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<SEC-DOCUMENT>0001137171-03-000592.txt : 20031112
<SEC-HEADER>0001137171-03-000592.hdr.sgml : 20031112
<ACCEPTANCE-DATETIME>20031112162644
ACCESSION NUMBER:		0001137171-03-000592
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20031112
FILED AS OF DATE:		20031112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	SILVER ORES [1044]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		03994237

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 2T6

	MAIL ADDRESS:	
		STREET 1:		1500 625 HOWE ST
		CITY:			VANCOUVER BC V6C 2T6
		STATE:			A1
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>paa6k1110.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Filed By Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="Fred Gautreau">
<META NAME="date" CONTENT="07/21/2003">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<BR>
<BR>
<P style="margin-top:0pt; margin-bottom:28pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>FORM 6-K<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></P>
<P style="margin-top:0pt; margin-bottom:28pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>Report of Foreign Private Issuer </B></P>
<P style="margin-top:0pt; margin-bottom:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Pursuant to Rule 13a-16 or 15d-16 <BR>
of the Securities Exchange Act of 1934</B></P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For the month of
November 12, 2003</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><U>Pan American Silver Corp</U></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Translation of registrant's name into English)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>1500-625 HOWE STREET<BR>
VANCOUVER BC CANADA V6C 2T6</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Address of principal executive offices)</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Form 20-F_<U>X</U>__ &nbsp;&nbsp;Form 40-F &nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Yes ..... &nbsp;No ..X...</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt">If
"Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): &nbsp;82-________ </P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:554.4pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<BR>
<BR>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:40.5pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>EXHIBITS</B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Exhibit 1</P>
<P style="text-indent: 108pt; line-height: 13pt; font-family: Times New Roman; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt; padding-left: 36pt"><a href="#pr1">Press Release dated
November 12, 2003 - Pan American Silver Increases Productions, Lowers Cost in
Third Quarter
<BR>
</a>
</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right"><a name="pr1"><img src="fins002.jpg" alt="[fins002.jpg]" align="middle" height="45.733" width="254.067"></a></p>
<p style="margin:0pt; padding-left:-36pt; font-family:Times New Roman"><img src="fins004.jpg" alt="[fins004.jpg]" align="middle" height="43.8" width="42.8"></p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">November
10, 2003</p>
<p style="margin:0pt; font-family:Arial"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="center"><b>PAN
AMERICAN SILVER INCREASES PRODUCTION, LOWERS COST IN THIRD QUARTER</b></p>
<p style="margin:0pt; line-height:11pt; font-family:Arial; font-size:9pt" align="center"><i>(all
amounts in US Dollars unless otherwise stated)</i></p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt"><b><u>THIRD
QUARTER HIGHLIGHTS</u></b></p>
<ul>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:12.5pt; font-family:Symbol; font-size:10.5pt" align="justify"><font FACE="Arial">Silver
    production increased 25% to 2.2 million ounces (1.75 million in 2002).</font></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:12.5pt; font-family:Symbol; font-size:10.5pt" align="justify"><font FACE="Arial">Cash
    production costs decreased 13% to $3.93/oz and total production costs
    decreased 21% to $4.33/oz.</font></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:12.5pt; font-family:Symbol; font-size:10.5pt" align="justify"><font FACE="Arial">Consolidated
    revenue increased 6% over the third quarter of 2002. Net loss declined to
    $0.4 million or $0.01/share ($17.4 million in 2002).</font></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:12.5pt; font-family:Symbol; font-size:10.5pt" align="justify"><font FACE="Arial">The
    La Colorada mine began to ramp up to full-scale production following
    completion of the expansion project.</font></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:12.5pt; font-family:Symbol; font-size:10.5pt" align="justify"><font FACE="Arial">Balance
    sheet strengthened by the issuance of $86.3 million of 5.25% convertible
    debentures, sufficient to fund planned growth projects.</font></li>
  <li>
    <p style="margin:0pt; padding-left:18pt; line-height:12.5pt; font-family:Symbol; font-size:10.5pt" align="justify"><font FACE="Arial">Feasibility
    studies initiated on Huaron mine expansion and Manantial Espejo project.</font></li>
</ul>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt"><b><u>FINANCIAL
RESULTS</u></b></p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">Pan
American Silver Corp. (NASDAQ: PAAS; TSX: PAA) reported a net loss of $0.4
million ($0.01 per share) for the third quarter of 2003 versus the third quarter
of 2002 when the write down of the Quiruvilca mine produced a net loss of $17.4
million or $0.40/share. Consolidated revenue for the quarter was $11.9 million,
6% greater than revenue in the third quarter of 2002 primarily due to
&nbsp;higher realized silver prices and increased production. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">Consolidated
silver production for the third quarter totaled 2,187,508 ounces, a 25% increase
over the third quarter of 2002. The increase was due primarily to the addition
of the high-grade pyrite stockpiles operation in Peru and higher tonnage and
grade processed at La Colorada. Zinc metal production of 7,578 tonnes was 24%
lower while lead production of 4,332 tonnes was 13% lower than in the third
quarter of 2002 due to the closure of the North Zone of the Quiruvilca mine in
August. Copper production rose to 841 tonnes in the third quarter - 16% higher
than in 2002 - due to higher copper content at Quiruvilca.</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">Cash
costs of $3.93/oz in the third quarter improved 13% over cash costs of $4.53/oz
in the corresponding period of 2002 and represent an 11% decrease from cash
costs in the second quarter. The improvement is due primarily to the cost
savings achieved by closing the North Zone of the Quiruvilca mine. Total
production costs declined by 21% to $4.33/oz reflecting the reduced depreciation
and amortization costs following the write down of the carrying value of the
Quiruvilca mine in the second half of 2002.</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">For
the nine months ended September 30, 2003 consolidated silver production was
6,518,167 ounces, a 13% increase over the first nine months of 2002. &nbsp;Zinc
production of 24,759 tonnes was 16% lower than in 2002. &nbsp;Lead production
was 5% lower at 14,836 tonnes and copper production of 2,625 tonnes was 25%
higher. Cash costs for the first nine months declined 2% to $4.16/oz while total
production costs declined 10% to $4.58.</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">&nbsp;</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">Working
capital at September 30, including cash of $92.8 million, improved to $87.1
million, an increase of $84.7 million from December 31, 2002 after receiving net
proceeds of $83.25 million from the issuance of the convertible debentures.</p>
<br>
<br>
<br>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify">&nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">Capital
spending totaled $3.5 million during the quarter and was $11.6 million for the
first nine months of 2003. &nbsp;This spending was primarily to complete the
expansion of the La Colorada mine. Early in October, the final $1.5 million was
drawn from the La Colorada mine expansion project loan from the International
Finance Corporation, a member of the World Bank Group.</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">Ross
Beaty, Chairman and CEO of Pan American commented that "During the third
quarter, Pan American Silver increased its silver production, decreased its cash
and total costs of production, and raised $86 million of new capital to fund the
growth projects that will deliver profitable, high-quality production over the
next few years. I particularly look forward to results from the major drilling
programs we are now undertaking at three of our feasibility stage projects."</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify"><b><u>OPERATIONS
AND DEVELOPMENT HIGHLIGHTS</u></b></p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify"><b>MEXICO</b></p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">The
<b>La Colorada</b> mine increased production to 244,971 ounces of silver in the
third quarter, an increase of 7% over second quarter levels, despite record
rainfall in August and September which slowed commissioning of the new oxide
plant. Operating results will continue to be treated as pre-production revenue
until commissioning has been completed, which is expected at year-end. With more
than 90% of its revenues derived from silver, La Colorada is one of the purest
silver mines in the world.</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">Work
continued on the feasibility study at the <b>Alamo Dorado</b> silver project,
acquired in early 2003 with the purchase of Corner Bay Silver. Permitting is
underway, as well as metallurgical testing designed to confirm the economic
benefits of adding a conventional mill circuit to a small-scale heap leach
operation. The original heap leach feasibility study prepared by Corner Bay
projected average annual production of 6 million ounces at an average cash cost
of $3.25 per equivalent ounce of silver starting in 2005. A conventional mill
would improve recoveries and reduce cash costs. A production decision is
expected in the first half of 2004.</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">&nbsp;</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify"><b>PERU</b></p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">Production
at the <b>Huaron mine</b> in the third quarter of 2003 remained steady at
1,047,616 ounces of silver. As expected, cash and total costs improved over
levels in the second quarter, which was affected by poor equipment availability
and higher expenditures for development and ground support that increased costs.
Cash and total costs declined to $3.94/oz and $4.42/oz respectively in the third
quarter versus $4.20 and $4.75 respectively in the second quarter. Third-quarter
costs were also lower than cash and total costs of $4.17/oz and $4.63/oz
respectively in the year earlier period. In July, the Company initiated a
third-party evaluation of the potential to expand production at Huaron. As part
of the feasibility study due early in 2004, a $1 million exploration drilling
program has been initiated to convert known mineral resources into proven and
probable reserves.</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">In
October, Pan American bought back the 3% net smelter royalty on the Huaron mine
for $2.5 million. At current production levels and a silver price of $5/oz, the
buyout of the royalty will reduce Huaron's cash costs by $850,000 per year,
starting in 2006. Should an expansion to an annual production rate of 6 million
ounces prove viable, the purchase of the royalty will save more than $1 million
per year in operating costs over the life of the mine.</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">The
<b>Quiruvilca mine</b> benefited from the closure of the high-cost North Zone in
the third quarter. Silver production increased 8% over the third quarter of last
year, rising to 641,747 ounces of silver due to higher grades. Cash costs
decreased 11% to $4.61/oz while total costs declined by 32% to $4.77/oz
reflecting decreased depreciation and amortization due to the write down of the
mine in 2002. The mine achieved positive cash flow in August and September for
the first time since 2000.</p>
<br>
<br>
<br>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="right">2<br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">The
<b>Silver Stockpile Operation</b> continued to generate excellent cash flow,
producing a record 253,174 ounces of silver at a cash cost of just $2.17/oz.
With a total production cost of only $2.81/oz, the Stockpile contributed $0.5
million toward third quarter earnings.</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify"><b>ARGENTINA</b></p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">Feasibility
work has started on the 50% owned <b>Manantial Espejo</b> silver-gold joint
venture where geotechnical and environmental testing are underway to facilitate
permitting. Initial scoping work indicates that at a rate of 1,500 tonnes per
day, Manantial Espejo would produce 4 million ounces of silver and 70,000 ounces
of gold annually.</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify"><b><u>SILVER
MARKETS</u></b></p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">The
silver price opened at its low for the quarter of $4.55 and moved steadily
upwards, peaking at $5.31 on September 12 and closing at $5.11 for the quarter
to average $4.99 for the nine months ending September 30. Speculative interest
continues to increase and investor demand for silver has reappeared for the
first time in several years. According to Ross Beaty, "Silver has better
fundamentals today than it has for several years and I expect we will see
continuing strength in its price for some time."</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">Pan
American will host a conference call on Wednesday, November 12<sup>th</sup> at
10:00 a.m. Pacific time (1:00 p.m. Eastern time) to discuss the third quarter
financial and operational results. &nbsp;North American participants please call
toll-free 1-877-825-5811. International participants please dial 1-973-582-2767.
The conference may also be accessed live from the investor relations section of
the Pan American website at <b>www.panamericansilver.com</b>. To listen to a
playback for one week after the call, dial 1-877-519-4471 and enter the pass
code 4271145. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">For
More Information, please contact:</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">Brenda
Radies, Vice-President Corporate Relations (604) 806-3158</p>
<p style="margin:0pt; font-family:Arial; font-size:10.5pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:12.5pt; font-family:Arial; font-size:10.5pt" align="justify">www.panamericansilver.com</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">-
End -</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">CAUTIONARY
NOTE</p>
<p style="margin:0pt; line-height:10pt; font-family:Arial; font-size:8pt" align="justify">Some
of the statements in this news release are forward-looking statements, such as
estimates of future production levels, expectations regarding mine production
costs, expected trends in mineral prices and statements that describe Pan
American's future plans, objectives or goals. &nbsp;Actual results and
developments may differ materially from those contemplated by these statements
depending on such factors as changes in general economic conditions and
financial markets, changes in prices for silver and other metals , technological
and operational hazards in Pan American's mining and mine development
activities, uncertainties inherent in the calculation of mineral reserves,
mineral resources and metal recoveries, the timing and availability of
financing, governmental and other approvals, political unrest or instability in
countries where Pan American is active, labor relations and other risk factors
listed from time to time in Pan American's Form 40-F.</p>
<br>
<br>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">3<br>
</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
&nbsp;
<p style="margin:0pt; font-family:Arial; font-size:8pt" align="justify"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Financial
      &amp; Operating Highlights</b></p>
    </td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="159.267" colspan="2">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><b>Three
      Months ended</b></p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="165.267" colspan="2">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><b>Nine
      Months ended</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="159.267" colspan="2">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>September
      30</b></p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="165.267" colspan="2">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>September
      30</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>2003</b></p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>2002</b></p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>2003</b></p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>2002</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="426.2" colspan="3">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Consolidated
      Financial Highlights (in thousands of US dollars)</b></p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net
      income (loss)</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:32.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(390)</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:21.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(17,387)</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:26.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(1,936)</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:25.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(19,937)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Earnings
      (loss) per share</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:30.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(0.01)</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(0.40)</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(0.04)</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:34.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(0.48)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net
      income (loss) before unusual items</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:32.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(390)</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:26.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(2,258)</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:26.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(1,936)</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(4,808)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Earnings
      (loss) per share before unusual items</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:30.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(0.01)</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(0.05)</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(0.04)</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:34.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(0.12)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Contribution
      from mining operations</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:31.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,690</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:33pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(252)</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3,303</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,553</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Capital
      spending</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:31.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3,513</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3,224</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">10,015</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">6,166</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Exploration
      expense</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:36.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">600</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">234</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,588</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:40.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">577</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cash</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:24.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">92,839</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">17,964</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">92,839</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">17,964</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Working
      capital</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:24.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">87,054</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">13,700</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">87,054</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">13,700</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="448.733" colspan="4">
      <p style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align="center"><b>Consolidated
      Ore Milled &amp; Metals Recovered to Concentrate</b></p>
    </td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Tonnes
      milled</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:22.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">302,847</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">287,831</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">918,730</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:24.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">876,383</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Silver
      metal - ounces</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:13.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2,187,508</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:14.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,750,467</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:14.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">6,518,167</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:18.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5,755,367</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Zinc
      metal - tonnes</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:27.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;7,578</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">9,947</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">24,759</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">29,526</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Lead
      metal - tonnes</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:27.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;4,332</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4,993</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">14,836</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">15,576</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Copper
      metal - tonnes</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:36.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">841</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;723</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2,625</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2,105</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net
      smelter return per tonne milled</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">42.52</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">37.35</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">39.84</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">40.27</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cost
      per tonne</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="81.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">37.59</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">38.21</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">38.00</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">39.64</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Margin
      (loss) per tonne</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.93</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(0.86)</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1.84</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.63</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="426.2" colspan="3">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Consolidated
      Cost per Ounce of Silver (net of by-product credits)</b></p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total
      cash cost per ounce</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3.93</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.53</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.16</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.23</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total
      production cost per ounce</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.33</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5.45</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.58</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5.08</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>In
      thousands of US dollars</b></p>
    </td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Direct
      operating costs &amp; value of metals lost</p>
    </td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">in
      smelting and refining</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:24.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">11,638</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">12,259</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">36,201</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">37,434</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">By-product
      credits</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="81.267">
      <p style="margin:0pt; text-indent:25.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(4,003)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:26.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(4,583)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:21.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(11,869)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:25.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(13,298)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cash
      operating costs</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">7,636</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">7,676</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">24,333</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">24,136</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Depreciation,
      amortization &amp; reclamation</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="81.267">
      <p style="margin:0pt; text-indent:36.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">771</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,565</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2,457</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4,821</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Production
      costs</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="81.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">8,407</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">9,241</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">26,790</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">28,956</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Ounces
      used in cost per ounce calculations</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin:0pt; text-indent:13.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,942,537</p>
    </td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:14.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,695,468</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:14.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5,846,927</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:18.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5,700,368</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Average
      Metal Prices</b></p>
    </td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Silver
      - London Fixing</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.99</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.67</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.75</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.63</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Zinc
      - LME Cash Settlement per pound</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.37</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:32.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;0.35</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.36</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.35</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Lead
      - LME Cash Settlement per pound</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.23</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:32.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;0.20</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:32.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;0.22</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.21</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Copper
      - LME Cash Settlement per pound</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.79</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.69</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.77</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.71</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Average
      Prices Realized</b></p>
    </td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Silver
      - per ounce (note)</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.71</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.34</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.46</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.29</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Zinc
      - per pound</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.37</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.35</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:32.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;0.36</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.35</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Lead
      - per pound</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.23</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:27.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;&nbsp;0.20</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:32.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;0.22</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.21</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Copper
      - per pound (note)</p>
    </td>
    <td valign="top" width="81.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.71</p>
    </td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;0.62</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:32.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;0.68</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.62</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="614" colspan="6">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><i>Note
      - Pan American pays a refining charge for silver and copper</i></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266.933">&nbsp;</td>
    <td valign="top" width="81.267">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">4</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
<p style="margin:0pt; padding-left:-36pt; font-family:Times New Roman">&nbsp;</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<table cellspacing="0">
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Mine
      Operations Highlights</b></p>
    </td>
    <td valign="top" width="160.2" colspan="2">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>Three
      Months ended</b></p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="165.267" colspan="2">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>Nine
      Months ended</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="160.2" colspan="2">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>September
      30</b></p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="165.267" colspan="2">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>September
      30</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Huaron
      Mine</b></p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>2003</b></p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>2002</b></p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>2003</b></p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align="center"><b>2002</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Tonnes
      milled</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">148,630</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">150,330</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">461,570</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:24.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">449,995</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Average
      silver grade - grams per tonne</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">246</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;257</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">256</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:40.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">264</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Average
      zinc grade - percent</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:29.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3.75%</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:29.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.15%</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:29.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3.83%</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.08%</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Silver
      - ounces</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:14.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,047,616</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
      <p style="margin:0pt; text-indent:14.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,101,005</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:14.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3,398,329</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:18.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3,393,069</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Zinc
      - tonnes</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4,598</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:27.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;5,285</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">14,881</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">15,440</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Lead
      - tonnes</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3,247</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3,338</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">11,277</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">10,275</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Copper
      - tonnes</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">362</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;471</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,050</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,334</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net
      smelter return per tonne</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">46.42</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">43.21</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:27.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;44.97</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">44.41</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cost
