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21:<o:Author>Laurie Rempel</o:Author>
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24:<o:Created>2002-11-13T17:30:36Z</o:Created>
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617:<TD class=xl24></TD>
618:<TD class="cmi" colSpan=13></TD></TR>
619:<TR class="cmk" height=31>
620:<TD class="cmk" height=31></TD>
621:<TD class=xl38 class="cmi" colSpan=3>CALAIS RESOURCES
622:INC.</TD>
623:<TD class="cmi" colSpan=13></TD></TR>
624:<TR class="cm9" height=17>
625:<TD class="cm9" height=17></TD>
626:<TD class=xl37 class="cmi" colSpan=2></TD>
627:<TD class=xl24></TD>
628:<TD class="cmi" colSpan=13></TD></TR>
629:<TR class="cm9" height=17>
630:<TD class="cm9" height=17></TD>
631:<TD class=xl37 class="cmi" colSpan=2></TD>
632:<TD class=xl24></TD>
633:<TD class="cmi" colSpan=13></TD></TR>
634:<TR class="cm9" height=17>
635:<TD class="cm9" height=17></TD>
636:<TD class=xl37 class="cmi" colSpan=2>Years ended May 31,
637:2002 and 2001</TD>
638:<TD class=xl24></TD>
639:<TD class="cmi" colSpan=13></TD></TR>
640:<TR class="cm9" height=17>
641:<TD class="cm9" height=17></TD>
642:<TD class=xl37>(In Canadian dollars)</TD>
643:<TD class=xl37></TD>
644:<TD class=xl24></TD>
645:<TD class="cmi" colSpan=13></TD></TR>
646:<TR class="cm9" height=17>
647:<TD class="cm9" height=17></TD>
648:<TD class=xl37 class="cmi" colSpan=2></TD>
649:<TD class=xl24></TD>
650:<TD class="cmi" colSpan=13></TD></TR>
651:<TR class="cm9" height=17>
652:<TD class="cm9" height=17></TD>
653:<TD class=xl37 class="cmi" colSpan=2></TD>
654:<TD class=xl24></TD>
655:<TD class="cmi" colSpan=13></TD></TR>
656:<TR class="cm9" height=17>
657:<TD class="cm9" height=17></TD>
658:<TD class=xl37 class="cmi" colSpan=2></TD>
659:<TD class=xl24></TD>
660:<TD class="cmi" colSpan=13></TD></TR>
661:<TR class="cm9" height=17>
662:<TD class="cm9" height=17></TD>
663:<TD class=xl37 class="cmi" colSpan=2></TD>
664:<TD class=xl24></TD>
665:<TD class="cmi" colSpan=13></TD></TR>
666:<TR class="cm9" height=17>
667:<TD class="cm9" height=17></TD>
668:<TD class=xl37 class="cmi" colSpan=2></TD>
669:<TD class=xl24></TD>
670:<TD class="cmi" colSpan=13></TD></TR>
671:<TR class="cm9" height=17>
672:<TD class="cm9" height=17></TD>
673:<TD class=xl37 class="cmi" colSpan=2></TD>
674:<TD class=xl24></TD>
675:<TD class="cmi" colSpan=13></TD></TR>
676:<TR class="cm9" height=17>
677:<TD class="cm9" height=17></TD>
678:<TD class=xl37 class="cmi" colSpan=2></TD>
679:<TD class=xl24></TD>
680:<TD class="cmi" colSpan=13></TD></TR>
681:<TR class="cm9" height=17>
682:<TD class="cm9" height=17></TD>
683:<TD class=xl37 class="cmi" colSpan=2></TD>
684:<TD class=xl24></TD>
685:<TD class="cmi" colSpan=13></TD></TR>
686:<TR class="cm9" height=17>
687:<TD class="cm9" height=17></TD>
688:<TD class=xl37 class="cmi" colSpan=2></TD>
689:<TD class=xl24></TD>
690:<TD class="cmi" colSpan=13></TD></TR>
691:<TR class="cm9" height=17>
692:<TD class="cm9" height=17></TD>
693:<TD class=xl37 class="cmi" colSpan=2></TD>
694:<TD class=xl24></TD>
695:<TD class="cmi" colSpan=13></TD></TR>
696:<TR class="cm9" height=17>
697:<TD class="cm9" height=17></TD>
698:<TD class=xl37 class="cmi" colSpan=2></TD>
699:<TD class=xl24></TD>
700:<TD class="cmi" colSpan=13></TD></TR>
701:<TR class="cm9" height=17>
702:<TD class="cm9" height=17></TD>
703:<TD class=xl37 class="cmi" colSpan=2></TD>
704:<TD class=xl24></TD>
705:<TD class="cmi" colSpan=13></TD></TR>
706:<TR class="cm9" height=17>
707:<TD class="cm9" height=17></TD>
708:<TD class=xl37 class="cmi" colSpan=2></TD>
709:<TD class=xl24></TD>
710:<TD class="cmi" colSpan=13></TD></TR>
711:<TR class="cm9" height=17>
712:<TD class="cm9" height=17></TD>
713:<TD class=xl37 class="cmi" colSpan=2></TD>
714:<TD class=xl24></TD>
715:<TD class="cmi" colSpan=13></TD></TR>
716:<TR class="cm9" height=17>
717:<TD class="cm9" height=17></TD>
718:<TD class=xl37 class="cmi" colSpan=2></TD>
719:<TD class=xl24></TD>
720:<TD class="cmi" colSpan=13></TD></TR>
721:<TR class="cm9" height=17>
722:<TD class="cm9" height=17></TD>
723:<TD class=xl37 class="cmi" colSpan=2></TD>
724:<TD class=xl24></TD>
725:<TD class="cmi" colSpan=13></TD></TR>
726:<TR class="cm9" height=17>
727:<TD class="cm9" height=17></TD>
728:<TD class=xl37 class="cmi" colSpan=2></TD>
729:<TD class=xl24></TD>
730:<TD class="cmi" colSpan=13></TD></TR>
731:<TR class="cm9" height=17>
732:<TD class="cm9" height=17></TD>
733:<TD class=xl37 class="cmi" colSpan=2></TD>
734:<TD class=xl24></TD>
735:<TD class="cmi" colSpan=13></TD></TR>
736:<TR class="cm9" height=17>
737:<TD class="cm9" height=17></TD>
738:<TD class=xl37 class="cmi" colSpan=2></TD>
739:<TD class=xl24></TD>
740:<TD class="cmi" colSpan=13></TD></TR>
741:<TR class="cm9" height=17>
742:<TD class="cm9" height=17></TD>
743:<TD class=xl37 class="cmi" colSpan=2></TD>
744:<TD class=xl24></TD>
745:<TD class="cmi" colSpan=13></TD></TR>
746:<TR class="cm9" height=17>
747:<TD class="cm9" height=17></TD>
748:<TD class=xl37 class="cmi" colSpan=2></TD>
749:<TD class=xl24></TD>
750:<TD class="cmi" colSpan=13></TD></TR>
751:<TR class="cm9" height=17>
752:<TD class="cm9" height=17></TD>
753:<TD class=xl37 class="cmi" colSpan=2></TD>
754:<TD class=xl24></TD>
755:<TD class="cmi" colSpan=13></TD></TR>
756:<TR class="cm9" height=17>
757:<TD class="cm9" height=17></TD>
758:<TD class=xl37 class="cmi" colSpan=2></TD>
759:<TD class=xl24></TD>
760:<TD class="cmi" colSpan=13></TD></TR>
761:<TR class="cm9" height=17>
762:<TD class="cm9" height=17></TD>
763:<TD class=xl37 class="cmi" colSpan=2></TD>
764:<TD class=xl24></TD>
765:<TD class="cmi" colSpan=13></TD></TR>
766:<TR class="cm9" height=17>
767:<TD class="cm9" height=17></TD>
768:<TD class=xl37 class="cmi" colSpan=2></TD>
769:<TD class=xl24></TD>
770:<TD class="cmi" colSpan=13></TD></TR>
771:<TR class="cm9" height=17>
772:<TD class="cm9" height=17></TD>
773:<TD class=xl36 class="cmi" colSpan=2></TD>
774:<TD class=xl24></TD>
775:<TD class="cmi" colSpan=13></TD></TR>
776:<TR class="cm9" height=17>
777:<TD class="cm9" height=17></TD>
778:<TD class=xl24 class="cmi" colSpan=3></TD>
779:<TD class="cmi" colSpan=13></TD></TR>
780:<TR class="cm9" height=17>
781:<TD class="cm9" height=17></TD>
782:<TD class=xl24 class="cmi" colSpan=3></TD>
783:<TD class="cmi" colSpan=13></TD></TR>
784:<TR class="cm9" height=17>
785:<TD class="cm9" height=17></TD>
786:<TD class=xl24 class="cmi" colSpan=3></TD>
787:<TD class="cmi" colSpan=13></TD></TR>
788:<TR class="cm9" height=17>
789:<TD class="cm9" height=17></TD>
790:<TD class=xl24 class="cmi" colSpan=3></TD>
791:<TD class="cmi" colSpan=13></TD></TR>
792:<TR class="cm9" height=17>
793:<TD class="cm9" height=17></TD>
794:<TD class=xl24 class="cmi" colSpan=3></TD>
795:<TD class="cmi" colSpan=13></TD></TR>
796:<TR class="cm9" height=17>
797:<TD class="cm9" height=17></TD>
798:<TD class=xl39 class="cmi" colSpan=2></TD>
799:<TD class=xl24></TD>
800:<TD class="cmi" colSpan=13></TD></TR>
801:<TR class="cm9" height=17>
802:<TD class="cm9" height=17></TD>
803:<TD class=xl39 class="cmi" colSpan=2></TD>
804:<TD class=xl24></TD>
805:<TD class="cmi" colSpan=13></TD></TR>
806:<TR class="cm9" height=17>
807:<TD class="cm9" height=17></TD>
808:<TD class=xl39 class="cmi" colSpan=2></TD>
809:<TD class=xl24></TD>
810:<TD class="cmi" colSpan=13></TD></TR>
811:<TR class="cml" height=24>
812:<TD class="cml" height=24></TD>
813:<TD class=xl40 class="cmi" colSpan=2></TD>
814:<TD class=xl24></TD>
815:<TD class="cmi" colSpan=13></TD></TR>
816:<TR class="cml" height=24>
817:<TD class="cml" height=24></TD>
818:<TD class=xl40 class="cmi" colSpan=2></TD>
819:<TD class=xl24></TD>
820:<TD class="cmi" colSpan=13></TD></TR>
821:<TR class="cml" height=24>
822:<TD class="cml" height=24></TD>
823:<TD class=xl40 class="cmi" colSpan=2></TD>
824:<TD class=xl24></TD>
825:<TD class="cmi" colSpan=13></TD></TR>
826:<TR class="cmm" height=25>
827:<TD class=xl40 class="cmn" colSpan=6 height=25>MANAGEMENT&#8217;S
828:STATEMENT OF RESPONSIBILITY</TD>
829:<TD class="cmi" colSpan=11></TD></TR>
830:<TR class="cm9" height=17>
831:<TD class="cm9" height=17></TD>
832:<TD class=xl39 class="cmi" colSpan=2></TD>
833:<TD class=xl24></TD>
834:<TD class="cmi" colSpan=13></TD></TR>
835:<TR class="cm9" height=17>
836:<TD class="cm9" height=17></TD>
837:<TD class=xl39 class="cmi" colSpan=2></TD>
838:<TD class=xl24></TD>
839:<TD class="cmi" colSpan=13></TD></TR>
840:<TR class="cm9" height=17>
841:<TD class="cm9" height=17></TD>
842:<TD class=xl39 class="cmi" colSpan=2></TD>
843:<TD class=xl24></TD>
844:<TD class="cmi" colSpan=13></TD></TR>
845:<TR class="cmo" height=86>
846:<TD class=xl39 class="cmp" colSpan=6 height=86>Management is
847:responsible for the preparation of the accompanying consolidated financial
848:statements and for their integrity and objectivity.<SPAN
849:class="cmj">&nbsp; </SPAN>The consolidated statements have
850:been prepared in accordance with Canadian generally accepted accounting
851:principles and are considered by management to present fairly the
852:financial position and operating results of the Company.<SPAN
853:class="cmj">&nbsp; </SPAN>The significant accounting
854:policies followed are described in the notes to the consolidated financial
855:statements.</TD>
856:<TD class="cmi" colSpan=11></TD></TR>
857:<TR class="cm9" height=17>
858:<TD class="cm9" height=17></TD>
859:<TD class=xl41 class="cmi" colSpan=2></TD>
860:<TD class=xl42></TD>
861:<TD class=xl43 class="cmi" colSpan=2></TD>
862:<TD class="cmi" colSpan=11></TD></TR>
863:<TR class="cmq" height=70>
864:<TD class=xl39 class="cmr" colSpan=6 height=70>Management has
865:established internal control systems to provide reliable accounting
866:records and safeguard Company assets.<SPAN
867:class="cmj">&nbsp; </SPAN>The consolidated financial
868:statements have been audited by the independent auditors KPMG LLP,
869:Chartered Accountants, whose report outlines the scope of their
870:examination and their opinion on the consolidated financial statements.</TD>
871:<TD class="cmi" colSpan=11></TD></TR>
872:<TR class="cm9" height=17>
873:<TD class="cm9" height=17></TD>
874:<TD class=xl41 class="cmi" colSpan=2></TD>
875:<TD class=xl42></TD>
876:<TD class=xl43 class="cmi" colSpan=2></TD>
877:<TD class="cmi" colSpan=11></TD></TR>
878:<TR class="cms" height=34>
879:<TD class=xl39 class="cmt" colSpan=6 height=34>The auditors
880:have full rights to meet separately with the Audit Committee to discuss
881:the results of their examination and their opinions on the adequacy of
882:internal controls and the quality of financial reporting.</TD>
883:<TD class="cmi" colSpan=11></TD></TR>
884:<TR class="cm9" height=17>
885:<TD class="cm9" height=17></TD>
886:<TD class=xl41 class="cmi" colSpan=2></TD>
887:<TD class=xl42></TD>
888:<TD class=xl43 class="cmi" colSpan=2></TD>
889:<TD class="cmi" colSpan=11></TD></TR>
890:<TR class="cmu" height=35>
891:<TD class=xl39 class="cmv" colSpan=6 height=35>The Audit
892:Committee of the Company reports their finding to the Board of Directors
893:for its consideration in approving the financial statements for
894:issuance.</TD>
895:<TD class="cmi" colSpan=11></TD></TR>
896:<TR class="cm9" height=17>
897:<TD class="cm9" height=17></TD>
898:<TD class=xl39 class="cmi" colSpan=2></TD>
899:<TD class=xl24></TD>
900:<TD class="cmi" colSpan=13></TD></TR>
901:<TR class="cm9" height=17>
902:<TD class="cm9" height=17></TD>
903:<TD class=xl39 class="cmi" colSpan=2></TD>
904:<TD class=xl24></TD>
905:<TD class="cmi" colSpan=13></TD></TR>
906:<TR class="cm9" height=17>
907:<TD class="cm9" height=17></TD>
908:<TD class=xl39 class="cmi" colSpan=2></TD>
909:<TD class=xl24></TD>
910:<TD class="cmi" colSpan=13></TD></TR>
911:<TR class="cm9" height=17>
912:<TD class="cm9" height=17></TD>
913:<TD class=xl39 class="cmi" colSpan=2></TD>
914:<TD class=xl24></TD>
915:<TD class="cmi" colSpan=13></TD></TR>
916:<TR class="cm9" height=17>
917:<TD class=xl57 class="cm9" height=17>&nbsp;</TD>
918:<TD class=xl58>"signed by Art Daher"</TD>
919:<TD></TD>
920:<TD class=xl24></TD>
921:<TD class="cmi" colSpan=13></TD></TR>
922:<TR class="cm9" height=17>
923:<TD class=xl39 class="cm9" colSpan=2 height=17>Calais
924:Resources Inc.</TD>
925:<TD></TD>
926:<TD class=xl24></TD>
927:<TD class="cmi" colSpan=13></TD></TR>
928:<TR class="cm9" height=17>
929:<TD class=xl39 class="cm9" colSpan=2 height=17>Chilliwack,
930:BC</TD>
931:<TD></TD>
932:<TD class=xl24></TD>
933:<TD class="cmi" colSpan=13></TD></TR>
934:<TR class="cm9" height=17>
935:<TD class="cm9" height=17></TD>
936:<TD class=xl39 class="cmi" colSpan=2></TD>
937:<TD class=xl24></TD>
938:<TD class="cmi" colSpan=13></TD></TR>
939:<TR class="cm9" height=17>
940:<TD class="cm9" height=17></TD>
941:<TD class=xl39 class="cmi" colSpan=2></TD>
942:<TD class=xl24></TD>
943:<TD class="cmi" colSpan=13></TD></TR>
944:<TR class="cm9" height=17>
945:<TD class=xl44 class="cm9" colSpan=2 height=17
946:x:num="37547">October 18, 2002</TD>
947:<TD></TD>
948:<TD class=xl24></TD>
949:<TD class="cmi" colSpan=13></TD></TR>
950:<TR class="cm9" height=17>
951:<TD class="cm9" height=17></TD>
952:<TD class=xl39 class="cmi" colSpan=2></TD>
953:<TD class=xl24></TD>
954:<TD class="cmi" colSpan=13></TD></TR>
955:<TR class="cm9" height=17>
956:<TD class="cm9" height=17></TD>
957:<TD class=xl39 class="cmi" colSpan=2></TD>
958:<TD class=xl24></TD>
959:<TD class="cmi" colSpan=13></TD></TR>
960:<TR class="cm9" height=17>
961:<TD class="cm9" height=17></TD>
962:<TD class=xl39 class="cmi" colSpan=2></TD>
963:<TD class=xl24></TD>
964:<TD class="cmi" colSpan=13></TD></TR>
965:<TR class="cm9" height=17>
966:<TD class="cm9" height=17></TD>
967:<TD class=xl39 class="cmi" colSpan=2></TD>
968:<TD class=xl24></TD>
969:<TD class="cmi" colSpan=13></TD></TR>
970:<TR class="cm9" height=17>
971:<TD class="cm9" height=17></TD>
972:<TD class=xl39 class="cmi" colSpan=2></TD>
973:<TD class=xl24></TD>
974:<TD class="cmi" colSpan=13></TD></TR>
975:<TR class="cm9" height=17>
976:<TD class="cm9" height=17></TD>
977:<TD class=xl39 class="cmi" colSpan=2></TD>
978:<TD class=xl24></TD>
979:<TD class="cmi" colSpan=13></TD></TR>
980:<TR class="cm9" height=17>
981:<TD class="cm9" height=17></TD>
982:<TD class=xl39 class="cmi" colSpan=2></TD>
983:<TD class=xl24></TD>
984:<TD class="cmi" colSpan=13></TD></TR>
985:<TR class="cm9" height=17>
986:<TD class="cm9" height=17></TD>
987:<TD class=xl39 class="cmi" colSpan=2></TD>
988:<TD class=xl24></TD>
989:<TD class="cmi" colSpan=13></TD></TR>
990:<TR class="cm9" height=17>
991:<TD class="cm9" height=17></TD>
992:<TD class=xl39 class="cmi" colSpan=2></TD>
993:<TD class=xl24></TD>
994:<TD class="cmi" colSpan=13></TD></TR>
995:<TR class="cm9" height=17>
996:<TD class="cm9" height=17></TD>
997:<TD class=xl39 class="cmi" colSpan=2></TD>
998:<TD class=xl24></TD>
999:<TD class="cmi" colSpan=13></TD></TR>
1000:<TR class="cm9" height=17>
1001:<TD class=xl39 class="cmw" colSpan=3
1002:height=17></TD>
1003:<TD class=xl24></TD>
1004:<TD class="cmi" colSpan=13></TD></TR>
1005:<TR class="cm9" height=17>
1006:<TD class=xl39 class="cmw" colSpan=3
1007:height=17></TD>
1008:<TD class=xl24></TD>
1009:<TD class="cmi" colSpan=13></TD></TR>
1010:<TR class="cm9" height=17>
1011:<TD class=xl39 class="cmw" colSpan=3
1012:height=17></TD>
1013:<TD class=xl24></TD>
1014:<TD class="cmi" colSpan=13></TD></TR>
1015:<TR class="cm9" height=17>
1016:<TD class=xl39 class="cmw" colSpan=3
1017:height=17></TD>
1018:<TD class=xl24></TD>
1019:<TD class="cmi" colSpan=13></TD></TR>
1020:<TR class="cm9" height=17>
1021:<TD class=xl39 class="cmw" colSpan=3
1022:height=17></TD>
1023:<TD class=xl24></TD>
1024:<TD class="cmi" colSpan=13></TD></TR>
1025:<TR class="cml" height=24>
1026:<TD class=xl40 class="cml" height=24></TD>
1027:<TD class=xl39 class="cmi" colSpan=2></TD>
1028:<TD class=xl24></TD>
1029:<TD class="cmi" colSpan=13></TD></TR>
1030:<TR class="cml" height=24>
1031:<TD class=xl40 class="cml" height=24></TD>
1032:<TD class=xl39 class="cmi" colSpan=2></TD>
1033:<TD class=xl24></TD>
1034:<TD class="cmi" colSpan=13></TD></TR>
1035:<TR class="cml" height=24>
1036:<TD class=xl40 class="cml" height=24></TD>
1037:<TD class=xl39 class="cmi" colSpan=2></TD>
1038:<TD class=xl24></TD>
1039:<TD class="cmi" colSpan=13></TD></TR>
1040:<TR class="cml" height=24>
1041:<TD class=xl40 class="cml" height=24></TD>
1042:<TD class=xl39 class="cmi" colSpan=2></TD>
1043:<TD class=xl24></TD>
1044:<TD class="cmi" colSpan=13></TD></TR>
1045:<TR class="cml" height=24>
1046:<TD class=xl40 class="cml" height=24></TD>
1047:<TD class=xl39 class="cmi" colSpan=2></TD>
1048:<TD class=xl24></TD>
1049:<TD class="cmi" colSpan=13></TD></TR>
1050:<TR class="cmx" height=23>
1051:<TD class=xl40 class="cmy" colSpan=6 height=23>AUDITORS'
1052:REPORT TO THE DIRECTORS</TD>
1053:<TD class="cmi" colSpan=11></TD></TR>
1054:<TR class="cmx" height=23>
1055:<TD class=xl40 class="cmy" height=23></TD>
1056:<TD class="cmi" colSpan=16></TD></TR>
1057:<TR class="cmz" height=121>
1058:<TD class=xl39 class="cm10" colSpan=6 height=121>We have
1059:audited the consolidated balance sheet of Calais Resources Inc. as at May
1060:31, 2002 and the consolidated statements of operations and deficit and
1061:cash flows for the year then ended.<SPAN class="cmj">&nbsp;
1062:</SPAN>These financial statements are the responsibility of the Company's
1063:management.<SPAN class="cmj">&nbsp; </SPAN>Our
1064:responsibility is to express an opinion on these<SPAN
1065:class="cmj">&nbsp; </SPAN>financial statements based on our
1066:audit.<SPAN class="cmj">&nbsp; </SPAN>The consolidated
1067:financial statements as at May 31, 2001 and for the years ended May 31,
1068:2001 and 2000 were audited by another auditor, who expressed an opinion
1069:without reservation on those statements in their report, dated October 17,
1070:2001, except as to Note 5 which was as of November 21, 2001.</TD>
1071:<TD class="cmi" colSpan=11></TD></TR>
1072:<TR class="cm11" height=129>
1073:<TD class=xl39 class="cm12" colSpan=6 height=129>With respect
1074:to the consolidated financial statements for the year ended May 31, 2002,
1075:we conducted our audit in accordance with Canadian generally accepted
1076:auditing standards and United States generally accepted auditing
1077:standards.<SPAN class="cmj">&nbsp; </SPAN>Those standards
1078:require that we plan and perform an audit to obtain reasonable assurance
1079:whether the financial statements are free of material misstatement.<SPAN
1080:class="cmj">&nbsp; </SPAN>An audit includes examining, on a
1081:test basis, evidence supporting the amounts and disclosures in the
1082:financial statements.<SPAN class="cmj">&nbsp; </SPAN>An
1083:audit also includes assessing the accounting principles used and
1084:significant estimates made by management, as well as evaluating the
1085:overall financial statement presentation.</TD>
1086:<TD class="cmi" colSpan=11></TD></TR>
1087:<TR class="cm13" height=111>
1088:<TD class=xl39 class="cm14" colSpan=6 height=111>In our
1089:opinion, these consolidated financial statements present fairly, in all
1090:material respects, the financial position of the Company as at May 31,
1091:2002 and the results of its operations and its cash flows for the year
1092:then ended in accordance with Canadian generally accepted accounting
1093:principles.<SPAN class="cmj">&nbsp; </SPAN>As required by
1094:the Company Act (British Columbia), we report that in our opinion these
1095:principles have been applied, after giving retroactive effect to the
1096:change in accounting for net loss per share explained in Note 2(j) to the
1097:financial statements, on a consistent basis.</TD>
1098:<TD class="cmi" colSpan=11></TD></TR>
1099:<TR class="cm15" height=59>
1100:<TD class=xl39 class="cm16" colSpan=6 height=59></TD>
1101:<TD class="cmi" colSpan=11></TD></TR>
1102:<TR class="cm17" height=58>
1103:<TD class=xl57 class="cm18" height=58>&nbsp;</TD>
1104:<TD class=xl57>"signed KPMG LLP"</TD>
1105:<TD class=xl39></TD>
1106:<TD class=xl24></TD>
1107:<TD class="cmi" colSpan=13></TD></TR>
1108:<TR class="cm9" height=17>
1109:<TD class=xl39 class="cm9" colSpan=6 height=17>Chartered
1110:Accountants</TD>
1111:<TD class="cmi" colSpan=11></TD></TR>
1112:<TR class="cm9" height=17>
1113:<TD class=xl39 class="cm9" height=17></TD>
1114:<TD class="cmi" colSpan=16></TD></TR>
1115:<TR class="cm9" height=17>
1116:<TD class=xl37 class="cmw" colSpan=2
1117:height=17>Chilliwack, Canada</TD>
1118:<TD class=xl39></TD>
1119:<TD class=xl24></TD>
1120:<TD class="cmi" colSpan=13></TD></TR>
1121:<TR class="cm9" height=17>
1122:<TD class=xl37 class="cm9" height=17></TD>
1123:<TD class=xl39 class="cmi" colSpan=2></TD>
1124:<TD class=xl24></TD>
1125:<TD class="cmi" colSpan=13></TD></TR>
1126:<TR class="cm9" height=17>
1127:<TD class=xl44 class="cm9" colSpan=2 height=17
1128:x:num="37547">October 18, 2002</TD>
1129:<TD class=xl47></TD>
1130:<TD class=xl24></TD>
1131:<TD class="cmi" colSpan=13></TD></TR>
1132:<TR class="cm9" height=17>
1133:<TD class="cm9" height=17></TD>
1134:<TD class=xl39 class="cmi" colSpan=2></TD>
1135:<TD class=xl24></TD>
1136:<TD class="cmi" colSpan=13></TD></TR>
1137:<TR class="cm9" height=17>
1138:<TD class="cm9" height=17></TD>
1139:<TD class=xl39 class="cmi" colSpan=2></TD>
1140:<TD class=xl24></TD>
1141:<TD class="cmi" colSpan=13></TD></TR>
1142:<TR class="cm9" height=17>
1143:<TD class="cm9" height=17></TD>
1144:<TD class=xl39 class="cmi" colSpan=2></TD>
1145:<TD class=xl24></TD>
1146:<TD class="cmi" colSpan=13></TD></TR>
1147:<TR class="cm9" height=17>
1148:<TD class="cm9" height=17></TD>
1149:<TD class=xl39 class="cmi" colSpan=2></TD>
1150:<TD class=xl24></TD>
1151:<TD class="cmi" colSpan=13></TD></TR>
1152:<TR class="cm9" height=17>
1153:<TD class="cm9" height=17></TD>
1154:<TD class=xl39 class="cmi" colSpan=2></TD>
1155:<TD class=xl24></TD>
1156:<TD class="cmi" colSpan=13></TD></TR>
1157:<TR class="cm9" height=17>
1158:<TD class="cm9" height=17></TD>
1159:<TD class=xl39 class="cmi" colSpan=2></TD>
1160:<TD class=xl24></TD>
1161:<TD class="cmi" colSpan=13></TD></TR>
1162:<TR class="cm9" height=17>
1163:<TD class="cm9" height=17></TD>
1164:<TD class=xl39 class="cmi" colSpan=2></TD>
1165:<TD class=xl24></TD>
1166:<TD class="cmi" colSpan=13></TD></TR>
1167:<TR class="cm9" height=17>
1168:<TD class="cm9" height=17></TD>
1169:<TD class=xl39 class="cmi" colSpan=2></TD>
1170:<TD class=xl24></TD>
1171:<TD class="cmi" colSpan=13></TD></TR>
1172:<TR class="cm9" height=17>
1173:<TD class="cm9" height=17></TD>
1174:<TD class=xl39 class="cmi" colSpan=2></TD>
1175:<TD class=xl24></TD>
1176:<TD class="cmi" colSpan=13></TD></TR>
1177:<TR class="cm9" height=17>
1178:<TD class="cm9" height=17></TD>
1179:<TD class=xl39 class="cmi" colSpan=2></TD>
1180:<TD class=xl24></TD>
1181:<TD class="cmi" colSpan=13></TD></TR>
1182:<TR class="cm9" height=17>
1183:<TD class="cm9" height=17></TD>
1184:<TD class=xl39 class="cmi" colSpan=2></TD>
1185:<TD class=xl24></TD>
1186:<TD class="cmi" colSpan=13></TD></TR>
1187:<TR class="cm9" height=17>
1188:<TD class="cm9" height=17></TD>
1189:<TD class=xl39 class="cmi" colSpan=2></TD>
1190:<TD class=xl24></TD>
1191:<TD class="cmi" colSpan=13></TD></TR>
1192:<TR class="cm9" height=17>
1193:<TD class="cm9" height=17></TD>
1194:<TD class=xl39 class="cmi" colSpan=2></TD>
1195:<TD class=xl24></TD>
1196:<TD class="cmi" colSpan=13></TD></TR>
1197:<TR class="cm9" height=17>
1198:<TD class="cm9" height=17></TD>
1199:<TD class=xl39 class="cmi" colSpan=2></TD>
1200:<TD class=xl24></TD>
1201:<TD class="cmi" colSpan=13></TD></TR>
1202:<TR class="cm9" height=17>
1203:<TD class=xl39 class="cmw" colSpan=3
1204:height=17></TD>
1205:<TD class=xl24></TD>
1206:<TD class="cmi" colSpan=13></TD></TR>
1207:<TR class="cm9" height=17>
1208:<TD class=xl39 class="cmw" colSpan=3
1209:height=17></TD>
1210:<TD class=xl24></TD>
1211:<TD class="cmi" colSpan=13></TD></TR>
1212:<TR class="cm9" height=17>
1213:<TD class=xl39 class="cmw" colSpan=3
1214:height=17></TD>
1215:<TD class=xl24></TD>
1216:<TD class="cmi" colSpan=13></TD></TR>
1217:<TR class="cm9" height=17>
1218:<TD class=xl39 class="cmw" colSpan=3
1219:height=17></TD>
1220:<TD class=xl24></TD>
1221:<TD class="cmi" colSpan=13></TD></TR>
1222:<TR class="cm9" height=17>
1223:<TD class=xl39 class="cmw" colSpan=3
1224:height=17></TD>
1225:<TD class=xl24></TD>
1226:<TD class="cmi" colSpan=13></TD></TR>
1227:<TR class="cml" height=24>
1228:<TD class=xl40 class="cml" height=24></TD>
1229:<TD class=xl39 class="cmi" colSpan=2></TD>
1230:<TD class=xl24></TD>
1231:<TD class="cmi" colSpan=13></TD></TR>
1232:<TR class="cml" height=24>
1233:<TD class=xl40 class="cml" height=24></TD>
1234:<TD class=xl39 class="cmi" colSpan=2></TD>
1235:<TD class=xl24></TD>
1236:<TD class="cmi" colSpan=13></TD></TR>
1237:<TR class="cml" height=24>
1238:<TD class=xl40 class="cml" height=24></TD>
1239:<TD class=xl39 class="cmi" colSpan=2></TD>
1240:<TD class=xl24></TD>
1241:<TD class="cmi" colSpan=13></TD></TR>
1242:<TR class="cm19" height=46>
1243:<TD class=xl40 class="cm1a" colSpan=6 height=46>COMMENTS BY
1244:AUDITOR FOR U.S. READERS ON CANADA-U.S. REPORTING DIFFERENCE</TD>
1245:<TD class="cmi" colSpan=11></TD></TR>
1246:<TR class="cm1b" height=135>
1247:<TD class=xl39 class="cm1c" colSpan=6 height=135>In the United
1248:States, reporting standards require the addition of an explanatory
1249:paragraph (following the opinion paragraph) when the financial statements
1250:are affected by conditions and events that cast substantial doubt on the
1251:Company's ability to continue as a going concern, such as those described
1252:in note 1 to the consolidated financial statements.<SPAN
1253:class="cmj">&nbsp; </SPAN>Our report to the directors dated
1254:October 18, 2002 is expressed in accordance with Canadian reporting
1255:standards which does not permit a reference to such events and conditions
1256:in the auditors' report when these are adequately disclosed in the
1257:financial statements.</TD>
1258:<TD class="cmi" colSpan=11></TD></TR>
1259:<TR class="cm1d" height=66>
1260:<TD class=xl57 class="cm1e" height=66>&nbsp;</TD>
1261:<TD class=xl57>"signed by KPMG LLP"</TD>
1262:<TD class=xl39></TD>
1263:<TD class=xl24></TD>
1264:<TD class="cmi" colSpan=13></TD></TR>
1265:<TR class="cm9" height=17>
1266:<TD class=xl39 class="cm9" colSpan=6 height=17>Chartered
1267:Accountants</TD>
1268:<TD class="cmi" colSpan=11></TD></TR>
1269:<TR class="cm9" height=17>
1270:<TD class=xl39 class="cm9" height=17></TD>
1271:<TD class="cmi" colSpan=16></TD></TR>
1272:<TR class="cm9" height=17>
1273:<TD class=xl37 class="cmw" colSpan=2
1274:height=17>Chilliwack, Canada</TD>
1275:<TD class=xl24 class="cmi" colSpan=2></TD>
1276:<TD class="cmi" colSpan=13></TD></TR>
1277:<TR class="cm9" height=17>
1278:<TD class=xl37 class="cm9" height=17></TD>
1279:<TD class=xl24 class="cmi" colSpan=3></TD>
1280:<TD class="cmi" colSpan=13></TD></TR>
1281:<TR class="cm9" height=17>
1282:<TD class=xl44 class="cm9" colSpan=2 height=17
1283:x:num="37547">October 18, 2002</TD>
1284:<TD class=xl49></TD>
1285:<TD class=xl24></TD>
1286:<TD class="cmi" colSpan=13></TD></TR>
1287:<TR class="cm9" height=17>
1288:<TD class=xl44 class="cm9" height=17></TD>
1289:<TD class=xl49 class="cmi" colSpan=2></TD>
1290:<TD class=xl24></TD>
1291:<TD class="cmi" colSpan=13></TD></TR>
1292:<TR class="cm9" height=17>
1293:<TD class=xl44 class="cm9" height=17></TD>
1294:<TD class=xl49 class="cmi" colSpan=2></TD>
1295:<TD class=xl24></TD>
1296:<TD class="cmi" colSpan=13></TD></TR>
1297:<TR class="cm9" height=17>
1298:<TD class=xl44 class="cm9" height=17></TD>
1299:<TD class=xl49 class="cmi" colSpan=2></TD>
1300:<TD class=xl24></TD>
1301:<TD class="cmi" colSpan=13></TD></TR>
1302:<TR class="cm9" height=17>
1303:<TD class=xl44 class="cm9" height=17></TD>
1304:<TD class=xl49 class="cmi" colSpan=2></TD>
1305:<TD class=xl24></TD>
1306:<TD class="cmi" colSpan=13></TD></TR>
1307:<TR class="cm9" height=17>
1308:<TD class=xl44 class="cm9" height=17></TD>
1309:<TD class=xl49 class="cmi" colSpan=2></TD>
1310:<TD class=xl24></TD>
1311:<TD class="cmi" colSpan=13></TD></TR>
1312:<TR class="cm9" height=17>
1313:<TD class=xl44 class="cm9" height=17></TD>
1314:<TD class=xl49 class="cmi" colSpan=2></TD>
1315:<TD class=xl24></TD>
1316:<TD class="cmi" colSpan=13></TD></TR>
1317:<TR class="cm9" height=17>
1318:<TD class=xl44 class="cm9" height=17></TD>
1319:<TD class=xl49 class="cmi" colSpan=2></TD>
1320:<TD class=xl24></TD>
1321:<TD class="cmi" colSpan=13></TD></TR>
1322:<TR class="cm9" height=17>
1323:<TD class=xl44 class="cm9" height=17></TD>
1324:<TD class=xl49 class="cmi" colSpan=2></TD>
1325:<TD class=xl24></TD>
1326:<TD class="cmi" colSpan=13></TD></TR>
1327:<TR class="cm9" height=17>
1328:<TD class=xl44 class="cm9" height=17></TD>
1329:<TD class=xl49 class="cmi" colSpan=2></TD>
1330:<TD class=xl24></TD>
1331:<TD class="cmi" colSpan=13></TD></TR>
1332:<TR class="cm9" height=17>
1333:<TD class=xl39 class="cm9" height=17></TD>
1334:<TD class=xl24 class="cmi" colSpan=3></TD>
1335:<TD class="cmi" colSpan=13></TD></TR>
1336:<TR class="cm9" height=17>
1337:<TD class=xl39 class="cm9" height=17></TD>
1338:<TD class=xl24 class="cmi" colSpan=3></TD>
1339:<TD class="cmi" colSpan=13></TD></TR>
1340:<TR class="cm9" height=17>
1341:<TD class="cm9" height=17></TD>
1342:<TD class=xl24 class="cmi" colSpan=3></TD>
1343:<TD class="cmi" colSpan=13></TD></TR>
1344:<TR class="cm9" height=17>
1345:<TD class="cm9" height=17></TD>
1346:<TD class=xl24 class="cmi" colSpan=3></TD>
1347:<TD class="cmi" colSpan=13></TD></TR>
1348:<TR class="cm9" height=17>
1349:<TD class="cm9" height=17></TD>
1350:<TD class=xl24 class="cmi" colSpan=3></TD>
1351:<TD class="cmi" colSpan=13></TD></TR>
1352:<TR class="cm9" height=17>
1353:<TD class="cm9" height=17></TD>
1354:<TD class=xl24 class="cmi" colSpan=3></TD>
1355:<TD class="cmi" colSpan=13></TD></TR>
1356:<TR class="cm9" height=17>
1357:<TD class="cm9" height=17></TD>
1358:<TD class=xl24 class="cmi" colSpan=3></TD>
1359:<TD class="cmi" colSpan=13></TD></TR>
1360:<TR class="cmk" height=31>
1361:<TD class=xl27 class="cm1f" colSpan=3
1362:height=31>CALAIS RESOURCES INC.</TD>
1363:<TD class=xl27></TD>
1364:<TD class=xl26 class="cmi" colSpan=2></TD>
1365:<TD class="cmi" colSpan=11></TD></TR>
1366:<TR class="cm9" height=17>
1367:<TD class=xl25 class="cmw" colSpan=2
1368:height=17>Consolidated Balance Sheets</TD>
1369:<TD class=xl24></TD>
1370:<TD class=xl25></TD>
1371:<TD class=xl26 class="cmi" colSpan=2></TD>
1372:<TD class="cmi" colSpan=11></TD></TR>
1373:<TR class="cm9" height=17>
1374:<TD class=xl25 class="cmw" colSpan=2
1375:height=17>Expressed in Canadian Dollars</TD>
1376:<TD class=xl24></TD>
1377:<TD class=xl25></TD>
1378:<TD class=xl26 class="cmi" colSpan=2></TD>
1379:<TD class="cmi" colSpan=11></TD></TR>
1380:<TR class="cm9" height=17>
1381:<TD class=xl25 class="cm9" height=17></TD>
1382:<TD class=xl24 class="cmi" colSpan=2></TD>
1383:<TD class=xl25></TD>
1384:<TD class=xl26 class="cmi" colSpan=2></TD>
1385:<TD class="cmi" colSpan=11></TD></TR>
1386:<TR class="cm9" height=17>
1387:<TD class=xl25 class="cmw" colSpan=2
1388:height=17>May 31, 2002 and 2001</TD>
1389:<TD class=xl24></TD>
1390:<TD class=xl25></TD>
1391:<TD class=xl26 class="cmi" colSpan=2></TD>
1392:<TD class="cmi" colSpan=11></TD></TR>
1393:<TR class="cmh" height=18>
1394:<TD class=xl25 class="cmh" height=18></TD>
1395:<TD class=xl24 class="cmi" colSpan=2></TD>
1396:<TD class=xl25></TD>
1397:<TD class=xl26 class="cmi" colSpan=2></TD>
1398:<TD class="cmi" colSpan=11></TD></TR>
1399:<TR class="cm9" height=17>
1400:<TD class=xl32 class="cm9" height=17>&nbsp;</TD>
1401:<TD class=xl32>&nbsp;</TD>
1402:<TD class=xl32>&nbsp;</TD>
1403:<TD class=xl32>&nbsp;</TD>
1404:<TD class=xl33 x:num>2002</TD>
1405:<TD class=xl33 x:num>2001</TD>
1406:<TD class="cmi" colSpan=11></TD></TR>
