Chamber of Mines News Briefs March 21 - 22, 2017...or her $1,200 Canada Goose parka. Our largest icebreaker— built in 1969—is currently undergoing it’s seventh refit. And, we

Chamber News Briefs 1

Chamber of Mines News Briefs – March 21 - 22, 2017

[Note: News headlines are hyperlinked to their stories in this document.]

ARCTIC AND NORTHERN NEWS...........................................................................................................1 The Canadian North is the least defended territory on earth .................................................................. 1 Greenpeace's fear mongering is unfair ..................................................................................................... 3

NWT NEWS ........................................................................................................................................3 N.W.T. premier says Arctic drilling ban, emission restrictions hurt oil industry ...................................... 3 Federal stats paint bleak mining picture ................................................................................................... 4

NUNAVUT NEWS ................................................................................................................................5 First of three Regional Public Hearings on Draft Nunavut Land Use Plan delayed by one day due to weather ..................................................................................................................................................... 5 No dozer, no problem: Nunavut's newest heavy equipment operators train via simulator .................... 5

RESOURCE DEVELOPMENT NEWS .......................................................................................................6 Dominion Diamond, Stornoway held merger talks: sources .................................................................... 6 Miners want more federal support for infrastructure .............................................................................. 7 Silver Range stakes two large, high grade gold targets in Nunavut .......................................................... 9 Agnico Eagle provides notice of release of First Quarter 2017 results, conference call and Annual Meeting ..................................................................................................................................................... 9 Sabina Gold & Silver announces financial results for the year ended 2016 ........................................... 10 Dominion Diamond resists takeover offer .............................................................................................. 13

ARCTIC AND NORTHERN NEWS

The Canadian North is the least defended territory on earth

Never mind the Amazon, or even the Antarctic. Northern Canada is the global epitome of undefended territory.

MacLeans - March 17, 2017

Scott Gilmore

There is no place on earth as poorly defended as the Canadian Arctic. But maybe that’s a good thing. We do enjoy pretending to be a nation of “peacekeepers” (in spite of the fact we currently do less peacekeeping than say, El Salvador or Gambia). Vimy Ridge, Juno Beach, Kapyong, Panjwaii: these are places typically not mentioned in polite company, and almost never spoken aloud by a Liberal government. When we talk about arming our military, we don’t even like to use the word “arm”—we say “procurement.”

So, perhaps it is fitting that the Canadian North is essentially the largest military-free zone in the world. To be fair, it is not utterly bereft of Canadian Forces. We have three very small bases. There are some radar installations (that use 1980s technology). There are the Rangers, of course, local volunteers who are given Second World War rifles, a hoodie, a ball cap and an annual photo op with whichever politician is shameless enough to fly north for 24 hours to emote about the Canadian North from the depths of his or her $1,200 Canada Goose parka. Our largest icebreaker— built in 1969—is currently undergoing it’s seventh refit. And, we have approximately 120 armed forces personnel, just enough to fill a Tim Hortons. All of this, of course, is spread over an area the size of Europe (except the icebreaker—it’s in Halifax).


The list of what we don’t have is considerably longer. There is no port, military or civilian. The closing of Churchill last year ended the fatuous notion that Canada has a third coast. No airbase. No search-and-rescue hub. No four-season ice-breakers. No ice-strengthened war-ships. In fact, our fleet is now so small and so rusted out it has lost the designation of being a “blue-water navy”, it is a coastal defence force—on calm days—if everything is working.

If you ask around Ottawa why this is, the answer is and always has been, “Because it’s hard.” Which is true. The Canadian North is remote, wild, undeveloped, like the Russian North for example. Facing a similar climate and geography, Moscow has only managed to build two infantry bases; nine naval ports; and seventeen airbases along its Arctic coast over the last 60 years.

But the Canadian Arctic is more remote and difficult to access than Russia’s. It is more like the Amazonian rainforest—an expanse of jungle and swamp 25 per cent larger than the Canadian North. The Brazilians have almost nothing there, other than the Manaus Air Base, home to four air squadrons, and an airborne army battalion. And there are several naval facilities, including the Rio Negro naval base, 1,300km up the Amazonian river. That base has nine satellite facilities, as well as a helicopter squad and marines. The Brazilians also have a fleet of large riverine hospital ships that ply the remote backwoods of the jungle. But that’s it.

But the Brazilians spend 2.6 per cent of their GDP on the military. The economic choices of our political leaders have always been less guns and more butter (supply-managed, thank you). Regardless of our formal obligations to NATO that we spend two per cent on the Canadian Forces, our defence budget comes in at half that.

We have much more in common with Australia, a commonwealth democracy, managing a constant political struggle to maintain social services and infrastructure spending. It makes sense that we would be careful about our military deployments, frugal even. Consider how the Australian’s have chosen to defend the Outback. Other than a huge naval base in Darwin, and several air squadrons at the RAAF Tindal, another couple of air bases, a dozen training bases, an infantry battalion, and large radar installations at Alice Springs and elsewhere, the place is empty.