      per tonne</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="79.333">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">41.70</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80.867">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">39.59</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">41.11</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">38.14</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Margin
      (loss) per tonne</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.72</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3.62</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3.86</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">6.27</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total
      cash cost per ounce</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3.94</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.17</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3.98</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3.65</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total
      production cost per ounce</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.42</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.63</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.51</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.10</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>In
      thousands of US dollars</b></p>
    </td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Direct
      operating costs &amp; value of metals lost</p>
    </td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">in
      smelting and refining</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">6,688</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">6,730</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">20,648</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">19,065</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">By-product
      credits</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="79.333">
      <p style="margin:0pt; text-indent:26.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(2,560)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80.867">
      <p style="margin:0pt; text-indent:26.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(2,143)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:26.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(7,118)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:30.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(6,675)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cash
      operating costs</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4,128</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4,586</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">13,530</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">12,390</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Depreciation,
      amortization and reclamation</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">505</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80.867">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">511</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,792</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,530</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Production
      costs</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4,633</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5,097</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">15,322</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">13,920</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Ounces
      for cost per ounce calculations</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:14.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,047,616</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:14.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,101,005</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:14.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3,398,329</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:18.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3,393,069</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Quiruvilca
      Mine</b></p>
    </td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Tonnes
      milled</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">106,930</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">131,200</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">352,199</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:24.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">389,254</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Average
      silver grade - grams per tonne</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">212</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">164</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">191</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:40.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">178</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Average
      zinc grade - percent</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:29.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3.17%</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:29.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3.97%</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:29.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3.17%</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3.99%</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Silver
      - ounces</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">641,747</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">594,463</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:14.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,875,775</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:18.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,933,526</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Zinc
      - tonnes</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:27.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;2,845</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:27.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;4,622</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">9,525</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">13,854</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Lead
      - tonnes</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">980</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,620</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3,266</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5,070</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Copper
      - tonnes</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">479</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">252</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,575</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:40.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">771</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net
      smelter return per tonne</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">38.42</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">32.42</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">34.02</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">34.90</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cost
      per tonne</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="79.333">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">38.87</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80.867">
      <p style="margin:0pt; text-indent:27.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;38.46</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">38.92</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">39.53</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Margin
      (loss) per tonne</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(0.45)</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(6.04)</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(4.90)</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(4.63)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total
      cash cost per ounce</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.61</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:32.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;5.20</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5.12</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5.04</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total
      production cost per ounce</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4.77</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">6.97</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5.27</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">6.62</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>In
      thousands of US dollars</b></p>
    </td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Direct
      operating costs &amp; value of metals lost</p>
    </td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">in
      smelting and refining</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4,402</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5,529</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">14,350</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">16,368</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">By-product
      credits</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="79.333">
      <p style="margin:0pt; text-indent:26.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(1,443)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80.867">
      <p style="margin:0pt; text-indent:26.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(2,440)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:26.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(4,751)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:30.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(6,615)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cash
      operating costs</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2,959</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:27.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;3,089</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">9,599</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">9,752</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Capital
      spending expensed and reclamation</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">104</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80.867">
      <p style="margin:0pt; text-indent:27.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;1,054</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">288</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3,049</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Production
      costs</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">3,063</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">4,143</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">9,887</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">12,801</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Ounces
      for cost per ounce calculations</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">641,747</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">594,463</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,875,775</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:18.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,933,526</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">5</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<table cellspacing="0">
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>La
      Colorada Mine</b></p>
    </td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Tonnes
      milled</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">27,090</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">6,301</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">57,920</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:29.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">37,134</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Average
      silver grade - grams per tonne</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">430</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">336</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">467</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:40.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">414</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Silver
      - ounces</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">244,971</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">54,999</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">671,240</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:24.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">428,772</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Zinc
      - tonnes</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">135</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:39pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;40</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">353</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:40.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">232</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Lead
      - tonnes</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">105</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:41.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">35</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">293</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:40.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">231</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net
      smelter return per tonne</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:42.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">46.36</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cost
      per tonne</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="79.333">
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80.867">
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">58.96</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Margin
      (loss) per tonne</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(12.60)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total
      cash cost per ounce</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:42.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5.33</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total
      production cost per ounce</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:42.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">5.98</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>In
      thousands of US dollars</b></p>
    </td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Direct
      operating costs &amp; value of metals lost</p>
    </td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">in
      smelting and refining</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:47.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2,001</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">By-product
      credits</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="79.333">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80.867">
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:45.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(8)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cash
      operating costs</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:47.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,993</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Depreciation,
      amortization and reclamation</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="79.333">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80.867">
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
      <p style="margin:0pt; text-indent:40.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">243</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Production
      costs</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:47.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:47.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:33.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2,236</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Ounces
      for cost per ounce calculations</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:47.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:24.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">373,773</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>Pyrite
      Stockpile Sales</b></p>
    </td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Tonnes
      sold</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">20,197</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:25.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">47,041</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:51.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Average
      silver grade - grams per tonne</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">391</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">379</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:51.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Silver
      ounces</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">253,174</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">572,823</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
      <p style="margin:0pt; text-indent:51.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Net
      smelter return per tonne</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">35.55</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">33.08</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:44.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cost
      per tonne</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="79.333">
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">0.56</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80.867">
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:32.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;0.60</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:44.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Margin
      (loss) per tonne</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">34.99</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:38.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">32.48</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:44.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total
      cash cost per ounce</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2.17</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2.10</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:44.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total
      production cost per ounce</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2.81</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">2.76</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:44.3pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt"><b>In
      thousands of US dollars</b></p>
    </td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Value
      of metals lost in smelting and refining</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">549</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:40.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;&nbsp;-</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,203</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:46.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;-</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">By-product
      credits</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="79.333">
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80.867">
      <p style="margin:0pt; text-indent:47.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:47.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:48.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Cash
      operating costs</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">549</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,203</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;</p>
      <p style="margin:0pt; text-indent:46.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;-</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Depreciation,
      amortization and reclamation</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="79.333">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">162</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="80.867">
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="78">
      <p style="margin:0pt; text-indent:36.75pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">377</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="87.267">
      <p style="margin:0pt; text-indent:46.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;-</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Production
      costs</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="79.333">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:34.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;711</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="80.867">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:45pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="22.533">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="78">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:30pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">1,580</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="87.267">
      <p style="margin-top:0pt; margin-bottom:-11pt; text-indent:7.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$</p>
      <p style="margin:0pt; text-indent:48.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;-</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="266">&nbsp;</td>
    <td valign="top" width="79.333">&nbsp;</td>
    <td valign="top" width="80.867">&nbsp;</td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">&nbsp;</td>
    <td valign="top" width="87.267">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="266">
      <p style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Ounces
      for cost per ounce calculations</p>
    </td>
    <td valign="top" width="79.333">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">253,174</p>
    </td>
    <td valign="top" width="80.867">
      <p style="margin:0pt; text-indent:47.25pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-</p>
    </td>
    <td valign="top" width="22.533">&nbsp;</td>
    <td valign="top" width="78">
      <p style="margin:0pt; text-indent:21pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">572,823</p>
    </td>
    <td valign="top" width="87.267">
      <p style="margin:0pt; text-indent:51.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">-</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<br>
<br>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">6</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<table cellspacing="0">
  <tr>
    <td colspan="4">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center"><b>PAN
      AMERICAN SILVER CORP.</b></p>
  </tr>
  <tr>
    <td valign="top" width="588" colspan="4">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center">Consolidated
      Balance Sheets</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="588" colspan="4">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center">(Unaudited
      - in thousands of U.S. dollars)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">&nbsp;</td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">&nbsp;</td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right"><b>September
      30</b></p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right"><b>December
      31</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">&nbsp;</td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right"><b>2003</b></p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right"><b>2002</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt"><b>ASSETS</b></p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Current</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Cash
      and cash equivalents</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92,839</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,185</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Short-term
      investments</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Accounts
      receivable</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,599</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,598</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Inventories</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,736</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,637</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Prepaid
      expenses</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="52.533">&nbsp;</td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,924</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,197</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Total
      Current Assets</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107,111</p>
    </td>
    <td valign="top" width="96">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,630</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Mineral
      property, plant and equipment, net</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72,275</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59,447</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Investment
      and other properties - note 3</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83,337</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,193</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Direct
      smelting ore</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,012</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,303</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Other
      assets</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,975</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,393</p>
    </td>
  </tr>
  <tr>
    <td style="border-top:0.75pt solid #000000; border-bottom:3pt double #000000" valign="top" width="343.467">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Total
      Assets</p>
    </td>
    <td style="border-top:0.75pt solid #000000; border-bottom:3pt double #000000" valign="top" width="52.533">&nbsp;</td>
    <td style="border-top:0.75pt solid #000000; border-bottom:3pt double #000000" valign="top" width="96">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270,710</p>
    </td>
    <td style="border-top:0.75pt solid #000000; border-bottom:3pt double #000000" valign="top" width="96">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94,966</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">&nbsp;</td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt"><b>LIABILITIES</b></p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Current</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Operating
      line of credit</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Accounts
      payable and accrued liabilities - note 4</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,303</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,227</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Advances
      for metal shipments</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,763</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,158</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Current
      portion of bank loans - note 5</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,620</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,625</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Current
      portion of capital lease</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="396" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Current
      portion of convertible debenture liability - note 6</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,213</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="396" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Current
      portion of severance indemnity and commitments</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Current
      portion of deferred revenue</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="52.533">&nbsp;</td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Total
      Current Liabilities</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,057</p>
    </td>
    <td valign="top" width="96">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,231</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Deferred
      revenue</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Bank
      loans - note 5</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,307</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,521</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Capital
      lease</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Liability
      component of convertible debenture - note 6</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,634</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Provision
      for reclamation</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,184</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,971</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Provision
      for future income tax - note 3</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,035</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Severance
      indemnities and other liabilities</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,781</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,407</p>
    </td>
  </tr>
  <tr>
    <td style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign="top" width="343.467">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Total
      Liabilities</p>
    </td>
    <td style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign="top" width="52.533">&nbsp;</td>
    <td style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign="top" width="96">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87,087</p>
    </td>
    <td style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign="top" width="96">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,474</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">&nbsp;</td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt"><b>SHAREHOLDERS'
      EQUITY</b></p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Share
      capital - note 7</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Authorized:</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;100,000,000
      common shares of no par value</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Issued:</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December
      31, 2002 - 43,883,454 common shares</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September
      30, 2003 - 52,609,853 common shares</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220,865</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161,024</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Convertible
      debentures - note 6</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,176</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Additional
      paid in capital</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,117</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,092</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Deficit</p>
    </td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112,535)</p>
    </td>
    <td valign="top" width="96">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106,624)</p>
    </td>
  </tr>
  <tr>
    <td style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign="top" width="343.467">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Total
      Shareholders' Equity</p>
    </td>
    <td style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign="top" width="52.533">&nbsp;</td>
    <td style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign="top" width="96">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183,623</p>
    </td>
    <td style="border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign="top" width="96">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,492</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:3pt double #000000" valign="top" width="343.467">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Total
      Liabilities and Shareholders' Equity</p>
    </td>
    <td style="border-bottom:3pt double #000000" valign="top" width="52.533">&nbsp;</td>
    <td style="border-bottom:3pt double #000000" valign="top" width="96">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270,710</p>
    </td>
    <td style="border-bottom:3pt double #000000" valign="top" width="96">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94,966</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="343.467">&nbsp;</td>
    <td valign="top" width="52.533">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
    <td valign="top" width="96">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="588" colspan="4">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">See
      accompanying notes to consolidated financial statements</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Arial; font-size:9.5pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:9.5pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:9.5pt"><br>
</p>
<p style="margin:0pt; font-family:Arial; font-size:9.5pt"><br>
</p>
<br>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">7</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Arial; font-size:9.5pt">&nbsp;</p>
<table cellspacing="0">
  <tr>
    <td valign="top" width="576" colspan="7">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center"><b>PAN
      AMERICAN SILVER CORP.</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="576" colspan="7">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center">Consolidated
      Statements of Operations</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="576" colspan="7">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center">(Unaudited
      - in thousands of U.S. dollars, except for shares and per share amounts)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">&nbsp;</td>
    <td valign="top" width="63.733">&nbsp;</td>
    <td valign="top" width="104.267" colspan="2">&nbsp;</td>
    <td valign="top" width="75.133">&nbsp;</td>
    <td valign="top" width="92.867" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="240">&nbsp;</td>
    <td valign="top" width="168" colspan="3">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three
      months ended</b></p>
    </td>
    <td valign="top" width="168" colspan="3">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nine
      months ended</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">&nbsp;</td>
    <td valign="top" width="168" colspan="3">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September
      30</b></p>
    </td>
    <td valign="top" width="168" colspan="3">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September
      30</b></p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="240">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003</b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002</b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003</b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">&nbsp;</td>
    <td valign="top" width="84" colspan="2">&nbsp;</td>
    <td valign="top" width="84">&nbsp;</td>
    <td valign="top" width="84" colspan="2">&nbsp;</td>
    <td valign="top" width="84">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt"><b>Revenue</b></p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,890</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,195</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,265</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,009</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt"><b>Expenses</b></p>
    </td>
    <td valign="top" width="84" colspan="2">&nbsp;</td>
    <td valign="top" width="84">&nbsp;</td>
    <td valign="top" width="84" colspan="2">&nbsp;</td>