1407:<TR class="cm1g" height=27>
1408:<TD class=xl28 class="cm1h" colSpan=2
1409:height=27>Assets</TD>
1410:<TD class=xl24></TD>
1411:<TD class=xl28></TD>
1412:<TD class=xl26 class="cmi" colSpan=2></TD>
1413:<TD class="cmi" colSpan=11></TD></TR>
1414:<TR class="cm1i" height=12>
1415:<TD class=xl28 class="cm1j" height=12></TD>
1416:<TD class=xl24 class="cmi" colSpan=2></TD>
1417:<TD class=xl28></TD>
1418:<TD class=xl26 class="cmi" colSpan=2></TD>
1419:<TD class="cmi" colSpan=11></TD></TR>
1420:<TR class="cm9" height=17>
1421:<TD class=xl25 class="cmw" colSpan=2
1422:height=17>Current assets:</TD>
1423:<TD class=xl24></TD>
1424:<TD class=xl25></TD>
1425:<TD class=xl26 class="cmi" colSpan=2></TD>
1426:<TD class="cmi" colSpan=11></TD></TR>
1427:<TR class="cm9" height=17>
1428:<TD class="cm9" height=17></TD>
1429:<TD class=xl25>Cash</TD>
1430:<TD class=xl25 class="cmi" colSpan=2></TD>
1431:<TD class=xl31 x:num="0"><SPAN
1432:class="cmj">&nbsp;</SPAN>$<SPAN
1433:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1434:</SPAN>- </TD>
1435:<TD class=xl31 x:num="632"><SPAN
1436:class="cmj">&nbsp;</SPAN>$<SPAN
1437:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1438:</SPAN>632 </TD>
1439:<TD class="cmi" colSpan=11></TD></TR>
1440:<TR class="cm9" height=17>
1441:<TD class="cm9" height=17></TD>
1442:<TD class=xl25 x:str="Restricted cash (Note 5) ">Restricted cash (Note 5)
1443:</TD>
1444:<TD class=xl25 class="cmi" colSpan=2></TD>
1445:<TD class=xl29 x:num="67415">67,415 </TD>
1446:<TD class=xl29>-</TD>
1447:<TD class="cmi" colSpan=11></TD></TR>
1448:<TR class="cm9" height=17>
1449:<TD class="cm9" height=17></TD>
1450:<TD class=xl25 x:str="Advances receivable ">Advances receivable </TD>
1451:<TD class=xl25 class="cmi" colSpan=2></TD>
1452:<TD class=xl29>-</TD>
1453:<TD class=xl29 x:num="122806">122,806 </TD>
1454:<TD class="cmi" colSpan=11></TD></TR>
1455:<TR class="cm9" height=17>
1456:<TD class="cm9" height=17></TD>
1457:<TD class=xl25>Other receivables</TD>
1458:<TD class=xl25 class="cmi" colSpan=2></TD>
1459:<TD class=xl29 x:num="44">44 </TD>
1460:<TD class=xl29 x:num="862">862 </TD>
1461:<TD class="cmi" colSpan=11></TD></TR>
1462:<TR class="cm9" height=17>
1463:<TD class="cm9" height=17></TD>
1464:<TD class=xl25 x:str="Inventories ">Inventories </TD>
1465:<TD class=xl25 class="cmi" colSpan=2></TD>
1466:<TD class=xl29 x:num="283301">283,301 </TD>
1467:<TD class=xl29 x:num="283301">283,301 </TD>
1468:<TD class="cmi" colSpan=11></TD></TR>
1469:<TR class="cm9" height=17>
1470:<TD class="cm9" height=17></TD>
1471:<TD class=xl131>Prepaid expenses and deposits</TD>
1472:<TD class=xl131>&nbsp;</TD>
1473:<TD class=xl131>&nbsp;</TD>
1474:<TD class=xl132 x:num="7612">7,612 </TD>
1475:<TD class=xl132 x:num="7612">7,612 </TD>
1476:<TD class="cmi" colSpan=11></TD></TR>
1477:<TR class="cm9" height=17>
1478:<TD class=xl24 class="cmw" colSpan=4
1479:height=17></TD>
1480:<TD class=xl29 x:num="358372">358,372 </TD>
1481:<TD class=xl29 x:num="415213">415,213 </TD>
1482:<TD class="cmi" colSpan=11></TD></TR>
1483:<TR class="cm9" height=17>
1484:<TD class=xl25 class="cmw" colSpan=2
1485:height=17>Capital assets (Note 3)</TD>
1486:<TD class=xl24></TD>
1487:<TD class=xl25></TD>
1488:<TD class=xl29 x:num="126216">126,216 </TD>
1489:<TD class=xl29 x:num="169668">169,668 </TD>
1490:<TD class="cmi" colSpan=11></TD></TR>
1491:<TR class="cm9" height=17>
1492:<TD class=xl25 class="cmw" colSpan=2
1493:height=17>Mineral properties (Note 4)</TD>
1494:<TD class=xl24></TD>
1495:<TD class=xl25></TD>
1496:<TD class=xl29 x:num="12681453">12,681,453 </TD>
1497:<TD class=xl29 x:num="12202896">12,202,896 </TD>
1498:<TD class="cmi" colSpan=11></TD></TR>
1499:<TR class="cm9" height=17>
1500:<TD class=xl25 class="cm9" height=17></TD>
1501:<TD class=xl24 class="cmi" colSpan=2></TD>
1502:<TD class=xl25></TD>
1503:<TD class=xl30 class="cmi" colSpan=2></TD>
1504:<TD class="cmi" colSpan=11></TD></TR>
1505:<TR class="cmh" height=18>
1506:<TD class=xl34 class="cmh" height=18>&nbsp;</TD>
1507:<TD class=xl34>&nbsp;</TD>
1508:<TD class=xl34>&nbsp;</TD>
1509:<TD class=xl34>&nbsp;</TD>
1510:<TD class=xl35 x:num="13166041"><SPAN
1511:class="cmj">&nbsp;</SPAN>$<SPAN
1512:class="cmj">&nbsp;&nbsp; </SPAN>13,166,041 </TD>
1513:<TD class=xl35 x:num="12787777"><SPAN
1514:class="cmj">&nbsp;</SPAN>$<SPAN
1515:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>12,787,777 </TD>
1516:<TD class="cmi" colSpan=11></TD></TR>
1517:<TR class="cm9" height=17>
1518:<TD class=xl24 class="cmw" colSpan=4
1519:height=17></TD>
1520:<TD class=xl31 class="cmi" colSpan=2></TD>
1521:<TD class="cmi" colSpan=11></TD></TR>
1522:<TR class="cm1g" height=27>
1523:<TD class=xl28 class="cm1h" colSpan=4
1524:height=27>Liabilities and Shareholders' Equity</TD>
1525:<TD class=xl30 class="cmi" colSpan=2></TD>
1526:<TD class="cmi" colSpan=11></TD></TR>
1527:<TR class="cm1k" height=13>
1528:<TD class=xl28 class="cm1l" height=13></TD>
1529:<TD class=xl24 class="cmi" colSpan=2></TD>
1530:<TD class=xl28></TD>
1531:<TD class=xl30 class="cmi" colSpan=2></TD>
1532:<TD class="cmi" colSpan=11></TD></TR>
1533:<TR class="cm9" height=17>
1534:<TD class=xl25 class="cmw" colSpan=2
1535:height=17>Current liabilities:</TD>
1536:<TD class=xl24></TD>
1537:<TD class=xl25></TD>
1538:<TD class=xl30 class="cmi" colSpan=2></TD>
1539:<TD class="cmi" colSpan=11></TD></TR>
1540:<TR class="cm9" height=17>
1541:<TD class="cm9" height=17></TD>
1542:<TD class=xl25 x:str="Bank overdraft ">Bank overdraft </TD>
1543:<TD class=xl25 class="cmi" colSpan=2></TD>
1544:<TD class=xl31 x:num="9399"><SPAN
1545:class="cmj">&nbsp;</SPAN>$<SPAN
1546:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1547:</SPAN>9,399 </TD>
1548:<TD class=xl31 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
1549:</TD>
1550:<TD class="cmi" colSpan=11></TD></TR>
1551:<TR class="cm9" height=17>
1552:<TD class="cm9" height=17></TD>
1553:<TD class=xl25 class="cmi" colSpan=2>Accounts payable and
1554:accrued liabilities</TD>
1555:<TD class=xl25></TD>
1556:<TD class=xl29 x:num="595282">595,282 </TD>
1557:<TD class=xl29 x:num="780994">780,994 </TD>
1558:<TD class="cmi" colSpan=11></TD></TR>
1559:<TR class="cm9" height=17>
1560:<TD class="cm9" height=17></TD>
1561:<TD class=xl25>Bank loan (Note 5)</TD>
1562:<TD class=xl25 class="cmi" colSpan=2></TD>
1563:<TD class=xl29 x:num="1832616">1,832,616 </TD>
1564:<TD class=xl29>-</TD>
1565:<TD class="cmi" colSpan=11></TD></TR>
1566:<TR class="cmu" height=35>
1567:<TD class="cmv" height=35></TD>
1568:<TD class=xl135 class="cm1m" width=303 colSpan=2
1569:x:str="Advances from shareholders, without interest or fixed terms of repayment; unsecured ">Advances
1570:from shareholders, without interest or fixed terms of repayment; unsecured
1571:</TD>
1572:<TD class=xl135 class="cmd" width=95>&nbsp;</TD>
1573:<TD class=xl132 x:num="546138">546,138 </TD>
1574:<TD class=xl132 x:num="895893">895,893 </TD>
1575:<TD class="cmi" colSpan=11></TD></TR>
1576:<TR class="cm9" height=17>
1577:<TD class=xl24 class="cmw" colSpan=4
1578:height=17></TD>
1579:<TD class=xl29 x:num="2983435">2,983,435 </TD>
1580:<TD class=xl29 x:num="1676887">1,676,887 </TD>
1581:<TD class="cmi" colSpan=11></TD></TR>
1582:<TR class="cm1n" height=10>
1583:<TD class=xl24 class="cm1o" colSpan=4
1584:height=10></TD>
1585:<TD class=xl29 class="cmi" colSpan=2></TD>
1586:<TD class="cmi" colSpan=11></TD></TR>
1587:<TR class="cm9" height=17>
1588:<TD class=xl25 class="cmw" colSpan=2
1589:height=17>Long-term debt (Note 6)</TD>
1590:<TD class=xl24></TD>
1591:<TD class=xl25></TD>
1592:<TD class=xl29 x:num="5097105">5,097,105 </TD>
1593:<TD class=xl29 x:num="5720680">5,720,680 </TD>
1594:<TD class="cmi" colSpan=11></TD></TR>
1595:<TR class="cm1p" height=11>
1596:<TD class="cm1q" height=11></TD>
1597:<TD class=xl24 class="cmi" colSpan=3></TD>
1598:<TD class="cmi" colSpan=13></TD></TR>
1599:<TR class="cm9" height=17>
1600:<TD class=xl25 class="cmw" colSpan=2
1601:height=17>Shareholders' equity:</TD>
1602:<TD class=xl24></TD>
1603:<TD class=xl25></TD>
1604:<TD class=xl30 class="cmi" colSpan=2></TD>
1605:<TD class="cmi" colSpan=11></TD></TR>
1606:<TR class="cm9" height=17>
1607:<TD class="cm9" height=17></TD>
1608:<TD class=xl25>Share capital (Note 7)</TD>
1609:<TD class=xl25 class="cmi" colSpan=2></TD>
1610:<TD class=xl29 x:num="22322607">22,322,607 </TD>
1611:<TD class=xl29 x:num="22076307">22,076,307 </TD>
1612:<TD class="cmi" colSpan=11></TD></TR>
1613:<TR class="cm9" height=17>
1614:<TD class="cm9" height=17></TD>
1615:<TD class=xl131>Deficit</TD>
1616:<TD class=xl131>&nbsp;</TD>
1617:<TD class=xl131>&nbsp;</TD>
1618:<TD class=xl132 x:num="-17237106">(17,237,106)</TD>
1619:<TD class=xl132 x:num="-16686097">(16,686,097)</TD>
1620:<TD class="cmi" colSpan=11></TD></TR>
1621:<TR class="cm9" height=17>
1622:<TD class=xl24 class="cmw" colSpan=4
1623:height=17></TD>
1624:<TD class=xl29 x:num="5085501">5,085,501 </TD>
1625:<TD class=xl29 x:num="5390210">5,390,210 </TD>
1626:<TD class="cmi" colSpan=11></TD></TR>
1627:<TR class="cm9" height=17>
1628:<TD class=xl24 class="cmw" colSpan=2
1629:height=17>General and future operations (Note 1)</TD>
1630:<TD class=xl24 class="cmi" colSpan=2></TD>
1631:<TD class=xl29 class="cmi" colSpan=2></TD>
1632:<TD class="cmi" colSpan=11></TD></TR>
1633:<TR class="cm9" height=17>
1634:<TD class=xl25 class="cmw" colSpan=2
1635:height=17>Contingency (Note 10)</TD>
1636:<TD class=xl24></TD>
1637:<TD class=xl25></TD>
1638:<TD class=xl30 class="cmi" colSpan=2></TD>
1639:<TD class="cmi" colSpan=11></TD></TR>
1640:<TR class="cm9" height=17>
1641:<TD class=xl25 class="cmw" colSpan=2
1642:height=17>Commitments (Note 13)</TD>
1643:<TD class=xl24></TD>
1644:<TD class=xl25></TD>
1645:<TD class=xl30 class="cmi" colSpan=2></TD>
1646:<TD class="cmi" colSpan=11></TD></TR>
1647:<TR class="cm9" height=17>
1648:<TD class=xl25 class="cmw" colSpan=2
1649:height=17>Subsequent event (Note<SPAN class="cmj">&nbsp;
1650:</SPAN>15)</TD>
1651:<TD class=xl24></TD>
1652:<TD class=xl25></TD>
1653:<TD class=xl30 class="cmi" colSpan=2></TD>
1654:<TD class="cmi" colSpan=11></TD></TR>
1655:<TR class="cm9" height=17>
1656:<TD class=xl25 class="cm9" height=17></TD>
1657:<TD class=xl24 class="cmi" colSpan=2></TD>
1658:<TD class=xl25></TD>
1659:<TD class=xl30 class="cmi" colSpan=2></TD>
1660:<TD class="cmi" colSpan=11></TD></TR>
1661:<TR class="cmh" height=18>
1662:<TD class=xl34 class="cmh" height=18>&nbsp;</TD>
1663:<TD class=xl34>&nbsp;</TD>
1664:<TD class=xl34>&nbsp;</TD>
1665:<TD class=xl34>&nbsp;</TD>
1666:<TD class=xl35 x:num="13166041"><SPAN
1667:class="cmj">&nbsp;</SPAN>$<SPAN
1668:class="cmj">&nbsp;&nbsp; </SPAN>13,166,041 </TD>
1669:<TD class=xl35 x:num="12787777"><SPAN
1670:class="cmj">&nbsp;</SPAN>$<SPAN
1671:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>12,787,777 </TD>
1672:<TD class="cmi" colSpan=11></TD></TR>
1673:<TR class="cm9" height=17>
1674:<TD class=xl24 class="cmw" colSpan=4
1675:height=17></TD>
1676:<TD class=xl31 class="cmi" colSpan=2></TD>
1677:<TD class="cmi" colSpan=11></TD></TR>
1678:<TR class="cm9" height=17>
1679:<TD class=xl25 class="cmw" colSpan=2
1680:height=17>On behalf of the Board:</TD>
1681:<TD class=xl24></TD>
1682:<TD class=xl25></TD>
1683:<TD class=xl26 class="cmi" colSpan=2></TD>
1684:<TD class="cmi" colSpan=11></TD></TR>
1685:<TR class="cm1p" height=11>
1686:<TD class=xl25 class="cm1q" height=11></TD>
1687:<TD class=xl24 class="cmi" colSpan=2></TD>
1688:<TD class=xl25></TD>
1689:<TD class=xl26 class="cmi" colSpan=2></TD>
1690:<TD class="cmi" colSpan=11></TD></TR>
1691:<TR class="cm9" height=17>
1692:<TD class=xl25 class="cmw" colSpan=3
1693:height=17><SPAN class="cmj">&nbsp; </SPAN><FONT
1694:class=font8><SPAN
1695:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SPAN>"A.
1696:Daher"<SPAN
1697:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1698:</SPAN></FONT><FONT class=font6><SPAN
1699:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SPAN>Director</FONT></TD>
1700:<TD class=xl25></TD>
1701:<TD class=xl26 class="cmi" colSpan=2></TD>
1702:<TD class="cmi" colSpan=11></TD></TR>
1703:<TR class="cm1i" height=12>
1704:<TD class=xl25 class="cm1j" height=12></TD>
1705:<TD class=xl24 class="cmi" colSpan=2></TD>
1706:<TD class=xl25></TD>
1707:<TD class=xl26 class="cmi" colSpan=2></TD>
1708:<TD class="cmi" colSpan=11></TD></TR>
1709:<TR class="cm9" height=17>
1710:<TD class=xl25 class="cmw" colSpan=3
1711:height=17><SPAN class="cmj">&nbsp; </SPAN><FONT
1712:class=font8><SPAN
1713:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SPAN>"M.
1714:Marten"<SPAN
1715:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1716:</SPAN></FONT><FONT class=font6><SPAN
1717:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SPAN>Director</FONT></TD>
1718:<TD class=xl25></TD>
1719:<TD class=xl26 class="cmi" colSpan=2></TD>
1720:<TD class="cmi" colSpan=11></TD></TR>
1721:<TR class="cm9" height=17>
1722:<TD class=xl25 class="cm9" height=17></TD>
1723:<TD class=xl24 class="cmi" colSpan=2></TD>
1724:<TD class=xl25></TD>
1725:<TD class=xl26 class="cmi" colSpan=2></TD>
1726:<TD class="cmi" colSpan=11></TD></TR>
1727:<TR class="cm9" height=17>
1728:<TD class=xl25 class="cmw" colSpan=4
1729:height=17>See accompanying notes to consolidated financial statements.</TD>
1730:<TD class=xl26 class="cmi" colSpan=2></TD>
1731:<TD class="cmi" colSpan=11></TD></TR>
1732:<TR class="cm9" height=17>
1733:<TD class=xl24 class="cmw" colSpan=4
1734:height=17></TD>
1735:<TD class="cmi" colSpan=13></TD></TR>
1736:<TR class="cmk" height=31>
1737:<TD class=xl38 class="cm1f" colSpan=3
1738:height=31>CALAIS RESOURCES INC.</TD>
1739:<TD class="cmi" colSpan=14></TD></TR>
1740:<TR class="cm9" height=17>
1741:<TD class=xl25 class="cm9" colSpan=3 height=17>Consolidated
1742:Statement of Operations and Deficit</TD>
1743:<TD class="cmi" colSpan=14></TD></TR>
1744:<TR class="cm9" height=17>
1745:<TD class=xl25 class="cm9" colSpan=2 height=17>Expressed in
1746:Canadian Dollars</TD>
1747:<TD class=xl25></TD>
1748:<TD class="cmi" colSpan=14></TD></TR>
1749:<TR class="cm9" height=17>
1750:<TD class=xl25 class="cm9" height=17></TD>
1751:<TD class=xl24 class="cmi" colSpan=2></TD>
1752:<TD class="cmi" colSpan=14></TD></TR>
1753:<TR class="cm9" height=17>
1754:<TD class=xl25 class="cmw" colSpan=3
1755:height=17>Years ended May 31, 2002, 2001 and 2000</TD>
1756:<TD class="cmi" colSpan=14></TD></TR>
1757:<TR class="cmh" height=18>
1758:<TD class=xl39 class="cmh" height=18></TD>
1759:<TD class=xl54>&nbsp;</TD>
1760:<TD class=xl54>&nbsp;</TD>
1761:<TD class=xl54>&nbsp;</TD>
1762:<TD class=xl54>&nbsp;</TD>
1763:<TD class=xl54>&nbsp;</TD>
1764:<TD class="cmi" colSpan=11></TD></TR>
1765:<TR class="cm9" height=17>
1766:<TD class=xl56 class="cm9" height=17>&nbsp;</TD>
1767:<TD class=xl56 class="cm1r">&nbsp;</TD>
1768:<TD class=xl56 class="cm1r">&nbsp;</TD>
1769:<TD class=xl56 class="cm1r" align=right x:num>2002</TD>
1770:<TD class=xl56 class="cm1r" align=right x:num>2001</TD>
1771:<TD class=xl56 class="cm1r" align=right x:num>2000</TD>
1772:<TD></TD>
1773:<TD class=xl37></TD>
1774:<TD class="cmi" colSpan=9></TD></TR>
1775:<TR class="cm9" height=17>
1776:<TD class=xl39 class="cm9" height=17></TD>
1777:<TD class="cmi" colSpan=16></TD></TR>
1778:<TR class="cm9" height=17>
1779:<TD class=xl37 class="cmw" colSpan=2
1780:height=17>Revenues</TD>
1781:<TD class=xl37></TD>
1782:<TD class=xl45 x:num="0"><SPAN
1783:class="cmj">&nbsp;</SPAN>$<SPAN
1784:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1785:</SPAN>- </TD>
1786:<TD class=xl53 x:num="0"><SPAN
1787:class="cmj">&nbsp;</SPAN>$<SPAN
1788:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1789:</SPAN>- </TD>
1790:<TD class=xl45 x:num="0"><SPAN
1791:class="cmj">&nbsp;</SPAN>$<SPAN
1792:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1793:</SPAN>- </TD>
1794:<TD class=xl37></TD>
1795:<TD class="cmi" colSpan=10></TD></TR>
1796:<TR class="cm9" height=17>
1797:<TD class=xl39 class="cm9" height=17></TD>
1798:<TD class="cmi" colSpan=2></TD>
1799:<TD class=xl46 class="cmi" colSpan=2></TD>
1800:<TD class="cmi" colSpan=12></TD></TR>
1801:<TR class="cm9" height=17>
1802:<TD class=xl37 class="cmw" colSpan=2
1803:height=17>Expenses:</TD>
1804:<TD></TD>
1805:<TD class=xl46 class="cmi" colSpan=2></TD>
1806:<TD class="cmi" colSpan=12></TD></TR>
1807:<TR class="cm9" height=17>
1808:<TD class="cm9" height=17></TD>
1809:<TD class=xl37>Advertising</TD>
1810:<TD class=xl37></TD>
1811:<TD class=xl50 x:num="1947"><SPAN
1812:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1813:</SPAN>1,947 </TD>
1814:<TD class=xl50 x:num="4523"><SPAN
1815:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1816:</SPAN>4,523 </TD>
1817:<TD class=xl46 x:num="2684"><SPAN
1818:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1819:</SPAN>2,684 </TD>
1820:<TD class="cmi" colSpan=11></TD></TR>
1821:<TR class="cm9" height=17>
1822:<TD class="cm9" height=17></TD>
1823:<TD class=xl25>Amortization</TD>
1824:<TD class=xl25></TD>
1825:<TD class=xl51 x:num="7043"><SPAN
1826:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1827:</SPAN>7,043 </TD>
1828:<TD class=xl51 x:num="10694"><SPAN
1829:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1830:</SPAN>10,694 </TD>
1831:<TD class=xl46 x:num="15395"><SPAN
1832:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1833:</SPAN>15,395 </TD>
1834:<TD class="cmi" colSpan=11></TD></TR>
1835:<TR class="cm9" height=17>
1836:<TD class="cm9" height=17></TD>
1837:<TD class=xl25>Consulting fees</TD>
1838:<TD class=xl25></TD>
1839:<TD class=xl51 x:num="91500"><SPAN
1840:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1841:</SPAN>91,500 </TD>
1842:<TD class=xl51 x:num="71727"><SPAN
1843:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1844:</SPAN>71,727 </TD>
1845:<TD class=xl46 x:num="0"><SPAN
1846:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1847:</SPAN>- </TD>
1848:<TD class="cmi" colSpan=11></TD></TR>
1849:<TR class="cm9" height=17>
1850:<TD class="cm9" height=17></TD>
1851:<TD class=xl25>Filing fees, licenses, permits</TD>
1852:<TD class=xl25></TD>
1853:<TD class=xl51 x:num="2586"><SPAN
1854:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1855:</SPAN>2,586 </TD>
1856:<TD class=xl51 x:num="2924"><SPAN
1857:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1858:</SPAN>2,924 </TD>
1859:<TD class=xl46 x:num="2014"><SPAN
1860:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1861:</SPAN>2,014 </TD>
1862:<TD class="cmi" colSpan=11></TD></TR>
1863:<TR class="cm9" height=17>
1864:<TD class="cm9" height=17></TD>
1865:<TD class=xl25>Foreign exchange</TD>
1866:<TD class=xl25></TD>
1867:<TD class=xl51 x:num="4699"><SPAN
1868:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1869:</SPAN>4,699 </TD>
1870:<TD class=xl51 x:num="75207"><SPAN
1871:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1872:</SPAN>75,207 </TD>
1873:<TD class=xl46 x:num="61499"><SPAN
1874:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1875:</SPAN>61,499 </TD>
1876:<TD class="cmi" colSpan=11></TD></TR>
1877:<TR class="cm9" height=17>
1878:<TD class="cm9" height=17></TD>
1879:<TD class=xl25>Insurance</TD>
1880:<TD class=xl25></TD>
1881:<TD class=xl51 x:num="2591"><SPAN
1882:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1883:</SPAN>2,591 </TD>
1884:<TD class=xl51 x:num="1303"><SPAN
1885:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1886:</SPAN>1,303 </TD>
1887:<TD class=xl46 x:num="-2461"><SPAN
1888:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1889:</SPAN>(2,461)</TD>
1890:<TD class="cmi" colSpan=11></TD></TR>
1891:<TR class="cm9" height=17>
1892:<TD class="cm9" height=17></TD>
1893:<TD class=xl25>Interest and bank charges</TD>
1894:<TD class=xl25></TD>
1895:<TD class=xl51 x:num="267349"><SPAN
1896:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1897:</SPAN>267,349 </TD>
1898:<TD class=xl51 x:num="35288"><SPAN
1899:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1900:</SPAN>35,288 </TD>
1901:<TD class=xl46 x:num="45624"><SPAN
1902:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1903:</SPAN>45,624 </TD>
1904:<TD class="cmi" colSpan=11></TD></TR>
1905:<TR class="cm9" height=17>
1906:<TD class="cm9" height=17></TD>
1907:<TD class=xl25>Office and general</TD>
1908:<TD class=xl25></TD>
1909:<TD class=xl51 x:num="8889"><SPAN
1910:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1911:</SPAN>8,889 </TD>
1912:<TD class=xl51 x:num="15807"><SPAN
1913:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1914:</SPAN>15,807 </TD>
1915:<TD class=xl46 x:num="17734"><SPAN
1916:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1917:</SPAN>17,734 </TD>
1918:<TD class="cmi" colSpan=11></TD></TR>
1919:<TR class="cm9" height=17>
1920:<TD class="cm9" height=17></TD>
1921:<TD class=xl25>Professional fees</TD>
1922:<TD class=xl25></TD>
1923:<TD class=xl51 x:num="128478"><SPAN
1924:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1925:</SPAN>128,478 </TD>
1926:<TD class=xl51 x:num="133999"><SPAN
1927:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1928:</SPAN>133,999 </TD>
1929:<TD class=xl46 x:num="139583"><SPAN
1930:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1931:</SPAN>139,583 </TD>
1932:<TD class="cmi" colSpan=11></TD></TR>
1933:<TR class="cm9" height=17>
1934:<TD class="cm9" height=17></TD>
1935:<TD class=xl37>Rent</TD>
1936:<TD class=xl37></TD>
1937:<TD class=xl50 x:num="19800"><SPAN
1938:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1939:</SPAN>19,800 </TD>
1940:<TD class=xl50 x:num="0"><SPAN
1941:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1942:</SPAN>- </TD>
1943:<TD class=xl46 x:num="0"><SPAN
1944:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1945:</SPAN>- </TD>
1946:<TD class="cmi" colSpan=11></TD></TR>
1947:<TR class="cm9" height=17>
1948:<TD class="cm9" height=17></TD>
1949:<TD class=xl37>Telephone</TD>
1950:<TD class=xl37></TD>
1951:<TD class=xl50 x:num="13997"><SPAN
1952:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1953:</SPAN>13,997 </TD>
1954:<TD class=xl50 x:num="12871"><SPAN
1955:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1956:</SPAN>12,871 </TD>
1957:<TD class=xl46 x:num="16010"><SPAN
1958:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1959:</SPAN>16,010 </TD>
1960:<TD class="cmi" colSpan=11></TD></TR>
1961:<TR class="cm9" height=17>
1962:<TD class="cm9" height=17></TD>
1963:<TD class=xl25>Transfer agent fees</TD>
1964:<TD class=xl25></TD>
1965:<TD class=xl51 x:num="2521"><SPAN
1966:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1967:</SPAN>2,521 </TD>
1968:<TD class=xl51 x:num="3551"><SPAN
1969:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1970:</SPAN>3,551 </TD>
1971:<TD class=xl46 x:num="4310"><SPAN
1972:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1973:</SPAN>4,310 </TD>
1974:<TD class="cmi" colSpan=11></TD></TR>
1975:<TR class="cm9" height=17>
1976:<TD class="cm9" height=17></TD>
1977:<TD class=xl25>Travel</TD>
1978:<TD class=xl25></TD>
1979:<TD class=xl51 x:num="2001"><SPAN
1980:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1981:</SPAN>2,001 </TD>
1982:<TD class=xl51 x:num="7211"><SPAN
1983:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1984:</SPAN>7,211 </TD>
1985:<TD class=xl46 x:num="1037"><SPAN
1986:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1987:</SPAN>1,037 </TD>
1988:<TD class="cmi" colSpan=11></TD></TR>
1989:<TR class="cm9" height=17>
1990:<TD class="cm9" height=17></TD>
1991:<TD class=xl25>Utilities</TD>
1992:<TD class=xl25></TD>
1993:<TD class=xl51 x:num="10820"><SPAN
1994:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1995:</SPAN>10,820 </TD>
1996:<TD class=xl51 x:num="2456"><SPAN
1997:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1998:</SPAN>2,456 </TD>
1999:<TD class=xl46 x:num="14950"><SPAN
2000:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2001:</SPAN>14,950 </TD>
2002:<TD class="cmi" colSpan=11></TD></TR>
2003:<TR class="cm9" height=17>
2004:<TD class="cm9" height=17></TD>
2005:<TD class=xl60>Wages and benefits</TD>
2006:<TD class=xl60>&nbsp;</TD>
2007:<TD class=xl62 x:num="0"><SPAN
2008:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2009:</SPAN>- </TD>
2010:<TD class=xl62 x:num="58639"><SPAN
2011:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2012:</SPAN>58,639 </TD>
2013:<TD class=xl59 x:num="78800"><SPAN
2014:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2015:</SPAN>78,800 </TD>
2016:<TD class="cmi" colSpan=11></TD></TR>
2017:<TR class="cm9" height=17>
2018:<TD class="cmw" colSpan=3 height=17></TD>
2019:<TD class=xl52 x:num="564221"><SPAN
2020:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>564,221 </TD>
2021:<TD class=xl52 x:num="436200"><SPAN
2022:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>436,200 </TD>
2023:<TD class=xl46 x:num="397179" x:fmla="=SUM(F220:F234)"><SPAN
2024:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2025:</SPAN>397,179 </TD>
2026:<TD class="cmi" colSpan=11></TD></TR>
2027:<TR class="cm9" height=17>
2028:<TD class=xl57 class="cm9" height=17>&nbsp;</TD>
2029:<TD class=xl58>&nbsp;</TD>
2030:<TD class=xl58>&nbsp;</TD>
2031:<TD class=xl59>&nbsp;</TD>
2032:<TD class=xl59>&nbsp;</TD>
2033:<TD class=xl59>&nbsp;</TD>
2034:<TD class="cmi" colSpan=11></TD></TR>
2035:<TR class="cm9" height=17>
2036:<TD class=xl37 class="cmw" colSpan=2
2037:height=17>Loss before the undernoted</TD>
2038:<TD></TD>
2039:<TD class=xl50 x:num="-564221"><SPAN
2040:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2041:</SPAN>(564,221)</TD>
2042:<TD class=xl50 x:num="-436200"><SPAN
2043:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2044:</SPAN>(436,200)</TD>
2045:<TD class=xl46 x:num="-397179" x:fmla="=F217-F235"><SPAN
2046:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2047:</SPAN>(397,179)</TD>
2048:<TD class="cmi" colSpan=11></TD></TR>
2049:<TR class="cm9" height=17>
2050:<TD class=xl37 class="cm9" height=17></TD>
2051:<TD class="cmi" colSpan=2></TD>
2052:<TD class=xl50 class="cmi" colSpan=2></TD>
2053:<TD class=xl46></TD>
2054:<TD class="cmi" colSpan=11></TD></TR>
2055:<TR class="cm9" height=17>
2056:<TD class=xl37 class="cmw" colSpan=2
2057:height=17>Other income (expenses):</TD>
2058:<TD></TD>
2059:<TD class=xl46 class="cmi" colSpan=3></TD>
2060:<TD class="cmi" colSpan=11></TD></TR>
2061:<TR class="cm9" height=17>
2062:<TD class="cm9" height=17></TD>
2063:<TD class=xl37 class="cmi" colSpan=2>Loss on abandonment
2064:of mineral properties</TD>
2065:<TD class=xl73 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2066:</TD>
2067:<TD class=xl73 x:num="-312749"><SPAN
2068:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2069:</SPAN>(312,749)</TD>
2070:<TD class=xl46 x:num="-11399044"><SPAN
2071:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2072:</SPAN>(11,399,044)</TD>
2073:<TD class="cmi" colSpan=11></TD></TR>
2074:<TR class="cm9" height=17>
2075:<TD class="cm9" height=17></TD>
2076:<TD class=xl37>Gain on sale of capital assets</TD>
2077:<TD class=xl37></TD>
2078:<TD class=xl73 x:num="7142"><SPAN
2079:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2080:</SPAN>7,142 </TD>
2081:<TD class=xl73 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2082:</TD>
2083:<TD class=xl46 x:num="0"><SPAN
2084:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2085:</SPAN>- </TD>
2086:<TD class="cmi" colSpan=11></TD></TR>
2087:<TR class="cm9" height=17>
2088:<TD class="cm9" height=17></TD>
2089:<TD class=xl37>Interest income</TD>
2090:<TD class=xl37></TD>
2091:<TD class=xl73 x:num="3092"><SPAN
2092:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2093:</SPAN>3,092 </TD>
2094:<TD class=xl73 x:num="1081"><SPAN
2095:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2096:</SPAN>1,081 </TD>
2097:<TD class=xl46 x:num="1180"><SPAN
2098:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2099:</SPAN>1,180 </TD>
2100:<TD class="cmi" colSpan=11></TD></TR>
2101:<TR class="cm9" height=17>
2102:<TD class="cm9" height=17></TD>
2103:<TD class=xl60>Rental income</TD>
2104:<TD class=xl60>&nbsp;</TD>
2105:<TD class=xl76 x:num="2978"><SPAN
2106:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2107:</SPAN>2,978 </TD>
2108:<TD class=xl76 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2109:</TD>
2110:<TD class=xl59 x:num="0"><SPAN
2111:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2112:</SPAN>- </TD>
2113:<TD class="cmi" colSpan=11></TD></TR>
2114:<TR class="cm9" height=17>
2115:<TD class="cmw" colSpan=3 height=17></TD>
2116:<TD class=xl52 x:num="13212"><SPAN
2117:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>13,212 </TD>
2118:<TD class=xl52 x:num="-311668"><SPAN
2119:class="cmj">&nbsp;&nbsp; </SPAN>(311,668)</TD>
2120:<TD class=xl46 x:num="-11397864" x:fmla="=SUM(F240:F243)"><SPAN
2121:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2122:</SPAN>(11,397,864)</TD>
2123:<TD class="cmi" colSpan=11></TD></TR>
2124:<TR class="cm9" height=17>
2125:<TD class=xl57 class="cm9" height=17>&nbsp;</TD>
2126:<TD class=xl58>&nbsp;</TD>
2127:<TD class=xl58>&nbsp;</TD>
2128:<TD class=xl59>&nbsp;</TD>
2129:<TD class=xl59>&nbsp;</TD>
2130:<TD class=xl59>&nbsp;</TD>
2131:<TD class="cmi" colSpan=11></TD></TR>
2132:<TR class="cm9" height=17>
2133:<TD class=xl37 class="cmw" colSpan=2
2134:height=17>Loss for the year</TD>
2135:<TD></TD>
2136:<TD class=xl50 x:num="-551009"><SPAN
2137:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2138:</SPAN>(551,009)</TD>
2139:<TD class=xl50 x:num="-747868"><SPAN
2140:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2141:</SPAN>(747,868)</TD>
2142:<TD class=xl46 x:num="-11795043" x:fmla="=F237+F244"><SPAN
2143:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2144:</SPAN>(11,795,043)</TD>
2145:<TD class="cmi" colSpan=11></TD></TR>
2146:<TR class="cm9" height=17>
2147:<TD class=xl37 class="cm9" height=17></TD>
2148:<TD class="cmi" colSpan=2></TD>
2149:<TD class=xl50 class="cmi" colSpan=2></TD>
2150:<TD class=xl46></TD>
2151:<TD class="cmi" colSpan=11></TD></TR>
2152:<TR class="cm9" height=17>
2153:<TD class=xl37 class="cmw" colSpan=2
2154:height=17>Deficit, beginning of year</TD>
2155:<TD></TD>
2156:<TD class=xl50 x:num="-16686097"><SPAN
2157:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>(16,686,097)</TD>
2158:<TD class=xl50 x:num="-15938229"><SPAN
2159:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>(15,938,229)</TD>
2160:<TD class=xl46 x:num="-4143186"><SPAN
2161:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2162:</SPAN>(4,143,186)</TD>
2163:<TD class="cmi" colSpan=11></TD></TR>
2164:<TR class="cm9" height=17>
2165:<TD class=xl39 class="cm9" height=17><SPAN
2166:class="cmj">&nbsp;</SPAN></TD>
2167:<TD class="cmi" colSpan=2></TD>
2168:<TD class=xl46 class="cmi" colSpan=2></TD>
2169:<TD class=xl59>&nbsp;</TD>
2170:<TD class="cmi" colSpan=11></TD></TR>
2171:<TR class="cmh" height=18>
2172:<TD class=xl63 class="cm1s" colSpan=2
2173:height=18>Deficit, end of year</TD>
2174:<TD class=xl63>&nbsp;</TD>
2175:<TD class=xl64 x:num="-17237106"><SPAN
2176:class="cmj">&nbsp;</SPAN>$ (17,237,106)</TD>
2177:<TD class=xl64 x:num="-16686097"><SPAN
2178:class="cmj">&nbsp;</SPAN>$<SPAN
2179:class="cmj">&nbsp; </SPAN>(16,686,097)</TD>
2180:<TD class=xl126 class="cm1r" x:num="-15938229"
2181:x:fmla="=SUM(F246:F248)"><SPAN
2182:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2183:</SPAN>(15,938,229)</TD>
2184:<TD class=xl37></TD>
2185:<TD class="cmi" colSpan=10></TD></TR>
2186:<TR class="cm9" height=17>
2187:<TD class=xl39 class="cm9" height=17></TD>
2188:<TD class="cmi" colSpan=2></TD>
2189:<TD class=xl46 class="cmi" colSpan=3></TD>
2190:<TD class="cmi" colSpan=11></TD></TR>
2191:<TR class="cm9" height=17>
2192:<TD class=xl37 class="cmw" colSpan=3
2193:height=17>Net loss per common share, basic and diluted</TD>
2194:<TD class=xl65 x:num="-00.05"><SPAN