Even in Antarctica, at the bottom of the world, owned by no country, needing no defence, and subject to a treaty prohibiting military activity, there are dozens of research bases run by the armed forces of countries like Chile, Uruguay and even Pakistan. The search and rescue capabilities of McMurdo Station alone are greater than all of Canada’s north of the 60th parallel.

No, if you want to get away from it all, to go somewhere on the planet where no one will be able to rescue you—or stop you, or even know you’re there—you want Canada’s North.

But try to keep this quiet. We don’t want it overrun by adventure tourists. Or cruise ships like the Crystal Serenity, which went through last summer bringing its own rescue ship because Canada didn’t have one. Or resource companies, now free to roam over ice-free waters. Or the Chinese, who want to start sending cargo ships and oil tankers through on their way to Europe. Or the Russians, who are increasingly overflying NATO territory. Or our American allies, who announced in Congress this week they will not recognize Canada’s sovereignty over the Northwest Passage.

No, let’s follow the leadership of Prime Minister Trudeau, who made sure the Arctic was only mentioned twice in the 360 priorities he gave his ministers, and who has bravely avoided drawing any attention to the North—visiting only once since taking office—and who has still not published an Arctic strategy. Let’s just not draw any attention to the fact we’ve utterly abandoned the Canadian North. What could possibly go wrong?


Greenpeace's fear mongering is unfair

Editorial, Inuvik Drum - March 16, 2016

Inuvialuit harvesters should soon be able to market their sealskin products to the European Union, a goal the Inuit in Nunavut recently achieved.

The crash of the sealskin market worldwide was initially caused by fear mongering from Greenpeace and other organizations that painted the practice as barbaric and cruel.

Greenpeace has since apologized, long after leaving a trail of economic devastation, but their modus operandi today hasn't changed.

Greenpeace is more a rabid political group than innocent, pro-nature charity.

Montreal-based Resolute Forest Products Inc. sued Greenpeace last year after years of attacks on its forestry practices.

In its motion to dismiss the lawsuit, Greenpeace admitted its attacks on Resolute "are without question non-verifiable statements of subjective opinion and at most non-actionable rhetorical hyperbole."

It's safe to assume that goes for many of the organization's campaigns.

These organizations get a lot of rope to smear industries they don't like. They tug at heart strings to pit good versus evil.

Their rhetoric centres on pitting faceless, ravaging Big Business over the innocent, life-giving environment. Or in the case of the seal hunt, the supposedly greedy and cruel human slaughtering the cute puppy-eyed seal.

The fact that human lives and economic sustainability are at stake doesn't matter. Those people can just get some other job, maybe building greenhouses.

These organizations jet set around the globe in planes, cars and boats to shake their fists at the very industries affording them that luxury.

Devastation abounds. Apocalypse is near. We must repent for our sins. It's pure environmental fear mongering.

Greenpeace slipped up going after a traditional indigenous practice. Best stick to the faceless corporate entities. They're harder to sympathize with.

Today, Greenpeace is still very active in the Arctic, now heavily involved in the Clyde River seismic drilling debate. They get a lot of play. It makes a good story: little hamlet vs. industrial giant.

Time, courts and history will decide which side of that debate has it right.

It's a win for the Inuvialuit to be on the path to getting their industry back.

The moral of the story is to be equally skeptical across the board. The world is made up of infinite shades of grey and actions have consequences.

The fact we all want a healthy environment and ecosystem is a given.

But the same skepticism shown to a corporation claiming its practices are environmentally friendly should be shown to the boy crying wolf repeatedly.

NWT NEWS

N.W.T. premier says Arctic drilling ban, emission restrictions hurt oil industry

The Canadian Press - March 15, 2017

The premier of the Northwest Territories is blasting federal policies including promises to restrict greenhouse gas emissions that he says will stifle a viable energy sector in the North.


Bob McLeod told the Arctic Oil & Gas Symposium on Wednesday that a national carbon price and a five-year ban on drilling in the Arctic's Beaufort Sea have created a "no-win situation" for his territory's efforts to develop a strong resource economy.

The federal government is proposing a carbon price of $10 per tonne in 2018 that would grow to $50 per tonne by 2022.

The drilling ban was announced in December by Prime Minister Justin Trudeau, who said the measure was needed to protect the Arctic's ecosystem.

At the same time, then-U.S. president Barack Obama declared a permanent ban on drilling in the bulk of U.S.-owned waters in the Arctic Ocean — a move that U.S. Republicans have vowed to reverse under President Donald Trump.

McLeod says if the U.S. ban is overturned, it will result in a competitive disadvantage for Canada's North.

He said his government is urging the federal government to end the drilling ban after five years.

"We want to have a decision that will give us some hope," he said in Calgary.

"I think for a lot of people, the prime minister took away hope from ever being able to make a long-term healthy living in the North by suggesting there should be a lifetime moratorium in the Beaufort."

Federal stats paint bleak mining picture

NWT ranks below Botswana for investment attractiveness

Northern News Services - March 22, 2017

Jessica Davey-Quantick

Natural Resources Canada's latest statistics estimate mineral exploration and production in the territory fell by millions in 2016.