    <td valign="top" width="84">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Operating</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,200</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,447</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,962</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,456</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;General
      and administration</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,548</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,236</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Depreciation
      and amortization</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,316</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,365</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,180</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Reclamation</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Exploration</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,588</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Interest
      and financing costs</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,015</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">&nbsp;&nbsp;Write-down
      of mineral properties</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,129</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,129</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="240">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84" colspan="2">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,550</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,981</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84" colspan="2">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,709</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53,988</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">&nbsp;</td>
    <td valign="top" width="84" colspan="2">&nbsp;</td>
    <td valign="top" width="84">&nbsp;</td>
    <td valign="top" width="84" colspan="2">&nbsp;</td>
    <td valign="top" width="84">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Net
      loss from operations</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660)</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,786)</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,444)</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20,979)</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Other
      income and expenses</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Net
      loss before income tax</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="line-height: 11.5pt; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390)</p>
    </td>
    <td valign="top" width="84">
      <p style="line-height: 11.5pt; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,387)</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="line-height: 11.5pt; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,936)</p>
    </td>
    <td valign="top" width="84">
      <p style="line-height: 11.5pt; font-family: Arial; font-size: 9.5pt; margin-top: 0pt; margin-bottom: 0pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;(20,177)</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Future
      income tax recovery</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:2pt double #000000" valign="top" width="240">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Net
      loss for the period</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="84" colspan="2">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390)</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="84">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17,387)</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="84" colspan="2">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,936)</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="84">
      <p style="margin-top:2.4pt; margin-bottom:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;(19,937)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">&nbsp;</td>
    <td valign="top" width="84" colspan="2">&nbsp;</td>
    <td valign="top" width="84">&nbsp;</td>
    <td valign="top" width="84" colspan="2">&nbsp;</td>
    <td valign="top" width="84">&nbsp;</td>
  </tr>
  <tr>
    <td width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Basic
      &amp; fully dilluted loss per share</p>
    </td>
    <td width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)</p>
    </td>
    <td width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40)</p>
    </td>
    <td width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)</p>
    </td>
    <td width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="240">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt">Weighted
      average shares outstanding</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;52,307,032</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;43,193,324</p>
    </td>
    <td valign="top" width="84" colspan="2">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;51,030,066</p>
    </td>
    <td valign="top" width="84">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">&nbsp;&nbsp;&nbsp;41,751,774</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="576" colspan="7">
      <p style="margin:0pt; font-family:Arial; font-size:9.5pt" align="right"><br>
      </p>
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">See
      accompanying notes to consolidated financial statements</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Arial; font-size:9.5pt" align="right"><br>
</p>
<br>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">8</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Arial; font-size:8.5pt" align="justify">&nbsp;</p>
<table cellspacing="0">
  <tr>
    <td valign="top" width="614" colspan="7">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>PAN
      AMERICAN SILVER CORP.</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="614" colspan="7">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center">Consolidated
      Statements of Cash Flows - Direct Method</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="614" colspan="7">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center">(Unaudited
      - in thousands of U.S. dollars)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">&nbsp;</td>
    <td valign="top" width="84" colspan="2">&nbsp;</td>
    <td valign="top" width="60">&nbsp;</td>
    <td valign="top" width="101.067" colspan="2">&nbsp;</td>
    <td valign="top" width="42.933">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="326">&nbsp;</td>
    <td valign="top" width="144" colspan="3">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>Three
      months ended</b></p>
    </td>
    <td valign="top" width="144" colspan="3">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>Nine
      months ended</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">&nbsp;</td>
    <td valign="top" width="144" colspan="3">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>September
      30</b></p>
    </td>
    <td valign="top" width="144" colspan="3">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>&nbsp;September
      30</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">&nbsp;</td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>2003</b></p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>2002</b></p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>&nbsp;2003</b></p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>&nbsp;2002</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Operating
      activities</b></p>
    </td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Sales
      proceeds</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;11,680</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,983</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;33,407</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;33,386</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Hedging
      activities</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Interest
      paid</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(627)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Other
      income and expenses</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Products
      and services purchased</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,035)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,437)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32,691)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;(31,385)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Exploration</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,546)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557)</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;General
      and administration</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,971)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,086)</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="326">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,166</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,725)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,085</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Financing
      activities</b></p>
    </td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Shares
      issued for cash</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,940</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,638</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,708</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Shares
      issue costs</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(956)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Convertible
      debentures - note 6</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86,250</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86,250</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Debt
      issue costs</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,993)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,000)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Repayment
      of line of credit</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Capital
      lease (payments)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Proceeds
      from bank loans</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,000</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Repayment
      of bank loans</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,219)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,601)</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="326">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,716</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,003)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95,394</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,714</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Investing
      activities</b></p>
    </td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Mineral
      property, plant and equipment expenditures</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,006)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,185)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,644)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,286)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Investment
      and other property expenditures</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(492)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(869)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(762)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Acquisition
      of cash of subsidiary</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,393</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Proceeds
      from sale of marketable securities</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Other</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118)</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="326">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,513)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,224)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,015)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,166)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Increase
      (decrease) in cash and cash equivalents for</b></p>
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>&nbsp;&nbsp;the
      period</b></p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,701</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,061)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82,654</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,633</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Cash
      and cash equivalents, beginning of period</b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,138</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,025</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,185</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,331</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:2pt double #000000" valign="top" width="326">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Cash
      and cash equivalents, end of period</b></p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;92,839</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;17,964</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;92,839</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;17,964</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Supplemental
      disclosure of non-cash transactions</b></p>
    </td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">Shares
      issued for acquisition of mineral property</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,250</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">Shares
      issued for royalty purchase</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,000</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">Shares
      issued for compensation expense</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="326">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">Shares,
      warrants and stock options issued for acquisition of</p>
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;subsidiary</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64,228</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="326">&nbsp;</td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;64,228</p>
    </td>
    <td style="border-bottom:1.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,504</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="614" colspan="7">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">See
      accompanying notes to consolidated financial statements</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Arial; font-size:8.5pt"><br>
</p>
<br>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">9</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Arial; font-size:8.5pt" align="justify">&nbsp;</p>
<table cellspacing="0">
  <tr>
    <td valign="top" width="612" colspan="7">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>PAN
      AMERICAN SILVER CORP.</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="612" colspan="7">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center">Consolidated
      Statements of Cash Flows - Indirect Method</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="612" colspan="7">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center">For
      the nine months ended September 30, 2003 and 2002</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="612" colspan="7">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center">(Unaudited
      - in thousands of U.S. dollars)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">&nbsp;</td>
    <td valign="top" width="101.467" colspan="2">&nbsp;</td>
    <td valign="top" width="42.533">&nbsp;</td>
    <td valign="top" width="96.6" colspan="2">&nbsp;</td>
    <td valign="top" width="47.4">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="324">&nbsp;</td>
    <td valign="top" width="144" colspan="3">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>Three
      months ended</b></p>
    </td>
    <td valign="top" width="144" colspan="3">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>Nine
      months ended</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">&nbsp;</td>
    <td valign="top" width="144" colspan="3">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>September
      30</b></p>
    </td>
    <td valign="top" width="144" colspan="3">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>&nbsp;September
      30</b></p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="324">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>2003</b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>2002</b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>&nbsp;2003</b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>&nbsp;2002</b></p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Operating
      activities</b></p>
    </td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">Net
      loss for the period</p>
    </td>
    <td valign="top" width="72">
      <p style="margin-top:0pt; margin-bottom:-10.5pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;$</p>
      <p style="margin:0pt; text-indent:32.55pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">(390)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin-top:0pt; margin-bottom:-10.5pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$</p>
      <p style="margin:0pt; text-indent:21.9pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">(17,387)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin-top:0pt; margin-bottom:-10.5pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$</p>
      <p style="margin:0pt; text-indent:26.15pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">(1,936)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin-top:0pt; margin-bottom:-10.5pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$</p>
      <p style="margin:0pt; text-indent:21.9pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">(19,937)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">Items
      not involving cash</p>
    </td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Depreciation
      and amortization</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,316</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,365</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,180</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Reclamation
      provision</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Operating
      cost provisions</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Gain
      on sale of marketable securities</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Future
      income tax</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Writedown
      of mineral properties</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,129</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,129</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Changes
      in non-cash operating working capital items</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(804)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,568</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,069)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,177</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="324">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,166</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,725)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,085</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Financing
      activities</b></p>
    </td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Shares
      issued for cash</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,940</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,638</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,646</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Share
      issue costs</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(894)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Convertible
      debentures - note 6</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86,250</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;86,250</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Debt
      issue costs</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,993)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,000)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Capital
      leases (payments)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Repayment
      of line of credit</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Proceeds
      from bank loans</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,000</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Repayment
      of bank loans</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,219)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,601)</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="324">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,716</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,003)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95,394</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,714</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Investing
      activities</b></p>
    </td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Mineral
      property, plant and equipment expenditures</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,006)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,185)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;(11,644)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,286)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Investment
      and other property expenditures</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(492)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(869)</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(762)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Acquisition
      of cash of subsidiary</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,393</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Proceeds
      from sale of marketable securities</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;Other</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118)</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="324">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,513)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,224)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,015)</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,166)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Increase
      (decrease) in cash and cash equivalents for the period</b></p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,701</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,061)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82,654</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,633</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Cash
      and cash equivalents, beginning of period</b></p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,138</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,025</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;10,185</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,331</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:2pt double #000000" valign="top" width="324">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Cash
      and cash equivalents, end of period</b></p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:-10.5pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$</p>
      <p style="margin:0pt; text-indent:26.95pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">92,839</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:-10.5pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$</p>
      <p style="margin:0pt; text-indent:25.45pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">17,964</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:-10.5pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$</p>
      <p style="margin:0pt; text-indent:25.45pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">92,839</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:-10.5pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$</p>
      <p style="margin:0pt; text-indent:26.95pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">17,964</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt"><b>Supplemental
      disclosure of non-cash transactions</b></p>
    </td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">Shares
      issued for acquisition of mineral property</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin-top:0pt; margin-bottom:-10.5pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$</p>
      <p style="margin:0pt; text-indent:29.7pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">1,250</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">Shares
      issued for royalty purchase</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,000</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">Shares
      issued for compensation expense</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="324">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">Shares,
      warrants and stock options issued for acquisition of</p>
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;subsidiary</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;64,228</p>
    </td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:2pt double #000000" valign="top" width="324">&nbsp;</td>
    <td style="border-bottom:2pt double #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:-10.5pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$</p>
      <p style="margin:0pt; text-indent:25.45pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">64,228</p>
    </td>
    <td style="border-bottom:2pt double #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,504</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="324">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="324">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="612" colspan="7">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">See
      accompanying notes to consolidated financial statements</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Arial; font-size:8.5pt"><br>
</p>
<br>
<br>
<br>
<br>
<p style="font-family: Times New Roman; margin: 0pt" align="right">10</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Arial; font-size:8.5pt" align="justify">&nbsp;</p>
<table cellspacing="0">
  <tr>
    <td valign="top" width="672" colspan="8">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center"><b>Pan
      American Silver Corp.</b></p>
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center">&nbsp;Consolidated
      Statements of Shareholders' Equity</p>
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center">&nbsp;For
      the nine months ended September 30, 2003</p>
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center">&nbsp;(in
      thousands of US dollars, except for shares)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">&nbsp;</td>
    <td valign="top" width="60">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center">Additional</p>
    </td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="60">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="276">&nbsp;</td>
    <td style="border-bottom:0.5pt solid #000000" valign="top" width="132" colspan="3">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center">&nbsp;Common
      Shares</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">Convertible</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">Paid
      In</p>
    </td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="60">&nbsp;</td>
  </tr>
  <tr>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="276">&nbsp;</td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center">Shares</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="center">Amount</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">Debentures</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">Capital</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">Deficit</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">Total</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">&nbsp;</td>
    <td valign="top" width="72" colspan="2">&nbsp;</td>
    <td valign="top" width="60">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="60">&nbsp;</td>
    <td valign="top" width="72">&nbsp;</td>
    <td valign="top" width="60">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;Balance,
      December 31, 2001</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;37,628,234</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$130,723</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;1,120</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;(72,966)</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;58,877</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Exercise
      of stock options</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;1,445,400</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,102</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;6,102</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Shares
      issued for cash, net of share issue costs</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;3,450,000</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;15,599</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;15,599</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Issued
      on acquisition of Manantial Espejo</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231,511</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,250</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,250</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Issued
      on acquisition of royalty</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390,117</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,000</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,000</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Issued
      as compensation payable</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,000</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Issued
      to purchase silver pyrite stockpiles</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636,942</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,000</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,000</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Exercise
      of share purchase warrants</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,250</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Foreign
      exchange translation adjustment</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28)</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28)</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Net
      loss for the year</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;(33,658)</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;(33,658)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;Balance,
      December 31, 2002</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;43,883,454</p>
    </td>
    <td valign="top" width="60">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;161,024</p>
    </td>
    <td valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,092</p>
    </td>
    <td valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;(106,624)</p>
    </td>
    <td valign="top" width="60">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;55,492</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Exercise
      of stock options</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989,202</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,133</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,133</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Shares
      issued for acquisition of subsidiary - note 3</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;7,636,659</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;54,203</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;54,203</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Convertible
      debentures - note 6</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,201</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;63,201</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Convertible
      debentures issue costs - note 6</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,000)</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,000)</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Fair
      value of stock options granted - note 3</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,136</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,136</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Fair
      value of warrants granted - note 3</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,889</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,889</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Exercise
      of share purchase warrants</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,538</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Net
      loss for the period</p>
    </td>
    <td valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,936)</p>
    </td>
    <td valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,936)</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="276">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;&nbsp;&nbsp;Accretion
      to convertible debentures - note 6</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="72" colspan="2">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="72">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(975)</p>
    </td>
    <td style="border-bottom:0.75pt solid #000000" valign="top" width="60">
      <p style="margin:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
      &nbsp;&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td style="border-bottom:3pt double #000000" valign="top" width="276">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt">&nbsp;Balance,
      September 30, 2003</p>
    </td>
    <td style="border-bottom:3pt double #000000" valign="top" width="72" colspan="2">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;&nbsp;52,609,853</p>
    </td>
    <td style="border-bottom:3pt double #000000" valign="top" width="60">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">$
      220,865</p>
    </td>
    <td style="border-bottom:3pt double #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;&nbsp;&nbsp;&nbsp;64,176</p>
    </td>
    <td style="border-bottom:3pt double #000000" valign="top" width="60">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      &nbsp;11,117</p>
    </td>
    <td style="border-bottom:3pt double #000000" valign="top" width="72">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">$
      &nbsp;(112,535)</p>
    </td>
    <td style="border-bottom:3pt double #000000" valign="top" width="60">
      <p style="margin-top:2.15pt; margin-bottom:0pt; line-height:10.5pt; font-family:Arial; font-size:8.5pt" align="right">&nbsp;$
      183,623</p>
    </td>
  </tr>
  <tr>
    <td valign="top" width="672" colspan="8">
      <p style="margin:0pt; line-height:11.5pt; font-family:Arial; font-size:9.5pt" align="right">See
      accompanying notes to consolidated financial statements</p>
    </td>
  </tr>
</table>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<br>
<br>
<br>
<br>
<p style="margin:0pt; font-family:Times New Roman" align="right">11</p>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Notes
to Unaudited Interim Consolidated Financial Statements</b></p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">(As
at September 30, 2003 and 2002 and for the three and nine month periods then
ended)</p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">(Tabular
amounts are in thousands of US dollars, except for shares, price per share and
per share amounts)</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-36pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>1.</b></p>
<p style="margin:0pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Basis
of and Responsibility for Presentation</b></p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">These
unaudited interim consolidated financial statements are expressed in United
States dollars and are prepared in accordance with accounting principles
generally accepted in Canada ("Canadian GAAP") that are more fully described
in the annual audited consolidated financial statements for the year ended
December 31, 2002 which are included in the Company's 2002 Annual Report.
