 0.16 0.38 0.11 0.02 1.04 0.14 24.21 0.05 22.23 0.46 1.73 55.90 71.08 0.09 0.05 0.05 0.06 0.06 0.19 0.40 0.17 0.40 0.22 +100.0 + 52.9 + 40.0 + 28.7 + 25.0 + 22.0 + 21.0 + 20.9 + 20.0 + 18.3 - 25.0 - 16.6 - 16.6 - 14.2 - 14.2 - 13.6 - 13.0 - 10.5 - 9.0 - 8.3 U.S. greatest value change VOLUME WEEK CLOSE CHANGE Freeport McMo* FCX Cliffs Nat Rs* CLF Rio Tinto* RTP BHP Billi-BHP* BHP BHP Billi-BBL* BBL Mesabi Trust* MSB Alpha Nat Res* ANR OM Group* OMG Teck B* TCK Mechel* MTL Harry Winston* HWD Pan Am Silver* PAAS Allied Nevada* ANV Alliance Rs P* ARLP Seabridge Gld* SA AngloGold Ash* AU Harmony Gold* HMY Richmont Mine* RIC Mines Managem*MGN Nevsun Res* NSU 71.08 55.90 51.95 71.67 60.70 24.21 39.28 27.61 35.66 22.23 12.58 23.20 16.49 47.37 26.66 39.95 10.02 4.17 1.61 3.54 82215875 37119364 16429489 22083564 12457770 949647 18220217 1525070 30026991 6978700 358800 5558527 853900 578826 2519637 8826583 11996988 171465 258798 1507650 +11.00 + 9.35 + 6.19 + 6.14 + 5.67 + 5.40 + 5.29 + 4.19 + 4.02 + 4.02 - 1.04 - 0.79 - 0.76 - 0.70 - 0.54 - 0.46 - 0.29 - 0.19 - 0.14 - 0.13 THE NORTHERN MINER AUGUST 2-8, 2010 7 STOCK TABLES MINING STOCKS listed on NORTH AMERICAN EXCHANGES Trading: July 19 - July 23, 2010 Stock (100s) Exc Volume Week High Low Last Change 12-month High Low Stock A Abacus Mng&Ex V 18489 Abbastar Res V 2600 Abcourt Mines V 6270 Aberdeen Intl T 2336 Abitex Res V 1245 Abitibi Mng V 800 Acadian Mng T 5433 Acrex Vent V 870 Actus Mnls V 200 Adanac Moly T 10173 Adex Mining V 7959 Admiral Bay Rs V 147832 Adriana Res V 2674 Adroit Res V 0 Advanced Expl V 4676 Advanced Prima V 236 Adventure Gold V 4040 Aeroquest Intl T 408 Affinity Gold* Q 679 Afri-Can Marin V 9541 African Aura M V 20 African Gold G V 3735 African Metals V 7195 African Queen V 362 Africo Res T 43 Agnico-Eagle* N 108190 Agnico-Eagle T 40759 Agrium* N 30500 Agrium T 41312 Aguila Am Res V 3 Alamos Gold T 16532 Alberta Star D V 1081 Alberta Star * Q 333 Alcoa* N 1313475 Alder Res V 8493 Alderon Res V 3446 Aldershot Res V 4615 Aldridge Minls V 66 Aldrin Res V 2894 Alexandria Mnl V 5560 Alexco Res T 1713 Alexco Res* X 5491 Alexis Minls T 83811 Alhambra Res V 4995 Alix Res V 15815 Allana Res V 16706 Alliance Rs P* Q 5788 Allied Gold T 1388 Allied Nevada T 15179 Allied Nevada* X 8539 Almaden Mnls* X 4672 Almaden Mnls T 1669 Alpha Gold V 280 Alpha Nat Res* N 182202 Altai Res V 838 Altair Vent V 2659 Altima Res V 2962 Altius Mnrls T 1753 Alto Vent V 31590 Altoro Gold V 2534 Alturas Minls V 821 Alum Cp China* N 10906 Alumina Inc* N 17262 Am Cons Minls V 35493 Am Creek Res V 2019 Am Engy Field* Q 203 AM Gold V 2579 Amador Gold V 48826 Amanta Res V 2450 Amarc Res V 1029 Amarillo Gold V 322 Amato Expl V 1080 Amazon Goldsd* Q 52 Amazon Mng V 2268 America West* Q 745 American Bonan T 6119 American Manga V 4975 Amerigo Res T 3425 Amerix Pr Mtls V 1795 Amex Expl V 535 AMI Res V 220 Amseco Expl V 3000 Anaconda Mng T 2705 Anatolia Minls T 23522 Andean Am Mng V 28758 Andean Res T 225863 AndeanGold V 141 Andina Mnls V 2465 Andover Vent V 2095 Anfield Nickel V 188 Anglo Swiss V 5037 Anglo-Can Uran V 565 AngloGold Ash* N 88265 Animas Res V 1750 Anooraq Res* X 6459 Anooraq Res V 1327 Ansell Capital V 700 Antares Minls V 5028 Antioquia Gold V 2947 Anvil Mining T 14706 Apella Res V 6173 Apogee Minls V 2677 Apolo Gold* Q 245 Apoquindo Mnls V 2051 Appalaches Res V 2886 0.23 0.09 0.09 0.38 0.12 0.02 0.04 0.05 0.08 0.04 0.10 0.03 0.37 0.07 0.21 0.15 0.16 0.53 0.04 0.08 1.25 0.31 0.22 0.34 0.80 58.62 60.77 61.13 63.48 0.05 14.93 0.42 0.40 11.12 0.35 1.10 0.03 0.54 0.69 0.18 3.32 3.14 0.17 0.39 0.02 0.37 49.74 0.33 18.09 17.39 0.97 1.00 0.09 39.75 0.38 0.09 0.05 10.18 0.06 0.19 0.11 21.69 5.67 0.25 0.10 0.46 0.35 0.02 0.15 0.45 0.74 0.20 0.26 1.49 0.12 0.17 0.22 0.74 0.05 0.22 0.11 0.15 0.29 6.12 0.74 3.78 0.17 1.21 0.25 3.05 0.22 0.09 40.64 0.33 1.00 1.05 0.11 2.70 0.25 3.02 0.13 0.08 0.02 0.72 0.06 0.17 0.08 0.07 0.35 0.10 0.01 0.04 0.05 0.05 0.03 0.09 0.01 0.28 0.07 0.17 0.12 0.13 0.48 0.04 0.07 1.25 0.28 0.19 0.32 0.80 54.13 57.13 57.00 60.25 0.05 14.10 0.40 0.38 10.31 0.28 1.05 0.03 0.52 0.56 0.16 3.06 2.90 0.14 0.35 0.01 0.32 46.60 0.31 16.90 16.19 0.86 0.90 0.08 33.24 0.34 0.06 0.04 9.91 0.05 0.14 0.10 18.97 5.07 0.17 0.09 0.30 0.32 0.01 0.12 0.38 0.71 0.15 0.25 1.39 0.09 0.15 0.17 0.71 0.05 0.18 0.09 0.09 0.25 5.50 0.55 3.07 0.14 1.12 0.23 3.00 0.17 0.07 38.55 0.27 0.93 0.98 0.11 2.31 0.22 2.71 0.12 0.07 0.02 0.65 0.05 0.20 + 0.03 0.08 0.00 0.09 + 0.02 0.36 - 0.03 0.12 0.00 0.01 0.00 0.04 0.00 0.05 0.00 0.05 - 0.01 0.04 0.00 0.10 0.00 0.02 + 0.01 0.32 - 0.05 0.07 0.00 0.17 - 0.01 0.15 0.00 0.16 + 0.02 0.53 + 0.03 0.04 0.00 0.08 0.00 1.25 0.00 0.30 0.00 0.19 - 0.04 0.34 + 0.02 0.80 + 0.02 57.28 + 1.28 59.38 + 0.23 60.77 + 2.13 62.96 + 1.02 0.05 0.00 14.84 + 0.16 0.42 0.00 0.39 + 0.01 11.05 + 0.64 0.35 + 0.03 1.10 0.00 0.03 0.00 0.52 - 0.13 0.65 0.00 0.17 - 0.01 3.25 + 0.08 3.14 + 0.13 0.15 - 0.02 0.37 - 0.01 0.01 0.00 0.37 + 0.01 47.37 - 0.70 0.32 0.00 17.10 - 1.03 16.49 - 0.76 0.96 + 0.07 0.98 + 0.05 0.09 + 0.01 39.28 + 5.29 0.34 - 0.03 0.09 + 0.01 0.04 0.00 9.96 - 0.09 0.06 0.00 0.16 - 0.01 0.11 0.00 21.58 + 2.47 5.67 + 0.63 0.19 - 0.05 0.09 0.00 0.40 - 0.06 0.33 0.00 0.02 0.00 0.15 + 0.02 0.45 + 0.04 0.72 - 0.06 0.15 - 0.01 0.25 - 0.10 1.42 0.00 0.10 + 0.01 0.16 0.00 0.22 + 0.02 0.73 0.00 0.05 + 0.01 0.22 + 0.01 0.09 0.00 0.10 -0.00 0.29 + 0.05 5.56 - 0.11 0.69 + 0.13 3.40 + 0.36 0.17 + 0.04 1.12 - 0.09 0.23 0.00 3.05 0.00 0.20 - 0.02 0.07 0.00 39.95 - 0.46 0.32 + 0.01 0.98 + 0.01 1.00 - 0.01 0.11 0.00 2.59 + 0.30 0.23 + 0.02 2.97 + 0.17 0.13 + 0.01 0.07 0.00 0.02 0.00 0.70 - 0.04 0.06 0.00 0.38 0.37 0.22 0.52 0.22 0.05 0.10 0.09 0.14 0.16 0.19 0.12 0.72 0.15 0.27 0.52 0.22 0.85 6.25 0.29 1.49 0.95 0.55 0.74 1.49 74.00 77.32 73.76 74.60 0.10 17.61 1.27 1.25 17.60 0.46 2.75 0.08 1.79 0.99 0.29 4.45 4.09 0.49 0.62 0.10 0.60 52.45 0.45 23.74 22.92 1.39 1.42 0.15 55.70 0.94 0.23 0.19 11.34 0.09 0.27 0.25 34.26 7.74 0.29 0.39 1.04 0.50 0.14 0.17 0.72 1.06 0.93 0.50 3.00 0.25 0.22 0.49 0.98 0.08 0.56 0.22 0.21 0.34 6.14 0.74 3.78 0.90 2.18 0.38 3.75 0.48 0.14 47.52 1.30 1.78 1.80 0.40 3.12 0.69 4.27 0.35 0.17 0.04 1.10 0.12 0.14 0.08 0.07 0.25 0.10 0.01 0.03 0.03 0.05 0.03 0.08 0.001 0.24 0.05 0.14 0.11 0.09 0.34 0.03 0.07 0.56 0.12 0.07 0.28 0.70 49.64 53.16 39.55 43.25 0.04 8.53 0.36 0.32 9.81 0.12 0.05 0.02 0.52 0.22 0.05 2.05 1.85 0.14 0.08 0.01 0.16 32.15 0.24 8.59 7.79 0.59 0.65 0.05 28.56 0.25 0.06 0.04 5.56 0.03 0.09 0.10 18.17 4.76 0.04 0.09 0.23 0.12 0.01 0.06 0.17 0.50 0.15 0.12 0.32 0.05 0.06 0.10 0.41 0.04 0.14 0.06 0.04 0.15 2.01 0.19 1.56 0.10 1.05 0.17 1.80 0.17 0.06 34.11 0.22 0.72 0.78 0.10 1.00 0.12 1.56 0.10 0.05 0.01 0.51 0.05 (100s) Exc Volume Appleton Expl Aquila Res Arch Coal* Archon Mineral Arco Res Arctic Star Di Arcturus Res Arcus Dev Grp Arehada Mining Argentex Mng* Argentex Mng Argex Silver C Argonaut Expl Argonaut Gold Argus Metals Arian Silver Armadillo Res Armistice Res Artha Res ASA (Bermuda)* Ascot Res Ashburton Vent Asia Now Res AsiaBaseMetals Asian Minl Res Astorius Res Astral Mining Atac Res Atacama Min Athabasca Mnls Atna Res Ltd Atocha Res ATW Gold AuEx Vent Augen Capital Augen Gold Augusta Res Augusta Res* Augyva Mng Aura Mnls Aura Silver Rs Aurcana Corp Aurion Res Aurizon Mines Aurizon Mines* Avalon Rare Mt Avanti Mng Avino Silver Avion Res Avnel Gold Axmin Inc Azimut Expl Azteca Gold V T N V V V V V T Q V V V T V V V T V N V V V V V V V V V V T V V T V V T X V T V V V T X T V V V T V V V 3530 2583 255584 35 2053 23530 3 6838 307 1892 1706 9390 255 494 12973 15285 645 457 3216 2627 2069 64991 150 600 105 650 113 5058 1615 480 4674 1540 17281 2218 1785 560 16078 2849 103 17370 2523 10795 675 12344 13707 10618 58168 590 10843 470 7958 1371 4479 Week High Low 0.10 0.31 22.69 1.50 0.05 0.04 0.09 0.28 0.14 0.60 0.64 0.28 0.18 2.59 0.12 0.12 0.09 0.26 0.10 26.80 0.90 0.09 0.24 0.16 0.14 0.07 0.26 1.95 0.50 0.24 0.53 0.09 0.08 3.45 0.06 0.17 1.78 1.73 0.20 3.76 0.19 0.23 0.25 5.21 5.02 2.74 0.16 0.80 0.47 0.20 0.08 0.65 0.05 0.08 0.28 19.31 1.50 0.05 0.04 0.09 0.25 0.14 0.53 0.55 0.22 0.18 2.32 0.10 0.10 0.09 0.23 0.09 25.33 0.76 0.07 0.19 0.16 0.14 0.07 0.23 1.83 0.50 0.21 0.48 0.08 0.05 3.17 0.04 0.15 1.50 1.43 0.20 3.32 0.09 0.22 0.25 5.00 4.73 2.27 0.09 0.71 0.45 0.18 0.07 0.55 0.04 Last Change 0.09 - 0.31 + 22.54 + 1.50 0.05 0.04 0.09 + 0.26 + 0.14 - 0.59 0.60 - 0.27 + 0.18 2.45 - 0.10 0.10 - 0.09 - 0.24 - 0.09 - 26.41 + 0.80 - 0.09 + 0.19 - 0.16 - 0.14 0.07 - 0.26 + 1.89 - 0.50 0.24 + 0.50 - 0.08 - 0.06 - 3.17 - 0.06 + 0.16 + 1.77 + 1.73 + 0.20 3.67 + 0.16 - 0.22 - 0.25 + 5.17 + 4.93 + 2.70 + 0.16 + 0.71 - 0.46 - 0.20 - 0.07 - 0.59 - 0.04 0.01 0.01 2.89 0.00 0.00 0.00 0.03 0.02 0.01 0.00 0.01 0.04 0.00 0.15 0.00 0.01 0.01 0.03 0.01 0.21 0.08 0.01 0.05 0.01 0.00 0.01 0.02 0.07 0.00 0.02 0.02 0.02 0.01 0.27 0.02 0.01 0.29 0.30 0.00 0.18 0.01 0.01 0.03 0.12 0.14 0.39 0.06 0.11 0.03 0.01 0.01 0.06 0.00 12-month High Low Stock 0.35 0.45 28.52 1.94 0.12 0.09 0.10 0.30 0.36 1.01 1.12 0.50 0.30 3.75 0.25 0.21 0.25 0.53 0.25 28.79 1.02 0.17 0.38 0.50 0.23 0.20 0.68 2.06 0.84 0.35 0.91 0.20 0.67 3.81 0.13 0.26 3.78 3.61 0.34 5.17 0.60 0.47 0.41 5.98 5.85 4.24 0.32 0.99 0.83 0.29 0.17 0.92 0.19 Brett Res Brigadier Gold Brigus Gold Brigus Gold* Brilliant Mng Brionor Res Britannica Res Buenaventura* Bullion Monar* 0.08 0.17 15.73 0.95 0.03 0.03 0.01 0.08 0.07 0.53 0.55 0.12 0.08 0.90 0.08 0.05 0.07 0.12 0.08 20.01 0.25 0.05 0.13 0.13 0.08 0.07 0.20 0.45 0.38 0.15 0.48 0.08 0.05 2.42 0.04 0.06 1.30 1.30 0.06 2.31 0.06 0.09 0.15 3.76 3.46 1.74 0.09 0.49 0.27 0.10 0.06 0.40 0.04 B B2Gold Bacanora Mnls BacTech Mining Baffinland Irn Baja Mng Bandera Gold Bannerman Res Banro Res Banro Res* Bard Vent Barker Mnrls Barrick Gold* Barrick Gold Bayfield Vent Bayswater Uran BCM Res BE Res Bear Creek Mng Bear Lake Gold Beaufield Res Beeston Ent* Bellhaven Cp&G Belmont Res Belvedere Res Benton Res Berkley Res BHP Billi-BBL* BHP Billi-BHP* Big Red Diam BioteQ Env Bison Gold Res Bitterroot Res Black Bull Res Black Panther Blackstone Res Blue Note Mng Blue Sky Uran BMO Jr Gld ETF Bold Vent Bolero Res Boliden AB Bonanza Res Bonaventure En Bonterra Res Bowmore Expl Boxxer Gold Bralorne Gold Bravada Gold Bravo Gold BRC DiamondCr Breakwater Res T V V T T V T T X V V N T V V V V V V V Q V V V V V N N V T V V V V V V V T V V T V V V V V V V V T T 137352 570 2960 15910 8308 122 697 21172 3132 851 3420 356722 122618 2071 1455 300 1705 8603 4782 3255 46385 2900 1458 2566 805 60 124577 220835 5135 1065 16352 4057 1480 105 1160 7363 7079 819 1720 4182 6 177 2683 4986 407 7940 1018 969 9459 6810 8077 1.63 1.41 1.58 + 0.29 0.23 0.29 + 0.06 0.05 0.06 0.41 0.35 0.37 - 0.80 0.71 0.79 + 0.19 0.16 0.19 0.35 0.31 0.35 - 2.06 1.84 1.90 - 1.98 1.78 1.82 - 0.06 0.05 0.06 0.04 0.03 0.04 + 42.83 40.58 42.37 + 44.50 42.84 43.86 - 0.41 0.36 0.39 + 0.46 0.36 0.45 + 0.14 0.13 0.13 0.33 0.28 0.32 + 3.85 3.60 3.60 - 0.20 0.17 0.20 + 0.13 0.11 0.12 + 0.00 1.0E8 0.00 0.24 0.20 0.23 + 0.05 0.04 0.04 0.15 0.12 0.14 + 0.45 0.38 0.43 + 0.05 0.05 0.05 60.79 54.88 60.70 + 71.80 65.35 71.67 + 0.06 0.05 0.06 0.78 0.68 0.71 + 0.17 0.10 0.14 + 0.05 0.05 0.05 0.02 0.01 0.01 0.19 0.18 0.19 0.06 0.05 0.06 0.10 0.09 0.09 - 0.28 0.24 0.24 - 15.60 15.07 15.60 - 0.22 0.16 0.17 - 0.24 0.18 0.24 + 12.36 12.00 12.36 - 0.02 0.02 0.02 0.01 0.01 0.01 0.09 0.08 0.09 + 0.58 0.53 0.58 0.14 0.12 0.13 1.10 1.02 1.02 - 0.17 0.14 0.17 + 0.17 0.16 0.17 0.10 0.06 0.06 - 3.02 2.50 2.88 + 0.11 0.01 0.00 0.02 0.09 0.00 0.01 0.12 0.12 0.00 0.01 0.62 0.14 0.03 0.08 0.00 0.03 0.20 0.02 0.01 0.00 0.01 0.00 0.02 0.01 0.00 5.67 6.14 0.00 0.01 0.06 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.06 0.19 0.00 0.00 0.01 0.00 0.00 0.08 0.01 0.00 0.01 0.32 1.92 0.45 0.09 0.77 0.97 0.33 1.32 3.37 3.20 0.17 0.09 48.02 50.53 0.58 2.15 0.23 0.45 5.38 0.30 0.19 0.02 0.40 0.12 0.26 0.77 0.12 71.27 83.20 0.10 1.56 0.39 0.18 0.04 0.28 0.35 0.30 0.94 17.55 0.30 0.69 16.10 0.06 0.04 0.68 1.09 0.17 1.20 0.32 0.67 0.21 5.20 0.63 0.19 0.05 0.35 0.45 0.10 0.23 1.67 1.61 0.05 0.03 32.17 35.50 0.10 0.36 0.05 0.16 1.61 0.15 0.10 0.001 0.05 0.01 0.05 0.32 0.03 48.86 58.16 0.03 0.38 0.07 0.05 0.01 0.14 0.05 0.07 0.15 12.57 0.07 0.16 9.50 0.01 0.01 0.08 0.41 0.04 0.65 0.14 0.16 0.04 2.09 (100s) Week Exc Volume High Low V 5207 V 455 T 13674 X 4514 V 477 V 262 V 158 N 27713 Q 1227 4.15 0.14 1.27 1.23 0.05 0.18 0.05 40.32 0.65 3.90 0.10 1.21 1.11 0.04 0.17 0.05 37.06 0.56 Last Change 12-month High Low Stock Commerce Grp* Q Commerce Res V Compass Mnls* N Compliance Eny V Condor Res V Confedertn Mls V Conquest Res V Cons Abaddon R V Cons Fortress V Cons Spire Vnt V Cons Thomp Irn T Consol Energy* N Constant Mtl R V Constittn Mng* Q Contintl Gold T Contintl Mnls V Contintl Mnls* Q Contintl Nickl V Contl Precious T Conway Res V Cooper Mnls V Copper Canyon V Copper Fox Mtl V Copper Mtn Mng T Copper One V Copper Ridge V Coral Gold V Corex Gold V Cornerstone C* Q Cornerstone Ca V Coro Mining T Corona Gold T Corriente Res T Corsa Capital V Cortez Gold V Cream Mnrls V Crescent Gold T Crescent Res V Creso Expl V Creston Moly V Crew Gold T Crocodile Gold T Crosshair E&M* X Crosshair E&Mg T Crowflight Mnl T Crystallex In* X Crystallex Int T Cue Res V Curlew Lke Res V Currie Rose Rs V Cypress Dev V D Arianne Res V Dajin Res V Dalton Res Ltd V Darnley Bay V Decade Res V Dejour Enterp T Dejour Enterp* X Deloro Res V Delta Uranium V Denison Mines T Denison Mines* X Dentonia Res V Detour Gold T Dia Bras Expl V Diadem Res V Diagnos V Diamcor Mng V Diamond Expl V Diamond Fields T Diamond Frank V Diamonds North V Dianor Res V Dios Expl V Discovery Vent V Ditem Explor V DNI Metals V Dolly Varden R V Donner Metals V Dorato Res V Dorex Minls V Dot Res V Douglas Lk Ml* Q DRDGOLD* Q Duluth Metals T Dundarave Res V Dundee Mines V Dundee Prec Mt T Duran Vent V Dynacor Gold M T Dynasty Gold V Dynasty Met&Mn T E-Energy Vent V Eagle Hill Exp V Eagle Plains V Eaglecrest Ex V East Asia Mnls V Eastern Platin T Eastfield Res V Eastmain Res T ECU Silver Mng T Edgewater Expl V El Capitan Pr* Q El Nino Vent V 4.05 + 0.10 - 1.27 + 1.22 + 0.05 0.17 - 0.05 39.59 + 0.64 - 0.06 0.01 0.02 0.03 0.00 0.01 0.00 1.27 0.01 4.19 0.35 2.48 2.36 0.13 0.29 0.16 42.69 0.97 0.76 0.10 1.12 1.05 0.03 0.09 0.04 23.84 0.32 27.00 + 0.04 + 0.19 0.30 - 0.16 - 0.05 0.05 + 0.12 1.40 - 0.12 - 24.64 + 25.52 + 0.25 - 1.66 + 0.39 + 0.58 + 0.04 0.05 0.06 0.44 0.37 0.01 0.10 0.06 - 0.06 - 0.14 + 0.09 0.34 + 0.70 0.04 - 0.03 0.07 - 0.12 - 0.07 0.23 + 0.12 3.85 + 2.47 + 1.14 - 1.10 - 0.22 + 0.03 0.01 0.29 0.34 - 0.06 + 0.14 + 0.05 0.05 - 0.20 + 0.14 - 0.19 + 0.14 0.04 2.51 + 13.61 + 14.48 - 15.01 - 48.20 - 0.09 1.48 - 0.47 - 2.14 + 0.02 0.49 + 0.16 0.81 - 0.09 7.45 - 0.42 0.75 0.08 + 1.40 + 0.11 - 1.03 - 1.06 - 0.25 - 55.90 + 4.11 + 1.59 - 0.35 - 0.08 - 0.14 + 0.11 15.47 + 16.01 + 0.20 - 0.05 0.65 - 6.60 - 0.85 + 0.12 - 0.16 - 0.08 - 0.31 1.68 0.01 0.00 0.06 0.01 0.00 0.01 0.00 0.07 0.02 0.65 0.20 0.01 0.10 0.09 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.03 0.00 0.04 0.00 0.01 0.00 0.01 0.01 0.00 0.03 0.00 0.06 0.14 0.06 0.02 0.01 0.00 0.00 0.00 0.03 0.01 0.04 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.10 0.13 0.05 0.30 1.53 0.00 0.21 0.04 0.12 0.00 0.07 0.00 0.03 0.00 0.07 0.00 0.00 0.01 0.15 0.03 0.03 0.04 0.02 9.35 0.46 0.01 0.01 0.01 0.01 0.00 1.08 0.86 0.01 0.00 0.03 0.25 0.09 0.01 0.01 0.01 0.00 34.00 0.06 0.45 0.61 0.25 0.10 0.10 0.25 2.40 0.27 33.74 35.00 0.49 1.79 0.40 0.89 0.12 0.14 0.25 2.45 0.56 0.08 0.23 0.20 0.20 0.41 0.16 0.61 1.20 0.13 0.06 0.20 0.50 0.18 0.32 0.70 4.52 3.30 1.66 1.62 0.23 0.08 0.03 0.47 0.46 0.19 0.25 0.11 0.14 0.28 0.26 0.28 0.25 0.12 2.64 15.10 15.50 16.15 54.12 0.40 1.95 0.87 2.54 0.06 0.50 0.45 1.45 0.14 10.00 0.70 1.96 0.09 2.74 0.55 1.38 1.46 0.70 76.17 8.25 2.75 1.10 0.62 0.16 0.25 24.86 25.79 0.37 0.08 1.62 8.68 0.85 0.31 0.35 0.23 0.43 14.76 0.02 0.15 0.20 0.10 0.05 0.04 0.09 0.66 0.10 20.70 21.64 0.23 0.06 0.24 0.26 0.03 0.05 0.03 0.41 0.22 0.01 0.09 0.06 0.06 0.06 0.04 0.29 0.46 0.03 0.03 0.06 0.12 0.06 0.13 0.10 2.48 2.05 1.02 0.93 0.11 0.01 0.01 0.23 0.12 0.05 0.05 0.03 0.05 0.08 0.05 0.09 0.09 0.03 1.42 5.98 11.44 12.46 39.17 0.09 0.10 0.11 1.40 0.01 0.10 0.15 0.23 0.05 3.91 0.12 0.71 0.05 1.18 0.11 0.54 0.61 0.15 23.67 1.85 0.30 0.13 0.05 0.05 0.08 12.10 13.20 0.12 0.03 0.09 2.47 0.12 0.10 0.14 0.07 0.09 C Cabot Corp* N Cadillac Mng V Cadillac Vent V Caerus Res V Caldera Res V Caledonia Mng T Caledonia Mng* Q Calibre Mng V Callinan Mns V Calypso Uran V Cameco Corp* N Cameco Corp T Camino Mnls V Canaco Res V Canada Fluorsp V Canada Lithium T Canadn Arrow V Canadn Mining V Canadn Orebods V Canadn Shield V Canadn Zinc T Canaf Group V CanAlaska Uran V Canarc Res T Canarc Res* Q Canasia Indust V Canasil Res V Candente Coppr T Candente Gold T Candorado Oper V Cangold V Canstar Res V Canterra Mnls V Cantex Mn Dev V Canuc Res V Capella Res V Capital Gold T Capstone Mng T Cardero Res T Cardero Res* X Cariboo Rose V Carlin Gold V Carmax Expl V Carpathian Gld T Cartier Res V Cascade Res V Cascadero Copp V Cascadia Res V Castillian Res V Castle Res V Catalyst Coppr V Cavan Vent V