Preliminary estimates for last year's mineral production show the total value of NWT mining production is down by $541 million. Spending intentions for 2017 exploration also dropped by $2.1 million and diamond production is estimated to fall by 28 per cent as well, by $480 million in 2016.

A week after the NWT & Nunavut Chamber of Mines circulated the statistics, Industry, Tourism and Investment Minister Wally Schumann spoke of doing everything possible to support the industry.

"We are prepared to look at every aspect of the NWT investment climate that we can influence," he said in legislative assembly on March 9. "Tax incentives, royalties, regulations, everything must be on the table, and we must use the best knowledge available to guide our actions."

Earlier, he had announced the Mining Incentive Program has been expanded, adding $600,000 in investment to qualifying exploration and prospecting projects.

The GNWT also announced earlier this month the Work Credit Program, which offsets costs for mineral explorers, has been extended as well. To keep claims active, companies need to complete work or submit cash in lieu. The program multiplies the value of the exploration by 1.5 - meaning companies need to spend less money to keep their claims in good standing. The program, started in 2015 on the recommendation of the now-defunct Mining Industry Advisory Board, has been extended for an additional two years, beginning April 1.

Mining consultant David Connelly pointed to a lack of power and transportation infrastructure as a hindrance to growth.

"This is a huge hurdle," he stated in an e-mail to Yellowknifer.

"There is a need for government to be visionary and build power and transportation infrastructure to attract development."


In its annual Survey of Mining Companies 2016, the Fraser Institute pointed to another issue that inhibits spending in this sector. The report states "overlapping and conflicting regulator groups/levels of government" as well as "internal conflict" between government departments, and delays in permitting "all act as deterrents to investment in the Northwest Territories."

Connelly disagrees with this assessment.

"If you are patient and thorough and put in the time and effort to work with the system and consult with stakeholders, it is actually improving and becoming more predictable," he stated.

The statistics back him up. On Feb. 28, the Fraser Institute reported the NWT rose up the ranks of jurisdictions for investment attractiveness, from 35 to 21. That left the territory below six other Canadian provinces as territories, as well as Sweden and Botswana. The rankings were weighted 40 per cent by policy and 60 per cent by mineral potential.

Schumann estimated more than 10 per cent of the NWT workforce is directly employed by the mining sector, with many more depending on the industry's spin-offs.

"Our government recognizes what is at stake, and we are committed to improving the competitiveness of our jurisdiction," he said.

Schumann was not available for comment as of press time.

NUNAVUT NEWS

First of three Regional Public Hearings on Draft Nunavut Land Use Plan delayed by one day due to weather

“Hearings signal one step closer to plan becoming a reality”

Nunavut Planning Commission - March 20, 2017.

The first of the Nunavut Planning Commission’s regional public hearing in the Qikiqtani region is now scheduled to begin Wednesday March 22nd. Commission Chair Andrew Nakashuk says he’s hopeful the plan that emerges from these hearings properly balances the current and future interests of all Nunavummiut. Nakashuk says “this hearing is just one step in the planning process that can be expected to continue for generations”

The Commissioners will use what they hear this week and at other regional public hearings in June and October, together with the information and advice gathered at pre-hearing meetings, written submissions and other comments, to decide what changes to make to the Draft Nunavut Land Use Plan in order to balance the priorities and values of the people of Nunavut and Canada.

The NPC is encouraging participants to collaborate rather than take entrenched positions and to work to find creative ways to achieve their objectives. Commission Executive Director Sharon Ehaloak says, “I’m hopeful and truly believe the regional hearings will help Commissioners strike the right balance”

The Commission has an important mandate under the Nunavut Agreement to prepare and implement land use plans that guide and direct resource use and development. The Commission has consulted extensively with its planning partners over the last twelve years to inform the development of the Nunavut Land Use Plan and will continue to do so as it works toward finalizing the Nunavut Land Use Plan.

No dozer, no problem: Nunavut's newest heavy equipment operators train via simulator

28-day course in Cambridge Bay aimed at meeting labour demand in Kitikmeot region

CBC News - March 21, 2017


Kate Kyle

With large screens and vibrating chairs, the heavy equipment simulators in Cambridge Bay almost give the impression of an arcade game.

Throttle in hand, 29-year-old Ryan Angohiatok's eyes are focused on a large TV monitor as he moves a virtual pile of dirt with a virtual excavator.

"(You) get a feeling what it would be like on a real machine in the world," says Angohiatok, while seated in a vibrating chair.

"It just gives you that feeling you can do this."

But this isn't a game. Angohiatok is one of eight young people from across Nunavut's Kitikmeot region to complete a heavy equipment operator certification course using four large simulators.

The Kitikmeot Inuit Association flew participants to Cambridge Bay, where they re-created in the classroom the experience of operating big machines such as bulldozers, loaders, excavators and articulated trucks.

"Over the last year, we've really noticed an increase on the employers' side for requests for people who have heavy equipment operator certification," said Michelle Buchan, the KIA's manager of Inuit employment and training.