&nbsp;These statements do not include all of the disclosures required by
Canadian GAAP for annual financial statements. &nbsp;Certain comparative figures
have been reclassified to conform to the current presentation. &nbsp;Significant
differences from United States accounting principles are described in note 8.</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">In
management's opinion all adjustments necessary for fair presentation have been
included in these financial statements. &nbsp;</p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>2.</b></p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Segmented
Information</b></p>
<p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
</p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
Company operates in one industry, has three reporting segments and has
activities in six countries. Segmented disclosures and enterprise-wide
information are as follows:</p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">&nbsp;</p>
<table cellspacing="0">
  <tr>
    <td><br>
      <br>
      <td valign="top" width="635" colspan="4">
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><u>For
        the nine months ended September 30, 2003</u></p>
      </td>
    </tr>
    <tr>
      <td style="border-bottom:0.5pt solid #000000" valign="top" width="235.2">
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Mining</p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Corporate</p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Office</p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="112.867">
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Exploration
        &amp; Development</p>
      </td>
      <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="center"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Total</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="235.2">
        <p style="margin:0pt; line-height:15pt; font-family:Arial; font-size:11pt">Revenue
        from external customers</p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
        <p style="margin:0pt; text-indent:27.35pt; line-height:15pt; font-family:Arial; font-size:11pt">11,838</p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
        <p style="margin:0pt; text-indent:46.6pt; line-height:15pt; font-family:Arial; font-size:11pt">52</p>
      </td>
      <td valign="top" width="112.867">
        <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
        <p style="margin:0pt; text-indent:53.95pt; line-height:15pt; font-family:Arial; font-size:11pt">-</p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
        <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">11,890</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="235.2">
        <p style="margin:0pt; line-height:15pt; font-family:Arial; font-size:11pt">Net
        loss</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; text-indent:41.1pt; line-height:15pt; font-family:Arial; font-size:11pt">655</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; text-indent:33.8pt; line-height:15pt; font-family:Arial; font-size:11pt">(806)</p>
      </td>
      <td valign="top" width="112.867">
        <p style="margin:0pt; text-indent:33.8pt; line-height:15pt; font-family:Arial; font-size:11pt">(239)</p>
      </td>
      <td valign="top" width="96">
        <p style="margin:0pt; text-indent:35.6pt; line-height:15pt; font-family:Arial; font-size:11pt">(390)</p>
      </td>
    </tr>
    <tr>
      <td valign="top" width="235.2">
        <p style="margin:0pt; line-height:15pt; font-family:Arial; font-size:11pt">Segmented
        assets</p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
        <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">92,611</p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
        <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">91,696</p>
      </td>
      <td valign="top" width="112.867">
        <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
        <p style="margin:0pt; text-indent:27.35pt; line-height:15pt; font-family:Arial; font-size:11pt">86,403</p>
      </td>
      <td valign="top" width="96">
        <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
        <p style="margin:0pt; text-indent:23.65pt; line-height:15pt; font-family:Arial; font-size:11pt">270,710</p>
      </td>
    </tr>
  </table>
  <p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">&nbsp;</p>
  <p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
  <p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
  <table cellspacing="0">
    <tr>
      <td><br>
        <td valign="top" width="635" colspan="4">
          <p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
          <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><u>For
          the three months ended September 30, 2002</u></p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom:0.5pt solid #000000" valign="top" width="235.2">
          <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
          </p>
        </td>
        <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
          <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
          </p>
          <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Mining</p>
        </td>
        <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
          <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Corporate</p>
          <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Office</p>
        </td>
        <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="112.867">
          <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Exploration
          &amp; Development</p>
        </td>
        <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
          <p style="margin:0pt; font-family:Arial; font-size:11pt" align="center"><br>
          </p>
          <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Total</p>
        </td>
      </tr>
      <tr>
        <td valign="top" width="235.2">
          <p style="margin:0pt; line-height:15pt; font-family:Arial; font-size:11pt">Revenue
          from external customers</p>
        </td>
        <td valign="top" width="96">
          <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
          <p style="margin:0pt; text-indent:27.35pt; line-height:15pt; font-family:Arial; font-size:11pt">10,942</p>
        </td>
        <td valign="top" width="96">
          <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
          <p style="margin:0pt; text-indent:41.1pt; line-height:15pt; font-family:Arial; font-size:11pt">253</p>
        </td>
        <td valign="top" width="112.867">
          <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
          <p style="margin:0pt; text-indent:53.95pt; line-height:15pt; font-family:Arial; font-size:11pt">-</p>
        </td>
        <td valign="top" width="96">
          <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
          <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">11,195</p>
        </td>
      </tr>
      <tr>
        <td valign="top" width="235.2">
          <p style="margin:0pt; line-height:15pt; font-family:Arial; font-size:11pt">Net
          loss</p>
        </td>
        <td valign="top" width="96">
          <p style="margin:0pt; text-indent:20.05pt; line-height:15pt; font-family:Arial; font-size:11pt">(17,167)</p>
        </td>
        <td valign="top" width="96">
          <p style="margin:0pt; text-indent:39.3pt; line-height:15pt; font-family:Arial; font-size:11pt">(49)</p>
        </td>
        <td valign="top" width="112.867">
          <p style="margin:0pt; text-indent:33.8pt; line-height:15pt; font-family:Arial; font-size:11pt">(171)</p>
        </td>
        <td valign="top" width="96">
          <p style="margin:0pt; text-indent:21.85pt; line-height:15pt; font-family:Arial; font-size:11pt">(17,387)</p>
        </td>
      </tr>
      <tr>
        <td valign="top" width="235.2">
          <p style="margin:0pt; line-height:15pt; font-family:Arial; font-size:11pt">Segmented
          assets</p>
        </td>
        <td valign="top" width="96">
          <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
          <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">73,431</p>
        </td>
        <td valign="top" width="96">
          <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
          <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">18,616</p>
        </td>
        <td valign="top" width="112.867">
          <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
          <p style="margin:0pt; text-indent:32.85pt; line-height:15pt; font-family:Arial; font-size:11pt">3,759</p>
        </td>
        <td valign="top" width="96">
          <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
          <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">95,806</p>
        </td>
      </tr>
      <tr>
        <td valign="top" width="235.2">&nbsp;</td>
        <td valign="top" width="96">&nbsp;</td>
        <td valign="top" width="96">&nbsp;</td>
        <td valign="top" width="112.867">&nbsp;</td>
        <td valign="top" width="96">&nbsp;</td>
      </tr>
    </table>
    <p style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</p>
    <p style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</p>
    <table cellspacing="0">
      <tr>
        <td><br>
          <td valign="top" width="635" colspan="4">
            <p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
            <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><u>For
            the nine months ended September 30, 2003</u></p>
          </td>
        </tr>
        <tr>
          <td style="border-bottom:0.5pt solid #000000" valign="top" width="235.2">
            <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
            </p>
          </td>
          <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
            <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
            </p>
            <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Mining</p>
          </td>
          <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
            <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Corporate</p>
            <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Office</p>
          </td>
          <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="112.867">
            <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Exploration
            &amp; Development</p>
          </td>
          <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
            <p style="margin:0pt; font-family:Arial; font-size:11pt" align="center"><br>
            </p>
            <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Total</p>
          </td>
        </tr>
        <tr>
          <td valign="top" width="235.2">
            <p style="margin:0pt; line-height:15pt; font-family:Arial; font-size:11pt">Revenue
            from external customers</p>
          </td>
          <td width="96">
            <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:7.1pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
            <p style="margin:0pt; text-indent:27.35pt; line-height:13pt; font-family:Arial; font-size:11pt">31,905</p>
          </td>
          <td width="96">
            <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:7.1pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
            <p style="margin:0pt; text-indent:41.1pt; line-height:13pt; font-family:Arial; font-size:11pt">360</p>
          </td>
          <td width="112.867">
            <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:7.1pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
            <p style="margin:0pt; text-indent:53.95pt; line-height:13pt; font-family:Arial; font-size:11pt">-</p>
          </td>
          <td width="96">
            <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:7.1pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
            <p style="margin:0pt; text-indent:29.15pt; line-height:13pt; font-family:Arial; font-size:11pt">32,265</p>
          </td>
        </tr>
        <tr>
          <td valign="top" width="235.2">
            <p style="margin:0pt; line-height:15pt; font-family:Arial; font-size:11pt">Net
            loss</p>
          </td>
          <td valign="top" width="96">
            <p style="margin:0pt; text-indent:41.1pt; line-height:15pt; font-family:Arial; font-size:11pt">333</p>
          </td>
          <td valign="top" width="96">
            <p style="margin:0pt; text-indent:25.55pt; line-height:15pt; font-family:Arial; font-size:11pt">(1,421)</p>
          </td>
          <td valign="top" width="112.867">
            <p style="margin:0pt; text-indent:33.8pt; line-height:15pt; font-family:Arial; font-size:11pt">(848)</p>
          </td>
          <td valign="top" width="96">
            <p style="margin:0pt; text-indent:27.35pt; line-height:15pt; font-family:Arial; font-size:11pt">(1,936)</p>
          </td>
        </tr>
        <tr>
          <td valign="top" width="235.2">
            <p style="margin:0pt; line-height:15pt; font-family:Arial; font-size:11pt">Segmented
            assets</p>
          </td>
          <td valign="top" width="96">
            <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
            <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">92,611</p>
          </td>
          <td valign="top" width="96">
            <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
            <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">91,696</p>
          </td>
          <td valign="top" width="112.867">
            <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
            <p style="margin:0pt; text-indent:27.35pt; line-height:15pt; font-family:Arial; font-size:11pt">86,403</p>
          </td>
          <td valign="top" width="96">
            <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
            <p style="margin:0pt; text-indent:23.65pt; line-height:15pt; font-family:Arial; font-size:11pt">270,710</p>
          </td>
        </tr>
        <tr>
          <td valign="top" width="235.2">&nbsp;</td>
          <td valign="top" width="96">&nbsp;</td>
          <td valign="top" width="96">&nbsp;</td>
          <td valign="top" width="112.867">&nbsp;</td>
          <td valign="top" width="96">&nbsp;</td>
        </tr>
      </table>
      <p style="margin:0pt; font-family:Arial; font-size:11pt">&nbsp;</p>
      <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
      </p>
      <p style="margin:0pt; font-family:Times New Roman" align="right">12</p>
      <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
      <br>
      <br>
      <p style="margin:0pt; font-family:Times New Roman; font-size:11pt"><br>
      </p>
      <table cellspacing="0">
        <tr>
          <td><br>
            <br>
            <td valign="top" width="635" colspan="4">
              <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
              </p>
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center"><u>For
              the nine months ended September 30, 2002</u></p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="235.2">
              <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
              </p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
              <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
              </p>
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Mining</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Corporate</p>
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Office</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="112.867">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Exploration
              &amp; Development</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
              <p style="margin:0pt; font-family:Arial; font-size:11pt" align="center"><br>
              </p>
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Total</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="235.2">
              <p style="margin:0pt; line-height:15pt; font-family:Arial; font-size:11pt">Revenue
              from external customers</p>
            </td>
            <td valign="top" width="96">
              <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:27.35pt; line-height:15pt; font-family:Arial; font-size:11pt">32,286</p>
            </td>
            <td valign="top" width="96">
              <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:41.1pt; line-height:15pt; font-family:Arial; font-size:11pt">723</p>
            </td>
            <td valign="top" width="112.867">
              <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:53.95pt; line-height:15pt; font-family:Arial; font-size:11pt">-</p>
            </td>
            <td valign="top" width="96">
              <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">33,009</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="235.2">
              <p style="margin:0pt; line-height:15pt; font-family:Arial; font-size:11pt">Net
              loss</p>
            </td>
            <td valign="top" width="96">
              <p style="margin:0pt; text-indent:20.05pt; line-height:15pt; font-family:Arial; font-size:11pt">(19,269)</p>
            </td>
            <td valign="top" width="96">
              <p style="margin:0pt; text-indent:33.8pt; line-height:15pt; font-family:Arial; font-size:11pt">(331)</p>
            </td>
            <td valign="top" width="112.867">
              <p style="margin:0pt; text-indent:33.8pt; line-height:15pt; font-family:Arial; font-size:11pt">(337)</p>
            </td>
            <td valign="top" width="96">
              <p style="margin:0pt; text-indent:21.85pt; line-height:15pt; font-family:Arial; font-size:11pt">(19,937)</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="235.2">
              <p style="margin:0pt; line-height:15pt; font-family:Arial; font-size:11pt">Segmented
              assets</p>
            </td>
            <td valign="top" width="96">
              <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">73,431</p>
            </td>
            <td valign="top" width="96">
              <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">18,616</p>
            </td>
            <td valign="top" width="112.867">
              <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:32.85pt; line-height:15pt; font-family:Arial; font-size:11pt">3,759</p>
            </td>
            <td valign="top" width="96">
              <p style="margin-top:0pt; margin-bottom:-17pt; text-indent:7.1pt; line-height:17pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:29.15pt; line-height:15pt; font-family:Arial; font-size:11pt">95,806</p>
            </td>
          </tr>
        </table>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>3.</b></p>
        <p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Business
        Combination</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
<p style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">On
        February 20, 2003, the Company acquired a 100% interest in Corner Bay
        Silver Inc. ("Corner Bay"). &nbsp;The consideration paid to the
        shareholders of Corner Bay was 7,636,659 common shares of the Company (a
"Pan American share"), representing 0.3846 of a share of the Company
        for each share of Corner Bay and 3,818,329 warrants (the "Pan American
        warrant") to purchase common shares of the Company, representing
        0.1923 of a warrant for each share of Corner Bay. &nbsp;The common
        shares issued were valued at $54,203,000, which was derived from an
        issue price of Cdn$11.30 translated at $0.6595 for each U.S. dollar,
        less a deemed 5% issue expense of $2,707,000. &nbsp;The share purchase
        warrants were assigned a value of $8,889,000, which was derived from a
        warrant valued at $2.328 per warrant. &nbsp;The warrants were valued
        using an option pricing model assuming a weighted average volatility of
        the Company's share price of 35 percent and a weighted average annual
        risk free rate of 4.16 percent.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
        value of the common shares issued by the Company was estimated based on
        the average closing price of the Company's common shares for the
        period before and after the date that the terms of the transaction were
        agreed and announced.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Each
        whole Pan American warrant allows the holder to purchase a Pan American
        share for a price of Cdn$12.00 for a five-year period ending February
        20, 2008.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">In
        addition, the Company agreed to grant 553,846 stock options to purchase
        Pan American shares. &nbsp;These options replace 960,000 fully vested
        stock options held by employees and shareholders of Corner Bay.