Cedar Mtn Expl V Celeste Copper V Centamin Egypt T Centerra Gold T Central Fund* X Central Fund T Central Gold-T T Central Res V Centurion Mnls V Century Mining V CGA Mining T Chalice Diam V Challenger Dev V Champion Bear V Champion Minls V Channel Res V Chesapeake Gld V Chilean Gold V China Shen Zh* X Chris James Gl V CIC Energy T Claim Post Res V Claude Res* X Claude Res T Cliffmont Res V Cliffs Nat Rs* N Clifton Star V Cline Mng T Cloudbreak Res V Coalcorp Mng T Coastport Cap V Cobalt Coal V Coeur d Alene* N Coeur d Alene T Cogitore Res V Colibri Res V Colombian Mins V Colossus Minls T Colstar Vent V Columbia Yukon V Columbus Gold V Columbus Silv V Commander Res V 27671 4720 655 1363 125 1641 3062 14587 926 1130 66825 41939 5983 111047 5027 19634 80313 2538 195 403 3505 400 6293 1847 130 30292 1542 8979 2594 2065 1745 735 4204 2871 1806 2890 656 31080 835 1507 1045 2000 4920 6566 530 11270 1200 3 1212 1666 28774 105 175 1975 91640 19015 38922 3447 153 100 3040 13506 24169 5025 2156 375 4912 5262 279 290 115 91231 7133 490 6671 7444 632 371193 7835 57189 1096 27871 10848 600 86103 546 250 22 1931 7428 255 1370 912 5652 4307 27.13 0.04 0.20 0.33 0.17 0.06 0.06 0.12 1.46 0.13 24.81 25.74 0.26 1.74 0.40 0.62 0.04 0.05 0.06 0.44 0.38 0.01 0.10 0.08 0.06 0.14 0.09 0.34 0.75 0.05 0.03 0.09 0.14 0.07 0.23 0.12 3.86 2.49 1.20 1.14 0.22 0.03 0.01 0.31 0.35 0.06 0.14 0.05 0.06 0.20 0.15 0.19 0.16 0.04 2.52 13.70 14.68 15.25 49.47 0.09 1.71 0.52 2.14 0.02 0.49 0.17 0.84 0.09 7.65 0.43 0.75 0.09 1.43 0.12 1.06 1.11 0.26 56.37 4.27 1.65 0.38 0.09 0.15 0.12 15.52 16.10 0.22 0.05 0.68 6.85 0.85 0.15 0.18 0.08 0.33 25.05 0.03 0.19 0.30 0.16 0.05 0.05 0.10 1.38 0.12 23.58 24.87 0.25 1.48 0.32 0.49 0.03 0.05 0.06 0.44 0.34 0.01 0.09 0.06 0.06 0.10 0.07 0.29 0.65 0.04 0.03 0.06 0.12 0.07 0.19 0.10 3.71 2.15 1.14 1.08 0.15 0.03 0.01 0.29 0.31 0.05 0.10 0.05 0.05 0.17 0.12 0.17 0.14 0.03 2.38 12.68 14.24 14.94 48.20 0.09 1.38 0.47 1.95 0.01 0.40 0.16 0.70 0.08 7.45 0.33 0.72 0.05 1.21 0.11 1.02 1.06 0.23 45.18 3.45 1.44 0.35 0.05 0.13 0.11 14.02 14.82 0.20 0.04 0.62 6.50 0.76 0.12 0.15 0.07 0.31 (100s) Week Exc Volume High Low 56 3325 4079 1535 1796 900 230 3510 745 152687 71704 217969 940 20599 4962 4706 1976 287 1928 2087 650 600 11107 29063 1650 711 6261 1455 97 1540 2642 85 229 145 705 107 461 5891 90655 2710 22273 21833 1484 4780 17898 22706 73323 3450 1550 800 19979 0.04 0.27 78.00 0.25 0.31 0.09 0.15 0.05 0.10 0.05 7.87 39.83 0.16 0.86 3.40 1.94 1.87 0.44 0.43 0.05 0.10 0.23 0.31 2.79 0.19 0.23 0.38 0.70 0.12 0.14 0.36 0.46 8.59 0.52 0.31 0.08 0.13 0.03 0.62 0.19 0.29 1.33 0.13 0.14 0.14 0.43 0.44 0.06 0.07 0.04 0.15 0.02 0.25 74.77 0.22 0.25 0.08 0.13 0.05 0.09 0.02 6.76 34.62 0.14 0.75 3.20 1.74 1.67 0.38 0.37 0.05 0.06 0.20 0.28 2.33 0.17 0.22 0.28 0.67 0.11 0.12 0.31 0.42 8.57 0.50 0.26 0.07 0.10 0.02 0.44 0.17 0.25 1.23 0.12 0.12 0.12 0.37 0.39 0.05 0.05 0.04 0.12 1322 233 49 13319 6075 1089 580 180 2750 30153 4843 215 13744 36949 2571 1041 2590 873 630 6921 6903 43303 599 300 2828 314 130 12038 5700 100 358 1758 2104 8860 299 6036 6230 7477 792 5 1881 1110 8208 4201 246 4172 88768 1100 2126 17461 586 3846 5557 0.13 0.15 0.10 0.39 0.38 0.35 0.34 0.16 0.02 1.28 1.23 0.05 24.05 0.21 0.17 0.34 0.33 0.05 0.19 0.12 0.22 0.08 0.29 0.16 0.05 0.14 0.20 0.27 0.67 0.17 0.06 0.15 4.28 1.63 0.57 0.04 4.25 0.14 0.29 0.03 3.52 0.05 0.23 0.13 0.42 5.99 0.97 0.05 1.23 0.60 0.95 0.50 0.04 12-month Last Change High Low 0.04 0.25 - 77.71 + 0.23 0.26 - 0.09 0.13 0.05 0.10 + 0.05 + 7.86 + 39.02 + 0.14 - 0.83 + 3.30 + 1.93 - 1.87 0.42 0.41 - 0.05 0.06 + 0.22 + 0.28 - 2.76 + 0.17 - 0.22 - 0.35 + 0.67 - 0.11 + 0.12 0.34 + 0.42 - 8.59 0.50 - 0.26 - 0.08 0.13 + 0.03 0.58 + 0.18 0.28 + 1.29 0.12 - 0.12 - 0.14 + 0.43 + 0.44 + 0.05 - 0.06 - 0.04 0.12 + 0.00 0.01 2.49 0.00 0.03 0.00 0.00 0.00 0.02 0.01 0.76 3.93 0.01 0.09 0.05 0.01 0.00 0.00 0.01 0.00 0.01 0.04 0.01 0.24 0.01 0.01 0.06 0.02 0.01 0.00 0.02 0.04 0.00 0.03 0.04 0.00 0.01 0.00 0.08 0.00 0.01 0.00 0.01 0.01 0.01 0.05 0.02 0.01 0.01 0.00 0.01 0.16 0.82 82.65 0.44 0.48 0.20 0.25 0.14 0.22 0.06 10.32 58.00 0.41 1.92 3.50 2.48 2.43 1.20 1.47 0.08 0.10 0.41 0.44 3.58 0.63 0.90 1.00 1.06 0.18 0.19 0.73 0.55 8.59 0.85 0.78 0.14 0.28 0.38 0.70 0.35 0.90 2.40 0.30 0.32 0.25 0.77 0.82 0.14 0.09 0.20 0.28 0.02 0.20 46.56 0.14 0.10 0.08 0.12 0.05 0.05 0.02 3.56 32.25 0.14 0.60 0.21 0.99 0.85 0.34 0.37 0.03 0.04 0.13 0.09 1.11 0.17 0.21 0.28 0.27 0.05 0.05 0.18 0.35 5.63 0.44 0.16 0.06 0.08 0.02 0.28 0.09 0.10 0.44 0.10 0.10 0.12 0.19 0.21 0.05 0.01 0.04 0.11 0.13 0.15 - 0.10 0.38 + 0.38 - 0.35 + 0.34 + 0.16 - 0.02 1.26 + 1.23 + 0.04 24.00 + 0.20 + 0.17 + 0.31 - 0.32 0.04 0.17 - 0.09 - 0.20 + 0.08 0.28 - 0.16 0.05 0.12 0.20 + 0.24 - 0.64 0.17 0.06 - 0.15 + 4.21 + 1.61 + 0.57 + 0.04 4.19 - 0.14 - 0.25 - 0.02 - 3.45 + 0.04 0.21 - 0.13 + 0.34 - 5.85 + 0.96 + 0.05 + 1.19 - 0.58 - 0.95 + 0.47 + 0.04 0.00 0.02 0.00 0.10 0.03 0.02 0.05 0.02 0.00 0.05 0.09 0.00 0.37 0.01 0.04 0.04 0.00 0.00 0.02 0.01 0.02 0.00 0.03 0.00 0.00 0.00 0.02 0.03 0.00 0.00 0.01 0.01 0.07 0.11 0.05 0.00 0.04 0.01 0.02 0.01 0.04 0.00 0.01 0.01 0.02 0.09 0.02 0.01 0.04 0.02 0.10 0.01 0.00 0.22 0.31 0.21 0.64 1.72 0.65 0.64 0.27 0.10 2.32 2.16 0.08 24.94 0.28 0.28 0.54 0.45 0.22 0.30 0.25 0.40 0.12 0.38 0.20 0.09 0.24 0.31 0.37 1.35 0.20 0.21 0.49 9.00 3.99 0.74 0.19 5.16 0.22 0.40 0.12 6.38 0.10 0.62 0.26 0.75 8.73 1.72 0.14 1.75 0.93 1.12 0.76 0.17 0.10 0.04 0.06 0.10 0.06 0.24 0.21 0.11 0.01 1.15 1.09 0.01 8.81 0.09 0.03 0.07 0.17 0.04 0.04 0.04 0.12 0.05 0.12 0.15 0.04 0.12 0.18 0.17 0.35 0.08 0.04 0.11 4.00 0.47 0.25 0.03 1.81 0.05 0.15 0.02 2.95 0.04 0.09 0.11 0.34 1.01 0.46 0.04 1.03 0.46 0.06 0.07 0.04 D-F 0.12 0.14 0.10 0.27 0.35 0.31 0.29 0.16 0.01 1.17 1.10 0.04 22.75 0.20 0.12 0.30 0.29 0.04 0.17 0.09 0.17 0.06 0.25 0.16 0.04 0.12 0.20 0.22 0.55 0.17 0.06 0.14 4.00 1.41 0.52 0.03 4.03 0.12 0.25 0.02 3.34 0.04 0.20 0.11 0.34 5.40 0.89 0.04 1.15 0.56 0.88 0.43 0.04 METALS, MINING AND MONEY MARKETS SPOT PRICES PRODUCER AND DEALER PRICES COURTESY OF SCOTIABANK Antimony: Mid-mkt US$9,233.33 /t. Bismuth: Mid-mkt US$8.55/lb. Cadmium: Mid-mkt US$1.94/lb. Coal: EIA Central Appalachian thermal, US$67.85/T; Powder River Basin thermal, US$14.05/T; Northern Appalachian, US$62.75; US EIA Sept. metallurgical, US$156.65/t. CME Group Central Appalachian Coal Futures Aug. 2010: US$67.08; Sept. 2010: US$67.92 Cobalt: Recent trades US$18.25-21.90/lb. Copper: Comex Copper Futures Aug. 2010: US$3.206/lb.; Comex Sept. 2010: $3.206/lb. Indium: Indium Corp., ingot, US$566.66/kg. Iridium: Mid-mkt US$712.50/tr. oz. Magnesium: Mid-mkt US$2,900.00/t. Manganese: Mid-mkt US$2,750.00/t. Mercury: Mid-mkt US$983.33/flask (76 lb.). Molybdenum: Oxide, recent trades US$14.00-14.50/lb. Rhodium: Mid-mkt US$2,200.00/tr. oz. Ruthenium: Mid-mkt US$192.50/tr. oz. Selenium: Mid-mkt US$37.33/lb. Silver: Base: US$17.65; Fabricated: US$21.18; Sterling: US$16.37 Tantalum: Ta2O5 ore, mid-mkt US$39.50/lb. Tin: Kuala Lumpur Tin Market, US$19.07/kg. Tungsten: WO3 ore, mid-mkt US$14,685.00/t Uranium: U3O8, Uranium Exchange Co. spot price US$41.75/ lb.; Trade Tech spot price US$43.50/lb. Ferrovanadium: Free Market V2O5, recent trades US$6.006.35/lb. Tuesday, July 27, 2010 Precious Metals Gold Price (US$/oz.) Change $1184.00 +2.50 $18.16 -0.61 Platinum $1558.00 +47.00 Palladium $476.00 +31.00 Silver Base Metals Price (US$/lb.) Change Nickel $9.43 +0.87 Lead $0.91 +0.10 Copper $3.23 +0.26 Zinc $0.88 +0.05 LME WAREHOUSE LEVELS Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, July 27, 2010 (change from July 20 in brackets): Aluminium Alloy Aluminium Copper Lead Nickel Tin Zinc 67720 4399775 413800 183175 115950 15150 620300 (-260) (-17325) (-5800) (-2600) (-2256) (-680) (+1375) Prices current July 27, 2010 FOR DAILY MINING NEWS, VISIT WWW.NORTHERNMINER.COM DAILY METAL PRICES Date July 26 July 23 July 22 July 21 BASE METALS(London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne) Al Alloy 2035/2035 2070/2020 2110/2040 2020/1985 Aluminum 2021/2040.50 2008.50/2024 2006.50/2025 1975.50/1995 Copper 6995.50/7027 6995/7021 6920.50/6942 6771/6791 Lead 1960/1980 1930.50/1953.50 1894/1915 1844/1868 Nickel 20415/20515 20380/20500 19825/19875 19215/19325 Tin 19235/19270 18635/18700 18395/18400 18280/18325 Zinc 1883.50/1917.50 1891/1921 1902.50/1930 1869/1900 1995/1952 1930.50/1952 6526/6548 1762/1783 18810/18865 17925/17950 1810/1837 PRECIOUS METAL PRICES (London fix, US$ per troy oz.) Gold AM 1189.00 1198.75 Gold PM 1183.50 1190.50 Silver 18.01 18.17 Platinum 1546.00 1541.00 Palladium 477.00 468.00 1181.50 1183.00 17.55 1502.00 438.00 LEGEND A – Australian Stock Exchange C – CNSX Canadian National Stock Exchange J – Johannesburg Stock Exchange L – London Stock Exchange M– Mexico Stock Exchange N – New York Stock Exchange O – U.S. over-the-counter Q – NASDAQ or U.S. OTC T – Toronto Stock Exchange V – TSX Venture Exchange X – NYSE Alternext U.S. * – Denotes price in U.S.$ 1187.00 1199.50 17.82 1519.00 453.00 1191.25 1191.50 17.88 1524.00 453.00 July 20 STAFF INVESTMENT POLICY The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling. CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons 1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres 8 AUGUST 2-8, 2010 THE NORTHERN MINER Stock (100s) Exc Volume Week High Low 15.22 16.06 0.02 1.25 0.06 0.04 0.08 0.22 0.14 0.12 2.09 3.30 3.14 0.05 0.20 2.00 0.16 2.05 2.15 4.15 0.26 0.07 0.20 0.05 1.23 0.38 0.41 1.68 0.09 0.11 6.81 0.05 0.19 0.77 0.12 0.73 5.44 5.75 0.06 0.41 0.46 2.52 5.95 9.35 0.27 0.10 0.36 4.80 0.35 0.11 0.07 0.63 0.07 0.08 0.28 3.69 0.01 0.10 0.45 0.11 59.00 0.35 0.87 0.02 0.48 0.10 0.07 2.10 0.41 0.78 1.46 0.11 1.99 0.60 0.08 0.32 0.21 30.02 0.24 0.05 60.01 0.09 6.08 5.75 0.17 Eldorado Gold* Eldorado Gold Electra Gold Elgin Mng Eloro Minls Elray Res* EMC Metals Emerick Res Emgold Mng Encanto Potash Endeavour Finl Endeavr Silver Endeavr Silvr* Endurance Gold Energizer Res Energold Drill Energy Fuels Entree Gold* Entree Gold Equinox Minls Erdene Res Dev Erin Ventures Eskay Mng ESO Uranium Esperanza Silv Ethos Cap Etruscan Res Eurasian Minls Eureka Res EurOmax Res Europn Goldfld Everett Minls Everton Res Evolving Gold Excel Gold Mng Excellon Res Exeter Res* Exeter Res Expedition Mng Explor Res Explorator Res Extorre Gold M Extract Res Faircourt Gold Fairmont Res Falkirk Res Fancamp Expl Far West Mng Farallon Res Fieldex Expl Finlay Minrls Fire River Gol Firesteel Res Firestone Vent First Gold Exp First Majestic First Metals First Nickel First Point First Pursuit First Quantum First Star Res First Uranium Fischer-W Gld* Fission Energy Fjordland Exp Focus Metals Foraco Intl Foran Mng Formation Mtls Forsys Metals Fortress Mnls Fortuna Silver Fortune Mnrls Forum Uranium Foundation Res Fox Res Franco-Nevada Franconia Mnls Freegold Vent Freeport McMo* Freeport Res Fronteer Gold Fronteer Gold* Full Metal Mnl N T V T V Q T V V V T T X V V V T X T T T V V V V V T V V V T V V V V T X T V V V T T T V V V T T V V V V V V T T T V V T V T Q V V V T V T T V T T V V V T T T N V T X V 33834 125304 290 2689 4725 1290 5796 255 692 5842 5713 2544 1646 1335 3175 2226 5497 11365 3003 99509 1441 1880 2469 1317 1694 1718 27550 1281 223 1225 8907 13550 12941 23345 22465 7537 2770 7230 194 3415 1170 6842 43 65 250 274 1628 352 12630 1040 310 28763 324 368 15332 5919 6283 3750 2879 200 27641 3113 42048 25 5509 1673 807 289 279 1118 12205 1365 6713 520 9769 2422 100 20540 9329 1161 822158 120 14688 13928 3706 16.30 16.90 0.02 1.33 0.09 0.05 0.10 0.22 0.19 0.14 2.23 3.53 3.42 0.06 0.25 2.12 0.20 2.30 2.41 4.69 0.30 0.08 0.25 0.05 1.34 0.44 0.43 1.95 0.09 0.11 7.49 0.06 0.22 0.82 0.15 0.76 5.93 6.19 0.08 0.46 0.48 2.77 6.10 9.60 0.30 0.12 0.41 5.00 0.40 0.13 0.09 0.72 0.09 0.09 0.32 3.99 0.01 0.12 0.51 0.11 68.73 0.43 1.08 0.05 0.63 0.14 0.09 2.35 0.43 0.97 1.86 0.12 2.14 0.66 0.09 0.40 0.21 31.97 0.29 0.06 71.38 0.09 6.48 6.17 0.19 G4G Res Gabriel Res Galahad Mtls Galantas Gold Galena Capital Galloway Enrg* Galore Res Galway Res Gammon Gold Garibaldi Res Garrison Intl Genco Res General Moly* Geo Minerals Geocom Res* Geodex Mnrls Geologix Ex Georox Res Geovic Mng Geovic Mng* Getty Copper GGL Res Ginguro Expl Gitennes Expl Glass Earth Global Gold* Global Hunter Global Minls Global Ur Fund Global Uran Globestar Mng Globex Mng GMV Minerals Gobimin Golconda Res Gold Bulln Dev Gold Canyon Gold Fields* Gold Port Res Gold Reserve Gold Reserve* Gold Summit Gold Wheaton G Gold World Res Gold-Ore Res Goldbank Mng Goldbrook Vent Goldcliff Res Goldcorp Goldcorp* Golden Alli Rs Golden Arrow R Golden Band V T V V V Q V V T V V T X V Q V T V T Q V V V V V Q V V T V T T V V V V V N V T X V T V T V V V T N V V V 890 14142 1454 13429 1090 181 3127 7496 19574 944 3460 28200 18138 3588 2501 12343 17038 1453 4722 1169 7060 1217 455 280 694 796 130 1868 330 262 1304 132 985 329 1671 32762 2716 189571 4340 333 856 1225 7994 1198 3240 11 4896 834 103466 224592 276 1783 15250 0.20 4.99 0.04 0.04 0.05 0.01 0.22 0.84 5.95 0.14 0.10 0.30 3.31 0.06 0.02 0.08 0.28 0.16 0.62 0.60 0.09 0.04 0.40 0.07 0.31 0.14 0.03 0.14 2.10 0.19 0.96 1.53 0.14 0.80 0.05 0.53 0.28 13.22 0.09 0.90 0.88 0.11 2.38 0.05 0.57 0.15 0.23 0.08 42.88 41.25 0.78 0.36 0.34 Last Change 12-month High Low Stock (100s) Exc Volume Week High Low Last Change 0.13 0.05 0.04 0.09 0.15 0.17 0.06 0.53 7.51 0.06 0.33 0.03 0.50 1.29 0.15 0.05 4.06 3.83 0.25 0.25 0.05 0.08 0.33 0.61 0.02 0.12 0.07 0.12 0.80 1.21 0.44 0.09 0.18 4.82 0.12 0.05 0.05 0.05 0.75 1.79 0.69 0.84 0.17 0.12 0.03 3.44 0.25 0.31 0.09 0.15 6.49 0.11 0.08 0.07 0.03 1.33 0.24 0.24 9.72 12.76 12.25 0.14 0.10 1.57 0.07 0.08 0.71 4.52 0.35 0.63 0.15 0.75 0.06 0.05 0.05 0.05 13.56 12.27 0.09 0.12 11.40 0.50 0.30 0.03 0.04 12-month High Low Stock Kent Expl Kermode Res Kettle River Khan Res Killdeer Mnls Kilo Goldmines Kimber Res Kimber Res* Kings Bay Gold Kingsman Res Kinross Gold Kinross Gold* Kirkland Lk Gd Kirrin Res Kiska Metals Kivalliq Enrgy Klondex Mns Klondike Gold Klondike Silv Knick Expl Knight Res Kodiak Expl Kokanee Mnls Kootenay Gold Kria Res KWG Res V V V T V V T X V V T N T V V V T V V V V V V V V V La Mancha Res La Quinta Res Labdr I-Ore Ro Labdr Iron Mns Lake Shore Gld Lake Vict Mng* Lakewood Mng Landdrill Int Lara Expl Laramide Res Largo Res Lateegra Gold Latin Am Mnls Laurion Mnl Ex Leeward Capitl Legend Intl H* Lexam Explor Li3 Energy* Liberty Mines Lincoln Mng Linux Gold* Lithic Res Lithium Americ Lithium One Logan Copper Logan Res Lomiko Res Loncor Res Lorraine Coppr Los Andes Copp Lounor Expl Lovitt Res Lucara Diam Luiri Gold Lumina Copper Luna Gold Lund Gold Lundin Mng Lydian Intl 16.30 + 0.41 19.07 9.03 16.90 + 0.14 19.73 9.82 0.02 0.00 0.08 0.02 1.30 - 0.01 1.65 0.48 0.09 + 0.01 0.22 0.06 0.05 - 0.01 0.40 0.02 0.09 - 0.01 0.28 0.07 0.22 - 0.01 0.50 0.20 0.19 + 0.04 2.00 0.12 0.12 - 0.02 0.34 0.12 2.12 - 0.10 2.85 1.35 3.45 - 0.01 4.57 1.90 3.34 + 0.06 4.46 1.75 0.05 0.00 0.29 0.05 0.23 + 0.03 0.50 0.15 2.07 + 0.02 2.82 1.67 0.19 + 0.03 0.38 0.13 2.19 + 0.04 3.49 1.15 2.28 - 0.02 3.59 1.26 4.64 + 0.49 4.69 2.47 0.28 - 0.01 0.70 0.19 0.08 + 0.01 0.14 0.04 0.25 + 0.06 0.38 0.08 0.05 0.00 0.10 0.04 1.31 + 0.06 1.95 0.75 0.41 0.00 0.79 0.17 0.43 0.00 0.61 0.20 1.70 - 0.17 2.80 1.12 0.09 + 0.03 0.35 0.06 0.11 0.00 0.55 0.11 7.24 + 0.07 7.80 2.79 0.05 0.00 0.13 0.04 0.22 + 0.03 0.32 0.14 0.77 - 0.03 1.94 0.69 0.12 + 0.01 0.15 0.04 0.75 - 0.04 1.25 0.30 5.87 + 0.13 8.30 1.96 6.08 + 0.01 8.35 2.40 0.06 - 0.01 0.09 0.04 0.43 - 0.01 1.62 0.21 0.46 - 0.01 0.73 0.19 2.74 + 0.07 3.25 1.30 6.05 - 0.40 10.65 5.60 9.60 + 0.25 10.44 7.33 0.27 + 0.01 0.40 0.17 0.12 + 0.02 0.25 0.07 0.40 0.00 1.03 0.30 4.99 - 0.01 6.00 1.76 0.39 + 0.02 0.65 0.27 0.11 0.00 0.29 0.06 0.07 - 0.02 0.14 0.02 0.67 - 0.05 0.75 0.34 0.09 + 0.01 0.14 0.04 0.09 0.00 0.20 0.08 0.29 - 0.02 1.03 0.07 3.97 + 0.13 4.58 2.12 0.01 0.00 0.04 0.001 0.10 + 0.01 0.17 0.09 0.48 - 0.03 1.08 0.06 0.11 0.00 0.28 0.09 67.78 + 6.28 100.32 48.20 0.38 - 0.03 0.50 0.16 0.89 - 0.19 4.20 0.87 0.05 0.00 0.07 0.02 0.63 + 0.16 1.20 0.15 0.11 - 0.03 0.16 0.06 0.09 + 0.01 0.15 0.05 2.30 + 0.02 3.08 1.22 0.41 - 0.09 0.57 0.08 0.93 + 0.12 2.52 0.65 1.84 + 0.30 6.70 1.40 0.11 - 0.01 0.51 0.10 2.11 -0.00 3.01 0.90 0.65 + 0.03 1.04 0.50 0.09 + 0.01 0.24 0.06 0.32 - 0.09 0.90 0.13 0.21 0.00 0.35 0.12 31.69 + 0.47 34.40 25.37 0.25 - 0.02 0.79 0.18 0.05 - 0.01 0.17 0.05 71.08 + 11.00 90.55 54.45 0.09 + 0.01 0.15 0.05 6.28 - 0.18 7.27 3.75 6.01 - 0.10 7.08 3.42 0.19 + 0.01 0.29 0.17 Golden Cariboo Golden Chalice Golden Dawn Ml Golden Dory Rs Golden Goliath Golden Goose Golden Harp Golden Hope Golden Mnls Golden Odyss M Golden Peaks Golden Phoen* Golden Predatr Golden Queen Golden Reign R Golden Share M Golden Star Golden Star* Golden Tag Golden Val Min Goldex Res Goldeye Expl Goldfield* Goldgroup Mng Goldminco GoldQuest Mng Goldrea Res Goldrush Res Goldsource Min Goldspring* Goldstone Res Gossan Res Gowest Amalg Grande Cache C Grande Portage Grandview Gld* Grandview Gld Gray Rock Res Grayd Res Great Basin Go Great Panther Great Quest Me Great Western Greencastle Rs Grenville Gold Greystar Res Grizzly Diamnd Groundstar