2195:class="cmj">&nbsp;</SPAN>$<SPAN
2196:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2197:</SPAN>(0.05)</TD>
2198:<TD class=xl65 x:num="-00.08"><SPAN
2199:class="cmj">&nbsp;</SPAN>$<SPAN
2200:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2201:</SPAN>(0.08)</TD>
2202:<TD class=xl137 x:num="-1.24"><SPAN
2203:class="cmj">&nbsp;</SPAN>$<SPAN
2204:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2205:</SPAN>(1.24)</TD>
2206:<TD class="cmi" colSpan=11></TD></TR>
2207:<TR class="cm9" height=17>
2208:<TD class=xl37 class="cmw" colSpan=3
2209:height=17>Weighted average common shares outstanding,</TD>
2210:<TD class=xl46 class="cmi" colSpan=3></TD>
2211:<TD class="cmi" colSpan=11></TD></TR>
2212:<TR class="cmh" height=18>
2213:<TD class=xl66 class="cm1s" colSpan=2
2214:height=18><SPAN class="cmj">&nbsp;&nbsp; </SPAN>basic and
2215:diluted</TD>
2216:<TD class=xl54>&nbsp;</TD>
2217:<TD class=xl67 x:num="10184635"><SPAN class="cmj">&nbsp;
2218:</SPAN>10,184,635 </TD>
2219:<TD class=xl67 x:num="9618218"><SPAN
2220:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>9,618,218 </TD>
2221:<TD class=xl136 x:num="9505718"><SPAN
2222:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2223:</SPAN>9,505,718 </TD>
2224:<TD class="cmi" colSpan=11></TD></TR>
2225:<TR class="cm9" height=17>
2226:<TD class=xl37 class="cm9" height=17></TD>
2227:<TD class="cmi" colSpan=16></TD></TR>
2228:<TR class="cm9" height=17>
2229:<TD class=xl25 class="cm9" colSpan=4 height=17>See
2230:accompanying notes to consolidated financial statements.</TD>
2231:<TD class="cmi" colSpan=13></TD></TR>
2232:<TR class="cm9" height=17>
2233:<TD class="cm9" height=17></TD>
2234:<TD class=xl24 class="cmi" colSpan=3></TD>
2235:<TD class="cmi" colSpan=13></TD></TR>
2236:<TR class="cm9" height=17>
2237:<TD class=xl39 class="cm9" height=17></TD>
2238:<TD class="cmi" colSpan=16></TD></TR>
2239:<TR class="cmk" height=31>
2240:<TD class=xl38 class="cm1f" colSpan=3
2241:height=31>CALAIS RESOURCES INC.</TD>
2242:<TD class="cmi" colSpan=14></TD></TR>
2243:<TR class="cm9" height=17>
2244:<TD class=xl25 class="cm9" colSpan=2 height=17>Consolidated
2245:Statement of Cash Flows</TD>
2246:<TD class=xl25></TD>
2247:<TD class="cmi" colSpan=14></TD></TR>
2248:<TR class="cm9" height=17>
2249:<TD class=xl25 class="cm9" colSpan=2 height=17>Expressed in
2250:Canadian Dollars</TD>
2251:<TD class=xl25></TD>
2252:<TD class="cmi" colSpan=14></TD></TR>
2253:<TR class="cm9" height=17>
2254:<TD class=xl39 class="cm9" height=17></TD>
2255:<TD class="cmi" colSpan=16></TD></TR>
2256:<TR class="cm9" height=17>
2257:<TD class=xl25 class="cmw" colSpan=3
2258:height=17>Years ended May 31, 2002, 2001 and 2000</TD>
2259:<TD class="cmi" colSpan=14></TD></TR>
2260:<TR class="cmh" height=18>
2261:<TD class=xl72 class="cmh" height=18>&nbsp;</TD>
2262:<TD class=xl54>&nbsp;</TD>
2263:<TD class=xl54>&nbsp;</TD>
2264:<TD class=xl54>&nbsp;</TD>
2265:<TD class=xl54>&nbsp;</TD>
2266:<TD class=xl54>&nbsp;</TD>
2267:<TD class="cmi" colSpan=11></TD></TR>
2268:<TR class="cm9" height=17>
2269:<TD class=xl56 class="cm1t"
2270:height=17>&nbsp;</TD>
2271:<TD class=xl56 class="cm1r">&nbsp;</TD>
2272:<TD class=xl56 class="cm1r">&nbsp;</TD>
2273:<TD class=xl33 class="cm1r" x:num>2002</TD>
2274:<TD class=xl33 class="cm1r" x:num>2001</TD>
2275:<TD class=xl56 class="cm1r" align=right x:num>2000</TD>
2276:<TD class="cmi" colSpan=11></TD></TR>
2277:<TR class="cm1p" height=11>
2278:<TD class="cm1u" colSpan=3 height=11></TD>
2279:<TD class=xl74 class="cmi" colSpan=2></TD>
2280:<TD class="cmi" colSpan=12></TD></TR>
2281:<TR class="cm9" height=17>
2282:<TD class=xl37 class="cmw" colSpan=2
2283:height=17>Cash provided by (used in):</TD>
2284:<TD></TD>
2285:<TD class=xl75 class="cmi" colSpan=2></TD>
2286:<TD class="cmi" colSpan=12></TD></TR>
2287:<TR class="cm9" height=17>
2288:<TD class=xl25 class="cmw" colSpan=2
2289:height=17>Operations:</TD>
2290:<TD></TD>
2291:<TD class=xl75></TD>
2292:<TD class=xl26></TD>
2293:<TD class="cmi" colSpan=12></TD></TR>
2294:<TR class="cm9" height=17>
2295:<TD class="cm9" height=17></TD>
2296:<TD class=xl37>Loss for the year</TD>
2297:<TD class=xl37></TD>
2298:<TD class=xl31 x:num="-551009"><SPAN
2299:class="cmj">&nbsp;</SPAN>$<SPAN
2300:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2301:</SPAN>(551,009)</TD>
2302:<TD class=xl31 x:num="-747868"><SPAN
2303:class="cmj">&nbsp;</SPAN>$<SPAN
2304:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2305:</SPAN>(747,868)</TD>
2306:<TD class=xl45 x:num="-11795043"><SPAN
2307:class="cmj">&nbsp;</SPAN>$<SPAN
2308:class="cmj">&nbsp;&nbsp; </SPAN>(11,795,043)</TD>
2309:<TD class="cmi" colSpan=11></TD></TR>
2310:<TR class="cm9" height=17>
2311:<TD class="cm9" height=17></TD>
2312:<TD class=xl37>Items not involving cash:</TD>
2313:<TD class=xl37></TD>
2314:<TD class=xl75></TD>
2315:<TD></TD>
2316:<TD class=xl46></TD>
2317:<TD class="cmi" colSpan=11></TD></TR>
2318:<TR class="cm9" height=17>
2319:<TD class=xl69 class="cmw" colSpan=2
2320:height=17>Amortization</TD>
2321:<TD></TD>
2322:<TD class=xl73 x:num="7043"><SPAN
2323:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2324:</SPAN>7,043 </TD>
2325:<TD class=xl73 x:num="10694"><SPAN
2326:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2327:</SPAN>10,694 </TD>
2328:<TD class=xl46 x:num="15395"><SPAN
2329:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2330:</SPAN>15,395 </TD>
2331:<TD class="cmi" colSpan=11></TD></TR>
2332:<TR class="cm9" height=17>
2333:<TD class=xl69 class="cmw" colSpan=2
2334:height=17>Shares issued for services</TD>
2335:<TD></TD>
2336:<TD class=xl73 x:num="141300"><SPAN
2337:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2338:</SPAN>141,300 </TD>
2339:<TD class=xl73 x:num="45000"><SPAN
2340:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2341:</SPAN>45,000 </TD>
2342:<TD class=xl46></TD>
2343:<TD class="cmi" colSpan=11></TD></TR>
2344:<TR class="cm9" height=17>
2345:<TD class=xl69 class="cmw" colSpan=3
2346:height=17>Loss on abandonment of mineral properties</TD>
2347:<TD class=xl73 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2348:</TD>
2349:<TD class=xl73 x:num="312749"><SPAN
2350:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2351:</SPAN>312,749 </TD>
2352:<TD class=xl46 x:num="11399044"><SPAN
2353:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2354:</SPAN>11,399,044 </TD>
2355:<TD class="cmi" colSpan=11></TD></TR>
2356:<TR class="cm9" height=17>
2357:<TD class=xl69 class="cmw" colSpan=2
2358:height=17>Gain on sale of capital assets</TD>
2359:<TD></TD>
2360:<TD class=xl73 x:num="-7142"><SPAN
2361:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2362:</SPAN>(7,142)</TD>
2363:<TD class=xl73 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2364:</TD>
2365:<TD class=xl46 x:num="0"><SPAN
2366:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2367:</SPAN>- </TD>
2368:<TD class="cmi" colSpan=11></TD></TR>
2369:<TR class="cm9" height=17>
2370:<TD class="cm9" height=17></TD>
2371:<TD class=xl37 class="cmi" colSpan=2>Change in non cash
2372:operating working capital:</TD>
2373:<TD class=xl75 class="cmi" colSpan=2></TD>
2374:<TD class=xl46></TD>
2375:<TD class="cmi" colSpan=11></TD></TR>
2376:<TR class="cm9" height=17>
2377:<TD class=xl69 class="cmw" colSpan=2
2378:height=17>Restricted cash</TD>
2379:<TD></TD>
2380:<TD class=xl73 x:num="-67415"><SPAN
2381:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2382:</SPAN>(67,415)</TD>
2383:<TD class=xl73 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2384:</TD>
2385:<TD class=xl46 x:num="0"><SPAN
2386:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2387:</SPAN>- </TD>
2388:<TD class="cmi" colSpan=11></TD></TR>
2389:<TR class="cm9" height=17>
2390:<TD class=xl69 class="cmw" colSpan=2
2391:height=17>Advances receivable</TD>
2392:<TD></TD>
2393:<TD class=xl73 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2394:</TD>
2395:<TD class=xl73 x:num="65594"><SPAN
2396:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2397:</SPAN>65,594 </TD>
2398:<TD class=xl46 x:num="-71266"><SPAN
2399:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2400:</SPAN>(71,266)</TD>
2401:<TD class="cmi" colSpan=11></TD></TR>
2402:<TR class="cm9" height=17>
2403:<TD class=xl69 class="cmw" colSpan=2
2404:height=17>Other receivables</TD>
2405:<TD></TD>
2406:<TD class=xl73 x:num="818"><SPAN
2407:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2408:</SPAN>818 </TD>
2409:<TD class=xl73 x:num="5218"><SPAN
2410:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2411:</SPAN>5,218 </TD>
2412:<TD class=xl46 x:num="-5632"><SPAN
2413:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2414:</SPAN>(5,632)</TD>
2415:<TD class="cmi" colSpan=11></TD></TR>
2416:<TR class="cm9" height=17>
2417:<TD class=xl69 class="cmw" colSpan=2
2418:height=17>Prepaid expenses and deposits</TD>
2419:<TD></TD>
2420:<TD class=xl73 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2421:</TD>
2422:<TD class=xl73 x:num="7343"><SPAN
2423:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2424:</SPAN>7,343 </TD>
2425:<TD class=xl46 x:num="-11803"><SPAN
2426:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2427:</SPAN>(11,803)</TD>
2428:<TD class="cmi" colSpan=11></TD></TR>
2429:<TR class="cm9" height=17>
2430:<TD class="cm9" height=17></TD>
2431:<TD class=xl60 class="cmi" colSpan=2><SPAN
2432:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>Accounts payable
2433:and accrued liabilities</TD>
2434:<TD class=xl76 x:num="-185712"><SPAN
2435:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2436:</SPAN>(185,712)</TD>
2437:<TD class=xl76 x:num="80293"><SPAN
2438:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2439:</SPAN>80,293 </TD>
2440:<TD class=xl59 x:num="71309"><SPAN
2441:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2442:</SPAN>71,309 </TD>
2443:<TD class="cmi" colSpan=11></TD></TR>
2444:<TR class="cm9" height=17>
2445:<TD class="cmw" colSpan=3 height=17></TD>
2446:<TD class=xl73 x:num="-662117"><SPAN
2447:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2448:</SPAN>(662,117)</TD>
2449:<TD class=xl73 x:num="-220977"><SPAN
2450:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2451:</SPAN>(220,977)</TD>
2452:<TD class=xl46 x:num="-397996" x:fmla="=SUM(F269:F280)"><SPAN
2453:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2454:</SPAN>(397,996)</TD>
2455:<TD class="cmi" colSpan=11></TD></TR>
2456:<TR class="cm9" height=17>
2457:<TD class=xl37 class="cmw" colSpan=2
2458:height=17>Financing:</TD>
2459:<TD></TD>
2460:<TD class=xl75 class="cmi" colSpan=2></TD>
2461:<TD class=xl46></TD>
2462:<TD class="cmi" colSpan=11></TD></TR>
2463:<TR class="cm9" height=17>
2464:<TD class="cm9" height=17></TD>
2465:<TD class=xl37>Bank loan</TD>
2466:<TD></TD>
2467:<TD class=xl73 x:num="1832616"><SPAN
2468:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2469:</SPAN>1,832,616 </TD>
2470:<TD class=xl73 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2471:</TD>
2472:<TD class=xl46 x:num="0"><SPAN
2473:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2474:</SPAN>- </TD>
2475:<TD class="cmi" colSpan=11></TD></TR>
2476:<TR class="cm9" height=17>
2477:<TD class="cm9" height=17></TD>
2478:<TD class=xl37>Advances from (to) shareholders</TD>
2479:<TD></TD>
2480:<TD class=xl73 x:num="-274755"><SPAN
2481:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2482:</SPAN>(274,755)</TD>
2483:<TD class=xl73 x:num="330292"><SPAN
2484:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2485:</SPAN>330,292 </TD>
2486:<TD class=xl46 x:num="187802"><SPAN
2487:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2488:</SPAN>187,802 </TD>
2489:<TD class="cmi" colSpan=11></TD></TR>
2490:<TR class="cm9" height=17>
2491:<TD class="cm9" height=17></TD>
2492:<TD class=xl60>Long term debt</TD>
2493:<TD class=xl58>&nbsp;</TD>
2494:<TD class=xl76 x:num="-623575"><SPAN
2495:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2496:</SPAN>(623,575)</TD>
2497:<TD class=xl76 x:num="278662"><SPAN
2498:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2499:</SPAN>278,662 </TD>
2500:<TD class=xl59 x:num="0"><SPAN
2501:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2502:</SPAN>- </TD>
2503:<TD class="cmi" colSpan=11></TD></TR>
2504:<TR class="cm9" height=17>
2505:<TD class="cmw" colSpan=3 height=17></TD>
2506:<TD class=xl73 x:num="934286"><SPAN
2507:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2508:</SPAN>934,286 </TD>
2509:<TD class=xl73 x:num="608954"><SPAN
2510:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2511:</SPAN>608,954 </TD>
2512:<TD class=xl46 x:num="187802" x:fmla="=SUM(F283:F285)"><SPAN
2513:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2514:</SPAN>187,802 </TD>
2515:<TD class="cmi" colSpan=11></TD></TR>
2516:<TR class="cm9" height=17>
2517:<TD class=xl37 class="cmw" colSpan=2
2518:height=17>Investments:</TD>
2519:<TD></TD>
2520:<TD class=xl75 class="cmi" colSpan=2></TD>
2521:<TD class=xl46></TD>
2522:<TD class="cmi" colSpan=11></TD></TR>
2523:<TR class="cm9" height=17>
2524:<TD class="cm9" height=17></TD>
2525:<TD class=xl37>Mineral properties</TD>
2526:<TD></TD>
2527:<TD class=xl73 x:num="-289106"><SPAN
2528:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2529:</SPAN>(289,106)</TD>
2530:<TD class=xl73 x:num="-373383"><SPAN
2531:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2532:</SPAN>(373,383)</TD>
2533:<TD class=xl46 x:num="-122057"><SPAN
2534:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2535:</SPAN>(122,057)</TD>
2536:<TD class="cmi" colSpan=11></TD></TR>
2537:<TR class="cm9" height=17>
2538:<TD class="cm9" height=17></TD>
2539:<TD class=xl37 class="cmi" colSpan=2>Proceeds from
2540:disposal of capital assets</TD>
2541:<TD class=xl73 x:num="7412"><SPAN
2542:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2543:</SPAN>7,412 </TD>
2544:<TD class=xl73 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2545:</TD>
2546:<TD class=xl46 x:num="312925"><SPAN
2547:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2548:</SPAN>312,925 </TD>
2549:<TD class="cmi" colSpan=11></TD></TR>
2550:<TR class="cm9" height=17>
2551:<TD class="cm9" height=17></TD>
2552:<TD class=xl60>Net additions to capital assets</TD>
2553:<TD class=xl58>&nbsp;</TD>
2554:<TD class=xl76 x:num="-506"><SPAN
2555:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2556:</SPAN>(506)</TD>
2557:<TD class=xl76 x:num="-1416"><SPAN
2558:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2559:</SPAN>(1,416)</TD>
2560:<TD class=xl59 x:num="0"><SPAN
2561:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2562:</SPAN>- </TD>
2563:<TD class="cmi" colSpan=11></TD></TR>
2564:<TR class="cm9" height=17>
2565:<TD class="cmw" colSpan=3 height=17></TD>
2566:<TD class=xl73 x:num="-282200"><SPAN
2567:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2568:</SPAN>(282,200)</TD>
2569:<TD class=xl73 x:num="-374799"><SPAN
2570:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2571:</SPAN>(374,799)</TD>
2572:<TD class=xl46 x:num="190868" x:fmla="=SUM(F288:F290)"><SPAN
2573:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2574:</SPAN>190,868 </TD>
2575:<TD class="cmi" colSpan=11></TD></TR>
2576:<TR class=xl58 class="cm1v" height=14>
2577:<TD class=xl57 class="cm1w" height=14>&nbsp;</TD>
2578:<TD class=xl58>&nbsp;</TD>
2579:<TD class=xl58>&nbsp;</TD>
2580:<TD class=xl118>&nbsp;</TD>
2581:<TD class=xl118>&nbsp;</TD>
2582:<TD class=xl59>&nbsp;</TD>
2583:<TD class="cmi" colSpan=11></TD></TR>
2584:<TR class="cm9" height=17>
2585:<TD class=xl37 class="cmw" colSpan=2
2586:height=17>Increase (decrease) in cash</TD>
2587:<TD></TD>
2588:<TD class=xl73 x:num="-10031"><SPAN
2589:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2590:</SPAN>(10,031)</TD>
2591:<TD class=xl73 x:num="13178"><SPAN
2592:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2593:</SPAN>13,178 </TD>
2594:<TD class=xl46 x:num="-19326" x:fmla="=F281+F286+F291"><SPAN
2595:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2596:</SPAN>(19,326)</TD>
2597:<TD class="cmi" colSpan=11></TD></TR>
2598:<TR class="cm1i" height=12>
2599:<TD class=xl37 class="cm1j" height=12></TD>
2600:<TD class="cmi" colSpan=2></TD>
2601:<TD class=xl73 class="cmi" colSpan=2></TD>
2602:<TD class=xl46></TD>
2603:<TD class="cmi" colSpan=11></TD></TR>
2604:<TR class="cm9" height=17>
2605:<TD class=xl37 class="cmw" colSpan=2
2606:height=17>Cash (bank overdraft), beginning of year</TD>
2607:<TD></TD>
2608:<TD class=xl73 x:num="632"><SPAN
2609:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2610:</SPAN>632 </TD>
2611:<TD class=xl73 x:num="-12546"><SPAN
2612:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2613:</SPAN>(12,546)</TD>
2614:<TD class=xl46 x:num="6780"><SPAN
2615:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2616:</SPAN>6,780 </TD>
2617:<TD class="cmi" colSpan=11></TD></TR>
2618:<TR class="cm1k" height=13>
2619:<TD class=xl39 class="cm1l" height=13></TD>
2620:<TD class="cmi" colSpan=2></TD>
2621:<TD class=xl75 class="cmi" colSpan=2></TD>
2622:<TD class=xl59>&nbsp;</TD>
2623:<TD class="cmi" colSpan=11></TD></TR>
2624:<TR class="cmh" height=18>
2625:<TD class=xl63 class="cm1s" colSpan=2
2626:height=18>Cash (bank overdraft), end of year</TD>
2627:<TD class=xl63>&nbsp;</TD>
2628:<TD class=xl35 x:num="-9399"><SPAN
2629:class="cmj">&nbsp;</SPAN>$<SPAN
2630:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2631:</SPAN>(9,399)</TD>
2632:<TD class=xl35 x:num="632"><SPAN
2633:class="cmj">&nbsp;</SPAN>$<SPAN
2634:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2635:</SPAN>632 </TD>
2636:<TD class=xl105 class="cm1r" x:num="-12546"
2637:x:fmla="=SUM(F293:F295)"><SPAN
2638:class="cmj">&nbsp;</SPAN>$<SPAN
2639:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2640:</SPAN>(12,546)</TD>
2641:<TD class="cmi" colSpan=11></TD></TR>
2642:<TR class="cm1k" height=13>
2643:<TD class=xl37 class="cm1x" colSpan=3
2644:height=13></TD>
2645:<TD class=xl24></TD>
2646:<TD class=xl31 class="cmi" colSpan=2></TD>
2647:<TD class="cmi" colSpan=11></TD></TR>
2648:<TR class="cm9" height=17>
2649:<TD class=xl37 class="cmw" colSpan=2
2650:height=17>Supplementary cash flow information:</TD>
2651:<TD></TD>
2652:<TD class=xl24></TD>
2653:<TD class="cmi" colSpan=13></TD></TR>
2654:<TR class="cm9" height=17>
2655:<TD class=xl68 class="cmw" colSpan=2
2656:height=17>Interest paid</TD>
2657:<TD class=xl68></TD>
2658:<TD class=xl31 x:num="195877"><SPAN
2659:class="cmj">&nbsp;</SPAN>$<SPAN
2660:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2661:</SPAN>195,877 </TD>
2662:<TD class=xl31 x:num="35288"><SPAN
2663:class="cmj">&nbsp;</SPAN>$<SPAN
2664:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2665:</SPAN>35,288 </TD>
2666:<TD class=xl148 x:num="45624"><SPAN
2667:class="cmj">&nbsp;</SPAN>$<SPAN
2668:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2669:</SPAN>45,624 </TD>
2670:<TD class="cmi" colSpan=11></TD></TR>
2671:<TR class="cm9" height=17>
2672:<TD class=xl68 class="cmw" colSpan=2
2673:height=17>Income taxes paid</TD>
2674:<TD></TD>
2675:<TD class=xl73 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2676:</TD>
2677:<TD class=xl73 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2678:</TD>
2679:<TD class=xl134 x:num="0"><SPAN
2680:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2681:</SPAN>-<SPAN class="cmj">&nbsp;&nbsp; </SPAN></TD>
2682:<TD class="cmi" colSpan=11></TD></TR>
2683:<TR class="cm9" height=17>
2684:<TD class=xl68 class="cmw" colSpan=2
2685:height=17>Interest received</TD>
2686:<TD></TD>
2687:<TD class=xl73 x:num="3092"><SPAN
2688:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2689:</SPAN>3,092 </TD>
2690:<TD class=xl73 x:num="1081"><SPAN
2691:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2692:</SPAN>1,081 </TD>
2693:<TD class=xl134 x:num="1180"><SPAN
2694:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2695:</SPAN>1,180 </TD>
2696:<TD class="cmi" colSpan=11></TD></TR>
2697:<TR class="cm9" height=17>
2698:<TD class=xl68 class="cmw" colSpan=2
2699:height=17>Non cash transactions:</TD>
2700:<TD></TD>
2701:<TD class=xl75 class="cmi" colSpan=2></TD>
2702:<TD class=xl134></TD>
2703:<TD class="cmi" colSpan=11></TD></TR>
2704:<TR class="cm9" height=17>
2705:<TD class="cm9" height=17></TD>
2706:<TD class=xl25 class="cmi" colSpan=2><SPAN
2707:class="cmj">&nbsp; </SPAN>Shares issued for mineral property
2708:development</TD>
2709:<TD class=xl73 x:num="30000"><SPAN
2710:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2711:</SPAN>30,000 </TD>
2712:<TD class=xl73 x:num="15000"><SPAN
2713:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2714:</SPAN>15,000 </TD>
2715:<TD class=xl134 x:num="0"><SPAN
2716:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2717:</SPAN>-<SPAN class="cmj">&nbsp;&nbsp; </SPAN></TD>
2718:<TD class="cmi" colSpan=11></TD></TR>
2719:<TR class="cm9" height=17>
2720:<TD class="cm9" height=17></TD>
2721:<TD class=xl25 class="cmi" colSpan=2><SPAN
2722:class="cmj">&nbsp; </SPAN>Amortization capitalized to
2723:mineral properties</TD>
2724:<TD class=xl73 x:num="36645"><SPAN
2725:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2726:</SPAN>36,645 </TD>
2727:<TD class=xl73 x:num="57346"><SPAN
2728:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2729:</SPAN>57,346 </TD>
2730:<TD class=xl134 x:num="1757431"><SPAN
2731:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2732:</SPAN>1,757,431 </TD>
2733:<TD class="cmi" colSpan=11></TD></TR>
2734:<TR class="cm9" height=17>
2735:<TD class="cm9" height=17></TD>
2736:<TD class=xl25 colSpan=3
2737:x:str=" Shares issued for repayment of shareholder "><SPAN
2738:class="cmj">&nbsp; </SPAN>Shares issued for repayment of
2739:shareholder </TD>
2740:<TD></TD>
2741:<TD class=xl134></TD>
2742:<TD class="cmi" colSpan=11></TD></TR>
2743:<TR class="cm9" height=17>
2744:<TD class="cm9" height=17></TD>
2745:<TD class=xl25><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
2746:</SPAN>advances</TD>
2747:<TD class=xl25></TD>
2748:<TD class=xl73 x:num="75000"><SPAN
2749:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2750:</SPAN>75,000 </TD>
2751:<TD class=xl73 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2752:</TD>
2753:<TD class=xl134 x:num="0"><SPAN
2754:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2755:</SPAN>-<SPAN class="cmj">&nbsp;&nbsp; </SPAN></TD>
2756:<TD class="cmi" colSpan=11></TD></TR>
2757:<TR class="cm9" height=17>
2758:<TD class="cm9" height=17></TD>
2759:<TD class=xl25 colSpan=2><SPAN class="cmj">&nbsp;
2760:</SPAN>Advances receivable reclassified to mineral</TD>
2761:<TD class="cmi" colSpan=14></TD></TR>
2762:<TR class="cmh" height=18>
2763:<TD class=xl54 class="cmh" height=18>&nbsp;</TD>
2764:<TD class=xl77><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
2765:</SPAN>properties</TD>
2766:<TD class=xl146>&nbsp;</TD>
2767:<TD class=xl78 x:num="122806"><SPAN
2768:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2769:</SPAN>122,806 </TD>
2770:<TD class=xl78 x:str="-"><SPAN class="cmj">&nbsp;</SPAN>-
2771:</TD>
2772:<TD class=xl147 x:num="0"><SPAN
2773:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2774:</SPAN>-<SPAN class="cmj">&nbsp;&nbsp; </SPAN></TD>
2775:<TD class="cmi" colSpan=11></TD></TR>
2776:<TR class="cm1p" height=11>
2777:<TD class="cm1q" height=11></TD>
2778:<TD class=xl25 class="cmi" colSpan=3></TD>
2779:<TD class=xl73 class="cmi" colSpan=2></TD>
2780:<TD class="cmi" colSpan=11></TD></TR>
2781:<TR class="cm9" height=17>
2782:<TD class=xl25 class="cm9" colSpan=4 height=17>See
2783:accompanying notes to consolidated financial statements.</TD>
2784:<TD class=xl26 class="cmi" colSpan=2></TD>
2785:<TD class="cmi" colSpan=11></TD></TR>
2786:<TR class="cmk" height=31>
2787:<TD class=xl38 class="cm1f" colSpan=3
2788:height=31>CALAIS RESOURCES INC.</TD>
2789:<TD class="cmi" colSpan=14></TD></TR>
2790:<TR class="cm9" height=17>
2791:<TD class=xl25 class="cm9" colSpan=3 height=17>Notes to
2792:Consolidated Financial Statements</TD>
2793:<TD class="cmi" colSpan=14></TD></TR>
2794:<TR class="cm9" height=17>
2795:<TD class=xl25 class="cmw" colSpan=2
2796:height=17>Expressed in Canadian Dollars</TD>
2797:<TD class=xl25></TD>
2798:<TD class="cmi" colSpan=14></TD></TR>
2799:<TR class="cm9" height=17>
2800:<TD class=xl39 class="cm9" height=17></TD>
2801:<TD class="cmi" colSpan=16></TD></TR>
2802:<TR class="cm9" height=17>
2803:<TD class=xl25 class="cmw" colSpan=3
2804:height=17>Years ended May 31, 2002, 2001 and 2000</TD>
2805:<TD class="cmi" colSpan=14></TD></TR>
2806:<TR class="cm9" height=17>
2807:<TD class=xl79 class="cm9" height=17></TD>
2808:<TD class="cmi" colSpan=16></TD></TR>
2809:<TR class="cm9" height=17>
2810:<TD class=xl39 class="cm9" height=17></TD>
2811:<TD class="cmi" colSpan=16></TD></TR>
2812:<TR class="cm9" height=17>
2813:<TD class=xl80 class="cm9" height=17 x:num>1</TD>
2814:<TD class=xl80>General and future operations:</TD>
2815:<TD class=xl80></TD>
2816:<TD class="cmi" colSpan=14></TD></TR>
2817:<TR class="cm1y" height=130>
2818:<TD class=xl39 class="cm1z" height=130></TD>
2819:<TD class=xl43 class="cm20" width=597 colSpan=5>Calais Resources
2820:Inc. (the "Company") was incorporated under the laws of the Province of
2821:British Columbia on December 30, 1986.<SPAN
2822:class="cmj">&nbsp; </SPAN>The Company is currently in the
2823:process of exploring and developing various mineral properties to
2824:determine whether these properties contain ore reserves that are
2825:economically recoverable.<SPAN class="cmj">&nbsp; </SPAN>The
2826:recoverability of the amounts shown for the mineral properties and related
2827:deferred costs is dependent upon the existence of economically recoverable
2828:reserves, the ability of the Company to obtain necessary financing to
2829:complete their development and upon future profitable production.</TD>
2830:<TD class="cmi" colSpan=11></TD></TR>
2831:<TR class="cm21" height=147>
2832:<TD class="cm22" height=147></TD>
2833:<TD class=xl85 class="cm20" width=597 colSpan=5>These consolidated
2834:financial statements have been prepared on a going concern basis in
2835:accordance with Canadian generally accepted accounting principles.<SPAN
2836:class="cmj">&nbsp; </SPAN>The going concern basis of
2837:presentation assumes that the Company will continue in operation for the
2838:foreseeable future and be able to realize its assets and discharge its
2839:liabilities and commitments in the normal course of business.<SPAN
2840:class="cmj">&nbsp; </SPAN>There is significant doubt about
2841:the appropriateness of the use of the going concern assumption because the
2842:Company experienced significant losses in 2002 and 2001 and has
2843:experienced significant negative cash flow from operations over a number
2844:of years.<SPAN class="cmj">&nbsp; </SPAN>In addition, the
2845:Company<SPAN class="cmj">&nbsp; </SPAN>recently had to seek
2846:an extension on repayment of a $1,200,000 US loan (see Note 5).</TD>
2847:<TD class="cmi" colSpan=11></TD></TR>
2848:<TR class="cm23" height=95>
2849:<TD class="cm24" height=95></TD>
2850:<TD class=xl85 class="cm20" width=597 colSpan=5>Subsequent to the
2851:year end, the Company began seeking approximately $2,300,000 US in
2852:financing to repay the bank loan, trade creditors and provide operating
2853:funds.<SPAN class="cmj">&nbsp; </SPAN>The Company is
2854:actively pursuing various options with potential lenders and investors
2855:which, if accepted, will in management's view, enable the Company to
2856:achieve its business plans.<SPAN class="cmj">&nbsp;
2857:</SPAN>No agreements with potential lenders or investors have been reached
2858:yet and there can be no assurance that such agreements will be reached.</TD>
2859:<TD class="cmi" colSpan=11></TD></TR>
2860:<TR class="cm25" height=114>
2861:<TD class="cm26" height=114></TD>
2862:<TD class=xl85 class="cm20" width=597 colSpan=5>The ability of the
2863:Company to continue as a going concern and to realize the carrying value
2864:of its assets and discharge its liabilities when due is dependent on the
2865:successful completion of the actions taken or planned, some of which are
2866:described above, which management believes will mitigate the adverse
2867:conditions and events which raise doubt about the validity of the "going
2868:concern" assumption used in preparing these financial statements.<SPAN
2869:class="cmj">&nbsp; </SPAN>There is no certainty that these
2870:and other strategies will be sufficient to permit the Company to continue
2871:beyond May 31, 2003.</TD>
2872:<TD class="cmi" colSpan=11></TD></TR>
2873:<TR class="cm27" height=74>
2874:<TD class="cm28" height=74></TD>
2875:<TD class=xl85 class="cm20" width=597 colSpan=5>The financial
2876:statements do not reflect adjustments that would be necessary if the
2877:"going concern" assumption were not appropriate.<SPAN
2878:class="cmj">&nbsp; </SPAN>If the "going concern" basis was
2879:not appropriate for these financial statements, then adjustments would be
2880:necessary in the carrying value of assets and liabilities, the reported
2881:revenues and expenses, and the balance sheet classifications used.</TD>
2882:<TD class="cmi" colSpan=11></TD></TR>
2883:<TR class="cm9" height=17>
2884:<TD class=xl80 class="cm9" height=17></TD>
2885:<TD class="cmi" colSpan=16></TD></TR>
2886:<TR class="cm9" height=17>
2887:<TD class=xl80 class="cm9" height=17 x:num>2</TD>
2888:<TD class=xl80>Significant accounting policies:</TD>
2889:<TD class=xl80></TD>
2890:<TD class="cmi" colSpan=14></TD></TR>
2891:<TR class="cm9" height=17>
2892:<TD class=xl80 class="cmw" colSpan=3
2893:height=17></TD>
2894:<TD class="cmi" colSpan=14></TD></TR>
2895:<TR class="cm9" height=17>
2896:<TD class=xl39 class="cm9" height=17>(a)</TD>
2897:<TD class=xl39>Basis of consolidation:</TD>
2898:<TD class=xl39></TD>
2899:<TD class="cmi" colSpan=14></TD></TR>
2900:<TR class="cm29" height=78>
2901:<TD class="cm2a" height=78></TD>
2902:<TD class=xl85 class="cm20" width=597 colSpan=5>These financial
2903:statements include the accounts of the Company and its wholly-owned
2904:subsidiaries.<SPAN class="cmj">&nbsp; </SPAN>Calais
2905:International Inc., Recursos Calais S.A. de C.V., Calais Resources Nevada
2906:Inc., Calais Resources Colorado Inc. and Recursos Calais La Paloma S.A. de
2907:C.V.<SPAN class="cmj">&nbsp;&nbsp; </SPAN>All material
2908:inter-company transactions and balances have been eliminated.</TD>
2909:<TD class="cmi" colSpan=11></TD></TR>
2910:<TR class="cm9" height=17>
2911:<TD class=xl39 class="cm9" height=17></TD>
2912:<TD class="cmi" colSpan=16></TD></TR>
2913:<TR class="cm9" height=17>
2914:<TD class=xl39 class="cm9" height=17>(b)</TD>
2915:<TD class=xl39>Use of estimates:</TD>
2916:<TD class=xl39></TD>
2917:<TD class="cmi" colSpan=14></TD></TR>
2918:<TR class="cm2b" height=97>
2919:<TD class="cm2c" height=97></TD>
2920:<TD class=xl85 class="cm20" width=597 colSpan=5>The preparation of
2921:financial statements in conformity with Canadian generally accepted
2922:accounting principles requires management to make estimates and
2923:assumptions that affect the reported amounts of assets and liabilities and
2924:disclosure of contingent assets and liabilities at the date of the
2925:financial statements and the reported amounts of revenues and expenses
2926:during the year.<SPAN class="cmj">&nbsp; </SPAN>Actual
2927:results could differ from those estimates.</TD>
2928:<TD class="cmi" colSpan=11></TD></TR>
2929:<TR class="cm9" height=17>
2930:<TD class=xl39 class="cm9" height=17></TD>
2931:<TD class="cmi" colSpan=16></TD></TR>
2932:<TR class="cm9" height=17>
2933:<TD class=xl39 class="cm9" height=17>(c)</TD>
2934:<TD class=xl39>Cash equivalents:</TD>
2935:<TD class=xl39></TD>
2936:<TD class="cmi" colSpan=14></TD></TR>
2937:<TR class="cm2d" height=26>
2938:<TD class="cm2e" height=26></TD>