        &nbsp;The value of the stock options granted was determined to be
        $1,136,000. &nbsp;The options granted have a weighted average exercise
        price of Cdn$8.46 and a weighted average remaining life of 26 months.</p>
        <p style="margin:0pt; font-family:Arial; font-size:12pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
        purchase method of accounting was applied to account for this
        acquisition, which results in the allocation of the consideration paid
        to the fair value of the assets acquired and the liabilities assumed as
        follows:</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <br>
        <br>
        <br>
        <p style="margin:0pt; font-family:Times New Roman" align="right">13</p>
        <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
        <p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
        <p style="margin:0pt; padding-left:-36pt; font-family:Times New Roman">&nbsp;</p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
        <table cellspacing="0" width="559">
          <tr>
            <td valign="top" width="405">
              <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
              </p>
              <p style="margin:0pt; font-family:Arial"><br>
              </p>
            </td>
            <td style="border-bottom: 0.5pt solid #000000" valign="top" width="148">
              <p style="margin:0pt; font-family:Arial" align="right">As at<br>
              February 20,<br>
              2003</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">
              <p style="margin:0pt; font-family:Arial">Fair value of net assets
              acquired (000's)</p>
            </td>
            <td valign="top" width="146">&nbsp;</td>
          </tr>
          <tr>
            <td valign="top" width="405">
              <p style="margin:0pt; text-indent:8.65pt; font-family:Arial">Current
              assets</p>
              <p style="margin:0pt; text-indent:8.65pt; font-family:Arial">Equipment</p>
            </td>
            <td valign="top" width="146" align="right">
              <p style="font-family: Arial; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
              2,512</p>
              <p style="text-indent: 0pt; font-family: Arial; margin: 0pt">2,500</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">
              <p style="margin:0pt; text-indent:8.65pt; font-family:Arial">Mineral
              properties</p>
            </td>
            <td valign="top" width="146" align="right">
              <p style="text-indent: 0pt; font-family: Arial; margin: 0pt">79,008</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">
              <p style="margin:0pt; text-indent:8.65pt; font-family:Arial">Other
              assets</p>
            </td>
            <td valign="top" width="148" align="right">
              <p style="text-indent: 0pt; font-family: Arial; margin: 0pt">29</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">&nbsp;</td>
            <td valign="top" width="146" align="right">
              <p style="text-indent: 0pt; line-height: 15pt; font-family: Arial; margin: 0pt">84,049</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">
              <p style="margin:0pt; font-family:Arial">Less:</p>
              <p style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Current
              liabilities</p>
              <p style="margin:0pt; font-family:Arial">&nbsp;&nbsp;&nbsp;Provision
              for future income tax liability</p>
            </td>
            <td valign="top" width="148" align="right">
              <p style="text-indent: 0pt; font-family: Arial; margin: 0pt" align="right"><br>
              </p>
              <p style="font-family: Arial; text-indent: 0pt; margin: 0pt" align="right">104</p>
              <p style="font-family: Arial; text-indent: 0pt; margin: 0pt" align="right">19,035</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">&nbsp;</td>
            <td valign="top" width="148" align="right">
              <p style="line-height: 17pt; font-family: Arial; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
              64,910</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">&nbsp;</td>
            <td valign="top" width="146" align="right">
              <p style="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">
              <p style="margin:0pt; font-family:Arial">Consideration paid:</p>
            </td>
            <td valign="top" width="146" align="right">
              <p style="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">
              <p style="margin:0pt; text-indent:8.65pt; font-family:Arial">Issue
              of 7,636,659 common shares</p>
            </td>
            <td valign="top" width="146" align="right">
              <p style="font-family: Arial; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
              54,203</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">
              <p style="margin:0pt; text-indent:8.65pt; font-family:Arial">Issue
              of 3,818,329 share purchase warrants</p>
            </td>
            <td valign="top" width="146" align="right">
              <p style="text-indent: 0pt; font-family: Arial; margin: 0pt">8,889</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">
              <p style="margin:0pt; text-indent:8.65pt; font-family:Arial">Issue
              of 553,846 replacement stock options</p>
            </td>
            <td valign="top" width="148" align="right">
              <p style="text-indent: 0pt; font-family: Arial; margin: 0pt">1,136</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">&nbsp;</td>
            <td valign="top" width="146" align="right">
              <p style="text-indent: 0pt; line-height: 15pt; font-family: Arial; margin: 0pt">64,228</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">
              <p style="margin:0pt; text-indent:8.65pt; font-family:Arial">Add:
              &nbsp;Estimated costs of acquisition</p>
            </td>
            <td valign="top" width="148" align="right">
              <p style="text-indent: 0pt; font-family: Arial; margin: 0pt">682</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="405">&nbsp;</td>
            <td valign="top" width="148" align="right">
              <p style="line-height: 17pt; font-family: Arial; text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
              64,910</p>
            </td>
          </tr>
        </table>
        <p style="margin:0pt; font-family:Arial; font-size:12pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
        purchase consideration of $64,910,000 for 100% of Corner Bay exceeded
        the carrying value of the net assets acquired by $54,108,000, which was
        applied to increase the carrying value of the mineral property.
        &nbsp;This excess amount did not increase the carrying value of the
        underlying assets for tax purposes resulting in a temporary difference
        between the accounting and tax carrying values. &nbsp;The resulting
        estimated future income tax liability associated with this temporary
        difference of $19,035,000 was also applied to increase the carrying
        value of the mineral property.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>4.</b></p>
        <p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Accounts
        payable and accrued liabilities</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt">Accounts
        payable and accrued liabilities consist of:</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <table cellspacing="0">
          <tr>
            <td valign="top" width="204">&nbsp;</td>
            <td valign="top" width="72">&nbsp;</td>
            <td valign="top" width="108">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">September
              30</p>
            </td>
            <td valign="top" width="108">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">December
              31</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="204">&nbsp;</td>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="72">&nbsp;</td>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="108">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2003</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="108">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2002</p>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="204">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Trade
              payables</p>
            </td>
            <td valign="bottom" width="72">&nbsp;</td>
            <td valign="bottom" width="108">
              <p style="line-height: 13pt; font-family: Arial; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt" align="right">$8,805</p>
            </td>
            <td valign="bottom" width="108">
              <p style="line-height: 13pt; font-family: Arial; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt" align="right">$13,528</p>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="204">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Payroll
              and related benefits</p>
            </td>
            <td valign="bottom" width="72">&nbsp;</td>
            <td valign="bottom" width="108">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">926</p>
            </td>
            <td valign="bottom" width="108">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">1,242</p>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="204">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Sales
              tax</p>
            </td>
            <td valign="bottom" width="72">&nbsp;</td>
            <td valign="bottom" width="108">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">733</p>
            </td>
            <td valign="bottom" width="108">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">237</p>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="204">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Royalty</p>
            </td>
            <td valign="bottom" width="72">&nbsp;</td>
            <td valign="bottom" width="108">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">74</p>
            </td>
            <td valign="bottom" width="108">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">111</p>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="204">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Accrued
              interest and other</p>
            </td>
            <td valign="bottom" width="72">&nbsp;</td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="108">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">765</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="108">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">109</p>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="204">&nbsp;</td>
            <td valign="bottom" width="72">&nbsp;</td>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="108">
              <p style="line-height: 13pt; font-family: Arial; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt" align="right">$11,303</p>
            </td>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="108">
              <p style="line-height: 13pt; font-family: Arial; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt" align="right">$15,227</p>
            </td>
          </tr>
        </table>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>5.</b></p>
        <p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Bank
        loans</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">During
        the nine months ending September 30, 2003, the Company reduced its
        Huaron loan by $1,219,000 to $3,927,000 of which $1,620,000 is current.
        &nbsp;This loan bears interest at 6-month LIBOR plus 3% and is repayable
        at the rate of $135,000 per month until February 2006. &nbsp;Certain
        assets of the Company's subsidiary, Compania Minera Huaron S.A., have
        been pledged as security for the loan. &nbsp;</p>
        <br>
        <br>
        <br>
        <p style="margin:0pt; font-family:Times New Roman" align="right">14</p>
        <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
        <p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">As
        at September 30, 2003, the Company had borrowed $8,000,000 of its
        $10,000,000 La Colorada project loan facility with International Finance
        Corporation ("IFC Loan") (note 9d). &nbsp;The IFC Loan bears
        interest at 6-month LIBOR plus 3.50% until certain technical and
        financial tests are achieved and 6-month LIBOR plus 3.25% thereafter and
        is repayable in semi-annual installments of $1,000,000, commencing
        November 14, 2004. &nbsp;For the nine months ended September 30, 2003,
        the Company incurred $227,000 of interest, which has been deferred as
        part of the La Colorada development costs. &nbsp;The Company's
        interest in its wholly-owned subsidiary, Plata Panamericana S.A. de C.V.
        ("Plata") and substantially all of the assets of Plata have been
        pledged as security for the IFC Loan. &nbsp;</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>6.</b></p>
        <p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Convertible
        Debenture</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">During
        the third quarter ending September 30, 2003, the Company completed an
        offering of $86,250,000 convertible, unsecured senior subordinated
        debentures (the "Debentures"), which are due on July 31, 2009.
        &nbsp;These Debentures bear interest at a rate of 5.25% per annum,
        payable semi-annually on January 31 and July 31 of each year, beginning
        on January 31, 2004. &nbsp;The Company has the option to discharge
        interest payments from the proceeds of the sale of common shares issued
        to a trustee for the purpose of converting such shares into cash.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
        Debentures are convertible, at the option of the holder, at any time
        prior to maturity or redemption into common shares of the Company at a
        price of $9.57 per common share (the "Conversion Price"). &nbsp;The
        Company may not redeem the Debentures prior to July 31, 2006.
        &nbsp;After July 31, 2006, the Company may redeem the Debentures
        provided that the Company's common shares trade at 125% or more of the
        Conversion Price. &nbsp;Since redemption can be made either by cash or
        by common shares at the option of the Company, the Debentures are
        classified as a compound financial instrument for accounting purposes.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
        value of the Debentures is comprised of a $35,357,000 fair value of the
        Debentures, $23,049,000 fair value of the future interest payments and
        $27,844,000 fair value ascribed to the holder's option to convert the
        principal balance into common shares. &nbsp;These components have been
        measured at their respective fair values on the date the Debentures were
        issued. &nbsp;The $23,049,000 fair value of the future interest payments
        is classified as a liability and the $63,201,000 fair value of the
        Debentures and the conversion option have been classified in
        shareholders' equity as "Convertible Debentures". &nbsp;Over the
        six-year term of the Debentures, the carrying value of the Debentures is
        accreted to their face value and the fair value of the future interest
        payments is amortized. The periodic accretion is charged to deficit.
        &nbsp;For the three months ended September 30, 2003, the Company
        recorded accretion totaling $975,000 for the accretion of conversion
        option amounting to $773,000 and interest amortization of $202,000.
        &nbsp;As at September 30, 2003, the Company had accrued $765,000 of
        interest of which $563,000 is reflected in interest and financing costs
        and $202,000 is reflected as a reduction in the liability component of
        convertible debenture.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
        Company incurred $3.0 million of debt issue expenses, which were charged
        to deficit.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>7.</b></p>
        <p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Share
        capital</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">During
        the nine-month period ended September 30, 2003 the Company:</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">1)</p>
        <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">issued
        989,202 Common Shares for proceeds of $5,133,000 pursuant to the
        exercise of stock options;</p>
        <br>
        <br>
        <br>
        <p style="margin:0pt; font-family:Times New Roman" align="right">15<br>
        </p>
        <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
        <p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
        <p style="margin:0pt; padding-left:18pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">2)</p>
        <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">issued
        100,538 Common Shares for proceeds of $505,000 pursuant to the exercise
        of share purchase warrants; and</p>
        <p style="margin-top:0pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-18pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">3)</p>
        <p style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">issued
        7,636,659 common shares valued at $54,203,000, 3,818,330 warrants valued
        at $8,889,000 and 553,846 replacement stock options valued at $1,136,000
        for the purchase Corner Bay Silver Inc. &nbsp;Each warrant allows the
        holder to purchase one Common Share of the Company for a price of
        Cdn$12.00 up to and including February 20, 2008. &nbsp;The replacement
        stock options have exercise prices of between Cdn$4.55 and Cdn$12.00 and
        exercise periods of between one and five years from the date of grant.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">The
        following table summarizes information concerning stock options
        outstanding as at September 30, 2003:</p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">&nbsp;</p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">&nbsp;</p>
        <table cellspacing="0">
          <tr>
            <td valign="top" width="113.733">&nbsp;</td>
            <td valign="top" width="89.467">&nbsp;</td>
            <td style="border-bottom:0.5pt solid #000000" width="196.4" colspan="2">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Options
              Outstanding</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="238.8" colspan="2">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Options
              Exercisable</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="113.733">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Range
              of Exercise Prices</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="89.467">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Year
              of Expiry</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="104">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Number
              Outstanding as at September 30, 2003</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="92.4">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Weighted
              Average Remaining Contractual Life (months)</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="122.467">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Number
              Exercisable as at September 30, 2003</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="116.333">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Weighted
              Average Exercise Price</p>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="113.733">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">$3.37
              - $6.85</p>
            </td>
            <td valign="bottom" width="89.467">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">2004</p>
            </td>
            <td valign="bottom" width="104">
              <p style="margin:0pt; padding-right:12.6pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">138,498</p>
            </td>
            <td valign="bottom" width="92.4">
              <p style="margin:0pt; padding-right:17.5pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">9.00</p>
            </td>
            <td valign="bottom" width="122.467">
              <p style="margin:0pt; padding-right:20.75pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">138,498</p>
            </td>
            <td valign="bottom" width="116.333">
              <p style="margin:0pt; padding-right:27pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$5.88</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="113.733">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">$6.85
              - $8.89</p>
            </td>
            <td valign="top" width="89.467">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">2005</p>
            </td>
            <td valign="top" width="104">
              <p style="margin:0pt; padding-right:12.6pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">214,416</p>
            </td>
            <td valign="top" width="92.4">
              <p style="margin:0pt; padding-right:17.5pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">18.71</p>
            </td>
            <td valign="top" width="122.467">
              <p style="margin:0pt; padding-right:20.75pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">214,416</p>
            </td>
            <td valign="top" width="116.333">
              <p style="margin:0pt; padding-right:27pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$8.37</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="113.733">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">$3.70</p>
            </td>
            <td valign="top" width="89.467">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">2006</p>
            </td>
            <td valign="top" width="104">
              <p style="margin:0pt; padding-right:12.6pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">250,000</p>