Res Gryphon Gold Gulfside Mnls Guyana Gldflds GWR Res Habanero Res Habanero Res* Halo Res Hana Mng Happy Ck Minls Hard Creek Ni Harmony Gold* Harry Winston Harry Winston* Harte Res Harvest Gold Hathor Expl Hawk Uranium Hawthorne Gold Heatherdale Rs Hecla Mining* Helio Res Hellix Vent High Desert Gd High River Gol Highbank Res Hinterland Mtl Homeland Enrgy Honey Badger E Horizns G Bear Horizns G Bull Horseshoe Gld Houston Lake HudBay Minls Hudson Res Hunt Mng Huntington Exp HuntMountain* V V V V V V V V T V T Q T T V V T X V V V V X T V V V V V Q T V V T V Q T V V T T V V V V T V V T V T V V Q V V V T N T N V V V V V V N V V V T V V T V T T V V T V V V Q 75 8566 6115 990 1871 748 1250 16509 187 2050 2014 6547 8477 2331 133 1055 23477 147128 2310 2618 3204 20227 2476 8064 920 3335 525 291 708 207 4046 1350 4318 82390 6077 500 1659 1500 1154 61435 7417 5858 12188 3435 3539 12780 2875 3830 1577 1079 4729 1082 6821 4 13249 3411 508 989 119969 49850 3588 32607 5265 13434 5573 16828 732 285611 2179 299 1219 13021 4505 1675 13794 530 26966 83136 7583 780 44099 1410 520 1 87 0.14 0.06 0.04 0.10 0.17 0.19 0.08 0.60 7.90 0.08 0.40 0.04 0.60 1.47 0.17 0.06 4.30 4.15 0.27 0.27 0.06 0.09 0.38 0.65 0.03 0.15 0.08 0.12 0.85 1.28 0.47 0.10 0.19 6.00 0.14 0.05 0.06 0.06 0.90 1.85 0.73 0.92 0.19 0.12 0.03 4.00 0.32 0.35 0.10 0.17 6.85 0.12 0.09 0.07 0.04 1.56 0.28 0.26 10.30 14.60 14.07 0.20 0.12 1.77 0.08 0.11 0.75 4.98 0.40 0.68 0.17 0.79 0.08 0.06 0.05 0.06 14.56 13.18 0.12 0.14 13.24 0.56 0.31 0.03 0.08 0.13 0.00 0.05 0.00 0.04 0.00 0.10 + 0.01 0.17 0.00 0.19 - 0.01 0.06 0.00 0.56 - 0.02 7.68 + 0.04 0.06 0.00 0.38 - 0.02 0.04 0.00 0.50 - 0.04 1.38 - 0.09 0.17 + 0.01 0.06 0.00 4.30 + 0.09 4.15 + 0.13 0.27 + 0.01 0.25 0.00 0.06 0.00 0.09 0.00 0.36 - 0.01 0.64 + 0.02 0.03 0.00 0.12 - 0.03 0.07 0.00 0.12 0.00 0.80 - 0.04 1.25 0.00 0.44 - 0.02 0.10 0.00 0.19 0.00 5.96 + 0.84 0.13 + 0.01 0.05 - 0.01 0.06 0.00 0.05 0.00 0.79 - 0.13 1.82 - 0.03 0.71 - 0.01 0.91 + 0.01 0.17 + 0.01 0.12 0.00 0.03 0.00 3.86 - 0.05 0.30 + 0.06 0.34 - 0.01 0.09 - 0.01 0.17 + 0.01 6.71 + 0.18 0.12 0.00 0.09 0.00 0.07 - 0.02 0.03 0.00 1.56 + 0.23 0.28 0.00 0.25 - 0.03 10.02 - 0.29 13.00 - 1.43 12.58 - 1.04 0.19 + 0.05 0.10 - 0.02 1.73 + 0.12 0.07 - 0.01 0.09 - 0.01 0.75 + 0.03 4.95 + 0.25 0.38 + 0.01 0.63 -0.00 0.16 + 0.02 0.77 - 0.03 0.08 0.00 0.06 0.00 0.05 0.00 0.05 0.00 13.84 + 0.10 12.93 - 0.11 0.10 - 0.02 0.14 0.00 13.18 + 1.39 0.53 + 0.03 0.30 - 0.08 0.03 0.00 0.04 - 0.04 0.21 0.15 0.12 0.18 0.32 0.51 0.30 0.74 15.50 0.24 1.19 0.09 0.88 1.55 0.27 0.12 5.02 4.91 0.29 0.43 0.06 0.13 0.49 1.15 0.05 0.19 0.17 0.16 2.38 3.00 1.30 0.27 0.40 8.75 0.18 0.15 0.14 0.09 1.01 2.09 1.25 1.00 0.46 0.25 0.07 7.17 0.55 0.69 0.32 1.47 8.34 0.17 0.19 0.17 0.10 2.57 0.35 0.65 12.05 14.95 14.56 0.22 0.19 2.34 0.13 0.55 1.94 7.47 0.91 1.06 0.25 0.98 0.12 0.14 0.15 0.09 29.96 17.33 0.15 0.33 17.00 1.67 0.69 0.05 0.29 0.05 0.05 0.03 0.04 0.10 0.17 0.05 0.03 3.08 0.06 0.32 0.02 0.40 0.55 0.04 0.05 2.28 2.09 0.14 0.18 0.02 0.03 0.33 0.37 0.02 0.09 0.07 0.04 0.72 1.20 0.39 0.08 0.09 2.15 0.04 0.05 0.05 0.04 0.33 1.36 0.52 0.03 0.09 0.10 0.03 3.03 0.18 0.28 0.09 0.15 3.49 0.08 0.07 0.06 0.03 0.30 0.09 0.16 8.63 5.36 4.95 0.04 0.05 1.30 0.04 0.08 0.71 2.76 0.33 0.16 0.12 0.24 0.03 0.05 0.04 0.03 11.45 9.34 0.02 0.12 7.65 0.20 0.29 0.03 0.04 0.20 4.78 - 0.04 0.03 - 0.04 0.01 0.22 + 0.77 - 5.81 + 0.14 0.10 + 0.28 3.30 + 0.06 0.02 0.07 + 0.23 - 0.15 - 0.60 - 0.59 + 0.09 0.04 0.40 + 0.07 0.29 + 0.14 + 0.03 0.12 + 2.04 + 0.17 - 0.94 - 1.46 - 0.14 + 0.80 0.04 0.49 - 0.25 - 13.11 + 0.09 0.90 - 0.88 + 0.11 + 2.37 + 0.04 0.52 - 0.15 0.23 + 0.07 42.24 - 40.74 + 0.77 - 0.36 + 0.32 + I-Minerals IAMGold Corp IBC Adv Alloys Iberian Mnls IBI Corp IC Potash Iciena Vent Icon Industrs ICS Copper Sys IGC Res IMPACT Silver Imperial Metal Inca Pac Res Indicator Minl Indico Res Indigo Expl Infinito Gold Inmet Mining Inspiration Mg Inter-Citic Mn Intl Coal Gp* Intl Enexco Intl Millm Mng Intl Minls Crp Intl Montoro R Intl Northair Intl PBX Vent Intl Samuel Ex Intl Tower Hi* Intl Tower Hil Intrepid Mnrl Intrepid Pots* INV Metals ISh COMEX G Tr Island Arc Exp Ivanhoe Mines* Ivanhoe Mines Ivernia J.A.G. Mines Jaguar Mng James Bay Res Jasper Mng Jaxon Mnls Jazz Res Jiminex JNR Res Journey Res Kalahari Res Kaminak Gold Katanga Mng Keegan Res Keegan Res* Kenai Res V T V V V V V V V V V T V V V V V T T T N V V T V V V V X T T N T T V N T T V T V V V V V V V V V T T X V 398 81332 5793 1968 860 1294 706 351 360 250 2902 1268 1338 1202 155 1500 1210 16408 3454 9176 89129 418 4890 854 2300 3451 1715 1632 5227 4660 23646 10488 20 865 4 108558 58196 6751 10 21733 140 55 600 5 40 1939 7975 13807 5783 34493 3080 421 49 0.22 0.20 0.22 0.00 17.34 16.13 17.15 + 0.37 0.15 0.14 0.14 0.00 0.45 0.42 0.45 + 0.02 0.01 1.0E8 0.01 0.00 0.45 0.33 0.41 + 0.06 0.03 0.03 0.03 0.00 0.14 0.10 0.10 - 0.01 0.04 0.04 0.04 + 0.01 0.03 0.03 0.03 0.00 0.94 0.87 0.87 - 0.08 17.00 15.89 16.80 + 0.48 0.22 0.19 0.19 - 0.01 0.12 0.10 0.11 0.00 0.49 0.43 0.49 + 0.05 0.19 0.16 0.18 0.00 0.27 0.21 0.21 - 0.04 50.75 45.05 48.35 + 2.16 0.28 0.24 0.25 - 0.02 1.33 1.13 1.16 - 0.16 4.63 3.95 4.61 + 0.57 0.29 0.23 0.25 0.00 0.05 0.04 0.05 0.00 4.28 4.12 4.19 - 0.11 0.04 0.04 0.04 - 0.01 0.08 0.06 0.07 - 0.03 0.20 0.17 0.19 + 0.01 0.25 0.20 0.20 -0.00 6.14 5.80 6.13 + 0.13 6.40 6.05 6.38 + 0.07 0.58 0.49 0.56 + 0.08 23.72 21.87 23.67 + 1.19 0.67 0.61 0.67 + 0.02 12.30 12.02 12.06 - 0.24 0.04 0.04 0.04 0.00 17.68 16.19 17.62 + 1.28 18.35 17.10 18.35 + 1.23 0.28 0.26 0.27 0.00 0.14 0.12 0.14 0.00 8.23 7.56 8.00 - 0.18 0.65 0.65 0.65 + 0.03 0.08 0.08 0.08 0.00 0.09 0.09 0.09 0.00 0.34 0.34 0.34 - 0.03 0.10 0.10 0.10 0.00 0.15 0.13 0.15 + 0.02 0.04 0.04 0.04 0.00 0.05 0.04 0.05 0.00 1.62 1.49 1.60 + 0.01 0.82 0.73 0.82 + 0.07 5.35 5.04 5.27 + 0.07 5.10 4.76 5.10 + 0.14 0.20 0.18 0.20 0.00 0.50 21.95 0.30 0.73 0.02 0.69 0.22 0.33 0.15 0.07 1.49 21.00 0.44 0.20 0.75 0.24 0.47 78.00 0.95 1.89 5.71 0.70 0.11 4.70 0.10 0.21 0.30 0.42 8.08 8.35 0.58 34.20 1.25 13.00 0.12 18.94 18.98 0.55 0.26 14.18 0.85 0.15 0.25 0.52 0.19 0.34 0.09 0.09 1.70 1.66 7.98 7.54 0.30 0.20 10.80 0.10 0.38 0.001 0.29 0.02 0.10 0.03 0.03 0.63 3.80 0.16 0.06 0.14 0.15 0.14 41.61 0.24 0.59 2.88 0.23 0.04 3.13 0.03 0.05 0.04 0.10 2.85 3.12 0.22 19.08 0.32 9.88 0.04 7.09 7.73 0.20 0.09 7.56 0.17 0.06 0.09 0.20 0.06 0.13 0.03 0.02 0.30 0.53 2.76 2.50 0.09 I-J-K G-H 0.20 4.76 0.04 0.03 0.04 0.01 0.19 0.75 5.53 0.12 0.07 0.27 2.86 0.05 0.01 0.05 0.22 0.15 0.58 0.56 0.08 0.03 0.36 0.05 0.28 0.06 0.03 0.11 1.92 0.14 0.89 1.44 0.13 0.80 0.04 0.46 0.21 12.32 0.08 0.85 0.80 0.09 2.25 0.04 0.52 0.15 0.20 0.06 41.19 39.00 0.72 0.35 0.28 0.00 0.17 0.00 0.01 0.00 0.00 0.02 0.04 0.18 0.00 0.02 0.00 0.30 0.00 0.00 0.01 0.03 0.01 0.03 0.03 0.00 0.00 0.01 0.00 0.01 0.04 0.00 0.01 0.10 0.02 0.02 0.02 0.01 0.00 0.00 0.01 0.02 0.16 0.00 0.03 0.04 0.04 0.12 0.00 0.06 0.00 0.02 0.00 0.20 0.60 0.01 0.01 0.02 0.50 5.55 0.17 0.13 0.13 0.05 0.41 1.87 13.19 0.37 0.10 0.83 4.45 0.18 0.02 0.19 0.32 0.24 0.97 0.93 0.09 0.08 0.80 0.12 0.32 0.29 0.12 0.48 3.18 0.65 1.43 2.03 0.28 1.18 0.15 0.71 0.60 15.88 0.15 1.79 1.73 0.26 4.05 0.08 0.72 0.20 0.43 0.25 48.37 47.41 0.90 0.45 0.38 0.16 1.52 0.03 0.03 0.04 0.001 0.12 0.25 5.42 0.09 0.01 0.26 1.85 0.05 0.001 0.05 0.14 0.10 0.54 0.48 0.03 0.03 0.07 0.04 0.16 0.02 0.03 0.11 1.71 0.13 0.78 1.03 0.06 0.75 0.04 0.04 0.05 10.88 0.03 0.50 0.47 0.07 1.95 0.03 0.36 0.06 0.09 0.06 35.12 32.84 0.22 0.26 0.20 CANADIAN GOLD MUTUAL FUNDS Fund name AGF Pr Mtl Altamira Pr & Str Mtl BMG Bullion Fund A BMG Bullion Fund F BMO Pr Mtl CIBC Pr Mtl Dynamic Can Pr Mtl iShares Can Gold Sector Index London Life Pr Mtl (MX) Mackenzie Un Pr Mtl C$ Mackenzie Un Pr Mtl US$ Mackenzie Un Wld Pr Mtl Cap Quadrus Mack Un Pr Mtl RBC Global Pr Mtl Sentry Pr Mtl Growth Sprott Gold and Pr Minls Sprott Gold and Pr Minls F TD Pr Mtl July 26 ($) 31.27 15.04 9.89 10.54 22.38 20.24 8.56 21.77 35.40 16.99 16.46 59.86 19.51 52.06 50.18 53.28 55.21 57.37 July 19 ($) 31.40 15.04 9.97 10.63 22.64 20.32 8.55 22.38 35.18 17.02 16.47 59.97 19.55 52.32 50.38 53.44 55.35 57.73 Change Change ($) (%) -0.13 -0.4 0.00 0.0 0.12 4.3 0.13 4.3 -0.26 -1.1 -0.08 -0.4 0.01 0.1 -0.61 -2.7 0.22 -0.03 -0.2 -0.01 -0.1 -0.11 -0.2 -0.04 -0.2 -0.26 -0.5 -0.20 -0.4 -0.16 -0.3 -0.14 -0.3 -0.36 -0.6 YTD (%) 5.75 6.36 2.80 3.41 5.94 6.91 16.15 4.73 2.97 3.53 5.33 3.6 3.4 5.3 19.1 3.7 4.3 1.5 MER* (%) 2.56 2.32 2.98 1.94 2.29 2.44 2.75 0.55 3.37 2.44 2.44 2.50 2.70 2.04 2.75 2.84 1.78 2.15 Assets* (M$) 614.8 62.4 208.8 n/a 99.1 125.8 811.6 1255.8 158.7 456.2 n/a 93.5 48.7 1003.6 504.6 565 n/a 268 *as of June 30/10 Featured Fund:Dynamic Precious Metals as of 03/31/10 (in weighted order): Osisko Mining, San Gold, Red Back Mining, Aurizon Mines, Agnico-Eagle Mines, Alamos Gold, Kinross Gold, Allied Nevada Gold, Eldorado Gold, Andean Resources. Fund Manager:Robert Cohen. (100s) Exc Volume Week High Low 4213 5375 318 24244 1070 9380 448 2534 3192 1000 159942 227657 3233 520 45134 10474 2876 20957 2751 145 9755 2572 837 1802 7417 162617 0.12 0.14 0.04 0.47 0.14 0.23 0.75 0.67 0.05 0.05 17.36 16.70 8.43 0.05 0.90 0.34 1.82 0.03 0.04 0.22 0.09 0.21 0.12 0.51 0.13 0.13 0.11 0.12 0.04 0.25 0.10 0.21 0.65 0.61 0.04 0.05 16.08 15.23 7.91 0.05 0.79 0.30 1.68 0.01 0.04 0.20 0.08 0.20 0.12 0.47 0.11 0.10 T V T T T Q V V V T V V V V V Q V Q T V Q V T V V V V V V V V V V V V V V T T 4634 8920 4851 3600 16772 582 80 260 664 8886 17108 5248 2009 460 8283 6038 560 3863 5752 4214 150 463 2548 3314 417 610 10043 1060 450 550 6890 130 5478 3467 396 13875 2354 270817 3391 1.66 0.05 48.19 4.35 3.18 0.35 0.03 0.15 0.71 1.05 0.19 0.33 0.14 0.06 0.03 1.03 0.41 0.45 0.17 0.22 0.05 0.10 1.25 0.90 0.10 0.05 0.04 0.75 0.05 0.12 0.09 0.46 0.80 0.18 1.29 0.68 0.05 3.99 1.25 Macarthur Mnl V MacDonald Mns V Macusani Yello V Madison Minls V Madison Minls* Q Mag Silver T Mag Silver* X Magellan Minls V MagIndustries T Magma Metals T Mainstream Mnl V Majescor Res V Majestic Gold V Major Drilling T Mala Noche Res V Malaga T Malbex Res V Mandalay Res T Manicouagan Ml V Manitou Gold V Mansfld Mnrls V Manson Creek V Mantra Res T Marathon PGM T Marifil Mines V Marklnd AGF PM T Massey Energy* N Matamec Expl V Maudore Minls V Mawson Res T Max Minls V Max Res V Maxim Res V Maya Gold & Si V Mayen Mnls V Mazarin V Mazorro Res V MBAC Fertilizr T MBMI Res V 715 12088 1092 2106 227 3570 513 2778 30328 3410 2060 2145 3602 1226 41357 2272 395 113 2065 175 2515 782 726 1324 4335 251 194040 640 496 1462 1596 108 5535 4949 589 508 4195 457 2332 1.69 0.19 0.20 0.09 0.09 6.68 6.45 0.74 0.30 0.50 0.08 0.23 0.09 24.04 0.27 0.13 0.35 0.34 0.05 0.36 1.55 0.06 3.96 1.60 0.06 10.25 31.39 0.14 3.54 0.49 0.40 0.16 0.05 0.22 0.85 0.03 0.10 1.65 0.21 Last Change 12-month High Low Stock McVicar Res V MDN Inc T MDU Res* N Mechel* N Medallion Res V Mediterrn Res T Medoro Res V Medusa Mng T Mega Copper V Mega Precs Mtl V Mega Uranium T Megastar Dev V Melkior Res V Mengold Res V Merc Intl Mnls V Mercator Mnls T Merit Mng V Meritus Mnls V Merrex Gold V Mesa Uran V Mesabi Trust* N Messina Minls V Metalcorp V Metalex Vent V Metalline Mng* X Metalore Res T Metals Ck Res V Metanor Res V Metropolitn Mg V Mexivada Mng V Micrex Devel V Midasco Cap V Midland Expl V Midlands Minls V Midway Gold V Midway Gold* X Migao T Mill Bay Vent V Mill City Intl V Millrock Res V Millstream Min V Minco Gold* X Minco Gold T Minco Silver T Mindoro Res V Minefinders T Minefinders* X Minera Andes T Minera Andes* Q MInera IRL T Mineral Depost T Mineral Hill V Mineral Mtn Rs V Mines Managem* X Mines Managmnt T Mirabela Nickl T Miranda Gold V Miranda Gold* Q Mirasol Res V Module Res V Moly Mines T Molycor Gold V Moneta Porcpn T Monument Mng V Mosaic* N Mosquito Cons V Moss Lake Gld V Mountain Boy M V Mountain Captl V Mountain Lake V Mountain Prov* X Mountain Prov T Mountain-Wst R V MPH Vent V Mukuba Res V Mundoro Cap T Murgor Res V Mustang Minls V Nanika Res V National Coal* Q Natural Rs Pt* N Nautilus Minls T Nayarit Gold V Nebu Res V Nemaska Expl V Network Expl V Nevada Copper T Nevada Expl V Nevada Geo Pow V Nevada Sunrise V Nevgold Res V Nevsun Res T Nevsun Res* X New Dawn Mng T New Dimen Res V New Global Vnt V New Gold T New Gold* X New Guinea Gld V New Island Res V New Jersey Mg* Q New Millen Cap V New Nadina V New Pac Metals V New Shoshoni V V New World Res V Newcastle Mnls V 0.12 + 0.12 0.04 0.35 + 0.10 - 0.22 - 0.67 0.64 + 0.04 0.05 17.05 + 16.43 + 8.30 + 0.05 0.79 - 0.33 1.73 + 0.03 0.04 0.22 - 0.08 0.21 0.12 0.47 - 0.12 0.13 + 0.01 0.00 0.00 0.12 0.04 0.02 0.00 0.01 0.00 0.00 0.45 0.72 0.27 0.00 0.07 0.00 0.03 0.00 0.00 0.08 0.00 0.00 0.00 0.03 0.00 0.01 0.25 0.16 0.07 1.08 0.44 0.73 1.83 1.80 0.14 0.08 25.22 23.91 10.96 0.17 1.26 0.55 2.12 0.07 0.09 0.43 0.18 0.84 0.20 1.25 0.39 0.15 0.08 0.05 0.03 0.17 0.10 0.19 0.54 0.45 0.04 0.04 16.08 15.23 6.25 0.05 0.54 0.11 1.15 0.01 0.04 0.16 0.04 0.19 0.10 0.47 0.07 0.03 1.62 + 0.05 48.05 + 3.92 - 3.15 + 0.30 + 0.02 0.15 + 0.70 - 0.94 + 0.19 + 0.31 0.13 + 0.05 - 0.03 0.96 + 0.39 0.40 - 0.15 - 0.19 - 0.04 0.10 - 1.20 + 0.89 - 0.09 + 0.04 0.03 0.75 + 0.05 0.12 0.09 0.46 + 0.78 + 0.18 1.26 + 0.59 - 0.05 3.92 + 1.22 - 0.02 0.00 4.35 0.29 0.08 0.01 0.00 0.01 0.02 0.13 0.02 0.00 0.01 0.01 0.00 0.05 0.00 0.04 0.01 0.01 0.00 0.01 0.01 0.01 0.01 0.00 0.00 0.05 0.00 0.00 0.00 0.04 0.03 0.00 0.01 0.03 0.00 0.34 0.03 2.25 0.12 55.80 7.65 4.37 1.49 0.06 0.20 1.10 1.98 0.34 0.50 0.33 0.10 0.05 1.60 0.77 1.12 0.38 0.34 0.11 0.49 1.87 2.03 1.05 0.10 0.19 1.60 0.09 0.17 0.20 1.35 1.20 0.40 1.65 0.81 0.14 5.77 1.57 0.74 0.01 33.26 1.36 2.48 0.21 0.01 0.07 0.55 0.71 0.09 0.19 0.10 0.03 0.02 0.57 0.32 0.03 0.15 0.14 0.02 0.05 1.04 0.73 0.05 0.03 0.03 0.60 0.04 0.08 0.06 0.15 0.44 0.07 0.66 0.34 0.04 2.91 0.40 1.63 + 0.17 0.20 0.09 + 0.09 + 6.30 - 6.07 - 0.73 + 0.30 0.41 + 0.08 + 0.22 + 0.09 24.04 + 0.25 - 0.12 0.35 0.32 + 0.05 0.36 - 1.50 + 0.05 + 3.80 + 1.60 + 0.06 10.25 + 31.25 + 0.14 + 3.54 + 0.47 + 0.38 + 0.16 0.05 0.21 + 0.84 + 0.03 0.08 - 1.63 0.19 - 0.03 0.00 0.00 0.01 0.01 0.19 0.08 0.07 0.00 0.02 0.03 0.02 0.00 1.79 0.01 0.00 0.00 0.01 0.00 0.02 0.04 0.01 0.04 0.09 0.00 0.15 3.10 0.01 0.19 0.05 0.06 0.00 0.00 0.01 0.13 0.00 0.07 0.00 0.02 2.99 0.29 0.40 0.20 0.23 8.26 8.25 1.20 0.70 0.81 0.23 0.43 0.27 30.66 0.41 0.19 1.10 0.50 0.09 0.66 1.99 0.14 6.09 2.65 0.14 10.45 54.80 0.28 4.95 0.49 0.78 0.66 0.19 0.56 0.87 0.07 0.34 3.95 0.37 0.65 0.11 0.15 0.08 0.06 4.85 4.45 0.52 0.28 0.36 0.05 0.17 0.02 19.50 0.10 0.09 0.28 0.20 0.04 0.35 0.45 0.03 3.35 0.59 0.05 6.31 20.50 0.05 2.02 0.26 0.19 0.12 0.04 0.18 0.15 0.02 0.08 1.45 0.06 L 1.50 0.04 43.50 3.80 2.99 0.23 0.02 0.12 0.68 0.81 0.16 0.28 0.12 0.05 0.02 0.88 0.38 0.38 0.15 0.18 0.04 0.09 1.04 0.85 0.08 0.04 0.03 0.65 0.05 0.10 0.06 0.46 0.74 0.18 1.25 0.58 0.05 3.41 1.21 M 1.50 0.17 0.20 0.08 0.07 6.24 6.00 0.64 0.28 0.40 0.06 0.18 0.08 22.05 0.25 0.10 0.33 0.32 0.05 0.36 1.42 0.05 3.60 1.42 0.05 10.11 26.94 0.13 3.13 0.42 0.33 0.16 0.05 0.20 0.79 0.03 0.08 1.60 0.18 (100s) Exc Volume Week High Low 86 2159 28248 69787 180 4043 37448 947 161 397 48721 3681 5207 200 1365 95393 100 5730 2115 509 9496 2100 1124 1372 3064 3 3055 13990 2740 2044 300 2330 199 3271 1415 1845 3187 50 602 2881 1615 2573 271 2941 1340 6108 18221 5683 4719 5 2924 3180 2980 2587 125 18818 2736 2304 3537 400 6215 1499 2858 12471 306382 3838 290 41795 4488 3490 508 2041 928 2090 7 1645 1010 890 0.42 0.42 19.80 22.33 0.12 0.12 0.61 3.82 0.24 0.51 0.47 0.09 0.19 0.02 0.14 1.87 0.62 0.12 0.50 0.28 24.22 0.08 0.10 0.54 0.70 7.45 0.13 0.62 0.15 0.14 0.10 0.03 1.35 0.19 0.50 0.49 6.29 0.22 0.04 0.44 0.04 0.85 0.87 3.03 0.19 9.04 8.68 0.79 0.75 0.99 0.79 0.04 0.27 1.74 1.73 2.10 0.46 0.44 1.60 0.06 0.56 0.06 0.23 0.28 47.10 1.08 0.17 0.24 0.08 0.55 2.94 3.11 0.35 0.03 0.26 0.79 0.10 0.09 0.40 0.36 18.82 17.79 0.11 0.11 0.49 3.45 0.20 0.47 0.38 0.08 0.17 0.02 0.12 1.56 0.54 0.09 0.41 0.18 18.85 0.06 0.09 0.44 0.59 7.45 0.11 0.53 0.13 0.13 0.10 0.02 1.24 0.17 0.42 0.39 6.05 0.19 0.04 0.38 0.03 0.77 0.82 2.65 0.17 8.63 8.24 0.71 0.68 0.99 0.73 0.04 0.23 1.49 1.60 1.93 0.38 0.36 1.51 0.06 0.50 0.05 0.21 0.25 43.20 0.90 0.16 0.17 0.07 0.49 2.64 2.77 0.30 0.03 0.18 0.75 0.10 0.07 3980 3591 2839 30673 1163 4706 5230 416 8297 366 7154 6955 275 11372 15076 89 1248 586 94544 103907 3257 10066 1520 12131 735 2334 3120 525 13051 0.05 1.14 25.38 2.14 0.52 0.12 0.40 0.09 2.35 0.06 0.60 0.13 0.26 3.90 3.76 1.20 0.09 0.12 5.44 5.24 0.09 0.12 0.22 0.93 0.08 0.89 0.11 0.18 0.10 12-month Last Change High Low 0.42 - 0.42 + 19.75 + 22.23 + 0.11 - 0.12 0.60 + 3.82 + 0.24 + 0.48 - 0.46 + 0.09 - 0.18 + 0.02 0.12 - 1.87 + 0.60 - 0.12 + 0.45 - 0.23 - 24.21 + 0.07 0.10 - 0.48 0.70 + 7.45 0.12 - 0.57 - 0.15 + 0.14 - 0.10 - 0.02 1.35 + 0.17 - 0.47 + 0.45 + 6.19 + 0.19 - 0.04 0.44 + 0.04 0.83 + 0.87 - 2.86 - 0.17 - 8.85 + 8.45 + 0.76 + 0.73 + 0.99 + 0.73 + 0.04 0.24 + 1.61 - 1.63 - 2.09 + 0.46 + 0.44 + 1.51 - 0.06 - 0.56 + 0.05 - 0.23 0.28 + 46.80 + 1.00 + 0.16 0.24 + 0.08 0.54 + 2.90 + 3.02 - 0.33 + 0.03 0.26 - 0.76 - 0.10 - 0.08 - 0.01 0.05 0.77 4.02 0.01 0.00 0.01 0.12 0.04 0.03 0.08 0.01 0.01 0.00 0.01 0.26 0.02 0.01 0.03 0.11 