Buchan pointed to a construction boom in Cambridge Bay, and the nearby Hope Bay gold mine going into production for the spike in demand.

She also said there are jobs at local hamlet offices, the former DEW Line site in Cambridge Bay — now called the North Warning System — and even at diamond mines in the Northwest Territories.

"There's a demand," she said. "And the generation of folks that have a lot of experience as heavy equipment operators are looking toward retirement. So we need to rebuild that pool."

Getting that training isn't always possible for people in the Kitikmeot region. Access to real equipment isn't often available, and people who head to southern provinces for certification need a class 5 unrestricted driver's licence to train on those roads. Getting that licence is difficult in Nunavut, according to Buchan.

"We have very few driver examiners in Nunavut and they don't come very often, especially to the smaller communities," she said.

"It's almost impossible to get their class 5 unrestricted."

Students spent more than 80 hours in the simulator seat, troubleshooting up to a dozen scenarios of different types of jobs. They are graded on precision and completing tasks.

"All the hard stuff you learn in a safe environment where you can't get hurt," said trainer Bill Mattson of Nuna Training Technologies, explaining some of the simulated tasks participants must complete.

"The cost of using the simulator for the initial training would be 10 per cent of what the cost would be with the actual equipment.

"You work with a trench box, you do a back-filling scenario — all the different types of jobs you might do with an excavator."

The 28-day training program cost $250,000 to run, with funds being provided by Service Canada, the KIA and Kitikmeot Corporation.

RESOURCE DEVELOPMENT NEWS

Dominion Diamond, Stornoway held merger talks: sources

Reuters - March 20, 2017


Nicole Mordant and John Tilak

Dominion Diamond Corp (DDC.TO: Quote) DDC.N and fellow Canadian diamond miner Stornoway Diamond Corp (SWY.TO: Quote) have held talks about a potential merger in recent months, people familiar with the matter said on Monday.

World No. 3 diamond miner Dominion, target of a $1.1 billion bid by U.S. billionaire Dennis Washington, and Stornoway, a small miner with a diamond mine in Quebec, declined to comment. The people declined to be named as the discussions are private.

One of the people said the talks were still ongoing.

The talks include Stornoway's chief executive officer and president, Matt Manson, becoming CEO of the merged group, one source said, adding that the discussions on an all-share merger started in January.

Dominion, which owns the Ekati diamond mine in Canada's Northwest Territories and a 40 percent stake in the nearby Diavik mine, is looking for a new CEO after announcing on Jan. 30 that Brendan Bell had resigned.

A union with Dominion would give Stornoway, which owns a single mine, an avenue for growth, the sources said.

On Sunday, The Washington Companies, a group of privately held North American mining, industrial and transportation businesses founded by Dennis Washington, announced that it had made a $1.1 billion all-cash proposal for Dominion.

Dominion said in a statement late Sunday that its board had considered Washington's unsolicited proposal, but the terms of the proposed talks were unusual and unacceptable.

Miners want more federal support for infrastructure

Daily Commercial News - March 17, 2017

Don Wall

Canadian governments need to step up to support mining-related infrastructure or else the predicted recovery of the sector after several slow seasons will be threatened, says a recent report from the Mining Association of Canada (MAC).

Government funding for infrastructure would enable a number of potentially lucrative mining operations to be launched, says the Mining Association of Canada. Pictured, a drill rig sat ready for use near the KWG Resources Black Horse chromite deposit in northern Ontario’s Ring of Fire.

Support could come through funding for projects that bring power and transportation networks to northern and remote communities including those of First Nations and also by ensuring the Canadian Infrastructure Bank (CIB) has a mandate that includes support for remote mining projects, said MAC.

The report, released in February and titled Facts and Figures of the Canadian Mining Industry 2016, encourages the federal government to ensure "the CIB has a mandate to facilitate economic development, and the flexibility to accommodate remote and northern projects...critical to responsibly opening up the North, addressing climate change, and facilitating the government's robust indigenous reconciliation agenda in these regions."

Brendan Marshall, vice-president of economic and northern affairs for MAC and author of the Facts and Figures report, said the mining sector is poised for a rebound after several seasons of poor results. But an uncertain federal regulatory regime, the recent diminishment of mining tax credits and human resources challenges in addition to the infrastructure gap are all negatives threatening the recovery.

The report notes that even at the bottom of a downturn caused mainly by low commodity prices, the industry accounted for 19 per cent of the value of Canadian goods exports in 2015 and directly employs


more than 373,000 workers. The mining sector is the biggest per capita employer of indigenous workers in the country. Toronto is the global hub for mining finance and the Toronto Stock Exchange and TSX Venture Exchange were home to 57 per cent of the world's publicly listed mining companies in 2013, MAC reported.

But foreign direct investment into Canada's mining sector dropped by more than 50 per cent year-over-year in 2015. Canada remained the world's top destination for nonferrous exploration spending in 2015, MAC reported, but experienced a 19 per cent decrease in allocations. It's something MAC said needs addressing immediately, starting with domestic policies.