2939:<TD class=xl85 class="cm20" width=597 colSpan=5>Cash equivalents
2940:consist of short-term deposits with maturity of ninety days or less.</TD>
2941:<TD class="cmi" colSpan=11></TD></TR>
2942:<TR class="cm9" height=17>
2943:<TD class=xl39 class="cm9" height=17></TD>
2944:<TD class="cmi" colSpan=16></TD></TR>
2945:<TR class="cm9" height=17>
2946:<TD class=xl39 class="cm9" height=17>(d)</TD>
2947:<TD class=xl39>Financial instruments:</TD>
2948:<TD class=xl39></TD>
2949:<TD class="cmi" colSpan=14></TD></TR>
2950:<TR class="cm2f" height=112>
2951:<TD class="cm2g" height=112></TD>
2952:<TD class=xl85 class="cm20" width=597 colSpan=5>The Company's
2953:financial instruments consist of cash, restricted cash, other receivables,
2954:advances receivable, bank overdraft, accounts payable and accrued
2955:liabilities, bank loan, long-term debt and advances from
2956:shareholders.<SPAN class="cmj">&nbsp; </SPAN>Unless
2957:otherwise noted, it is management's opinion that the Company is not
2958:exposed to significant interest, currency or credit risks arising from
2959:these financial instruments.<SPAN class="cmj">&nbsp;
2960:</SPAN>The fair values of these financial instruments approximate their
2961:carrying values, unless otherwise noted.</TD>
2962:<TD class="cmi" colSpan=11></TD></TR>
2963:<TR class="cm9" height=17>
2964:<TD class=xl39 class="cm9" height=17></TD>
2965:<TD class="cmi" colSpan=16></TD></TR>
2966:<TR class="cm9" height=17>
2967:<TD class=xl39 class="cm9" height=17>(e)</TD>
2968:<TD class=xl39>Inventories:</TD>
2969:<TD class=xl39></TD>
2970:<TD class="cmi" colSpan=14></TD></TR>
2971:<TR class="cm2h" height=44>
2972:<TD class="cm2i" height=44></TD>
2973:<TD class=xl85 class="cm20" width=597 colSpan=5>Inventories
2974:consist of mining equipment held for resale.<SPAN
2975:class="cmj">&nbsp; </SPAN>Inventories are recorded at the
2976:lower of cost or net realizable value.</TD>
2977:<TD class="cmi" colSpan=11></TD></TR>
2978:<TR class="cm9" height=17>
2979:<TD class=xl39 class="cm9" height=17></TD>
2980:<TD class="cmi" colSpan=16></TD></TR>
2981:<TR class="cm9" height=17>
2982:<TD class=xl39 class="cm9" height=17>(f)</TD>
2983:<TD class=xl39>Mineral properties:</TD>
2984:<TD class=xl39></TD>
2985:<TD class="cmi" colSpan=14></TD></TR>
2986:<TR class="cm2j" height=96>
2987:<TD class="cm2k" height=96></TD>
2988:<TD class=xl85 class="cm20" width=597 colSpan=5>The Company is
2989:engaged in the acquisition, exploration and development of mineral
2990:properties.<SPAN class="cmj">&nbsp; </SPAN>All acquisition,
2991:exploration and related direct overhead expenditures are deferred and will
2992:be depleted over the estimated life of the property.<SPAN
2993:class="cmj">&nbsp; </SPAN>The estimated life of a property
2994:depends on whether the property contains economically recoverable reserves
2995:that can be brought into production.<SPAN class="cmj">&nbsp;
2996:</SPAN>The costs relating to a property abandoned are written off when the
2997:decision to abandon is made.</TD>
2998:<TD class="cmi" colSpan=11></TD></TR>
2999:<TR class="cm2l" height=43>
3000:<TD class="cm2m" height=43></TD>
3001:<TD class=xl85 class="cm20" width=597 colSpan=5>The total amount
3002:recorded for mineral properties and deferred exploration expenditures
3003:represents costs incurred to date and does not reflect present or future
3004:values.</TD>
3005:<TD class="cmi" colSpan=11></TD></TR>
3006:<TR class="cm2n" height=62>
3007:<TD class="cm2o" height=62></TD>
3008:<TD class=xl85 class="cm20" width=597 colSpan=5>Proceeds from
3009:disposition of mineral properties are normally credited to the capitalized
3010:costs with no gain or loss being recognized unless the sale is significant
3011:to the capitalized property costs.<SPAN class="cmj">&nbsp;
3012:</SPAN>For such significant dispositions, a gain or loss would be
3013:recognized.</TD>
3014:<TD class="cmi" colSpan=11></TD></TR>
3015:<TR class="cm9" height=17>
3016:<TD class="cm9" height=17></TD>
3017:<TD class=xl39 class="cmi" colSpan=2></TD>
3018:<TD class="cmi" colSpan=14></TD></TR>
3019:<TR class="cm9" height=17>
3020:<TD class=xl39 class="cm9" height=17>(g)</TD>
3021:<TD class=xl39>Capital assets and amortization:</TD>
3022:<TD class=xl39></TD>
3023:<TD class="cmi" colSpan=14></TD></TR>
3024:<TR class="cm2p" height=56>
3025:<TD class="cm2q" height=56></TD>
3026:<TD class=xl85 class="cm20" width=597 colSpan=5>Capital assets are
3027:recorded at cost and are amortized over the estimated useful life on the
3028:declining balance method at rates of 20% to 30% per annum.<SPAN
3029:class="cmj">&nbsp; </SPAN>Amortization related to
3030:exploration and mining equipment is capitalized as a mineral property
3031:cost.</TD>
3032:<TD class="cmi" colSpan=11></TD></TR>
3033:<TR class="cm9" height=17>
3034:<TD class=xl39 class="cm9" height=17></TD>
3035:<TD class="cmi" colSpan=16></TD></TR>
3036:<TR class="cm9" height=17>
3037:<TD class=xl39 class="cm9" height=17>(h)</TD>
3038:<TD class=xl39>Foreign currency translation:</TD>
3039:<TD class=xl39></TD>
3040:<TD class="cmi" colSpan=14></TD></TR>
3041:<TR class="cm23" height=95>
3042:<TD class="cm24" height=95></TD>
3043:<TD class=xl85 class="cm20" width=597 colSpan=5
3044:x:str="For domestic companies and integrated foreign operations, monetary assets and liabilities are translated into Canadian dollars at exchange rates prevailing at the balance sheet date. Other assets and liabilities are translated at exchange rates prevailing at the dates of the transactions. Income and expenses are translated at average exchange rates prevailing during the year. Exchange gains or losses are included in earnings for the year. ">For
3045:domestic companies and integrated foreign operations, monetary assets and
3046:liabilities are translated into Canadian dollars at exchange rates
3047:prevailing at the balance sheet date.<SPAN
3048:class="cmj">&nbsp; </SPAN>Other assets and liabilities are
3049:translated at exchange rates prevailing at the dates of the
3050:transactions.<SPAN class="cmj">&nbsp; </SPAN>Income and
3051:expenses are translated at average exchange rates prevailing during the
3052:year.<SPAN class="cmj">&nbsp; </SPAN>Exchange gains or
3053:losses are included in earnings for the year.<SPAN
3054:class="cmj">&nbsp; </SPAN></TD>
3055:<TD class="cmi" colSpan=11></TD></TR>
3056:<TR class="cm9" height=17>
3057:<TD class=xl39 class="cm9" height=17></TD>
3058:<TD class="cmi" colSpan=16></TD></TR>
3059:<TR class="cm9" height=17>
3060:<TD class=xl39 class="cm9" height=17>(i)</TD>
3061:<TD class=xl39>Income taxes:</TD>
3062:<TD class=xl39></TD>
3063:<TD class="cmi" colSpan=14></TD></TR>
3064:<TR class="cm2r" height=45>
3065:<TD class="cm2s" height=45></TD>
3066:<TD class=xl85 class="cm20" width=597 colSpan=5>The Company
3067:follows the asset and liability method of accounting for income
3068:taxes.<SPAN class="cmj">&nbsp; </SPAN>Under this method,
3069:current taxes are recognized for the estimated income taxes payable for
3070:the current period.</TD>
3071:<TD class="cmi" colSpan=11></TD></TR>
3072:<TR class="cm2n" height=62>
3073:<TD class="cm2o" height=62></TD>
3074:<TD class=xl85 class="cm20" width=597 colSpan=5>Future income
3075:taxes are provided based on the estimated future tax effects of temporary
3076:differences between financial statement carrying amounts of existing
3077:assets and liabilities and their respective tax bases as well as the
3078:benefit of losses available to be carried forward to future years for tax
3079:purposes.</TD>
3080:<TD class="cmi" colSpan=11></TD></TR>
3081:<TR class="cm2t" height=113>
3082:<TD class="cm2u" height=113></TD>
3083:<TD class=xl85 class="cm20" width=597 colSpan=5>Future tax assets
3084:and liabilities are measured using enacted or substantively enacted tax
3085:rates that are expected to apply to taxable income in the years in which
3086:those temporary differences are expected to be recovered or settled.<SPAN
3087:class="cmj">&nbsp; </SPAN>The effect on future tax assets
3088:and liabilities of a change in tax rates is recognized in operations in
3089:the period that includes the enactment or substantive enactment date.<SPAN
3090:class="cmj">&nbsp; </SPAN>A valuation allowance is recorded
3091:for future tax assets when it is not more likely than not that such future
3092:tax assets will be realized.</TD>
3093:<TD class="cmi" colSpan=11></TD></TR>
3094:<TR class="cm9" height=17>
3095:<TD class=xl39 class="cm9" height=17></TD>
3096:<TD class="cmi" colSpan=16></TD></TR>
3097:<TR class="cm9" height=17>
3098:<TD class=xl39 class="cm9" height=17><SPAN
3099:class="cmj">&nbsp;</SPAN>(j)</TD>
3100:<TD class=xl39>Net loss per share:</TD>
3101:<TD class=xl39></TD>
3102:<TD class="cmi" colSpan=14></TD></TR>
3103:<TR class="cm2r" height=45>
3104:<TD class="cm2s" height=45></TD>
3105:<TD class=xl85 class="cm20" width=597 colSpan=5
3106:x:str="During the year the company adopted the new provisions of CICA Handbook Section 3500, earnings per share. ">During
3107:the year the company adopted the new provisions of CICA Handbook Section
3108:3500, earnings per share.<SPAN class="cmj">&nbsp; </SPAN></TD>
3109:<TD class="cmi" colSpan=11></TD></TR>
3110:<TR class="cm2v" height=93>
3111:<TD class="cm2w" height=93></TD>
3112:<TD class=xl85 class="cm20" width=597 colSpan=5>Basic net loss per
3113:share is computed using the weighted average number of common shares
3114:outstanding during the period.<SPAN class="cmj">&nbsp;
3115:</SPAN>Diluted loss per share is computed using the weighted average
3116:number of common shares and potentially dilutive common shares outstanding
3117:during the period.<SPAN class="cmj">&nbsp; </SPAN>As the
3118:Company has a net loss in the years ending May 31, 2001 and 2002, basic
3119:and diluted net loss per share are the same.</TD>
3120:<TD class="cmi" colSpan=11></TD></TR>
3121:<TR class="cm9" height=17>
3122:<TD class=xl39 class="cm9" height=17></TD>
3123:<TD class="cmi" colSpan=16></TD></TR>
3124:<TR class="cm9" height=17>
3125:<TD class=xl39 class="cm9" height=17>(k)</TD>
3126:<TD class=xl39>Stock based compensation:</TD>
3127:<TD class=xl39></TD>
3128:<TD class="cmi" colSpan=14></TD></TR>
3129:<TR class="cm2x" height=98>
3130:<TD class="cm2y" height=98></TD>
3131:<TD class=xl85 class="cm20" width=597 colSpan=5
3132:x:str="The Company has stock based compensation plans. No compensation expense is recognized for these plans when stock or stock options are issued to employees. Consideration paid by employees on the exercise of stock options is credited to common shares. For consideration paid to an employee for the repurchase of stock options, the excess of the consideration paid over the carrying amount of the stock option cancelled is charged to retained earnings. ">The
3133:Company has stock based compensation plans.<SPAN
3134:class="cmj">&nbsp; </SPAN>No compensation expense is
3135:recognized for these plans when stock or stock options are issued to
3136:employees.<SPAN class="cmj">&nbsp; </SPAN>Consideration paid
3137:by employees on the exercise of stock options is credited to common
3138:shares.<SPAN class="cmj">&nbsp; </SPAN>For consideration
3139:paid to an employee for the repurchase of stock options, the excess of the
3140:consideration paid over the carrying amount of the stock option cancelled
3141:is charged to retained earnings.<SPAN class="cmj">&nbsp;
3142:</SPAN></TD>
3143:<TD class="cmi" colSpan=11></TD></TR>
3144:<TR class="cm2z" height=17>
3145:<TD class="cm9" height=17></TD>
3146:<TD class=xl85 class="cmi" colSpan=5></TD>
3147:<TD class="cmi" colSpan=11></TD></TR>
3148:<TR class="cm9" height=17>
3149:<TD class=xl80 class="cm9" height=17 x:num>3</TD>
3150:<TD class=xl80>Capital assets:</TD>
3151:<TD class=xl80></TD>
3152:<TD class="cmi" colSpan=14></TD></TR>
3153:<TR class="cmh" height=18>
3154:<TD class=xl80 class="cmh" height=18></TD>
3155:<TD class=xl86>&nbsp;</TD>
3156:<TD class=xl86>&nbsp;</TD>
3157:<TD class=xl54>&nbsp;</TD>
3158:<TD class=xl54>&nbsp;</TD>
3159:<TD class=xl54>&nbsp;</TD>
3160:<TD class="cmi" colSpan=11></TD></TR>
3161:<TR class="cm9" height=17>
3162:<TD class="cm9" height=17></TD>
3163:<TD class=xl56 class="cm1r">&nbsp;</TD>
3164:<TD class=xl56 class="cm1r">&nbsp;</TD>
3165:<TD class=xl56 class="cm1r">&nbsp;</TD>
3166:<TD class=xl138 class="cm1r" x:num="2002">2002 </TD>
3167:<TD class=xl138 class="cm1r" x:num="2001">2001 </TD>
3168:<TD class="cmi" colSpan=11></TD></TR>
3169:<TR class="cm9" height=17>
3170:<TD class=xl81 class="cm9" height=17></TD>
3171:<TD class="cmi" colSpan=3></TD>
3172:<TD class=xl75 class="cmi" colSpan=2></TD>
3173:<TD class="cmi" colSpan=11></TD></TR>
3174:<TR class="cm9" height=17>
3175:<TD class="cm9" height=17></TD>
3176:<TD class=xl37>Cost</TD>
3177:<TD class=xl37></TD>
3178:<TD></TD>
3179:<TD class=xl75 class="cmi" colSpan=2></TD>
3180:<TD class="cmi" colSpan=11></TD></TR>
3181:<TR class="cm9" height=17>
3182:<TD class=xl69 class="cmw" colSpan=2
3183:height=17>Land</TD>
3184:<TD class="cmi" colSpan=2></TD>
3185:<TD class=xl31 x:num="8215"><SPAN
3186:class="cmj">&nbsp;</SPAN>$<SPAN
3187:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3188:</SPAN>8,215 </TD>
3189:<TD class=xl31 x:num="8215"><SPAN
3190:class="cmj">&nbsp;</SPAN>$<SPAN
3191:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3192:</SPAN>8,215 </TD>
3193:<TD></TD>
3194:<TD class=xl69></TD>
3195:<TD class="cmi" colSpan=9></TD></TR>
3196:<TR class="cm9" height=17>
3197:<TD class=xl69 class="cmw" colSpan=2
3198:height=17>Furniture</TD>
3199:<TD class="cmi" colSpan=2></TD>
3200:<TD class=xl73 x:num="10947"><SPAN
3201:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3202:</SPAN>10,947 </TD>
3203:<TD class=xl73 x:num="10947"><SPAN
3204:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3205:</SPAN>10,947 </TD>
3206:<TD class="cmi" colSpan=11></TD></TR>
3207:<TR class="cm9" height=17>
3208:<TD class=xl69 class="cmw" colSpan=2
3209:height=17>Computer equipment</TD>
3210:<TD class="cmi" colSpan=2></TD>
3211:<TD class=xl73 x:num="37494"><SPAN
3212:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3213:</SPAN>37,494 </TD>
3214:<TD class=xl73 x:num="37494"><SPAN
3215:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3216:</SPAN>37,494 </TD>
3217:<TD class="cmi" colSpan=11></TD></TR>
3218:<TR class="cm9" height=17>
3219:<TD class=xl69 class="cmw" colSpan=2
3220:height=17>Automotive equipment</TD>
3221:<TD class="cmi" colSpan=2></TD>
3222:<TD class=xl73 x:num="57331"><SPAN
3223:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3224:</SPAN>57,331 </TD>
3225:<TD class=xl73 x:num="57331"><SPAN
3226:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3227:</SPAN>57,331 </TD>
3228:<TD class="cmi" colSpan=11></TD></TR>
3229:<TR class="cm9" height=17>
3230:<TD class=xl69 class="cmw" colSpan=2
3231:height=17>Exploration/mining equipment</TD>
3232:<TD class="cmi" colSpan=2></TD>
3233:<TD class=xl73 x:num="498988"><SPAN
3234:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3235:</SPAN>498,988 </TD>
3236:<TD class=xl73 x:num="508642"><SPAN
3237:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3238:</SPAN>508,642 </TD>
3239:<TD class="cmi" colSpan=11></TD></TR>
3240:<TR class="cm9" height=17>
3241:<TD class=xl69 class="cm9" height=17>Soft<SPAN
3242:class="cm30">ware</SPAN></TD>
3243:<TD class=xl58>&nbsp;</TD>
3244:<TD class=xl58>&nbsp;</TD>
3245:<TD class=xl58>&nbsp;</TD>
3246:<TD class=xl76 x:num="6260"><SPAN
3247:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3248:</SPAN>6,260 </TD>
3249:<TD class=xl76 x:num="6024"><SPAN
3250:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3251:</SPAN>6,024 </TD>
3252:<TD class="cmi" colSpan=11></TD></TR>
3253:<TR class="cm9" height=17>
3254:<TD class="cmw" colSpan=4 height=17></TD>
3255:<TD class=xl73 x:num="619235"><SPAN
3256:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3257:</SPAN>619,235 </TD>
3258:<TD class=xl73 x:num="628653"><SPAN
3259:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3260:</SPAN>628,653 </TD>
3261:<TD class="cmi" colSpan=11></TD></TR>
3262:<TR class="cm9" height=17>
3263:<TD class="cm9" height=17></TD>
3264:<TD class=xl37>Accumulated depreciation</TD>
3265:<TD class=xl37></TD>
3266:<TD></TD>
3267:<TD class=xl75 class="cmi" colSpan=2></TD>
3268:<TD class="cmi" colSpan=11></TD></TR>
3269:<TR class="cm9" height=17>
3270:<TD class=xl69 class="cmw" colSpan=2
3271:height=17>Furniture</TD>
3272:<TD class="cmi" colSpan=2></TD>
3273:<TD class=xl73 x:num="7065"><SPAN
3274:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3275:</SPAN>7,065 </TD>
3276:<TD class=xl73 x:num="6189"><SPAN
3277:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3278:</SPAN>6,189 </TD>
3279:<TD class="cmi" colSpan=11></TD></TR>
3280:<TR class="cm9" height=17>
3281:<TD class=xl69 class="cmw" colSpan=2
3282:height=17>Computer equipment</TD>
3283:<TD class="cmi" colSpan=2></TD>
3284:<TD class=xl73 x:num="30502"><SPAN
3285:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3286:</SPAN>30,502 </TD>
3287:<TD class=xl73 x:num="27968"><SPAN
3288:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3289:</SPAN>27,968 </TD>
3290:<TD class="cmi" colSpan=11></TD></TR>
3291:<TR class="cm9" height=17>
3292:<TD class=xl69 class="cmw" colSpan=2
3293:height=17>Automotive equipment</TD>
3294:<TD class="cmi" colSpan=2></TD>
3295:<TD class=xl73 x:num="47506"><SPAN
3296:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3297:</SPAN>47,506 </TD>
3298:<TD class=xl73 x:num="43970"><SPAN
3299:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3300:</SPAN>43,970 </TD>
3301:<TD class="cmi" colSpan=11></TD></TR>
3302:<TR class="cm9" height=17>
3303:<TD class=xl69 class="cmw" colSpan=2
3304:height=17>Exploration/mining equipment</TD>
3305:<TD class="cmi" colSpan=2></TD>
3306:<TD class=xl73 x:num="401825"><SPAN
3307:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3308:</SPAN>401,825 </TD>
3309:<TD class=xl73 x:num="374834"><SPAN
3310:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3311:</SPAN>374,834 </TD>
3312:<TD class="cmi" colSpan=11></TD></TR>
3313:<TR class="cm9" height=17>
3314:<TD class=xl69 class="cm9" height=17>Soft<SPAN
3315:class="cm30">ware</SPAN></TD>
3316:<TD class=xl58>&nbsp;</TD>
3317:<TD class=xl58>&nbsp;</TD>
3318:<TD class=xl58>&nbsp;</TD>
3319:<TD class=xl76 x:num="6121"><SPAN
3320:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3321:</SPAN>6,121 </TD>
3322:<TD class=xl76 x:num="6024"><SPAN
3323:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3324:</SPAN>6,024 </TD>
3325:<TD class="cmi" colSpan=11></TD></TR>
3326:<TR class="cm9" height=17>
3327:<TD class="cmw" colSpan=4 height=17></TD>
3328:<TD class=xl73 x:num="493019"><SPAN
3329:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3330:</SPAN>493,019 </TD>
3331:<TD class=xl73 x:num="458985"><SPAN
3332:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3333:</SPAN>458,985 </TD>
3334:<TD class="cmi" colSpan=11></TD></TR>
3335:<TR class="cm9" height=17>
3336:<TD class=xl39 class="cm9" height=17></TD>
3337:<TD class="cmi" colSpan=3></TD>
3338:<TD class=xl75 class="cmi" colSpan=2></TD>
3339:<TD class="cmi" colSpan=11></TD></TR>
3340:<TR class="cmh" height=18>
3341:<TD class="cmh" height=18></TD>
3342:<TD class=xl63>Net book value</TD>
3343:<TD class=xl87>&nbsp;</TD>
3344:<TD class=xl87>&nbsp;</TD>
3345:<TD class=xl35 x:num="126216"><SPAN
3346:class="cmj">&nbsp;</SPAN>$<SPAN
3347:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3348:</SPAN>126,216 </TD>
3349:<TD class=xl35 x:num="169668"><SPAN
3350:class="cmj">&nbsp;</SPAN>$<SPAN
3351:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3352:</SPAN>169,668 </TD>
3353:<TD></TD>
3354:<TD class=xl68></TD>
3355:<TD class="cmi" colSpan=9></TD></TR>
3356:<TR class="cm9" height=17>
3357:<TD class=xl39 class="cm9" height=17></TD>
3358:<TD class="cmi" colSpan=16></TD></TR>
3359:<TR class="cm2l" height=43>
3360:<TD class="cm2m" height=43></TD>
3361:<TD class=xl85 class="cm20" width=597 colSpan=5>Amortization of
3362:$36,645 (2001 - $57,346) related to exploration equipment was capitalized
3363:to mineral properties during the year.</TD>
3364:<TD class="cmi" colSpan=11></TD></TR>
3365:<TR class="cm2z" height=17>
3366:<TD class="cm9" height=17></TD>
3367:<TD class=xl85 class="cmi" colSpan=5></TD>
3368:<TD class="cmi" colSpan=11></TD></TR>
3369:<TR class="cm9" height=17>
3370:<TD class=xl80 class="cm9" height=17 x:num>4</TD>
3371:<TD class=xl80>Mineral properties:</TD>
3372:<TD class=xl80></TD>
3373:<TD class="cmi" colSpan=14></TD></TR>
3374:<TR class="cmh" height=18>
3375:<TD class=xl80 class="cmh" height=18></TD>
3376:<TD class=xl86>&nbsp;</TD>
3377:<TD class=xl86>&nbsp;</TD>
3378:<TD class=xl54>&nbsp;</TD>
3379:<TD class=xl54>&nbsp;</TD>
3380:<TD class=xl54>&nbsp;</TD>
3381:<TD class="cmi" colSpan=11></TD></TR>
3382:<TR class="cm9" height=17>
3383:<TD class="cm9" height=17></TD>
3384:<TD class=xl58>&nbsp;</TD>
3385:<TD class=xl58>&nbsp;</TD>
3386:<TD class=xl61>&nbsp;</TD>
3387:<TD class=xl89 x:num><A name=OLE_LINK1>2002</A></TD>
3388:<TD class=xl89 x:num>2001</TD>
3389:<TD class="cmi" colSpan=11></TD></TR>
3390:<TR class="cm9" height=17>
3391:<TD class="cmw" colSpan=3 height=17></TD>
3392:<TD class=xl24></TD>
3393:<TD class=xl74 class="cmi" colSpan=2></TD>
3394:<TD class="cmi" colSpan=11></TD></TR>
3395:<TR class="cm9" height=17>
3396:<TD class="cm9" height=17></TD>
3397:<TD class=xl37>Nevada U.S.A.</TD>
3398:<TD class=xl37></TD>
3399:<TD class=xl24></TD>
3400:<TD class=xl31 x:num="3297789"><SPAN
3401:class="cmj">&nbsp;</SPAN>$<SPAN
3402:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>3,297,789 </TD>
3403:<TD class=xl31 x:num="3004902"><SPAN
3404:class="cmj">&nbsp;</SPAN>$<SPAN
3405:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>3,004,902
3406:</TD>
3407:<TD class="cmi" colSpan=11></TD></TR>
3408:<TR class="cm9" height=17>
3409:<TD class="cm9" height=17></TD>
3410:<TD class=xl37>Colorado, U.S.A.</TD>
3411:<TD class=xl37></TD>
3412:<TD class=xl24></TD>
3413:<TD class=xl73 x:num="9239606"><SPAN
3414:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3415:</SPAN>9,239,606 </TD>
3416:<TD class=xl73 x:num="9119006"><SPAN
3417:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3418:</SPAN>9,119,006 </TD>
3419:<TD class="cmi" colSpan=11></TD></TR>
3420:<TR class="cm9" height=17>
3421:<TD class="cm9" height=17></TD>
3422:<TD class=xl37>Panama, Central America</TD>
3423:<TD class=xl37></TD>
3424:<TD class=xl24></TD>
3425:<TD class=xl73 x:num="144058"><SPAN
3426:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3427:</SPAN>144,058 </TD>
3428:<TD class=xl73 x:num="78988"><SPAN
3429:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3430:</SPAN>78,988 </TD>
3431:<TD class="cmi" colSpan=11></TD></TR>
3432:<TR class="cm9" height=17>
3433:<TD class=xl39 class="cm9" height=17></TD>
3434:<TD class="cmi" colSpan=2></TD>
3435:<TD class=xl24></TD>
3436:<TD class=xl75 class="cmi" colSpan=2></TD>
3437:<TD class="cmi" colSpan=11></TD></TR>
3438:<TR class="cmh" height=18>
3439:<TD class="cmh" height=18></TD>
3440:<TD class=xl90>&nbsp;</TD>
3441:<TD class=xl90>&nbsp;</TD>
3442:<TD class=xl34>&nbsp;</TD>
3443:<TD class=xl35 x:num="12681453"><SPAN
3444:class="cmj">&nbsp;</SPAN>$<SPAN
3445:class="cmj">&nbsp;&nbsp; </SPAN>12,681,453 </TD>
3446:<TD class=xl35 x:num="12202896"><SPAN
3447:class="cmj">&nbsp;</SPAN>$<SPAN
3448:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>12,202,896 </TD>
3449:<TD class="cmi" colSpan=11></TD></TR>
3450:<TR class="cm9" height=17>
3451:<TD class=xl39 class="cm9" height=17></TD>
3452:<TD class="cmi" colSpan=16></TD></TR>
3453:<TR class="cm31" height=122>
3454:<TD class="cm32" height=122></TD>
3455:<TD class=xl85 class="cm20" width=597 colSpan=5>Title to mining
3456:properties involves certain inherent risks due to the difficulties of
3457:determining the validity of certain claims as well as the potential for
3458:problems arising from the frequently ambiguous conveyancing history
3459:characteristics of many mining properties.<SPAN
3460:class="cmj">&nbsp; </SPAN>The Company has investigated title
3461:to all of its mineral properties and, to the best of its knowledge, title
3462:to all of its properties are in good standing.<SPAN
3463:class="cmj">&nbsp; </SPAN>The majority of the properties in
3464:which the Company has committed to earn an interest are located outside
3465:Canada.<SPAN class="cmj">&nbsp; </SPAN>The Company is
3466:therefore relying on title opinions by legal counsel who are basing such
3467:opinions on the laws of the respective country.</TD>
3468:<TD class="cmi" colSpan=11></TD></TR>
3469:<TR class="cm33" height=16>
3470:<TD class="cm34" height=16></TD>
3471:<TD class=xl85 class="cmi" colSpan=5></TD>
3472:<TD class="cmi" colSpan=11></TD></TR>
3473:<TR class="cm9" height=17>
3474:<TD class=xl39 class="cm9" height=17>(a)</TD>
3475:<TD class=xl39>Nevada, U.S.A.:</TD>
3476:<TD class=xl39></TD>
3477:<TD class="cmi" colSpan=14></TD></TR>
3478:<TR class="cm29" height=78>
3479:<TD class="cm2a" height=78></TD>
3480:<TD class=xl85 class="cm20" width=597 colSpan=5>In December 1994,
3481:the Company acquired a 51% interest in certain patented and unpatented
3482:claims located in Nevada from a company controlled by directors for
3483:$1,176,000 US plus a 5% net smelter royalty.<SPAN
3484:class="cmj">&nbsp; </SPAN>The Company can also acquire a
3485:100% interest in a further 89 claims in this property under this
3486:agreement.</TD>
3487:<TD class="cmi" colSpan=11></TD></TR>
3488:<TR class="cm11" height=129>
3489:<TD class="cm12" height=129></TD>
3490:<TD class=xl85 class="cm20" width=597 colSpan=5>The Company
3491:entered into an agreement and settlement dated September 7, 2000 with
3492:Nevada Manhattan Mining Incorporated to settle and purchase Nevada
3493:Manhattan Mining Incorporated's 24.5% interest in the property.<SPAN
3494:class="cmj">&nbsp; </SPAN>The Company agreed to make four
3495:annual payments of US $75,000 each for a total of US $300,000.<SPAN
3496:class="cmj">&nbsp; </SPAN>During the term of the agreement
3497:the Company has agreed to pay Nevada Manhattan Mining Incorporated a 2%
3498:net smelter return royalty.<SPAN class="cmj">&nbsp;
3499:</SPAN>The Company can purchase the entire Nevada Manhattan Mining
3500:Incorporated interest and royalty at anytime over a thirty-year period for
3501:US $7,500,000, which would include production royalties.</TD>
3502:<TD class="cmi" colSpan=11></TD></TR>
3503:<TR class="cm2h" height=44>
3504:<TD class="cm2i" height=44></TD>
3505:<TD class=xl85 class="cm20" width=597 colSpan=5>The Company also
3506:holds a 100% interest in 42 unpatented claims in the Manhattan Mining
3507:district by staking.</TD>
3508:<TD class="cmi" colSpan=11></TD></TR>
3509:<TR class="cm33" height=16>
3510:<TD class="cm34" height=16></TD>
3511:<TD class=xl85 class="cmi" colSpan=5></TD>
3512:<TD class="cmi" colSpan=11></TD></TR>
3513:<TR class="cm9" height=17>
3514:<TD class=xl39 class="cm9" height=17>(b)</TD>
3515:<TD class=xl39>Colorado, U.S.A.</TD>
3516:<TD class=xl39></TD>
3517:<TD class="cmi" colSpan=14></TD></TR>
3518:<TR class="cm35" height=163>
3519:<TD class="cm36" height=163></TD>
3520:<TD class=xl85 class="cm20" width=597 colSpan=5>Included in the
3521:Colorado properties is a 100% working interest in the Consolidated
3522:Caribou-Cross-Comstock-Panadora district mine area which the Company
3523:acquired in 1997 for US $4,000,000 in stock, cash and final property
3524:payments.<SPAN class="cmj">&nbsp; </SPAN>After acquisition
3525:of 100% working interest the seller retains a 2% net smelter royalty
3526:interest in the property.<SPAN class="cmj">&nbsp; </SPAN>The
3527:Company has the right to buy back half of the net smelter royalty (1%) for
3528:US $750,000.<SPAN class="cmj">&nbsp; </SPAN>The seller has
3529:not sold any of the issued shares for this acquisition through May 31,
3530:2002.<SPAN class="cmj">&nbsp; </SPAN>During 2000, the
3531:Company acquired 100% ownership of 10 patented claims that are
3532:continuations of the historic Boulder County and Cardinal vein
3533:systems.<SPAN class="cmj">&nbsp; </SPAN>The Colorado
3534:properties contain a well-documented mineral resource of 424,500 ounces of
3535:gold and 11,725,000 ounces of silver.</TD>
3536:<TD class="cmi" colSpan=11></TD></TR>
3537:<TR class="cm33" height=16>
3538:<TD class="cm34" height=16></TD>
3539:<TD class=xl85 class="cmi" colSpan=5></TD>
3540:<TD class="cmi" colSpan=11></TD></TR>
3541:<TR class="cm9" height=17>
3542:<TD class=xl39 class="cm9" height=17>(c)</TD>
3543:<TD class=xl39>Panama, Central America:</TD>
3544:<TD class=xl39></TD>
3545:<TD class="cmi" colSpan=14></TD></TR>
3546:<TR class="cm37" height=148>
3547:<TD class="cm38" height=148></TD>
3548:<TD class=xl85 class="cm20" width=597 colSpan=5>The Company owns
3549:hard rock mining concessions to 61,000 acres (24,686 hectares) in the
3550:eastern Veraguas District of Panama in Central America in 2001.<SPAN
3551:class="cmj">&nbsp; </SPAN>The acquisition was made through a
3552:five-year agreement with Panama Mining of Golden Cycle Incorporated, the
3553:seller.<SPAN class="cmj">&nbsp; </SPAN>The Company issued
3554:100,000 shares of stock to the seller.<SPAN
3555:class="cmj">&nbsp; </SPAN>The Company is obligated to pay
3556:the seller a 2% net smelter return on any hard rock mineral
3557:production.<SPAN class="cmj">&nbsp; </SPAN>The Company can
3558:purchase the concessions from the seller at anytime during the five-year
3559:option period for US $5,000,000.<SPAN class="cmj">&nbsp;
3560:</SPAN>Upon completion of the purchase the 2% net smelter return would
3561:terminate.<SPAN class="cmj">&nbsp; </SPAN>The Company is
3562:obligated to pay the annual taxes and holding fees during the option
3563:period.</TD>
3564:<TD class="cmi" colSpan=11></TD></TR>
3565:<TR class="cm2z" height=17>
3566:<TD class="cm9" height=17></TD>
3567:<TD class=xl85 class="cmi" colSpan=5></TD>
3568:<TD class="cmi" colSpan=11></TD></TR>
3569:<TR class="cm9" height=17>
3570:<TD class=xl80 class="cm9" height=17 x:num>5</TD>
3571:<TD class=xl80>Bank loan:</TD>
3572:<TD class=xl80></TD>
3573:<TD class="cmi" colSpan=14></TD></TR>
3574:<TR class="cm2r" height=45>
3575:<TD class="cm2s" height=45></TD>
3576:<TD class=xl85 class="cm20" width=597 colSpan=5>Loan payable with
3577:interest only payments at 10.5% per annum.<SPAN
3578:class="cmj">&nbsp;&nbsp; </SPAN>The loan principal of
3579:$1,200,000 US is due in full on September 12, 2002; and the loan is
3580:secured by deed of trust over mineral properties.</TD>
3581:<TD class=xl85></TD>
3582:<TD class="cmi" colSpan=10></TD></TR>
3583:<TR class="cm39" height=32>
3584:<TD class="cm3a" height=32></TD>
3585:<TD class=xl25 colSpan=5>Cash of $67,415 is held in an escrow account for
3586:monthly interest payments.</TD>
3587:<TD class="cmi" colSpan=11></TD></TR>
3588:<TR class="cm3b" height=79>
3589:<TD class="cm3c" height=79></TD>
3590:<TD class=xl85 class="cm20" width=597 colSpan=5>Subsequent to May
3591:31, 2002, the due date of the loan was extended to November 16, 2002 in
3592:exchange for a renewal fee.<SPAN class="cmj">&nbsp;
3593:</SPAN>The bank has agreed to subsequent extensions beyond November 16,
3594:2002 for monthly renewal fees, and has agreed to extend the loan for one
3595:year upon the Company paying down 10% of the principal (US$120,000).</TD>
3596:<TD class="cmi" colSpan=11></TD></TR>
3597:<TR class="cm2z" height=17>
3598:<TD class="cm9" height=17></TD>
3599:<TD class=xl25 class="cmi" colSpan=5></TD>
3600:<TD class="cmi" colSpan=11></TD></TR>
3601:<TR class="cm9" height=17>
3602:<TD class=xl80 class="cm9" height=17 x:num>6</TD>
3603:<TD class=xl80>Long-term debt:</TD>
3604:<TD class=xl80></TD>
3605:<TD class="cmi" colSpan=14></TD></TR>
3606:<TR class="cmh" height=18>