            </td>
            <td valign="top" width="92.4">
              <p style="margin:0pt; padding-right:17.5pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">31.50</p>
            </td>
            <td valign="top" width="122.467">
              <p style="margin:0pt; padding-right:20.75pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">250,000</p>
            </td>
            <td valign="top" width="116.333">
              <p style="margin:0pt; padding-right:27pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$3.70</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="113.733">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">$6.30
              - $7.48</p>
            </td>
            <td valign="top" width="89.467">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">2007</p>
            </td>
            <td valign="top" width="104">
              <p style="margin:0pt; padding-right:12.6pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">703,860</p>
            </td>
            <td valign="top" width="92.4">
              <p style="margin:0pt; padding-right:17.5pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">47.86</p>
            </td>
            <td valign="top" width="122.467">
              <p style="margin:0pt; padding-right:20.75pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">627,860</p>
            </td>
            <td valign="top" width="116.333">
              <p style="margin:0pt; padding-right:27pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$7.42</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="113.733">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">$6.59
              - $8.89</p>
            </td>
            <td valign="top" width="89.467">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">2008</p>
            </td>
            <td valign="top" width="104">
              <p style="margin:0pt; padding-right:12.6pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">699,231</p>
            </td>
            <td valign="top" width="92.4">
              <p style="margin:0pt; padding-right:17.5pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">56.32</p>
            </td>
            <td valign="top" width="122.467">
              <p style="margin:0pt; padding-right:20.75pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">219,231</p>
            </td>
            <td valign="top" width="116.333">
              <p style="margin:0pt; padding-right:27pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$7.16</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="113.733">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">$3.70</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="89.467">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">2010</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="104">
              <p style="margin:0pt; padding-right:12.6pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">295,000</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="92.4">
              <p style="margin:0pt; padding-right:17.5pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">73.48</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="122.467">
              <p style="margin:0pt; padding-right:20.75pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">295,000</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="116.333">
              <p style="margin:0pt; padding-right:27pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$3.70</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="113.733">&nbsp;</td>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="89.467">&nbsp;</td>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="104">
              <p style="margin:0pt; padding-right:12.6pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">2,301,005</p>
            </td>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="92.4">
              <p style="margin:0pt; padding-right:17.5pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">20.35</p>
            </td>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="122.467">
              <p style="margin:0pt; padding-right:20.75pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">1,745,005</p>
            </td>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="116.333">
              <p style="margin:0pt; padding-right:27pt; line-height:13pt; font-family:Arial; font-size:11pt" align="right">$6.22</p>
            </td>
          </tr>
        </table>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">At
        September 30, 2003 there were warrants outstanding to allow the holder
        to purchase 3,817,791 Common Shares of the Company for Cdn$12.00 per
        share. &nbsp;These warrants expire on February 20, 2008. &nbsp;There
        were also warrants outstanding to allow the holder to purchase 537,110
        Common shares of the Company for Cdn$3.47 per share. &nbsp;These
        warrants expire on November 4, 2004.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
        Company accounts for stock options granted to employees and directors
        under the intrinsic value method. &nbsp;Stock options granted to
        non-employees under the Company's Stock Option Plans are accounted for
        under the fair value method. &nbsp;The following pro forma financial
        information presents the net loss and the basic loss per common share
        for the three-month and nine-month periods ended September 30, 2003 had
        the Company adopted the fair value method of accounting for stock
        options as set out in CICA Handbook Section 3870, Stock-Based
        Compensation and Other Stock-Based Payments.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <table cellspacing="0">
          <tr>
            <td valign="top" width="235.2">&nbsp;</td>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="204" colspan="2">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Three
              months ended September 30,</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="199.2" colspan="2">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">Nine
              months ended September 30,</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="235.2">&nbsp;</td>
            <td style="border-bottom:0.5pt solid #000000" width="108">
              <p style="margin:0pt; text-indent:35.6pt; line-height:13pt; font-family:Arial; font-size:11pt">2003</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="96">
              <p style="margin:0pt; text-indent:26.6pt; line-height:13pt; font-family:Arial; font-size:11pt">2002</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="96">
              <p style="margin:0pt; text-indent:27.6pt; line-height:13pt; font-family:Arial; font-size:11pt">2003</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="103.2">
              <p style="margin:0pt; text-indent:26.6pt; line-height:13pt; font-family:Arial; font-size:11pt">2002</p>
            </td>
          </tr>
          <tr>
            <td width="235.2">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Net
              loss for the period</p>
            </td>
            <td width="108">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:8.1pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:33.8pt; line-height:13pt; font-family:Arial; font-size:11pt">(390)</p>
            </td>
            <td width="96">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:-1.9pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:11.05pt; line-height:13pt; font-family:Arial; font-size:11pt">(17,387)</p>
            </td>
            <td width="96">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:-1.9pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:16.55pt; line-height:13pt; font-family:Arial; font-size:11pt">(1,936)</p>
            </td>
            <td width="103.2">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:-1.9pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:11.05pt; line-height:13pt; font-family:Arial; font-size:11pt">(19,937)</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" width="235.2">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Stock-based
              compensation costs</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="108">
              <p style="margin:0pt; text-indent:33.8pt; line-height:13pt; font-family:Arial; font-size:11pt">(259)</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="96">
              <p style="margin:0pt; text-indent:44.95pt; line-height:13pt; font-family:Arial; font-size:11pt">-</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="96">
              <p style="margin:0pt; text-indent:24.8pt; line-height:13pt; font-family:Arial; font-size:11pt">(355)</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="103.2">
              <p style="margin:0pt; text-indent:24.8pt; line-height:13pt; font-family:Arial; font-size:11pt">(128)</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:2pt double #000000" width="235.2">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Pro
              forma net loss</p>
            </td>
            <td style="border-bottom:2pt double #000000" width="108">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:8.1pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:33.8pt; line-height:13pt; font-family:Arial; font-size:11pt">(649)</p>
            </td>
            <td style="border-bottom:2pt double #000000" width="96">
              <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:11.05pt; line-height:13pt; font-family:Arial; font-size:11pt">(17,387)</p>
            </td>
            <td style="border-bottom:2pt double #000000" width="96">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:-1.9pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:16.55pt; line-height:13pt; font-family:Arial; font-size:11pt">(2,291)</p>
            </td>
            <td style="border-bottom:2pt double #000000" width="103.2">
              <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:11.05pt; line-height:13pt; font-family:Arial; font-size:11pt">(20,065)</p>
            </td>
          </tr>
          <tr>
            <td width="235.2">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Pro
              forma basic loss per share</p>
            </td>
            <td width="108">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:8.1pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:30.45pt; line-height:13pt; font-family:Arial; font-size:11pt">(0.01)</p>
            </td>
            <td width="96">
              <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:21.45pt; line-height:13pt; font-family:Arial; font-size:11pt">(0.40)</p>
            </td>
            <td width="96">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:-1.9pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:21.45pt; line-height:13pt; font-family:Arial; font-size:11pt">(0.04)</p>
            </td>
            <td width="103.2">
              <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:21.45pt; line-height:13pt; font-family:Arial; font-size:11pt">(0.48)</p>
            </td>
          </tr>
        </table>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <br>
        <br>
        <br>
        <p style="font-family: Times New Roman; margin: 0pt" align="right">16</p>
        <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
        <p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">For
        purposes of this presentation the fair value of the stock options
        granted was calculated using an option-pricing model based on the
        following assumptions - no dividends were paid, a weighted average
        volatility of the Company's share price of 74%, weighted average
        annual risk free rate of 4.03% and an expected life of options granted
        of 5 years. &nbsp;The model resulted in a weighted average option price
        of $6.02 per share.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>8.</b></p>
        <p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Differences
        between Canadian and United States Generally Accepted Accounting
        Principles</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
<p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify">The
        differences between Canadian GAAP and accounting principles generally
        accepted in the United States ("US GAAP") as they relate to these
        interim financial statements are summarized below and more fully
        discussed in Note 16 of the Company's annual audited consolidated
        financial statements included in the Company's 2002 Annual Report.</p>
<p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align="justify">In
        June 2001, FASB Statement No. 141 ("SFAS 141"), "Business
        Combinations", was issued. &nbsp;SFAS 141 addresses financial
        accounting and reporting for business combinations and supercedes APB
        Opinion No. 16, Business Combinations, and FASB Statement No. 38,
        Accounting for Preacquisition Contingencies of Purchased Enterprises.
        &nbsp;Under SFAS 141, supplemental pro-forma information that discloses
        the results of operations for the current period and the current
        year-to-date and for comparative periods is required that discloses
        information as though the business combination disclosed in Note 3 had
        been completed as of the beginning of the period being reported on.</p>
        <p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:36pt; line-height:24pt; font-family:Times New Roman; font-size:11pt">Combined
        results of operations for the periods prior to acquisition are outlined
        below.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <table cellspacing="0">
          <tr>
            <td valign="top" width="228">
              <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
              </p>
            </td>
            <td valign="top" width="204" colspan="2">
              <p style="text-indent: 29.3pt; line-height: 13pt; font-family: Arial; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt" align="center">Three
              months ended</p>
              <p style="text-indent: 29.3pt; line-height: 13pt; font-family: Arial; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt" align="center"><u>September
              30,</u></p>
              <p style="margin:0pt; text-indent:252pt; font-family:Arial; font-size:11pt" align="center"><u><br>
              </u></p>
            </td>
            <td valign="top" width="180" colspan="2">
              <p style="text-indent: 22.45pt; line-height: 13pt; font-family: Arial; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt" align="center">Nine
              months ended</p>
              <p style="text-indent: 22.45pt; line-height: 13pt; font-family: Arial; font-size: 11pt; margin-top: 0pt; margin-bottom: 0pt" align="center"><u>September
              30,</u></p>
              <p style="margin:0pt; text-indent:252pt; font-family:Arial; font-size:11pt" align="center"><u><br>
              </u></p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="228">&nbsp;</td>
            <td style="border-bottom:0.5pt solid #000000" width="108">
              <p style="margin:0pt; text-indent:35.6pt; line-height:13pt; font-family:Arial; font-size:11pt">2003</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="96">
              <p style="margin:0pt; text-indent:26.6pt; line-height:13pt; font-family:Arial; font-size:11pt">2002</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="96">
              <p style="margin:0pt; text-indent:27.6pt; line-height:13pt; font-family:Arial; font-size:11pt">2003</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="84">
              <p style="margin:0pt; text-indent:26.6pt; line-height:13pt; font-family:Arial; font-size:11pt">2002</p>
            </td>
          </tr>
          <tr>
            <td width="228">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Revenue</p>
            </td>
            <td width="108">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:8.1pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:27.35pt; line-height:13pt; font-family:Arial; font-size:11pt">11,890</p>
            </td>
            <td width="96">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:-1.9pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:18.35pt; line-height:13pt; font-family:Arial; font-size:11pt">11,195</p>
            </td>
            <td width="96">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:-1.9pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:18.35pt; line-height:13pt; font-family:Arial; font-size:11pt">32,265</p>
            </td>
            <td width="84">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:-1.9pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:18.35pt; line-height:13pt; font-family:Arial; font-size:11pt">33,009</p>
            </td>
          </tr>
          <tr>
            <td width="228">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Net
              loss for the period</p>
            </td>
            <td width="108">
              <p style="margin:0pt; text-indent:33.8pt; line-height:13pt; font-family:Arial; font-size:11pt">(390)</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:11.05pt; line-height:13pt; font-family:Arial; font-size:11pt">(17,743)</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:16.55pt; line-height:13pt; font-family:Arial; font-size:11pt">(2,221)</p>
            </td>
            <td width="84">
              <p style="margin:0pt; text-indent:11.05pt; line-height:13pt; font-family:Arial; font-size:11pt">(21,107)</p>
            </td>
          </tr>
          <tr>
            <td width="228">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt">Loss
              per share</p>
            </td>
            <td width="108">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:8.1pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:30.45pt; line-height:13pt; font-family:Arial; font-size:11pt">(0.01)</p>
            </td>
            <td width="96">
              <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:21.45pt; line-height:13pt; font-family:Arial; font-size:11pt">(0.41)</p>
            </td>
            <td width="96">
              <p style="margin-top:0pt; margin-bottom:-13pt; text-indent:-1.9pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:21.65pt; line-height:13pt; font-family:Arial; font-size:11pt">(0.04)</p>
            </td>
            <td width="84">
              <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt">$</p>
              <p style="margin:0pt; text-indent:21.45pt; line-height:13pt; font-family:Arial; font-size:11pt">(0.51)</p>
            </td>
          </tr>
        </table>
        <p style="margin-top:0pt; margin-bottom:5.5pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><br>
        </p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt">FASB
        Statement No. 143, "Accounting for Asset Retirement Obligations ("SFAS
        143"), addresses financial accounting and reporting for obligations
        associated with the retirement of long-lived assets that result from the
        acquisition, construction, development or the normal operation of
        long-lived assets, except for certain obligations of leases. &nbsp;SFAS
        143 is effective for financial statements issued for financial years
        beginning after June 15, 2002. &nbsp;Under SFAS 143, the Company's
        provision for reclamation of $13,184,000 would be removed from the
        accounts with a credit to earnings. &nbsp;The expected fair value of
        future site restoration costs for the La Colorada, Huaron and Quiruvilca
        mines is estimated at $19,600,000 and would be recorded as part of the
        carrying value of the asset and as a corresponding liability. &nbsp;Due
        to the impairment in the carrying value of the Quiruvilca mine, the
        Company would recognize a $12,500,000 charge to earnings. &nbsp;The
        current period's reclamation provision of $231,000 would be reversed
        and future period operations would be charged with annual amortization
        of future site restoration cost of $710,000 and the accretion of a
        liability for future site restoration costs of $418,000.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <br>
        <br>
        <br>
        <p style="margin:0pt; font-family:Times New Roman" align="right">17</p>
        <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
        <p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">In
        April 2003, FASB Statement No. 149 ("SFAS 149") "Amendment of SFAS
        No. 133 on Derivative Instruments and Hedging Activities" was issued.
        &nbsp;&nbsp;SFAS 149 is effective for contracts entered into or modified
        after June 30, 2003, except for certain provisions that relate to SFAS
        No. 133 "Implementation Issues" that had been effective prior to
        June 15, 2003. This Statement amends and clarifies accounting for
        derivative financial instruments and for hedging activities. &nbsp;In
        particular it clarifies the circumstances under which a contract with an
        initial net investment meets the characteristics of a derivative as
        contemplated in SFAS No. 133 and it clarifies when a derivative contains
        a financing component. &nbsp;In addition, this Statement amends the
        definition of an underlying to make it conform to FASB Interpretation
        No. 45, "Guarantor Accounting and Disclosure Requirements for
        Guarantees, Including Indirect Guarantees of Indebtedness of Others"
        and also amends certain other existing accounting pronouncements.
        &nbsp;The application of SFAS 149 did not have a material effect on the
        Company's results of operations or its financial position.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">In
        May 2003, FASB Statement No. 150 ("SFAS 150"), "Accounting for
        Certain Financial Instruments with Characteristics of Both Liabilities
        and Equity" was issued. &nbsp;This Statement requires that three types
        of financial instruments be reported as liabilities by their issuers.