In explaining MAC's infrastructure plea, Marshall noted the collaborative role the sector currently plays with the federal government in remote regions of the country.

"Let's look at the north as an example," he said. "In the Northwest Territories (N.W.T), we build power infrastructure, railways, roads, telecommunications, air strips. The industry has contributed substantially to the built environment in that territory.

"If you look at Nunavut, the longest single road in that territory, a 110-kilometre road, was financed and constructed 100 per cent at the private expense of (gold miner) Agnico Eagle."

And so, he said, with the Liberal government stating among policy goals that it intends to grow the economy, expand infrastructure for remote and northern communities, help develop First Nation partnerships and take action on climate change, it should more directly recognize the role the mining sector can play in helping achieve those goals.

For example, on climate change, remote First Nation communities often use unclean and inefficient diesel power, Marshall said. By funding clean hydroelectric power transmission to remote areas with exploitable mineral wealth, the government would be encouraging indigenous economic activity and furthering its green agenda at the same time, he said. The MAC report lists dozens of mining opportunities across Canada representing a combined proposed capital investment of $145 billion. Seed infrastructure funding contributed by the federal government from its $186-billion Investing in Canada Plan could be the catalyst needed to launch a number of those major projects, said Marshall.

Asked for specific examples of projects ripe for federal support, Marshall acknowledged the Ring of Fire in northern Ontario as the most well-known potential project where investors have asked for government infrastructure funding and also mentioned the Yukon Resource Gateway Project, where the Yukon government is looking for federal support for three segments of roadways to improve the economics of several mining projects; the Slave Geological Province in the N.W.T. where proponents have discussed the need for a roadway for decades, he said; the Nunavut Greys Bay Port and Road project, where a roadway and port development would connect mineral deposits to Arctic shipping routes; and the Plan Nord in northern Quebec.

Historically, Marshall said, traditional infrastructure funding formulas have not worked for remote areas and the north. The territories have Canada's largest per capita infrastructure deficit. The upcoming federal budget, due March 22, represents an opportunity to address that failure, he said.

"Taking a south-of-60 infrastructure policy and mapping it onto the north hasn't worked for the territories," he said.

"So what we're hoping for and advocating for is recognition of northern realities in these proposed funding envelopes as well as the Canadian Infrastructure Bank.

"What would that look like? One avenue, within the mandate of the institution, would be having some space in the language for a broader understanding of the limitations and opportunities for development in the north. The other would be specific project criteria that takes into account, for example, the


broader social value of bringing economic development into a region that historically had been without that opportunity."

MAC stated it was pleased to see recognition of the north through a rural and northern communities fund and also mention of green transit funding in the November Fall Economic Statement, Marshall said.

Silver Range stakes two large, high grade gold targets in Nunavut

Silver Range Resources - March 20, 2017

Silver Range Resources Ltd. (TSX-V:SNG) (“Silver Range”) announces that it has staked two highly prospective gold targets - Yandle and Noomut - located in the emerging Ennadai-Rankin Greenstone Belt, host to Agnico Eagle’s Meliadine Deposit.

The Yandle property covers two NUMIN showings (Yandle and Aruat) which were explored by Comaplex Resources Ltd. (“Comaplex”) and Cumberland Resources Ltd. from the early 1990’s until 2002. Numerous historical grab samples grading up to 16 g/t Au were collected from a zone of arsenopyrite and pyrite bearing schist developed along the contact between Archean mafic and intermediate volcanic rocks. The zone is 4.5 kilometres long, up to 100 m wide, and is the most extensive alteration zone documented by Comaplex in this portion of the Ennadai Rankin Greenstone Belt. Best reported historical grab sample analyses along the contact zone were 25 g/t Au at Yandle and 59 g/t Au at Aruat. Comaplex completed airborne and ground geophysical surveys, and detailed prospecting and mapping over a wide area prior to drilling their portion of the zone in 2002. The 9 hole drill program initially targeted sulphide horizons in the overlying rhyolitic volcanics. These returned low gold values and Comaplex then switched their attention to the contact zone where they intersected 3 m @ 11 g/t Au. The property was subsequently optioned to Placer Dome who drilled at Yandle in 2003. A total of 12 drill holes (1,766 meters) were completed in the Yandle area with the only reported results being 1.25 m @ 17.5 g/t Au and 2.8 m @ 2.5 g/t Au from separate zones in a single hole. The Aruat Zone remains un-drilled. Placer Dome allowed their option to drop and Comaplex conducted no further work in the area as they refocused their corporate efforts on the Meliadine Deposit near Rankin Inlet, currently being developed by Agnico Eagle Mines Ltd.

The Noomut Property is 15 km southwest of Yandle and covers a 1.9-kilometre-long zone of gold mineralization which has returned historical surface grab samples to 89 g/t Au. Comaplex discovered the River West and River North showings on this trend in 1994 and 1995, sampling quartz veins and disseminated sulphides developed within oxide facies iron formation hosted in volcaniclastic metasedimentary rocks. Ground magnetic field surveys were subsequently conducted to map the iron formation but no further work was performed.