3607:<TD class=xl80 class="cmh" height=18></TD>
3608:<TD class=xl86>&nbsp;</TD>
3609:<TD class=xl86>&nbsp;</TD>
3610:<TD class=xl54>&nbsp;</TD>
3611:<TD class=xl54>&nbsp;</TD>
3612:<TD class=xl54>&nbsp;</TD>
3613:<TD class="cmi" colSpan=11></TD></TR>
3614:<TR class="cm9" height=17>
3615:<TD class="cm9" height=17></TD>
3616:<TD class=xl56 class="cm1r">&nbsp;</TD>
3617:<TD class=xl56 class="cm1r">&nbsp;</TD>
3618:<TD class=xl32 class="cm1r">&nbsp;</TD>
3619:<TD class=xl33 class="cm1r" x:num>2002</TD>
3620:<TD class=xl33 class="cm1r" x:num>2001</TD>
3621:<TD class="cmi" colSpan=11></TD></TR>
3622:<TR class="cm2n" height=62>
3623:<TD class="cm2o" height=62></TD>
3624:<TD class=xl85 class="cm3d" width=398 colSpan=3>Debentures
3625:payable, without interest, due May 2011, convertible to common shares at
3626:an exercise price of $1.23 at holders discretion; unsecured</TD>
3627:<TD class=xl31 x:num="5097105"><SPAN
3628:class="cmj">&nbsp;</SPAN>$<SPAN
3629:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>5,097,105 </TD>
3630:<TD class=xl31 x:num="5442018"><SPAN
3631:class="cmj">&nbsp;</SPAN>$<SPAN
3632:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>5,442,018
3633:</TD>
3634:<TD class="cmi" colSpan=11></TD></TR>
3635:<TR class="cm3e" height=41>
3636:<TD class="cm3f" height=41></TD>
3637:<TD class=xl85 class="cm3d" width=398 colSpan=3>Promissory note
3638:payable, with interest at 11.5% per annum; unsecured</TD>
3639:<TD class=xl88>-</TD>
3640:<TD class=xl88 x:num="278662">278,662</TD>
3641:<TD class="cmi" colSpan=11></TD></TR>
3642:<TR class="cm9" height=17>
3643:<TD class=xl39 class="cm9" height=17></TD>
3644:<TD class="cmi" colSpan=2></TD>
3645:<TD class=xl24></TD>
3646:<TD class=xl92 class="cmi" colSpan=2></TD>
3647:<TD class="cmi" colSpan=11></TD></TR>
3648:<TR class="cmh" height=18>
3649:<TD class="cmh" height=18></TD>
3650:<TD class=xl90>&nbsp;</TD>
3651:<TD class=xl90>&nbsp;</TD>
3652:<TD class=xl34>&nbsp;</TD>
3653:<TD class=xl35 x:num="5097105"><SPAN
3654:class="cmj">&nbsp;</SPAN>$<SPAN
3655:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>5,097,105 </TD>
3656:<TD class=xl35 x:num="5720680"><SPAN
3657:class="cmj">&nbsp;</SPAN>$<SPAN
3658:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>5,720,680
3659:</TD>
3660:<TD class="cmi" colSpan=11></TD></TR>
3661:<TR class="cm3g" height=64>
3662:<TD class=xl39 class="cm3h" height=64></TD>
3663:<TD class=xl158 class="cm20" width=597 colSpan=5>All debentures
3664:are held by companies or persons related to a shareholder and
3665:director.<SPAN class="cmj">&nbsp; </SPAN>It is not
3666:practicable to determine the fair value of the debentures and advances
3667:from shareholders due to their related party nature and the absence of a
3668:secondary market for such instruments.</TD>
3669:<TD class="cmi" colSpan=11></TD></TR>
3670:<TR class="cm9" height=17>
3671:<TD class="cmw" colSpan=17
3672:height=17></TD></TR>
3673:<TR class="cm9" height=17>
3674:<TD class=xl80 class="cm9" height=17 x:num>7</TD>
3675:<TD class=xl80>Share capital:</TD>
3676:<TD class=xl80></TD>
3677:<TD class="cmi" colSpan=14></TD></TR>
3678:<TR class="cm9" height=17>
3679:<TD class=xl80 class="cmw" colSpan=3
3680:height=17></TD>
3681:<TD class="cmi" colSpan=14></TD></TR>
3682:<TR class="cm9" height=17>
3683:<TD class=xl39 class="cm9" height=17>(a)</TD>
3684:<TD class=xl25 colSpan=3>Authorized:<SPAN class="cmj">&nbsp;
3685:</SPAN>100,000,000 Common shares without par value</TD>
3686:<TD class="cmi" colSpan=13></TD></TR>
3687:<TR class="cm9" height=17>
3688:<TD class=xl39 class="cm9" height=17>(b)</TD>
3689:<TD class=xl39>Issued:</TD>
3690:<TD class=xl39></TD>
3691:<TD class="cmi" colSpan=14></TD></TR>
3692:<TR class="cmh" height=18>
3693:<TD class=xl39 class="cmh" height=18></TD>
3694:<TD class=xl72>&nbsp;</TD>
3695:<TD class=xl72>&nbsp;</TD>
3696:<TD class=xl54>&nbsp;</TD>
3697:<TD class=xl54>&nbsp;</TD>
3698:<TD class=xl54>&nbsp;</TD>
3699:<TD class="cmi" colSpan=11></TD></TR>
3700:<TR class="cm9" height=17>
3701:<TD class="cmw" colSpan=3 height=17></TD>
3702:<TD class=xl26 x:num>2002</TD>
3703:<TD class=xl74></TD>
3704:<TD class=xl26 x:num>2001</TD>
3705:<TD></TD>
3706:<TD class=xl74></TD>
3707:<TD class=xl26 class="cmi" colSpan=6></TD>
3708:<TD class="cmi" colSpan=3></TD></TR>
3709:<TR class="cm9" height=17>
3710:<TD class="cm9" height=17></TD>
3711:<TD class=xl37>Common</TD>
3712:<TD class=xl74>Number</TD>
3713:<TD></TD>
3714:<TD class=xl74>Number</TD>
3715:<TD class=xl26></TD>
3716:<TD></TD>
3717:<TD class=xl26 class="cmi" colSpan=7></TD>
3718:<TD class="cmi" colSpan=3></TD></TR>
3719:<TR class="cm9" height=17>
3720:<TD class="cm9" height=17></TD>
3721:<TD class=xl60 x:str="shares ">shares </TD>
3722:<TD class=xl89>of shares</TD>
3723:<TD class=xl89 x:str="Amount ">Amount </TD>
3724:<TD class=xl89 x:str="of shares ">of shares </TD>
3725:<TD class=xl95>Amount</TD>
3726:<TD></TD>
3727:<TD class=xl74></TD>
3728:<TD class=xl26 class="cmi" colSpan=6></TD>
3729:<TD class="cmi" colSpan=3></TD></TR>
3730:<TR class="cm9" height=17>
3731:<TD class="cm9" height=17></TD>
3732:<TD class=xl37 class="cmi" colSpan=2></TD>
3733:<TD class=xl74 class="cmi" colSpan=2></TD>
3734:<TD class=xl26></TD>
3735:<TD></TD>
3736:<TD class=xl74></TD>
3737:<TD class=xl26 class="cmi" colSpan=6></TD>
3738:<TD class="cmi" colSpan=3></TD></TR>
3739:<TR class="cm9" height=17>
3740:<TD class="cm9" height=17></TD>
3741:<TD class=xl37>Balance, beginning of year</TD>
3742:<TD class=xl73 x:num="9855718"><SPAN
3743:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>9,855,718
3744:</TD>
3745:<TD class=xl31 x:num="22076307"><SPAN
3746:class="cmj">&nbsp;</SPAN>$<SPAN
3747:class="cmj">&nbsp; </SPAN>22,076,307 </TD>
3748:<TD class=xl73 x:num="9655718"><SPAN
3749:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3750:</SPAN>9,655,718 </TD>
3751:<TD class=xl31 x:num="22016307"><SPAN
3752:class="cmj">&nbsp;</SPAN>$<SPAN
3753:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>22,016,307 </TD>
3754:<TD class="cmi" colSpan=2></TD>
3755:<TD class=xl26 class="cmi" colSpan=2></TD>
3756:<TD></TD>
3757:<TD class=xl26></TD>
3758:<TD class=xl74></TD>
3759:<TD class="cmi" colSpan=4></TD></TR>
3760:<TR class="cm9" height=17>
3761:<TD class="cm9" height=17></TD>
3762:<TD class=xl37>Shares issued for debt or services</TD>
3763:<TD class=xl73 x:num="721000"><SPAN
3764:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3765:</SPAN>721,000 </TD>
3766:<TD class=xl73 x:num="216300"><SPAN
3767:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3768:</SPAN>216,300 </TD>
3769:<TD class=xl73 x:num="100000"><SPAN
3770:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3771:</SPAN>100,000 </TD>
3772:<TD class=xl73 x:num="45000"><SPAN
3773:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3774:</SPAN>45,000 </TD>
3775:<TD class="cmi" colSpan=2></TD>
3776:<TD class=xl26 class="cmi" colSpan=2></TD>
3777:<TD></TD>
3778:<TD class=xl26 class="cmi" colSpan=2></TD>
3779:<TD class="cmi" colSpan=4></TD></TR>
3780:<TR class="cm9" height=17>
3781:<TD class="cm9" height=17></TD>
3782:<TD class=xl37>Issued for acquisition of mineral</TD>
3783:<TD class=xl24 class="cmi" colSpan=2></TD>
3784:<TD class="cmi" colSpan=4></TD>
3785:<TD class=xl26 class="cmi" colSpan=2></TD>
3786:<TD></TD>
3787:<TD class=xl26 class="cmi" colSpan=2></TD>
3788:<TD class="cmi" colSpan=4></TD></TR>
3789:<TR class="cm9" height=17>
3790:<TD class="cm9" height=17></TD>
3791:<TD class=xl37><SPAN class="cmj">&nbsp;&nbsp;
3792:</SPAN>property</TD>
3793:<TD class=xl73 x:num="100000"><SPAN
3794:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3795:</SPAN>100,000 </TD>
3796:<TD class=xl73 x:num="30000"><SPAN
3797:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3798:</SPAN>30,000 </TD>
3799:<TD class=xl73 x:num="100000"><SPAN
3800:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3801:</SPAN>100,000 </TD>
3802:<TD class=xl73 x:num="15000"><SPAN
3803:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3804:</SPAN>15,000 </TD>
3805:<TD class="cmi" colSpan=2></TD>
3806:<TD class=xl26 class="cmi" colSpan=2></TD>
3807:<TD></TD>
3808:<TD class=xl26 class="cmi" colSpan=2></TD>
3809:<TD class="cmi" colSpan=4></TD></TR>
3810:<TR class="cm9" height=17>
3811:<TD class=xl39 class="cm9" height=17></TD>
3812:<TD></TD>
3813:<TD class=xl75 class="cmi" colSpan=4></TD>
3814:<TD class="cmi" colSpan=2></TD>
3815:<TD class=xl26 class="cmi" colSpan=2></TD>
3816:<TD></TD>
3817:<TD class=xl26 class="cmi" colSpan=2></TD>
3818:<TD class="cmi" colSpan=4></TD></TR>
3819:<TR class="cmh" height=18>
3820:<TD class="cmh" height=18></TD>
3821:<TD class=xl63>Balance, end of year</TD>
3822:<TD class=xl55 x:num="10676718"><SPAN
3823:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>10,676,718 </TD>
3824:<TD class=xl35 x:num="22322607"><SPAN
3825:class="cmj">&nbsp;</SPAN>$<SPAN
3826:class="cmj">&nbsp; </SPAN>22,322,607 </TD>
3827:<TD class=xl55 x:num="9855718"><SPAN
3828:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3829:</SPAN>9,855,718 </TD>
3830:<TD class=xl35 x:num="22076307"><SPAN
3831:class="cmj">&nbsp;</SPAN>$<SPAN
3832:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>22,076,307 </TD>
3833:<TD class="cmi" colSpan=2></TD>
3834:<TD class=xl26 class="cmi" colSpan=2></TD>
3835:<TD></TD>
3836:<TD class=xl26></TD>
3837:<TD class=xl74></TD>
3838:<TD class="cmi" colSpan=4></TD></TR>
3839:<TR class="cm9" height=17>
3840:<TD class=xl39 class="cm9" height=17></TD>
3841:<TD class="cmi" colSpan=16></TD></TR>
3842:<TR class="cm9" height=17>
3843:<TD class=xl39 class="cm9" height=17></TD>
3844:<TD class="cmi" colSpan=3>No shares were issued in the
3845:year ended May 31, 2000.</TD>
3846:<TD class="cmi" colSpan=13></TD></TR>
3847:<TR class="cm19" height=46>
3848:<TD class="cm1a" height=46></TD>
3849:<TD class=xl85 class="cm20" width=597 colSpan=5>Included in issued
3850:and outstanding capital stock are 150,000 contingently cancelable shares
3851:that are held in escrow and may not be traded without regulatory
3852:approval.</TD>
3853:<TD class="cmi" colSpan=11></TD></TR>
3854:<TR class="cm2z" height=17>
3855:<TD class="cm9" height=17></TD>
3856:<TD class=xl85 class="cmi" colSpan=5></TD>
3857:<TD class="cmi" colSpan=11></TD></TR>
3858:<TR class="cm9" height=17>
3859:<TD class=xl39 class="cm9" height=17>(c)</TD>
3860:<TD class=xl39>Stock options:</TD>
3861:<TD class=xl39></TD>
3862:<TD class="cmi" colSpan=14></TD></TR>
3863:<TR class="cmh" height=18>
3864:<TD class=xl39 class="cmh" height=18></TD>
3865:<TD class=xl72>&nbsp;</TD>
3866:<TD class=xl72>&nbsp;</TD>
3867:<TD class=xl54>&nbsp;</TD>
3868:<TD class=xl54>&nbsp;</TD>
3869:<TD class=xl54>&nbsp;</TD>
3870:<TD class="cmi" colSpan=11></TD></TR>
3871:<TR class="cm9" height=17>
3872:<TD class="cmw" colSpan=5 height=17></TD>
3873:<TD class=xl74>Weighted</TD>
3874:<TD class="cmi" colSpan=11></TD></TR>
3875:<TR class="cm9" height=17>
3876:<TD class="cmw" colSpan=5 height=17></TD>
3877:<TD class=xl74>average</TD>
3878:<TD class="cmi" colSpan=11></TD></TR>
3879:<TR class="cm9" height=17>
3880:<TD class="cmw" colSpan=5 height=17></TD>
3881:<TD class=xl74>exercise price</TD>
3882:<TD class="cmi" colSpan=11></TD></TR>
3883:<TR class="cm9" height=17>
3884:<TD class=xl69 class="cm9" height=17>Dat<SPAN
3885:class="cm30">e</SPAN></TD>
3886:<TD class=xl58>&nbsp;</TD>
3887:<TD class=xl58>&nbsp;</TD>
3888:<TD class=xl58>&nbsp;</TD>
3889:<TD class=xl97 x:str="Number ">Number </TD>
3890:<TD class=xl89>per share</TD>
3891:<TD class="cmi" colSpan=11></TD></TR>
3892:<TR class="cm9" height=17>
3893:<TD class=xl69 class="cm9" height=17></TD>
3894:<TD class="cmi" colSpan=3></TD>
3895:<TD class=xl69></TD>
3896:<TD class=xl74></TD>
3897:<TD class="cmi" colSpan=11></TD></TR>
3898:<TR class="cm9" height=17>
3899:<TD class="cm9" height=17></TD>
3900:<TD class=xl25 colSpan=3>Issued and outstanding, May 31, 2000 and
3901:1999<SPAN
3902:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3903:</SPAN>(i)</TD>
3904:<TD class=xl73 x:num="824250"><SPAN
3905:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3906:</SPAN>824,250 </TD>
3907:<TD class=xl107 x:num="00.45"><SPAN
3908:class="cmj">&nbsp;</SPAN>$<SPAN
3909:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3910:</SPAN>0.45 </TD>
3911:<TD class=xl24></TD>
3912:<TD class="cmi" colSpan=10></TD></TR>
3913:<TR class="cm9" height=17>
3914:<TD class="cm9" height=17></TD>
3915:<TD class=xl37>Issued in 2000</TD>
3916:<TD class=xl71></TD>
3917:<TD class=xl24></TD>
3918:<TD class=xl73 x:num="155000"><SPAN
3919:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3920:</SPAN>155,000 </TD>
3921:<TD class=xl99 x:num="00.45"><SPAN
3922:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3923:</SPAN>0.45 </TD>
3924:<TD class="cmi" colSpan=11></TD></TR>
3925:<TR class="cm9" height=17>
3926:<TD class="cm9" height=17></TD>
3927:<TD class=xl60>Expired in the year</TD>
3928:<TD class=xl98>&nbsp;</TD>
3929:<TD class=xl61>&nbsp;</TD>
3930:<TD class=xl76 x:num="-14000"><SPAN
3931:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3932:</SPAN>(14,000)</TD>
3933:<TD class=xl100 x:num="-00.45"><SPAN
3934:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3935:</SPAN>(0.45)</TD>
3936:<TD class="cmi" colSpan=11></TD></TR>
3937:<TR class="cm9" height=17>
3938:<TD class=xl70 class="cm9" height=17></TD>
3939:<TD class=xl24></TD>
3940:<TD></TD>
3941:<TD class=xl24></TD>
3942:<TD class=xl75></TD>
3943:<TD class=xl101></TD>
3944:<TD class="cmi" colSpan=11></TD></TR>
3945:<TR class="cm9" height=17>
3946:<TD class="cm9" height=17></TD>
3947:<TD class=xl37 class="cmi" colSpan=2>Issued and
3948:outstanding, May 31, 2001</TD>
3949:<TD class=xl24></TD>
3950:<TD class=xl73 x:num="965250"><SPAN
3951:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3952:</SPAN>965,250 </TD>
3953:<TD class=xl99 x:num="00.45"><SPAN
3954:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3955:</SPAN>0.45 </TD>
3956:<TD class="cmi" colSpan=11></TD></TR>
3957:<TR class="cm9" height=17>
3958:<TD class="cm9" height=17></TD>
3959:<TD class=xl37>Issued in the year</TD>
3960:<TD class=xl71></TD>
3961:<TD class=xl24></TD>
3962:<TD class=xl73 x:num="60000"><SPAN
3963:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3964:</SPAN>60,000 </TD>
3965:<TD class=xl99 x:num="00.77"><SPAN
3966:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3967:</SPAN>0.77 </TD>
3968:<TD class="cmi" colSpan=11></TD></TR>
3969:<TR class="cm9" height=17>
3970:<TD class=xl70 class="cm9" height=17></TD>
3971:<TD class=xl24></TD>
3972:<TD></TD>
3973:<TD class=xl24></TD>
3974:<TD class=xl75></TD>
3975:<TD class=xl102></TD>
3976:<TD class="cmi" colSpan=11></TD></TR>
3977:<TR class="cmh" height=18>
3978:<TD class="cmh" height=18></TD>
3979:<TD class=xl63>Balance, May 31, 2002</TD>
3980:<TD class=xl87>&nbsp;</TD>
3981:<TD class=xl34>&nbsp;</TD>
3982:<TD class=xl55 x:num="1025250"><SPAN
3983:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3984:</SPAN>1,025,250 </TD>
3985:<TD class=xl108 x:num="00.47"><SPAN
3986:class="cmj">&nbsp;</SPAN>$<SPAN
3987:class="cmj">&nbsp; </SPAN>0.47 </TD>
3988:<TD class="cmi" colSpan=11></TD></TR>
3989:<TR class="cm9" height=17>
3990:<TD class=xl39 class="cm9" height=17></TD>
3991:<TD class="cmi" colSpan=16></TD></TR>
3992:<TR class="cm9" height=17>
3993:<TD class=xl39 class="cm9" height=17>(i)</TD>
3994:<TD class=xl25 colSpan=5>During 2001, these options were re-priced from
3995:$1.34 to $0.45.</TD>
3996:<TD class="cmi" colSpan=11></TD></TR>
3997:<TR class="cm9" height=17>
3998:<TD class=xl39 class="cm9" height=17></TD>
3999:<TD class="cmi" colSpan=16></TD></TR>
4000:<TR class="cm9" height=17>
4001:<TD class="cm9" height=17></TD>
4002:<TD class=xl25 colSpan=5>Options outstanding at May 31, 2002 are as
4003:follows:</TD>
4004:<TD class="cmi" colSpan=11></TD></TR>
4005:<TR class="cmh" height=18>
4006:<TD class="cmh" height=18></TD>
4007:<TD class=xl77>&nbsp;</TD>
4008:<TD class=xl77>&nbsp;</TD>
4009:<TD class=xl77>&nbsp;</TD>
4010:<TD class=xl77>&nbsp;</TD>
4011:<TD class=xl77>&nbsp;</TD>
4012:<TD class="cmi" colSpan=11></TD></TR>
4013:<TR class="cm9" height=17>
4014:<TD class="cmw" colSpan=3 height=17></TD>
4015:<TD class=xl26 class="cmi" colSpan=2></TD>
4016:<TD class=xl74>Weighted</TD>
4017:<TD class=xl26 class="cmi" colSpan=2></TD>
4018:<TD class="cmi" colSpan=9></TD></TR>
4019:<TR class="cm9" height=17>
4020:<TD class="cmw" colSpan=3 height=17></TD>
4021:<TD class=xl26 class="cmi" colSpan=2></TD>
4022:<TD class=xl74>Average</TD>
4023:<TD class=xl26 class="cmi" colSpan=2></TD>
4024:<TD class="cmi" colSpan=9></TD></TR>
4025:<TR class="cm9" height=17>
4026:<TD class="cmw" colSpan=3 height=17></TD>
4027:<TD class=xl74>Exercise price</TD>
4028:<TD class=xl26></TD>
4029:<TD class=xl74>Remaining</TD>
4030:<TD class=xl26 class="cmi" colSpan=2></TD>
4031:<TD class="cmi" colSpan=9></TD></TR>
4032:<TR class="cm9" height=17>
4033:<TD class="cm9" height=17></TD>
4034:<TD class=xl61>&nbsp;</TD>
4035:<TD class=xl89>Number</TD>
4036:<TD class=xl89>per share</TD>
4037:<TD class=xl89>Expiry date</TD>
4038:<TD class=xl89>Life</TD>
4039:<TD class=xl26 class="cmi" colSpan=2></TD>
4040:<TD class="cmi" colSpan=9></TD></TR>
4041:<TR class="cm9" height=17>
4042:<TD class="cm9" height=17></TD>
4043:<TD class=xl69 class="cmi" colSpan=2></TD>
4044:<TD class=xl74 class="cmi" colSpan=3></TD>
4045:<TD class=xl26 class="cmi" colSpan=2></TD>
4046:<TD class="cmi" colSpan=9></TD></TR>
4047:<TR class="cm9" height=17>
4048:<TD class="cm9" height=17></TD>
4049:<TD class=xl37>Director and employee options</TD>
4050:<TD class=xl73 x:num="116250"><SPAN
4051:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4052:</SPAN>116,250 </TD>
4053:<TD class=xl96 x:num="00.45">$0.45 </TD>
4054:<TD class=xl109 x:num="37438">July-2002</TD>
4055:<TD class=xl74>.2 years</TD>
4056:<TD class="cmi" colSpan=11></TD></TR>
4057:<TR class="cm9" height=17>
4058:<TD class="cm9" height=17></TD>
4059:<TD class=xl37>Other</TD>
4060:<TD class=xl73 x:num="60000"><SPAN
4061:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4062:</SPAN>60,000 </TD>
4063:<TD class=xl96 x:num="00.77">$0.77 </TD>
4064:<TD class=xl109 x:num="37773">June-2003</TD>
4065:<TD class=xl74>1.1 years</TD>
4066:<TD class="cmi" colSpan=11></TD></TR>
4067:<TR class="cm9" height=17>
4068:<TD class="cm9" height=17></TD>
4069:<TD class=xl37>Director and employee options</TD>
4070:<TD class=xl73 x:num="694000"><SPAN
4071:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4072:</SPAN>694,000 </TD>
4073:<TD class=xl96 x:num="00.45">$0.45 </TD>
4074:<TD class=xl109 x:num="37895">October-2003</TD>
4075:<TD class=xl74>1.4 years</TD>
4076:<TD class="cmi" colSpan=11></TD></TR>
4077:<TR class="cm9" height=17>
4078:<TD class="cm9" height=17></TD>
4079:<TD class=xl37>Director and employee options</TD>
4080:<TD class=xl73 x:num="155000"><SPAN
4081:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4082:</SPAN>155,000 </TD>
4083:<TD class=xl96 x:num="00.45">$0.45 </TD>
4084:<TD class=xl109 x:num="38565">August-2005</TD>
4085:<TD class=xl74>3.3 years</TD>
4086:<TD class="cmi" colSpan=11></TD></TR>
4087:<TR class="cm9" height=17>
4088:<TD class=xl39 class="cm9" height=17></TD>
4089:<TD></TD>
4090:<TD class=xl75></TD>
4091:<TD class=xl24></TD>
4092:<TD class=xl26 class="cmi" colSpan=4></TD>
4093:<TD class="cmi" colSpan=9></TD></TR>
4094:<TR class="cmh" height=18>
4095:<TD class="cmh" height=18></TD>
4096:<TD class=xl87>&nbsp;</TD>
4097:<TD class=xl55 x:num="1025250"><SPAN
4098:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>1,025,250
4099:</TD>
4100:<TD class=xl34>&nbsp;</TD>
4101:<TD class=xl93>&nbsp;</TD>
4102:<TD class=xl94>1.5 years</TD>
4103:<TD></TD>
4104:<TD class=xl26></TD>
4105:<TD class="cmi" colSpan=9></TD></TR>
4106:<TR class="cm9" height=17>
4107:<TD class=xl39 class="cm9" height=17></TD>
4108:<TD class="cmi" colSpan=16></TD></TR>
4109:<TR class="cm9" height=17>
4110:<TD class="cm9" height=17></TD>
4111:<TD class=xl25 colSpan=5>All outstanding options are exercisable when
4112:issued.</TD>
4113:<TD class="cmi" colSpan=11></TD></TR>
4114:<TR class="cm9" height=17>
4115:<TD class="cm9" height=17></TD>
4116:<TD class=xl25 class="cmi" colSpan=5></TD>
4117:<TD class="cmi" colSpan=11></TD></TR>
4118:<TR class="cm9" height=17>
4119:<TD class=xl39 class="cm9" height=17>(d)</TD>
4120:<TD class=xl25 colSpan=5>Warrants</TD>
4121:<TD class="cmi" colSpan=11></TD></TR>
4122:<TR class="cmh" height=18>
4123:<TD class=xl39 class="cmh" height=18></TD>
4124:<TD class=xl54>&nbsp;</TD>
4125:<TD class=xl54>&nbsp;</TD>
4126:<TD class=xl54>&nbsp;</TD>
4127:<TD class=xl54>&nbsp;</TD>
4128:<TD class=xl54>&nbsp;</TD>
4129:<TD class="cmi" colSpan=11></TD></TR>
4130:<TR class="cm2z" height=17>
4131:<TD class="cmw" colSpan=3 height=17></TD>
4132:<TD class=xl26 class="cmi" colSpan=2></TD>
4133:<TD class=xl74>Weighted</TD>
4134:<TD class="cmi" colSpan=11></TD></TR>
4135:<TR class="cm9" height=17>
4136:<TD class="cmw" colSpan=3 height=17></TD>
4137:<TD class=xl26 class="cmi" colSpan=2></TD>
4138:<TD class=xl74>Average</TD>
4139:<TD class="cmi" colSpan=11></TD></TR>
4140:<TR class="cm9" height=17>
4141:<TD class="cmw" colSpan=3 height=17></TD>
4142:<TD class=xl74></TD>
4143:<TD class=xl26></TD>
4144:<TD class=xl74>exercise price</TD>
4145:<TD class="cmi" colSpan=11></TD></TR>
4146:<TR class="cm9" height=17>
4147:<TD class="cm9" height=17></TD>
4148:<TD class=xl61>&nbsp;</TD>
4149:<TD class=xl89>&nbsp;</TD>
4150:<TD class=xl89>&nbsp;</TD>
4151:<TD class=xl89>Number</TD>
4152:<TD class=xl89>per share</TD>
4153:<TD class="cmi" colSpan=11></TD></TR>
4154:<TR class="cm9" height=17>
4155:<TD class="cm9" height=17></TD>
4156:<TD class=xl69 class="cmi" colSpan=2></TD>
4157:<TD class=xl74 class="cmi" colSpan=3></TD>
4158:<TD class="cmi" colSpan=11></TD></TR>
4159:<TR class="cm9" height=17>
4160:<TD class="cm9" height=17></TD>
4161:<TD class=xl37 class="cmi" colSpan=2>Issued and
4162:outstanding, May 31, 1999</TD>
4163:<TD class=xl96></TD>
4164:<TD class=xl73 x:num="537000"><SPAN
4165:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4166:</SPAN>537,000 </TD>
4167:<TD class=xl107 x:num="10"><SPAN
4168:class="cmj">&nbsp;</SPAN>$<SPAN
4169:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4170:</SPAN>10.00 </TD>
4171:<TD class="cmi" colSpan=11></TD></TR>
4172:<TR class="cm9" height=17>
4173:<TD class="cm9" height=17></TD>
4174:<TD class=xl37>Expired in year</TD>
4175:<TD class=xl73></TD>
4176:<TD class=xl96></TD>
4177:<TD class=xl73 x:num="-537000"><SPAN
4178:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4179:</SPAN>(537,000)</TD>
4180:<TD class=xl99 x:num="10"><SPAN
4181:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4182:</SPAN>10.00 </TD>
4183:<TD class="cmi" colSpan=11></TD></TR>
4184:<TR class="cm9" height=17>
4185:<TD class=xl39 class="cm9" height=17></TD>
4186:<TD></TD>
4187:<TD class=xl75></TD>
4188:<TD class=xl24></TD>
4189:<TD class=xl75></TD>
4190:<TD class=xl139></TD>
4191:<TD class="cmi" colSpan=11></TD></TR>
4192:<TR class="cmh" height=18>
4193:<TD class="cmh" height=18></TD>
4194:<TD class=xl87 class="cmi" colSpan=2>Balance, May 31,
4195:2002, 2001 and 2000</TD>
4196:<TD class=xl34>&nbsp;</TD>
4197:<TD class=xl129 x:num="0" x:fmla="=SUM(E487:E488)"><SPAN
4198:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4199:</SPAN>- </TD>
4200:<TD class=xl140 x:num="0" x:fmla="=F487-F488"><SPAN
4201:class="cmj">&nbsp;</SPAN>$<SPAN
4202:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4203:</SPAN>-<SPAN class="cmj">&nbsp;&nbsp; </SPAN></TD>
4204:<TD class="cmi" colSpan=11></TD></TR>
4205:<TR class="cm9" height=17>
4206:<TD class="cm9" height=17></TD>
4207:<TD class=xl25 class="cmi" colSpan=5></TD>
4208:<TD class="cmi" colSpan=11></TD></TR>
4209:<TR class="cm9" height=17>
4210:<TD class="cm9" height=17></TD>
4211:<TD class=xl25 class="cmi" colSpan=3>Subsequent to the
4212:year end, the following warrants were issued:</TD>
4213:<TD class=xl25 class="cmi" colSpan=2></TD>
4214:<TD class="cmi" colSpan=11></TD></TR>
4215:<TR class="cmh" height=18>
4216:<TD class="cmh" height=18></TD>
4217:<TD class=xl25 class="cmi" colSpan=5></TD>
4218:<TD class="cmi" colSpan=11></TD></TR>
4219:<TR class="cm9" height=17>
4220:<TD class="cm9" height=17></TD>
4221:<TD class=xl104>&nbsp;</TD>
4222:<TD class=xl104>&nbsp;</TD>
4223:<TD class=xl123>&nbsp;</TD>
4224:<TD class=xl123>Exercise</TD>
4225:<TD class=xl149>Expiry</TD>
4226:<TD class="cmi" colSpan=11></TD></TR>
4227:<TR class="cm9" height=17>
4228:<TD class="cm9" height=17></TD>
4229:<TD class=xl61>&nbsp;</TD>
4230:<TD class=xl89>&nbsp;</TD>
4231:<TD class=xl89>Number</TD>
4232:<TD class=xl89>price</TD>
4233:<TD class=xl89>Date</TD>
4234:<TD class="cmi" colSpan=11></TD></TR>
4235:<TR class="cm9" height=17>
4236:<TD class="cm9" height=17></TD>
4237:<TD class=xl24></TD>
4238:<TD class=xl74 class="cmi" colSpan=4></TD>
4239:<TD class="cmi" colSpan=11></TD></TR>
4240:<TR class="cm9" height=17>
4241:<TD class="cm9" height=17></TD>
4242:<TD class=xl24>In conjunction with share issuance</TD>
4243:<TD class=xl74></TD>
4244:<TD class=xl151 x:num="62500"><SPAN
4245:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4246:</SPAN>62,500 </TD>
4247:<TD class=xl152 x:num="00.8"><SPAN
4248:class="cmj">&nbsp;</SPAN>$<SPAN
4249:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4250:</SPAN>0.80 </TD>
4251:<TD class=xl150 x:num="37876">09/12/2003</TD>
4252:<TD class="cmi" colSpan=11></TD></TR>
4253:<TR class="cm9" height=17>
4254:<TD class="cm9" height=17></TD>
4255:<TD class=xl25>For services</TD>
4256:<TD class=xl25></TD>
4257:<TD class=xl153 x:num="486303"><SPAN
4258:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4259:</SPAN>486,303 </TD>
4260:<TD class=xl154 x:num="00.81"><SPAN
4261:class="cmj">&nbsp;</SPAN>$<SPAN
4262:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4263:</SPAN>0.81 </TD>
4264:<TD class=xl150 x:num="38283">10/23/2004</TD>
4265:<TD class="cmi" colSpan=11></TD></TR>
4266:<TR class="cm9" height=17>
4267:<TD class="cm9" height=17></TD>
4268:<TD class=xl25 class="cmi" colSpan=2></TD>
4269:<TD class=xl153></TD>
4270:<TD class=xl154></TD>
4271:<TD class=xl150></TD>
4272:<TD class="cmi" colSpan=11></TD></TR>
4273:<TR class="cm9" height=17>
4274:<TD class="cm9" height=17></TD>
4275:<TD class=xl25 class="cmi" colSpan=5></TD>
4276:<TD class="cmi" colSpan=11></TD></TR>
4277:<TR class="cm9" height=17>
4278:<TD class=xl80 class="cm9" height=17 x:num>8</TD>
4279:<TD class=xl80>Income taxes:</TD>
4280:<TD class=xl80></TD>
4281:<TD class="cmi" colSpan=14></TD></TR>
4282:<TR class="cm3i" height=52>
4283:<TD class="cm3j" height=52></TD>
4284:<TD class=xl85 class="cm20" width=597 colSpan=5>The Company has
4285:income tax loss carryforwards of approximately $3,049,000 which are
4286:available to reduce future taxable income.<SPAN
4287:class="cmj">&nbsp; </SPAN>The benefits of the losses have
4288:not been recognized in the financial statements.<SPAN
4289:class="cmj">&nbsp; </SPAN>The losses will expire as
4290:follows:</TD>
4291:<TD class="cmi" colSpan=11></TD></TR>
4292:<TR class="cmh" height=18>
4293:<TD class="cmh" height=18></TD>
4294:<TD class=xl110 class="cmb" width=212>&nbsp;</TD>
4295:<TD class=xl110 class="cmc" width=91>&nbsp;</TD>
4296:<TD class=xl110 class="cmd" width=95>&nbsp;</TD>
4297:<TD class=xl110 class="cme" width=97>&nbsp;</TD>
4298:<TD class=xl110 class="cmf" width=102>&nbsp;</TD>
4299:<TD class="cmi" colSpan=11></TD></TR>
4300:<TR class="cm3k" height=53>
4301:<TD class="cm3l" height=53></TD>
4302:<TD class=xl32 class="cm1r">&nbsp;</TD>
4303:<TD class=xl91 class="cm1r">&nbsp;</TD>
4304:<TD class=xl33 class="cm1r">Canada</TD>
4305:<TD class=xl33 class="cm1r">U.S.</TD>
4306:<TD class=xl33 class="cm1r">Total</TD>
4307:<TD class="cmi" colSpan=11></TD></TR>
4308:<TR class="cm33" height=16>
4309:<TD class=xl81 class="cm34" height=16></TD>
4310:<TD class=xl24></TD>
4311:<TD></TD>
4312:<TD class=xl26 class="cmi" colSpan=3></TD>
4313:<TD class="cmi" colSpan=11></TD></TR>
4314:<TR class="cm9" height=17>
4315:<TD class="cm9" height=17></TD>
4316:<TD class=xl25 x:num>2003</TD>
4317:<TD class=xl83></TD>
4318:<TD class=xl31 x:num="72000"><SPAN
4319:class="cmj">&nbsp;</SPAN>$<SPAN
4320:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4321:</SPAN>72,000 </TD>
4322:<TD class=xl31 x:num="0"><SPAN
4323:class="cmj">&nbsp;</SPAN>$<SPAN
4324:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4325:</SPAN>- </TD>
4326:<TD class=xl31 x:num="72000"><SPAN
4327:class="cmj">&nbsp;</SPAN>$<SPAN
4328:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4329:</SPAN>72,000 </TD>
4330:<TD class="cmi" colSpan=11></TD></TR>
4331:<TR class="cm9" height=17>
4332:<TD class="cm9" height=17></TD>
4333:<TD class=xl25 x:num>2004</TD>
4334:<TD class=xl82></TD>
4335:<TD class=xl73 x:num="547000"><SPAN
4336:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4337:</SPAN>547,000 </TD>
4338:<TD class=xl73 x:num="0"><SPAN
4339:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4340:</SPAN>- </TD>
4341:<TD class=xl73 x:num="547000"><SPAN
4342:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4343:</SPAN>547,000 </TD>
4344:<TD class="cmi" colSpan=11></TD></TR>
4345:<TR class="cm9" height=17>
4346:<TD class="cm9" height=17></TD>
4347:<TD class=xl25 x:num>2005</TD>
4348:<TD class=xl82></TD>
4349:<TD class=xl73 x:num="13000"><SPAN
4350:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4351:</SPAN>13,000 </TD>
4352:<TD class=xl73 x:num="0"><SPAN
4353:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4354:</SPAN>- </TD>
4355:<TD class=xl73 x:num="13000"><SPAN
4356:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4357:</SPAN>13,000 </TD>
4358:<TD class="cmi" colSpan=11></TD></TR>
4359:<TR class="cm9" height=17>
4360:<TD class="cm9" height=17></TD>
4361:<TD class=xl25 x:num>2006</TD>
4362:<TD class=xl82></TD>
4363:<TD class=xl73 x:num="105000"><SPAN
4364:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4365:</SPAN>105,000 </TD>
4366:<TD class=xl73 x:num="0"><SPAN
4367:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4368:</SPAN>- </TD>
4369:<TD class=xl73 x:num="105000"><SPAN
4370:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4371:</SPAN>105,000 </TD>
4372:<TD></TD>
4373:<TD class=xl81></TD>
4374:<TD class="cmi" colSpan=9></TD></TR>
4375:<TR class="cm9" height=17>
4376:<TD class="cm9" height=17></TD>
4377:<TD class=xl25 x:num>2007</TD>
4378:<TD class=xl82></TD>
4379:<TD class=xl73 x:num="222000"><SPAN
4380:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4381:</SPAN>222,000 </TD>
4382:<TD class=xl73 x:num="0"><SPAN
4383:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4384:</SPAN>- </TD>
4385:<TD class=xl73 x:num="222000"><SPAN
4386:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4387:</SPAN>222,000 </TD>
4388:<TD class="cmi" colSpan=11></TD></TR>
4389:<TR class="cm9" height=17>
4390:<TD class="cm9" height=17></TD>
4391:<TD class=xl25 x:num>2008</TD>
4392:<TD class=xl82></TD>
4393:<TD class=xl73 x:num="150000"><SPAN
4394:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4395:</SPAN>150,000 </TD>
4396:<TD class=xl73 x:num="496000"><SPAN
4397:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4398:</SPAN>496,000 </TD>
4399:<TD class=xl73 x:num="646000"><SPAN
4400:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4401:</SPAN>646,000 </TD>
4402:<TD class="cmi" colSpan=11></TD></TR>
4403:<TR class="cm9" height=17>
4404:<TD class="cm9" height=17></TD>
4405:<TD class=xl25 x:num>2009</TD>
4406:<TD class=xl82></TD>
4407:<TD class=xl73 x:num="264000"><SPAN
4408:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4409:</SPAN>264,000 </TD>
4410:<TD class=xl73 x:num="255000"><SPAN
4411:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4412:</SPAN>255,000 </TD>
4413:<TD class=xl73 x:num="519000"><SPAN
4414:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4415:</SPAN>519,000 </TD>