5.40 0.00 0.01 0.00 0.05 0.00 0.01 0.04 0.06 0.01 0.01 0.00 0.05 0.01 0.02 0.02 0.01 0.03 0.00 0.01 0.00 0.01 0.02 0.07 0.02 0.01 0.04 0.01 0.01 0.18 0.01 0.00 0.01 0.14 0.16 0.15 0.04 0.06 0.02 0.01 0.04 0.01 0.00 0.02 2.04 0.12 0.00 0.05 0.00 0.03 0.01 0.03 0.08 0.00 0.11 0.03 0.01 0.01 0.70 0.71 24.22 31.78 0.30 0.19 0.94 5.68 0.25 0.85 1.39 0.19 0.45 0.06 0.59 3.45 1.65 0.16 0.95 0.45 27.22 0.14 0.27 1.38 1.59 9.75 0.28 0.89 0.19 0.55 0.28 0.05 1.54 0.59 1.09 1.03 8.19 0.90 0.06 0.50 0.09 1.50 1.55 3.19 0.34 12.49 11.90 1.20 1.20 1.29 1.10 0.20 0.30 3.50 3.57 3.16 0.84 0.80 3.15 0.14 1.81 0.09 0.44 0.42 68.28 1.69 0.31 0.49 0.34 0.67 9.84 3.31 0.40 0.12 0.52 1.40 0.24 0.25 0.23 0.32 17.11 8.81 0.05 0.08 0.32 2.50 0.13 0.28 0.34 0.04 0.14 0.01 0.12 1.27 0.17 0.03 0.19 0.10 8.00 0.06 0.08 0.43 0.27 6.30 0.09 0.40 0.06 0.06 0.001 0.01 0.67 0.10 0.42 0.39 5.60 0.19 0.03 0.17 0.02 0.55 0.60 1.55 0.09 8.51 7.67 0.59 0.54 0.80 0.56 0.04 0.23 1.49 1.60 1.72 0.32 0.27 0.25 0.05 0.44 0.05 0.13 0.23 37.68 0.48 0.09 0.04 0.07 0.14 1.41 1.51 0.12 0.03 0.18 0.53 0.09 0.07 0.05 1.04 + 25.15 + 1.83 - 0.50 - 0.12 - 0.36 - 0.09 - 2.30 + 0.06 0.55 - 0.13 + 0.26 3.73 - 3.54 - 1.16 - 0.08 - 0.10 5.27 + 5.03 + 0.09 0.12 + 0.22 - 0.90 + 0.08 + 0.89 + 0.10 + 0.18 + 0.09 0.00 0.36 0.70 0.25 0.01 0.01 0.03 0.01 0.20 0.00 0.05 0.02 0.00 0.13 0.13 0.04 0.02 0.00 0.14 0.16 0.00 0.02 0.02 0.03 0.01 0.06 0.02 0.01 0.00 0.22 6.08 27.56 2.76 0.73 0.60 0.60 0.54 3.57 0.28 1.30 0.20 0.34 4.21 4.12 1.72 0.29 0.31 6.97 6.85 0.18 0.12 0.34 1.48 0.14 1.10 0.29 0.36 0.23 0.04 0.45 17.02 1.01 0.40 0.10 0.26 0.06 0.90 0.05 0.53 0.05 0.12 1.61 1.45 0.71 0.05 0.09 2.93 2.68 0.09 0.05 0.11 0.41 0.05 0.60 0.06 0.15 0.03 N-O 0.04 0.71 24.15 1.71 0.47 0.10 0.33 0.09 2.10 0.06 0.53 0.10 0.26 3.66 3.47 1.15 0.08 0.10 4.92 4.66 0.09 0.09 0.11 0.79 0.06 0.84 0.10 0.15 0.08 NORTH AMERICAN STOCK EXCHANGE INDICES 52-week Date S&P/TSX-Ven Comp TSX Composite S&P TSX 60 Global Gold TSX Metals & Mining Gold & Silver XAU Amex Gold Bugs July 26 1403.46 11746.67 685.87 349.84 961.92 171.82 447.33 July 23 1394.98 11714.21 683.67 355.45 959.80 173.42 451.85 July 22 1388.42 11667.76 681.17 354.57 945.02 172.34 449.89 TSX SHORT POSITIONS July 21 1365.56 11513.33 673.15 350.00 908.62 168.69 440.70 July 20 1363.20 11629.88 681.76 354.28 894.81 169.08 445.12 High 1691.10 12321.76 723.04 395.46 1168.83 198.32 516.16 Low 1123.64 10384.64 629.22 289.69 707.43 137.56 333.23 TSX VENTURE SHORT POSITIONS Short positions outstanding at July 15/10 (with changes from June 30/10). Largest short positions Lundin Mining LUN 20005030 2204374 Great Basin Gold GBG 19348737 1327841 Red Back Mining RBI 16777928 -916874 Equinox Minerals EQN 14599068 2485399 Silver Wheaton SLW 13479762 -1187255 Hudbay Minerals HBM 12933850 -697801 Thompson Creek Metals TCM 12548059 357171 Eldorado Gold ELD 9578978 -3530139 Ivanhoe Mines IVN 9558894 -54483 New Gold NGD 8359195 1995222 Quadra FNX Mining QUX 8232146 785823 Osisko Mining OSK 7487740 -459784 Kinross Gold K 6614151 -693462 Uranium One UUU 6605622 -212826 Cameco Corporation CCO 6191346 3464479 Short positions outstanding at July 15/10 (with changes from June 30/10). Largest increase in short position Cameco CCO 6191346 Equinox Minerals EQN 14599068 Lundin Mining LUN 20005030 New Gold NGD 8359195 Great Basin Gold GBG 19348737 3464479 2485399 2204374 1995222 1327841 Largest increase in short position Terrane Metals TRX 9714508 Sidon International SD 1273400 Midway Gold MDW 890700 San Gold SGR 3260430 KWG Resources KWG 511349 8448858 1186100 860800 802909 409247 Largest decrease in short position Eldorado Gold ELD 9578978 Crystallex Inter KRY 420173 Torex Gold TXG 231557 Barrick Gold ABX 5121166 Iamgold IMG 1974659 -3530139 -2892035 -2314743 -1852671 -1361407 Largest decrease in short position Golden Dory GDR 21500 Spider Resources SPQ 754057 Lithium One LI 13000 Adventure Gold AGE 0 Carlin Gold CGD 0 -1051100 -978647 -814000 -432700 -389000 Largest short positions Terrane Metals TRX 9714508 San Gold SGR 3260430 Romarco Minerals R 1717600 Sidon International SD 1273400 Midway Gold MDW 890700 Spider Resources SPQ 754057 Metanor Resources MTO 733772 Victoria Gold VIT 568000 Taku Gold TAK 514500 KWG Resources KWG 511349 Andina Minerals ADM 453000 Catalyst Copper CCY 436800 Rainy River Resources RR 422900 Sandstorm Resources SSL 418316 Amerix Precious Metals APM 406000 8448858 802909 -194000 1186100 860800 -978647 335551 500 352000 409247 58900 186800 3300 -12500 406000 THE NORTHERN MINER AUGUST 2-8, 2010 9 Stock (100s) Exc Volume Week High Low 0.04 56.27 59.34 0.12 0.38 0.27 0.50 0.40 0.23 0.21 0.18 0.03 0.16 1.03 2.06 0.12 8.76 9.30 0.12 2.98 3.15 0.17 0.17 0.24 0.27 0.18 6.03 6.50 0.28 0.14 0.14 0.24 0.26 0.11 0.08 0.16 0.17 2.88 3.03 1.95 0.04 0.21 6.37 6.01 0.19 0.09 0.05 0.26 0.19 2.88 0.05 0.15 0.52 0.30 23.25 0.09 1.30 3.30 0.14 0.06 0.05 0.09 0.08 0.80 1.29 0.37 0.08 0.09 0.21 1.49 0.95 0.91 0.06 1.35 11.64 0.39 0.06 Newmac Res Newmont Mng* Newmont Mng Newport Expl Newstrike Cap Newstrike Res NGEx Res Niocan Inc Niogold Mng Nitinat Mnls NMC Res Noble Metal Gr Nomad Ventures Noront Res Norsemont Mng Nortec Mnls North Am En P* North Am En Pa North Am Gem North Am Pall* North Am Pall North Am Tung North Arrow Mn North Atlc Res North Country Northern Abiti Northern Dyn* Northern Dyn M Northern Freeg Northern Gld M Northern Lion Northern Plat Northern Rand Northern Shiel Northern Star Northern Sup R Northern Tiger Northgate Mnl* Northgate Mnls Northland Res Northrock Res Novadx Vent NovaGold Res NovaGold Res* Novus Gold NQ Expl Nuinsco Res Nuukfjord Gold NWT Uranium OceanaGold Odin Mining Odyssey Res Olivut Res Olympus Pacif OM Group* Opawica Expl Opta Minls Orbit Garant D Orbite Expl A Oremex Res Orestone Mng Orex Expl Orex Minls Orezone Gold Orko Silver Oro Gold Res Oro Silver Res OroAndes Res Oroco Res Orocobre Oromin Expl Oromin Expl* Orsa Vent Orvana Mnrls Osisko Mng Otis Capital Otish Energy V N T V V V T T V V V V V V T V N T V X T V V V V V X T V V V V V V V V V X T T V V T X V V T T V T V V V T N V T T V V V V V T V V V V V T T Q V T T V V 250 368846 507 656 2939 40 800 45 3467 55 1100 2836 100 14924 86 1095 3351 86 9805 55310 7247 12210 866 1464 54159 5364 6382 1816 609 2560 2618 182 300 2036 7235 6124 4971 48870 13421 547 378 1571 23584 107017 6355 9 6962 2210 24667 22666 30 1085 1395 6457 15250 2655 203 5231 1475 7330 125 4009 13531 2253 4435 5022 3230 1052 2206 1597 7970 2396 78 9813 105648 3506 5470 0.04 59.62 62.07 0.12 0.42 0.27 0.55 0.40 0.26 0.22 0.24 0.04 0.16 1.14 2.17 0.15 9.65 10.00 0.14 3.38 3.50 0.19 0.20 0.27 0.40 0.23 6.99 7.24 0.32 0.14 0.19 0.30 0.26 0.13 0.09 0.19 0.20 3.02 3.14 2.09 0.04 0.22 6.76 6.50 0.24 0.09 0.06 0.30 0.22 3.14 0.05 0.15 0.59 0.38 27.72 0.09 1.69 3.60 0.15 0.06 0.05 0.09 0.09 0.86 1.46 0.41 0.09 0.11 0.22 1.65 1.07 1.02 0.07 1.58 12.26 0.49 0.08 Pac Bay Mnrls Pac Booker Min Pac Booker Mn* Pac Coast Nikl Pac Comox Pac NW Cap Pac Ridge Expl Pac Rim Minin* Pac Rim Mining Pac Wildcat Re V V X V V T V X T V 665 231 5 2910 3289 956 828 2855 848 587 0.05 8.24 8.10 0.05 0.03 0.12 0.14 0.18 0.18 0.19 Last Change 12-month High Low Stock Pachamama Res V Paget Mnls V Paladin Energy T Palladon Vent V Pan Am Lithium V Pan Am Silver T Pan Am Silver* Q Pancontl Uran V Panorama Res V Panoro Minls V Panthera Expl V Paragon Minls V Parallel Res V Paramount Gld* X Paramount Gold T Parlane Res V Passport Metal V Patriot Coal* N Patriot Gold* Q PC Gold T Peabody Enrgy* N Peat Res V Pebble Ck Mng V Pediment Gold T Pediment Gold* Q Pelangio Expl V Pele Mtn Res V Penteco Res V Peregrine Diam T Peregrine Mtls T Perseus Mng T Pershimco Res V Petaquilla Mn* Q Petaquilla Mnl T Petro Horizon V Petromin Res V Philippine Mtl V Pinestar Gold V Pinetree Cap T Pitchstone Exp V Planet Expl V Platinex V Platinum Gp M* X Platinum Gp Mt T Platmin T Plato Gold V Playfair Mng V Plexmar Res V PMI Gold V Polaris Minls T Polo Res T PolyMet Mng* X PolyMet Mng T Portal Res V Potash C Sask* N Potash Cp Sask T Potash One T Powertech Uran T Premier Gold M T Premium Expl V Prize Mng V Pro Minerals V Pro-Or Mng Res V Probe Mines V Probe Res V Prominex Res V Prospctr C Res V Prospero Silve V Puda Coal* X Puget Vent V Puma Expl V Pure Nickel T Purepoint U V Q-Gold Res V Quantum RE Dev V Quaterra Res* X Quaterra Res V Quattro Res V Queenston Mng T Quest Rare Mnl V 0.04 59.05 + 61.41 - 0.12 0.39 0.27 0.54 + 0.40 - 0.24 0.21 + 0.18 - 0.03 0.16 1.08 - 2.10 + 0.12 - 9.60 + 9.95 + 0.13 3.38 + 3.47 + 0.19 + 0.18 + 0.27 + 0.37 + 0.20 - 6.97 + 7.23 + 0.29 - 0.14 0.17 0.30 + 0.26 0.12 0.08 + 0.19 + 0.19 + 2.97 + 3.12 - 2.06 + 0.04 0.21 - 6.67 - 6.42 - 0.21 - 0.09 - 0.06 0.28 0.22 3.10 + 0.05 0.15 - 0.59 + 0.37 + 27.61 + 0.09 1.64 + 3.35 - 0.14 + 0.06 0.05 + 0.09 - 0.09 0.81 - 1.33 - 0.39 + 0.09 0.11 + 0.22 1.64 + 0.95 - 0.92 - 0.07 1.51 + 11.83 + 0.43 + 0.06 0.00 0.15 0.68 0.00 0.00 0.00 0.03 0.05 0.00 0.01 0.02 0.00 0.00 0.04 0.04 0.01 0.64 0.47 0.00 0.28 0.19 0.01 0.01 0.02 0.11 0.02 0.60 0.56 0.03 0.00 0.00 0.07 0.00 0.00 0.01 0.04 0.02 0.02 0.01 0.06 0.00 0.01 0.08 0.06 0.02 0.03 0.00 0.00 0.00 0.10 0.00 0.04 0.04 0.05 4.19 0.00 0.14 0.20 0.01 0.00 0.01 0.01 0.00 0.03 0.15 0.02 0.00 0.03 0.00 0.08 0.11 0.08 0.00 0.14 0.04 0.04 0.00 0.13 63.38 66.12 0.18 0.60 0.70 0.84 0.60 0.43 0.44 0.25 0.06 0.35 3.01 2.64 0.20 11.68 11.76 0.20 5.35 5.36 0.25 0.40 0.37 0.40 0.34 10.38 10.38 0.60 0.36 0.21 0.49 0.36 0.32 0.57 0.24 0.30 3.59 3.70 3.60 0.26 0.42 9.25 9.18 0.65 0.26 0.14 0.58 0.23 3.49 0.11 0.28 0.95 0.40 39.06 0.25 1.80 4.25 0.19 0.24 0.21 0.19 0.23 1.05 1.86 0.88 0.28 0.19 0.35 2.35 1.43 1.30 0.18 1.58 12.45 0.82 0.22 0.04 38.53 42.54 0.09 0.11 0.24 0.35 0.21 0.17 0.18 0.09 0.03 0.16 1.03 1.18 0.09 5.04 5.50 0.05 2.32 2.51 0.12 0.12 0.03 0.20 0.10 5.58 6.25 0.25 0.04 0.05 0.12 0.17 0.09 0.06 0.09 0.06 2.02 2.25 0.76 0.04 0.10 3.70 3.33 0.15 0.09 0.04 0.25 0.10 0.82 0.05 0.15 0.13 0.20 21.97 0.04 1.08 1.62 0.07 0.06 0.04 0.09 0.08 0.46 0.58 0.36 0.06 0.05 0.14 1.35 0.59 0.56 0.04 0.67 6.42 0.35 0.05 0.04 - 8.05 - 7.75 0.05 - 0.03 0.10 0.14 0.17 - 0.17 - 0.17 - 0.01 0.07 0.00 0.01 0.00 0.00 0.00 0.02 0.01 0.01 0.10 10.00 9.90 0.09 0.06 0.25 0.22 0.34 0.40 0.26 0.03 5.74 5.07 0.03 0.01 0.08 0.12 0.15 0.16 0.16 P-Q 0.04 8.01 7.75 0.04 0.03 0.10 0.12 0.16 0.17 0.17 DIVIDENDS Company Potash Corp Ssk Kaiser Aluminum Mosaic Alcoa Peabody Energy Arch Coal Div. ($) 0.10 0.24* 0.05 0.03* 0.07* 0.10* Pay Date Aug 6 Aug 13 Aug 19 Aug 26 Aug 27 Sept 15 Record Date July 16 July 26 Aug 6 Aug 6 Aug 6 Sept 1 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. (100s) Exc Volume 808 795 23081 488 1773 11420 55585 2764 350 3057 1063 1030 713 25340 2927 230 3831 52581 232 17979 299106 2220 2530 2269 943 4380 11077 1581 5760 225 20200 4377 9718 10116 3862 1625 1439 300 10308 704 1070 25943 574 9421 3889 1380 600 4544 2887 1424 30 8297 707 270 166612 38708 7317 853 5787 59285 4876 1070 330 422 7545 2200 1116 50 605 2235 870 1223 455 114 2260 562 475 660 1080 7392 Week High 0.27 0.19 3.48 0.05 0.19 24.99 23.75 0.10 0.09 0.24 0.10 0.09 0.16 1.43 1.46 0.13 0.08 13.66 0.21 1.29 45.56 0.21 0.06 1.16 1.10 0.24 0.12 0.16 1.92 0.73 2.16 0.30 0.51 0.52 0.22 0.12 0.32 0.05 1.21 0.29 0.16 0.14 1.87 1.94 1.08 0.05 0.08 0.06 0.15 1.80 0.08 1.42 1.49 0.08 99.64 103.77 2.40 0.19 4.82 0.53 0.01 0.07 0.17 0.37 0.05 0.04 0.01 0.30 8.30 0.35 0.05 0.16 0.12 0.12 0.25 1.22 1.25 0.15 3.54 2.80 Low Last Change 0.25 0.27 + 0.17 0.17 - 3.20 3.48 + 0.05 0.05 0.15 0.19 + 23.44 24.15 - 22.21 23.20 - 0.08 0.09 + 0.09 0.09 0.19 0.23 + 0.09 0.09 0.07 0.09 + 0.13 0.16 + 1.20 1.40 + 1.27 1.44 + 0.13 0.13 0.06 0.08 + 11.25 13.64 + 0.19 0.21 + 0.92 0.95 - 41.37 45.43 + 0.14 0.15 - 0.05 0.06 + 1.06 1.10 - 1.00 1.05 - 0.20 0.23 + 0.09 0.10 + 0.14 0.14 - 1.68 1.72 + 0.64 0.73 + 1.97 2.15 + 0.25 0.29 + 0.34 0.46 + 0.37 0.47 + 0.16 0.22 + 0.09 0.09 - 0.25 0.25 - 0.05 0.05 1.04 1.17 + 0.24 0.27 + 0.14 0.16 + 0.11 0.12 + 1.67 1.87 + 1.71 1.93 + 0.96 0.97 - 0.05 0.05 0.08 0.08 0.05 0.06 0.12 0.14 + 1.55 1.71 + 0.08 0.08 - 1.33 1.40 + 1.40 1.43 + 0.08 0.08 94.22 98.38 + 99.50 101.96 - 2.26 2.36 - 0.16 0.18 - 4.59 4.71 - 0.30 0.45 + 0.01 0.01 0.05 0.06 + 0.14 0.17 + 0.35 0.37 - 0.04 0.04 - 0.03 0.03 - 0.01 0.01 0.30 0.30 - 7.13 8.30 + 0.30 0.33 + 0.05 0.05 0.15 0.16 0.09 0.09 - 0.10 0.10 0.22 0.24 - 1.13 1.20 + 1.18 1.25 + 0.15 0.15 3.36 3.40 - 2.07 2.69 + 12-month High Low Stock 0.02 0.49 0.13 0.02 0.36 0.08 0.18 5.15 2.94 0.00 0.12 0.02 0.02 0.82 0.14 1.17 28.97 19.50 0.79 28.41 18.11 0.01 0.25 0.07 0.00 0.25 0.09 0.02 0.32 0.17 0.00 0.26 0.09 0.01 0.27 0.05 0.02 0.35 0.12 0.13 2.02 1.09 0.12 2.08 1.18 0.00 0.35 0.12 0.01 0.18 0.04 1.91 24.25 7.20 0.02 0.45 0.13 0.16 1.90 0.48 3.62 52.14 31.46 0.03 0.26 0.09 0.01 0.23 0.05 0.05 1.98 0.72 0.07 1.90 0.61 0.03 0.76 0.15 0.01 0.31 0.09 0.01 0.34 0.14 0.03 4.65 0.59 0.05 1.16 0.61 0.13 2.29 1.50 0.04 0.30 0.04 0.08 0.95 0.20 0.11 0.98 0.20 0.05 0.47 0.06 0.01 0.27 0.06 0.08 0.55 0.25 0.00 0.26 0.05 0.12 2.41 1.04 0.03 0.52 0.21 0.02 0.26 0.12 0.01 0.20 0.03 0.13 2.89 0.89 0.11 2.92 0.99 0.05 1.94 0.90 0.00 0.09 0.04 0.00 0.17 0.05 0.00 0.16 0.05 0.01 0.25 0.08 0.11 2.30 1.28 0.03 0.15 0.05 0.06 3.79 1.20 0.02 3.89 1.33 0.00 0.27 0.05 1.79 128.42 83.75 0.10 130.69 88.68 0.05 3.39 1.98 0.01 0.51 0.14 0.03 5.42 2.47 0.13 0.67 0.17 0.00 0.12 0.001 0.02 0.13 0.03 0.01 0.30 0.12 0.01 0.68 0.26 0.01 0.13 0.03 0.01 0.08 0.02 0.00 0.05 0.01 0.05 0.57 0.30 0.95 11.89 4.83 0.01 0.59 0.20 0.00 0.19 0.04 0.00 0.25 0.12 0.01 0.20 0.07 0.00 0.68 0.10 0.01 0.64 0.15 0.03 2.42 0.52 0.07 2.50 0.55 0.00 0.24 0.12 0.14 6.70 3.36 0.57 4.26 0.61 R Radisson Mng Radius Gold Radius Gold* Rainy Mtn Royl Rainy River Rs Ram Power Rambler Mg&Mtl Randgold Res* Randsburg Intl Rare Elemnt Rs Raven Gold* Rec Minerals Red Back Mng Red Mile Mnls Red Pine Expl Red Rock Enrgy Redhawk Res Redstar Gold Redzone Res Regent Vents Remstar Res Reservoir Capt Resolve Vent Reunion Gold Revett Mnls Rhyolite Res Richmond Mnls Richmont Mines Richmont Mine* Ringbolt Vent Rio Alto Mng Rio Cristal Rs Rio Grande Mng V V Q V V T V Q V V Q V T V V V V V T V V V V V T V V T X V V V V 370 1237 379 234 22763 4039 224 32727 20 7010 621 200 53011 400 13400 50 1050 200 10 402 520 458 13 2232 5790 685 1365 875 1714 62 26524 3297 55 0.10 0.10 0.10 + 0.31 0.29 0.31 + 0.29 0.25 0.28 - 0.06 0.06 0.06 6.03 5.77 5.90 - 2.47 2.25 2.27 - 0.45 0.40 0.44 + 93.32 89.05 92.29 + 0.05 0.05 0.05 3.08 2.20 3.07 + 0.01 1.0E8 0.00 0.10 0.10 0.10 26.26 23.77 25.83 + 0.09 0.07 0.07 - 0.07 0.06 0.07 0.10 0.10 0.10 0.40 0.34 0.35 - 0.09 0.09 0.09 0.51 0.51 0.51 0.09 0.09 0.09 0.08 0.08 0.08 0.65 0.61 0.65 + 0.16 0.16 0.16 0.25 0.22 0.23 - 0.28 0.25 0.28 + 0.38 0.28 0.38 + 0.05 0.05 0.05 4.64 4.12 4.30 - 4.38 3.91 4.17 - 0.10 0.09 0.10 0.84 0.68 0.82 + 0.09 0.06 0.08 + 0.24 0.24 0.24 - 0.01 0.01 0.01 0.00 0.05 0.08 0.02 1.14 0.00 0.66 0.00 0.00 0.88 0.01 0.00 0.00 0.05 0.00 0.00 0.00 0.00 0.03 0.00 0.01 0.01 0.08 0.00 0.37 0.19 0.00 0.12 0.01 0.04 0.18 0.46 0.43 0.17 6.85 4.23 0.74 99.67 0.12 4.69 0.01 0.25 28.94 0.19 0.12 0.25 0.49 0.35 0.75 0.14 0.15 1.07 0.49 0.25 0.52 0.65 0.07 5.46 5.25 0.15 0.92 0.10 0.52 0.06 0.14 0.10 0.06 1.90 2.10 0.23 55.06 0.04 1.91 0.001 0.10 9.17 0.07 0.05 0.06 0.11 0.05 0.37 0.05 0.05 0.60 0.15 0.05 0.09 0.25 0.02 2.80 2.57 0.08 0.19 0.04 0.24 * = US funds, ** = Australian funds, f=formula, e = estimate INTERNATIONAL QUOTES LENDING RATES as of 9 a.m. ET. July 27, 2010 Bank of Canada Target overnight rate Canadian Prime U.S. Discount Primary U.S. Fed Funds market rate U.S. Prime LIBOR US$ 3-month LIBOR US$ 6-month LIBOR US$ 1-year Gold lease 3-month Gold lease 6-month Gold lease 1-year Silver lease 3-month Silver lease 1-year Platinum lease 3-month Platinum lease 1-year Metal lease rates from www.kitco.com (%) 1.00 0.75 2.50 0.75 0-0.25 3.25 0.51 0.71 1.13 -0.0007 0.15 0.47 -0.27 -0.27 0.09 0.93 Australia (A$) Aquila Resources Bendigo Mining Centennial Coal Fortescue Res Iluka Resources Kingsgate Cons. MacArthur Coal St. Barbara Newcrest Mining Zimplats July 27 7.58 0.19 6.00 4.27 5.50 9.73 12.92 0.32 33.06 10.00 July 20 7.27 0.20 5.93 4.13 5.41 9.40 12.20 0.34 33.50 10.00 Change 0.31 -0.01 0.07 0.14 0.09 0.33 0.72 -0.02 -0.44 0.00 Britain (pound) Antofagasta 10.14 9.36 0.78 Lonmin 15.54 14.47 1.07 Oxus Gold 6.54 6.36 0.18 Xstrata 10.37 9.52 0.85 Mexico (peso) Grupo Mexico 34.10 31.20 Indust. Penoles 278.74 264.88 South Africa (R) Aquarius Plat 32.50 30.00 African Rainbow 173.70 164.15 Harmony Gold 74.13 77.50 Impala Platinum 206.00 186.35 Metorex 3.69 3.60 Northam Plat 45.70 43.95 2.90 13.86 2.50 9.55 -3.37 19.65 0.09 1.75 July 22 1.0376 0.9638 July 21 1.0427 0.9590 July 20 1.0526 0.9500 EXCHANGE RATES (Bank of Canada, July 19, 2010) Currency Aus $ Euro In C$ 0.9279 1.3387 In US$ 0.8998 1.2982 Japan 0.0118 0.0114 Mex P 0.0812 0.0787 SA Rand 0.1401 0.1359 Rio Novo Gold Rio Tinto* Riverside Res Riverstone Res Robex Res Roca Mines Rochester Res Rock Tech Res Rockbridge Enr Rockcliff Res Rockgate Cap Rockhaven Res Rockland Mnls Rockwell Diam Rocmec Mining Rodinia Minls Romarco Mnrls Rome Res Romios Gold Rs Romulus Res Roscan Minls Ross River