Silver Range intends to conduct community consultations in the Kivalliq region this spring and apply for land use permits to conduct drill programs at the Hard Cash and Yandle Properties thereafter.

Silver Range is a precious metals prospect generator working in Nunavut, the Northwest Territories and Nevada. The company is actively seeking joint venture partners to explore the assets in its portfolio.

Agnico Eagle provides notice of release of First Quarter 2017 results, conference call and Annual Meeting

Agnico Eagle Mines Ltd. - March 21, 2017

Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today announced that it will release its first quarter 2017 results on Thursday, April 27, 2017, after normal trading hours. Additionally, the Company will host its Annual Meeting of Shareholders (the "AGM") the following day, Friday, April 28, 2017, in Toronto.


First Quarter 2017 Results Conference Call Webcast

Agnico Eagle's senior management will host a conference call on Friday, April 28, 2017 at 8:30 AM (E.D.T.) to discuss the Company's financial and operating results.

Via Webcast:

A live audio webcast of the conference call will be available on the Company's website at www.agnicoeagle.com.

Via Telephone:

For those preferring to listen by telephone, please dial 1-647-427-7450 or toll-free 1-888-231-8191. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.

Replay archive:

Please dial 1-416-849-0833 or toll-free 1-855-859-2056, access code 50920688. The conference call replay will expire on May 28, 2017.

The webcast, along with presentation slides, will be archived for 180 days on the Company's website.

Annual Meeting

The AGM will begin on Friday, April 28, 2017 at 11:00 am (E.D.T). The AGM will be held at the Sheraton Centre Toronto Hotel (Grand Ballroom) - 123 Queen Street West, Toronto, ON.

During the AGM management will provide an overview of the Company's activities. For those unable to attend in person, the alternatives to participate are listed below.

Via Webcast:

A live audio webcast of the AGM will be available on the Company's website at www.agnicoeagle.com.

Via Telephone:

For those preferring to listen by telephone, please dial 1-647-427-7450 or toll-free 1-888-231-8191. To ensure your participation, please call approximately five minutes prior to the scheduled start of the AGM.

Replay archive:

Please dial 1-416-849-0833 or toll-free 1-855-859-2056, access code 50915952. The conference call replay will expire on May 28, 2017.

The webcast, along with presentation slides, will be archived for 180 days on the Company's website.

Sabina Gold & Silver announces financial results for the year ended 2016

$39.9 million at December 31, 2016 in cash and equivalents

Sabina Gold & Silver Corp. - March 21, 2017

Gold & Silver Corp. (“Sabina”) or (the “Company”) (SBB – TSX) reports the financial results for the quarter and year ended December 31, 2016.

“Much was accomplished in 2016,” said Bruce McLeod, the Company’s President& CEO. “Although we received a set-back from the Nunavut Impact Review Board (“NIRB”), we understand and support the NIRB’s desire for a high level of confidence in our proposals for the Back River Project (“Project”). We are happy to be back in the process and believe that our recently submitted Final Environmental Impact Statement Addendum (“FEIS Addendum”) presents additional mitigation, information and plans that will address NIRB’s concerns. In 2016, we also continued optimization and trade off studies which we believe could positively impact the Project economics. On the exploration front, a new discovery at Convergence and the successes at our Hivogani and Kogoyok targets continued to demonstrate the


opportunities for new discoveries and extended mine life at Back River. Other geological programs completed during the year enabled us to plan a high impact drilling campaign for 2017 with our recently raised flow-through financing. 2017 has started out positively and we look forward to continued support for the Back River Project from all stakeholders as we work through the process.”

2016 Highlights:

The Company had cash and cash equivalents and short-term investments of $39.9 million at December 31, 2016.

On June 15, 2016, the Nunavut Impact Review Board (“NIRB”) recommended to the Minister that the Back River Project (“Project’) not proceed to the next phase of permitting at this time. On July 20, 2016, the Company submitted a detailed response to the NIRB report to the Minister of Indigenous and Northern Affairs Canada (“INAC”) requesting that the Minister reject the NIRB recommendation or send the Project back to NIRB for further review.

In July, 2016, the Company completed a series of meetings in communities in the Kitikmeot region of Nunavut. Following these meetings, the Company continued to receive broad positive support for the Project from community members, hamlet councils, advisory committees, and Inuit organizations (including the Kitikmeot Inuit Association (“KIA”)).

Subsequent to the year end, on January 12, 2017, the INAC Minister, with the agreement of other responsible ministers, decided that the Project should be returned to the NIRB for further consideration. On January 24, 2017, the NIRB provided guidance to all parties on the scope and process of further review of the Project. On February 16, 2017, the Company submitted its required FEIS Addendum and NIRB provided confirmation of concordance with the guidelines and a schedule for the process on February 23, 2017. The FEIS Addendum is currently in the technical review process and NIRB has advised that they expect to issue their recommendation in July 2017

During the year, the Company completed approximately 2,700 meters of drilling on three targets at the Goose property: Kogoyok, Hivogani and Convergence. A new discovery was made at the Convergence target where assays of 3.84 grams per tonne (“g/t”) Au over 3.70 meters were returned. Encouraging results also continued at the Kogoyok target, where gold mineralization was intersected in drilling with visible gold identified in multiple rock units over a broad area. Drilling at the Hivogani target continued to expand the host area and further characterized the new mineralization styles.