4416:<TD class="cmi" colSpan=11></TD></TR>
4417:<TR class="cm9" height=17>
4418:<TD class="cm9" height=17></TD>
4419:<TD class=xl25 x:num>2020</TD>
4420:<TD class=xl81></TD>
4421:<TD class=xl73 x:num="0"><SPAN
4422:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4423:</SPAN>- </TD>
4424:<TD class=xl73 x:num="84000"><SPAN
4425:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4426:</SPAN>84,000 </TD>
4427:<TD class=xl73 x:num="84000"><SPAN
4428:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4429:</SPAN>84,000 </TD>
4430:<TD class="cmi" colSpan=11></TD></TR>
4431:<TR class="cm9" height=17>
4432:<TD class="cm9" height=17></TD>
4433:<TD class=xl25 x:num>2021</TD>
4434:<TD class=xl81></TD>
4435:<TD class=xl73 x:num="0"><SPAN
4436:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4437:</SPAN>- </TD>
4438:<TD class=xl73 x:num="398000"><SPAN
4439:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4440:</SPAN>398,000 </TD>
4441:<TD class=xl73 x:num="398000"><SPAN
4442:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4443:</SPAN>398,000 </TD>
4444:<TD class="cmi" colSpan=11></TD></TR>
4445:<TR class="cm9" height=17>
4446:<TD class="cm9" height=17></TD>
4447:<TD class=xl25 x:num>2022</TD>
4448:<TD class=xl81></TD>
4449:<TD class=xl73 x:num="0"><SPAN
4450:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4451:</SPAN>- </TD>
4452:<TD class=xl73 x:num="443000"><SPAN
4453:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4454:</SPAN>443,000 </TD>
4455:<TD class=xl73 x:num="443000"><SPAN
4456:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4457:</SPAN>443,000 </TD>
4458:<TD class=xl68></TD>
4459:<TD class="cmi" colSpan=10></TD></TR>
4460:<TR class="cm9" height=17>
4461:<TD class="cm9" height=17></TD>
4462:<TD class=xl25></TD>
4463:<TD></TD>
4464:<TD class=xl75 class="cmi" colSpan=3></TD>
4465:<TD class=xl68></TD>
4466:<TD class="cmi" colSpan=10></TD></TR>
4467:<TR class="cmh" height=18>
4468:<TD class="cmh" height=18></TD>
4469:<TD class=xl34>&nbsp;</TD>
4470:<TD class=xl111>&nbsp;</TD>
4471:<TD class=xl35 x:num="1373000"><SPAN
4472:class="cmj">&nbsp;</SPAN>$<SPAN
4473:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>1,373,000 </TD>
4474:<TD class=xl35 x:num="1676000"><SPAN
4475:class="cmj">&nbsp;</SPAN>$<SPAN
4476:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>1,676,000 </TD>
4477:<TD class=xl35 x:num="3049000"><SPAN
4478:class="cmj">&nbsp;</SPAN>$<SPAN
4479:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>3,049,000
4480:</TD>
4481:<TD class="cmi" colSpan=11></TD></TR>
4482:<TR class="cm2z" height=17>
4483:<TD class=xl39 class="cm9" height=17></TD>
4484:<TD class="cmi" colSpan=16></TD></TR>
4485:<TR class="cm3i" height=52>
4486:<TD class="cm3j" height=52></TD>
4487:<TD class=xl85 class="cm20" width=597 colSpan=5>Significant
4488:components of the Company's future tax assets are shown below.<SPAN
4489:class="cmj">&nbsp; </SPAN>A valuation allowance has been
4490:recognized to fully offset the net future tax assets as realization of
4491:such net assets is uncertain.</TD>
4492:<TD class="cmi" colSpan=11></TD></TR>
4493:<TR class="cm3m" height=15>
4494:<TD class="cm3n" height=15></TD>
4495:<TD class=xl110 class="cmb" width=212>&nbsp;</TD>
4496:<TD class=xl110 class="cmc" width=91>&nbsp;</TD>
4497:<TD class=xl110 class="cmd" width=95>&nbsp;</TD>
4498:<TD class=xl110 class="cme" width=97>&nbsp;</TD>
4499:<TD class=xl110 class="cmf" width=102>&nbsp;</TD>
4500:<TD class="cmi" colSpan=11></TD></TR>
4501:<TR class="cm9" height=17>
4502:<TD class="cm9" height=17></TD>
4503:<TD class=xl56 class="cm1r">&nbsp;</TD>
4504:<TD class=xl56 class="cm1r">&nbsp;</TD>
4505:<TD class=xl56 class="cm1r">&nbsp;</TD>
4506:<TD class=xl33 class="cm1r" x:num>2002</TD>
4507:<TD class=xl33 class="cm1r" x:num>2001</TD>
4508:<TD class="cmi" colSpan=11></TD></TR>
4509:<TR class="cm33" height=16>
4510:<TD class=xl81 class="cm34" height=16></TD>
4511:<TD class="cmi" colSpan=16></TD></TR>
4512:<TR class="cm2z" height=17>
4513:<TD class="cm9" height=17></TD>
4514:<TD class=xl37>Future tax assets:</TD>
4515:<TD class="cmi" colSpan=15></TD></TR>
4516:<TR class="cm9" height=17>
4517:<TD class="cm9" height=17></TD>
4518:<TD class=xl37><SPAN class="cmj">&nbsp;&nbsp;
4519:</SPAN>Operating loss carryforwards</TD>
4520:<TD class=xl81></TD>
4521:<TD></TD>
4522:<TD class=xl31 x:num="1186000"><SPAN
4523:class="cmj">&nbsp;</SPAN>$<SPAN
4524:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>1,186,000 </TD>
4525:<TD class=xl31 x:num="943000"><SPAN
4526:class="cmj">&nbsp;</SPAN>$<SPAN
4527:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4528:</SPAN>943,000 </TD>
4529:<TD class="cmi" colSpan=11></TD></TR>
4530:<TR class="cm3o" height=30>
4531:<TD class="cm3p" height=30></TD>
4532:<TD class=xl60><SPAN class="cmj">&nbsp;&nbsp; </SPAN>Capital
4533:assets</TD>
4534:<TD class=xl133>&nbsp;</TD>
4535:<TD class=xl58>&nbsp;</TD>
4536:<TD class=xl76 x:num="27000"><SPAN
4537:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4538:</SPAN>27,000 </TD>
4539:<TD class=xl76 x:num="15000"><SPAN
4540:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4541:</SPAN>15,000 </TD>
4542:<TD class="cmi" colSpan=11></TD></TR>
4543:<TR class="cm3q" height=29>
4544:<TD class=xl81 class="cm3r" height=29></TD>
4545:<TD class="cmi" colSpan=3></TD>
4546:<TD class=xl75 class="cmi" colSpan=2></TD>
4547:<TD class="cmi" colSpan=11></TD></TR>
4548:<TR class="cm2z" height=17>
4549:<TD class="cmw" colSpan=3 height=17></TD>
4550:<TD class=xl24></TD>
4551:<TD class=xl73 x:num="1213000"><SPAN
4552:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4553:</SPAN>1,213,000 </TD>
4554:<TD class=xl73 x:num="958000"><SPAN
4555:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4556:</SPAN>958,000 </TD>
4557:<TD class="cmi" colSpan=11></TD></TR>
4558:<TR class="cm9" height=17>
4559:<TD class="cm9" height=17></TD>
4560:<TD class=xl37 class="cmi" colSpan=2>Valuation allowance
4561:for future tax assets</TD>
4562:<TD class=xl24></TD>
4563:<TD class=xl73 x:num="-1213000"><SPAN
4564:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4565:</SPAN>(1,213,000)</TD>
4566:<TD class=xl73 x:num="-958000"><SPAN
4567:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4568:</SPAN>(958,000)</TD>
4569:<TD class="cmi" colSpan=11></TD></TR>
4570:<TR class="cm9" height=17>
4571:<TD class=xl81 class="cm9" height=17></TD>
4572:<TD class="cmi" colSpan=3></TD>
4573:<TD class=xl92 class="cmi" colSpan=2></TD>
4574:<TD class="cmi" colSpan=11></TD></TR>
4575:<TR class="cmh" height=18>
4576:<TD class="cmh" height=18></TD>
4577:<TD class=xl63>Net future tax assets</TD>
4578:<TD class=xl87>&nbsp;</TD>
4579:<TD class=xl90>&nbsp;</TD>
4580:<TD class=xl35 x:num="0"><SPAN
4581:class="cmj">&nbsp;</SPAN>$<SPAN
4582:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4583:</SPAN>- </TD>
4584:<TD class=xl35 x:num="0"><SPAN
4585:class="cmj">&nbsp;</SPAN>$<SPAN
4586:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4587:</SPAN>- </TD>
4588:<TD class="cmi" colSpan=11></TD></TR>
4589:<TR class="cm9" height=17>
4590:<TD class=xl68 class="cm9" height=17></TD>
4591:<TD class="cmi" colSpan=2></TD>
4592:<TD class=xl68></TD>
4593:<TD class=xl31 class="cmi" colSpan=2></TD>
4594:<TD class="cmi" colSpan=11></TD></TR>
4595:<TR class="cm9" height=17>
4596:<TD class=xl80 class="cm9" height=17 x:num>9</TD>
4597:<TD class=xl80>Related party transactions:</TD>
4598:<TD class=xl80></TD>
4599:<TD class="cmi" colSpan=14></TD></TR>
4600:<TR class="cm3s" height=75>
4601:<TD class="cm3t" height=75></TD>
4602:<TD class=xl85 class="cm20" width=597 colSpan=5>During the year,
4603:the Company paid, primarily through the issuance of common stock, $82,500
4604:(2001 - $45,000) to several directors for various services provided to the
4605:Company throughout the year.<SPAN class="cmj">&nbsp;
4606:</SPAN>The Company also paid the spouse of a director $30,000 in stock
4607:(2001 - nil) for counter-signing the bank loan (see Note 5) and $19,800 in
4608:stock (2001 - nil) for office rent.</TD>
4609:<TD class="cmi" colSpan=11></TD></TR>
4610:<TR class="cm2l" height=43>
4611:<TD class="cm2m" height=43></TD>
4612:<TD class=xl85 class="cm20" width=597 colSpan=5>These transactions
4613:are in the normal course of operations and are measured at the exchange
4614:amount, which is the amount of consideration established and agreed to by
4615:the related parties.</TD>
4616:<TD class="cmi" colSpan=11></TD></TR>
4617:<TR class="cm9" height=17>
4618:<TD class="cm9" height=17></TD>
4619:<TD class=xl85 class="cmi" colSpan=5></TD>
4620:<TD class="cmi" colSpan=11></TD></TR>
4621:<TR class="cm9" height=17>
4622:<TD class=xl80 class="cm9" height=17 x:num>10</TD>
4623:<TD class=xl80>Contingency:</TD>
4624:<TD class=xl80></TD>
4625:<TD class="cmi" colSpan=14></TD></TR>
4626:<TR class="cm23" height=95>
4627:<TD class="cm24" height=95></TD>
4628:<TD class=xl85 class="cm20" width=597 colSpan=5>The Company is
4629:negotiating with a shareholder and director of the Company for claims of
4630:past wages, salary remuneration and expenses in the approximate amount of
4631:USD $544,700 ($832,302 Cdn).<SPAN class="cmj">&nbsp;
4632:</SPAN>Included in advances from shareholders is $383,430 Cdn provided for
4633:this claim.<SPAN class="cmj">&nbsp; </SPAN>The claim is
4634:under negotiation, the outcome of which is undeterminable.<SPAN
4635:class="cmj">&nbsp; </SPAN>Accordingly, no additional
4636:provision has been recorded.<SPAN class="cmj">&nbsp;
4637:</SPAN>Additional amounts, if any, will be recorded in the period such
4638:amounts are determinable.</TD>
4639:<TD class="cmi" colSpan=11></TD></TR>
4640:<TR class="cm9" height=17>
4641:<TD class="cm9" height=17></TD>
4642:<TD class=xl85 class="cmi" colSpan=5></TD>
4643:<TD class="cmi" colSpan=11></TD></TR>
4644:<TR class="cm9" height=17>
4645:<TD class=xl80 class="cm9" height=17 x:num>11</TD>
4646:<TD class=xl80>Segmented information:</TD>
4647:<TD class=xl80></TD>
4648:<TD class="cmi" colSpan=14></TD></TR>
4649:<TR class="cm3u" height=27>
4650:<TD class="cm1g" height=27></TD>
4651:<TD class=xl85 class="cm20" width=597 colSpan=5>The Company
4652:operates principally in the mining industry segment.</TD>
4653:<TD class="cmi" colSpan=11></TD></TR>
4654:<TR class="cm3v" height=28>
4655:<TD class="cm3w" height=28></TD>
4656:<TD class=xl25 colSpan=5>The Company's operations are in the following
4657:geographical locations:</TD>
4658:<TD class="cmi" colSpan=11></TD></TR>
4659:<TR class="cmh" height=18>
4660:<TD class="cmh" height=18></TD>
4661:<TD class=xl77>&nbsp;</TD>
4662:<TD class=xl77>&nbsp;</TD>
4663:<TD class=xl77>&nbsp;</TD>
4664:<TD class=xl77>&nbsp;</TD>
4665:<TD class=xl77>&nbsp;</TD>
4666:<TD class="cmi" colSpan=11></TD></TR>
4667:<TR class="cm33" height=16>
4668:<TD class="cm34" height=16></TD>
4669:<TD class=xl32 class="cm1r">&nbsp;</TD>
4670:<TD class=xl91 class="cm1r">&nbsp;</TD>
4671:<TD class=xl33 class="cm1r" x:num>2002</TD>
4672:<TD class=xl33 class="cm1r" x:num>2001</TD>
4673:<TD class=xl33 class="cm1r" x:num>2000</TD>
4674:<TD class="cmi" colSpan=11></TD></TR>
4675:<TR class="cm33" height=16>
4676:<TD class=xl39 class="cm34" height=16></TD>
4677:<TD class="cmi" colSpan=16></TD></TR>
4678:<TR class="cm9" height=17>
4679:<TD class="cm9" height=17></TD>
4680:<TD class=xl37>Net loss for the year:</TD>
4681:<TD class="cmi" colSpan=15></TD></TR>
4682:<TR class="cm33" height=16>
4683:<TD class="cm34" height=16></TD>
4684:<TD class=xl37><SPAN class="cmj">&nbsp;&nbsp;
4685:</SPAN>Canada</TD>
4686:<TD class=xl69></TD>
4687:<TD class=xl31 x:num="261143"><SPAN
4688:class="cmj">&nbsp;</SPAN>$<SPAN
4689:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4690:</SPAN>261,143 </TD>
4691:<TD class=xl31 x:num="487017"><SPAN
4692:class="cmj">&nbsp;</SPAN>$<SPAN
4693:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4694:</SPAN>487,017 </TD>
4695:<TD class=xl31 x:num="11730509"><SPAN
4696:class="cmj">&nbsp;</SPAN>$<SPAN
4697:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>11,730,509 </TD>
4698:<TD class="cmi" colSpan=11></TD></TR>
4699:<TR class="cm33" height=16>
4700:<TD class="cm34" height=16></TD>
4701:<TD class=xl37><SPAN class="cmj">&nbsp;&nbsp; </SPAN>United
4702:States</TD>
4703:<TD></TD>
4704:<TD class=xl73 x:num="289866"><SPAN
4705:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4706:</SPAN>289,866 </TD>
4707:<TD class=xl73 x:num="260851"><SPAN
4708:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4709:</SPAN>260,851 </TD>
4710:<TD class=xl73 x:num="64534"><SPAN
4711:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4712:</SPAN>64,534 </TD>
4713:<TD class="cmi" colSpan=11></TD></TR>
4714:<TR class="cm9" height=17>
4715:<TD class="cm9" height=17></TD>
4716:<TD class=xl37></TD>
4717:<TD></TD>
4718:<TD class=xl73 class="cmi" colSpan=3></TD>
4719:<TD class="cmi" colSpan=11></TD></TR>
4720:<TR class="cm33" height=16>
4721:<TD class="cm34" height=16></TD>
4722:<TD class=xl90>&nbsp;</TD>
4723:<TD class=xl90>&nbsp;</TD>
4724:<TD class=xl55 x:num="551009"><SPAN
4725:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4726:</SPAN>551,009 </TD>
4727:<TD class=xl55 x:num="747868"><SPAN
4728:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4729:</SPAN>747,868 </TD>
4730:<TD class=xl55 x:num="11795043" x:fmla="=SUM(F546:F547)"><SPAN
4731:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4732:</SPAN>11,795,043 </TD>
4733:<TD class="cmi" colSpan=11></TD></TR>
4734:<TR class="cm33" height=16>
4735:<TD class="cm34" height=16></TD>
4736:<TD class=xl68 class="cmi" colSpan=2></TD>
4737:<TD class=xl73 class="cmi" colSpan=3></TD>
4738:<TD class="cmi" colSpan=11></TD></TR>
4739:<TR class="cm9" height=17>
4740:<TD class="cm9" height=17></TD>
4741:<TD class=xl37>Identifiable assets at end of year:</TD>
4742:<TD></TD>
4743:<TD class=xl75 class="cmi" colSpan=3></TD>
4744:<TD class="cmi" colSpan=11></TD></TR>
4745:<TR class="cm33" height=16>
4746:<TD class="cm34" height=16></TD>
4747:<TD class=xl37><SPAN class="cmj">&nbsp;&nbsp;
4748:</SPAN>Canada</TD>
4749:<TD class=xl69></TD>
4750:<TD class=xl73 x:num="291993"><SPAN
4751:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4752:</SPAN>291,993 </TD>
4753:<TD class=xl73 x:num="295978"><SPAN
4754:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4755:</SPAN>295,978 </TD>
4756:<TD class=xl73 x:num="445728"><SPAN
4757:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4758:</SPAN>445,728 </TD>
4759:<TD class="cmi" colSpan=11></TD></TR>
4760:<TR class="cm2z" height=17>
4761:<TD class="cm9" height=17></TD>
4762:<TD class=xl37><SPAN class="cmj">&nbsp;&nbsp; </SPAN>United
4763:States</TD>
4764:<TD></TD>
4765:<TD class=xl73 x:num="12874048"><SPAN
4766:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>12,874,048 </TD>
4767:<TD class=xl73 x:num="12491799"><SPAN
4768:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>12,491,799
4769:</TD>
4770:<TD class=xl73 x:num="12353217"><SPAN
4771:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4772:</SPAN>12,353,217 </TD>
4773:<TD class="cmi" colSpan=11></TD></TR>
4774:<TR class="cm9" height=17>
4775:<TD class=xl69 class="cm9" height=17></TD>
4776:<TD class="cmi" colSpan=2></TD>
4777:<TD class=xl73 class="cmi" colSpan=3></TD>
4778:<TD class="cmi" colSpan=11></TD></TR>
4779:<TR class="cm33" height=16>
4780:<TD class="cm34" height=16></TD>
4781:<TD class=xl90>&nbsp;</TD>
4782:<TD class=xl90>&nbsp;</TD>
4783:<TD class=xl35 x:num="13166041"><SPAN
4784:class="cmj">&nbsp;</SPAN>$<SPAN
4785:class="cmj">&nbsp; </SPAN>13,166,041 </TD>
4786:<TD class=xl35 x:num="12787777"><SPAN
4787:class="cmj">&nbsp;</SPAN>$<SPAN
4788:class="cmj">&nbsp;&nbsp; </SPAN>12,787,777 </TD>
4789:<TD class=xl35 x:num="12798945" x:fmla="=SUM(F552:F553)"><SPAN
4790:class="cmj">&nbsp;</SPAN>$<SPAN
4791:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>12,798,945 </TD>
4792:<TD class="cmi" colSpan=11></TD></TR>
4793:<TR class="cm2z" height=17>
4794:<TD class=xl39 class="cm9" height=17></TD>
4795:<TD class="cmi" colSpan=16></TD></TR>
4796:<TR class="cm9" height=17>
4797:<TD class=xl80 class="cm9" height=17 x:num>12</TD>
4798:<TD class=xl80>Financial instruments:</TD>
4799:<TD class=xl80></TD>
4800:<TD class="cmi" colSpan=14></TD></TR>
4801:<TR class="cm3x" height=61>
4802:<TD class="cm3y" height=61></TD>
4803:<TD class=xl85 class="cm20" width=597 colSpan=5
4804:x:str="The Company holds various forms of financial instruments. The nature of these instruments and the Company's operations expose the Company to foreign currency risk, interest rate risk and industry credit risk. ">The
4805:Company holds various forms of financial instruments.<SPAN
4806:class="cmj">&nbsp; </SPAN>The nature of these instruments
4807:and the Company's operations expose the Company to foreign currency risk,
4808:interest rate risk and industry credit risk.<SPAN
4809:class="cmj">&nbsp; </SPAN></TD>
4810:<TD class="cmi" colSpan=11></TD></TR>
4811:<TR class="cm2z" height=17>
4812:<TD class="cm9" height=17></TD>
4813:<TD class=xl85 class="cmi" colSpan=5></TD>
4814:<TD class="cmi" colSpan=11></TD></TR>
4815:<TR class="cm33" height=16>
4816:<TD class=xl39 class="cm34" height=16>(a)</TD>
4817:<TD class=xl39>Foreign currency risk:</TD>
4818:<TD class=xl39></TD>
4819:<TD class="cmi" colSpan=14></TD></TR>
4820:<TR class="cm3x" height=61>
4821:<TD class="cm3y" height=61></TD>
4822:<TD class=xl85 class="cm20" width=597 colSpan=5>A significant
4823:portion of the Company's operations are located in the United States and
4824:the Company manages its exposure to foreign currency fluctuations by
4825:maintaining U.S. currency bank accounts and denominates its commitments
4826:and contracts in U.S. dollar equivalents.</TD>
4827:<TD class="cmi" colSpan=11></TD></TR>
4828:<TR class="cm2z" height=17>
4829:<TD class="cm9" height=17></TD>
4830:<TD class=xl85 class="cmi" colSpan=5></TD>
4831:<TD class="cmi" colSpan=11></TD></TR>
4832:<TR class="cm9" height=17>
4833:<TD class=xl39 class="cm9" height=17>(b)</TD>
4834:<TD class=xl39>Credit risk:</TD>
4835:<TD class=xl39></TD>
4836:<TD class="cmi" colSpan=14></TD></TR>
4837:<TR class="cm3z" height=60>
4838:<TD class="cm40" height=60></TD>
4839:<TD class=xl85 class="cm20" width=597 colSpan=5>The Company's
4840:receivables are mainly for cost recoveries from related parties.<SPAN
4841:class="cmj">&nbsp; </SPAN>The Company has no significant
4842:credit risk as it has the ability to net amounts receivable against
4843:accounts payable for services rendered by these parties.</TD>
4844:<TD class="cmi" colSpan=11></TD></TR>
4845:<TR class="cm33" height=16>
4846:<TD class="cm34" height=16></TD>
4847:<TD class=xl85 class="cmi" colSpan=5></TD>
4848:<TD class="cmi" colSpan=11></TD></TR>
4849:<TR class="cm33" height=16>
4850:<TD class=xl80 class="cm34" height=16 x:num>13</TD>
4851:<TD class=xl80>Commitments:</TD>
4852:<TD class=xl80></TD>
4853:<TD class="cmi" colSpan=14></TD></TR>
4854:<TR class="cm2n" height=62>
4855:<TD class="cm2o" height=62></TD>
4856:<TD class=xl85 class="cm20" width=597 colSpan=5>The Company is
4857:committed under option and lease agreements to expend on exploration
4858:expenditures and property option payments amounts as disclosed in Notes 4
4859:(a), (b), and (c) in the form of cash and/or stock as detailed therein.</TD>
4860:<TD class="cmi" colSpan=11></TD></TR>
4861:<TR class="cm9" height=17>
4862:<TD class="cm9" height=17></TD>
4863:<TD class=xl85 class="cmi" colSpan=5></TD>
4864:<TD class="cmi" colSpan=11></TD></TR>
4865:<TR class="cm9" height=17>
4866:<TD class=xl80 class="cm9" height=17 x:num>14</TD>
4867:<TD class=xl80>Comparative figures:</TD>
4868:<TD class=xl80></TD>
4869:<TD class="cmi" colSpan=14></TD></TR>
4870:<TR class="cm2h" height=44>
4871:<TD class="cm2i" height=44></TD>
4872:<TD class=xl85 class="cm20" width=597 colSpan=5>Certain balances
4873:in the preceding period have been reclassified to conform with the current
4874:year's financial statement presentation.</TD>
4875:<TD class="cmi" colSpan=11></TD></TR>
4876:<TR class="cm33" height=16>
4877:<TD class="cm34" height=16></TD>
4878:<TD class=xl85 class="cmi" colSpan=5></TD>
4879:<TD class="cmi" colSpan=11></TD></TR>
4880:<TR class="cm2z" height=17>
4881:<TD class=xl80 class="cm9" height=17 x:num>15</TD>
4882:<TD class=xl80>Subsequent event:</TD>
4883:<TD class=xl80></TD>
4884:<TD class="cmi" colSpan=14></TD></TR>
4885:<TR class="cm41" height=42>
4886:<TD class="cm42" height=42></TD>
4887:<TD class=xl85 class="cm20" width=597 colSpan=5>Subsequent to May
4888:31, 2002, the Company settled $36,889 of trade accounts payable with
4889:67,500 common shares valued at $38,800.</TD>
4890:<TD class="cmi" colSpan=11></TD></TR>
4891:<TR class="cm9" height=17>
4892:<TD class="cm9" height=17></TD>
4893:<TD class=xl85 class="cmi" colSpan=5></TD>
4894:<TD class="cmi" colSpan=11></TD></TR>
4895:<TR class="cm43" height=33>
4896:<TD class=xl127 class="cm44" height=33 x:num>16</TD>
4897:<TD class=xl159 class="cm20" width=597 colSpan=5>Differences
4898:between Canadian and United States of America generally accepted
4899:accounting principles:</TD>
4900:<TD class="cmi" colSpan=11></TD></TR>
4901:<TR class="cm17" height=58>
4902:<TD class="cm18" height=58></TD>
4903:<TD class=xl85 class="cm20" width=597 colSpan=5>Generally accepted
4904:accounting principles (&#8220;GAAP&#8221;) and practices in the United States of
4905:America (&#8220;U.S. GAAP&#8221;) differ in certain respects from Canadian GAAP.
4906:Differences which may materially affect these consolidated financial
4907:statements are:</TD>
4908:<TD class="cmi" colSpan=11></TD></TR>
4909:<TR class="cm9" height=17>
4910:<TD class="cm9" height=17></TD>
4911:<TD class=xl85 class="cmi" colSpan=5></TD>
4912:<TD class="cmi" colSpan=11></TD></TR>
4913:<TR class="cm9" height=17>
4914:<TD class=xl39 class="cm9" height=17>(a)</TD>
4915:<TD class=xl25 colSpan=3>Mineral property exploration and development
4916:expenditures</TD>
4917:<TD class="cmi" colSpan=13></TD></TR>
4918:<TR class="cm45" height=211>
4919:<TD class="cm46" height=211></TD>
4920:<TD class=xl85 class="cm20" width=597 colSpan=5
4921:x:str='Statement of Financial Accounting Standards No. 121 ("SFAS 121"), "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of" in the U.S. requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In performing the review for recoverability, the Company is to estimate the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is measured, equal to the excess of the carrying amount over the fair value of the assets. United States Security and Exchange Commission staff have indicated that their interpretation of SFAS 121 requires mineral property exploration and development costs to be expensed as incurred until commercially minable deposits are determi ned to exist within a particular property as cash flows cannot be reasonably estimated prior to such determination. '>Statement
4922:of Financial Accounting Standards No. 121 ("SFAS 121"), "Accounting for
4923:the Impairment of Long-Lived Assets and for Long-Lived Assets to be
4924:Disposed of" in the U.S. requires that long-lived assets be reviewed for
4925:impairment whenever events or changes in circumstances indicate that the
4926:carrying amount of an asset may not be recoverable.<SPAN
4927:class="cmj">&nbsp; </SPAN>In performing the review for
4928:recoverability, the Company is to estimate the future cash flows expected
4929:to result from the use of the asset and its eventual disposition.<SPAN
4930:class="cmj">&nbsp; </SPAN>If the sum of the expected future
4931:cash flows (undiscounted and without interest charges) is less than the
4932:carrying amount of the asset, an impairment loss is measured, equal to the
4933:excess of the carrying amount over the fair value of the assets.<SPAN
4934:class="cmj">&nbsp; </SPAN>United States Security and
4935:Exchange Commission staff have indicated that their interpretation of SFAS
4936:121 requires mineral property exploration and development costs to be
4937:expensed as incurred until commercially minable deposits are determined to
4938:exist within a particular property as cash flows cannot be reasonably
4939:estimated prior to such determination.<SPAN
4940:class="cmj">&nbsp; </SPAN></TD>
4941:<TD class="cmi" colSpan=11></TD></TR>
4942:<TR class="cm47" height=76>
4943:<TD class="cm48" height=76></TD>
4944:<TD class=xl85 class="cm20" width=597 colSpan=5>Accordingly, for
4945:all periods presented, the Company has expensed exploration and
4946:development costs incurred for U.S. GAAP purposes.<SPAN
4947:class="cmj">&nbsp; </SPAN>Once proved and probable reserves
4948:are established, capitalization of related costs would commence.<SPAN
4949:class="cmj">&nbsp; </SPAN>This is significantly different
4950:from the accounting policy under Canadian GAAP, as detailed in the mineral
4951:properties significant accounting policy note.</TD>
4952:<TD class="cmi" colSpan=11></TD></TR>
4953:<TR class="cm2l" height=43>
4954:<TD class="cm2m" height=43></TD>
4955:<TD class=xl85 class="cm20" width=597 colSpan=5>Under U.S. GAAP,
4956:additional exploration costs for mineral properties that would be written
4957:off are as follows:</TD>
4958:<TD class="cmi" colSpan=11></TD></TR>
4959:<TR class="cmh" height=18>
4960:<TD class="cmh" height=18></TD>
4961:<TD class=xl110 class="cmb" width=212>&nbsp;</TD>
4962:<TD class=xl110 class="cmc" width=91>&nbsp;</TD>
4963:<TD class=xl110 class="cmd" width=95>&nbsp;</TD>
4964:<TD class=xl110 class="cme" width=97>&nbsp;</TD>
4965:<TD class=xl110 class="cmf" width=102>&nbsp;</TD>
4966:<TD class="cmi" colSpan=11></TD></TR>
4967:<TR class="cm9" height=17>
4968:<TD class="cm9" height=17></TD>
4969:<TD class=xl32 class="cm1r">&nbsp;</TD>
4970:<TD class=xl112 class="cm1r">&nbsp;</TD>
4971:<TD class=xl33 class="cm1r" x:num>2002</TD>
4972:<TD class=xl112 class="cm1r" x:num>2001</TD>
4973:<TD class=xl56 class="cm1r" align=right x:num>2000</TD>
4974:<TD class="cmi" colSpan=11></TD></TR>
4975:<TR class="cm9" height=17>
4976:<TD class=xl39 class="cm9" height=17></TD>
4977:<TD class="cmi" colSpan=2></TD>
4978:<TD class=xl26></TD>
4979:<TD class="cmi" colSpan=13></TD></TR>
4980:<TR class="cmh" height=18>
4981:<TD class="cmh" height=18></TD>
4982:<TD class=xl128 class="cmi" colSpan=2>Mineral exploration
4983:and development costs</TD>
4984:<TD class=xl114 x:num="478557">478,557</TD>
4985:<TD class=xl114 x:num="445729">445,729</TD>
4986:<TD class=xl136 x:num="122057"><SPAN
4987:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4988:</SPAN>122,057 </TD>
4989:<TD class="cmi" colSpan=11></TD></TR>
4990:<TR class="cm9" height=17>
4991:<TD class=xl39 class="cm9" height=17></TD>
4992:<TD class="cmi" colSpan=2></TD>
4993:<TD class=xl24></TD>
4994:<TD class=xl26></TD>
4995:<TD class="cmi" colSpan=12></TD></TR>
4996:<TR class="cm9" height=17>
4997:<TD class=xl39 class="cm9" height=17>(b)</TD>
4998:<TD>Stock-based compensation</TD>
4999:<TD></TD>
5000:<TD class=xl24></TD>
5001:<TD class=xl26></TD>
5002:<TD class="cmi" colSpan=12></TD></TR>
5003:<TR class="cm49" height=217>
5004:<TD class=xl39 class="cm4a" height=217></TD>
5005:<TD class=xl42 class="cm20" width=597 colSpan=5
5006:x:str='Statement of Financial Accounting Standards No. 123 ("SFAS 123") requires that stock-based compensation be accounted for based on a fair value methodology, although it allows the effects to be disclosed in the notes to the financial statements rather than in the statement of operations for employee awards. SFAS 123 allows an entity to continue to measure compensation costs for employee stock-based compensation plans using the intrinsic value based method of accounting as prescribed by APB Opinion No. 25 ("APB 25") and related interpretations. The Company has elected to measure compensation cost for those employee plans using APB 25. As such, compensation expense under fixed plans is recorded only if the market value of the underlying stock at the date of granting exceeds the exercise price. If the exercise price of a fixed option award is reduced, the award is accounted for as a variable award from the date of modification to the final measurement date upon which the award is exercised, i s forfeited, or expires unexercised. Compensation cost is adjusted in subsequent periods up to the measurement date for changes in the quoted market price. '>Statement
5007:of Financial Accounting Standards No. 123 ("SFAS 123") requires that
5008:stock-based compensation be accounted for based on a fair value
5009:methodology, although it allows the effects to be disclosed in the notes
5010:to the financial statements rather than in the statement of operations for
5011:employee awards.<SPAN class="cmj">&nbsp; </SPAN>SFAS 123
5012:allows an entity to continue to measure compensation costs for employee
5013:stock-based compensation plans using the intrinsic value based method of
5014:accounting as prescribed by APB Opinion No. 25 ("APB 25") and related
5015:interpretations.<SPAN class="cmj">&nbsp; </SPAN>The Company
5016:has elected to measure compensation cost for those employee plans using
5017:APB 25.<SPAN class="cmj">&nbsp; </SPAN>As such, compensation
5018:expense under fixed plans is recorded only if the market value of the
5019:underlying stock at the date of granting exceeds the exercise price.<SPAN
5020:class="cmj">&nbsp; </SPAN>If the exercise price of a fixed
5021:option award is reduced, the award is accounted for as a variable award
5022:from the date of modification to the final measurement date upon which the
5023:award is exercised, is forfeited, or expires unexercised.<SPAN
5024:class="cmj">&nbsp; </SPAN>Compensation cost is adjusted in
5025:subsequent periods up to the measurement date for changes in the quoted
5026:market price.<SPAN class="cmj">&nbsp; </SPAN></TD>
5027:<TD class="cmi" colSpan=11></TD></TR>
5028:<TR class="cm2h" height=44>
5029:<TD class=xl39 class="cm2i" height=44></TD>
5030:<TD class=xl42 class="cm20" width=597 colSpan=5
5031:x:str="Compensation expense (recovery) recognized for employee fixed and variable awards for the year ended May 31, 2002 would be $(65,940) (2001 - $123,638; 2000 - $nil). ">Compensation
5032:expense (recovery) recognized for employee fixed and variable awards for
5033:the year ended May 31, 2002 would be $(65,940) (2001 - $123,638; 2000 -
5034:$nil). </TD>
5035:<TD class="cmi" colSpan=11></TD></TR>
5036:<TR class="cm9" height=17>
5037:<TD class=xl39 class="cm9" height=17></TD>
5038:<TD class="cmi" colSpan=2></TD>
5039:<TD class=xl24></TD>
5040:<TD class=xl26></TD>
5041:<TD class="cmi" colSpan=12></TD></TR>
5042:<TR class="cm4b" height=84>
5043:<TD class=xl141 class="cm4c" height=84>(c)</TD>
5044:<TD class=xl42 class="cm20" width=597 colSpan=5>The Company has
5045:150,000 common shares held in escrow.<SPAN
5046:class="cmj">&nbsp; </SPAN>The release of the shares is
5047:contingent on certain performance conditions.<SPAN
5048:class="cmj">&nbsp; </SPAN>Compensation under U.S. GAAP, if
5049:any, is recognized when the contingency is resolved and the shares are
5050:released from escrow based upon value of the shares as they become
5051:releasable.<SPAN class="cmj">&nbsp; </SPAN>As at May 31,
5052:2002, no shares are releaseable from escrow. No similiar compensation
5053:expense would be recognized under Canadian GAAP.</TD>
5054:<TD class="cmi" colSpan=11></TD></TR>
5055:<TR class="cm33" height=16>
5056:<TD class=xl141 class="cm34" height=16></TD>
5057:<TD class=xl42 class="cmi" colSpan=5></TD>
5058:<TD class="cmi" colSpan=11></TD></TR>
5059:<TR class="cm4d" height=69>
5060:<TD class=xl141 class="cm4e" height=69>(d)</TD>
5061:<TD class=xl42 class="cm20" width=597 colSpan=5>Under Canadian
5062:GAAP, future tax assets and liabilities are recorded at substantially
5063:enacted tax rates.<SPAN class="cmj">&nbsp; </SPAN>Under U.S.