Mnl Roxgold Royal Gold Royal Gold* RPT Uranium Rubicon Mnls* Rubicon Mnrls Ruby Red Res Rugby Mng Running Fox Rs Rupert Res Rusoro Mng Russell Metals Rye Patch Gold Week High Low 1.10 46.02 0.55 0.49 0.12 0.29 0.10 0.08 0.09 0.13 0.47 0.20 0.14 0.06 0.03 0.28 1.59 0.28 0.12 0.71 0.06 0.04 0.14 45.14 42.75 0.18 3.31 3.43 0.04 0.50 0.08 0.23 0.17 18.55 0.14 Last Change 12-month High Low Stock Teck A T Teck B* N Teck B T Temex Res V Terra Vent V Terraco Gold V Terrane Metals V Terrax Minls V Teryl Res Corp V Teslin Rvr Res V Teuton Res V Thelon Cap V Thompson Creek T Thompson Crk* N Threegold Res V Thundermin Res T Tiex V Timminco T Timmins Gold V Tinka Res V TintinaGold Rs V Tirex Res V Titan Uranium V Titanium Corp V TNR Gold V Tombstone Exp* Q Torch Rvr Res V Torex Gold T Tornado Gold* Q Tosca Mng V Totem Mnls V Tournigan Engy V Trade Winds Vt V Treasury Metal T Trelawney M&Ex V Tres-Or Res V Tri Origin Exp V Tri-Star Gold V Tri-Valley* X TriAusMin T Tribune Uranm V Tribute Minls V Tribute Res V Trijet Mining V Trio Gold Corp V Troon Vent V Troy Res T Troymet Expl V True North Gem V Trueclaim Expl V Tsodilo Res V TTM Res V Tumi Res V TVI Pacific T Tyhee Dvlpmnt V Typhoon Expl V U3O8 Corp UC Res Ucore Uranium UEX Corp Ultra Lithium Ultra Uranium Unigold United Reef Universal Powr Upper Can Gold Ur-Energy Ur-Energy* Uracan Res Uragold Bay Rs Uranerz Energy Uranerz Energ* Uranium Ener* Uranium North Uranium One Uranium Partic Uranium Res* Uravan Minls Ursa Major Min US Antimony* US Energy* US Gold US Gold* US Gold Can Ac US Silver Vaaldiam Res Valdez Gold Vale* Valencia Vent ValGold Res Valley High Vt Vangold Res Vanstar Mng Rs Velocity Minls Vena Res Ventana Gold VG Gold Victoria Gold Victory Nickel Viking Gold Vior Mining Virgin Metals Virginia Engy Virginia Mines Visible Gold M Vista Gold Vista Gold* VMS Vent Volcanic Mtls Volta Res Vulcan Mnrls VVC Expl Wallbridge Mng War Eagle Mg Waseco Res Waymar Res Wealth Minls Wescan Goldfie Wesdome Gold West High Yld Westar Res Westcan Uran Western Areas Western Coal Western Copper Western Pac Rs Western Potash Western Std Mt Western Troy C Western Uran Westminster Rs Westmoreland* Westridge Res WGI Heavy Mnl White Bear Res Whitemud Res Wildcat Expl Wildcat Silver Williams Creek Win Eldrich Mn Windarra Minls Witwatersrand Woulfe Mng WPC Res X-Cal Res X-Terra Res Xemplar Energy Xinergy Xmet Xtierra Xtra-Gold Res* Yale Res Yamana Gold* Yamana Gold Yankee Hat Ind Yanzhou Coal* Yellowcake Mg* Yorbeau Res A Yukon-Nev Gold Z-Gold Expl Zazu Metals Zimtu Capital Zinccorp Res Zinco Mng Zincore Mtls T N V V V V V V V V T V V T V V V V V V V V V T Q V X T V V V V V T V 15878 164294 7236 5740 4536 8440 3017 5377 3025 400 2750 400 2565 15169 2987 1538 44650 936 5610 60 2 3172 1 75 29528 8100 15220 19999 10 115 2733 52 5429 5981 3614 1.23 51.98 0.71 0.55 0.15 0.34 0.12 0.09 0.10 0.13 0.55 0.20 0.17 0.07 0.04 0.32 1.75 0.48 0.15 0.71 0.06 0.04 0.15 46.31 44.64 0.19 3.46 3.59 0.04 0.50 0.09 0.28 0.19 19.75 0.16 1.20 51.95 + 0.68 + 0.51 - 0.14 0.31 - 0.11 - 0.08 - 0.10 0.13 - 0.55 + 0.20 + 0.16 + 0.06 0.04 0.31 1.69 - 0.39 - 0.14 + 0.71 0.06 - 0.04 0.15 + 45.60 - 44.08 + 0.19 - 3.35 - 3.46 - 0.04 0.50 + 0.09 0.24 + 0.18 - 19.73 + 0.15 - 0.00 6.19 0.12 0.03 0.00 0.02 0.01 0.02 0.00 0.02 0.02 0.02 0.01 0.00 0.00 0.00 0.06 0.09 0.03 0.00 0.01 0.00 0.01 0.67 0.26 0.01 0.02 0.11 0.00 0.05 0.00 0.01 0.01 0.84 0.01 1.60 62.24 0.77 1.01 0.19 0.89 0.27 0.47 0.28 0.38 0.80 0.35 0.18 0.09 0.11 0.80 2.20 0.75 0.35 0.89 0.18 0.09 0.18 58.35 55.96 0.25 5.24 5.41 0.23 0.60 0.34 0.45 0.61 22.25 0.49 1.10 36.35 0.34 0.16 0.05 0.29 0.10 0.08 0.09 0.08 0.45 0.12 0.14 0.03 0.03 0.28 0.74 0.14 0.09 0.38 0.05 0.03 0.08 41.71 38.04 0.14 2.42 2.67 0.03 0.26 0.08 0.21 0.17 14.90 0.14 Sabina Silver T Sable Res V Sacre-Coeur Ml V Sage Gold V Salazar Res V Samex Mng* Q Samex Mng V San Anton Res T San Gold Res V San Marco Res V Sanatana Diam V Sandstorm Mt&E V Sandstorm Res V Santa Fe Gold* Q Santa Fe Metls V Saturn Minls V Savant Expl V Scorpio Mining T Sea Green Cap V Seabridge Gld* X Seabridge Gold T Seafield Res V Search Mnls V Searchgold Res V Secova Mtls V Sedex Mng V Sego Res V Selwyn Res V Semafo T Senator Minls V Sennen Res V Sentry Sl PrmM T Serengeti Res V SGX Res V Shear Minls V Sherritt Intl T Shore Gold T Shoreham Res V Shoshone Silv* Q Sidon Intl Res V Sienna Gold V Silver Bear Rs T Silver Dragon* Q Silver Fields V Silver Grail R V Silver Lake Rs V Silver Quest R V Silver Shield V Silver Spruce V Silver Std Res T Silver Std Re* Q Silver Wheatn* N Silver Wheaton T Silverado* Q Silvercorp Mt* N Silvercorp Mtl T SilverCrest Mn V Silvermet V Silvermex Res V Silvore Fox Ml V Sinchao Mtls V SinoCoking Cl* Q Sirios Res V Skeena Res V Skyharbour Res V Skyline Gold V Slam Exploratn V SNS Silver V Soc Quim&M Ch* N Softrock Mnrl V Soho Res V Sola Res V Solid Res V Solitaire Mnls V Solitario Res T Solitario Res* X Solomon Res V Soltoro V Source Expl V South Am Gld&C T South Am Silvr T Southern And E V Southern Arc V Southern Silvr V SouthGobi Res T Spanish Mtn Gd V Sparton Res V Spider Res V Sprott Res T Spruce Ridge R V Spur Ventures T St Andrew Gldf T St Elias Mns V St Eugene Mng V Stans Energy V Star Uranium V Starcore Int V T Starfield Res* Q Starfield Res T Starfire Mnrls V Stealth Mnls V Stellar Pac Vt V Stelmine Can V Stikine Gold V Stillwater Mg* N Stina Res V StoneShield Ca V Stornoway Diam T Strait Gold V Strata O&G* Q Strateco Res T Strategic Metl V Strategic Res V Strathmore Min V Strike Minls V StrikePoint Gd V Strongbow Expl V Stroud Res V Sulliden Expl T Sultan Mnrls V Sunridge Gold V Sunward Res V Superior Mng V Supreme Res V Sutter Gold V Swift Res V 14016 178 14206 7124 837 1282 1090 531 38754 590 985 465 3936 1373 550 6680 2590 9022 105 25196 1667 10045 685 6565 4384 875 240 5006 81313 601 1055 1036 2889 1066 43824 36965 8143 3071 1499 203211 1988 170 2238 100 2286 420 21227 1640 18113 4185 27303 209866 65193 169955 7975 15413 3880 450 5659 4770 2810 2901 885 4411 5393 15454 15472 7734 22141 323 360 9692 1662 4740 71 309 1340 1059 20 10050 7713 50 7292 6028 1783 20437 7743 17991 2262 575 1227 6707 4679 5321 39600 215 5373 16491 47634 356 8096 46305 104 6009 76749 2979 170 7325 1030 5869 13163 2287 6201 4194 400 18958 207 110 19709 2954 1207 1695 2125 255 450 2026 2.83 2.65 2.76 - 0.14 0.13 0.14 - 0.76 0.66 0.76 + 0.20 0.17 0.19 1.15 1.07 1.10 - 0.26 0.21 0.25 + 0.26 0.23 0.25 0.16 0.16 0.16 3.94 3.62 3.81 - 0.30 0.30 0.30 0.09 0.08 0.09 + 0.39 0.35 0.35 - 0.64 0.59 0.63 0.88 0.83 0.86 + 0.08 0.06 0.06 - 0.06 0.05 0.06 0.09 0.06 0.06 - 0.65 0.61 0.65 + 0.01 0.01 0.01 27.19 24.20 26.66 - 28.60 25.60 27.70 - 0.17 0.16 0.17 0.42 0.38 0.42 + 0.03 0.02 0.03 0.14 0.12 0.14 0.02 0.01 0.01 0.08 0.07 0.08 0.20 0.18 0.19 - 7.38 6.70 7.20 - 0.04 0.04 0.04 0.31 0.31 0.31 8.20 7.97 8.15 + 0.26 0.23 0.25 - 0.34 0.32 0.34 + 0.07 0.05 0.06 + 6.95 6.17 6.93 + 0.62 0.58 0.62 + 0.15 0.13 0.13 - 0.13 0.09 0.09 - 0.16 0.09 0.12 + 0.17 0.14 0.15 - 0.23 0.22 0.22 0.19 0.16 0.17 0.10 0.10 0.10 0.17 0.14 0.16 + 0.15 0.12 0.12 - 0.57 0.48 0.52 - 0.04 0.03 0.03 0.05 0.04 0.04 - 17.42 16.49 16.72 - 16.69 15.61 16.14 - 19.04 17.64 18.77 + 19.83 18.63 19.53 - 0.00 1.0E8 0.00 6.67 5.89 6.63 + 6.90 6.21 6.87 + 0.99 0.88 0.93 - 0.10 0.09 0.10 0.34 0.30 0.31 - 0.09 0.08 0.09 0.22 0.16 0.20 + 14.57 12.50 14.55 + 0.05 0.05 0.05 0.06 0.05 0.06 + 0.05 0.04 0.05 0.15 0.12 0.14 0.10 0.09 0.09 + 0.06 0.05 0.06 37.13 34.30 37.10 + 0.03 0.03 0.03 0.05 0.05 0.05 0.08 0.06 0.06 0.26 0.19 0.20 - 0.06 0.05 0.06 + 2.19 1.97 2.11 + 2.14 1.86 2.00 - 0.16 0.13 0.15 + 0.21 0.20 0.20 - 0.10 0.10 0.10 - 0.04 0.03 0.03 0.57 0.49 0.49 - 0.13 0.13 0.13 0.80 0.74 0.80 0.09 0.07 0.08 - 13.70 12.16 13.66 + 0.47 0.38 0.38 - 0.12 0.10 0.12 + 0.19 0.19 0.19 4.19 3.96 4.15 + 0.20 0.17 0.20 + 0.31 0.28 0.28 - 1.19 1.13 1.19 1.51 1.25 1.32 - 0.07 0.05 0.06 - 0.28 0.25 0.25 + 0.04 0.03 0.03 - 0.09 0.08 0.09 0.07 0.05 0.07 + 0.07 0.04 0.07 + 0.01 0.01 0.01 0.01 0.01 0.01 0.07 0.05 0.06 + 0.08 0.07 0.07 0.28 0.22 0.27 + 13.90 12.09 13.79 + 0.60 0.47 0.60 + 0.14 0.12 0.12 - 0.58 0.55 0.57 - 0.05 0.05 0.05 0.23 0.15 0.19 - 0.53 0.47 0.52 + 0.69 0.63 0.66 + 0.04 0.03 0.04 + 0.50 0.46 0.50 + 0.05 0.05 0.05 0.43 0.31 0.40 + 0.10 0.10 0.10 - 0.05 0.05 0.05 0.66 0.55 0.66 + 0.05 0.05 0.05 0.43 0.40 0.43 + 0.75 0.70 0.75 + 0.12 0.10 0.10 - 0.09 0.07 0.09 + 0.10 0.10 0.10 0.10 0.08 0.10 + 0.06 0.01 0.06 0.00 0.06 0.02 0.00 0.00 0.07 0.00 0.02 0.03 0.00 0.01 0.01 0.00 0.03 0.03 0.00 0.54 0.90 0.00 0.01 0.00 0.00 0.00 0.00 0.01 0.25 0.00 0.00 0.02 0.02 0.02 0.01 0.53 0.01 0.01 0.03 0.02 0.02 0.00 0.00 0.00 0.02 0.03 0.03 0.00 0.02 0.36 0.07 0.18 0.11 0.00 0.34 0.22 0.03 0.00 0.02 0.00 0.04 1.27 0.00 0.01 0.00 0.00 0.01 0.00 2.47 0.00 0.00 0.00 0.02 0.01 0.05 0.01 0.01 0.02 0.03 0.00 0.06 0.00 0.00 0.01 1.21 0.10 0.01 0.00 0.04 0.02 0.02 0.00 0.15 0.01 0.01 0.02 0.00 0.01 0.01 0.00 0.00 0.01 0.00 0.04 1.11 0.13 0.03 0.01 0.00 0.03 0.03 0.04 0.01 0.02 0.00 0.03 0.01 0.00 0.09 0.00 0.03 0.05 0.02 0.01 0.00 0.01 2.95 0.41 1.20 0.75 1.28 0.50 0.53 0.38 5.00 0.65 0.25 1.50 0.97 1.74 0.21 0.19 0.25 0.99 0.05 37.95 40.00 0.35 0.69 0.09 0.22 0.05 0.14 0.30 9.13 0.12 0.40 9.05 0.39 0.50 0.12 9.05 1.68 0.32 0.24 0.16 0.38 0.51 0.50 0.40 0.44 0.25 0.65 0.11 0.17 26.21 25.00 21.89 22.64 0.02 9.05 9.21 1.20 0.16 0.61 0.15 0.30 53.70 0.12 0.17 0.09 0.22 0.14 0.27 43.93 0.06 0.10 0.09 0.80 0.17 2.73 2.67 0.31 0.55 0.40 0.05 0.81 0.45 0.95 0.19 20.39 0.52 0.22 0.19 4.85 0.20 0.36 1.37 2.40 0.12 0.52 0.12 0.25 0.20 0.22 0.06 0.05 0.10 0.26 0.40 18.48 0.60 0.24 0.80 0.13 0.79 1.12 0.75 0.08 0.80 0.09 0.53 0.22 0.12 1.06 0.08 0.85 1.50 0.50 0.14 0.22 0.35 0.77 0.10 0.57 0.17 0.64 0.10 0.11 0.13 2.27 0.24 0.05 0.32 0.32 0.77 0.06 0.05 0.05 0.40 0.01 19.36 20.91 0.05 0.10 0.01 0.09 0.01 0.07 0.10 2.03 0.04 0.18 5.20 0.21 0.17 0.05 5.18 0.49 0.13 0.08 0.03 0.09 0.22 0.09 0.10 0.06 0.06 0.08 0.03 0.04 16.49 15.61 8.44 9.21 0.001 3.07 3.40 0.45 0.05 0.17 0.03 0.09 3.50 0.05 0.04 0.03 0.05 0.01 0.05 30.98 0.03 0.04 0.01 0.04 0.05 1.65 1.50 0.13 0.20 0.10 0.03 0.29 0.11 0.29 0.06 8.91 0.17 0.06 0.03 2.86 0.07 0.24 0.35 0.10 0.02 0.01 0.03 0.08 0.05 0.04 0.01 0.01 0.04 0.07 0.07 5.95 0.30 0.06 0.10 0.03 0.15 0.47 0.25 0.02 0.41 0.03 0.20 0.07 0.03 0.50 0.04 0.34 0.04 0.05 0.06 0.06 0.08 0.01 0.28 0.01 0.11 0.04 0.00 0.00 0.01 0.03 0.01 0.01 0.23 0.19 0.05 0.02 0.00 0.08 8.00 0.30 0.38 0.58 0.45 0.07 5.41 5.22 0.74 0.39 6.21 6.19 1.50 0.60 0.35 0.001 5.99 0.06 0.06 0.22 0.12 0.01 2.91 2.69 0.05 0.13 1.70 1.89 0.40 0.14 0.07 S T EXCHANGE RATES CANADIAN/U.S. EXCHANGE (Bank of Canada noon rate) Date July 26 July 23 US$ in C$ 1.0312 1.0373 C$ in US$ 0.9697 0.9640 (100s) Exc Volume UK £ 1.5972 1.5489 Tagish Lk Gold Tahoe Res Takara Res Taku Gold Talon Metals Tamerlane Vent Tanqueray Res Tanz Roy Exp Tanz Roy Exp* Tara Gold* Tarsis Res Taseko Mines* Taseko Mines Tasman Metals Tatmar Vent Tawsho Mng V T V V T V V T X Q V X T V V V 12517 2668 760 15424 5702 2710 245 1687 15967 2000 965 66492 17412 6028 20 494 0.08 7.75 0.11 0.33 0.35 0.14 0.01 5.30 5.10 0.51 0.16 4.16 4.32 0.80 0.48 0.29 0.06 7.15 0.10 0.20 0.32 0.12 0.01 5.02 4.74 0.40 0.14 3.71 3.93 0.64 0.48 0.25 0.07 + 7.63 + 0.10 - 0.32 + 0.32 - 0.13 0.01 5.17 - 4.95 + 0.41 + 0.16 + 4.15 + 4.32 + 0.68 - 0.48 - 0.29 (100s) Exc Volume Week 12-month High Low Last Change High Low 217 300269 210808 1452 6096 3144 634203 92 2923 103 1546 1885 79756 36401 481 559 730 3855 18553 2710 497 7410 7305 214 3090 7260 2090 8997 2213 180 917 14677 14938 772 5262 140 2808 5 2442 616 5 8898 1000 2600 6478 0 514 4795 3636 8105 845 1849 305 10634 5891 1091 37.95 35.92 37.25 0.25 0.32 0.09 1.38 0.30 0.19 0.08 0.45 0.12 9.74 9.40 0.06 0.10 0.05 0.54 1.43 0.12 0.45 0.15 0.14 1.41 0.22 0.08 0.03 0.99 0.02 0.14 0.50 0.19 0.16 0.34 0.76 0.08 0.05 0.29 0.95 0.06 0.61 0.08 0.11 0.13 0.17 0.52 2.39 0.05 0.09 0.13 1.75 0.33 0.13 0.09 0.16 0.52 34.06 30.94 32.67 0.22 0.28 0.08 1.33 0.26 0.17 0.05 0.39 0.10 9.04 8.55 0.05 0.09 0.04 0.50 1.33 0.11 0.40 0.12 0.12 1.35 0.19 0.05 0.02 0.90 0.01 0.11 0.45 0.10 0.13 0.31 0.67 0.08 0.04 0.29 0.82 0.05 0.61 0.06 0.11 0.10 0.15 0.52 2.26 0.05 0.08 0.11 1.45 0.29 0.10 0.09 0.14 0.48 37.95 + 2.83 35.66 + 4.02 37.00 + 3.56 0.22 - 0.01 0.30 + 0.02 0.09 - 0.01 1.38 + 0.03 0.30 - 0.01 0.18 + 0.01 0.05 - 0.01 0.41 - 0.02 0.11 - 0.01 9.70 + 0.45 9.36 + 0.61 0.06 0.00 0.10 0.00 0.04 - 0.01 0.53 + 0.02 1.41 - 0.03 0.12 0.00 0.40 - 0.04 0.14 0.00 0.14 + 0.01 1.40 + 0.05 0.20 0.00 0.06 - 0.01 0.03 - 0.01 0.98 + 0.01 0.02 + 0.01 0.14 + 0.03 0.49 - 0.01 0.17 + 0.06 0.14 0.00 0.31 0.00 0.71 - 0.03 0.08 0.00 0.04 0.00 0.29 - 0.94 0.94 + 0.03 0.06 + 0.01 0.61 + 0.01 0.08 + 0.01 0.11 + 0.02 0.13 - 0.01 0.17 0.00 0.52 - 0.03 2.39 + 0.11 0.05 0.00 0.09 - 0.01 0.12 0.00 1.67 -0.00 0.31 - 0.02 0.10 - 0.04 0.09 0.00 0.14 - 0.01 0.50 - 0.02 47.60 46.92 46.92 0.40 0.60 0.15 1.80 0.49 0.39 0.14 0.56 0.55 16.50 15.64 0.23 0.20 0.19 3.08 1.56 0.36 1.09 0.96 0.47 1.63 0.38 0.17 0.06 1.98 0.03 0.30 0.65 0.35 0.25 0.86 1.35 0.17 0.25 1.46 3.80 0.20 1.00 0.23 0.25 0.19 0.20 1.05 2.85 0.15 0.22 0.35 2.50 0.73 0.20 0.13 0.28 1.07 24.41 20.89 23.21 0.14 0.25 0.06 0.22 0.13 0.08 0.04 0.09 0.10 8.48 8.03 0.05 0.08 0.04 0.44 0.52 0.07 0.37 0.12 0.10 0.44 0.17 0.02 0.02 0.45 0.001 0.11 0.09 0.09 0.07 0.14 0.15 0.06 0.04 0.29 0.82 0.04 0.25 0.05 0.07 0.09 0.03 0.52 1.17 0.01 0.07 0.09 0.27 0.20 0.10 0.03 0.10 0.09 V V V T V V V V V V T X V V T X X V T T Q V T Q Q T X T V T V N V V V V V T T T T V T V V V V T V T X V V T V V 17530 10631 12295 5058 11903 60 1992 363 10238 25 2855 283 15279 390 2426 11380 8582 1002 101648 10617 19830 130 1390 905 6257 1130 5780 157 10919 3278 500 394147 2352 238 388 2005 60 1011 1248 23604 3615 15771 3054 4558 1222 25895 1207 496 156 756 16217 3688 1640 25206 208 8091 0.37 0.10 0.31 0.85 0.05 0.05 0.20 0.03 1.79 0.18 0.83 0.79 0.14 0.03 1.15 1.12 2.45 0.09 2.88 6.25 0.53 0.16 0.09 0.50 4.90 5.00 4.81 5.18 0.22 0.27 0.14 27.80 0.09 0.17 0.37 0.16 0.16 0.12 0.23 6.96 0.35 0.76 0.10 0.08 0.08 0.04 0.17 7.25 0.15 1.65 1.59 0.24 0.14 1.28 0.45 0.16 0.31 + 0.10 0.31 + 0.84 + 0.04 0.04 0.19 0.03 1.66 + 0.18 0.81 + 0.78 + 0.14 + 0.03 1.12 + 1.07 + 2.45 + 0.09 + 2.82 - 6.24 + 0.45 - 0.12 - 0.09 + 0.49 + 4.90 + 4.95 + 4.80 + 4.69 + 0.20 - 0.27 + 0.12 - 27.72 + 0.08 + 0.16 - 0.37 + 0.16 + 0.16 + 0.11 0.23 + 6.92 + 0.33 - 0.73 - 0.09 0.07 0.08 0.03 0.14 - 7.19 - 0.15 + 1.43 - 1.39 - 0.23 0.10 - 1.20 - 0.42 - 0.12 - 0.06 0.00 0.05 0.05 0.00 0.00 0.00 0.00 0.11 0.00 0.02 0.04 0.02 0.00 0.08 0.07 0.24 0.01 0.03 0.33 0.02 0.03 0.01 0.04 0.35 0.15 0.25 0.02 0.01 0.01 0.03 3.38 0.01 0.02 0.03 0.02 0.03 0.00 0.03 0.10 0.01 0.04 0.00 0.00 0.00 0.00 0.02 0.01 0.01 0.11 0.09 0.00 0.03 0.10 0.03 0.04 0.63 0.16 1.00 1.38 0.16 0.12 0.37 0.08 2.58 0.65 1.14 1.07 0.49 0.05 2.66 2.50 4.16 0.17 3.62 7.70 1.45 0.25 0.14 0.60 7.39 5.63 5.43 6.00 0.26 0.45 0.17 34.71 0.25 0.28 0.83 0.76 0.21 0.45 0.44 12.91 0.59 1.13 0.24 0.15 0.12 0.10 0.60 8.60 0.28 3.59 3.38 0.44 0.40 1.79 0.93 0.37 0.20 0.07 0.20 0.64 0.04 0.04 0.14 0.01 0.56 0.15 0.76 0.73 0.10 0.01 0.93 0.87 2.10 0.06 1.97 5.08 0.38 0.12 0.07 0.25 1.94 2.16 2.02 2.00 0.12 0.001 0.07 18.53 0.05 0.05 0.15 0.14 0.08 0.10 0.20 4.60 0.12 0.31 0.06 0.02 0.06 0.03 0.14 3.56 0.10 1.42 1.35 0.19 0.10 0.14 0.36 0.12 T V V V V V T V V V T T T V V V V V V X V T V V V V V V V T V V T V V T V V Q V N T V N Q T T V T V V V T 770 10941 2175 90 167 3056 1542 627 43475 830 167 198946 6582 375 9671 10 70 5820 765 692 325 289 3180 1115 12109 1795 1360 5 500 3 13612 1050 9287 66 685 34550 1820 539 4311 10896 52998 123876 6346 16106 27 521 82151 140 567 194 3945 216 670 0.16 0.06 0.14 0.44 0.30 0.05 2.46 0.55 0.03 0.12 4.50 4.40 0.87 0.43 0.45 0.17 0.23 0.83 0.19 8.64 0.26 0.49 0.06 0.29 0.06 0.41 0.17 0.29 0.12 7.35 0.09 0.13 0.17 0.32 0.09 2.20 0.20 0.12 1.25 0.06 9.63 10.02 0.06 21.93 0.02 0.18 0.34 0.15 0.17 1.10 0.04 0.20 0.31 0.16 0.06 0.11 - 0.44 - 0.29 + 0.05 2.40 - 0.55 + 0.01 0.12 - 4.50 + 4.39 + 0.85 + 0.38 - 0.45 + 0.17 0.22 - 0.81 + 0.18 - 8.49 + 0.25 - 0.44 - 0.05 - 0.27 - 0.05 + 0.40 - 0.17 0.29 + 0.12 + 7.35 + 0.09 0.13 0.16 + 0.32 0.09 2.00 - 0.19 0.12 + 1.24 + 0.06 9.53 + 9.88 - 0.05 21.88 + 0.02 0.18 0.33 + 0.15 - 0.17 1.05 - 0.03 0.15 - 0.28 0.00 0.00 0.01 0.02 0.01 0.00 0.04 0.03 0.00 0.01 0.62 0.43 0.01 0.02 0.01 0.00 0.05 0.02 0.02 0.54 0.04 0.06 0.01 0.03 0.01 0.02 0.00 0.03 0.02 0.10 0.00 0.00 0.02 0.00 0.00 0.12 0.00 0.01 0.04 0.00 0.01 0.18 0.00 2.78 0.00 0.00 0.08 0.02 0.00 0.09 0.00 0.05 0.00 0.39 0.14 0.22 0.56 0.75 0.29 2.89 0.89 0.16 0.35 5.80 6.97 2.25 0.62 0.74 0.51 0.69 1.15 0.32 14.40 0.40 0.52 0.15 1.19 0.20 0.80 0.21 0.47 0.19 13.99 0.30 0.22 0.25 0.58 0.33 4.12 0.30 0.26 1.28 0.13 14.37 15.00 0.09 28.72 0.06 0.34 0.41 0.40 0.45 1.60 0.14 0.43 0.40 0.09 0.05 0.08 0.06 0.25 0.05 1.62 0.29 0.01 0.09 3.14 2.02 0.81 0.36 0.36 0.12 0.15 0.70 0.13 6.28 0.21 0.22 0.05 0.19 0.05 0.27 0.05 0.13 0.09 6.27 0.05 0.13 0.05 0.30 0.08 1.75 0.001 0.05 0.57 0.04 8.42 9.35 0.02 13.26 0.02 0.10 0.07 0.03 0.14 0.96 0.03 0.08 0.07 U-V 0.26 0.09 0.23 0.77 0.04 0.04 0.18 0.03 1.54 0.18 0.78 0.74 0.11 0.03 1.00 0.96 2.11 0.07 2.81 5.91 0.41 0.12 0.07 0.39 4.41 4.49 4.26 4.21 0.19 0.25 0.12 24.43 0.07 0.16 0.33 0.14 0.13 0.10 0.20 6.41 0.30 0.72 0.09 0.07 0.08 0.03 0.14 7.10 0.13 1.42 1.35 0.22 0.10 1.12 0.41 0.12 W-Z 0.14 0.05 0.11 0.44 0.28 0.05 2.29 0.52 0.01 0.12 3.90 3.76 0.83 0.38 0.43 0.17 0.22 0.79 0.18 7.92 0.21 0.44 0.05 0.27 0.05 0.37 0.16 0.29 0.12 7.35 0.08 0.13 0.14 0.30 0.08 2.00 0.19 0.12 1.15 0.05 9.17 9.68 0.05 19.50 0.02 0.17 0.25 0.14 0.16 1.01 0.03 0.15 0.28 STOCK MISSING OR INCORRECT? Let us know at 1-416-510-6764 or tnm@northernminer.com. Data supplied by Reuters Canada. 