On May 25, 2016, the Company announced preliminary metallurgical optimization test results on its Back River gold project from a program to assess potential metallurgical improvements including a coarser grind, long leach resonance time and flotation followed by fine grinding of concentrates. The results from the first round of test work have been positive with recoveries for three of four composite samples from the main deposits showing a potential to increase gold recoveries. Initial desktop studies have indicated that changing to a flotation circuit could have positive impacts on both capital and operating expenditures. Further flotation test work on this opportunity is ongoing.

On May 20, 2016, the Company completed a bought deal financing of 19,790,750 common shares at $1.63 per common share for total gross proceeds of approximately $32.3 million. The Underwriters received a cash commission of 5.0% of the gross proceeds of the financing.

On March 31, 2016, Sabina announced the appointment of Ms. Anna Stylianides to the Company’s board of directors. Ms. Stylianides has 25 years of experience in the global capital markets and currently also serves as a director of Entrée Gold Inc., Altius Minerals Corp. and Eco Oro Minerals.

A long-term strategic review on the Company’s Wishbone property in Nunavut, resulted in a total write down of $7.1 million for certain non-core mineral claims on the property ($5.2 million in Q3, 2016 and $1.9 million in Q4, 2016). While the core mineral claims on the Wishbone property remain long-term


exploration opportunities, the Company’s immediate focus is on the Back River deposits and exploration opportunities proximal to existing resources.

Subsequent to the year end, on February 28, 2017, the Company completed a bought deal private placement flow-through financing of 3,470,000 flow-through common shares at a price of $1.75 per share for total gross proceeds of approximately $6.1 million. The total gross proceeds from the financing must be used to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by December 31, 2018. The Underwriters received a cash commission of 5.0% of the gross proceeds of the financing.

For the year ended December 31, 2016, the Company reported a net loss of $6.1 million or $0.03 per share.

Financial Results

For the three-month period ended December 31, 2016, the Company reported a net loss of $2.0 million, favourable by $2.7 million compared to the same period of 2015. The difference quarter-over-quarter was largely the result lower stock-based payments and write-downs of mineral properties. In Q4 2016, the Company recorded a write-down of $1.9 million on its the Wishbone mineral properties. In Q4 2015, the Company recorded a write-down of $4.0 million on certain non-core Wishbone mineral claims.

For the year ended December 31, 2016, the Company reported a net loss of $6.1 million, favourable by $3.5 million compared to the same period of 2015. The difference was largely the result of realized gains of $1.3 million on the sale of a portion of its investments in 2016 compared to an impairment loss of $2.0 million on its investments recorded in 2015.

For the full December 31, 2016 yearend financial statements and Management’s Discussion and Analysis, please see the Company website at www.sabinagoldsilver.com or on SEDAR.

Sabina Gold & Silver Corp

Sabina Gold & Silver Corp. is a well-financed, emerging precious metals company with district scale, world class undeveloped assets in one of the world’s newest, politically stable mining jurisdictions: Nunavut, Canada.

In September, 2015, Sabina released a Feasibility Study on its 100% owned Back River Gold Project which presents a project that has been designed on a fit-for purpose basis, with the potential to produce ~200,000 ounces a year for ~11 years with a rapid payback of 2.9 years. At a US$1,150 gold price and a 0.80 exchange rate, the Study delivers a potential after tax internal rate of return of approximately 24.2% with an initial CAPEX of $415 million.

In addition to Back River, Sabina also owns a significant silver royalty on Glencore’s Hackett River Project. The silver royalty on Hackett River’s silver production is comprised of 22.5% of the first 190 million ounces produced and 12.5% of all silver produced thereafter.

The Company had approximately C$39.9 million at December 31, 2016 and has budgeted $8.5 million as its base budget for 2017. The base budget delivers the completion of the environmental assessment process; advancement of Inuit Impact and Benefits Agreement and land tenure negotiations with the KIA; completion of basic engineering and project execution plan; and, completion of a mapping, rock and till sampling and geophysical exploration field program. In addition, the Company has planned certain discretionary activities, including an exploration drilling program, completion of the water license review process and commencement of detailed engineering and project financing. Depending on the timing and success of the permitting process, total expenditures could range up to approximately $31 million in 2017.


Dominion Diamond resists takeover offer

U.S. company makes proposal to buy up diamond corporation's stock

Northern News Services - March 22, 2017

Jessica Davey-Quantick

A U.S. company has its eye on a takeover of Dominion Diamond Corporation, a move Dominion is calling "unsolicited" and "highly opportunistic."

The company has projected sales of between US$875 and $975 million for 2018, a 62 per cent increase over sales for the 2017 fiscal year, according to statistics released on March 16.