5064:GAAP, deferred tax assets and liabilities are recorded at enacted tax
5065:rates.<SPAN class="cmj">&nbsp; </SPAN>Recording Canadian
5066:deferred tax assets and liabilities at enacted tax rates would not change
5067:recorded net assets or shareholders' equity under U.S. GAAP.</TD>
5068:<TD class="cmi" colSpan=11></TD></TR>
5069:<TR class="cm9" height=17>
5070:<TD class=xl141 class="cm9" height=17></TD>
5071:<TD class="cmi" colSpan=2></TD>
5072:<TD class=xl24></TD>
5073:<TD class=xl26></TD>
5074:<TD class="cmi" colSpan=12></TD></TR>
5075:<TR class="cmu" height=35>
5076:<TD class=xl141 class="cmv" height=35>(e)</TD>
5077:<TD class=xl85 class="cm20" width=597 colSpan=5>The following
5078:table presents the consolidated balance sheet, statement of operations and
5079:deficit, and cash flows under U.S. GAAP:</TD>
5080:<TD class="cmi" colSpan=11></TD></TR>
5081:<TR class="cm9" height=17>
5082:<TD class=xl39 class="cm9" height=17></TD>
5083:<TD class=xl85 class="cmi" colSpan=5></TD>
5084:<TD class="cmi" colSpan=11></TD></TR>
5085:<TR class="cm9" height=17>
5086:<TD class="cm9" height=17></TD>
5087:<TD class=xl48>Balance Sheet</TD>
5088:<TD class="cmi" colSpan=15></TD></TR>
5089:<TR class="cmh" height=18>
5090:<TD class="cmh" height=18></TD>
5091:<TD class=xl115>&nbsp;</TD>
5092:<TD class=xl54>&nbsp;</TD>
5093:<TD class=xl54>&nbsp;</TD>
5094:<TD class=xl54>&nbsp;</TD>
5095:<TD class=xl54>&nbsp;</TD>
5096:<TD class="cmi" colSpan=11></TD></TR>
5097:<TR class="cm9" height=17>
5098:<TD class="cm9" height=17></TD>
5099:<TD class=xl32 class="cm1r">&nbsp;</TD>
5100:<TD class=xl112 class="cm1r">&nbsp;</TD>
5101:<TD class=xl32 class="cm1r">&nbsp;</TD>
5102:<TD class=xl112 class="cm1r" x:num>2002</TD>
5103:<TD class=xl33 class="cm1r" x:num>2001</TD>
5104:<TD class="cmi" colSpan=11></TD></TR>
5105:<TR class="cm9" height=17>
5106:<TD class=xl39 class="cm9" height=17></TD>
5107:<TD class="cmi" colSpan=2></TD>
5108:<TD class=xl24></TD>
5109:<TD></TD>
5110:<TD class=xl26></TD>
5111:<TD class="cmi" colSpan=11></TD></TR>
5112:<TR class="cm9" height=17>
5113:<TD class="cm9" height=17></TD>
5114:<TD class=xl37>Total assets under Canadian GAAP</TD>
5115:<TD class=xl84></TD>
5116:<TD class=xl24></TD>
5117:<TD class=xl31 x:num="13166041"><SPAN
5118:class="cmj">&nbsp;</SPAN>$<SPAN
5119:class="cmj">&nbsp;&nbsp; </SPAN>13,166,041 </TD>
5120:<TD class=xl31 x:num="12787777"><SPAN
5121:class="cmj">&nbsp;</SPAN>$<SPAN
5122:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>12,787,777 </TD>
5123:<TD class="cmi" colSpan=11></TD></TR>
5124:<TR class="cm9" height=17>
5125:<TD class="cm9" height=17></TD>
5126:<TD class=xl37 class="cmi" colSpan=3>Adjustments to
5127:mineral property exploration and development</TD>
5128:<TD class="cmi" colSpan=13></TD></TR>
5129:<TR class="cm9" height=17>
5130:<TD class="cm9" height=17></TD>
5131:<TD class=xl37><SPAN class="cmj">&nbsp;
5132:</SPAN>expenditures<SPAN class="cmj">&nbsp; </SPAN>(a)</TD>
5133:<TD></TD>
5134:<TD class=xl24></TD>
5135:<TD class=xl46 x:num="-12681453"><SPAN
5136:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>(12,681,453)</TD>
5137:<TD class=xl75 x:num="-12202896"><SPAN
5138:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5139:</SPAN>(12,202,896)</TD>
5140:<TD class="cmi" colSpan=11></TD></TR>
5141:<TR class="cm9" height=17>
5142:<TD class=xl70 class="cm9" height=17></TD>
5143:<TD class="cmi" colSpan=2></TD>
5144:<TD class=xl24></TD>
5145:<TD class=xl46></TD>
5146:<TD class=xl75></TD>
5147:<TD class="cmi" colSpan=11></TD></TR>
5148:<TR class="cmh" height=18>
5149:<TD class="cmh" height=18></TD>
5150:<TD class=xl63>Total assets under U.S. GAAP</TD>
5151:<TD class=xl116>&nbsp;</TD>
5152:<TD class=xl34>&nbsp;</TD>
5153:<TD class=xl55 x:num="484588" x:fmla="=SUM(E601:E603)"><SPAN
5154:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5155:</SPAN>484,588 </TD>
5156:<TD class=xl55 x:num="584881" x:fmla="=SUM(F601:F603)"><SPAN
5157:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5158:</SPAN>584,881 </TD>
5159:<TD class="cmi" colSpan=11></TD></TR>
5160:<TR class="cm9" height=17>
5161:<TD class=xl39 class="cm9" height=17></TD>
5162:<TD class="cmi" colSpan=2></TD>
5163:<TD class=xl24></TD>
5164:<TD class=xl46></TD>
5165:<TD class=xl75></TD>
5166:<TD class="cmi" colSpan=11></TD></TR>
5167:<TR class="cm9" height=17>
5168:<TD class="cm9" height=17></TD>
5169:<TD class=xl37 class="cmi" colSpan=2>Total liabilities
5170:under Canadian and U.S. GAAP</TD>
5171:<TD class=xl24></TD>
5172:<TD class=xl117 x:num="8080540"><SPAN
5173:class="cmj">&nbsp;</SPAN>$<SPAN
5174:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>8,080,540 </TD>
5175:<TD class=xl117 x:num="7397567"><SPAN
5176:class="cmj">&nbsp;</SPAN>$<SPAN
5177:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>7,397,567
5178:</TD>
5179:<TD class="cmi" colSpan=11></TD></TR>
5180:<TR class="cm9" height=17>
5181:<TD class="cm9" height=17></TD>
5182:<TD class=xl37></TD>
5183:<TD></TD>
5184:<TD class=xl24></TD>
5185:<TD class=xl75 class="cmi" colSpan=2></TD>
5186:<TD class="cmi" colSpan=11></TD></TR>
5187:<TR class="cm9" height=17>
5188:<TD class="cm9" height=17></TD>
5189:<TD class=xl37>Share capital, Canadian GAAP</TD>
5190:<TD class=xl71></TD>
5191:<TD class=xl24></TD>
5192:<TD class=xl73 x:num="22322607"><SPAN
5193:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>22,322,607
5194:</TD>
5195:<TD class=xl73 x:num="22076307"><SPAN
5196:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5197:</SPAN>22,076,307 </TD>
5198:<TD class="cmi" colSpan=11></TD></TR>
5199:<TR class="cm9" height=17>
5200:<TD class="cm9" height=17></TD>
5201:<TD class=xl37>Gain on sale of subsidiary</TD>
5202:<TD class=xl71></TD>
5203:<TD class=xl24></TD>
5204:<TD class=xl73 x:num="-430000"><SPAN
5205:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5206:</SPAN>(430,000)</TD>
5207:<TD class=xl73 x:num="-430000"><SPAN
5208:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5209:</SPAN>(430,000)</TD>
5210:<TD class="cmi" colSpan=11></TD></TR>
5211:<TR class="cm9" height=17>
5212:<TD class="cm9" height=17></TD>
5213:<TD class=xl37>Stock-based compensation<SPAN
5214:class="cmj">&nbsp; </SPAN>(b)</TD>
5215:<TD class=xl71></TD>
5216:<TD class=xl24></TD>
5217:<TD class=xl73 x:num="57698"><SPAN
5218:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5219:</SPAN>57,698 </TD>
5220:<TD class=xl73 x:num="123638"><SPAN
5221:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5222:</SPAN>123,638 </TD>
5223:<TD class="cmi" colSpan=11></TD></TR>
5224:<TR class="cm9" height=17>
5225:<TD class="cm9" height=17></TD>
5226:<TD class=xl60>&nbsp;</TD>
5227:<TD class=xl58>&nbsp;</TD>
5228:<TD class=xl61>&nbsp;</TD>
5229:<TD class=xl118>&nbsp;</TD>
5230:<TD class=xl118>&nbsp;</TD>
5231:<TD class="cmi" colSpan=11></TD></TR>
5232:<TR class="cm9" height=17>
5233:<TD class="cm9" height=17></TD>
5234:<TD class=xl37>Share capital, U.S. GAAP</TD>
5235:<TD class=xl71></TD>
5236:<TD class=xl24></TD>
5237:<TD class=xl73 x:num="21950305" x:fmla="=SUM(E609:E611)"><SPAN
5238:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>21,950,305
5239:</TD>
5240:<TD class=xl73 x:num="21769945" x:fmla="=SUM(F609:F611)"><SPAN
5241:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5242:</SPAN>21,769,945 </TD>
5243:<TD class="cmi" colSpan=11></TD></TR>
5244:<TR class="cm9" height=17>
5245:<TD class="cm9" height=17></TD>
5246:<TD class=xl37>Accumulated deficit, U.S. GAAP</TD>
5247:<TD class=xl71></TD>
5248:<TD class=xl24></TD>
5249:<TD class=xl73 x:num="-29546257"><SPAN
5250:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>(29,546,257)</TD>
5251:<TD class=xl73 x:num="-28582631"><SPAN
5252:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5253:</SPAN>(28,582,631)</TD>
5254:<TD class="cmi" colSpan=11></TD></TR>
5255:<TR class="cm9" height=17>
5256:<TD class="cm9" height=17></TD>
5257:<TD class=xl60>&nbsp;</TD>
5258:<TD class=xl58>&nbsp;</TD>
5259:<TD class=xl61>&nbsp;</TD>
5260:<TD class=xl118>&nbsp;</TD>
5261:<TD class=xl118>&nbsp;</TD>
5262:<TD class="cmi" colSpan=11></TD></TR>
5263:<TR class="cm9" height=17>
5264:<TD class="cm9" height=17></TD>
5265:<TD class=xl37 class="cmi" colSpan=2>Shareholders&#8217;
5266:deficiency, U.S. GAAP</TD>
5267:<TD class=xl24></TD>
5268:<TD class=xl73 x:num="-7595952" x:fmla="=SUM(E613:E614)"><SPAN
5269:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5270:</SPAN>(7,595,952)</TD>
5271:<TD class=xl73 x:num="-6812686" x:fmla="=SUM(F613:F614)"><SPAN
5272:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5273:</SPAN>(6,812,686)</TD>
5274:<TD class="cmi" colSpan=11></TD></TR>
5275:<TR class="cm9" height=17>
5276:<TD class="cm9" height=17></TD>
5277:<TD class=xl37></TD>
5278:<TD></TD>
5279:<TD class=xl24></TD>
5280:<TD class=xl75 class="cmi" colSpan=2></TD>
5281:<TD class="cmi" colSpan=11></TD></TR>
5282:<TR class="cmh" height=18>
5283:<TD class="cmh" height=18></TD>
5284:<TD class=xl63 class="cmi" colSpan=3>Shareholders&#8217;
5285:deficiency and liabilities under U.S. GAAP</TD>
5286:<TD class=xl35 x:num="484588"><SPAN
5287:class="cmj">&nbsp;</SPAN>$<SPAN
5288:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5289:</SPAN>484,588 </TD>
5290:<TD class=xl35 x:num="584881"><SPAN
5291:class="cmj">&nbsp;</SPAN>$<SPAN
5292:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5293:</SPAN>584,881 </TD>
5294:<TD class="cmi" colSpan=11></TD></TR>
5295:<TR class="cm9" height=17>
5296:<TD class=xl48 class="cm9" height=17></TD>
5297:<TD class="cmi" colSpan=16></TD></TR>
5298:<TR class="cm9" height=17>
5299:<TD class="cm9" height=17></TD>
5300:<TD class=xl156 colSpan=2>Statement of Operations and Deficit</TD>
5301:<TD class="cmi" colSpan=14></TD></TR>
5302:<TR class="cmh" height=18>
5303:<TD class="cmh" height=18></TD>
5304:<TD class=xl119>&nbsp;</TD>
5305:<TD class=xl119>&nbsp;</TD>
5306:<TD class=xl54>&nbsp;</TD>
5307:<TD class=xl54>&nbsp;</TD>
5308:<TD class=xl54>&nbsp;</TD>
5309:<TD class="cmi" colSpan=11></TD></TR>
5310:<TR class="cm9" height=17>
5311:<TD class="cm9" height=17></TD>
5312:<TD class=xl24></TD>
5313:<TD class=xl74>Cumulative from</TD>
5314:<TD class=xl26>Year ended</TD>
5315:<TD class=xl26>Year ended</TD>
5316:<TD class=xl26>Year ended</TD>
5317:<TD class="cmi" colSpan=11></TD></TR>
5318:<TR class="cm9" height=17>
5319:<TD class="cm9" height=17></TD>
5320:<TD class=xl24></TD>
5321:<TD class=xl74>Inception to</TD>
5322:<TD class=xl142 x:num="37407">May 31,</TD>
5323:<TD class=xl142 x:num="37407">May 31,</TD>
5324:<TD class=xl142 x:num="37407">May 31,</TD>
5325:<TD class="cmi" colSpan=11></TD></TR>
5326:<TR class="cm9" height=17>
5327:<TD class="cm9" height=17></TD>
5328:<TD class=xl61>&nbsp;</TD>
5329:<TD class=xl122 x:num="37407">May 31, 2002</TD>
5330:<TD class=xl121 x:num>2002</TD>
5331:<TD class=xl121 x:num>2001</TD>
5332:<TD class=xl121 x:num>2000</TD>
5333:<TD class="cmi" colSpan=11></TD></TR>
5334:<TR class="cm9" height=17>
5335:<TD class=xl39 class="cm9" height=17></TD>
5336:<TD></TD>
5337:<TD class=xl24></TD>
5338:<TD class="cmi" colSpan=14></TD></TR>
5339:<TR class="cm9" height=17>
5340:<TD class="cm9" height=17></TD>
5341:<TD class=xl37>Net loss under Canadian GAAP</TD>
5342:<TD class=xl31 x:num="-17237106"><SPAN
5343:class="cmj">&nbsp;</SPAN>$(17,237,106)</TD>
5344:<TD class=xl31 x:num="-551009"><SPAN
5345:class="cmj">&nbsp;</SPAN>$<SPAN
5346:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5347:</SPAN>(551,009)</TD>
5348:<TD class=xl31 x:num="-747868"><SPAN
5349:class="cmj">&nbsp;</SPAN>$<SPAN
5350:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5351:</SPAN>(747,868)</TD>
5352:<TD class=xl31 x:num="-11795043"><SPAN
5353:class="cmj">&nbsp;</SPAN>$<SPAN
5354:class="cmj">&nbsp;&nbsp; </SPAN>(11,795,043)</TD>
5355:<TD class="cmi" colSpan=11></TD></TR>
5356:<TR class="cm9" height=17>
5357:<TD class="cm9" height=17></TD>
5358:<TD class=xl37>Adjustments:</TD>
5359:<TD class=xl106></TD>
5360:<TD class=xl75 class="cmi" colSpan=3></TD>
5361:<TD class="cmi" colSpan=11></TD></TR>
5362:<TR class="cm9" height=17>
5363:<TD class="cm9" height=17></TD>
5364:<TD class=xl37 x:str=" Mineral property exploration "><SPAN
5365:class="cmj">&nbsp; </SPAN>Mineral property exploration </TD>
5366:<TD class=xl106></TD>
5367:<TD class=xl75 class="cmi" colSpan=3></TD>
5368:<TD class="cmi" colSpan=11></TD></TR>
5369:<TR class="cm9" height=17>
5370:<TD class="cm9" height=17></TD>
5371:<TD class=xl37><SPAN
5372:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5373:</SPAN>and development expenditures</TD>
5374:<TD class=xl73 x:num="-12681453"><SPAN
5375:class="cmj">&nbsp;&nbsp; </SPAN>(12,681,453)</TD>
5376:<TD class=xl73 x:num="-478557"><SPAN
5377:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5378:</SPAN>(478,557)</TD>
5379:<TD class=xl73 x:num="-445729"><SPAN
5380:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5381:</SPAN>(445,729)</TD>
5382:<TD class=xl73 x:num="-1879488"><SPAN
5383:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5384:</SPAN>(1,879,488)</TD>
5385:<TD class="cmi" colSpan=11></TD></TR>
5386:<TR class="cm9" height=17>
5387:<TD class="cm9" height=17></TD>
5388:<TD class=xl37 x:str=" Loss on mineral property "><SPAN
5389:class="cmj">&nbsp; </SPAN>Loss on mineral property </TD>
5390:<TD class=xl73 class="cmi" colSpan=4></TD>
5391:<TD class="cmi" colSpan=11></TD></TR>
5392:<TR class="cm9" height=17>
5393:<TD class="cm9" height=17></TD>
5394:<TD class=xl37><SPAN
5395:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5396:</SPAN>exploration previously recorded</TD>
5397:<TD class=xl73 class="cmi" colSpan=4></TD>
5398:<TD class="cmi" colSpan=11></TD></TR>
5399:<TR class="cm9" height=17>
5400:<TD class="cm9" height=17></TD>
5401:<TD class=xl37><SPAN
5402:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>for U.S.
5403:GAAP</TD>
5404:<TD class=xl73 x:num="0"><SPAN
5405:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5406:</SPAN>- </TD>
5407:<TD class=xl73 x:num="0"><SPAN
5408:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5409:</SPAN>- </TD>
5410:<TD class=xl73 x:num="312749"><SPAN
5411:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5412:</SPAN>312,749 </TD>
5413:<TD class=xl73 x:num="11399044"><SPAN
5414:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5415:</SPAN>11,399,044 </TD>
5416:<TD class="cmi" colSpan=11></TD></TR>
5417:<TR class="cm9" height=17>
5418:<TD class="cm9" height=17></TD>
5419:<TD class=xl37><SPAN class="cmj">&nbsp;&nbsp; </SPAN>Gain on
5420:sale of subsidiary</TD>
5421:<TD class=xl73 x:num="430000"><SPAN
5422:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5423:</SPAN>430,000 </TD>
5424:<TD class=xl73 x:num="0"><SPAN
5425:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5426:</SPAN>- </TD>
5427:<TD class=xl73 x:num="0"><SPAN
5428:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5429:</SPAN>- </TD>
5430:<TD class=xl73 x:num="0"><SPAN
5431:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5432:</SPAN>- </TD>
5433:<TD class="cmi" colSpan=11></TD></TR>
5434:<TR class="cm9" height=17>
5435:<TD class="cm9" height=17></TD>
5436:<TD class=xl37>Stock-based compensation</TD>
5437:<TD class=xl73 x:num="-57698"><SPAN
5438:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5439:</SPAN>(57,698)</TD>
5440:<TD class=xl73 x:num="65940"><SPAN
5441:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5442:</SPAN>65,940 </TD>
5443:<TD class=xl73 x:num="-123638"><SPAN
5444:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5445:</SPAN>(123,638)</TD>
5446:<TD class=xl73 x:num="0"><SPAN
5447:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5448:</SPAN>- </TD>
5449:<TD class="cmi" colSpan=11></TD></TR>
5450:<TR class="cm9" height=17>
5451:<TD class=xl70 class="cm9" height=17></TD>
5452:<TD class=xl58>&nbsp;</TD>
5453:<TD class=xl118>&nbsp;</TD>
5454:<TD class=xl118>&nbsp;</TD>
5455:<TD class=xl118>&nbsp;</TD>
5456:<TD class=xl118>&nbsp;</TD>
5457:<TD class="cmi" colSpan=11></TD></TR>
5458:<TR class="cm9" height=17>
5459:<TD class="cm9" height=17></TD>
5460:<TD class=xl37 class="cmi" colSpan=2>Net loss, being
5461:comprehensive loss,</TD>
5462:<TD class=xl75 class="cmi" colSpan=3></TD>
5463:<TD class="cmi" colSpan=11></TD></TR>
5464:<TR class="cm9" height=17>
5465:<TD class="cm9" height=17></TD>
5466:<TD class=xl37><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
5467:</SPAN>under U.S. GAAP</TD>
5468:<TD class=xl73 x:num="-29546257" x:fmla="=SUM(C626:C634)"><SPAN
5469:class="cmj">&nbsp;&nbsp; </SPAN>(29,546,257)</TD>
5470:<TD class=xl73 x:num="-963626" x:fmla="=SUM(D626:D634)"><SPAN
5471:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5472:</SPAN>(963,626)</TD>
5473:<TD class=xl73 x:num="-1004486" x:fmla="=SUM(E626:E634)"><SPAN
5474:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5475:</SPAN>(1,004,486)</TD>
5476:<TD class=xl73 x:num="-2275487" x:fmla="=SUM(F626:F634)"><SPAN
5477:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5478:</SPAN>(2,275,487)</TD>
5479:<TD class="cmi" colSpan=11></TD></TR>
5480:<TR class="cm9" height=17>
5481:<TD class="cm9" height=17></TD>
5482:<TD class=xl37></TD>
5483:<TD class=xl75 class="cmi" colSpan=4></TD>
5484:<TD class="cmi" colSpan=11></TD></TR>
5485:<TR class="cm9" height=17>
5486:<TD class="cm9" height=17></TD>
5487:<TD class=xl37>Accumulated opening deficit under</TD>
5488:<TD class=xl24 class="cmi" colSpan=2></TD>
5489:<TD class="cmi" colSpan=13></TD></TR>
5490:<TR class="cm9" height=17>
5491:<TD class="cm9" height=17></TD>
5492:<TD class=xl37><SPAN class="cmj">&nbsp; </SPAN>U.S. GAAP</TD>
5493:<TD class=xl73 x:num="0"><SPAN
5494:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5495:</SPAN>- </TD>
5496:<TD class=xl73 x:num="-28582631"><SPAN
5497:class="cmj">&nbsp;&nbsp;&nbsp; </SPAN>(28,582,631)</TD>
5498:<TD class=xl73 x:num="-27578145"><SPAN
5499:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>(27,578,145)</TD>
5500:<TD class=xl73 x:num="-25302658"><SPAN
5501:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5502:</SPAN>(25,302,658)</TD>
5503:<TD class="cmi" colSpan=11></TD></TR>
5504:<TR class="cm9" height=17>
5505:<TD class="cm9" height=17></TD>
5506:<TD class=xl37></TD>
5507:<TD class=xl75 class="cmi" colSpan=4></TD>
5508:<TD class="cmi" colSpan=11></TD></TR>
5509:<TR class="cmh" height=18>
5510:<TD class="cmh" height=18></TD>
5511:<TD class=xl63>Ending deficit, U.S. GAAP</TD>
5512:<TD class=xl35 x:num="-29546257" x:fmla="=SUM(C637:C640)"><SPAN
5513:class="cmj">&nbsp;</SPAN>$(29,546,257)</TD>
5514:<TD class=xl35 x:num="-29546257" x:fmla="=SUM(D637:D640)"><SPAN
5515:class="cmj">&nbsp;</SPAN>$ (29,546,257)</TD>
5516:<TD class=xl35 x:num="-28582631" x:fmla="=SUM(E637:E640)"><SPAN
5517:class="cmj">&nbsp;</SPAN>$<SPAN
5518:class="cmj">&nbsp; </SPAN>(28,582,631)</TD>
5519:<TD class=xl35 x:num="-27578145" x:fmla="=SUM(F637:F640)"><SPAN
5520:class="cmj">&nbsp;</SPAN>$<SPAN
5521:class="cmj">&nbsp;&nbsp; </SPAN>(27,578,145)</TD>
5522:<TD class="cmi" colSpan=11></TD></TR>
5523:<TR class="cm9" height=17>
5524:<TD class="cm9" height=17></TD>
5525:<TD class=xl37></TD>
5526:<TD class=xl31 class="cmi" colSpan=4></TD>
5527:<TD class="cmi" colSpan=11></TD></TR>
5528:<TR class="cmh" height=18>
5529:<TD class="cmh" height=18></TD>
5530:<TD class=xl128 class="cmi" colSpan=2>Net loss per share,
5531:basic and diluted, U.S. GAAP</TD>
5532:<TD class=xl155 x:num="-00.09"><SPAN
5533:class="cmj">&nbsp;</SPAN>$<SPAN
5534:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5535:</SPAN>(0.09)</TD>
5536:<TD class=xl155 x:num="-00.1"><SPAN
5537:class="cmj">&nbsp;</SPAN>$<SPAN
5538:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5539:</SPAN>(0.10)</TD>
5540:<TD class=xl155 x:num="-00.24"><SPAN
5541:class="cmj">&nbsp;</SPAN>$<SPAN
5542:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5543:</SPAN>(0.24)</TD>
5544:<TD class="cmi" colSpan=11></TD></TR>
5545:<TR class="cm9" height=17>
5546:<TD class="cm9" height=17></TD>
5547:<TD class=xl37></TD>
5548:<TD class=xl84></TD>
5549:<TD class=xl31 class="cmi" colSpan=3></TD>
5550:<TD class="cmi" colSpan=11></TD></TR>
5551:<TR class="cm9" height=17>
5552:<TD class=xl145 class="cm9" height=17>(f)</TD>
5553:<TD class=xl156 colSpan=2>Statement of Cash Flows</TD>
5554:<TD class="cmi" colSpan=14></TD></TR>
5555:<TR class="cm23" height=95>
5556:<TD class="cm24" height=95></TD>
5557:<TD class=xl85 class="cm20" width=597 colSpan=5>For Canadian GAAP,
5558:cash flows relating to mineral property exploration and development
5559:expenditures are reported as investing activities.<SPAN
5560:class="cmj">&nbsp; </SPAN>For U.S. GAAP purposes, these
5561:costs would be characterized as operating activities.<SPAN
5562:class="cmj">&nbsp; </SPAN>Under U.S. GAAP financing
5563:activities would include financing through the Company's bank
5564:overdraft.<SPAN class="cmj">&nbsp; </SPAN>Accordingly, the
5565:effect of these differences on the statements of cash flows are summarized
5566:as follows:</TD>
5567:<TD class="cmi" colSpan=11></TD></TR>
5568:<TR class="cm33" height=16>
5569:<TD class="cm34" height=16></TD>
5570:<TD class=xl110 class="cmb" width=212>&nbsp;</TD>
5571:<TD class=xl110 class="cmc" width=91>&nbsp;</TD>
5572:<TD class=xl110 class="cmd" width=95>&nbsp;</TD>
5573:<TD class=xl110 class="cme" width=97>&nbsp;</TD>
5574:<TD class=xl110 class="cmf" width=102>&nbsp;</TD>
5575:<TD class="cmi" colSpan=11></TD></TR>
5576:<TR class="cm9" height=17>
5577:<TD class="cm9" height=17></TD>
5578:<TD class=xl61>&nbsp;</TD>
5579:<TD class=xl120>&nbsp;</TD>
5580:<TD class=xl121 x:num>2002</TD>
5581:<TD class=xl121 x:num>2001</TD>
5582:<TD class=xl121 x:num>2000</TD>
5583:<TD class="cmi" colSpan=11></TD></TR>
5584:<TR class="cm4f" height=37>
5585:<TD class="cm4g" colSpan=17
5586:height=37></TD></TR>
5587:<TR class="cm9" height=17>
5588:<TD class=xl39 class="cm9" height=17></TD>
5589:<TD class=xl37 class="cmi" colSpan=2>Cash used in
5590:operations under Canadian GAAP</TD>
5591:<TD class=xl31 x:num="-662117"><SPAN
5592:class="cmj">&nbsp;</SPAN>$<SPAN
5593:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5594:</SPAN>(662,117)</TD>
5595:<TD class=xl31 x:num="-220977"><SPAN
5596:class="cmj">&nbsp;</SPAN>$<SPAN
5597:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5598:</SPAN>(220,977)</TD>
5599:<TD class=xl31 x:num="-397996"><SPAN
5600:class="cmj">&nbsp;</SPAN>$<SPAN
5601:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5602:</SPAN>(397,996)</TD>
5603:<TD class="cmi" colSpan=11></TD></TR>
5604:<TR class="cm9" height=17>
5605:<TD class="cm9" height=17></TD>
5606:<TD class=xl37 class="cmi" colSpan=2>Adjustment for
5607:mineral exploration costs</TD>
5608:<TD class=xl75 x:num="-289106"><SPAN
5609:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5610:</SPAN>(289,106)</TD>
5611:<TD class=xl75 x:num="-373383"><SPAN
5612:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5613:</SPAN>(373,383)</TD>
5614:<TD class=xl75 x:num="-122057"><SPAN
5615:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5616:</SPAN>(122,057)</TD>
5617:<TD class="cmi" colSpan=11></TD></TR>
5618:<TR class="cm9" height=17>
5619:<TD class="cm9" height=17></TD>
5620:<TD class=xl60>&nbsp;</TD>
5621:<TD class=xl58>&nbsp;</TD>
5622:<TD class=xl118>&nbsp;</TD>
5623:<TD class=xl118>&nbsp;</TD>
5624:<TD class=xl118>&nbsp;</TD>
5625:<TD class="cmi" colSpan=11></TD></TR>
5626:<TR class="cmh" height=18>
5627:<TD class="cmh" height=18></TD>
5628:<TD class=xl63 class="cmi" colSpan=2>Cash used in
5629:operations under U.S. GAAP</TD>
5630:<TD class=xl129 class="cm1r" x:num="-951223"
5631:x:fmla="=SUM(D651:D652)"><SPAN
5632:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5633:</SPAN>(951,223)</TD>
5634:<TD class=xl129 class="cm1r" x:num="-594360"
5635:x:fmla="=SUM(E651:E652)"><SPAN
5636:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5637:</SPAN>(594,360)</TD>
5638:<TD class=xl129 class="cm1r" x:num="-520053"
5639:x:fmla="=SUM(F651:F652)"><SPAN
5640:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5641:</SPAN>(520,053)</TD>
5642:<TD class="cmi" colSpan=11></TD></TR>
5643:<TR class="cm9" height=17>
5644:<TD class="cm9" height=17></TD>
5645:<TD class=xl37></TD>
5646:<TD class=xl71></TD>
5647:<TD class=xl73 class="cmi" colSpan=3></TD>
5648:<TD class="cmi" colSpan=11></TD></TR>
5649:<TR class="cm9" height=17>
5650:<TD class="cm9" height=17></TD>
5651:<TD class=xl37 class="cmi" colSpan=2>Cash provided by
5652:(used in) investments under</TD>
5653:<TD class=xl75 class="cmi" colSpan=3></TD>
5654:<TD class="cmi" colSpan=11></TD></TR>
5655:<TR class="cm9" height=17>
5656:<TD class="cm9" height=17></TD>
5657:<TD class=xl37><SPAN class="cmj">&nbsp; </SPAN>Canadian
5658:GAAP</TD>
5659:<TD></TD>
5660:<TD class=xl75 x:num="-282200"><SPAN
5661:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5662:</SPAN>(282,200)</TD>
5663:<TD class=xl75 x:num="-374799"><SPAN
5664:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5665:</SPAN>(374,799)</TD>
5666:<TD class=xl75 x:num="190868"><SPAN
5667:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5668:</SPAN>190,868 </TD>
5669:<TD class="cmi" colSpan=11></TD></TR>
5670:<TR class="cm9" height=17>
5671:<TD class="cm9" height=17></TD>
5672:<TD class=xl37 class="cmi" colSpan=2>Adjustment for
5673:mineral exploration costs</TD>
5674:<TD class=xl75 x:num="289106"><SPAN
5675:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5676:</SPAN>289,106 </TD>
5677:<TD class=xl75 x:num="373383"><SPAN
5678:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5679:</SPAN>373,383 </TD>
5680:<TD class=xl75 x:num="122057"><SPAN
5681:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5682:</SPAN>122,057 </TD>
5683:<TD class="cmi" colSpan=11></TD></TR>
5684:<TR class="cm9" height=17>
5685:<TD class="cm9" height=17></TD>
5686:<TD class=xl60>&nbsp;</TD>
5687:<TD class=xl58>&nbsp;</TD>
5688:<TD class=xl118>&nbsp;</TD>
5689:<TD class=xl118>&nbsp;</TD>
5690:<TD class=xl118>&nbsp;</TD>
5691:<TD class="cmi" colSpan=11></TD></TR>
5692:<TR class="cm9" height=17>
5693:<TD class="cm9" height=17></TD>
5694:<TD class=xl37 class="cmi" colSpan=2>Cash provided by
5695:(used in) investments</TD>
5696:<TD class=xl31 class="cmi" colSpan=3></TD>
5697:<TD class="cmi" colSpan=11></TD></TR>
5698:<TR class="cmh" height=18>
5699:<TD class="cmh" height=18></TD>
5700:<TD class=xl128><SPAN class="cmj">&nbsp;&nbsp; </SPAN>under
5701:U.S. GAAP</TD>
5702:<TD class=xl143>&nbsp;</TD>
5703:<TD class=xl144 x:num="6906" x:fmla="=SUM(D657:D658)"><SPAN
5704:class="cmj">&nbsp;</SPAN>$<SPAN
5705:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5706:</SPAN>6,906 </TD>
5707:<TD class=xl144 x:num="-1416" x:fmla="=SUM(E657:E658)"><SPAN
5708:class="cmj">&nbsp;</SPAN>$<SPAN
5709:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5710:</SPAN>(1,416)</TD>
5711:<TD class=xl144 x:num="312925" x:fmla="=SUM(F657:F658)"><SPAN
5712:class="cmj">&nbsp;</SPAN>$<SPAN
5713:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5714:</SPAN>312,925 </TD>
5715:<TD class="cmi" colSpan=11></TD></TR>
5716:<TR class="cm9" height=17>
5717:<TD class="cm9" height=17></TD>
5718:<TD class=xl37></TD>
5719:<TD class=xl84></TD>
5720:<TD class=xl31 class="cmi" colSpan=3></TD>
5721:<TD class="cmi" colSpan=11></TD></TR>
5722:<TR class="cm9" height=17>
5723:<TD class="cm9" height=17></TD>
5724:<TD class=xl37 class="cmi" colSpan=2>Financing activities
5725:under Canadian GAAP</TD>
5726:<TD class=xl31 x:num="934286"><SPAN
5727:class="cmj">&nbsp;</SPAN>$<SPAN
5728:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5729:</SPAN>934,286 </TD>
5730:<TD class=xl31 x:num="608954"><SPAN
5731:class="cmj">&nbsp;</SPAN>$<SPAN
5732:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5733:</SPAN>608,954 </TD>
5734:<TD class=xl31 x:num="187802"><SPAN
5735:class="cmj">&nbsp;</SPAN>$<SPAN
5736:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5737:</SPAN>187,802 </TD>
5738:<TD class="cmi" colSpan=11></TD></TR>
5739:<TR class="cm9" height=17>
5740:<TD class="cm9" height=17></TD>
5741:<TD class=xl37 class="cmi" colSpan=2>Increase (decrease)
5742:in bank overdraft</TD>
5743:<TD class=xl75 x:num="9399"><SPAN
5744:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5745:</SPAN>9,399 </TD>
5746:<TD class=xl75 x:num="-12546"><SPAN
5747:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5748:</SPAN>(12,546)</TD>
5749:<TD class=xl75 x:num="12546"><SPAN
5750:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5751:</SPAN>12,546 </TD>
5752:<TD class="cmi" colSpan=11></TD></TR>
5753:<TR class="cm9" height=17>
5754:<TD class="cm9" height=17></TD>
5755:<TD class=xl60>&nbsp;</TD>
5756:<TD class=xl58>&nbsp;</TD>
5757:<TD class=xl118>&nbsp;</TD>
5758:<TD class=xl118>&nbsp;</TD>
5759:<TD class=xl118>&nbsp;</TD>
5760:<TD class="cmi" colSpan=11></TD></TR>
5761:<TR class="cmh" height=18>
5762:<TD class="cmh" height=18></TD>
5763:<TD class=xl63 class="cmi" colSpan=2>Financing activities
5764:under U.S. GAAP</TD>
5765:<TD class=xl129 class="cm1r" x:num="943685"><SPAN
5766:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5767:</SPAN>943,685 </TD>
5768:<TD class=xl129 class="cm1r" x:num="596408"><SPAN
5769:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5770:</SPAN>596,408 </TD>
5771:<TD class=xl129 class="cm1r" x:num="200348"
5772:x:fmla="=SUM(F663:F664)"><SPAN
5773:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5774:</SPAN>200,348 </TD>
5775:<TD class="cmi" colSpan=11></TD></TR>
5776:<TR class="cm9" height=17>
5777:<TD class="cm9" height=17></TD>
5778:<TD class=xl37></TD>
5779:<TD class=xl71></TD>
5780:<TD class=xl73 class="cmi" colSpan=3></TD>
5781:<TD class="cmi" colSpan=11></TD></TR>
5782:<TR class="cm9" height=17>
5783:<TD class="cm9" height=17></TD>
5784:<TD class=xl37 class="cmi" colSpan=2>Increase (decrease)
5785:in cash under Canadian GAAP</TD>
5786:<TD class=xl75 x:num="-10031"><SPAN
5787:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5788:</SPAN>(10,031)</TD>
5789:<TD class=xl75 x:num="13178"><SPAN
5790:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5791:</SPAN>13,178 </TD>
5792:<TD class=xl75 x:num="-19326"><SPAN
5793:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5794:</SPAN>(19,326)</TD>
5795:<TD class="cmi" colSpan=11></TD></TR>
5796:<TR class="cm9" height=17>
5797:<TD class="cm9" height=17></TD>
5798:<TD class=xl37></TD>
5799:<TD></TD>
5800:<TD class=xl75 class="cmi" colSpan=3></TD>
5801:<TD class="cmi" colSpan=11></TD></TR>
5802:<TR class="cmh" height=18>
5803:<TD class="cmh" height=18></TD>
5804:<TD class=xl128 class="cmi" colSpan=2>Additional bank
5805:overdraft financing (repayment)</TD>
5806:<TD class=xl78 x:num="9399"><SPAN
5807:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5808:</SPAN>9,399 </TD>
5809:<TD class=xl78 x:num="-12546"><SPAN
5810:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5811:</SPAN>(12,546)</TD>
5812:<TD class=xl78 x:num="12456"><SPAN
5813:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5814:</SPAN>12,456 </TD>
5815:<TD class="cmi" colSpan=11></TD></TR>
5816:<TR class="cm9" height=17>
5817:<TD class="cm9" height=17></TD>
5818:<TD class=xl37></TD>
5819:<TD></TD>
5820:<TD class=xl75 class="cmi" colSpan=3></TD>
5821:<TD class="cmi" colSpan=11></TD></TR>
5822:<TR class="cmh" height=18>
5823:<TD class="cmh" height=18></TD>
5824:<TD class=xl63 class="cmi" colSpan=2>Increase (decrease)
5825:in cash under U.S. GAAP</TD>
5826:<TD class=xl35 x:num="-632"><SPAN
5827:class="cmj">&nbsp;</SPAN>$<SPAN
5828:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5829:</SPAN>(632)</TD>
5830:<TD class=xl35 x:num="632"><SPAN
5831:class="cmj">&nbsp;</SPAN>$<SPAN
5832:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5833:</SPAN>632 </TD>
5834:<TD class=xl35 x:num="-6780"><SPAN
5835:class="cmj">&nbsp;</SPAN>$<SPAN
5836:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5837:</SPAN>(6,780)</TD>
5838:<TD class="cmi" colSpan=11></TD></TR>
5839:<TR class="cmh" height=18>
5840:<TD class="cmh" height=18></TD>
5841:<TD class=xl63>&nbsp;</TD>
5842:<TD class=xl116>&nbsp;</TD>
5843:<TD class=xl35>&nbsp;</TD>
5844:<TD class=xl35>&nbsp;</TD>
5845:<TD class=xl35>&nbsp;</TD>
5846:<TD class="cmi" colSpan=11></TD></TR>
5847:<TR class="cmh" height=18>
5848:<TD class="cmh" height=18></TD>
5849:<TD class=xl63 class="cmi" colSpan=2>Cash, beginning of
5850:year, U.S. GAAP</TD>
5851:<TD class=xl35 x:num="632"><SPAN
5852:class="cmj">&nbsp;</SPAN>$<SPAN
5853:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5854:</SPAN>632 </TD>
5855:<TD class=xl35 x:num="0"><SPAN
5856:class="cmj">&nbsp;</SPAN>$<SPAN
5857:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5858:</SPAN>- </TD>
5859:<TD class=xl35 x:num="6780"><SPAN
5860:class="cmj">&nbsp;</SPAN>$<SPAN
5861:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5862:</SPAN>6,780 </TD>
5863:<TD class="cmi" colSpan=11></TD></TR>
5864:<TR class="cm9" height=17>
5865:<TD class="cm9" height=17></TD>
5866:<TD class=xl37></TD>
5867:<TD class=xl84></TD>
5868:<TD class=xl31 class="cmi" colSpan=3></TD>
5869:<TD class="cmi" colSpan=11></TD></TR>
5870:<TR class="cmh" height=18>
5871:<TD class="cmh" height=18></TD>
5872:<TD class=xl63>Cash, end of year, U.S. GAAP</TD>
5873:<TD class=xl116>&nbsp;</TD>
5874:<TD class=xl35 x:num="0"><SPAN
5875:class="cmj">&nbsp;</SPAN>$<SPAN
5876:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5877:</SPAN>- </TD>
5878:<TD class=xl35 x:num="632"><SPAN
5879:class="cmj">&nbsp;</SPAN>$<SPAN
5880:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5881:</SPAN>632 </TD>
5882:<TD class=xl35 x:num="0"><SPAN
5883:class="cmj">&nbsp;</SPAN>$<SPAN
5884:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5885:</SPAN>- </TD>
5886:<TD class="cmi" colSpan=11></TD></TR>
5887:<TR class="cm9" height=17>
5888:<TD class="cmw" colSpan=17
5889:height=17></TD></TR>
5890:<TR class="cm9" height=17>
5891:<TD class="cm9" height=17>(g)</TD>
5892:<TD class=xl24>Development stage enterprise:</TD>
5893:<TD class="cmi" colSpan=15></TD></TR>
5894:<TR class="cm9" height=17>
5895:<TD class="cm9" height=17></TD>
5896:<TD class=xl24></TD>
5897:<TD class="cmi" colSpan=15></TD></TR>
5898:<TR class="cmu" height=35>
5899:<TD class="cmv" height=35></TD>
5900:<TD class=xl42 class="cm20" width=597 colSpan=5>The Company meets
5901:the definition of a Development stage enterprises under FAS No. 7.<SPAN