10 AUGUST 2-8, 2010 THE NORTHERN MINER 10 AUGUST 2-8, 2010 THE NORTHERN MINER Career OppOrtunities Rubicon Minerals Corporation is a well-funded, leading, gold exploration company with major land holdings in Red Lake, Ontario, Alaska and Nevada. Rubicon is currently seeking to fill the following positions to join our team in Red Lake, Ontario. Experience in high-grade Archean gold exploration will be an asset, as well as a working knowledge of various modeling software. Applicants must be legally authorized to work in Canada. Senior Underground Geologist The successful candidate will be responsible for managing ongoing underground delineation drilling, zone interpretations and supervise the underground mapping, and will work closely with both exploration and operations. The candidate must be a “hands on” team leader with a proven track record. Strong communication and planning skills are essential. Requirements: • must possess a minimum B.Sc. in Geology • must be a registered Professional Geologist in North America (or be eligible for registration) • minimum of 10 years mineral exploration experience Underground Geologist The successful candidate will will be responsible for ongoing underground mapping and sampling, provide input to zone interpretations and core logging as needed, and work closely with both exploration and operations. Must have a strong understanding underground mapping and best practices. The candidate must be a “hands-on” team player with a proven track record. Strong communication and planning skills are essential. Requirements: • must possess a minimum B.Sc. in Geology • must be a registered Professional Geologist in North America (or be eligible for registration) • minimum of 5 years experience working as a geologist in a mine Manager of Investor Relations Reporting to the CFO, and located in Vancouver, British Columbia, the Investor Relations Manager will be responsible for clearly articulating Greystar’s plans for the development of its Angostura gold-silver deposit in Colombia. The successful candidate will be responsible the development and execution of a communications strategy for providing information regarding Greystar’s activities and performance to a broad range of stakeholders, including investment institutions, banks, analysts, retail brokers, shareholders and others. The ideal candidate will be a professional with a post-secondary education or equivalent experience in business, finance or communications; 5 years experience in investor relations; with a strong knowledge of the mineral exploration/mining sector. The candidate must have excellent written and verbal communication skills, be a selfstarter with good time management skills, and be able to comfortably multi-task in an environment of rapidly changing priorities. The candidate must be proficient with most of the commercially available software pertaining to the job including Word, Excel, Outlook, and Powerpoint. Travel will be required for road shows and conferences. We thank all applicants, but only those selected for an interview will be contacted. www.rubiconminerals.com $11.90 per agate line. Minimum size 1" x 2 columns $333.20. Closing date is 10 days prior to publication date. All Cdn. orders subject to applicable taxes. For further Careers advertising information contact: Qualified candidates should send their resumes to gchater@greystarresources.com referencing “Manager-Investor Relations” in the subject line. We thank all who apply but only candidates selected for interviews will be contacted. Aurizon Mines NioGold will be the operator during the initial earn-in period and Aurizon will weigh in on the exploration program. Aurizon will become the operator after it earns its half in the project. David Hall, Aurizon’s chief executive, noted the arrangement with NioGold was part of its strategy to put together a portfolio of properties at various stages of development to complement the company’s gold projects: Casa Berardi and Joanna. Aurizon’s priority at Marban will be extending resources that can potentially be mined by open pit. A December 2009 resource estimate on the Marban Block included in a report prepared for NioGold in March by Michael Gustin of Mine Development Associates in Reno, Nev., outlined indicated resourc– es of 598,000 oz. gold and inferred resources of 361,000 oz. gold. According to Gustin’s report, resources have been defined along a 3-km portion of the NorbeniteMarbanite fault zone, in and around the former Marban, Nor- Please send your resume to email: rubicon@rubiconminerals.com CAREERS ADVERTISING RATES An attractive compensation package will be offered to the successful candidate. AURIZON, From Page 3 Rubicon Minerals offers competitive wages and an attractive incentive package. Remuneration will be commensurate with experience. 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 lartic and Kierens gold mines, which collectively produced about 600,000 oz. gold. The report divided Marban’s resources between open pit and underground. At a 0.5 gram gold cutoff grade, Gustin estimated open-pit indicated resources of 6 million tonnes grading 1.6 grams gold for 303,000 oz. contained gold, and inferred resources of 4.4 million tonnes at 1.3 grams gold for 179,000 oz. contained gold. Underground resources were calculated using a 2.5-gram gold cutoff grade and reached 2.1 million tonnes at 4.3 grams gold for 296,000 oz. contained gold in the indicated category, and an additional 1.5 million tonnes grading 3.9 grams gold or 182,000 oz. gold in the inferred category. At presstime, Aurizon was trading at $5 per share. The company has a 52-week trading range of $3.63-$5.98 and 159.56 million shares outstanding. NioGold shares were 28¢, trading within a 52-week band of 17¢42.5¢. The junior has 72.87 shares outstanding. Michael Winter: Tel: (416) 510-6824, Fax: (416) 510-5138 ontario.ca/careers REGIONAL LAND USE GEOLOGISTS Southern & Northeastern Ontario The Ministry of Northern Development, Mines and Forestry seeks two professional geoscientists with APGO certification (or equivalent) and demonstrated experience with geoscience and mineral exploration principles and practices. Locations: South Porcupine (1 position); Toronto or Tweed (1 position). Please visit our website to view detailed job information, including qualifications and salary, and to apply online, quoting Job ID 27668, by Aug. 16, 2010. Canada: 1-800-268-7742, ext. 6824, USA: 1-800-387-0273, ext. 6824. Email: mwinter@northernminer.com Goldcorp invests $15.6M in Evolving Gold GOLDCORP, From Page 3 “We plan to do the hard work and use this money effectively and make what could be a very huge discovery,” Hennigh says. Located around and adjacent to the Carlin property, the 93-sq.-km Humboldt land was acquired by Evolving in early May, bringing the total Carlin-area land holdings to 137 sq. km. Evolving has the option to earn a 100% interest in Humboldt by spending US$9.7 million over four years — a much better deal for Evolving than the Carlin property, which includes significant claw back provisions for Newmont. “It positions us better in terms of any exploration done. We stand to gain much more now,” Hennigh says. “We know there is gold mineralization in this area and we feel pretty good of our odds of finding a discovery on the property.” Evolving is currently drilling in both Nevada and Wyoming. The company has budgeted about $4 million for Nevada with five or six holes planned for Humboldt and two or three holes for the Carlin property, each between 700 metres and 1,200 metres deep. Last year, Evolving drilled about 5,000 metres spread across two deep test holes and two mid-level test holes. For the rest of the drilling, Evolving plans to test some new targets that were identified by surface sampling and mapping in 2009. All the targets are located within a 2-km radius of North Stock and Antelope Basin. The company drilled 78 holes there last year amounting to nearly 30,000 metres and 15 holes Evolving has the option to earn a 100% interest in Humboldt by spending US$9.7 million over four years. Evolving is drilling now at Humboldt. The company has outlined 16 targets based on a geophysical survey. In Wyoming, Evolving has also started a 20,000-metre drill program at Rattlesnake Hills where about 60% of the drill budget will focus on infill and step-out drilling around the North Stock and Antelope Basin zones. (6,500 metres) in 2008. Evolving is expecting a National Instrument 43-101 technical report update on Rattlesnake Hills to come out shortly. Much of the company’s exploration strategy comes from the AMEC technical report that has yet to be released. Hennigh expects the report will be complete by the end of July. THE NORTHERN MINER AUGUST 2-8, 2010 11 Cliffs adds new coal mines in W. Virginia BY TRISH SAYWELL Cliffs Natural Resources’ (clf-n) US$757-million acquisition of INR Energy, a private equity firm with producing metallurgical and thermal coal mines in West Virginia, is part of the company’s long-term belief in metallurgical coal as a scarce mined commodity and “probable choke point” for global steel production, president and chief executive Joseph Carrabba told mining analysts and investors on a recent conference call. “We believe this scarcity is going to result in met coal pricing for all grades staying strong for at least the intermediate term,” he said. “Nowhere is this trend becoming more evident than our current North American coal business, where a strong pricing environment is expected to produce well over US$100 million of sales margin for Cliffs in 2010 and assuming a price rollover and our expansion plans, possibly triple that in 2011.” INR Energy’s operations in southern West Virginia consist of the Toney Fork No. 2 thermal coal open-pit mine and the Powellton and Chilton-Dingess Branch underground metallurgical coal mines. Two other underground metallurgical mines are under development. In addition, there is the Saunders wash plant (4 million short tons per year built at a cost of about US$42 million) and the Elk Lick load-out facility, which accesses the CSX railroad. The coal could be transported by rail to the port of Norfolk, Va., or trucked to a wholly-owned river-loading facility on the Big Sandy River and barged along the Ohio River system to the port of New Orleans for export. “Over the last several years, we’ve communicated to our shareholders and the investment community our desire to grow as a diversified mining company by expanding our steel-making raw materials portfolio,” Carrabba said, adding that the company’s coal acquisitions since 2007 bring “a suite of products to sell throughout the steel cycle as different grades of coal fall in and out of demand.” Cliffs’ initial foray into seaborne coking coal came in January 2007 with its purchase of a 45% stake in the Sonoma coal project in Australia. Situated in the northern limit of Queensland’s Bowen basin coalfields, the project is owned by privately-held QCoal, an Australian coal company. Under that deal, Cliffs agreed to invest about US$109 million to build a wash plant and acquire mining assets and rights. Cliffs operates and owns 100% of the wash plant and 8.3% of the mining leases, bringing its total economic interest in the NOTICE TO OUR READERS: To make room for more stories, we will no longer be printing a weekly list of companies that reached new 52-week highs or lows. Please note that the daily list of new 52-week highs and lows remains available after 5 pm ET of each trading day on our homepage at www.northernminer.com. We apologize for any inconvenience. BID-ASK — JULY 19-23, 2010 STOCK Agau Res Anglo-Bomarc Aroway Mnls Asbestos Corp Atlantic Ind M Boss Power Brazauro Res Cannon Pnt Res Caribou Copper Celtic Mnrls Cluff Gold Comaplex Mnrl Comet Inds Crazy Horse Rs Cream Mnrls* Crown Mnls Defiance Captl El Tigre Silvr Empire Mng Encore Ren Res Escape Gold First Source R Gee-Ten Vent Goldstake Exp Hansa Res Huldra Silver Inlet Res Inter-Rock Mnl Iron Creek Cap Jerico Expl Karmin Expl Lions Gate Mtl Louvem Mines Lucky Mnls Lysander Minls Marengo Mng McChip Res Menika Mining Milner Con Slv Minaurum Gold Nord Res Nordex Northquest NV Gold NWT Uranium* Nyah Res Oro Nevada Res Pac Casc Minls Philex Gold Proam Expl Prophecy Res Queensland Mnl RJK Explor Rocky Mtn Res Rolling Rock Salares Lithm Sheltered Oak Stratabd Mnr Taranis Res Tearlach Res Tiger Intl Tiger Res Touchdown Cap Tr-River Vent Trillium North Underworld Res Urastar Energy Vault Minerals Verbina Res Verona Dev West Hawk Dev Whetstone Mnls White Canyon U Wolverine Mnls WorldStar Egy* Zeox Zoloto Res 12-MONTH EXC V V V V V V V V V V T T V V Q V V V V V V V V T V V V V V V V V V V V T V V V V T V V V Q V V V V V V V V V V V V V V V V T V V V V V V V V V V V V Q V V BID 0.08 0.09 0.22 0.16 0.05 0.12 1.22 0.10 0.05 0.05 1.15 10.25 1.80 0.70 0.06 0.08 0.36 0.21 0.16 0.11 0.15 0.08 0.16 0.02 0.04 0.31 0.21 0.05 0.31 0.45 0.17 0.73 0.60 0.18 0.17 0.05 1.04 0.01 0.28 0.64 0.10 0.41 0.30 0.15 0.01 0.08 0.05 0.01 0.72 0.08 0.60 0.20 0.04 0.50 0.10 0.65 0.09 0.08 0.11 0.04 0.30 0.04 0.07 0.35 0.03 2.54 0.28 0.45 0.13 0.05 0.01 0.02 0.06 0.16 0.55 0.10 0.03 ASK LAST HIGH LOW 0.12 0.10 0.23 0.20 0.09 0.14 1.30 0.14 0.12 0.06 1.49 10.70 2.25 0.94 1.01 0.09 0.45 0.25 0.20 0.12 0.20 0.14 0.24 0.03 0.05 0.37 0.26 0.06 0.39 0.60 0.19 0.82 1.11 0.35 0.23 0.16 1.12 0.03 0.40 0.70 0.12 0.55 0.46 0.21 0.77 0.10 0.07 0.01 0.75 0.12 0.62 0.35 0.05 0.57 0.12 0.66 0.09 0.09 0.17 0.04 0.55 0.23 0.08 0.45 0.03 2.73 0.37 0.48 0.18 0.06 0.01 0.03 0.16 0.22 1.01 0.12 0.04 0.12 0.09 0.22 0.15 0.06 0.12 1.23 0.10 0.12 0.05 1.35 10.34 1.50 0.69 0.07 0.09 0.36 0.25 0.17 0.12 0.17 0.07 0.24 0.03 0.05 0.31 0.21 0.04 0.33 0.45 0.19 0.76 0.90 0.34 0.20 0.08 1.14 0.02 0.30 0.64 0.12 0.46 0.40 0.21 0.20 0.08 0.06 0.06 0.74 0.09 0.60 0.26 0.04 0.50 0.12 0.62 0.08 0.09 0.11 0.04 0.41 0.20 0.07 0.35 0.03 2.58 0.35 0.46 0.16 0.05 0.01 0.03 0.14 0.22 0.05 0.12 0.03 0.18 0.16 0.30 0.34 0.12 0.20 1.46 0.19 0.17 0.07 1.40 11.44 2.25 1.75 0.17 0.22 0.48 0.35 0.27 0.22 0.22 0.10 0.55 0.06 0.15 0.40 0.47 0.09 0.50 0.60 0.40 1.43 0.95 0.37 0.55 0.28 1.60 0.06 0.54 0.95 0.65 0.61 0.79 0.45 0.50 0.14 0.14 0.06 0.75 0.17 0.99 0.60 0.09 0.93 0.25 1.22 0.15 0.24 0.30 0.05 0.55 0.30 0.26 0.54 0.07 2.95 0.55 0.49 0.41 0.08 0.03 0.12 0.25 0.28 0.55 0.35 0.03 0.04 0.05 0.10 0.11 0.04 0.10 0.47 0.10 0.06 0.05 0.90 0.001 1.10 0.28 0.03 0.03 0.20 0.19 0.10 0.05 0.06 0.05 0.10 0.001 0.05 0.12 0.20 0.04 0.26 0.31 0.15 0.60 0.001 0.12 0.14 0.05 1.00 0.02 0.20 0.25 0.001 0.30 0.40 0.20 0.01 0.01 0.06 0.06 0.001 0.07 0.001 0.09 0.04 0.25 0.08 0.46 0.07 0.05 0.08 0.01 0.20 0.10 0.06 0.14 0.03 0.001 0.02 0.001 0.11 0.05 0.001 0.03 0.13 0.14 0.01 0.09 0.001 project to 45%. Production is an equal mix of hard coking coal and thermal coal. That investment was followed in June 2007 with the purchase of PinnOak Resources, a privately owned U.S. producer of highquality, low-volatile metallurgical coal. Cliffs acquired the operations for US$450 million in cash plus about US$150 million in debt. Pinn-Oak consists of two complexes comprised of three underground mines — the Pinnacle and Green Ridge mines in southern West Virginia and the Oak Grove mine near Birmingham, Ala. Pinnacle has been in operation since that are five year’s out.” The purchase will be financed with cash on hand and the company’s US$600-million credit facility. While the acquisition “is slightly dilutive to 2011-2012 valuation,” says Mark Liinamaa of Morgan Stanley, Cliffs “is an interesting value play on a recovery of steel fundamentals we see beginning in 4Q.” Liinamaa points out in a research note that INR’s met coal mines produce a mix of about one-third “A” quality high volume and twothirds “B” (lower) grade, and that the deal “expands Cliffs’ met coal footprint to as much as 8 million The INR purchase will be financed with cash on hand and the company’s US$600-million credit facility. 