        &nbsp;Those types of instruments include: mandatorily redeemable
        instruments; forward purchase contracts, written put options and other
        financial instruments not in the form of shares that either obligate the
        issuer to repurchase its equity shares and settle its obligation for
        cash or by transferring other assets; and certain financial instruments
        that include an obligation that may be settled in a variable number of
        equity shares, has a fixed or benchmark tied value at inception that
        varies inversely with the fair value of the equity shares. &nbsp;SFAS
        150 is effective for instruments entered into or modified after May 31,
        2003. &nbsp;In accordance with SFAS 150 the resulting change to the
        financial statements would be to increase liabilities by $63,201,000 and
        decrease shareholders' equity by a corresponding amount. &nbsp;Debt
        issue expenses of $3,000,000 would be reclassified from shareholders'
        equity to assets and would be amortized over three years at an annual
        rate of $1,000,000. &nbsp;Interest expense would be higher by $202,000.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
        following tables illustrate how SFAS 143 and 150, if applied, would
        change the balance sheets and statements of operations of the Company.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <table cellspacing="0">
          <tr>
            <td valign="top" width="151.2">&nbsp;</td>
            <td valign="top" width="168">&nbsp;</td>
            <td style="border-bottom:0.5pt solid #000000" width="319.2" colspan="3">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">September
              30, 2003</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="319.2" colspan="2">&nbsp;</td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
              <p style="margin:0pt; font-family:Arial" align="center">Total
              Assets</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="120">
              <p style="margin:0pt; font-family:Arial" align="center">Total
              Liabilities</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="103.2">
              <p style="margin:0pt; font-family:Arial" align="center">Shareholders'
              Equity</p>
            </td>
          </tr>
          <tr>
            <td width="319.2" colspan="2">
              <p style="margin:0pt; font-family:Arial">Reported under Canadian
              GAAP</p>
            </td>
            <td width="96">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:1.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:25.1pt; font-family:Arial">270,710</p>
            </td>
            <td width="120">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:7.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:39.1pt; font-family:Arial">87,087</p>
            </td>
            <td width="103.2">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:7.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:25.1pt; font-family:Arial">183,623</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; font-family:Arial">SFAS 143 adjustments</p>
            </td>
            <td width="96">&nbsp;</td>
            <td width="120">&nbsp;</td>
            <td width="103.2">&nbsp;</td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; text-indent:9pt; font-family:Arial">Expected
              future site restoration costs</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:30.1pt; font-family:Arial">19,600</p>
            </td>
            <td width="120">
              <p style="margin:0pt; text-indent:39.1pt; font-family:Arial">19,600</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:54.25pt; font-family:Arial">-</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; text-indent:9pt; font-family:Arial">Impairment
              of mining assets</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:23.4pt; font-family:Arial">(12,500)</p>
            </td>
            <td width="120">
              <p style="margin:0pt; text-indent:63.25pt; font-family:Arial">-</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:23.4pt; font-family:Arial">(12,500)</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; text-indent:9pt; font-family:Arial">Reverse
              provision for reclamation</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:54.25pt; font-family:Arial">-</p>
            </td>
            <td width="120">
              <p style="margin:0pt; text-indent:32.4pt; font-family:Arial">(13,184)</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:30.1pt; font-family:Arial">13,184</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; text-indent:9pt; font-family:Arial">Amortization
              of future site restoration costs</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(533)</p>
            </td>
            <td width="120">
              <p style="margin:0pt; text-indent:63.25pt; font-family:Arial">-</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(533)</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; text-indent:9pt; font-family:Arial">Accretion
              of future site restoration costs</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:54.25pt; font-family:Arial">-</p>
            </td>
            <td width="120">
              <p style="margin:0pt; text-indent:51.6pt; font-family:Arial">313</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(313)</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; font-family:Arial">SFAS 150 adjustments</p>
            </td>
            <td width="96">&nbsp;</td>
            <td width="120">&nbsp;</td>
            <td width="103.2">&nbsp;</td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; text-indent:9pt; font-family:Arial">Reclassify
              convertible debentures</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:54.25pt; font-family:Arial">-</p>
            </td>
            <td width="120">
              <p style="margin:0pt; text-indent:39.1pt; font-family:Arial">63,201</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:23.4pt; font-family:Arial">(63,201)</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; text-indent:9pt; font-family:Arial">Deferred
              debt issue cost</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:35.1pt; font-family:Arial">3,000</p>
            </td>
            <td width="120">
              <p style="margin:0pt; text-indent:63.25pt; font-family:Arial">-</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:35.1pt; font-family:Arial">3,000</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; text-indent:9pt; font-family:Arial">Amortization
              of debt issue costs</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="96">
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(167)</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="120">
              <p style="margin:0pt; text-indent:63.25pt; font-family:Arial">-</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="103.2">
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(167)</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:2pt double #000000" width="319.2" colspan="2">
              <p style="margin:0pt; font-family:Arial">Reported under US GAAP</p>
            </td>
            <td style="border-bottom:2pt double #000000" width="96">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:1.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:25.1pt; font-family:Arial">280,110</p>
            </td>
            <td style="border-bottom:2pt double #000000" width="120">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:7.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:34.1pt; font-family:Arial">157,017</p>
            </td>
            <td style="border-bottom:2pt double #000000" width="103.2">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:7.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:25.1pt; font-family:Arial">123,093</p>
            </td>
          </tr>
        </table>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p align="right"><br>
        <br>
        <br>
        18<br>
        <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
        <p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <table cellspacing="0">
          <tr>
            <td valign="top" width="151.2">&nbsp;</td>
            <td valign="top" width="168">&nbsp;</td>
            <td style="border-bottom:0.5pt solid #000000" width="319.2" colspan="3">
              <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="center">December
              31, 2002</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" valign="top" width="319.2" colspan="2">&nbsp;</td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
              <p style="margin:0pt; font-family:Arial" align="center">Total
              Assets</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="120">
              <p style="margin:0pt; font-family:Arial" align="center">Total
              Liabilities</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="103.2">
              <p style="margin:0pt; font-family:Arial" align="center">Shareholders'
              Equity</p>
            </td>
          </tr>
          <tr>
            <td width="319.2" colspan="2">
              <p style="margin:0pt; font-family:Arial">Reported under Canadian
              GAAP</p>
            </td>
            <td width="96">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:1.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:30.1pt; font-family:Arial">94,966</p>
            </td>
            <td width="120">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:7.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:39.1pt; font-family:Arial">39,474</p>
            </td>
            <td width="103.2">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:7.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:30.1pt; font-family:Arial">55,492</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; font-family:Arial">SFAS 143 adjustments</p>
            </td>
            <td width="96">&nbsp;</td>
            <td width="120">&nbsp;</td>
            <td width="103.2">&nbsp;</td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; text-indent:9pt; font-family:Arial">Expected
              future site restoration costs</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:30.1pt; font-family:Arial">19,600</p>
            </td>
            <td width="120">
              <p style="margin:0pt; text-indent:39.1pt; font-family:Arial">19,600</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:54.25pt; font-family:Arial">-</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; text-indent:9pt; font-family:Arial">Impairment
              of mining assets</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:23.4pt; font-family:Arial">(12,500)</p>
            </td>
            <td width="120">
              <p style="margin:0pt; text-indent:63.25pt; font-family:Arial">-</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:23.4pt; font-family:Arial">(12,500)</p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="319.2" colspan="2">
              <p style="margin:0pt; text-indent:9pt; font-family:Arial">Reverse
              provision for reclamation</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:54.25pt; font-family:Arial">-</p>
            </td>
            <td width="120">
              <p style="margin:0pt; text-indent:32.4pt; font-family:Arial">(12,971)</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:30.1pt; font-family:Arial">12,971</p>
            </td>
          </tr>
          <tr>
            <td style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" width="319.2" colspan="2">
              <p style="margin:0pt; font-family:Arial">Reported under US GAAP</p>
            </td>
            <td style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" width="96">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:1.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:25.1pt; font-family:Arial">102,066</p>
            </td>
            <td style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" width="120">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:7.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:39.1pt; font-family:Arial">46,103</p>
            </td>
            <td style="border-top:0.5pt solid #000000; border-bottom:2pt double #000000" width="103.2">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:7.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:30.1pt; font-family:Arial">55,963</p>
            </td>
          </tr>
        </table>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <table cellspacing="0">
          <tr>
            <td valign="top" width="228">&nbsp;</td>
            <td width="204" colspan="2">
              <p style="text-indent: 29pt; font-family: Arial; margin-top: 0pt; margin-bottom: 0pt" align="center">Three
              months ended</p>
              <p style="text-indent: 29pt; font-family: Arial; margin-top: 0pt; margin-bottom: 0pt" align="center"><u>September
              30,</u></p>
              <p style="margin:0pt; text-indent:252pt; font-family:Arial"><u><br>
              </u></p>
            </td>
            <td width="199.2" colspan="2" valign="top">
              <p style="margin:0pt; text-indent:27.7pt; font-family:Arial">Nine
              months ended</p>
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:36.45pt; font-family:Arial"><u>&nbsp;September
              30,</u></p>
              <p style="margin:0pt; text-indent:120.6pt; font-family:Arial"><u><br>
              </u></p>
            </td>
          </tr>
          <tr>
            <td valign="top" width="228">&nbsp;</td>
            <td width="108">
              <p style="margin:0pt; text-indent:37.6pt; font-family:Arial">2003</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:28.6pt; font-family:Arial">2002</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:29.6pt; font-family:Arial">2003</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:28.6pt; font-family:Arial">2002</p>
            </td>
          </tr>
          <tr>
            <td width="228">
              <p style="margin:0pt; font-family:Arial">Net loss under Canadian
              GAAP</p>
            </td>
            <td width="108">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:8.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(390)</p>
            </td>
            <td width="96">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:-1.4pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:14.4pt; font-family:Arial">(17,387)</p>
            </td>
            <td width="96">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:-1.4pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:19.4pt; font-family:Arial">(1,936)</p>
            </td>
            <td width="103.2">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:-1.4pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:14.4pt; font-family:Arial">(19,937)</p>
            </td>
          </tr>
          <tr>
            <td width="228">
              <p style="margin:0pt; font-family:Arial">SFAS 143 adjustments</p>
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:12.6pt; font-family:Arial">Reclamation</p>
              <p style="margin:0pt; text-indent:72pt; font-family:Arial"><br>
              </p>
            </td>
            <td width="108">
              <p style="margin:0pt; text-indent:47.6pt; font-family:Arial">75</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:45.25pt; font-family:Arial">-</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:33.6pt; font-family:Arial">231</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:45.25pt; font-family:Arial">-</p>
            </td>
          </tr>
          <tr>
            <td width="228">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:12.6pt; font-family:Arial">Amortization
              of future site &nbsp;&nbsp;&nbsp;&nbsp;</p>
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:144pt; font-family:Arial">&nbsp;</p>
              <p style="margin:0pt; text-indent:216pt; font-family:Arial">restoration
              costs</p>
            </td>
            <td valign="bottom" width="108">
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(178)</p>
            </td>
            <td valign="bottom" width="96">
              <p style="margin:0pt; text-indent:45.25pt; font-family:Arial">-</p>
            </td>
            <td valign="bottom" width="96">
              <p style="margin:0pt; text-indent:26.9pt; font-family:Arial">(533)</p>
            </td>
            <td valign="bottom" width="103.2">
              <p style="margin:0pt; text-indent:45.25pt; font-family:Arial">-</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" width="228">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:12.6pt; font-family:Arial">Accretion
              for future site</p>
              <p style="margin:0pt; text-indent:216pt; font-family:Arial">restoration
              costs</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="108">
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(105)</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
              <p style="margin:0pt; text-indent:45.25pt; font-family:Arial">-</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
              <p style="margin:0pt; text-indent:26.9pt; font-family:Arial">(313)</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="103.2">
              <p style="margin:0pt; text-indent:45.25pt; font-family:Arial">-</p>
            </td>
          </tr>
          <tr>
            <td width="228">
              <p style="margin:0pt; font-family:Arial">Sub-total</p>
            </td>
            <td width="108">
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(598)</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:14.4pt; font-family:Arial">(17,387)</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:19.4pt; font-family:Arial">(2,551)</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:14.4pt; font-family:Arial">(19,937)</p>
            </td>
          </tr>
          <tr>
            <td width="228">
              <p style="margin:0pt; font-family:Arial">SFAS 150 adjustments</p>
            </td>
            <td width="108">&nbsp;</td>
            <td width="96">&nbsp;</td>
            <td width="96">&nbsp;</td>
            <td width="103.2">&nbsp;</td>
          </tr>
          <tr>
            <td width="228">
              <p style="margin:0pt; text-indent:12.6pt; font-family:Arial">Additional
              interest expense</p>
            </td>
            <td width="108">
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(202)</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:45.25pt; font-family:Arial">-</p>
            </td>
            <td width="96">
              <p style="margin:0pt; text-indent:26.9pt; font-family:Arial">(202)</p>
            </td>
            <td width="103.2">
              <p style="margin:0pt; text-indent:45.25pt; font-family:Arial">-</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" width="228">
              <p style="margin:0pt; text-indent:12.6pt; font-family:Arial">Amortization
              of debt issue costs</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="108">
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(167)</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="96">
              <p style="margin:0pt; text-indent:45.25pt; font-family:Arial">-</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="96">
              <p style="margin:0pt; text-indent:26.9pt; font-family:Arial">(167)</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" width="103.2">
              <p style="margin:0pt; text-indent:45.25pt; font-family:Arial">-</p>
            </td>
          </tr>
          <tr>
            <td width="228">
              <p style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial">Net
              loss before cumulative effect of &nbsp;&nbsp;</p>
              <p style="margin:0pt; text-indent:180pt; font-family:Arial">change
              in accounting policy</p>
            </td>
            <td valign="bottom" width="108">
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(967)</p>
            </td>
            <td valign="bottom" width="96">
              <p style="margin:0pt; text-indent:14.4pt; font-family:Arial">(17,387)</p>
            </td>
            <td valign="bottom" width="96">
              <p style="margin:0pt; text-indent:19.4pt; font-family:Arial">(2,920)</p>
            </td>
            <td valign="bottom" width="103.2">
              <p style="margin:0pt; text-indent:14.4pt; font-family:Arial">(19,937)</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="228">
              <p style="margin:0pt; font-family:Arial">Change in accounting
              policy</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="108">
              <p style="margin:0pt; text-indent:54.25pt; font-family:Arial">-</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
              <p style="margin:0pt; text-indent:45.25pt; font-family:Arial">-</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="96">
              <p style="margin:0pt; text-indent:33.6pt; font-family:Arial">684</p>
            </td>
            <td style="border-bottom:0.5pt solid #000000" valign="bottom" width="103.2">
              <p style="margin:0pt; text-indent:45.25pt; font-family:Arial">-</p>
            </td>
          </tr>
          <tr>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="228">
              <p style="margin:0pt; font-family:Arial">Net loss under US GAAP</p>
            </td>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="108">
              <p style="margin-top:0pt; margin-bottom:-12pt; text-indent:8.6pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:35.9pt; font-family:Arial">(967)</p>
            </td>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="96">
              <p style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:14.4pt; font-family:Arial">(17,387)</p>
            </td>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="96">
              <p style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:19.4pt; font-family:Arial">(2,236)</p>
            </td>
            <td style="border-bottom:2pt double #000000" valign="bottom" width="103.2">
              <p style="margin-top:0pt; margin-bottom:-12pt; font-family:Arial">$</p>
              <p style="margin:0pt; text-indent:14.4pt; font-family:Arial">(19,937)</p>
            </td>
          </tr>
        </table>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>9.</b></p>
        <p style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Subsequent
        Events</b></p>
        <p style="margin:0pt; padding-left:3pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin:0pt; padding-left:3pt; text-indent:33pt; line-height:13pt; font-family:Arial; font-size:11pt">Subsequent
        to September 30, 2003, the Company:</p>
        <p style="margin:0pt; padding-left:3pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">a.</p>
        <p style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">purchased
        the 3% Net Smelter Royalty over its Huaron silver mine in Peru for
        $2,500,000;</p>
        <p style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">b.</p>
        <p style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">sold
        its 50% interest in the Tres Cruces gold project in Peru to New Oroperu
        Resources Inc. for 3,500,000 Oroperu common shares and a 1.5 percent net
        smelter royalty. &nbsp;The Company has recorded this exchange at fair
        value which approximates book value;</p>
        <p style="margin-top:5.5pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">c.</p>
        <p style="margin-top:0pt; margin-bottom:5.5pt; padding-left:54pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">sold
        forward 2,800 tonnes of zinc at an average price of $901 per tonne.
        &nbsp;These sales were designated as a hedge and represent sales of 200
        tonnes per month for each of the months of November 2003 through and
        including December 2004. &nbsp;The difference between the average
        monthly London zinc cash settlement price and the forward sales price
        will be credited or charged to revenue during November 2003 through
        December 2004 period;</p>
        <br>
        <br>
        <br>
        <p style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt" align="right">19<br>
        </p>
        <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
        <p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
        <p style="margin-top:5.5pt; margin-bottom:5.5pt; padding-left:36pt; font-family:Arial; font-size:11pt" align="justify">&nbsp;</p>
        <p style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">d.</p>
        <p style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">borrowed
        an additional $1,500,000 from its $10,000,000 La Colorada project loan
        facility with International Finance Corporation, which brought the
        amount outstanding to $9,500,000; and</p>
        <p style="margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:12pt" align="justify"><font FACE="Arial">e.</font></p>
<p style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">learned
        that on October 14, 2003, the Peruvian government published Law 28090 "Mine Closure Law" which establishes provisions related to mine
        closure plans. &nbsp;For existing mining operations the law provides
        that a mine closure plan must be submitted, for certification, to the
        Ministry of Energy and Mines within six months of the law entering into
        force. &nbsp;No enabling regulations were published with the law.
        &nbsp;Therefore, the possible effects of this law on the Company's
        Peruvian mining and exploration activities cannot be predicted.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
        law provides that a mine operator must grant an environmental warranty
        for the estimated costs associated with its mine closure plan(s).
        &nbsp;The law does not establish when such warranties must be in place
        nor does the law specify the form of the required warranty.
        &nbsp;However, the law indicates that a warranty may take the form of
        insurance, cash collateral, a trust agreement or other forms as
        permitted by the Civil Code of Peru. &nbsp;The Company's Huaron and
        Quiruvilca mines shall submit closure plans as required by the law, but
        until these plans have been certified and the nature and form of
        whatever environmental warranty is required have been determined no
        estimate of the affect of this law on the Company's financial
        condition or results of operations may be made.</p>
        <p style="margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin:0pt; padding-left:54pt; text-indent:-54pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <br>
        <br>
        <br>
        <br>
        <p style="margin:0pt; font-family:Times New Roman" align="right">20</p>
        <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
        <p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Third
        Quarter 2003 Management's Discussion &amp; Analysis</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt"><b>Results
        of Operations</b> (all financial amounts are expressed in US dollars)</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">For
        the three-month period ended September 30, 2003 the Company's net loss
        was $0.39 million ($0.01 per share) compared to a net loss of $17.39
        million ($0.40 per share) for the three-month period ended September 30,
        2002. &nbsp;The net loss for the nine-month period ended September 30,
        2003 was $1.94 million ($0.04 per share) compared to $19.94 million
        ($0.48 per share) for the corresponding period in 2002. &nbsp;The three
        and nine-month periods ended September 30, 2002 included a $15.13
        million ($0.35 per share) write down of the Company's investment in
        the Quiruvilca mine. &nbsp;Excluding the write down in 2002 the
        comparable net losses for the three-month periods ending September 30,
        2003 and 2002 were &nbsp;$0.39 million ($0.01 &nbsp;per share) and $2.26
        million ($0.05 per share), respectively. &nbsp;For the nine-month
        periods the comparable net losses were $1.94 million ($0.04 per share)
        for 2003 and $4.81 million ($0.12 per share) for 2002.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
        Company's improved net loss for the three and nine month periods of
        2003 relative to the same periods in 2002 was partially due to
        depreciation, amortization and reclamation expenses and improved mine
        operating results. &nbsp;For the three-month period depreciation and
        reclamation was $1.04 million less than in 2002 and for the nine-month
        period these expenses were $3.23 million lower than for the same period
        of last year. Depreciation and amortization and reclamation provisions
        are lower than in 2002 because of the write down and the reclamation
        provision taken in the second half of 2002 against the Quiruvilca mine.