5902:class="cmj">&nbsp; </SPAN>The following additional
5903:disclosures would be required under U.S. GAAP.</TD>
5904:<TD class="cmi" colSpan=11></TD></TR>
5905:<TR class="cm9" height=17>
5906:<TD class="cm9" height=17></TD>
5907:<TD class=xl24 class="cmi" colSpan=2></TD>
5908:<TD class="cmi" colSpan=14></TD></TR>
5909:<TR class="cm9" height=17>
5910:<TD class="cm9" height=17></TD>
5911:<TD class=xl24 colSpan=4
5912:x:str="Consolidated statements of operations and deficit (U.S. GAAP) ">Consolidated
5913:statements of operations and deficit (U.S. GAAP) </TD>
5914:<TD class="cmi" colSpan=12></TD></TR>
5915:<TR class="cmh" height=18>
5916:<TD class="cmh" height=18></TD>
5917:<TD class=xl24 class="cmi" colSpan=2></TD>
5918:<TD class="cmi" colSpan=14></TD></TR>
5919:<TR class="cm9" height=17>
5920:<TD class="cm9" height=17></TD>
5921:<TD class=xl103>&nbsp;</TD>
5922:<TD class=xl103>&nbsp;</TD>
5923:<TD class=xl104>&nbsp;</TD>
5924:<TD class=xl104>&nbsp;</TD>
5925:<TD class=xl123>Cumulative</TD>
5926:<TD class="cmi" colSpan=11></TD></TR>
5927:<TR class="cm9" height=17>
5928:<TD class="cm9" height=17></TD>
5929:<TD class=xl24 class="cmi" colSpan=2></TD>
5930:<TD class="cmi" colSpan=2></TD>
5931:<TD class=xl26>from inception</TD>
5932:<TD class="cmi" colSpan=11></TD></TR>
5933:<TR class="cm9" height=17>
5934:<TD class="cm9" height=17></TD>
5935:<TD class=xl24 class="cmi" colSpan=2></TD>
5936:<TD class=xl26></TD>
5937:<TD></TD>
5938:<TD class=xl124><SPAN class="cmj">&nbsp;</SPAN>Dec 30,
5939:1986</TD>
5940:<TD class="cmi" colSpan=11></TD></TR>
5941:<TR class="cm9" height=17>
5942:<TD class="cm9" height=17></TD>
5943:<TD class=xl24 class="cmi" colSpan=2></TD>
5944:<TD class="cmi" colSpan=2></TD>
5945:<TD class=xl26>to</TD>
5946:<TD class="cmi" colSpan=11></TD></TR>
5947:<TR class="cm9" height=17>
5948:<TD class="cm9" height=17></TD>
5949:<TD class=xl61>&nbsp;</TD>
5950:<TD class=xl61>&nbsp;</TD>
5951:<TD class=xl58>&nbsp;</TD>
5952:<TD class=xl58>&nbsp;</TD>
5953:<TD class=xl125 x:num="37407">May 31, 2002</TD>
5954:<TD class="cmi" colSpan=11></TD></TR>
5955:<TR class="cm9" height=17>
5956:<TD class="cm9" height=17></TD>
5957:<TD class=xl24 class="cmi" colSpan=2></TD>
5958:<TD class="cmi" colSpan=14></TD></TR>
5959:<TR class="cm9" height=17>
5960:<TD class="cm9" height=17></TD>
5961:<TD class=xl24 class="cmi" colSpan=2>Operating,
5962:exploration and administrative expenses</TD>
5963:<TD class="cmi" colSpan=2></TD>
5964:<TD class=xl45 x:num="-21536007"><SPAN
5965:class="cmj">&nbsp;</SPAN>$<SPAN
5966:class="cmj">&nbsp;&nbsp; </SPAN>(21,536,007)</TD>
5967:<TD class="cmi" colSpan=11></TD></TR>
5968:<TR class="cm9" height=17>
5969:<TD class="cm9" height=17></TD>
5970:<TD class=xl24>Loss on disposition of subsidiary</TD>
5971:<TD class=xl24></TD>
5972:<TD class="cmi" colSpan=2></TD>
5973:<TD class=xl46 x:num="-12107072"><SPAN
5974:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5975:</SPAN>(12,107,072)</TD>
5976:<TD class="cmi" colSpan=11></TD></TR>
5977:<TR class="cm9" height=17>
5978:<TD class="cm9" height=17></TD>
5979:<TD class=xl24>Other income</TD>
5980:<TD class=xl24></TD>
5981:<TD class="cmi" colSpan=2></TD>
5982:<TD class=xl46 x:num="4096822"><SPAN
5983:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5984:</SPAN>4,096,822 </TD>
5985:<TD class="cmi" colSpan=11></TD></TR>
5986:<TR class="cm9" height=17>
5987:<TD class="cm9" height=17></TD>
5988:<TD class=xl24 class="cmi" colSpan=2></TD>
5989:<TD class="cmi" colSpan=14></TD></TR>
5990:<TR class="cmh" height=18>
5991:<TD class="cmh" height=18></TD>
5992:<TD class=xl34 class="cmi" colSpan=3>Net loss for the
5993:period since inception to May 31, 2002</TD>
5994:<TD class=xl87>&nbsp;</TD>
5995:<TD class=xl105 x:num="-29546257" x:fmla="=SUM(F690:F692)"><SPAN
5996:class="cmj">&nbsp;</SPAN>$<SPAN
5997:class="cmj">&nbsp;&nbsp; </SPAN>(29,546,257)</TD>
5998:<TD class="cmi" colSpan=11></TD></TR>
5999:<TR class="cm9" height=17>
6000:<TD class="cm9" height=17></TD>
6001:<TD class=xl24 class="cmi" colSpan=2></TD>
6002:<TD class="cmi" colSpan=14></TD></TR>
6003:<TR class="cm9" height=17>
6004:<TD class="cm9" height=17></TD>
6005:<TD class=xl24 class="cmi" colSpan=2>Consolidated
6006:statements of cash flows</TD>
6007:<TD class="cmi" colSpan=14></TD></TR>
6008:<TR class="cmh" height=18>
6009:<TD class="cmh" height=18></TD>
6010:<TD class=xl24 class="cmi" colSpan=2></TD>
6011:<TD class="cmi" colSpan=14></TD></TR>
6012:<TR class="cm9" height=17>
6013:<TD class="cm9" height=17></TD>
6014:<TD class=xl103>&nbsp;</TD>
6015:<TD class=xl103>&nbsp;</TD>
6016:<TD class=xl104>&nbsp;</TD>
6017:<TD class=xl104>&nbsp;</TD>
6018:<TD class=xl123>Cumulative</TD>
6019:<TD class="cmi" colSpan=11></TD></TR>
6020:<TR class="cm9" height=17>
6021:<TD class="cm9" height=17></TD>
6022:<TD class=xl24 class="cmi" colSpan=2></TD>
6023:<TD class="cmi" colSpan=2></TD>
6024:<TD class=xl26>from inception</TD>
6025:<TD class="cmi" colSpan=11></TD></TR>
6026:<TR class="cm9" height=17>
6027:<TD class="cm9" height=17></TD>
6028:<TD class=xl24 class="cmi" colSpan=2></TD>
6029:<TD class=xl26></TD>
6030:<TD></TD>
6031:<TD class=xl124><SPAN class="cmj">&nbsp;</SPAN>Dec 30,
6032:1986</TD>
6033:<TD class="cmi" colSpan=11></TD></TR>
6034:<TR class="cm9" height=17>
6035:<TD class="cm9" height=17></TD>
6036:<TD class=xl24 class="cmi" colSpan=2></TD>
6037:<TD class="cmi" colSpan=2></TD>
6038:<TD class=xl26>to</TD>
6039:<TD class="cmi" colSpan=11></TD></TR>
6040:<TR class="cm9" height=17>
6041:<TD class="cm9" height=17></TD>
6042:<TD class=xl61>&nbsp;</TD>
6043:<TD class=xl61>&nbsp;</TD>
6044:<TD class=xl58>&nbsp;</TD>
6045:<TD class=xl58>&nbsp;</TD>
6046:<TD class=xl125 x:num="37407">May 31, 2002</TD>
6047:<TD class="cmi" colSpan=11></TD></TR>
6048:<TR class="cm9" height=17>
6049:<TD class="cm9" height=17></TD>
6050:<TD class=xl24 class="cmi" colSpan=2></TD>
6051:<TD class="cmi" colSpan=14></TD></TR>
6052:<TR class="cm9" height=17>
6053:<TD class="cm9" height=17></TD>
6054:<TD class=xl24>Operating activities</TD>
6055:<TD class=xl24></TD>
6056:<TD class="cmi" colSpan=2></TD>
6057:<TD class=xl45 x:num="-9968960"><SPAN
6058:class="cmj">&nbsp;</SPAN>$<SPAN
6059:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>(9,968,960)</TD>
6060:<TD class="cmi" colSpan=11></TD></TR>
6061:<TR class="cm9" height=17>
6062:<TD class="cm9" height=17></TD>
6063:<TD class=xl24>Financing activities</TD>
6064:<TD class=xl24></TD>
6065:<TD class="cmi" colSpan=2></TD>
6066:<TD class=xl46 x:num="15695740"><SPAN
6067:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6068:</SPAN>15,695,740 </TD>
6069:<TD class="cmi" colSpan=11></TD></TR>
6070:<TR class="cm9" height=17>
6071:<TD class="cm9" height=17></TD>
6072:<TD class=xl24>Investing activities</TD>
6073:<TD class=xl24></TD>
6074:<TD class="cmi" colSpan=2></TD>
6075:<TD class=xl46 x:num="-5726780"><SPAN
6076:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6077:</SPAN>(5,726,780)</TD>
6078:<TD class="cmi" colSpan=11></TD></TR>
6079:<TR class="cm9" height=17>
6080:<TD class="cm9" height=17></TD>
6081:<TD class=xl24 class="cmi" colSpan=2></TD>
6082:<TD class="cmi" colSpan=14></TD></TR>
6083:<TR class="cmh" height=18>
6084:<TD class="cmh" height=18></TD>
6085:<TD class=xl34 class="cmi" colSpan=2>Net cash inflows from
6086:inception to May 31, 2002</TD>
6087:<TD class=xl87>&nbsp;</TD>
6088:<TD class=xl87>&nbsp;</TD>
6089:<TD class=xl105 x:str="$ -"><SPAN
6090:class="cmj">&nbsp;</SPAN>$<SPAN
6091:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6092:</SPAN>- </TD>
6093:<TD class="cmi" colSpan=11></TD></TR>
6094:<TR class="cm9" height=17>
6095:<TD class="cm9" height=17></TD>
6096:<TD class=xl24 class="cmi" colSpan=2></TD>
6097:<TD class="cmi" colSpan=14></TD></TR>
6098:<TR class="cm9" height=17>
6099:<TD class="cm9" height=17></TD>
6100:<TD class=xl24 colSpan=4>Additional shareholders' equity disclosures
6101:required under FAS No. 7 would include:</TD>
6102:<TD class="cmi" colSpan=12></TD></TR>
6103:<TR class="cmh" height=18>
6104:<TD class="cmh" height=18></TD>
6105:<TD class=xl24 class="cmi" colSpan=2></TD>
6106:<TD class="cmi" colSpan=14></TD></TR>
6107:<TR class="cm9" height=17>
6108:<TD class="cm9" height=17></TD>
6109:<TD class=xl103>&nbsp;</TD>
6110:<TD class=xl103>&nbsp;</TD>
6111:<TD class=xl103>&nbsp;</TD>
6112:<TD class=xl104>&nbsp;</TD>
6113:<TD class=xl123>Deficit</TD>
6114:<TD class="cmi" colSpan=11></TD></TR>
6115:<TR class="cm9" height=17>
6116:<TD class="cm9" height=17></TD>
6117:<TD class=xl24 class="cmi" colSpan=2></TD>
6118:<TD class=xl157 colSpan=2>Common shares</TD>
6119:<TD class=xl26>accumulated</TD>
6120:<TD class="cmi" colSpan=11></TD></TR>
6121:<TR class="cm9" height=17>
6122:<TD class="cm9" height=17></TD>
6123:<TD class=xl61>&nbsp;</TD>
6124:<TD class=xl61>&nbsp;</TD>
6125:<TD class=xl95>Number</TD>
6126:<TD class=xl95>Amount</TD>
6127:<TD class=xl125>since inception</TD>
6128:<TD class="cmi" colSpan=11></TD></TR>
6129:<TR class="cm9" height=17>
6130:<TD class="cm9" height=17></TD>
6131:<TD class=xl24 class="cmi" colSpan=3></TD>
6132:<TD class="cmi" colSpan=13></TD></TR>
6133:<TR class="cm9" height=17>
6134:<TD class="cm9" height=17></TD>
6135:<TD class=xl24>Balance at inception</TD>
6136:<TD class=xl24></TD>
6137:<TD class=xl106 x:num="0"><SPAN
6138:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6139:</SPAN>- </TD>
6140:<TD>$<SPAN
6141:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6142:</SPAN>-</TD>
6143:<TD class=xl45 x:str="$ -"><SPAN
6144:class="cmj">&nbsp;</SPAN>$<SPAN
6145:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6146:</SPAN>- </TD>
6147:<TD class="cmi" colSpan=11></TD></TR>
6148:<TR class="cm9" height=17>
6149:<TD class="cm9" height=17></TD>
6150:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6151:cash</TD>
6152:<TD class=xl24 class="cmi" colSpan=2></TD>
6153:<TD></TD>
6154:<TD class=xl46></TD>
6155:<TD class="cmi" colSpan=11></TD></TR>
6156:<TR class="cm9" height=17>
6157:<TD class="cm9" height=17></TD>
6158:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6159:</SPAN>December 1986</TD>
6160:<TD class=xl24></TD>
6161:<TD class=xl26 x:num>1</TD>
6162:<TD align=right x:num>1</TD>
6163:<TD class=xl46></TD>
6164:<TD class="cmi" colSpan=11></TD></TR>
6165:<TR class="cm9" height=17>
6166:<TD class="cm9" height=17></TD>
6167:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6168:</SPAN>January 1987</TD>
6169:<TD class=xl24></TD>
6170:<TD class=xl75 x:num="80000"><SPAN
6171:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6172:</SPAN>80,000 </TD>
6173:<TD class=xl46 x:num="100000"><SPAN
6174:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6175:</SPAN>100,000 </TD>
6176:<TD class=xl46></TD>
6177:<TD class="cmi" colSpan=11></TD></TR>
6178:<TR class="cm9" height=17>
6179:<TD class="cm9" height=17></TD>
6180:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6181:</SPAN>April 1987</TD>
6182:<TD class=xl24></TD>
6183:<TD class=xl106 x:num="150000"><SPAN
6184:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6185:</SPAN>150,000 </TD>
6186:<TD class=xl46 x:num="7500"><SPAN
6187:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6188:</SPAN>7,500 </TD>
6189:<TD class="cmi" colSpan=12></TD></TR>
6190:<TR class="cm9" height=17>
6191:<TD class="cm9" height=17></TD>
6192:<TD class=xl24 class="cmi" colSpan=2>Net loss for the year
6193:under U.S. GAAP</TD>
6194:<TD class=xl24></TD>
6195:<TD></TD>
6196:<TD class=xl46 x:num="-108647"><SPAN
6197:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6198:</SPAN>(108,647)</TD>
6199:<TD class="cmi" colSpan=11></TD></TR>
6200:<TR class="cm9" height=17>
6201:<TD class="cm9" height=17></TD>
6202:<TD class=xl61>&nbsp;</TD>
6203:<TD class=xl61>&nbsp;</TD>
6204:<TD class=xl95>&nbsp;</TD>
6205:<TD class=xl58>&nbsp;</TD>
6206:<TD class=xl59>&nbsp;</TD>
6207:<TD class="cmi" colSpan=11></TD></TR>
6208:<TR class="cm9" height=17>
6209:<TD class="cm9" height=17></TD>
6210:<TD class=xl24>Balance May 31, 1987</TD>
6211:<TD class=xl24></TD>
6212:<TD class=xl92 x:num="230001">230,001</TD>
6213:<TD class=xl45 x:num="107501"><SPAN
6214:class="cmj">&nbsp;</SPAN>$<SPAN
6215:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6216:</SPAN>107,501 </TD>
6217:<TD class=xl45 x:num="-108647"><SPAN
6218:class="cmj">&nbsp;</SPAN>$<SPAN
6219:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6220:</SPAN>(108,647)</TD>
6221:<TD class="cmi" colSpan=11></TD></TR>
6222:<TR class="cm9" height=17>
6223:<TD class="cm9" height=17></TD>
6224:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6225:cash</TD>
6226:<TD class=xl24></TD>
6227:<TD class=xl26></TD>
6228:<TD></TD>
6229:<TD class=xl46></TD>
6230:<TD class="cmi" colSpan=11></TD></TR>
6231:<TR class="cm9" height=17>
6232:<TD class="cm9" height=17></TD>
6233:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6234:</SPAN>September 1987</TD>
6235:<TD class=xl24></TD>
6236:<TD class=xl75 x:num="11600"><SPAN
6237:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6238:</SPAN>11,600 </TD>
6239:<TD class=xl46 x:num="14500"><SPAN
6240:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6241:</SPAN>14,500 </TD>
6242:<TD class=xl46></TD>
6243:<TD class="cmi" colSpan=11></TD></TR>
6244:<TR class="cm9" height=17>
6245:<TD class="cm9" height=17></TD>
6246:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6247:</SPAN>March 1988</TD>
6248:<TD class=xl24></TD>
6249:<TD class=xl75 x:num="100000"><SPAN
6250:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6251:</SPAN>100,000 </TD>
6252:<TD class=xl46 x:num="150000"><SPAN
6253:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6254:</SPAN>150,000 </TD>
6255:<TD class=xl46></TD>
6256:<TD class="cmi" colSpan=11></TD></TR>
6257:<TR class="cm9" height=17>
6258:<TD class="cm9" height=17></TD>
6259:<TD class=xl24 class="cmi" colSpan=2>Net loss for the year
6260:under U.S. GAAP</TD>
6261:<TD class=xl24></TD>
6262:<TD></TD>
6263:<TD class=xl46 x:num="-42412"><SPAN
6264:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6265:</SPAN>(42,412)</TD>
6266:<TD class="cmi" colSpan=11></TD></TR>
6267:<TR class="cm9" height=17>
6268:<TD class="cm9" height=17></TD>
6269:<TD class=xl61>&nbsp;</TD>
6270:<TD class=xl61>&nbsp;</TD>
6271:<TD class=xl61>&nbsp;</TD>
6272:<TD class=xl58>&nbsp;</TD>
6273:<TD class=xl58>&nbsp;</TD>
6274:<TD class="cmi" colSpan=11></TD></TR>
6275:<TR class="cm9" height=17>
6276:<TD class="cm9" height=17></TD>
6277:<TD class=xl24>Balance May 31, 1988</TD>
6278:<TD class=xl24></TD>
6279:<TD class=xl92 x:num="341601">341,601</TD>
6280:<TD class=xl45 x:num="272001"><SPAN
6281:class="cmj">&nbsp;</SPAN>$<SPAN
6282:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6283:</SPAN>272,001 </TD>
6284:<TD class=xl45 x:num="-151059"><SPAN
6285:class="cmj">&nbsp;</SPAN>$<SPAN
6286:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6287:</SPAN>(151,059)</TD>
6288:<TD class="cmi" colSpan=11></TD></TR>
6289:<TR class="cm9" height=17>
6290:<TD class="cm9" height=17></TD>
6291:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6292:cash</TD>
6293:<TD class=xl24></TD>
6294:<TD class=xl26></TD>
6295:<TD></TD>
6296:<TD class=xl46></TD>
6297:<TD class="cmi" colSpan=11></TD></TR>
6298:<TR class="cm9" height=17>
6299:<TD class="cm9" height=17></TD>
6300:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6301:</SPAN>August 1988</TD>
6302:<TD class=xl24></TD>
6303:<TD class=xl75 x:num="31000"><SPAN
6304:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6305:</SPAN>31,000 </TD>
6306:<TD class=xl46 x:num="54250"><SPAN
6307:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6308:</SPAN>54,250 </TD>
6309:<TD class=xl46></TD>
6310:<TD class="cmi" colSpan=11></TD></TR>
6311:<TR class="cm9" height=17>
6312:<TD class="cm9" height=17></TD>
6313:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued upon
6314:exercise of warrants</TD>
6315:<TD class=xl24 class="cmi" colSpan=2></TD>
6316:<TD></TD>
6317:<TD class=xl46></TD>
6318:<TD class="cmi" colSpan=11></TD></TR>
6319:<TR class="cm9" height=17>
6320:<TD class="cm9" height=17></TD>
6321:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6322:</SPAN>August 1988</TD>
6323:<TD class=xl24></TD>
6324:<TD class=xl75 x:num="20000"><SPAN
6325:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6326:</SPAN>20,000 </TD>
6327:<TD class=xl46 x:num="40000"><SPAN
6328:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6329:</SPAN>40,000 </TD>
6330:<TD class=xl46></TD>
6331:<TD class="cmi" colSpan=11></TD></TR>
6332:<TR class="cm9" height=17>
6333:<TD class="cm9" height=17></TD>
6334:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6335:</SPAN>March 1989</TD>
6336:<TD class=xl24></TD>
6337:<TD class=xl75 x:num="5000"><SPAN
6338:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6339:</SPAN>5,000 </TD>
6340:<TD class=xl46 x:num="10000"><SPAN
6341:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6342:</SPAN>10,000 </TD>
6343:<TD class=xl46></TD>
6344:<TD class="cmi" colSpan=11></TD></TR>
6345:<TR class="cm9" height=17>
6346:<TD class="cm9" height=17></TD>
6347:<TD class=xl24 class="cmi" colSpan=2>Net loss for the year
6348:under U.S. GAAP</TD>
6349:<TD class=xl24></TD>
6350:<TD></TD>
6351:<TD class=xl46 x:num="-185968"><SPAN
6352:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6353:</SPAN>(185,968)</TD>
6354:<TD class="cmi" colSpan=11></TD></TR>
6355:<TR class="cm9" height=17>
6356:<TD class="cm9" height=17></TD>
6357:<TD class=xl61>&nbsp;</TD>
6358:<TD class=xl61>&nbsp;</TD>
6359:<TD class=xl61>&nbsp;</TD>
6360:<TD class=xl58>&nbsp;</TD>
6361:<TD class=xl58>&nbsp;</TD>
6362:<TD class="cmi" colSpan=11></TD></TR>
6363:<TR class="cm9" height=17>
6364:<TD class="cm9" height=17></TD>
6365:<TD class=xl24>Balance May 31, 1989</TD>
6366:<TD class=xl24></TD>
6367:<TD class=xl92 x:num="397601">397,601</TD>
6368:<TD class=xl45 x:num="376251"><SPAN
6369:class="cmj">&nbsp;</SPAN>$<SPAN
6370:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6371:</SPAN>376,251 </TD>
6372:<TD class=xl45 x:num="-337027"><SPAN
6373:class="cmj">&nbsp;</SPAN>$<SPAN
6374:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6375:</SPAN>(337,027)</TD>
6376:<TD class="cmi" colSpan=11></TD></TR>
6377:<TR class="cm9" height=17>
6378:<TD class="cm9" height=17></TD>
6379:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6380:cash</TD>
6381:<TD class=xl24></TD>
6382:<TD class=xl26></TD>
6383:<TD></TD>
6384:<TD class=xl46></TD>
6385:<TD class="cmi" colSpan=11></TD></TR>
6386:<TR class="cm9" height=17>
6387:<TD class="cm9" height=17></TD>
6388:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6389:</SPAN>July 1989</TD>
6390:<TD class=xl24></TD>
6391:<TD class=xl75 x:num="40000"><SPAN
6392:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6393:</SPAN>40,000 </TD>
6394:<TD class=xl46 x:num="136000"><SPAN
6395:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6396:</SPAN>136,000 </TD>
6397:<TD class=xl46></TD>
6398:<TD class="cmi" colSpan=11></TD></TR>
6399:<TR class="cm9" height=17>
6400:<TD class="cm9" height=17></TD>
6401:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued upon
6402:exercise of options</TD>
6403:<TD class=xl24 class="cmi" colSpan=2></TD>
6404:<TD></TD>
6405:<TD class=xl46></TD>
6406:<TD class="cmi" colSpan=11></TD></TR>
6407:<TR class="cm9" height=17>
6408:<TD class="cm9" height=17></TD>
6409:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6410:</SPAN>August 1989</TD>
6411:<TD class=xl24></TD>
6412:<TD class=xl75 x:num="20000"><SPAN
6413:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6414:</SPAN>20,000 </TD>
6415:<TD class=xl46 x:num="75000"><SPAN
6416:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6417:</SPAN>75,000 </TD>
6418:<TD class=xl46></TD>
6419:<TD class="cmi" colSpan=11></TD></TR>
6420:<TR class="cm9" height=17>
6421:<TD class="cm9" height=17></TD>
6422:<TD class=xl24 class="cmi" colSpan=2>Net loss for the year
6423:under U.S. GAAP</TD>
6424:<TD class=xl24></TD>
6425:<TD></TD>
6426:<TD class=xl46 x:num="-54515"><SPAN
6427:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6428:</SPAN>(54,515)</TD>
6429:<TD class="cmi" colSpan=11></TD></TR>
6430:<TR class="cm9" height=17>
6431:<TD class="cm9" height=17></TD>
6432:<TD class=xl61>&nbsp;</TD>
6433:<TD class=xl61>&nbsp;</TD>
6434:<TD class=xl61>&nbsp;</TD>
6435:<TD class=xl58>&nbsp;</TD>
6436:<TD class=xl58>&nbsp;</TD>
6437:<TD class="cmi" colSpan=11></TD></TR>
6438:<TR class="cm9" height=17>
6439:<TD class="cm9" height=17></TD>
6440:<TD class=xl24>Balance May 31, 1990</TD>
6441:<TD class=xl24></TD>
6442:<TD class=xl92 x:num="457601">457,601</TD>
6443:<TD class=xl45 x:num="587251"><SPAN
6444:class="cmj">&nbsp;</SPAN>$<SPAN
6445:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6446:</SPAN>587,251 </TD>
6447:<TD class=xl45 x:num="391542"><SPAN
6448:class="cmj">&nbsp;</SPAN>$<SPAN
6449:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6450:</SPAN>391,542 </TD>
6451:<TD class="cmi" colSpan=11></TD></TR>
6452:<TR class="cm9" height=17>
6453:<TD class="cm9" height=17></TD>
6454:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Acquisition
6455:of Cinsonix Limited</TD>
6456:<TD class=xl24></TD>
6457:<TD class=xl26></TD>
6458:<TD></TD>
6459:<TD class=xl46></TD>
6460:<TD class="cmi" colSpan=11></TD></TR>
6461:<TR class="cm9" height=17>
6462:<TD class="cm9" height=17></TD>
6463:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6464:</SPAN>July 1989</TD>
6465:<TD class=xl24></TD>
6466:<TD class=xl75 x:num="1000000"><SPAN
6467:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6468:</SPAN>1,000,000 </TD>
6469:<TD class=xl46 x:num="750000"><SPAN
6470:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6471:</SPAN>750,000 </TD>
6472:<TD class=xl46></TD>
6473:<TD class="cmi" colSpan=11></TD></TR>
6474:<TR class="cm9" height=17>
6475:<TD class="cm9" height=17></TD>
6476:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6477:finder's fee</TD>
6478:<TD class=xl24></TD>
6479:<TD class=xl106 x:num="30000"><SPAN
6480:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6481:</SPAN>30,000 </TD>
6482:<TD class=xl46 x:num="90000"><SPAN
6483:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6484:</SPAN>90,000 </TD>
6485:<TD class=xl46></TD>
6486:<TD class="cmi" colSpan=11></TD></TR>
6487:<TR class="cm9" height=17>
6488:<TD class="cm9" height=17></TD>
6489:<TD class=xl24 class="cmi" colSpan=2>Net loss for the year
6490:under U.S. GAAP</TD>
6491:<TD class=xl24></TD>
6492:<TD></TD>
6493:<TD class=xl46 x:num="-1179904"><SPAN
6494:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6495:</SPAN>(1,179,904)</TD>
6496:<TD class="cmi" colSpan=11></TD></TR>
6497:<TR class="cm9" height=17>
6498:<TD class="cm9" height=17></TD>
6499:<TD class=xl61>&nbsp;</TD>
6500:<TD class=xl61>&nbsp;</TD>
6501:<TD class=xl61>&nbsp;</TD>
6502:<TD class=xl58>&nbsp;</TD>
6503:<TD class=xl58>&nbsp;</TD>
6504:<TD class="cmi" colSpan=11></TD></TR>
6505:<TR class="cm9" height=17>
6506:<TD class="cm9" height=17></TD>
6507:<TD class=xl24>Balance May 31, 1991</TD>
6508:<TD class=xl24></TD>
6509:<TD class=xl92 x:num="1487601">1,487,601</TD>
6510:<TD class=xl45 x:num="1427251"><SPAN
6511:class="cmj">&nbsp;</SPAN>$<SPAN
6512:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>1,427,251 </TD>
6513:<TD class=xl45 x:num="-1571446"><SPAN
6514:class="cmj">&nbsp;</SPAN>$<SPAN
6515:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>(1,571,446)</TD>
6516:<TD class="cmi" colSpan=11></TD></TR>
6517:<TR class="cm9" height=17>
6518:<TD class="cm9" height=17></TD>
6519:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6520:mineral properties</TD>
6521:<TD class=xl24></TD>
6522:<TD class=xl26></TD>
6523:<TD></TD>
6524:<TD class=xl46></TD>
6525:<TD class="cmi" colSpan=11></TD></TR>
6526:<TR class="cm9" height=17>
6527:<TD class="cm9" height=17></TD>
6528:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6529:</SPAN>April 1992</TD>
6530:<TD class=xl24></TD>
6531:<TD class=xl75 x:num="50000"><SPAN
6532:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6533:</SPAN>50,000 </TD>
6534:<TD class=xl46 x:num="20000"><SPAN
6535:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6536:</SPAN>20,000 </TD>
6537:<TD class=xl46></TD>
6538:<TD class="cmi" colSpan=11></TD></TR>
6539:<TR class="cm9" height=17>
6540:<TD class="cm9" height=17></TD>
6541:<TD class=xl24 class="cmi" colSpan=2>Net loss for the year
6542:under U.S. GAAP</TD>
6543:<TD class=xl24></TD>
6544:<TD></TD>
6545:<TD class=xl46 x:num="-71702"><SPAN
6546:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6547:</SPAN>(71,702)</TD>
6548:<TD class="cmi" colSpan=11></TD></TR>
6549:<TR class="cm9" height=17>
6550:<TD class="cm9" height=17></TD>
6551:<TD class=xl61>&nbsp;</TD>
6552:<TD class=xl61>&nbsp;</TD>
6553:<TD class=xl61>&nbsp;</TD>
6554:<TD class=xl58>&nbsp;</TD>
6555:<TD class=xl58>&nbsp;</TD>
6556:<TD class="cmi" colSpan=11></TD></TR>
6557:<TR class="cm9" height=17>
6558:<TD class="cm9" height=17></TD>
6559:<TD class=xl24>Balance May 31, 1992</TD>
6560:<TD class=xl24></TD>
6561:<TD class=xl92 x:num="1537601">1,537,601</TD>
6562:<TD class=xl45 x:num="1447251"><SPAN
6563:class="cmj">&nbsp;</SPAN>$<SPAN
6564:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>1,447,251 </TD>
6565:<TD class=xl45 x:num="-1643148"><SPAN
6566:class="cmj">&nbsp;</SPAN>$<SPAN
6567:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>(1,643,148)</TD>
6568:<TD class="cmi" colSpan=11></TD></TR>
6569:<TR class="cm9" height=17>
6570:<TD class="cm9" height=17></TD>
6571:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6572:cash</TD>
6573:<TD class=xl24></TD>
6574:<TD class=xl26></TD>
6575:<TD></TD>
6576:<TD class=xl46></TD>
6577:<TD class="cmi" colSpan=11></TD></TR>
6578:<TR class="cm9" height=17>
6579:<TD class="cm9" height=17></TD>
6580:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6581:</SPAN>July 1992</TD>
6582:<TD class=xl24></TD>
6583:<TD class=xl75 x:num="1000000"><SPAN
6584:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6585:</SPAN>1,000,000 </TD>
6586:<TD class=xl46 x:num="150000"><SPAN
6587:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6588:</SPAN>150,000 </TD>
6589:<TD class=xl46></TD>
6590:<TD class="cmi" colSpan=11></TD></TR>
6591:<TR class="cm9" height=17>
6592:<TD class="cm9" height=17></TD>
6593:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6594:</SPAN>March 1993</TD>
6595:<TD class=xl24></TD>
6596:<TD class=xl75 x:num="600000"><SPAN
6597:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6598:</SPAN>600,000 </TD>
6599:<TD class=xl46 x:num="132000"><SPAN
6600:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6601:</SPAN>132,000 </TD>
6602:<TD class=xl46></TD>
6603:<TD class="cmi" colSpan=11></TD></TR>
6604:<TR class="cm9" height=17>
6605:<TD class="cm9" height=17></TD>
6606:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6607:debt settlement</TD>
6608:<TD class=xl24></TD>
6609:<TD class=xl26></TD>
6610:<TD></TD>
6611:<TD class=xl46></TD>
6612:<TD class="cmi" colSpan=11></TD></TR>
6613:<TR class="cm9" height=17>
6614:<TD class="cm9" height=17></TD>
6615:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6616:</SPAN>August 1992</TD>
6617:<TD class=xl24></TD>
6618:<TD class=xl75 x:num="115468"><SPAN
6619:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6620:</SPAN>115,468 </TD>
6621:<TD class=xl46 x:num="23094"><SPAN
6622:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6623:</SPAN>23,094 </TD>
6624:<TD class=xl46></TD>
6625:<TD class="cmi" colSpan=11></TD></TR>
6626:<TR class="cm9" height=17>
6627:<TD class="cm9" height=17></TD>
6628:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6629:finder's fee</TD>
6630:<TD class=xl24></TD>
6631:<TD class=xl75 x:num="30000"><SPAN
6632:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6633:</SPAN>30,000 </TD>
6634:<TD class=xl46 x:num="26100"><SPAN
6635:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6636:</SPAN>26,100 </TD>
6637:<TD class=xl46></TD>
6638:<TD class="cmi" colSpan=11></TD></TR>
6639:<TR class="cm9" height=17>
6640:<TD class="cm9" height=17></TD>
6641:<TD class=xl24 class="cmi" colSpan=2>Net loss for the year
6642:under U.S. GAAP</TD>
6643:<TD class=xl24></TD>
6644:<TD></TD>
6645:<TD class=xl46 x:num="-118136"><SPAN
6646:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6647:</SPAN>(118,136)</TD>
6648:<TD class="cmi" colSpan=11></TD></TR>
6649:<TR class="cm9" height=17>
6650:<TD class="cm9" height=17></TD>
6651:<TD class=xl61>&nbsp;</TD>
6652:<TD class=xl61>&nbsp;</TD>
6653:<TD class=xl61>&nbsp;</TD>
6654:<TD class=xl58>&nbsp;</TD>
6655:<TD class=xl58>&nbsp;</TD>
6656:<TD class="cmi" colSpan=11></TD></TR>
6657:<TR class="cm9" height=17>
6658:<TD class="cm9" height=17></TD>
6659:<TD class=xl24>Balance May 31, 1993</TD>
6660:<TD class=xl24></TD>
6661:<TD class=xl92 x:num="3283069">3,283,069</TD>
6662:<TD class=xl45 x:num="1778445"><SPAN
6663:class="cmj">&nbsp;</SPAN>$<SPAN
6664:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>1,778,445 </TD>
6665:<TD class=xl45 x:num="-1761284"><SPAN
6666:class="cmj">&nbsp;</SPAN>$<SPAN
6667:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>(1,761,284)</TD>
6668:<TD class="cmi" colSpan=11></TD></TR>
6669:<TR class="cm9" height=17>
6670:<TD class="cm9" height=17></TD>
6671:<TD class=xl24 class="cmi" colSpan=2><SPAN
6672:class="cmj">&nbsp; </SPAN>Issued for mineral properties Oct.
6673:1993</TD>
6674:<TD class=xl75 x:num="50000"><SPAN
6675:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6676:</SPAN>50,000 </TD>
6677:<TD class=xl75 x:num="30500"><SPAN
6678:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6679:</SPAN>30,500 </TD>
6680:<TD class=xl46></TD>
6681:<TD class="cmi" colSpan=11></TD></TR>
6682:<TR class="cm9" height=17>
6683:<TD class="cm9" height=17></TD>
6684:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6685:exercise of warrants</TD>
6686:<TD class=xl24></TD>
6687:<TD class=xl75 class="cmi" colSpan=2></TD>
6688:<TD class=xl46></TD>
6689:<TD class="cmi" colSpan=11></TD></TR>
6690:<TR class="cm9" height=17>
6691:<TD class="cm9" height=17></TD>
6692:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6693:</SPAN>June 1993</TD>
6694:<TD class=xl24></TD>
6695:<TD class=xl75 x:num="1000000"><SPAN
6696:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6697:</SPAN>1,000,000 </TD>
6698:<TD class=xl46 x:num="150000"><SPAN
6699:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6700:</SPAN>150,000 </TD>
6701:<TD class=xl46></TD>
6702:<TD class="cmi" colSpan=11></TD></TR>
6703:<TR class="cm9" height=17>
6704:<TD class="cm9" height=17></TD>
6705:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6706:</SPAN>September 1993</TD>
6707:<TD class=xl24></TD>
6708:<TD class=xl75 x:num="145000"><SPAN
6709:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6710:</SPAN>145,000 </TD>
6711:<TD class=xl46 x:num="31900"><SPAN
6712:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6713:</SPAN>31,900 </TD>
6714:<TD class=xl46></TD>
6715:<TD class="cmi" colSpan=11></TD></TR>
6716:<TR class="cm9" height=17>
6717:<TD class="cm9" height=17></TD>
6718:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6719:cash January 1994</TD>
6720:<TD class=xl24></TD>
6721:<TD class=xl75 x:num="170000"><SPAN
6722:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6723:</SPAN>170,000 </TD>
6724:<TD class=xl75 x:num="102000"><SPAN
6725:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6726:</SPAN>102,000 </TD>
6727:<TD class=xl46></TD>
6728:<TD class="cmi" colSpan=11></TD></TR>
6729:<TR class="cm9" height=17>
6730:<TD class="cm9" height=17></TD>
6731:<TD class=xl24 class="cmi" colSpan=2>Net loss for the year
6732:under U.S. GAAP</TD>
6733:<TD class=xl24></TD>
6734:<TD></TD>
6735:<TD class=xl46 x:num="-329175"><SPAN
6736:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6737:</SPAN>(329,175)</TD>
6738:<TD class="cmi" colSpan=11></TD></TR>
6739:<TR class="cm9" height=17>
6740:<TD class="cm9" height=17></TD>
6741:<TD class=xl61>&nbsp;</TD>
6742:<TD class=xl61>&nbsp;</TD>
6743:<TD class=xl61>&nbsp;</TD>
6744:<TD class=xl58>&nbsp;</TD>
6745:<TD class=xl58>&nbsp;</TD>
6746:<TD class="cmi" colSpan=11></TD></TR>
6747:<TR class="cm9" height=17>
6748:<TD class="cm9" height=17></TD>
6749:<TD class=xl24>Balance May 31, 1994</TD>
6750:<TD class=xl24></TD>
6751:<TD class=xl92 x:num="4648069">4,648,069</TD>
6752:<TD class=xl45 x:num="2092845"><SPAN
6753:class="cmj">&nbsp;</SPAN>$<SPAN
6754:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>2,092,845 </TD>
6755:<TD class=xl45 x:num="-2090459"><SPAN
6756:class="cmj">&nbsp;</SPAN>$<SPAN
6757:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>(2,090,459)</TD>
6758:<TD class="cmi" colSpan=11></TD></TR>
6759:<TR class="cm9" height=17>
6760:<TD class="cm9" height=17></TD>
6761:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6762:cash November 1994</TD>
6763:<TD class=xl24></TD>
6764:<TD class=xl75 x:num="200000"><SPAN
6765:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6766:</SPAN>200,000 </TD>
6767:<TD class=xl75 x:num="150000"><SPAN
6768:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6769:</SPAN>150,000 </TD>
6770:<TD class=xl46></TD>
6771:<TD class="cmi" colSpan=11></TD></TR>
6772:<TR class="cm9" height=17>
6773:<TD class="cm9" height=17></TD>
6774:<TD class=xl24><SPAN class="cmj">&nbsp; </SPAN>Issued for
6775:exercise of warrants</TD>
6776:<TD class=xl24></TD>
6777:<TD class=xl75 class="cmi" colSpan=2></TD>
6778:<TD class=xl46></TD>
6779:<TD class="cmi" colSpan=11></TD></TR>
6780:<TR class="cm9" height=17>
6781:<TD class="cm9" height=17></TD>
6782:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6783:</SPAN>October 1994</TD>
6784:<TD class=xl24></TD>
6785:<TD class=xl75 x:num="205000"><SPAN
6786:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6787:</SPAN>205,000 </TD>
6788:<TD class=xl46 x:num="55000"><SPAN
6789:class="cmj">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6790:</SPAN>55,000 </TD>
6791:<TD class=xl46></TD>
6792:<TD class="cmi" colSpan=11></TD></TR>
6793:<TR class="cm9" height=17>
6794:<TD class="cm9" height=17></TD>
6795:<TD class=xl24><SPAN class="cmj">&nbsp;&nbsp;&nbsp;
6796:</SPAN>December 1994</TD>
6797:<TD class=xl24></TD>
6798:<TD class=xl75 x:num="40000"><SPAN
6799:class="cmj">&