1969. The Green Ridge mine opened in 2004, while the Oak Grove mine has been in operation since 1975. The latest coal acquisition brings with it new customers and further exposure to the seaboard market. More than half of INR Energy’s coal production last year was exported. What’s more, the purchase did not involve “taking on a legacy of liabilities” that can be typical in acquisitions of coal mines, management emphasized. Production began in 2008 after an INR Energy investment of US$200 million. “INR acquired these assets in 2007 so everything here is new,” says Donald Gallagher, president of Cliffs’ North American business unit. “We’re coming into a mine that is greenfield and what you see is what you get, no legacies. There is no tail on this. . . so we’re pretty confident on this one.” In addition, a significant amount of permitting work has been done already. Says Carrabba: “About one-third of reserves are under permit so that gives us plenty of time to start permitting processes tonnes per year by 2012 from a previous projection of 5.6 million tonnes.” He estimates Cliffs’ earnings before interest, taxes, depreciation and amortization (or EBITDA) from its coal segments increases to 21% of total 2012 EBITDA from 18%.” Cliffs forecasts that the volume of INR Energy’s high-volatile metallurgical coal in 2011 will reach 1.7 million tons, of which 200,000 tons are committed and priced at US$100 per ton FOB (free on board) mine. Total 2011 production of thermal coal is expected to reach 1.2 million tons, of which 500,000 tons are committed and priced at US$66 per ton FOB mine. “Assuming current market pricing of about US$140 and US$75 per ton FOB mine for uncommitted high-volatile metallurgical and thermal coal production, respectively, and expected cash costs of about US$70 per short ton, the acquisition is expected to contribute significantly to Cliffs’ revenue and EBITDA,” the company outlined in a statement announcing the acquisition. In 2011, Cliffs expects the business will raise about US$300 million in revenue and US$100 million in EBITDA, and that those numbers will rise to over US$400 million in revenue and about U S$175 million in EBITDA in 2012. Cliffs will expand INR Energy’s production of high-volatile metallurgical coal to 2.4 million tons by 2012, increasing the company’s total global equity coal production in the future to nearly 11 million tons split between 8 million tons metallurgical and 3 million tons thermal. INR Energy’s reserves bring Cliffs’ total global reserve base to more than 175 million tons of metallurgical coal and over 57 million tons of thermal coal. Tony Robson, who covers Cliffs for BMO Nesbitt Burns, believes the impact of the acquisition is mixed. “BMO Research estimates Cliffs paid a full price for the INR assets, with net present value increasing by only US$80 million or US59¢ per share,” he wrote in a note to clients. “The acquisition logic appears to be highly dependent on strong met coal prices going forward, as FOB cash costs are estimated by BMO at a relatively high US$94 per tonne for thermal coal and US$116 per tonne for met coal. Cliffs, however, does gain export capacity through INR’s rail and port access, reducing its dependence on the North American market.” Robson asserted that the INR acquisition is “generally neutral” to the company’s valuation, which increased by less than 1% to US$82.69 per share from US$82.10 per share. “A more accretive transaction,” he continued, “would be to buy back its own heavily discounted stock.” Robson has a one-month target price on the stock of US$90 per share. At presstime, Cliffs was trading at US$51.14 apiece. Over the last year, the Cleveland-based company has traded between a low of US$19.91 (July 13, 2009) and a high of US$76.17 (April 6, 2010). Kaminak extends Latte zone at Coffee Results from four new step-out holes drilled on the Latte zone at Kaminak Gold’s (kam-v) Coffee property in the Yukon returned encouraging intercepts including 2.35 grams gold per tonne over 51 metres and 1.27 grams gold over 78 metres. “It’s not very often you drill your first seven holes and hit mineralization in every one, over a 400metre strike length and open in every direction,” Robert Carpenter, Kaminak’s president and chief executive, said during a live webcast in Vancouver following the recent drill results. “And we haven’t even gotten to drilling the best soil anomaly on Latte yet.” Hole 9 cut 1.12 grams gold over 40 metres with the hole beginning in mineralization, hole 10 returned 3.71 grams gold over 16 metres starting at a depth of 119 metres. Hole 11 yielded 2.35 grams gold over 51 metres from a depth of 38 metres and hole 12 returned 1.27 grams gold over 78 metres from 24 metres, plus a newly recognized high-grade deep zone yielded 17.4 grams gold over 1 metre starting from 176 metres depth. Carpenter added that he believes mineralization at the Latte zone, and the company’s nearby Supremo gold zone, “is of the same pedigree as the mineralization at Golden Saddle.” Underworld Resources discovered that deposit and was later bought by Kinross Gold (k-t, kgc-n) for $140 million. “Underworld did a great job of outlining a deposit… and that bodes well for the greenfield nature of this area,” says Carpenter. “We’ve been able to walk into the Yukon and within a year make several discoveries within two months,” he continued, adding that the company’s threshold is in the million- oz. range and “if we didn’t think there was that potential we wouldn’t be here.” Kaminak discovered the Latte zone below a 1-km linear gold-insoil anomaly. Ground magnetic surveys hint that the mineralization continues below deeper soil cover beyond the 1-km soil anomaly. The structure is also coincident with strong gold-in-soil anomalies at the Kona zone, 6 km to the west of Latte, Kaminak says and infill soil sampling between Kona and Latte is now underway. The Latte zone “is associated with a regionally significant, eastwest trending structural corridor coincident with a 1-km long by 100-metre wide gold-in-soil anomaly,” the company said in a press release announcing the drill results. The latest holes were drilled facing north and tested the strike extent of gold mineralization that Kaminak discovered in the spring. The gold at Latte is hosted in ribbon-quartz mylonite, quartzfeldspar-muscovite schist and breccia. Kaminak believes the alteration mineralogy and chemistry is consistent with other significant discoveries in the White District, including the Supremo zone. So far, 21 holes have been drilled on the Coffee property (seven of them at Latte) and further assay results from the Double-Double zone and the Supremo zone are pending. Kaminak is mobilizing a second drill for the Latte zone, which arrived at the property on July 7. News of the drill results sent Kaminak shares up 6¢ to $1.42. Over the last year, the junior has traded in a range of 30¢-$1.70, with 46.83 million shares outstanding. Says Carpenter: “I own one million shares of the company and have put a lot of my own money into this. When you buy Kaminak, you are buying Rob Carpenter.” 12 AUGUST 2-8, 2010 THE NORTHERN MINER ProfessionalDirectory_111109.pdf PROFESSIONAL DIRECTORY 11/11/09 9:43:12 AM geology surveying resources geotechnical engineering hydrogeology mining engineering metallurgy tailings backfill environmental 5/31/10 C RONE G EOPHYSICS 1859 COFFEY Northern Miner Classified ad_final.indd 1 9:35 AM 6/8/08 11:44:59 AM Borehole and Surface PULSE EM 3-D systems and surveys worldwide The ultimate in time-domain EM (TDEM) Page 1 High quality instruments, surveys and consulting since 1962 It’s all in the detail Geophysical Instruments since 1976 2135 Meadowpine Blvd. Mississauga, Ontario Canada L5N 6L5 Tel: (905) 814-0100 Fax: (905) 814-8617 www.cronegeophysics.com DUBERCO inc. 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Heliborne & Fixed-wing EM, Magnetics and Radiometrics Heliborne & Fixed-wing, Magnetics Gradiometer Borehole Geophysics Tel.: (450) 679-2400 Fax: (514) 521-4128 Website: www.geophysicsgpr.com LAMONTAGNE GEOPHYSICS LTD GEOPHYSIQUE LTEE Deep Electromagnetic Exploration since 1979 Surface & Borehole UTEM Surveys, Instruments & Software 115 Grant Timmins Dr., Kingston, ON, Canada K7M 8N3 Tel: (613) 531-9950 Fax: (613) 531-8987 E-Mail: kris@lgl.kos.net THE NORTHERN MINER AUGUST 2-8, 2010 13 PROFESSIONAL DIRECTORY Horizontal Magnetic Gradient Radiometrics, VLF-EM, Digital Video Complete Range of Services www.tundraair.com Tel: 416-751-1213 info@tundraair.com Geochemical and Environmental Services Geochemical analysis conforming to ISO standards, on-site labs, ARD testing Design & management of exploration projects, property evaluations, project generation, GIS, & geophysical consulting Pierrette Prince (416) 445-5755 pierrette.prince@sgs.com (geochem) Nicole Mozola (705) 652-2022 nicole.mozola@sgs.com (geochem) Chris Bates (705) 652-2219 chris.bates@sgs.com (enviro) Sohan Basra (604) 264-5336 sohan.basra@sgs.com 133 Richmond Street West, Suite 501 Toronto, Ontario, Canada M5H 2L3 tel:416-365-0930 fax:416-365-1830 email: mph@mphconsulting.com http://www.mphconsulting.com Geological, Mineralogy and Diamond Services NI43-101 Technical Reports, geostatistics, high definition mineralogy Hugh de Souza, (705) 652-2112, hugh.desouza@sgs.com Claude Duplessis, (450) 433-1050, claude.duplessis@sgs.com Metallurgical Services www.mpxgeophysics.com w ww.mpxgeophysics.com Metallurgical testing, geometallurgy, in-plant services, advanced systems Airborne Geophysical Surveys & C on s u l ti n g Se r vi c e s High-Resolution Magnetic Systems TDEM Gamma-ray Spectrometry Survey Design & Implementation Quality Assurance/Quality Control Data Compilation Processing & Re-Processing Map & Report Preparation 25 Valleywood Drive, Unit #14, Markham, ON, L3R 5L9 Ph: (905) 947-1782 Fax: (905) 947-1784 info@mpxgeophysics.com Richard Wagner (705) 652-2046 richard.wagner@sgs.com Ryan Matthews (416) 633-9400 ryan.matthews@sgs.com Trade Support Services Inspection, sampling, party and umpire services Jamie Switzer (705) 652-2161 jamie.switzer@sgs.com Certification Services EMAIL: info@wgm.ca WEB: wgm.ca TORONTO: (416) 364-6244 VANCOUVER: (604) 682-1929 ISO9000, 14000 and 18000 audits, certifications Paul DaSilveira (905) 364-3757 paul.dasilveira@sgs.com Resource Estimates Mine Design Due Diligence Valuations NI 43-101 Reports Feasibility Studies Laboratories and offices around the world. SGS iS ThE worLD’S LEaDinG inSpECTion, TESTinG, vErifiCaTion anD CErTifiCaTion CoMpany www.sgs.com/geochem minerals@sgs.com www.sgs.com/met XPSIndependentConsultingandTestworkServices XPSisaproviderofindependentmetallurgicaltestworkand consultancyservicestotheglobalmineralsindustry. MineralProcessingandQEMSCAN,MicroprobeServices DominicFragomeni–dfragomeni@xstrataps.ca HydrometallurgicalandPyrometallurgicalServices EdgarPeek–epeek@xstrataps.ca BOREHOLE GRAVITY SURVEYS INSTRUMENTATION FOR: GRAVITY, MAGNETICS, IP, RESISTIVITY www.scintrexltd.com sales@scintrexltd.com +1 905 669 2280 Setting the Standards “AddingValue… ReducingRisk” DesignandOperationsSolutions PhilThwaites–pthwaites@xstrataps.ca EquipmentReliabilityServices WilsonPascheto–wpascheto@xstrataps.ca Tel:+1(705)699-34006EdisonRd,Falconbridge,ON,CAN Fax:+1(705)699-3431www.xstrataprocesssupport.com info@xstrataprocesssupport.cawww.myxps.ca ACCOMMODATIONS One Team. Infinite Mining Solutions. From mine development through to mine closure, Stantec (formerly McIntosh Engineering) provides integrated services ranging from feasibility studies through to project management, multidisciplinary engineering, procurement and construction management (EPCM), environmental management, reclamation, and restoration. North Bay, ON Sudbury, ON Tempe, AZ (705) 494-8255 (705) 566-6891 (480) 831-0310 buildings | environment | industrial | transportation | urban land Rentals and Sales of instruments for: TM Magnetics/VLF IP, Radiation Resistivity (Multi-electrodes) Susceptibility Conductivity GPR/ GPS Gravity Seismics Borehole Logging TERRAPLUS INC. 52 W. 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Geological, Mining, & Environmental Consultants · Exploration · Resource / Reserve Estimation · Due Diligence & Financial Reviews · Feasibility Studies · Environmental & Social Assessment · Mine & Process Design & Optimisation · Geotechnics & Waste Disposal · Tailings, Heap Leach & Design · Closure & Rehabilitation & Design · Operations Audits · Valuations · Regulatory Reporting TORONTO, CANADA TEL: +1-416-947-0907 LONDON, UK TEL: +44-207-821-4106 www.scottwilson.com Email: mining@scottwilson.com Horizontal Gradient Magnetics Digital Radiometrics Tel: 905.477.2800 info@terraquest.ca terraquest.ca In-House Processing XDS VLF-EM Place YOUR Professional Directory Ad Here In The Northern Miner Professional Directory Professional Directory continued on page 14 14 AUGUST 2-8, 2010 THE NORTHERN MINER PROFESSIONAL DIRECTORY RECRUITING CONSTRUCTION MANAGEMENT Project and Construction Management New, Rebuilds Fast Track Greenfield L. NARDELLA ASSOCIATES LTD. 2292 blvd. Industriel, Suite 207, Laval (Quebec) H7S 1P9 Telephone: (450) 967-1000 Fax: (450) 967-4445 Tel. CALGARY: (403) 254-4851 Tel. MISSISSAUGA: (905) 381-0415 www.nardellagroup.com LABORATOIRE D’ANALYSE BOURLAMAQUE LTÉE BOURLAMAQUE ASSAY LABORATORIES LTD. CORE SYSTEM Analystes et Chimistes/Assayers and Chemists 148 Perreault Avenue Val d’Or, Quebec J9P 2G3 Tel: 819-824-4337 • Fax: 819-824-4745 Email: lab.bourlamaque@tlb.sympatico.ca Established in 1993, Global is a Executive Search Swann Global is theSwann leading retained leading retained Executive Search practice, and HR Consulting Practice serving the mining industry. renowned for its expertise and quality service in theinmining sector. With offices the world, we are Established 1993, with offices throughout throughout the world, we are set up to organized multi-national to assist multi-national clients with geographically service clients with geographically dispersed and dispersed operations, andoperations, expert at sourcing internationally we are experts at sourcing internationally mobile candidates. mobile candidates. SWANN GLOBAL www.swannglobal.com www.swannglobal.com Abu Dhabi Beijing Brisbane Hong Kong Johannesburg London Melbourne Moscow Perth Shanghai Sydney Toronto Abu Dhabi Beijing Brisbane Hong Kong Johannesburg London Melbourne Shanghai Toronto STEEL BUILDINGS Core orientation system now available for rental. WWW.Fordia.Com Fordia Head oFFiCe tF 1.800.768.7274 299 Mill Rd, Unit 1510, Etobicoke, Ont M9C 4V9 Tel: (416) 626-1794 Fax: (416) 626-5512 Toll Free: 1-877-743-5888 Email: a-ztech@sympatico.ca Web: www.a-ztech.on.ca t 514.336.9211 METALLURGICAL SERVICES SURVEYORS CORRIVEAU J.L. & ASS. INC. Land & Mining Surveyors • 3D Scanning & Modelling GYRO AND GPS SERVICES, SALES, RENTALS, UNDERGROUND AND SURFACE CONTROL, BOUNDARY AND LEGAL SURVEYS, TOPOGRAPHIC SURVEYS, PHOTOGRAMMETRIC MAPPING, CAVITY SCANNING, BOREHOLE SURVEYS, BATHYMETRIC SURVEYS 1085 - 3rd Avenue, Val d’Or, (Quebec) Canada J9P 1T5 Tel.: (819) 825-3702 Fax: (819) 825-2863 E-mail: bureau@corriveaujl.com www.corriveaujl.com GYRO BOREHOLE SURVEYING CORRIVEAU J.L. & ASS. INC. Also, Magnetic probe surveys & Re Se ntal rvi s ce s Val-d’Or (Quebec) Tel: (819)825-3702 Fax: (819)825-2863 E-mail: bureau@corriveaujl.com MINE CONTRACTING PEEWEE: MAGNETIC TOOL, AQ TO PQ BUILT IN IT'S OWN PRESSURE BARREL 500Bars / 5,000M / 16,700 feet SRC Geoanalytical Laboratories DEVIFLEX: NON NON-MAGNETIC TOOL USER FRIENDLY, DRILLERS CAN DO IT Smart Diamond Solutions • Macro diamond recovery (DMS) • Micro diamond recovery • Kimberlite indicator mineral processing and recovery • High security facility • Microprobe analysis • Thin section polishing • Scanning Electron Microscope (SEM) Other lab services include: • U3O8 analysis • Uranium and multi-element ICP-OES & ICP-MS packages • Trace element LA-ICPMS • Gold & base metal analysis • Potash dedicated facility ISO/IEC 17025: 2005 Visit our website or e-mail the lab for more information. Accredited Facility Diamond Services Saskatchewan Research Council Bay 4, 820 51st Street Saskatoon, SK S7K 0X8 Tel: 306-933-7177 • Fax: 306-933-7197 Email: geolab@src.sk.ca • www.src.sk.ca AVIATION Complete Helicopter Charter Service Exploration • Aerial Survey • Drill Support Sudbury • Timmins • Chapleau (705) 682-2000 www.williamday.com Executive Pilatus PC-12 Comfortable, fast, cost effective transportation for your key people Call North Star Air Ltd. for a quote 1-800-285-8618 Email: dispatch@picklelake.com w w w. n o r t h s t a r a i r. c a DEVICORE: Core Orientation with Dip SALES, RENTAL & RENT TO OWN 6002 / 1-866-388-6002 1 866-388-6002 (819) 824-6002 Exchange Value for your old electronic Survey Tools WWW.JEXPLOREINC.COM Harrison Western Construction Experience Integrity Performance Responsible Natural Resource Development™ T 800-638-8793 www.harwest.com Mine Development Underground Mine Construction Mine Rehab & Repair Newsstand Availability 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. 