Dominion operates the Ekati Diamond Mine and owns 40 per cent of the Diavik Diamond Mine. These two mines are expected to produce between 9.1 and 10 million carats in 2018.

Jim Gowans, chairman of the Dominion board of directors, attributes the forecast to high value ore recovered from the Misery Main and Koala underground pipes at Ekati.

"The cash flow generated by Ekati and Diavik during this period is expected to be ample to fund our pipeline of attractive growth projects and a renewed focus on exploration," he stated in the news release.

On tap is the Jay project, which is in the final stage of permitting, with a water licence expected this summer. The Lynx project is also expected to produce high value carats this year, while the per-feasibility study at Fox Deep will also be completed this year as well. The Fox kimberlite pipe could have 35.2 million tonnes of rock, containing 11.6 million carats of diamonds.

Looking forward even further, the company has several projects in line for 2020, including the Misery Deep project, currently in the pre-feasibility stage to see if an underground operation below the planned open pit is possible.

While the projections aren't statistics yet, it gives Tom Hoefer, executive director of the NWT & Nunavut Chamber of Mines, hope for the future.

"Everybody's had a tough few years here, and we're not out of the bad times yet, although the markets are changing, which is a good thing," he said. "(Dominion has) been in a period of building for the future."

The Washington Corporations, a group of companies in the U.S. and western Canada that range from marine and rail transportation to heavy equipment distribution, environmental remediation and mining, proposed to acquire 100 per cent of the outstanding common shares of Dominion at US $13.50 per share in cash - 36 per cent more than Dominion's closing stock price earlier this month.

In a news release issued this week, Washington president Lawrence R. Simkins described the proposal as "clearly in the best interests of communities and employees," adding that if Dominion accepts the proposal, it would offer shareholders a "substantial cash premium."

"What we do is buy assets that we really want to keep for a very long time," he said in an interview with Yellowknifer. "And this seemed like a perfect opportunity for us to continue to invest."

The business entity originally issued the conditional and non-binding expression of interest on Feb. 21, but both companies revealed the proposal on Sunday in dueling news releases.

Simkins said Washington "didn't have any other choice" but to release the proposal publicly.

"We thought that shareholders should know ... to express their concern to the board," he said.

In a news release, Dominion described the proposal as a "three-page, mostly boilerplate" letter.

The Dominion board of directors met with the company on March 9, despite concerns about Washington's lack of credibility or experience in the diamond industry.


Simkins dismissed these concerns.

"We didn't have expertise in the railroad industry either when we started getting into railroads, or when we first got into our copper mines," he said.

The company owns and operates Montana Resources, an open pit copper and molybdenum mine in Butte, Montana.

"What we do is hire world-class management to run these businesses when we purchase them," said Simkins.

According to Dominion, Washington continues to demand a period of exclusivity, and the right to veto the board's new choice of CEO. In January, current Dominion CEO Brendan Bell announced he would be exiting the role.

Dominion CEO Brendan Bell was unavailable for comment.

Simkins said the term veto wasn't strictly accurate, but he said it "just didn't make sense" for Dominion to hire somebody while Washington was looking to buy the company.

Washington explained in the proposal letter the business intends to continue to develop the Ekati Mine Jay pipe and follow the existing mining plan.

To move from expression of interest to actual offer, Washington wants a peek behind Dominion's corporate curtain in the interest of due diligence - the proposal was created based on publicly available information.

"In other words, WashCorps is seeking a self-interested 'free option' to learn of Dominion's business and prospects, while paralyzing the company," stated the Dominion news release, adding the board is "more than willing" to consider opportunities, but said it will not do so to the detriment of shareholders and stakeholders.

Dominion stated it would agree to the "extensive due diligence on Dominion's unique assets and growth potential" if Washington agreed to a "customary standstill."

That would mean it couldn't use any of the confidential information it discovered about Dominion to try to acquire control of the company.

Simkins told Yellowknifer he felt his company's request for information wasn't out of the ordinary.

"We felt they were normal," he said. "In fact, we felt we even went aways to be even more accommodating on several things."

When the two parties couldn't agree on terms to open the books, the process stalled, with both parties waiting by the phone for the other's next move.

Simkins said the ball is now in Dominion's court.

"We'll just wait to hear from them," he said. "Absolutely, we'd still like the opportunity."

Jack Bourassa, regional executive vice-president of Public Service Alliance of Canada, said the possible buyout shouldn't affect Dominion's staff in the territory.

"If a company comes in and they buy up all the equipment, they buy the labour force that was with it up to and including the collective agreements that have already been signed," he said.

The expression of interest could even be a good sign for the industry, which has seen rough times, according to Tom Hoefer, executive director of the NWT & Nunavut Chamber of Mines.

He said proposals like this are not unheard of in the industry and the interest could be a sign that others are seeing value in Dominion's projects.

"They're starting to build that value and they're seeing their efforts being rewarded," said Hoefer.

Chamber of Mines News Briefs March 21 - 22, 2017...or her $1,200 Canada Goose parka. Our largest icebreaker— built in 1969—is currently undergoing it’s seventh refit. And, we

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