        &nbsp;Mine operating results have improved as a result of low cost sales
        from the pyrites stockpiles acquired in late 2002 and lower operating
        costs due to closing the high cost North Zone of the Quiruvilca mine.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
        lower non-cash depreciation and amortization and reclamation expenses as
        well as the improved operating performance were partially offset by
        higher exploration, general and administration and interest expenses.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Interest
        expense increased because of charges related to the convertible
        debenture issued early in the third quarter of 2003. &nbsp;Exploration
        expense is higher because of activities at the Company's Manantial
        Espejo property in Argentina and general fieldwork in Mexico.
        &nbsp;General and administration expense is higher because of the costs
        of managing the Company's growth. &nbsp;</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Revenue
        was $11.89 million for the third quarter of 2003 which was 6 percent
        greater than revenue for the corresponding period of 2002. &nbsp;Revenue
        increased because of higher metal prices. For the third quarter of 2003
        relative to the same three-month period of 2002 the &nbsp;Company's
        average realized prices were 9 per cent higher for silver, 6 per cent
        higher for zinc and 15 per cent higher for each of lead and copper.
        &nbsp;Metals produced during the third quarter of 2003 included
        2,187,508 ounces of silver (2002 - 1,750,467 ounces), 7,578 tonnes of
        zinc (2002- 9,947 tonnes), 4,332 tonnes of lead (2002 - 4,993 tonnes)
        and 841 tonnes of copper (2002 - 723 tonnes). &nbsp;The increased
        silver production was primarily due to sales from pyrite stockpiles and
        improvements in the grade of ore mined at Quiruvilca partially offset by
        lower production from Huaron due to mining lower grade silver ores
        during the quarter. &nbsp;Lower zinc and lead production is due to a
        reduction in the tonnage mined at the Quiruvilca mine. &nbsp;The North
        Zone of Quiruvilca was closed during the quarter and mine output has
        decreased.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Revenue
        for the nine months ended September 30, 2003 was 2 per cent less than
        revenue for the corresponding period of 2002. &nbsp;The decrease in
        revenue for the nine-month period relative to last year was attributable
        to lower shipments, principally lead concentrate, when compared to the
        prior year. &nbsp;Average metal prices for the first three quarters of
        2003 were slightly higher than in 2002. &nbsp;For the nine months ended
        September 30, 2003 the Company's average realized metals prices were:
        silver $4.46 per ounce (2002 - $4.29 per ounce); zinc $0.36 per pound</p>
        <br>
        <br>
        <br>
        <p style="margin:0pt; font-family:Times New Roman" align="right">21</p>
        <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
        <p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">(2002
        - $0.35 per pound); lead $0.22 per pound (2002 - $0.21 per pound); and
        copper $0.68 per pound (2001 - $0.62 per pound).</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">In
        order to partially protect against declines in the zinc price and to
        take advantage of instances of price strengthening the Company had, at
        September 30, 2003, forward zinc sales of 11,000 tonnes at an average
        price of $827 per tonne or $0.38 per pound. &nbsp;In early October
        another 2,800 tonnes of zinc were sold forward at $901 per tonne ($0.41
        per pound) for a total outstanding forward sales commitment of 13,800
        tonnes, which will be settled during the period October 2003 through
        December 2004. &nbsp;&nbsp;Of these sales 4,900 tonnes are to be settled
        during 2003 at $833 per tonne ($0.38 per pound) and the balance in 2004
        at $847 per tonne ($38 per pound). &nbsp;The Company has no other
        outstanding forward sales, future contracts, options or derivative
        positions and is fully exposed to changes in the price of silver, lead,
        copper, currency exchange rates and interest rates.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">The
        Company's zinc forward sales will limit participation in higher zinc
        prices and provide protection against lower prices for about 71 per cent
        of the Company's expected production for the fourth quarter and 42 per
        cent of expected production for 2004. &nbsp;Any improvement or
        deterioration in the prices of silver or other base metals will be fully
        reflected in the sales of future periods.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify"><b>Exploration
        and Development Activities</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Drilling
        for the purpose of providing infill data for the resource model started
        at the 50 per cent owned Manantial Espejo project. &nbsp;The results of
        this drilling will be incorporated into the feasibility study that
        commenced during the most recent quarter. &nbsp;Expenditures at
        Manantial Espejo are expensed as incurred.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">A
        one million dollar diamond drilling program designed to upgrade
        resources to reserves and to explore for vein extensions was initiated
        at the Huaron mine. &nbsp;This program will run through January 2004 and
        forms part of an overall project to further expand the mine's
        production. &nbsp;The costs of this project will be capitalized.
        &nbsp;Also at Huaron the Company purchased, in October, the outstanding
        3 per cent net smelter return royalty of the mine's production for
        cash consideration of $2.5 million.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">At
        Alamo Dorado two drill programs were completed during the quarter.
        &nbsp;These programs provided additional information necessary for a
        detailed mining plan. &nbsp;The costs of these programs and ongoing
        metallurgical test work, permitting and related direct costs at Alamo
        Dorado are being capitalized. &nbsp;For the nine months ended September
        30, 2003 expenditures of $869,000 were capitalized at the Alamo Dorado
        property bringing the carrying value of this project to $79.56 million.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Other
        exploration programs were conducted at properties in Mexico and Peru.
        &nbsp;The costs of these programs were expensed.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify"><b>Convertible
        Debenture and Interest Expense</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Under
        the terms of the Company's $86.25 million of 5.25 per cent convertible
        debentures (the "Debentures") the Company may satisfy the periodic
        interest payments and the principal amount in Common shares.
        &nbsp;Consequently, Canadian generally accepted accounting principles
        require that the Debentures be recorded as part debt and part equity.
        &nbsp;</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Upon
        initial recognition of the Debentures an amount of $23.05 million
        representing the present value of future interest payments was recorded
        as a liability and $63.20 million representing the theoretical equity
        component of the Debentures was recorded as a component of shareholders'</p>
        <p align="right"><br>
        <br>
        <br>
        22
        <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
        <p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">equity.
        &nbsp;The equity component of the debentures consisted of two elements -
an amount of $27.84 million as the fair value of the holders'
        conversion option and $35.36 million as the principal equity component.
        &nbsp;Over the life of the Debentures the $35.36 million principal
        equity component is to be accreted to $86.25 million - the face value
        of the Debentures - by charges to accumulated deficit. &nbsp;The
        liability for future interest payments is to be fully amortized to over
        the life of the debentures. &nbsp;The initial fair value of the holders'
        conversion option is carried at its initial value within shareholders'
        equity until settlement when it would be charged against shareholders'
        equity.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">In
        addition, Canadian generally accepted accounting principles require that
        the $3.0 million of costs associated with completing the offering of the
        Debenture are to be recorded as a component of shareholders' equity as
        a charge to deficit.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Normally
        a financial statement reader would expect the interest cost associated
        with the Debentures to be reflected in the statement of operations as
        interest expense. &nbsp;Under the existing accounting rules the interest
        payment is accounted for in a manner parallel to the initial recognition
        of the Debentures as part interest expense and in part as a reduction to
        the liability component of the Debentures. &nbsp;Similarly, a reader
        would expect that the debenture issue costs would be amortized over the
        minimum life of the Debentures and be reflected as a charge in the
        statement of operations. &nbsp;Since all of the issue costs were charged
        to shareholders' equity no amortization of those costs is recorded.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">There
        are proposed amendments to Canadian accounting principles that would
        lead to new accounting rules for financial instruments similar to the
        Debentures. &nbsp;&nbsp;The change would require that the Debentures be
        accounted for as debt and not as a partial debt and partial equity
        instrument under existing accounting standards. &nbsp;The proposed
        amendments are likely to become effective for the first quarter of 2004
        and, if adopted, are expected to be applied retroactively. In such an
        event the Company's accounting for the Debentures and the associated
        issue costs will change. &nbsp;Such a change would require restatement
        of the accounts.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Total
        interest expense during the first nine months of 2003 amounted to $1.02
        million. &nbsp;Interest expense for the Company's $86.25 million 5.25
        per cent convertible debenture amounted to $0.56 million during the
        third quarter and the nine months ended September 30, 2003.
        &nbsp;Interest incurred on the Huaron expansion loan was $0.18 million
        and interest on concentrate and supplier advances accounted for the
        balance. &nbsp;During 2002 interest expense of $0.77 million consisted
        primarily of $0.18 million on the Huaron loan and charges related to
        concentrate and supplier advances.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">In
        addition to the interest expense associated with the debentures $0.98
        million was accreted to the Debentures in the statement of shareholders'
        equity consisting of $0.20 million related to amortization of the
        liability for future interest payments and $0.77 million in respect of
        accretion of the principal equity component of the Debentures.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">For
        the year-to-date $0.23 million of interest was deferred as part of the
        La Colorada expansion.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Other
        income to September 30, 2003 includes interest income of $0.18 million
        and a $0.17 million gain on disposal of marketable securities.</p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">&nbsp;</p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify"><b>Corporate
        Office Costs</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">General
        and administration costs of $0.57 million for the quarter ($1.55 million
        for the nine months) were higher than they were in 2002 and will trend
        slightly higher for the rest of 2003 because of the addition of senior
        technical staff.</p>
        <br>
        <br>
        <br>
        <p style="margin:0pt; font-family:Times New Roman" align="right">23</p>
        <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
        <p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify"><b>Operating
        Costs</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Operating
        costs for the third quarter ended September 30, 2003 are relatively
        lower than the same period of last year due to the closure of the North
        Zone of the Quiruvilca mine and production from the low cost pyrite ore
        stockpiles. &nbsp;For the year-to-date differences between comparable
        periods reflect the impact of sales from the pyrite stockpiles.
        &nbsp;The Company's gross margin (the difference between revenue and
        operating costs divided by operating costs) improved to 11 per cent for
        the nine months ended September 30, 2003 from 5 per cent for the
        comparable period last year. &nbsp;This improvement is due in part to
        lower operating costs and slightly higher metals prices.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify"><b>Cash
        Flow</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Cash
        consumed by operating activities was $0.50 million for the third quarter
        of 2003. &nbsp;For the corresponding period of 2002, cash provided by
        operations was $1.17 million. &nbsp;The $1.67 million decrease in cash
        provided for operating activities was due to changes in non-cash working
        capital items principally a reduction in accounts payable and an
        increase in concentrates inventory.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">For
        the third quarter of 2003 debt repayments consumed $0.41 million ($1.22
        million for the nine months ended September 30, 2003). &nbsp;There were
        no borrowings under the La Colorada loan during the quarter. &nbsp;For
        the year-to- September 30, 2003 proceeds from the La Colorada loan
        amounted to $8.0 million. During the third quarter proceeds of $2.94
        million were realized from the exercise of stock options. Net proceeds
        from financing activities were $85.72 million, which included the
        Debenture issue. &nbsp;For the first nine months of 2003 financing
        activities generated $95.39 million. &nbsp;For the first three quarters
        of 2002 net financing activities generated $19.71 million including
        $21.75 million from the issue of shares offset by debt repayments of
        $2.27 million.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">During
        the third quarter of 2003 investing activities included plant and
        equipment expenditures of $3.00 million. Expenditures were principally
        for the expansion of La Colorada. &nbsp;The expansion project was
        substantially complete in July 2003 and commercial production levels
        were expected to be achieved by the end of the third quarter of 2003. In
        addition to typical start-up and commissioning processes, a severe flood
        event in September 2003 delayed achievement of commercial production
        levels. It is expected that planned production levels will be achieved
        by late 2003 or early 2004. Flood damage is being assessed. &nbsp;The
        cost of and time required for repair and reconstruction and the amount
        and extent of insurance coverage have not been determined. &nbsp;To the
        end of September 2003 investing activities, net of cash received upon
        the acquisition of a Corner Bay Silver Inc., totaled $10.02 million and
        included $11.64 million for plant and equipment of which the majority
        was for La Colorada. &nbsp;For the corresponding period of 2003 net
        investing activities amounted to $6.17 million most of which was related
        to La Colorada.</p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">&nbsp;</p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify"><b>Liquidity
        and Capital Resources</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">Working
        capital, including cash of $92.84 million, was $87.05 million at
        September 30, 2003. &nbsp;This is an increase of $84.66 million from
        December 31, 2002. &nbsp;The increase is due to net proceeds from
        financing activities of $95.39 million of which $10.02 million were
        invested in plant and equipment.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">During
        the quarter ended September 30, 2003 the Company received net proceeds
        of $83.25 million from the issuance, to a syndicate of underwriters, of
        $86.25 million of 5.25% convertible unsecured senior subordinated
        debentures. The net proceeds from the Debentures should be</p>
        <br>
        <br>
        <br>
        <p style="margin:0pt; font-family:Times New Roman" align="right">24</p>
        <hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
        <p style="margin:0pt; padding-right:-36pt; font-family:Times New Roman" align="right">&nbsp;</p>
        <p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">sufficient
        to fund the Company's expansion plan for the Huaron mine, the likely
        mine construction at its Alamo Dorado property in Mexico or potential
        acquisitions as well as provide liquidity for the foreseeable future.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify"><b>Subsequent
        Events</b></p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">During
        October 2003 the following events occurred that could affect the Company's
        future financial position or results of operations.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">In
        early October the Company sold forward 2,800 tonnes of zinc at $901 per
        tonne ($0.41 per pound). &nbsp;These sales are to be settled at the rate
        of 200 tonnes per month from November 2003 through December 2004 against
        the average monthly price of zinc during those months.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">In
        early October the Company purchased for $2.5 million in cash the
        existing 3 per cent net smelter return royalty over the future
        production from the Huaron mine.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">In
        mid-October a new mine closure law was enacted in Peru. &nbsp;No
        enabling regulations have been published, and therefore, determining how
        this law will affect the Company's Peruvian operations is difficult to
        predict; however, the law provides that within six months each operating
        mine in Peru must complete and submit for certification a mine closure
        plan setting out the technical, economical, financial and social aspects
        of its closure plan. &nbsp;Furthermore, the law provides that each
        operating mine must provide a guarantee for payment of the eventual
        closure and post-closure phases of its operation. &nbsp;The form of
        guarantee has not be specified, but it seems that a guarantee may take
        the form of cash, a third party guarantee or a company guarantee.
        &nbsp;Until the enabling regulations are passed and the closure
        certification process is complete the possible effects of this law on
        the Company's financial condition and results of operation are
        unknown.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
        <p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">In
        mid-October the Company borrowed an additional $1.5 million of the $10.0
        million La Colorada expansion loan facility. &nbsp;The outstanding
        balance of the loan is $9.5 million which bears interest at LIBOR plus
        3.5 per cent.</p>
        <p style="margin:0pt; font-family:Arial; font-size:11pt" align="justify"><br>
        </p>
<p style="margin:0pt; line-height:13pt; font-family:Arial; font-size:11pt" align="justify">In
        late-October the Company exchanged its 50 per cent ownership in the Tres
        Cruces exploration property for 3.5 million common shares of New Oroperu
        Resources Inc. and a 1.5 per cent net smelter return royalty interest
        over future production from this property. &nbsp;The transaction was
        recorded at fair value, which approximated the carrying value of the
        Company's investment in the property.</p>
        <br>
        <br>
        <br>
        <p style="margin:0pt; font-family:Times New Roman" align="right">25</p>
<p style="margin:0pt; font-family:Times New Roman; font-size:12pt"><br>
</p>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:14pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>Signatures</B></P>
<P style="margin-top:0pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<P style="margin:0pt; padding-right:14.4pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right><U>Pan American Silver Corp</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-right:14.4pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>(Registrant)</P>
<P style="margin:0pt; padding-right:14.4pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>By:<U>/s/
Ross Beaty</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-right:14.4pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>(Signature)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-right:14.4pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Ross
Beaty, Chairman and CEO</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-right:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:
November 12, 2003</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:554.4pt; font-family:Times New Roman; font-size:8pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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