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 THE NORTHERN MINER Marathon PGM hits more gold at Leprechaun Marathon PGM (mar-t) shares were up more than 10% on July 21 after the company posted results from its latest round of drilling at the Leprechaun gold deposit in central Newfoundland. The best intercept was hole 190 with 4 metres grading 33.5 grams gold per tonne (uncut) demonstrating a new lens of high-grade mineralization (true width is 2.65 metres). MEETINGS Jul 28 Jul 28 Jul 29 Jul 29 Jul 30 Jul 30 Aug 04 Aug 05 Aug 06 Aug 06 Aug 06 Aug 06 Aug 09 Aug 09 Aug 10 Aug 10 Aug 10 Aug 11 Aug 11 Aug 11 Aug 11 Aug 11 Aug 11 Aug 12 Aug 12 Aug 12 Aug 12 Aug 12 Aug 12 Aug 12 Aug 13 Aug 15 Aug 16 Aug 17 Aug 17 Aug 17 Aug 17 Aug 17 Aug 17 Aug 19 Aug 19 Aug 19 Aug 19 Aug 19 MBMI Resources Slam Exploration Adex Mining Horseshoe Gold Mining First Source Resources Lomiko Metals Bold Ventures New Oroperu Resources Carmax Explorations Orsa Ventures Playfair Mining Rupert Resources First Metals Starrex Mining Condor Resources Randsburg Int’l Gold Taranis Resources Brett Resources CAE Great Western Minerals Linux Gold Rugby Mining White Bear Resources G4G Resources Gold Canyon Resources Green Valley Mine Hana Mining Int’l Tower Hill Mines Menika Mining Rattlesnake Ventures JNR Resources Trio Gold Megastar Development Crown Minerals Gold Summit Grande Cache Coal Quest Capital Tiex Vega Gold Int’l Northair Mines Mega Moly Serengeti Resources Tres-Or Resources Victoria Gold AG A AS AG S AG AGS AG S AG AG AG AS AG AG AGS AG S A AGS AG A S AG S AG S S AG AS A AG AGS AGS AS AGS S AS AGS AG AGS AG AG AG MEETINGS LEGEND A – Annual E – Extraordinary G – General S – Special EVENTS Aug. 15-18 Uranium 2010 -- Delta Bessborough & Sheraton Cavalier Hotels, Saskatoon, Sask. Tel. 514-939-2710 Email: metsoc@cim.org Website: www.metsoc. org/U2010 Sept. 22-23 5th Annual EU Iron Ore Insights Conference -- The Bloomsbury Hotel, London, U.K. Tel. 61 2 9080 4313 Email: diana.lauzi@informa.com.au Website: http://www.immevents.com Sept. 25-26 Toronto Resource Investment Conference -- Metro Toronto Convention Centre, Toronto Tel. 877-363-3356 Email: info@cambridgehouse.com Website: www.cambridgehouse.ca Oct. 3-6 COM2010 -- Hyatt Regency Vancouver, Vancouver Website: www. metsoc.org/COM2010 Oct. 6-8 Colombia Mining 2010 - 6th International Mining Show -Plaza Mayor Convention Centre, Medellin, Colombia Tel: (57-4) 383-8636 / (57-4) 383-8632 Email: ana.aguilar@antioquia. gov.co Website: http://www. miningcolombia.com/ Oct. 25-26 Mining Matters 2010 Conference -- Westin Hotel, Halifax, N.S. Tel: 902-424-3053 Email: webberde@gov. ns.ca Website: http://www.tmans.ca/ Oct. 25-27 MENA Mining Congress 2010 -Shangri-La Hotel, Dubai, U.A.E Tel: 971(0)4440-2506 Email: prima.castelino@ terrapinn.com Website: http://www. terrapinn.com/2010/miningme/ Nov. 8-9 Zinc Processing ‘10 -- Vineyard Hotel, Cape Town, South Africa Tel. 00447768234121 Email: bwills@min-eng. com Website: www.min-eng.com/ zincprocessing10/index.html Nov. 10-12 Process Mineralogy ‘10 -Vineyard Hotel, Cape Town, South Africa Tel. 00447768234121 Email: bwills@mineng.com Website: www.min-eng.com/ processmineralogy10/index.html For more event information, please go to: www.northernminer.com/events/ Marathon PGM shares were up 16¢ to $1.60 apiece, basically mirroring recent share price movement from other Leprechaun drill results. Recent drilling pushed shares up 10¢ to $1.58 on July 5 and 25¢ to $1.70 apiece on June 15. The company is in the middle of an 8,000-metre drill program at Leprechaun, which is a 300-metrewide by 2-km-long deposit with inferred resources of 443,000 oz. gold contained in 1.2 million tonnes grading 10.5 grams gold. The deposit is a part of the Valentine Lake gold project. Marathon has an option to earn a 50% interest in the project from Mountain Lake Resources (moa-v). Other drilling highlights include hole 184 with 14 metres (13.8 true width) of 2 grams gold and hole 185 with 7 metres (both core and true width) grading 5.79 grams gold. Marathon PGM also noted that grab samples had returned grades between 49 grams and 79 grams gold, confirming the 300-metrewide deposit is open to the southwest. The company has only done detailed drilling for about 550 metres on strike. Gold is hosted by sub-horizontal and steeply dipping quartz-tourmaline-pyrite veins that occur within a major regional fault zone that strikes for more than 30 km across the Valentine Lake project. The company says the best intervals occur at intersections of subhorizontal and steeply dipping vein sets. Directory Website Associations E-Mail Publications PROSPECTORS AND DEVELOPERS ASSOCIATION OF CANADA CANADIAN MINING JOURNAL www.canadianminingjournal.com www.pdac.ca info@pdac.ca The NATIONAL POST www.nationalpost.com Canadian Exploration and Development Voice Governments MANITOBA INNOVATION, ENERGY AND MINES Manitoba — Your Exploration Frontier The Northern Miner North America’s Mining Newspaper www.northernminer.com tnm@northernminer.com www.manitoba.ca/minerals minesinfo@gov.mb.ca Mining Companies SNIPER RESOURCES From The People Who Brought You TONE Resources. Prospectus on SEDAR for New IPO www.sniperresources.com scottbax@telus.net VINEYARD GULCH RESOURCES LLC Historic Property Located Near Gibbonsville, Idaho 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) www.vineyardgulchllc.com Vancouver — Scorpio Gold (sgn-v) has released the first compliant resource estimate for its Mineral Ridge gold project almost a year after completing its initial due diligence on the property. Various owners operated the southwest Nevada-based project as an open pit between 1989 and 2005, while it was an underground operation before that. So far, almost 575,000 oz. gold have been produced from the site. Scorpio is looking to restart Mineral Ridge. It’s working through a drill program to confirm historic data on the site, while both expanding and defining the resource. The newly released resource estimate on the project covers the historic Drinkwater and Mary pits. The estimate contains 4.23 million indicated tonnes grading 1.46 grams gold per tonne for 221,000 contained ounces gold and 3.44 million inferred tonnes of 1.12 grams gold for 136,000 oz. Scorpio owns 70% of the project through a joint venture finalized in January with Golden Phoenix Minerals (gpxm-o). Scorpio is responsible for the cost of restarting the project, and paid Golden Phoenix US$7 million in cash and shares. The company also spent US$3 million buying an 8% net smelter return royalty on the gold project from Mary Mining Trust last October. Golden Phoenix has provided a US$3-million bond, and the project is permitted for heap-leach gold processing and production. The property has a heap-leach pad, JINSHAN, From Page 11 of 6,000 tonnes per day. The operation will produce a copper concentrate with gold and silver credits and a molybdenum concentrate. According to a recent article by the government-owned Xinhua Directory DIAMOND DRILLING CONTRACTOR 1275 Jules Brisebois Val-d’Or, Quebec (Canada) J9P 6X3 Phone: (819) 825-4079 Fax: (819) 825-4028 Email: canada@g4drilling.com PAYMENT WITH ORDER. CHEQUES, VISA, AMEX OR MASTERCARD. CORTEZ TREND NEVADA Two projects available for lease. (1) Battle Mt style, intrusive-hosted copper gold system with geophysics and confirmatory drilling by Major. (2) AuEx Long Canyon style sedhosted gold with geophysics and drilling. Ken Brook – 775 825 0719 or k.brook@ att.net. j DIAMOND DRILLS FOR sale. 1-LY 38 -20’steel tower, rebuild 4239t JD engine, hyd wire line, hyd 420 p pump, mud mixer, new steel shack, hyd wheels for ease of moving. in new condition. 1-BBS56 -6 cyl JD engin, 12 HH, hyd 435 p pump, 30’ certified tower, LY break-out tool, new steel shack with hyd wheels. In excellent condition. ph #250-417-0058 Leclerc Drilling Ltd h “KOREX” CORE RACKS. Treated lumber and galvanised tubing for added durability. Core racks hold 140 boxes. Often next day delivery with our own trucks in all of Ontario. No freight charges on large orders. Call Peter at Imexko Contracting, Geraldton ON. 807-854-0462 or cell 807-854-7639. E-mail info@imexko. ca or please visit our website www. imexko.ca f Member of www.g4drilling.com STEEP TERRAIN, DANGEROUS terrain, glaciated terrain sampling, mapping, prospecting Field Crew available now for projects worldwide, spanish speaking, professional climber, high altitude experience Alpamayo Explorations 705-9466054 www.alpamayo.ca h The Northern Miner’s Box Service is available at the cost of $22.60 Cdn per insertion Branch Office: Boulevard de Las Galaxias 57 Parque Industrial, Hermosillo, Mexico Phone: (662) 251-0627 Fax: (662) 251-0631 Email: mexico@g4drilling.com Claude Laframboise Earlton, ON P0J 1E0 705-563-8526 Office, 705-563-2803 Fax 705-648-0573 Mobile claude@lafdrilling.com Services INTERNET SEARCHES OF assessment records for unstaked high grade gold and other minerals by computer science graduate. Golden Canadian Ltd. Phone (204) 488-4121. E-mail goldencanadianltd@gmail.com. m news agency, China National Gold has reportedly completed the first phase of the project. A subsidiary of China National Gold, Tibet Huatailong Mining Development Co., started building the US$1.2billion project in 2008, the government-owned news agency said. DRILLERS Deadline for submission of classified ads is 5:00 pm Thursday the week prior to publication date. 500 TON LIQUIDS Terminal 5 tanks @ 20,000 gal., 6 @ 6,000 Loading Rack, Pumps, Filters, Electrics Truckable, MINT condition 50 other tanks, at same site www.801tanks.com 416 346 3940 h crushing circuit and adsorptiondesorption-recovery plant, which the company describes as in “fair to good condition.” The site also has road access, power lines and water wells. The land package currently spans 41.2 sq. km over 351 claims following an extensive expansion by Scorpio in February. The known mineralization zones occur over an area roughly 4.3 km northsouth and 4.6 km east-west, with deposits consisting of structurally controlled epithermal gold mineralization associated with quartz veins and veinlets. Scorpio has the option of earning a further 10% in the joint venture by taking the project to commercial production within 30 months of closing the agreement with Golden. Scorpio can earn the final 20% needed for full ownership by buying Golden’s remaining stake within 2 years after starting production. The price of Golden’s share will be based on the net asset value of the project minus a 10% discount. In March, Scorpio closed a $12.5-million private placement, selling 27.8 million units at 45¢ each. Each unit contains one share and one half warrant, with a full warrant redeemable at 60¢ until Sept. 10, 2011. In June, roughly 4.5 million warrants were exercised, bringing another $2.7 million to the company’s coffers. Scorpio’s stock price closed at 73¢ on news of the recent resource. The company has 45 million shares outstanding. Jinshan goes native Small Ads — One insertion $1.82 Cdn per printed word; three or more consecutive insertions, same advertisement, $1.55 Cdn per printed word. Minimum charge $54.60 Cdn per insertion. Approximately five words to a printed line. Box service $22.60 Cdn additional per insertion, replies mailed. All ads must be typed & submitted by fax or email to: Michael Winter Fax 416-510-5138, mwinter@northernminer.com. Your Classified ad will also appear on our web site at no extra charge. Properties Available 15 Scorpio gets Mineral Ridge resource CLASSIFIED Equipment For Sale AUGUST 2-8, 2010 Surface diamond drilling Experienced Drillers, Competitive Rates, Professional Service RR #6, 615 Hwy 130 Thunder Bay, Ontario P7C 5N5 Tel: 807-577-5399 Fax: 807-577-0558 Cell: 705-498-9056 email: northstardrilling@tbaytel.net website: www.northstardrilling.com 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) 16 AUGUST 2-8, 2010 THE NORTHERN MINER Luiri Gold ups resources at Luiri Hill As Luiri Gold (lgl-t, lgm-a) awaits clarity on the future of the mining licence it holds on its Luiri Hill gold project in Zambia, it has converted more inferred resources into the indicat–ed category at the project, 120 km northwest of the Zambian capital Lusaka. At a 0.5-gram-gold-per-tonne cutoff, indicated resources at the Matala and Dunrobin gold deposits now tally a combined 5.4 million tonnes grading 2.4 grams gold per tonne for contained gold of 422,000 oz., and 5.01 million tonnes of 2.4 grams gold for 386,000 oz. gold in the inferred category. The Matala deposit was mined from 1928 to 1941, with an estim ated 6,751 oz. gold recovered over that period from 12,421 tonnes with an average grade of 16.9 grams gold from underground operations. The deposit lies within a tabular, south-dipping zone extending over a strike of 1,000 metres. The average dip of the mineralization zone is estimated to be 65 degrees to the south and the width of the mineralization ranges from a few metres to over 40 metres. Dunrobin was similarly mined from 1928 to 1941, with an estimated 31,593 oz. gold recovered from 91,173 tonnes grading 10.8 grams gold from a small open pit and underground operations. There was no change in the Dunrobin resource estimate in the updated figures the company released on July 7. The Dunrobin deposit is a shallow thick tabular plunging ore– body dipping at about 30 degrees to the southwest on the contact between the Matala Dome (schists and quartzites) and the surrounding Lusaka Formation carbonates. Over the last three years, exploration has increased the project’s resource base at a discovery cost of less than US$10 per oz., the company states on its website. Initial metallurgical work suggests the gold is recoverable through conventional gravity and carbon-inleach methods. On June 14, Luiri Gold received a letter from Zambia’s Director of Mines alleging that it was in default of provisions made in the granting of mining licence (LM48), which covers about 28 sq. km and includes the historic Dunrobin and Matala mines. Luiri Gold says according to its records and legal counsel, it is in compliance with all of the provisions of its mining licence. It has 60 days to show that it is not in default. In addition to its Zambian gold assets, Luiri Gold owns 100% of the Nambala iron project, 20 km west of Luiri Hill. Nambala contains hematite iron with grades of up to 70%. Nambala lies within a belt including several iron-rich hills that together form the Nambala Range, which is about 25 km in length and rises to more than 260 metres above the surrounding plains. On the update resource news, Luiri Gold shares closed up 4¢ or 25% at 20¢. The company has a 52week trading range of 7¢-40¢ and 105.2 million shares outstanding. Energizer’s vanadium hunt at Green Giant Energizer Resources (egz-v) continues to get promising results from its Green Giant vanadium project in Madagascar as market curiosity about the metal grows. The Toronto-based company released results from X-ray fluorescence (XRF) tests done on the latest round of drill holes and says the results confirm continued vanadium mineralization in and along the main trend. Highlights from five separate holes include: 0.70% V2O5 over 63 meENERGIZER RESOURCES tres, 0.55% V2O5 over Energizer Resources personnel logging vanadium 84 metres, 0.58% V2O5 samples during a trenching program at the over 54 metres, 0.56% Green Giant vanadium project in Madagascar. V2 O 5 over 69 metres and 0.76% V2O5 over 9 metres. tres at Green Giant. So far this year, the company Assays from the core are due in drilled 6,779 metres and in total the coming months after which has drilled more than 19,000 me- Energizer will look to beef up its current indicated resource of 21.74 million tonnes V2O5 and inferred resource of 4.15 million tonnes V2O5. XRF readings are not certifiable or recognized in any National Instrument 43-101 compliant resource calculation and, the company admits, results do vary from assay results. But Energizer says it has ample experience with the technology and expects a strong correlation with assays. The company also announced that it has brought a vanadium industry expert, Terrance Perles, on board to help it discover future market opportunities. Perles has been involved in the vanadium industry for 22 years, and has held senior management positions with Stratcor and Evraz Group’s vanadium business unit. Evraz is one of the world’s largest vertically-integrated steel, mining and vanadium businesses. Currently, more than 90% of vanadium demand comes from the steel industry, where some experts expect demand to grow at 7% a year over the next 15 years thanks to the metal’s steelstrengthening properties. But many investors are curious about the metal because of its role in some new battery technologies. The most significant users of vanadium in the battery industry are vanadium redox batteries (VRB), which require between one and five tonnes of V2O5, depending on the size of the VRB. VRBs are large-scale energy storage systems, which are beginning to be put into use in some parts of the world. “Now that the vanadium redox flow battery technology seems to be on the cusp of mass commercialization, it could lead to an explosive new demand for vanadium,” Perles said in a statement. “Significant supply shortages of V2O5 are possible in the coming years unless significant additional production, meeting battery application quality requirements, is brought online in the next few years. Energizer was known as Uranium Star Corp. up until the end of last year. In Toronto, on June 23 — the day the results were released — Energizer shares closed flat at 24¢ on 29,000 shares traded.